# EDGAR Filing Document

**Accession Number:** 0001379384
**File Stem:** 0001193125-23-061464
**Filing Date:** 2023-3
**Character Count:** 1376968
**Document Hash:** d3163791b6111475bfddcf77f76a3d9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-061464.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001193125-23-061464

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK CREDIT ALLOCATION INCOME TRUST
- **CENTRAL INDEX KEY:** 0001379384
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21972
- **FILM NUMBER:** 23709289

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **STREET 2:** MUTUAL FUND DEPARTMENT
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 888-825-2257

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **STREET 2:** MUTUAL FUND DEPARTMENT
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK CREDIT ALLOCATION INCOME TRUST IV
- **DATE OF NAME CHANGE:** 20091113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK PREFERRED & EQUITY ADVANTAGE TRUST
- **DATE OF NAME CHANGE:** 20070629

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Preferred & Equity Advantage Trust
- **DATE OF NAME CHANGE:** 20061115

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number: 811-21972

Name of Fund: BlackRock Credit Allocation Income Trust (BTZ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2022

Date of reporting period: 12/31/2022

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Item 1 – Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

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| | |
|:---|:---|
| ![LOGO](g449685g42l24.jpg)  | **DECEMBER 31, 2022** |

---

<br> **2022 Annual Report**<br>

**BlackRock Core Bond Trust (BHK)** 

**BlackRock Corporate High Yield Fund, Inc. (HYT)** 

**BlackRock Credit Allocation Income Trust (BTZ)** 

**BlackRock Floating Rate Income Trust (BGT)** 

&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee**

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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 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.

**December 31, 2022** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br> for the Fiscal Period | Total Cumulative Distributions<br> for the Fiscal Period | Total Cumulative Distributions<br> for the Fiscal Period | Total Cumulative Distributions<br> for the Fiscal Period | Total Cumulative Distributions<br> for the Fiscal Period |  | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Period | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Period |  |
|  *Trust Name* | *Net<br>Income* | *Net Realized<br>Capital Gains<br>Short-Term* | *Net Realized<br>Capital Gains<br>Long-Term* | *Return of<br>Capital* *<br> <sup>(a)</sup>* | *Total Per*<br> *Common*<br> *Share* | <br>| *Net*<br> *Income* | <br>| *Net Realized<br>Capital Gains*<br> *Short-Term* | ** <br>| *Net Realized<br>Capital Gains*<br> *Long-Term* | *Return of<br>Capital* | *Total Per* <br> *Common <br>Share*  | <br> ** <br>|
|  BHK | $0.656210 | $— | $— | $0.164390 | $0.820600 |  | 80 | % |  | % |  | 20% | 100% |  |
|  HYT | 0.581882 |  |  | 0.275018 | 0.856900 |  | 68 |  |  |  |  | 32 | 100 |  |
|  BTZ | 0.768465 |  |  | 0.154435 | 0.922900 |  | 83 |  |  |  |  | 17 | 100 |  |
|  BGT | 0.751900 |  |  |  | 0.751900 |  | 100 |  |  |  |  |  | 100 |  |

---

<sup>(a)</sup> 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 has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the "Plan"). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis:

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| | |
|:---|:---|
| *Exchange Symbol* | *Amount Per <br>Common Share* |
|  BHK | $0.0746 |
|  HYT | 0.0779 |
|  BTZ | 0.0839 |
|  BGT | 0.0781 |

---

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

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

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

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

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The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended December 31, 2022, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. 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 interest rates rose, particularly during the first half of the reporting period. Both large- and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the year as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and heightened 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 has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a level more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but this prospect has not yet been fully priced in by markets. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

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. Rising input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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

Sincerely,

![LOGO](g449685sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g449685photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of December 31, 2022** | **Total Returns as of December 31, 2022** | **Total Returns as of December 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | 2.31% | (18.11)% |
| &nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | 3.91 | (20.44) |
| &nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | 6.36 | (14.45) |
| &nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (2.99) | (20.09) |
| &nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.47 |
| &nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (5.58) | (16.28) |
| &nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (2.97) | (13.01) |
| &nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;(8.53) |
| &nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 3.50 | (11.18) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

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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

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**Table of Contents**

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| | |
|:---|:---|
| | **Page** |
|  [Supplemental Information](#xtx449685_1) | 2 |
|  [The Markets in Review](#xtx449685_2) | 3 |
|  **Annual Report:** |  |
|  [The Benefits and Risks of Leveraging](#xtx449685_3) | 5 |
|  [Derivative Financial Instruments](#xtx449685_4) | 5 |
|  [Trust Summary](#xtx449685_5) | 6 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#xtx449685_6) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#xtx449685_7) | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#xtx449685_8) | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#xtx449685_9) | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Cash Flows](#xtx449685_10) | 137 |
|  [Financial Highlights](#xtx449685_11) | 139 |
|  [Notes to Financial Statements](#xtx449685_12) | 143 |
|  [Report of Independent Registered Public Accounting Firm](#xtx449685_13) | 158 |
|  [Important Tax Information](#xtx449685_14) | 159 |
|  [Investment Objectives, Policies and Risks](#xtx449685_15) | 160 |
|  [Shareholder Update](#xtx449685_16) | 170 |
|  [Automatic Dividend Reinvestment Plan](#xtx449685_17) | 175 |
|  [Trustee and Officer Information](#xtx449685_18) | 176 |
|  [Additional Information](#xtx449685_19) | 179 |
|  [Glossary of Terms Used in this Report](#xtx449685_20) | 183 |

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4.0 ------

The Benefits and Risks of Leveraging

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

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

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

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

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

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

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

Derivative Financial Instruments

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

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

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**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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;November 27, 2001 |
|  Current Distribution Rate on Closing Market Price as of December 31, 2022 ($10.38)<sup>(a)</sup>  | 8.62% |
|  Current Monthly Distribution per Common Share<sup>(b)</sup>  | $0.0746 |
|  Current Annualized Distribution per Common Share<sup>(b)</sup>  | $0.8952 |
|  Leverage as of December 31, 2022<sup>(c)</sup>  | 40% |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

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

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/22* | *12/31/21* | *Change* | *High* | *Low* |
|  Closing Market Price | $10.38 | $16.51 | (37.13)% | $16.51 | $9.56 |
|  Net Asset Value | 10.89 | 15.47 | (29.61) | 15.47 | 10.31 |

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**GROWTH OF $10,000 INVESTMENT**![LOGO](g449685spb06.jpg)

<sup>(a)</sup> Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

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

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 2022 (continued) | **BlackRock Core Bond Trust (BHK)** |

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**Performance** 

Returns for the period ended December 31, 2022 were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
|  Trust at NAV<sup>(a)(b)</sup>  | (24.44)% | (0.09)% | 3.02% |
|  Trust at Market Price<sup>(a)(b)</sup>  | (32.52) | 0.09 | 2.78 |
|  **Bloomberg U.S. Credit Index** | (15.26) | 0.42 | 1.82 |
|  **Reference Benchmark<sup>(c)</sup>**  | (17.07) | 0.33 | 2.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg U.S. Long Government/Credit Index<sup>(d)</sup>**  | (27.09) | (1.21) | 1.57 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg Intermediate Credit Index<sup>(e)</sup>**  | (9.10) | 1.08 | 1.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>(f)</sup>**  | (11.18) | 2.30 | 4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg CMBS, Eligible for U.S. Aggregate Index<sup>(g)</sup>**  | (10.91) | 0.77 | 1.55 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg MBS Index<sup>(h)</sup>**  | (11.81) | (0.53) | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg ABS Index<sup>(i)</sup>**  | (4.30) | 1.18 | 1.23 |

---

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust's use of leverage.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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. 

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

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

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

<sup>(g)</sup> An unmanaged index that is the CMBS component of the Bloomberg U.S. Aggregate Index.

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

<sup>(i)</sup> 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?** 

The Trust's allocation to U.S. Treasuries weighed on return as interest rates rose sharply over the period. Exposure to a range of credit-oriented sectors including high yield corporate bonds, investment grade corporate bonds, non-U.S. corporate credit and emerging market bonds also detracted. Exposure to securitized assets including residential mortgage-backed securities ("MBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS") detracted as well. Finally, holdings of municipal bonds also provided negative returns.

There were no material contributors to the Trust's absolute performance over the period.

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

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

**Describe recent portfolio activity.** 

During the period, the Trust reduced exposure to riskier assets such as emerging markets debt in anticipation of a potential economic slowdown. The increased focus on quality was also reflected in increased allocations to investment grade corporate bonds and agency MBS. As interest rate volatility declined late in the period MBS became more attractive. The allocation to high yield corporate bonds was increased as the sector demonstrated resilience. Finally, the Trust made opportunistic allocations to ABS.

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 2022 (continued) | **BlackRock Core Bond Trust (BHK)** |

---

**Describe portfolio positioning at period end.** 

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

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

**Overview of the Trust's Total Investments** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Asset Type<sup>(a)</sup>* | *12/31/22* |
|  Corporate Bonds | 43.6% |
|  U.S. Treasury Obligations | 16.9 |
|  U.S. Government Sponsored Agency Securities | 15.1 |
|  Asset-Backed Securities | 8.0 |
|  Non-Agency Mortgage-Backed Securities | 6.8 |
|  Preferred Securities | 3.7 |
|  Floating Rate Loan Interests | 2.3 |
|  Municipal Bonds | 2.0 |
|  Foreign Agency Obligations | 1.6 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(b)</sup>* | *12/31/22* |
|  AAA/Aaa<sup>(c)</sup>  | 38.1% |
|  AA/Aa | 2.9 |
|  A | 9.3 |
|  BBB/Baa | 23.0 |
|  BB/Ba | 10.6 |
|  B | 8.7 |
|  CCC/Caa | 2.5 |
|  CC | 0.2 |
|  C | —<sup>(d)</sup> |
|  D | —<sup>(d)</sup> |
|  N/R<sup>(e)</sup>  | 4.7 |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Rounds to less than 0.1%. 

<sup>(e)</sup> The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust's total investments. 

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 30, 2003 |
|  Current Distribution Rate on Closing Market Price as of December 31, 2022 ($8.74)<sup>(a)</sup>  | 10.70% |
|  Current Monthly Distribution per Common Share<sup>(b)</sup>  | $0.0779 |
|  Current Annualized Distribution per Common Share<sup>(b)</sup>  | $0.9348 |
|  Leverage as of December 31, 2022<sup>(c)</sup>  | 29% |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

<sup>(c)</sup> 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** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/22* | *12/31/21* | *Change* | *High* | *Low* |
|  Closing Market Price | $8.74 | $12.34 | (29.17)% | $12.34 | $8.15 |
|  Net Asset Value | 9.25 | 11.99 | (22.85) | 11.99 | 9.03 |

---

**GROWTH OF $10,000 INVESTMENT**![LOGO](g449685spb09.jpg)

<sup>(a)</sup> Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

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

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 2022 (continued) | **BlackRock Corporate High Yield Fund, Inc. (HYT)** |

---

**Performance** 

Returns for the period ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
|  Trust at NAV<sup>(a)(b)</sup>  | (15.71)% | 2.92% | 5.53% |
|  Trust at Market Price<sup>(a)(b)</sup>  | (22.62) | 3.97 | 5.12 |
|  **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index** | (11.18) | 2.30 | 4.03 |

---

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust's use of leverage.

<sup>(b)</sup> 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.

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?** 

High-yield bonds experienced sharp negative returns during 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 cable and satellite, technology, healthcare and midstream energy sectors were the largest absolute detractors from performance. From a credit quality perspective, consistent with the broad market downturn during the reporting period, holdings of bonds in the BB, B and CCC ratings categories all detracted from return for the period.

From a sector perspective, independent energy, aerospace/defense and oil field services were the largest absolute contributors over the period. From an asset allocation perspective, the Trust's currency positioning and stance with respect to interest rates were the most meaningful contributors.

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

**Describe recent portfolio activity.** 

Throughout the reporting period the Trust utilized intercorrelated asset classes to capitalize on relative value opportunities. This is highlighted by positioning early in the period in floating rate loan interest that offered some insulation from central bank tightening given the floating rate nature of the asset class. Another example is the rotation into investment grade corporate credit early in the fourth quarter of 2022 to take advantage of depressed prices in the BBB segment of the market. In addition, the Trust further reduced its equity exposure, which had been used to generate significant performance from the energy sector in the first half of the year.

The Trust successfully completed a rights offering in October 2022, raising approximately $168 million and providing capital to take advantage of opportunities in the high yield market, including attractive high yield credit spreads and higher yield levels, to potentially enhance the Trust's earnings and performance. BlackRock, not the Trust, covered all expenses of the offering and structured the offering to limit NAV dilution, which was $0.13 per share or approximately 1.4% of NAV.

From a ratings perspective, the Trust maintained an underweight to BB rated issues and overweights to Bs and CCCs throughout the period. However, importantly, the Trust avoided the highest yielding, distressed component of the CCC market. By sector, the Trust meaningfully decreased exposure to healthcare given strong headwinds for the space.

**Describe portfolio positioning at period end.** 

The Trust was overweight issues rated B and CCC while avoiding distressed issues in the latter segment. The Trust was underweight in BB rated issues in favor of BBB issues based on relative value. Top sector overweights included technology, aerospace/defense and independent energy, while the biggest underweight was to healthcare.

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.

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 2022 (continued) | **BlackRock Corporate High Yield Fund, Inc. (HYT)** |

---

**Overview of the Trust's Total Investments** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Asset Type<sup>(a)</sup>* | *12/31/22* |
|  Corporate Bonds | 86.4% |
|  Floating Rate Loan Interests | 11.4 |
|  Preferred Securities | 1.6 |
|  Other\* | 0.6 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(b)</sup>* | *12/31/22* |
|  A | 0.8% |
|  BBB/Baa | 12.5 |
|  BB/Ba | 35.5 |
|  B | 38.4 |
|  CCC/Caa | 10.3 |
|  CC | —<sup>(c)</sup> |
|  C | —<sup>(c)</sup> |
|  N/R | 2.5 |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Rounds to less than 0.1%. 

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

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 27, 2006 |
|  Current Distribution Rate on Closing Market Price as of December 31, 2022 ($10.10)<sup>(a)</sup>  | 9.97% |
|  Current Monthly Distribution per Common Share<sup>(b)</sup>  | $0.0839 |
|  Current Annualized Distribution per Common Share<sup>(b)</sup>  | $1.0068 |
|  Leverage as of December 31, 2022<sup>(c)</sup>  | 36% |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

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

**Market Price and Net Asset Value Per Share Summary** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/22* | *12/31/21* | *Change* | *High* | *Low* |
|  Closing Market Price | $10.10 | $15.05 | (32.89)% | $15.05 | $9.37 |
|  Net Asset Value | 11.19 | 15.10 | (25.89) | 15.10 | 10.56 |

---

**GROWTH OF $10,000 INVESTMENT**![LOGO](g449685sp0b12.jpg)

<sup>(a)</sup> Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

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

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 2022 (continued) | **BlackRock Credit Allocation Income Trust (BTZ)** |

---

**Performance** 

Returns for the period ended December 31, 2022 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |  |
|  | *1 Year* | *5 Years* | | *10 Years* | |
|  Trust at NAV<sup>(a)(b)</sup>  | (19.50) | 1.54 | % | 4.00 | % |
|  Trust at Market Price<sup>(a)(b)</sup>  | (27.10) | 1.53 |  | 4.04 |  |
|  **Reference Benchmark<sup>(c)</sup>**  | (13.72) | 1.20 |  | 2.83 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg U.S. Credit Index** | (15.26) | 0.42 |  | 1.82 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<sup>(d)</sup>**  | (11.18) | 2.30 |  | 4.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Bloomberg USD Capital Securities Index<sup>(e)</sup>**  | (13.84 | 1.35 |  | 3.49 |  |

---

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust's use of leverage.

<sup>(b)</sup> 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.

<sup>(c)</sup> 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%). 

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

<sup>(e)</sup> 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.

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?** 

Risk assets sold off following persistently high inflation numbers, concerns around slowing economic growth, and interest rate hikes by central banks around the world. Exposure to U.S. investment grade corporate bonds was the largest detractor from the Trust's performance for the period as the sector came under pressure amid rising interest rates. The Trust's exposure to U.S. high yield corporate bonds, preferred securities (which share characteristics of both stocks and bonds), European corporate credit, Asian corporate credit, and emerging markets corporate credit also detracted from performance as the markets broadly experienced a challenging year.

Contributors to the Trust's performance were limited over the period and were led by the Trust's interest rate positioning and exposure to uniform mortgage-backed securities ("UMBS") issued by Fannie Mae and Freddie Mac.

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 marginally detracted from performance.

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

**Describe recent portfolio activity.** 

Over the period, the Trust increased its exposure to securitized products through UMBS and collateralized loan obligations ("CLOs"). The Trust also increased exposure to U.S. investment grade corporate bonds in seeking to increase its overall credit quality profile. The Trust's use of leverage increased over the period.

**Describe portfolio positioning at period end.** 

At period end, the Trust was positioning cautiously with a focus on utilizing credit selection to drive performance in the expectation that performance dispersion among securities will increase across asset classes, geographies and sectors. In this vein, the Trust held up-in-quality allocations through investment grade corporate bonds and higher quality CLOs.

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 13

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| | |
|:---|:---|
| Trust Summary as of December 31, 2022 (continued) | **BlackRock Credit Allocation Income Trust (BTZ)** |

---

**Overview of the Trust's Total Investments** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Asset Type<sup>(a)</sup>* | *12/31/22* |
|  Corporate Bonds | 69.8% |
|  Preferred Securities | 11.1 |
|  Asset-Backed Securities | 9.0 |
|  Floating Rate Loan Interests | 4.1 |
|  U.S. Government Sponsored Agency Securities | 3.9 |
|  Foreign Agency Obligations | 1.5 |
|  Other\* | 0.6 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(b)</sup>* | *12/31/22* |
|  AAA/Aaa<sup>(c)</sup>  | 7.9% |
|  AA/Aa | 2.7 |
|  A | 11.2 |
|  BBB/Baa | 40.0 |
|  BB/Ba | 19.8 |
|  B | 14.2 |
|  CCC/Caa | 3.1 |
|  C | —<sup>(d)</sup> |
|  N/R<sup>(e)</sup>  | 1.1 |

---

<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> Rounds to less than 0.1%. 

<sup>(e)</sup> The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2022, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of the Trust's total investments. 

\* Includes one or more investment categories that individually represents less than 1.0% of the Trusts' net assets. Please refer to the Schedule of Investments for details. 

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 30, 2004 |
|  Current Distribution Rate on Closing Market Price as of December 31, 2022 ($10.94)<sup>(a)</sup>  | 8.57% |
|  Current Monthly Distribution per Common Share<sup>(b)</sup>  | $0.0781 |
|  Current Annualized Distribution per Common Share<sup>(b)</sup>  | $0.9372 |
|  Leverage as of December 31, 2022<sup>(c)</sup>  | 25% |

---

<sup>(a)</sup> Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance is not an indication of future results.

<sup>(b)</sup> The distribution rate is not constant and is subject to change.

<sup>(c)</sup> 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** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *12/31/22* | *12/31/21* | *Change* | *High* | *Low* |
|  Closing Market Price | $10.94 | $13.99 | (21.80)% | $14.13 | $10.60 |
|  Net Asset Value | 12.43 | 13.44 | (7.51) | 13.57 | 12.03 |

---

**GROWTH OF $10,000 INVESTMENT**![LOGO](g449685spb15.jpg)

<sup>(a)</sup> Represents the Trust's closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.

<sup>(b)</sup> Morningstar LSTA Leveraged Loan Index (formerly S&P<sup>®</sup>/LSTA Leveraged Loan Index), an unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments.

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 2022 (continued) | **BlackRock Floating Rate Income Trust (BGT)** |

---

**Performance** 

Returns for the period ended December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *1 Year* | *5 Years* | *10 Years* |
|  Trust at NAV<sup>(a)(b)</sup>  | (1.32)% | 3.74% | 4.74% |
|  Trust at Market Price<sup>(a)(b)</sup>  | (16.56) | 1.74 | 3.01 |
|  **Morningstar LSTA Leveraged Loan Index** | (0.60) | 3.31 | 3.67 |

---

<sup>(a)</sup> All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust's use of leverage.

<sup>(b)</sup> 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.

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?** 

Bank loans delivered modestly negative performance in 2022 amid a broader downturn across markets, but they outpaced most major fixed-income categories. At a time of high inflation and rising interest rates, loans' floating-rate feature fueled elevated investor demand in the first half of the year, though this subsided into the 3rd and 4th quarters.

From a sector perspective, the Trust's holdings in property and casualty, airlines, automotive and chemicals were the largest contributors.

Conversely, positions in the healthcare, wireline telecommunications, leisure and consumer products sectors detracted.

In terms of rating class, holdings in the BB and BBB rated categories produced the best results. Lower-quality CCC rated securities detracted, which was consistent with the broader "risk-off" sentiment in the market. The Trust's out-of-benchmark allocation to high yield bonds, while limited, was a further detractor given underperformance of the high yield market relative to Loans.

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

**Describe recent portfolio activity.** 

The investment adviser managed the Trust's asset allocation and leverage levels throughout the period based on market views, borrowing costs, and income generation considerations. It took down the Trust's allocations to B and CCC rated issues in an effort to reduce risk, but it maintained overweights in both areas. It kept the weighting in BB rated debt largely unchanged.

The Trust further decreased its allocations to the technology and healthcare sectors. However, the investment adviser continued to believe bottom-up security selection is the most important driver of performance. The Trust continued to use liquid, index-based derivatives in the loan and high-yield markets to manage its positioning.

**Describe portfolio positioning at period end.** 

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

B rated loans were the Trust's largest allocation by credit rating. Within the category, the adviser remained highly selective with respect to B3 rated issues given the higher risk of downgrades at a time of slowing economic growth. In the CCC space, it focused on avoiding the lowest-quality segments of the market.

Although the investment adviser reduced the Trust's positions in the technology and healthcare sectors, they still represent fairly large allocations in the portfolio given their respective weightings in the index. In general, the Trust's sector composition is a byproduct of individual security selection.

The investment adviser had a bias toward larger loan tranches of $1 billion and above, and it maintained a preference for loan/bond capital structures over the loan-only segment.

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.

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

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| | |
|:---|:---|
| Trust Summary as of December 31, 2022 (continued) | **BlackRock Floating Rate Income Trust (BGT)** |

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**Overview of the Trust's Total Investments** 

**PORTFOLIO COMPOSITION** 

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| | |
|:---|:---|
| *Asset Type<sup>(a)</sup>* | *12/31/22* |
|  Floating Rate Loan Interests | 97.9% |
|  Corporate Bonds | 1.7 |
|  Other\* | 0.4 |

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**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)(b)</sup>* | *12/31/22* |
|  BBB/Baa | 5.1% |
|  BB/Ba | 25.6 |
|  B | 61.6 |
|  CCC/Caa | 5.8 |
|  C | —<sup>(c)</sup> |
|  N/R | 1.9 |

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<sup>(a)</sup> Excludes short-term securities.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Rounds to less than 0.1% of total investments. 

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

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

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| | |
|:---|:---|
| Schedule of Investments <br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
|  522 Funding CLO Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class CR, (3 mo. LIBOR US + 2.40%), 6.64%, 04/20/30 | USD | 500 | $476062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-4A, Class DR, (3 mo. LIBOR US + 3.65%), 7.89%, 04/20/30 |  | 600 | 544368 |
|  AGL CLO 3 Ltd., Series 2020-3A, Class D,<br>(3 mo. LIBOR US + 3.30%), 7.38%, 01/15/33<sup>(a)(b)</sup> |  | 250 | 223255 |
|  ALM Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 6.00%), 10.08%, 10/15/29<sup>(a)(b)</sup> |  | 285 | 248259 |
|  AMMC CLO 20 Ltd., Series 2017-20A, Class AR,<br>(3 mo. LIBOR US + 0.87%), 4.95%, 04/17/29<sup>(a)(b)</sup> |  | 373 | 370699 |
|  Anchorage Capital CLO Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.65%), 5.59%, 10/13/30 |  | 380 | 370894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.20%), 7.14%, 10/13/30 |  | 720 | 673663 |
|  Apidos CLO XXII, Series 2015-22A,<br>Class CR, (3 mo. LIBOR US + 2.95%), 7.19%, 04/20/31<sup>(a)(b)</sup> |  | 250 | 233967 |
|  Apidos CLO XXIV, Series 2016-24A,<br>Class A1AL, (3 mo. LIBOR US + 0.95%), 5.19%, 10/20/30<sup>(a)(b)</sup> |  | 500 | 490250 |
|  Apidos CLO XXVI, Series 2017-26A, Class A1AR,<br>(3 mo. LIBOR US + 0.90%), 5.09%, 07/18/29<sup>(a)(b)</sup> |  | 1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076564 |
|  Apidos CLO XXVII, Series 2017-27A, Class A1R, (3 mo. LIBOR US + 0.93%), 5.01%, 07/17/30<sup>(a)(b)</sup> |  | 250 | 247141 |
|  ASSURANT CLO I Ltd., Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.15%), 6.39%, 10/20/34<sup>(a)(b)</sup> |  | 500 | 457186 |
|  Bain Capital Credit CLO Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, (3 mo. LIBOR US + 3.10%), 7.42%, 07/24/34 |  | 250 | 224592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5A, Class B, (3 mo. LIBOR US + 1.65%), 5.97%, 10/23/34 |  | 500 | 477264 |
|  Barings CLO Ltd., Series 2017-1A, Class D, 7.79%, 07/18/29 |  | 250 | 237314 |
|  Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A1R2, (3 mo. LIBOR US + 0.87%), 4.95%, 07/15/29<sup>(a)(b)</sup> |  | 267 | 264864 |
|  Birch Grove CLO 3 Ltd., Series 2021-3A, Class D1, (3 mo. LIBOR US + 3.20%), 7.43%, 01/19/35<sup>(a)(b)</sup> |  | 250 | 226413 |
|  Birch Grove CLO Ltd., Series 19A, Class DR, (3 mo. LIBOR US + 3.35%), 8.12%, 06/15/31<sup>(a)(b)</sup> |  | 1000 | 941549 |
|  BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class D, (3 mo. LIBOR US + 2.90%), 6.98%, 04/15/34<sup>(a)(b)</sup> |  | 500 | 454783 |
|  Buttermilk Park CLO Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 3.10%), 7.18%, 10/15/31<sup>(a)(b)</sup> |  | 250 | 220951 |
|  Canyon Capital CLO Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A, Class CR, (3 mo. LIBOR US + 1.90%), 5.98%, 07/15/31 |  | 250 | 234598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D, (3 mo. LIBOR US + 3.35%), 7.43%, 04/15/34 |  | 500 | 460893 |
|  Carlyle Global Market Strategies CLO<br>Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class A1RR, (3 mo. LIBOR US + 0.95%), 5.60%, 08/14/30 |  | 247 | 244358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.35%), 8.00%, 08/14/30 |  | 1000 | 902476 |
|  Carlyle U.S. CLO Ltd., Series 2022-6A,<br>Class C, 8.60%, 10/25/34 |  | 250 | 249632 |
|  CarVal CLO II Ltd., Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.20%), 7.44%, 04/20/32<sup>(a)(b)</sup> |  | 500 | 470032 |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  CarVal CLO III Ltd., Series 2019-2A, Class E, (3 mo. LIBOR US + 6.44%), 10.68%, 07/20/32<sup>(a)(b)</sup> | USD | 500 | $432980 |
|  CarVal CLO VC Ltd., Series 2021-2A, Class D, (3 mo. LIBOR US + 3.25%), 7.33%, 10/15/34<sup>(a)(b)</sup> |  | 250 | 229744 |
|  CBAM Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.40%), 6.64%, 07/20/30<sup>(a)(b)</sup> |  | 350 | 332943 |
|  Cedar Funding IX CLO Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-9A, Class A1, (3 mo. LIBOR US + 0.98%), 5.22%, 04/20/31 |  | 250 | 246432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-9A, Class D, (3 mo. LIBOR US + 2.60%), 6.84%, 04/20/31 |  | 250 | 233203 |
|  Cedar Funding VII CLO Ltd., Series 2018-7A, Class A1, (3 mo. LIBOR US + 1.00%), 5.24%, 01/20/31<sup>(a)(b)</sup> |  | 500 | 493840 |
|  Cedar Funding X CLO Ltd., Series 2019-10A, Class BR, (3 mo. LIBOR US + 1.60%), 5.84%, 10/20/32<sup>(a)(b)</sup> |  | 930 | 899606 |
|  Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B, (3 mo. LIBOR US + 1.60%), 5.68%, 07/15/33<sup>(a)(b)</sup> |  | 500 | 483433 |
|  CIFC Funding I Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class DR, (3 mo. LIBOR US + 3.10%), 7.34%, 04/20/32 |  | 500 | 473933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class DR, (3 mo. LIBOR US + 3.10%), 7.18%, 07/15/36 |  | 500 | 467075 |
|  CIFC Funding II Ltd., Series 2017-2A,<br>Class AR, (3 mo. LIBOR US + 0.95%), 5.19%, 04/20/30<sup>(a)(b)</sup> |  | 497 | 491018 |
|  CIFC Funding III Ltd., Series 2015-3A, Class AR, (3 mo. LIBOR US + 0.87%), 5.10%, 04/19/29<sup>(a)(b)</sup> |  | 241 | 238092 |
|  CIFC Funding IV Ltd., Series 2017-4A,<br>Class A1R, (3 mo. LIBOR US + 0.95%), 5.27%, 10/24/30<sup>(a)(b)</sup> |  | 500 | 494549 |
|  CIFC Funding Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class CR, (3 mo. LIBOR US + 3.55%), 7.63%, 07/16/30 |  | 500 | 445641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2RA, Class B1, (3 mo. LIBOR US + 2.80%), 7.12%, 04/24/30 |  | 750 | 700171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3A, Class BR2, (3 mo. LIBOR US + 1.80%), 6.12%, 10/22/31 |  | 250 | 242041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class ARR, (3 mo. LIBOR US + 1.11%), 5.43%, 01/22/31 |  | 1000 | 986993 |
|  CIFC Funding VII Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7A, Class C, 8.06%, 10/22/35 |  | 500 | 497207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7A, Class D, 9.56%, 10/22/35 |  | 600 | 587136 |
|  CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. LIBOR US + 0.14%), 4.46%, 01/15/37<sup>(a)</sup> |  | 1167 | 1071509 |
|  Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 2.85%), 6.93%, 10/15/30<sup>(a)(b)</sup> |  | 280 | 249861 |
|  Dryden 106 CLO Ltd., 8.46%, 10/15/35 |  | 500 | 496928 |
|  Dryden 37 Senior Loan Fund, Series 2015-37A, Class AR, (3 mo. LIBOR US + 1.10%), 5.18%, 01/15/31<sup>(a)(b)</sup> |  | 250 | 246717 |
|  Dryden 50 Senior Loan Fund, Series 2017-50A, Class B, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/30<sup>(a)(b)</sup> |  | 250 | 241900 |
|  Dryden 53 CLO Ltd., Series 2017-53A, Class B, (3 mo. LIBOR US + 1.40%), 5.48%, 01/15/31<sup>(a)(b)</sup> |  | 1320 | 1274761 |
|  Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3 mo. LIBOR US + 2.65%), 6.84%, 04/18/31<sup>(a)(b)</sup> |  | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153890 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Dryden 78 CLO Ltd., Series 2020-78A,<br>Class D, (3 mo. LIBOR US + 3.00%), 7.08%, 04/17/33<sup>(a)(b)</sup> | USD | 250 | $228392 |
|  Dryden XXVIII Senior Loan Fund<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-28A, Class A1LR, (3 mo. LIBOR US + 1.20%), 5.81%, 08/15/30 |  | 250 | 247995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-28A, Class B1LR, (3 mo. LIBOR US + 3.15%), 7.76%, 08/15/30 |  | 1000 | 936880 |
|  Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, (3 mo. LIBOR US + 1.25%), 5.49%, 01/20/30<sup>(a)(b)</sup> |  | 1000 | 966129 |
|  EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50<sup>(b)</sup> |  | 110 | 85226 |
|  Elmwood CLO 21 Ltd., Series 2022-8A, Class C, 8.42%, 11/20/35 |  | 500 | 497026 |
|  Elmwood CLO IV Ltd., Series 2020-1A,<br>Class B, (3 mo. LIBOR US + 1.70%), 5.78%, 04/15/33<sup>(a)(b)</sup> |  | 250 | 241375 |
|  Elmwood CLO V Ltd., Series 2020-2A, Class CR, (3 mo. LIBOR US + 2.00%), 6.24%, 10/20/34<sup>(a)(b)</sup> |  | 436 | 406624 |
|  Elmwood CLO VI Ltd., Series 2020-3A,<br>Class BR, (3 mo. LIBOR US + 1.65%), 5.89%, 10/20/34<sup>(a)(b)</sup> |  | 250 | 241383 |
|  Fairstone Financial Issuance Trust I, Series 2020-1A, Class C, 5.16%, 10/20/39<sup>(b)</sup> | CAD | 170 | 113525 |
|  Galaxy XX CLO Ltd., Series 2015-20A,<br>Class CR, (3 mo. LIBOR US + 1.75%), 5.99%, 04/20/31<sup>(a)(b)</sup> | USD | 250 | 235605 |
|  Galaxy XXIII CLO Ltd., Series 2017-23A, Class AR, (3 mo. LIBOR US + 0.87%), 5.19%, 04/24/29<sup>(a)(b)</sup> |  | 465 | 460628 |
|  Galaxy XXVII CLO Ltd., Series 2018-27A, Class A, (3 mo. LIBOR US + 1.02%), 5.66%, 05/16/31<sup>(a)(b)</sup> |  | 2000 | 1972115 |
|  Generate CLO 2 Ltd., Series 2A, Class AR, (3 mo. LIBOR US + 1.15%), 5.47%, 01/22/31<sup>(a)(b)</sup> |  | 250 | 246920 |
|  Generate CLO 3 Ltd., Series 3A, Class DR, (3 mo. LIBOR US + 3.60%), 7.84%, 10/20/29<sup>(a)(b)</sup> |  | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599701 |
|  Generate CLO 4 Ltd., Series 4A, Class DR, (3 mo. LIBOR US + 3.15%), 7.39%, 04/20/32<sup>(a)(b)</sup> |  | 1500 | 1383408 |
|  Generate CLO 6 Ltd., Series 6A, Class DR, (3 mo. LIBOR US + 3.50%), 7.82%, 01/22/35<sup>(a)(b)</sup> |  | 750 | 664406 |
|  GoldenTree Loan Management U.S. CLO 3 Ltd., Series 2018-3A, Class B1, (3 mo. LIBOR US + 1.55%), 5.79%, 04/20/30<sup>(a)(b)</sup> |  | 250 | 243139 |
|  GoldenTree Loan Management U.S. CLO 4 Ltd., Series 2019-5A, Class BR, (3 mo. LIBOR US + 1.60%), 5.92%, 04/24/31<sup>(a)(b)</sup> |  | 500 | 488571 |
|  GoldenTree Loan Opportunities IX Ltd., Series 2014- 9A, Class BR2, (3 mo. LIBOR US + 1.60%), 6.01%, 10/29/29<sup>(a)(b)</sup> |  | 1500 | 1465345 |
|  GoldenTree Loan Opportunities X Ltd., Series 2015- 10A, Class DR, (3 mo. LIBOR US + 3.05%), 7.29%, 07/20/31<sup>(a)(b)</sup> |  | 250 | 235452 |
|  Golub Capital Partners CLO 55B Ltd., Series 2021- 55A, Class E, (3 mo. LIBOR US + 6.56%), 10.80%, 07/20/34<sup>(a)(b)</sup> |  | 250 | 220129 |
|  Grippen Park CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.30%), 7.54%, 01/20/30<sup>(a)(b)</sup> |  | 250 | 231506 |
|  Gulf Stream Meridian 1 Ltd., Series 2020-IA, Class E, (3 mo. LIBOR US + 6.45%), 10.53%, 04/15/33<sup>(a)(b)</sup> . |  | 500 | 433479 |
|  Highbridge Loan Management, Series 3A-2014, Class CR, (3 mo. LIBOR US + 3.60%), 7.79%, 07/18/29<sup>(a)(b)</sup> |  | 1000 | 894660 |
|  Jay Park CLO Ltd., Series 2016-1A, Class CR, (3 mo. LIBOR US + 2.65%), 6.89%, 10/20/27<sup>(a)(b)</sup> |  | 500 | 473622 |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Litigation Fee Residual, 4.00%, 10/30/27<sup>(c)</sup> | USD | 918 | $877906 |
|  Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1 mo. LIBOR US + 0.48%), 4.87%, 09/25/36<sup>(a)</sup> |  | 6188 | 1737763 |
|  Madison Park Funding LXII Ltd., Series 2022-62A, Class A1, (3 mo. SOFR + 2.25%), 4.76%, 07/17/33<sup>(a)(b)</sup> |  | 760 | 756320 |
|  Madison Park Funding XVII Ltd., Series 2015-17A, Class DR, (3 mo. LIBOR US + 3.60%), 7.88%, 07/21/30<sup>(a)(b)</sup> |  | 1000 | 938554 |
|  Madison Park Funding XXIII Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-23A, Class AR, (3 mo. LIBOR US + 0.97%), 5.33%, 07/27/31 |  | 1000 | 987920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-23A, Class CR, (3 mo. LIBOR US + 2.00%), 6.36%, 07/27/31 |  | 600 | 572090 |
|  Madison Park Funding XXV Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-25A, Class A1R, (3 mo. LIBOR US + 0.97%), 5.33%, 04/25/29 |  | 1478 | 1456821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-25A, Class A2R, (3 mo. LIBOR US + 1.65%), 6.01%, 04/25/29 |  | 250 | 242678 |
|  Madison Park Funding XXXI Ltd., Series 2018-31A, Class D, (3 mo. LIBOR US + 3.00%), 7.32%, 01/23/31<sup>(a)(b)</sup> |  | 625 | 588297 |
|  Madison Park Funding XXXIV Ltd., Series 2019-34A, Class DR, (3 mo. LIBOR US + 3.35%), 7.71%, 04/25/32<sup>(a)(b)</sup> |  | 250 | 238349 |
|  Madison Park Funding XXXVIII Ltd., Series 2021- 38A, Class C, (3 mo. LIBOR US + 1.90%), 5.98%, 07/17/34<sup>(a)(b)</sup> |  | 250 | 230252 |
|  Marble Point CLO XVII Ltd., Series 2020-1A, Class D, (3 mo. LIBOR US + 3.75%), 7.99%, 04/20/33<sup>(a)(b)</sup> |  | 250 | 223364 |
|  Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3 mo. LIBOR US + 3.65%), 7.97%, 01/22/35<sup>(a)(b)</sup> |  | 250 | 227808 |
|  Mariner Finance Issuance Trust, Series 2022-AA, Class A, 6.45%, 10/20/37 |  | 515 | 511358 |
|  Navient Private Education Refi Loan Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, 3.48%, 04/15/60 |  | 770 | 645265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class D, 4.00%, 04/15/60 |  | 440 | 372571 |
|  Nelnet Student Loan Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class D, 4.93%, 04/20/62 |  | 460 | 375588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class B, 2.68%, 04/20/62 |  | 1983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574961 |
|  Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 10/17/30<sup>(a)(b)</sup> |  | 250 | 242578 |
|  Neuberger Berman Loan Advisers CLO 37 Ltd., Series 2020-37A, Class CR, (3 mo. LIBOR US + 1.80%), 6.04%, 07/20/31<sup>(a)(b)</sup> |  | 1163 | 1099600 |
|  Neuberger Berman Loan Advisers NBLA CLO 52 Ltd., Series 2022-52A, Class D, 10.33%, 10/24/35<sup>(c)</sup> |  | 568 | 568000 |
|  OCP CLO Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-9A, Class BR2, (3 mo. SOFR + 1.75%), 5.61%, 01/15/33 |  | 250 | 239990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-13A, Class A1AR, (3 mo. LIBOR US + 0.96%), 5.04%, 07/15/30 |  | 1000 | 986840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-14A, Class A2, (3 mo. LIBOR US + 1.50%), 6.18%, 11/20/30 |  | 1320 | 1278872 |
|  Octagon 54 Ltd., Series 2021-1A, Class D, (3 mo. LIBOR US + 3.05%),<br>7.13%, 07/15/34<sup>(a)(b)</sup> |  | 250 | 231309 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Octagon Investment Partners XV Ltd., Series 2013- 1A, Class A1RR,<br>(3 mo. LIBOR US + 0.97%), 5.20%, 07/19/30<sup>(a)(b)</sup> | USD | 2880 | $2842498 |
|  Octagon Investment Partners XVII Ltd., Series 2013- 1A, Class BR2, (3 mo. LIBOR US + 1.40%), 5.76%, 01/25/31<sup>(a)(b)</sup> |  | 500 | 481883 |
|  Octagon Investment Partners XXI Ltd., Series 2014- 1A, Class AAR3,<br>(3 mo. LIBOR US + 1.00%), 5.65%, 02/14/31<sup>(a)(b)</sup> |  | 250 | 245298 |
|  Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class DRR, (3 mo. LIBOR US + 2.75%), 7.07%, 01/22/30<sup>(a)(b)</sup> |  | 500 | 441109 |
|  OneMain Financial Issuance Trust, Series 2020-1A, Class A, 3.84%, 05/14/32<sup>(b)</sup> |  | 900 | 893614 |
|  OZLM VIII Ltd., Series 2014-8A,<br>Class CRR, (3 mo. LIBOR US + 3.15%), 7.23%, 10/17/29<sup>(a)(b)</sup> |  | 875 | 805253 |
|  OZLM XXI Ltd., Series 2017-21A, Class C, (3 mo. LIBOR US + 2.67%), 6.91%, 01/20/31<sup>(a)(b)</sup> |  | 1000 | 874845 |
|  Palmer Square CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A2R3, (3 mo. LIBOR US + 1.50%), 5.73%, 10/17/31<sup>(a)(b)</sup> |  | 250 | 241171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2A, Class CR2, (3 mo. LIBOR US + 2.75%), 6.99%, 07/20/30<sup>(a)(b)</sup> |  | 250 | 230260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A2R, (3 mo. LIBOR US + 1.60%), 6.21%, 11/15/31<sup>(a)(b)</sup> |  | 250 | 241842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class C, 8.07%, 10/20/35 |  | 1000 | 995427 |
|  Palmer Square Loan Funding Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A, Class C, (3 mo. LIBOR US + 2.50%), 7.18%, 02/20/28 |  | 250 | 244049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1, (3 mo. LIBOR US + 0.90%), 5.14%, 04/20/29 |  | 142 | 140555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1, (3 mo. LIBOR US + 0.80%), 5.48%, 05/20/29 |  | 169 | 166039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1, (3 mo. LIBOR US + 0.80%), 5.04%, 07/20/29 |  | 569 | 561189 |
|  Park Avenue Institutional Advisers CLO Ltd., Series 2017-1A, Class DR, (3 mo. LIBOR US + 6.81%), 11.46%, 02/14/34<sup>(a)(b)</sup> |  | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111899 |
|  PPM CLO 2 Ltd., Series 2019-2A, Class DR, (3 mo. LIBOR US + 3.40%), 7.63%, 04/16/32<sup>(a)(b)</sup> |  | 250 | 229033 |
|  Prodigy Finance DAC, Series 2021-1A, Class C, (1 mo. LIBOR US + 3.75%), 8.14%, 07/25/51<sup>(a)(b)</sup> |  | 250 | 245682 |
|  Rad CLO 3 Ltd., Series 2019-3A, Class DR, (3 mo. LIBOR US + 2.75%), 6.83%, 04/15/32<sup>(a)(b)</sup> |  | 400 | 368056 |
|  Regatta XI Funding Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.85%), 6.93%, 07/17/31<sup>(a)(b)</sup> |  | 370 | 345791 |
|  Regional Management Issuance Trust, Series 2021-A, Class A, 6.57%, 11/17/32 |  | 200 | 201111 |
|  Republic Finance Issuance Trust, Series 2020-A, Class C, 4.05%, 11/20/30<sup>(b)</sup> |  | 240 | 217912 |
|  Romark CLO Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 2.15%), 6.47%, 10/23/30<sup>(a)(b)</sup> |  | 500 | 477624 |
|  Shackleton CLO Ltd., Series 2015-7RA, Class C, (3 mo. LIBOR US + 2.35%), 6.43%, 07/15/31<sup>(a)(b)</sup> |  | 250 | 234705 |
|  SMB Private Education Loan Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class C, 3.00%, 01/15/53<sup>(c)</sup> |  | 190 | 158572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class D, 3.93%, 01/15/53 |  | 160 | 141530 |
|  Sterling Coofs Trust<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-1, Class A, 2.36%, 04/15/29 |  | 776 | 8296 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Sterling Coofs Trust<sup>(c)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-2, Class Note, 2.08%, 03/30/30<sup>(b)</sup> | USD | 721 | $7207 |
|  Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32 |  | 67 | 61308 |
|  TCW CLO Ltd., Series 2020-1A, Class DRR, (3 mo. LIBOR US + 3.40%), 7.64%, 04/20/34<sup>(a)(b)</sup> |  | 250 | 227852 |
|  TICP CLO I-2 Ltd., Series 2018-IA, Class C, (3 mo. LIBOR US + 3.04%), 7.37%, 04/26/28<sup>(a)(b)</sup> |  | 500 | 481299 |
|  TICP CLO IX Ltd., Series 2017-9A, Class D, (3 mo. LIBOR US + 2.90%), 7.14%, 01/20/31<sup>(a)(b)</sup> |  | 500 | 474596 |
|  TICP CLO XV Ltd., Series 2020-15A, Class D, (3 mo. LIBOR US + 3.15%), 7.39%, 04/20/33<sup>(a)(b)</sup> |  | 250 | 231815 |
|  Trestles CLO Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class B1R, (3 mo. LIBOR US + 1.75%), 6.11%, 04/25/32 |  | 1750 | 1616266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A, Class CR, (3 mo. LIBOR US + 2.90%), 7.26%, 04/25/32 |  | 250 | 232319 |
|  Trimaran CAVU Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class C, (3 mo. LIBOR US + 4.72%), 8.91%, 11/26/32<sup>(a)(b)</sup> |  | 500 | 463069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class D1, (3 mo. LIBOR US + 3.25%), 7.61%, 10/25/34<sup>(a)(b)</sup> |  | 500 | 453243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class D, 10.47%, 01/20/36 |  | 400 | 396319 |
|  Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32<sup>(d)</sup> | GBP | 100 | 120901 |
|  Voya CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A, Class A1RR, (3 mo. LIBOR US + 1.02%),<br>5.10%, 04/17/30<sup>(a)(b)</sup> | USD | 237 | 233539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A2AR, (3 mo. LIBOR US + 1.65%),<br>5.73%, 06/07/30<sup>(a)(b)</sup> |  | 250 | 242376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.13%),<br>5.21%, 10/15/30<sup>(a)(b)</sup> |  | 250 | 246896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A2, (3 mo. LIBOR US + 1.25%),<br>5.33%, 07/15/31<sup>(a)(b)</sup> |  | 1000 | 961165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4A, Class C, 8.24%, 10/20/33 |  | 1000 | 996564 |
|  Whetstone Park CLO Ltd., Series 2021-1A, Classs 1A, (3 mo. LIBOR US + 1.60%), 5.84%, 01/20/35<sup>(a)(b)</sup> |  | 725 | 693318 |
|  Whitebox CLO I Ltd., Series 2019-1A,<br>Class CR, (3 mo. LIBOR US + 3.05%), 7.37%, 07/24/32<sup>(a)(b)</sup> |  | 500 | 464754 |
|  Whitebox CLO II Ltd., Series 2020-2A,<br>Class DR, (3 mo. LIBOR US + 3.35%), 7.67%, 10/24/34<sup>(a)(b)</sup> |  | 500 | 453309 |
|  Whitebox CLO III Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class D, (3 mo. LIBOR US + 3.35%), 7.43%, 10/15/34 |  | 250 | 233839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class E, (3 mo. LIBOR US + 6.85%), 10.93%, 10/15/34 |  | 250 | 227048 |
|  York CLO 1 Ltd.<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class CRR, (3 mo. LIBOR US + 2.10%), 6.42%, 10/22/29 |  | 250 | 241100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1A, Class DRR, (3 mo. LIBOR US + 3.01%), 7.33%, 10/22/29 |  | 250 | 237110 |
|  **Total Asset-Backed Securities — 13.7%**<br>**(Cost: $84,705,242)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80294380 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds** |  |  |  |
|  **Advertising Agencies — 0.1%** |  |  |  |
|  Interpublic Group of Cos., Inc., 5.40%, 10/01/48 | USD | 500 | $456893 |
|  **Aerospace & Defense — 2.5%** |  |  |  |
|  Amsted Industries, Inc., 5.63%, 07/01/27<sup>(b)</sup> |  | 30 | 28460 |
|  Boeing Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/01/30 |  | 800 | 677538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 |  | 1140 | 1112229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 |  | 69 | 60456 |
|  Bombardier, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/25 |  | 35 | 34661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/26<sup>(e)</sup> |  | 846 | 820801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/27<sup>(e)</sup> |  | 395 | 383140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28<sup>(e)</sup> |  | 667 | 616788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/34 |  | 100 | 100000 |
|  Eaton Corp., 4.15%, 11/02/42 |  | 500 | 427290 |
|  F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26<sup>(b)</sup> |  | 200 | 163500 |
|  General Electric Co., 6.15%, 08/07/37 |  | 2150 | 2197819 |
|  Lockheed Martin Corp., 4.09%, 09/15/52<sup>(e)</sup> |  | 1410 | 1180824 |
|  Northrop Grumman Corp., 3.85%, 04/15/45 |  | 350 | 279149 |
|  Raytheon Technologies Corp., 2.38%, 03/15/32 |  | 1000 | 809816 |
|  Rolls-Royce PLC, 5.75%, 10/15/27<sup>(b)</sup> |  | 1000 | 952500 |
|  Spirit AeroSystems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25<sup>(b)</sup> |  | 22 | 21740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/29 |  | 329 | 346338 |
|  TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25<sup>(b)</sup> |  | 130 | 131923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26<sup>(b)(e)</sup> |  | 3355 | 3308667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 |  | 31 | 30162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 |  | 71 | 70248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 |  | 393 | 345553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/29<sup>(e)</sup> |  | 203 | 177067 |
|  Triumph Group, Inc., 8.88%, 06/01/24<sup>(b)</sup> |  | 509 | 517907 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14794576 |
| **Airlines — 1.5%** |  |  |  |
|  Air Canada, 3.88%, 08/15/26<sup>(b)(e)</sup> |  | 324 | 286977 |
|  Allegiant Travel Co., 7.25%, 08/15/27<sup>(b)</sup> |  | 80 | 76093 |
|  American Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2, Class A, 4.95%, 07/15/24 |  | 759 | 757934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2, Class A, 4.00%, 03/22/29 |  | 1038 | 843028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2, Class AA, 3.60%, 03/22/29 |  | 1038 | 931183 |
|  American Airlines, Inc., 11.75%, 07/15/25<sup>(b)</sup> |  | 325 | 348595 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26 |  | 179 | 171876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/29 |  | 677 | 619050 |
|  Avianca Midco 2 PLC, 9.00%, 12/01/28<sup>(b)</sup> |  | 150 | 109774 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd., 4.75%, 10/20/28<sup>(b)</sup> |  | 6 | 5321 |
|  Deutsche Lufthansa AG, 2.88%, 05/16/27<sup>(d)</sup> | EUR | 100 | 92862 |
|  Gol Finance SA, 7.00%, 01/31/25<sup>(b)</sup> | USD | 200 | 87038 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26<sup>(b)</sup> |  | 168 | 152040 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27<sup>(b)</sup> |  | 740 | 735958 |
|  United Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class A, 4.30%, 02/15/27 |  | 2413 | 2244070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 5.88%, 10/15/27 |  | 379 | 374052 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Airlines (continued)** |  |  |  |
|  United Airlines Pass-Through Trust (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B, 4.88%, 01/15/26 | USD | 27 | $25373 |
|  United Airlines, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26<sup>(e)</sup> |  | 423 | 392090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 |  | 627 | 545926 |
|  |  |  | 8799240 |
| **Auto Components — 0.6%** |  |  |  |
|  Aptiv PLC, 4.40%, 10/01/46 |  | 465 | 344204 |
|  Clarios Global LP, 6.75%, 05/15/25<sup>(b)</sup> |  | 154 | 154356 |
|  Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 |  | 743 | 726284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/27 |  | 1774 | 1732305 |
|  Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28<sup>(b)</sup> |  | 111 | 97666 |
|  Goodyear Tire & Rubber Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/29 |  | 78 | 65064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 |  | 81 | 66120 |
|  ZF Finance GmbH, 3.75%, 09/21/28<sup>(d)</sup> | EUR | 100 | 89732 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275731 |
| **Automobiles — 1.4%** |  |  |  |
|  Asbury Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 | USD | 18 | 15847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 |  | 84 | 70254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32<sup>(b)</sup> |  | 106 | 87206 |
|  Constellation Automotive Financing PLC, 4.88%, 07/15/27<sup>(d)</sup> | GBP | 100 | 78788 |
|  Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(f)</sup> | USD | 216 | 203796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 12/08/26 |  | 7 | 6638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/32<sup>(e)</sup> |  | 420 | 314976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/32<sup>(e)</sup> |  | 126 | 116343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/43 |  | 2000 | 1435586 |
|  Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 |  | 200 | 190293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26 |  | 200 | 186292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 |  | 200 | 173680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27<sup>(e)</sup> |  | 401 | 374093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 |  | 200 | 179000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28<sup>(e)</sup> |  | 200 | 165184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/31 |  | 300 | 235667 |
|  General Motors Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/29 |  | 414 | 395079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32 |  | 69 | 64101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43<sup>(e)</sup> |  | 2506 | 2316868 |
|  General Motors Financial Co., Inc., 4.25%, 05/15/23 |  | 807 | 803662 |
|  Group 1 Automotive, Inc., 4.00%, 08/15/28<sup>(b)</sup> |  | 30 | 25393 |
|  Ken Garff Automotive LLC, 4.88%, 09/15/28<sup>(b)</sup> |  | 82 | 68595 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/29<sup>(b)</sup>. |  | 182 | 145744 |
|  Lithia Motors, Inc., 3.88%, 06/01/29<sup>(b)</sup> |  | 89 | 73168 |
|  MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(b)</sup> |  | 120 | 89543 |
|  Penske Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 |  | 29 | 26914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/29 |  | 46 | 37336 |
|  RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30<sup>(a)(d)</sup> | EUR | 100 | 95116 |
|  Wabash National Corp., 4.50%, 10/15/28<sup>(b)</sup> | USD | 149 | 126886 |
|  |  |  | 8102048 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Banks — 1.1%** |  |  |  |
|  Banco Bilbao Vizcaya Argentaria SA, (5 year USD Swap + 3.87%), 6.13%<sup>(a)(g)</sup> | USD | 2000 | $1702859 |
|  Bangkok Bank PCL, (5 year CMT + 4.73%), 5.00% |  | 200 | 189350 |
|  Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26<sup>(d)</sup> |  | 252 | 229348 |
|  Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80%<sup>(a)(d)(g)</sup> |  | 518 | 494690 |
|  Grupo Aval Ltd., 4.38%, 02/04/30<sup>(b)</sup> |  | 200 | 161600 |
|  Krung Thai Bank PCL, (5 year CMT + 3.53%), 4.40%<sup>(a)(d)(g)</sup> |  | 252 | 224563 |
|  NBK Tier 1 Ltd., (6 year CMT + 2.88%),<br>3.63%<sup>(a)(b)(g)</sup>  |  | 209 | 181935 |
|  Northern Trust Corp., 6.13%, 11/02/32 |  | 160 | 168711 |
|  PNC Financial Services Group, Inc., 6.04%, 10/28/33 |  | 132 | 137425 |
|  Standard Chartered PLC, (5 year USD ICE Swap + 1.97%), 4.87%, 03/15/33<sup>(a)(b)</sup> |  | 500 | 440469 |
|  SVB Financial Group, Series D, (5 year CMT + 3.07%), 4.25%<sup>(a)(g)</sup> |  | 1275 | 836462 |
|  Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 |  | 2250 | 1733030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BB, (5 year CMT + 3.45%), 3.90%<sup>(a)(g)</sup> |  | 245 | 214440 |
|  |  |  | 6714882 |
| **Beverages — 1.4%** |  |  |  |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46<sup>(e)</sup> |  | 4600 | 4181746 |
|  ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27<sup>(b)(h)</sup> |  | 701 | 487568 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/27 |  | 372 | 364168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 |  | 200 | 169889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/29 |  | 1466 | 1161845 |
|  Ball Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25 |  | 12 | 11843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 |  | 25 | 19953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/31<sup>(e)</sup> |  | 254 | 203995 |
|  Crown Americas LLC, 5.25%, 04/01/30<sup>(b)</sup> |  | 91 | 86042 |
|  Crown Cork & Seal Co., Inc., 7.38%, 12/15/26 |  | 23 | 23679 |
|  Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24<sup>(b)</sup> |  | 431 | 419082 |
|  Silgan Holdings, Inc., 4.13%, 02/01/28 |  | 25 | 23129 |
|  Trivium Packaging Finance BV<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 |  | 505 | 463053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 |  | 738 | 677133 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293125 |
| **Biotechnology — 0.5%** |  |  |  |
|  Amgen, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/33 |  | 1000 | 925128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 |  | 500 | 418910 |
|  Baxalta, Inc., 5.25%, 06/23/45 |  | 500 | 477787 |
|  Cidron Aida Finco SARL, 5.00%, 04/01/28<sup>(d)</sup> | EUR | 100 | 91256 |
|  Gilead Sciences, Inc., 4.80%, 04/01/44 | USD | 1000 | 916997 |
|  |  |  | 2830078 |
| **Building Materials<sup>(b)</sup> — 0.3%** |  |  |  |
|  Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 |  | 146 | 133974 |
|  Jeld-Wen, Inc., 6.25%, 05/15/25 |  | 98 | 91664 |
|  Masonite International Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C, 5.38%, 02/01/28 |  | 17 | 15718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C, 3.50%, 02/15/30 |  | 145 | 117294 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Building Materials (continued)** |  |  |  |
|  New Enterprise Stone & Lime Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 | USD | 55 | $48839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/28 |  | 26 | 24023 |
|  Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28 |  | 509 | 455402 |
|  Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 |  | 25 | 23068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 |  | 62 | 55793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/30 |  | 550 | 448209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/31 |  | 64 | 48160 |
|  Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 |  | 117 | 108930 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1571074 |
| **Building Products — 1.0%** |  |  |  |
|  Advanced Drainage Systems, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/27 |  | 202 | 188365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/30 |  | 513 | 498462 |
|  Beacon Roofing Supply, Inc., 4.13%, 05/15/29<sup>(b)</sup> |  | 86 | 71465 |
|  Foundation Building Materials, Inc., 6.00%, 03/01/29<sup>(b)</sup> |  | 63 | 47168 |
|  GYP Holdings III Corp., 4.63%, 05/01/29<sup>(b)</sup> |  | 159 | 129818 |
|  Home Depot, Inc., 5.88%, 12/16/36 |  | 1660 | 1775230 |
|  LBM Acquisition LLC, 6.25%, 01/15/29<sup>(b)</sup> |  | 25 | 15909 |
|  Lowe's Cos., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/33<sup>(e)</sup> |  | 1000 | 976211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 |  | 1000 | 821791 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26<sup>(b)</sup> |  | 56 | 45089 |
|  SRS Distribution, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/01/28 |  | 362 | 320902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/01/29 |  | 340 | 274897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/29<sup>(e)</sup> |  | 423 | 336646 |
|  White Cap Buyer LLC, 6.88%, 10/15/28<sup>(b)(e)</sup> |  | 644 | 557066 |
|  White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26<sup>(b)(h)</sup> |  | 142 | 122758 |
|  |  |  | 6181777 |
| **Capital Markets — 1.7%** |  |  |  |
|  Blackstone Private Credit Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/29/25<sup>(b)</sup> |  | 56 | 55556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 |  | 53 | 44624 |
|  Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%<sup>(a)(e)(g)</sup> |  | 5195 | 4142753 |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/29<sup>(b)(e)</sup> |  | 129 | 110397 |
|  FMR LLC, 4.95%, 02/01/33<sup>(b)</sup> |  | 2300 | 2133966 |
|  GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |  | 379 | 302967 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 |  | 112 | 107380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 |  | 101 | 97051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 |  | 356 | 325954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 |  | 207 | 175050 |
|  NFP Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/28<sup>(e)</sup> |  | 658 | 560153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/28<sup>(e)</sup> |  | 1270 | 1046834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/30 |  | 74 | 69588 |
|  Owl Rock Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/25 |  | 129 | 119184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/26 |  | 12 | 11016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 |  | 46 | 40165 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Capital Markets (continued)** |  |  |  |
|  Owl Rock Core Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/23/26 | USD | 31 | $26380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/16/27<sup>(b)</sup> |  | 215 | 214304 |
|  Raymond James Financial, Inc., 4.95%, 07/15/46 |  | 400 | 355609 |
|  SURA Asset Management SA, 4.88%, 04/17/24<sup>(d)</sup> |  | 178 | 176665 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10115596 |
| **Chemicals — 1.2%** |  |  |  |
|  Air Liquide Finance SA, 3.50%, 09/27/46<sup>(b)</sup> |  | 360 | 274299 |
|  Alpek SAB de CV, 3.25%, 02/25/31<sup>(b)</sup> |  | 200 | 166163 |
|  Ashland LLC, 3.38%, 09/01/31<sup>(b)</sup> |  | 186 | 148664 |
|  Avient Corp., 7.13%, 08/01/30<sup>(b)</sup> |  | 116 | 113394 |
|  Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(b)</sup> |  | 498 | 410932 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27<sup>(b)(e)</sup> |  | 242 | 223705 |
|  Braskem Idesa SAPI, 6.99%, 02/20/32<sup>(b)</sup> |  | 200 | 142500 |
|  Celanese U.S. Holdings LLC, 6.17%, 07/15/27 |  | 190 | 187402 |
|  Diamond BC BV, 4.63%, 10/01/29<sup>(b)</sup> |  | 428 | 343470 |
|  Element Solutions, Inc., 3.88%, 09/01/28<sup>(b)(e)</sup> |  | 1211 | 1029350 |
|  Equate Petrochemical BV, 4.25%, 11/03/26<sup>(d)</sup> |  | 200 | 190850 |
|  HB Fuller Co., 4.25%, 10/15/28 |  | 74 | 65490 |
|  Herens Holdco SARL, 4.75%, 05/15/28<sup>(b)</sup> |  | 400 | 298964 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(b)</sup> |  | 230 | 192562 |
|  Ingevity Corp., 3.88%, 11/01/28<sup>(b)</sup> |  | 57 | 49012 |
|  Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26<sup>(b)(h)</sup> |  | 176 | 123200 |
|  LSF11 A5 HoldCo LLC, 6.63%, 10/15/29<sup>(b)</sup> |  | 76 | 62784 |
|  Minerals Technologies, Inc., 5.00%, 07/01/28<sup>(b)</sup> |  | 114 | 101528 |
|  Monitchem HoldCo 3 SA, 5.25%, 03/15/25<sup>(d)</sup> | EUR | 100 | 102619 |
|  NOVA Chemicals Corp., 4.88%, 06/01/24<sup>(b)</sup> | USD | 41 | 39667 |
|  Sasol Financing USA LLC, 6.50%, 09/27/28 |  | 200 | 180725 |
|  SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26<sup>(b)(e)</sup> |  | 200 | 169500 |
|  Scotts Miracle-Gro Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31 |  | 122 | 93201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/32 |  | 18 | 13567 |
|  Sherwin-Williams Co., 4.50%, 06/01/47 |  | 350 | 293714 |
|  SK Invictus Intermediate II Sarl, 5.00%, 10/30/29<sup>(b)</sup> |  | 372 | 305040 |
|  WESCO Distribution, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/25 |  | 117 | 118464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28<sup>(e)</sup> |  | 590 | 597655 |
|  WR Grace Holdings LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/24 |  | 21 | 20685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 |  | 105 | 93044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/29<sup>(e)</sup> |  | 987 | 796776 |
|  |  |  | 6948926 |
| **Commercial Services & Supplies — 0.4%** |  |  |  |
|  ADT Security Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/29 |  | 19 | 16192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/32 |  | 29 | 24645 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26<sup>(b)</sup> |  | 200 | 178362 |
|  APX Group, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/27 |  | 123 | 118394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/29 |  | 181 | 149902 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29<sup>(b)(e)</sup> |  | 26 | 22241 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
|  BCP V Modular Services Finance II PLC, 4.75%, 11/30/28<sup>(d)</sup> | EUR | 100 | $89383 |
|  Fortress Transportation & Infrastructure Investors LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 | USD | 38 | 35728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(e)</sup> |  | 194 | 165503 |
|  Herc Holdings, Inc., 5.50%, 07/15/27<sup>(b)(e)</sup> |  | 164 | 152971 |
|  Hertz Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/26 |  | 85 | 71187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 |  | 70 | 53102 |
|  Metis Merger Sub LLC, 6.50%, 05/15/29<sup>(b)</sup> |  | 82 | 68838 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/29<sup>(b)</sup> |  | 146 | 127750 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26 |  | 118 | 113575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28<sup>(e)</sup> |  | 172 | 156547 |
|  Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/29<sup>(b)</sup> |  | 400 | 335880 |
|  United Rentals North America, Inc., 5.25%, 01/15/30 |  | 40 | 37583 |
|  Williams Scotsman International, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/25 |  | 175 | 173250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/15/28 |  | 146 | 131765 |
|  |  |  | 2222798 |
| **Communications Equipment — 0.3%** |  |  |  |
|  Ciena Corp., 4.00%, 01/31/30<sup>(b)</sup> |  | 71 | 62488 |
|  CommScope Technologies LLC, 6.00%, 06/15/25<sup>(b)(e)</sup>. |  | 530 | 482300 |
|  CommScope, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 |  | 96 | 74400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/28 |  | 171 | 122242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/29 |  | 355 | 286201 |
|  Nokia OYJ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/12/27 |  | 31 | 29266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/15/39 |  | 88 | 83526 |
|  Viasat, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 |  | 169 | 156796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 |  | 35 | 26258 |
|  Viavi Solutions, Inc., 3.75%, 10/01/29<sup>(b)</sup> |  | 237 | 199188 |
|  |  |  | 1522665 |
| **Construction & Engineering — 0.7%** |  |  |  |
|  ITR Concession Co. LLC, 4.20%, 07/15/25<sup>(b)</sup> |  | 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3847614 |
| **Construction Materials<sup>(b)</sup> — 0.0%** |  |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/28 |  | 63 | 56208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 |  | 46 | 37603 |
|  BCPE Empire Holdings, Inc., 7.63%, 05/01/27 |  | 74 | 66362 |
|  H&E Equipment Services, Inc., 3.88%, 12/15/28 |  | 37 | 31516 |
|  Resideo Funding, Inc., 4.00%, 09/01/29 |  | 42 | 33959 |
|  |  |  | 225648 |
| **Consumer Discretionary — 0.7%** |  |  |  |
|  APi Group DE, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/15/29 |  | 89 | 73765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/29 |  | 68 | 58946 |
|  Carnival Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/26 |  | 387 | 388842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 |  | 48 | 38045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 |  | 711 | 507682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/01/27 |  | 223 | 210735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 |  | 447 | 364488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/29<sup>(e)</sup> |  | 342 | 227903 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Consumer Discretionary (continued)** |  |  |  |
|  Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28<sup>(b)(e)</sup> | USD | 224 | $229961 |
|  CoreLogic, Inc., 4.50%, 05/01/28<sup>(b)</sup> |  | 350 | 268520 |
|  Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc., 5.00%, 02/01/26<sup>(b)</sup> |  | 60 | 53400 |
|  Life Time, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/26 |  | 174 | 161907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/26 |  | 146 | 131400 |
|  Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(b)</sup> |  | 208 | 188691 |
|  NCL Corp. Ltd.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 |  | 156 | 122533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 |  | 74 | 55688 |
|  NCL Finance Ltd., 6.13%, 03/15/28<sup>(b)</sup> |  | 177 | 130665 |
|  Royal Caribbean Cruises Ltd.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/25 |  | 82 | 87945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/26 |  | 61 | 51316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/27 |  | 138 | 111739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/27 |  | 124 | 124525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/28 |  | 89 | 71026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 |  | 136 | 136340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/29<sup>(e)</sup> |  | 186 | 191134 |
|  Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26<sup>(d)</sup> | EUR | 88 | 88267 |
|  Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<sup>(b)</sup> | USD | 39 | 31395 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106858 |
| **Consumer Finance — 0.9%** |  |  |  |
|  American Express Co., (5 year CMT + 2.85%), 3.55%<sup>(a)(g)</sup> |  | 500 | 410750 |
|  Block, Inc., 3.50%, 06/01/31 |  | 1275 | 1017354 |
|  Discover Financial Services, 6.70%, 11/29/32 |  | 65 | 66071 |
|  Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 |  | 70 | 67900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 |  | 400 | 340021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/30 |  | 408 | 334302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/32 |  | 172 | 163804 |
|  HealthEquity, Inc., 4.50%, 10/01/29<sup>(b)</sup> |  | 288 | 251683 |
|  MPH Acquisition Holdings LLC, 5.50%, 09/01/28<sup>(b)(e)</sup> |  | 139 | 108434 |
|  Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/25/23 |  | 28 | 27977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24 |  | 51 | 49961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/24 |  | 39 | 37734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/29 |  | 30 | 24480 |
|  OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26<sup>(e)</sup> |  | 150 | 142632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 |  | 206 | 170562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 |  | 165 | 151937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 |  | 42 | 34352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 |  | 74 | 55214 |
|  Sabre Global, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 |  | 99 | 98617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 |  | 64 | 61507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/27 |  | 64 | 65902 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26<sup>(b)</sup> |  | 314 | 296664 |
|  Shift4 Payments, Inc., 0.00%, 12/15/25<sup>(f)</sup> |  | 112 | 110950 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Consumer Finance (continued)** |  |  |  |
|  SLM Corp., 3.13%, 11/02/26 | USD | 117 | $99503 |
|  Verscend Escrow Corp., 9.75%, 08/15/26<sup>(b)(e)</sup> |  | 1355 | 1327507 |
|  |  |  | 5515818 |
| **Containers & Packaging — 0.4%** |  |  |  |
|  Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/29 |  | 591 | 561894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 |  | 382 | 326981 |
|  Graphic Packaging International LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 |  | 53 | 49886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28 |  | 11 | 9573 |
|  International Paper Co., 6.00%, 11/15/41 |  | 870 | 867207 |
|  Klabin Austria GmbH, 3.20%, 01/12/31<sup>(b)</sup> |  | 200 | 161000 |
|  LABL, Inc., 5.88%, 11/01/28<sup>(b)</sup> |  | 176 | 153344 |
|  Sealed Air Corp., 4.00%, 12/01/27<sup>(b)</sup> |  | 49 | 44450 |
|  Suzano Austria GmbH, 3.75%, 01/15/31 |  | 80 | 66790 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241125 |
| **Diversified Consumer Services — 0.8%** |  |  |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(b)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 |  | 719 | 657885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/27 |  | 200 | 174000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 |  | 939 | 681488 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28<sup>(b)</sup> |  | 1241 | 1014804 |
|  Clarivate Science Holdings Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 |  | 815 | 706113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/29<sup>(e)</sup> |  | 435 | 369902 |
|  Garda World Security Corp., 4.63%, 02/15/27<sup>(b)</sup> |  | 81 | 71521 |
|  Graham Holdings Co., 5.75%, 06/01/26<sup>(b)</sup> |  | 27 | 26530 |
|  Rekeep SpA, 7.25%, 02/01/26<sup>(d)</sup> | EUR | 100 | 88979 |
|  Service Corp. International, 4.00%, 05/15/31<sup>(e)</sup> | USD | 263 | 221505 |
|  Sotheby's, 7.38%, 10/15/27<sup>(b)(e)</sup> |  | 865 | 811050 |
|  |  |  | 4823777 |
| **Diversified Financial Services — 5.2%** |  |  |  |
|  Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28<sup>(b)</sup> |  | 272 | 216920 |
|  ASG Finance Designated Activity Co., 7.88%, 12/03/24<sup>(b)</sup> |  | 200 | 193000 |
|  Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27<sup>(e)</sup> |  | 4000 | 3693278 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.99%), 6.20%, 11/10/28<sup>(a)</sup> |  | 310 | 320066 |
|  Barclays PLC, 3.65%, 03/16/25 |  | 4320 | 4149978 |
|  Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/27 |  | 448 | 451354 |
|  BNP Paribas SA, (5 year CMT + 3.34%), 4.63%<sup>(a)(b)(g)</sup> |  | 2000 | 1545201 |
|  Citigroup, Inc.<sup>(a)(g)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 3.42%), 3.88% |  | 3160 | 2693900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series W, (5 year CMT + 3.60%), 4.00% |  | 105 | 91468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y, (5 year CMT + 3.00%), 4.15% |  | 335 | 273504 |
|  Credit Agricole SA, (5 year USD Swap + 4.90%), 7.88%<sup>(a)(b)(g)</sup> |  | 1000 | 990800 |
|  Credit Suisse Group AG, (1 year EURIBOR ICE Swap Rate + 4.95%), 7.75%, 03/01/29<sup>(a)(d)</sup> | EUR | 100 | 106291 |
|  Garfunkelux Holdco 3 SA, 7.75%, 11/01/25<sup>(d)</sup> | GBP | 100 | 93932 |
|  Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24<sup>(b)(h)</sup> | USD | 225 | 191105 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Goldman Sachs Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/25<sup>(e)</sup> | USD | 8965 | $8670555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, (5 year CMT + 3.22%),<br>4.95%<sup>(a)(g)</sup> |  | 465 | 423143 |
|  HSBC Holdings PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/14/42 |  | 610 | 635946 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 3.25%), 4.70%<sup>(a)(e)(g)</sup> |  | 275 | 217908 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year USD ICE Swap + 4.37%),<br>6.38%<sup>(a)(g)</sup> |  | 1000 | 969077 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 3.35%), 7.39%, 11/03/28<sup>(a)</sup> |  | 200 | 210190 |
|  Intrum AB, 3.00%, 09/15/27<sup>(d)</sup> | EUR | 100 | 84903 |
|  ION Trading Technologies SARL, 5.75%, 05/15/28<sup>(b)</sup> | USD | 200 | 166750 |
|  Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28<sup>(b)</sup> |  | 220 | 179461 |
|  JPMorgan Chase & Co., (1 day SOFR + 2.58%), 5.72%, 09/14/33<sup>(a)(e)</sup> |  | 138 | 134695 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 |  | 42 | 35281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 |  | 46 | 37139 |
|  Lloyds Banking Group PLC, (5 year CMT + 4.82%), 6.75%<sup>(a)(g)</sup> |  | 595 | 564666 |
|  Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/23/25 |  | 905 | 883724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 |  | 2000 | 1865544 |
|  Operadora de Servicios Mega SA de CV Sofom ER, 8.25%, 02/11/25<sup>(b)</sup> |  | 200 | 98912 |
|  Spectrum Brands, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 |  | 53 | 45868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/30 |  | 104 | 91783 |
|  UBS Group AG, (5 year CMT + 3.31%), 4.38%<sup>(a)(b)(g)</sup>  |  | 200 | 151952 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30478294 |
| **Diversified Telecommunication Services — 3.0%** | **Diversified Telecommunication Services — 3.0%** | **Diversified Telecommunication Services — 3.0%** |  |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/41 |  | 520 | 540957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/42 |  | 1200 | 1086869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/46<sup>(e)</sup> |  | 2710 | 2291072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 |  | 350 | 246509 |
|  Consolidated Communications, Inc., 6.50%, 10/01/28<sup>(b)</sup> |  | 229 | 177947 |
|  Level 3 Financing, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 |  | 324 | 273775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 |  | 76 | 63270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28<sup>(e)</sup> |  | 454 | 357616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 |  | 108 | 79082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 |  | 96 | 69059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 |  | 28 | 22096 |
|  Lumen Technologies, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 |  | 718 | 608471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 |  | 277 | 191189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 |  | 36 | 25917 |
|  Oi SA, (10.00% Cash or 8.00% Cash + 4.00% PIK), 10.00%, 07/27/25<sup>(h)</sup> |  | 148 | 24771 |
|  SoftBank Group Corp., 3.13%, 09/19/25<sup>(d)</sup> | EUR | 100 | 96237 |
|  Sprint Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/28 | USD | 867 | 899894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 |  | 767 | 912807 |
|  Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33 |  | 131 | 107170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/34 |  | 337 | 254671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 |  | 60 | 48714 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
|  Telecom Italia Capital SA (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 | USD | 79 | $| 65570 |
|  Telecom Italia SpA, 1.63%, 01/18/29<sup>(d)</sup> | EUR | 100 |  | 81329 |
|  Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28<sup>(b)</sup> | USD | 50 |  | 40000 |
|  Verizon Communications, Inc., 6.55%, 09/15/43<sup>(e)</sup> |  | 6751 |  | 7333012 |
|  Zayo Group Holdings, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 |  | 1037 |  | 765897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/28 |  | 1617 |  | 916966 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17580867 |
| **Education — 0.1%** |  |  |  |  |
|  Grand Canyon University, 5.13%, 10/01/28 |  | 702 |  | 660435 |
| **Electric Utilities — 4.0%** |  |  |  |  |
|  CenterPoint Energy Houston Electric LLC, Series ai, 4.45%, 10/01/32 |  | 750 |  | 723023 |
|  Cleveland Electric Illuminating Co., 5.95%, 12/15/36 |  | 434 |  | 430543 |
|  Comision Federal de Electricidad, 4.88%, 01/15/24 |  | 200 |  | 197663 |
|  Duke Energy Carolinas LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/37 |  | 640 |  | 662067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/38<sup>(e)</sup> |  | 1675 |  | 1755642 |
|  Duke Energy Florida LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 09/15/37<sup>(e)</sup> |  | 2775 |  | 2974860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/15/38 |  | 770 |  | 844567 |
|  E.ON International Finance BV, 6.65%, 04/30/38<sup>(b)(e)</sup> |  | 3100 |  | 3128477 |
|  Empresas Publicas de Medellin ESP, 4.25%, 07/18/29<sup>(b)</sup> |  | 201 |  | 159205 |
|  FirstEnergy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 |  | 101 |  | 82349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30 |  | 14 |  | 11112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 |  | 403 |  | 265899 |
|  FirstEnergy Transmission LLC<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/44 |  | 391 |  | 363718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/49 |  | 109 |  | 88197 |
|  NextEra Energy Operating Partners LP, 4.25%, 09/15/24<sup>(b)</sup> |  | 3 |  | 2789 |
|  Ohio Power Co., Series D, 6.60%, 03/01/33 |  | 3000 |  | 3151220 |
|  Oncor Electric Delivery Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/30 |  | 1150 |  | 1001505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/32<sup>(b)</sup> |  | 1000 |  | 979018 |
|  PacifiCorp., 6.25%, 10/15/37 |  | 1225 |  | 1304530 |
|  Southern California Edison Co., 5.63%, 02/01/36 |  | 1300 |  | 1264374 |
|  Virginia Electric and Power Co., Series A, 6.00%, 05/15/37<sup>(e)</sup> |  | 3920 |  | 4054754 |
|  |  |  |  | 23445512 |
| **Electrical Equipment<sup>(b)</sup> — 0.1%** |  |  |  |  |
|  Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |  | 406 |  | 391790 |
|  GrafTech Finance, Inc., 4.63%, 12/15/28 |  | 91 |  | 74731 |
|  |  |  |  | 466521 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
|  BWX Technologies, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/28 |  | 181 |  | 162674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/29 |  | 24 |  | 21005 |
|  CDW LLC/CDW Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/28 |  | 91 |  | 77910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 |  | 191 |  | 162673 |
|  Corning, Inc., 4.38%, 11/15/57 |  | 2000 |  | 1550627 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
|  Imola Merger Corp., 4.75%, 05/15/29<sup>(b)</sup> | USD | 203 | $| 176125 |
|  Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)</sup> |  | 412 |  | 350200 |
|  |  |  |  | 2501214 |
| **Energy Equipment & Services — 0.3%** |  |  |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 |  | 233 |  | 222437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 |  | 464 |  | 424566 |
|  Halliburton Co., 5.00%, 11/15/45 |  | 500 |  | 442723 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/26 |  | 208 |  | 199532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/27 |  | 259 |  | 242165 |
|  Vallourec SA, 8.50%, 06/30/26<sup>(d)</sup> | EUR | 17 |  | 17841 |
|  Weatherford International Ltd.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/01/24<sup>(i)</sup> | USD | 5 |  | 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 |  | 151 |  | 148025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/30/30<sup>(e)</sup> |  | 220 |  | 211268 |
|  |  |  |  | 1913657 |
| **Environmental, Maintenance & Security Service — 0.3%** | **Environmental, Maintenance & Security Service — 0.3%** | **Environmental, Maintenance & Security Service — 0.3%** | **Environmental, Maintenance & Security Service — 0.3%** | **Environmental, Maintenance & Security Service — 0.3%** |
|  Clean Harbors, Inc., 5.13%, 07/15/29<sup>(b)</sup> |  | 78 |  | 72341 |
|  Covanta Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/29<sup>(b)</sup> |  | 92 |  | 75373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 |  | 48 |  | 38762 |
|  GFL Environmental, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25 |  | 98 |  | 93609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 |  | 8 |  | 7560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 |  | 139 |  | 132927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 |  | 295 |  | 252225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/28 |  | 131 |  | 115170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 |  | 287 |  | 251197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/29 |  | 252 |  | 213557 |
|  Stericycle, Inc., 3.88%, 01/15/29<sup>(b)</sup> |  | 92 |  | 80270 |
|  Tervita Corp., 11.00%, 12/01/25<sup>(b)</sup> |  | 77 |  | 82780 |
|  Waste Pro USA, Inc., 5.50%, 02/15/26<sup>(b)</sup> |  | 509 |  | 449498 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865269 |
| **Equity Real Estate Investment Trusts (REITs) — 1.9%** | **Equity Real Estate Investment Trusts (REITs) — 1.9%** | **Equity Real Estate Investment Trusts (REITs) — 1.9%** | **Equity Real Estate Investment Trusts (REITs) — 1.9%** | **Equity Real Estate Investment Trusts (REITs) — 1.9%** |
|  Alexandria Real Estate Equities, Inc., 4.00%, 02/01/50 |  | 550 |  | 416806 |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 |  | 1584 |  | 1341435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 |  | 63 |  | 51279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 |  | 243 |  | 216706 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<sup>(b)</sup> |  | 120 |  | 100298 |
|  Crown Castle, Inc., 2.90%, 04/01/41 |  | 350 |  | 239771 |
|  Digital Realty Trust LP, 5.55%, 01/15/28 |  | 85 |  | 85562 |
|  Equinix, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 |  | 151 |  | 131434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 |  | 241 |  | 214115 |
|  ERP Operating LP, 4.50%, 06/01/45 |  | 1155 |  | 970891 |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27<sup>(b)</sup> |  | 95 |  | 78557 |
|  Healthpeak Properties, Inc., 4.00%, 06/01/25 |  | 2000 |  | 1947625 |
|  Iron Mountain, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 |  | 21 |  | 18862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/30 |  | 66 |  | 57354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 |  | 108 |  | 93595 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
|  LMIRT Capital Pte. Ltd., 7.25%, 06/19/24<sup>(d)</sup> | USD | 250 | $165000 |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 |  | 28 | 23535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 571 | 435436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/31 |  | 889 | 609395 |
|  Prologis LP, 4.63%, 01/15/33 |  | 1000 | 968067 |
|  RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 |  | 226 | 204532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/29<sup>(b)</sup> |  | 69 | 59519 |
|  RLJ Lodging Trust LP<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/26 |  | 76 | 67685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/29 |  | 66 | 53504 |
|  Simon Property Group LP, 4.75%, 03/15/42 |  | 1670 | 1432035 |
|  Ventas Realty LP, 4.13%, 01/15/26 |  | 870 | 843852 |
|  VICI Properties LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 |  | 31 | 29409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 |  | 138 | 131365 |
|  VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29<sup>(b)</sup> |  | 34 | 29799 |
|  |  |  | 11017423 |
| **Food & Staples Retailing — 0.5%** |  |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LP/Albertsons LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 |  | 94 | 85733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/26 |  | 65 | 66374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 |  | 104 | 96602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 |  | 219 | 208199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(e)</sup> |  | 194 | 173137 |
|  Bellis Acquisition Co. PLC, 3.25%, 02/16/26<sup>(d)</sup> | GBP | 100 | 98167 |
|  Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(b)(e)</sup> | USD | 297 | 290317 |
|  Kraft Heinz Foods Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/49 |  | 161 | 139755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/50 |  | 339 | 323981 |
|  Lamb Weston Holdings, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 |  | 229 | 216978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 |  | 172 | 151910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32<sup>(e)</sup> |  | 103 | 89991 |
|  Ocado Group PLC, 3.88%, 10/08/26<sup>(d)</sup> | GBP | 100 | 93089 |
|  Performance Food Group, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/27 | USD | 28 | 26409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/29 |  | 349 | 302450 |
|  Post Holdings, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 |  | 22 | 19908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/30 |  | 159 | 137176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/31 |  | 28 | 23539 |
|  U.S. Foods, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 |  | 290 | 257497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 |  | 27 | 23777 |
|  United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> |  | 24 | 23060 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848049 |
| **Food Products — 0.4%** |  |  |  |
|  Aramark International Finance SARL, 3.13%, 04/01/25<sup>(d)</sup> | EUR | 100 | 102228 |
|  Aramark Services, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 | USD | 32 | 31225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25 |  | 14 | 13828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28<sup>(e)</sup> |  | 413 | 385302 |
|  BRF SA, 4.88%, 01/24/30<sup>(d)</sup> |  | 200 | 168413 |
|  Chobani LLC/Chobani Finance Corp., Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25<sup>(e)</sup> |  | 791 | 770236 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Food Products (continued)** |  |  |  |
|  Chobani LLC/Chobani Finance Corp., Inc.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/28 | USD | 541 | $471000 |
|  Grupo Bimbo SAB de CV, (5 year CMT + 3.28%), 5.95%<sup>(a)(b)(g)</sup> |  | 200 | 198162 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31<sup>(b)</sup> |  | 233 | 190338 |
|  Pilgrim's Pride Corp., 3.50%, 03/01/32<sup>(b)</sup> |  | 117 | 91553 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29<sup>(b)</sup> |  | 96 | 78149 |
|  |  |  | 2500434 |
| **Gas Utilities — 0.0%** |  |  |  |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31<sup>(b)</sup> |  | 62 | 52699 |
| **Health Care Equipment & Supplies — 0.4%** |  |  |  |
|  Avantor Funding, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28<sup>(e)</sup> |  | 327 | 297125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 |  | 179 | 150315 |
|  Becton Dickinson and Co., 4.30%, 08/22/32 |  | 750 | 702017 |
|  Embecta Corp., 6.75%, 02/15/30<sup>(b)</sup> |  | 50 | 45125 |
|  Garden Spinco Corp., 8.63%, 07/20/30<sup>(b)</sup> |  | 136 | 144160 |
|  Thermo Fisher Scientific, Inc., 5.30%, 02/01/44 |  | 1000 | 1006807 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345549 |
| **Health Care Providers & Services — 2.0%** |  |  |  |
|  Acadia Healthcare Co., Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/28 |  | 37 | 35095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 |  | 56 | 51503 |
|  AdaptHealth LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/28 |  | 49 | 44918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/30 |  | 18 | 15323 |
|  Aetna, Inc., 4.50%, 05/15/42 |  | 575 | 495955 |
|  AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> |  | 219 | 171094 |
|  Cano Health LLC, 6.25%, 10/01/28<sup>(b)</sup> |  | 71 | 42955 |
|  Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 |  | 485 | 409364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 |  | 557 | 456600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 |  | 655 | 512520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 |  | 460 | 361468 |
|  CHS/Community Health Systems, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 |  | 92 | 78886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29<sup>(e)</sup> |  | 332 | 277711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 |  | 303 | 228473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 |  | 82 | 59534 |
|  Elevance Health, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/42 |  | 12 | 87752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 |  | 1000 | 854287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 |  | 600 | 448495 |
|  Encompass Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 |  | 10 | 9084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 |  | 336 | 295056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 |  | 141 | 121192 |
|  HCA, Inc., 5.50%, 06/15/47 |  | 1090 | 968052 |
|  Legacy LifePoint Health LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/25 |  | 130 | 122342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/27 |  | 47 | 39754 |
|  Medline Borrower LP<sup>(b)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/29 |  | 349 | 281280 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Medline Borrower LP<sup>(b)(e)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 | USD | 847 | $672747 |
|  Molina Healthcare, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28<sup>(e)</sup> |  | 55 | 50192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/30 |  | 122 | 103388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32<sup>(e)</sup> |  | 72 | 59792 |
|  Northwell Healthcare, Inc., RB, 4.26%, 11/01/47 |  | 725 | 575831 |
|  Surgery Center Holdings, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/25<sup>(e)</sup> |  | 189 | 186308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/27 |  | 255 | 259462 |
|  Teleflex, Inc., 4.63%, 11/15/27 |  | 14 | 13343 |
|  Tenet Healthcare Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24 |  | 98 | 95183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 |  | 330 | 312062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27 |  | 123 | 118143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27<sup>(e)</sup> |  | 363 | 337677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 |  | 55 | 49211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/28 |  | 122 | 109229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 |  | 34 | 29454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/30<sup>(e)</sup> |  | 243 | 231530 |
|  UnitedHealth Group, Inc., 5.80%, 03/15/36<sup>(e)</sup> |  | 1750 | 1845870 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11518115 |
| **Health Care Technology — 0.3%** |  |  |  |
|  AthenaHealth Group, Inc., 6.50%,<br>02/15/30<sup>(b)(e)</sup> |  | 1048 | 772305 |
|  Catalent Pharma Solutions, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/29 |  | 131 | 104305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/30 |  | 328 | 258986 |
|  Charles River Laboratories International, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 |  | 67 | 61705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 |  | 23 | 20341 |
|  Chrome Bidco SASU, 3.50%, 05/31/28<sup>(d)</sup> | EUR | 100 | 89650 |
|  IQVIA, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 | USD | 280 | 267358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 |  | 266 | 253578 |
|  Syneos Health, Inc., 3.63%, 01/15/29<sup>(b)</sup> |  | 131 | 104321 |
|  |  |  | 1932549 |
| **Hotels, Restaurants & Leisure — 1.8%** |  |  |  |
|  Accor SA, (5 year EUR Swap + 4.56%), 4.38%<sup>(a)(d)(g)</sup>  | EUR | 100 | 100494 |
|  Boyd Gaming Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/27 | USD | 121 | 112697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(b)(e)</sup> |  | 219 | 190530 |
|  Boyne USA, Inc., 4.75%, 05/15/29<sup>(b)</sup> |  | 233 | 206215 |
|  Burger King (Restaurant Brands Int)/New Red Finance, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 |  | 84 | 75142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28<sup>(e)</sup> |  | 214 | 191617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 |  | 101 | 81791 |
|  Caesars Entertainment, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 |  | 728 | 707380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27<sup>(e)</sup> |  | 876 | 860714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29 |  | 433 | 352380 |
|  Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25<sup>(b)</sup> |  | 103 | 100827 |
|  CDI Escrow Issuer, Inc., 5.75%, 04/01/30<sup>(b)</sup> |  | 393 | 352297 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25<sup>(b)</sup> |  | 432 | 427298 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Churchill Downs, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/27 | USD | 230 | $217938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 |  | 202 | 180764 |
|  Corvias Campus Living - USG LLC, 5.30%, 07/01/50<sup>(c)</sup> |  | 5602 | 2243169 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 |  | 156 | 132013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/30 |  | 46 | 37104 |
|  Fortune Star BVI Ltd., 6.75%, 07/02/23<sup>(d)</sup> |  | 200 | 188000 |
|  Hilton Domestic Operating Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/25<sup>(b)</sup> |  | 39 | 38602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29<sup>(b)</sup> |  | 99 | 85635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/30<sup>(e)</sup> |  | 206 | 186679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31<sup>(b)</sup> |  | 144 | 120475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/32<sup>(b)</sup> |  | 77 | 61662 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |  | 44 | 41880 |
|  Melco Resorts Finance Ltd., 5.25%, 04/26/26<sup>(d)</sup> |  | 250 | 219375 |
|  Merlin Entertainments Ltd., 5.75%, 06/15/26<sup>(b)</sup> |  | 200 | 187247 |
|  MGM China Holdings Ltd., 5.88%, 05/15/26<sup>(d)</sup> |  | 450 | 416756 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29<sup>(b)</sup> |  | 144 | 122524 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/29 |  | 63 | 46456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/31 |  | 79 | 55885 |
|  Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26<sup>(b)</sup> |  | 121 | 107496 |
|  Scientific Games International, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 07/01/25 |  | 136 | 138747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/28 |  | 100 | 95391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/29 |  | 96 | 92160 |
|  Six Flags Theme Parks, Inc., 7.00%, 07/01/25<sup>(b)</sup> |  | 135 | 135920 |
|  Station Casinos LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 |  | 123 | 106934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/31 |  | 155 | 124337 |
|  Stonegate Pub Co. Financing PLC, 8.25%, 07/31/25<sup>(d)</sup> | GBP | 100 | 109047 |
|  Vail Resorts, Inc., 6.25%, 05/15/25<sup>(b)</sup> | USD | 105 | 105000 |
|  Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28<sup>(b)</sup> |  | 104 | 93309 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27<sup>(b)(e)</sup> |  | 125 | 112809 |
|  Wynn Macau Ltd.<sup>(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24 |  | 200 | 187900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/27 |  | 200 | 173250 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>(b)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/25 |  | 163 | 162096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/29 |  | 480 | 411422 |
|  Yum! Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30<sup>(b)</sup> |  | 2 | 1835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 |  | 62 | 51987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 |  | 26 | 24083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/43 |  | 44 | 36190 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10611459 |
| **Household Durables — 0.2%** |  |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 68 | 54450 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Household Durables (continued)** |  |  |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(b)</sup> (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/30 | USD | 98 | $| 78656 |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 |  | 141 |  | 110173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 |  | 143 |  | 111493 |
|  CD&R Smokey Buyer, Inc., 6.75%, 07/15/25<sup>(b)</sup> |  | 173 |  | 148455 |
|  K Hovnanian Enterprises, Inc., 7.75%, 02/15/26<sup>(b)</sup> |  | 147 |  | 141120 |
|  Mattamy Group Corp., 4.63%, 03/01/30<sup>(b)(e)</sup> |  | 135 |  | 109413 |
|  Meritage Homes Corp., 5.13%, 06/06/27 |  | 35 |  | 32907 |
|  NCR Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 |  | 73 |  | 62235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 |  | 91 |  | 76105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/29 |  | 57 |  | 53298 |
|  SWF Escrow Issuer Corp., 6.50%, 10/01/29<sup>(b)(e)</sup> |  | 223 |  | 129217 |
|  Taylor Morrison Communities, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 |  | 119 |  | 114254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/30 |  | 37 |  | 32051 |
|  Tempur Sealy International, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 |  | 137 |  | 115102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 |  | 111 |  | 87138 |
|  Tri Pointe Homes, Inc., 5.25%, 06/01/27 |  | 28 |  | 24996 |
|  |  |  |  | 1481063 |
| **Household Products — 0.0%** |  |  |  |  |
|  Central Garden & Pet Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/28 |  | 35 |  | 32560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30 |  | 116 |  | 95283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/31<sup>(b)</sup> |  | 119 |  | 98511 |
|  |  |  |  | 226354 |
| **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** | **Independent Power and Renewable Electricity Producers — 0.4%** |
|  Azure Power Solar Energy Pvt Ltd., 5.65%, 12/24/24<sup>(d)</sup> |  | 200 |  | 175000 |
|  Calpine Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 |  | 539 |  | 480946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/29 |  | 46 |  | 39470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 |  | 41 |  | 34395 |
|  Clearway Energy Operating LLC<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/28 |  | 124 |  | 114445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 |  | 203 |  | 163177 |
|  Greenko Dutch BV, 3.85%, 03/29/26<sup>(d)</sup> |  | 191 |  | 165693 |
|  Greenko Solar Mauritius Ltd., 5.95%, 07/29/26<sup>(d)</sup> |  | 200 |  | 181250 |
|  India Cleantech Energy, 4.70%, 08/10/26<sup>(b)</sup> |  | 237 |  | 202421 |
|  NRG Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 |  | 45 |  | 42240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29<sup>(b)</sup> |  | 73 |  | 64440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/31<sup>(b)</sup> |  | 215 |  | 163442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/32<sup>(b)</sup> |  | 73 |  | 54827 |
|  SCC Power PLC<sup>(b)(h)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (4.00% PIK), 4.00%, 05/17/32 |  | 132 |  | 3976 |
| &nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 4.00% Cash + 4.00% PIK), 8.00%, 12/31/28 |  | 245 |  | 83367 |
|  TerraForm Power Operating LLC, 4.75%, 01/15/30<sup>(b)</sup> |  | 121 |  | 105270 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074359 |
| **Insurance — 4.3%** |  |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29<sup>(b)</sup> |  | 140 |  | 114412 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |  |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 | USD | 1035 | $926975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27<sup>(e)</sup> |  | 1419 | 1275482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29<sup>(e)</sup> |  | 1379 | 1134090 |
|  Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 |  | 1495 | 1431550 |
|  Allstate Corp.<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 2.12%), 6.50%, 05/15/67<sup>(e)</sup> |  | 1750 | 1706250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53 |  | 2000 | 1880000 |
|  AmWINS Group, Inc., 4.88%, 06/30/29<sup>(b)</sup> |  | 189 | 160300 |
|  Aon Global Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/25 |  | 1445 | 1408780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/14/44 |  | 500 | 426885 |
|  Berkshire Hathaway Finance Corp., 4.40%, 05/15/42 |  | 500 | 456017 |
|  Five Corners Funding Trust, 4.42%, 11/15/23<sup>(b)(e)</sup> |  | 2050 | 2032342 |
|  Galaxy Bidco Ltd., 6.50%, 07/31/26<sup>(d)</sup> | GBP | 100 | 102398 |
|  GTCR AP Finance, Inc., 8.00%, 05/15/27<sup>(b)</sup> | USD | 161 | 154219 |
|  HUB International Ltd.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/26 |  | 938 | 918293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/29 |  | 35 | 30568 |
|  Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30 |  | 191 | 188107 |
|  Liberty Mutual Group, Inc., 6.50%, 05/01/42<sup>(b)</sup> |  | 2000 | 1971389 |
|  Marsh & McLennan Cos., Inc., 5.88%, 08/01/33 |  | 1000 | 1053872 |
|  Progressive Corp., 3.00%, 03/15/32 |  | 750 | 651207 |
|  Prudential Financial, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/17/36 |  | 500 | 486376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/14/36<sup>(e)</sup> |  | 1625 | 1677984 |
|  Ryan Specialty Group LLC, 4.38%, 02/01/30<sup>(b)</sup> |  | 92 | 79662 |
|  Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47<sup>(b)</sup> |  | 700 | 572365 |
|  Voya Financial, Inc., (3 mo. LIBOR US + 3.58%), 5.65%, 05/15/53<sup>(a)(e)</sup> |  | 4500 | 4377150 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25216673 |
| **Interactive Media & Services — 0.2%** |  |  |  |
|  Arches Buyer, Inc., 4.25%, 06/01/28<sup>(b)</sup> |  | 73 | 57093 |
|  Cablevision Lightpath LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/27 |  | 220 | 181311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/28 |  | 400 | 297171 |
|  iliad SA, 5.38%, 06/14/27<sup>(d)</sup> | EUR | 100 | 106189 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/30/27 | USD | 328 | 288595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 |  | 147 | 113820 |
|  |  |  | 1044179 |
| **Internet Software & Services — 0.6%** |  |  |  |
|  ANGI Group LLC, 3.88%, 08/15/28<sup>(b)</sup> |  | 174 | 129123 |
|  Booking Holdings, Inc., 0.75%, 05/01/25 |  | 34 | 45285 |
|  Gen Digital, Inc., 7.13%, 09/30/30<sup>(b)</sup> |  | 164 | 161130 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27 |  | 27 | 25554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 |  | 138 | 115532 |
|  Match Group Holdings II LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/29 |  | 6 | 5580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 |  | 20 | 16327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31<sup>(e)</sup> |  | 247 | 189415 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Internet Software & Services (continued)** |  |  |  |
|  Uber Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/25<sup>(f)</sup> | USD | 884 | $744555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/26<sup>(b)</sup> |  | 265 | 265912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/27<sup>(b)(e)</sup> |  | 788 | 788552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28<sup>(b)</sup> |  | 190 | 182400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/29<sup>(b)(e)</sup> |  | 791 | 689163 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3358528 |
| **IT Services — 0.8%** |  |  |  |
|  Ahead DB Holdings LLC, 6.63%, 05/01/28<sup>(b)</sup> |  | 99 | 79571 |
|  Booz Allen Hamilton, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/28 |  | 137 | 121377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 |  | 242 | 212995 |
|  CA Magnum Holdings, 5.38%, 10/31/26<sup>(b)</sup> |  | 258 | 233524 |
|  Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> |  | 238 | 223066 |
|  Condor Merger Sub, Inc., 7.38%, 02/15/30<sup>(b)</sup> |  | 734 | 590159 |
|  Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(b)</sup> |  | 473 | 404776 |
|  Fair Isaac Corp., 4.00%, 06/15/28<sup>(b)</sup> |  | 322 | 292217 |
|  Fidelity National Information Services, Inc., 4.50%, 08/15/46 |  | 1000 | 775123 |
|  Fiserv, Inc., 4.40%, 07/01/49 |  | 500 | 405647 |
|  Gartner, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 |  | 189 | 176210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 |  | 50 | 43098 |
|  KBR, Inc., 4.75%, 09/30/28<sup>(b)</sup> |  | 134 | 118364 |
|  Science Applications International Corp., 4.88%, 04/01/28<sup>(b)</sup> |  | 73 | 67525 |
|  Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25<sup>(b)</sup> |  | 112 | 112192 |
|  Twilio, Inc., 3.88%, 03/15/31 |  | 359 | 284814 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29<sup>(b)</sup> |  | 874 | 734494 |
|  |  |  | 4875152 |
| **Leisure Products — 0.1%** |  |  |  |
|  Mattel, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/29<sup>(b)</sup> |  | 49 | 43038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/40 |  | 218 | 188169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/41 |  | 149 | 121285 |
|  |  |  | 352492 |
| **Machinery — 0.6%** |  |  |  |
|  ATS Corp., 4.13%, 12/15/28<sup>(b)</sup> |  | 71 | 61256 |
|  Chart Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/01/30<sup>(b)</sup> |  | 425 | 427248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/01/31 |  | 66 | 67690 |
|  Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25<sup>(b)(h)</sup> |  | 241 | 213285 |
|  Madison IAQ LLC, 5.88%, 06/30/29<sup>(b)(e)</sup> |  | 199 | 136394 |
|  Mueller Water Products, Inc., 4.00%, 06/15/29<sup>(b)</sup> |  | 94 | 82603 |
|  OT Merger Corp., 7.88%, 10/15/29<sup>(b)</sup> |  | 78 | 41340 |
|  Stevens Holding Co., Inc., 6.13%, 10/01/26<sup>(b)</sup> |  | 90 | 90225 |
|  Terex Corp., 5.00%, 05/15/29<sup>(b)</sup> |  | 205 | 184244 |
|  Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26<sup>(b)</sup> |  | 514 | 462902 |
|  TK Elevator Holdco GmbH, 7.63%, 07/15/28<sup>(b)</sup> |  | 400 | 326606 |
|  TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(d)</sup> | EUR | 200 | 189405 |
|  TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> | USD | 1207 | 1071261 |
|  |  |  | 3354459 |
| **Marine — 0.0%** |  |  |  |
|  Huntington Ingalls Industries, Inc., 4.20%, 05/01/30 |  | 126 | 114361 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Media — 6.2%** |  |  |  |
|  Altice Financing SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/28<sup>(d)</sup> | EUR | 100 | $84351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/29<sup>(b)(e)</sup> | USD | 1251 | 983990 |
|  Altice France Holding SA, 10.50%, 05/15/27<sup>(b)</sup> |  | 688 | 524600 |
|  AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/25 |  | 115 | 87400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 83 | 51717 |
|  Bell Telephone Co. of Canada or Bell Canada, Series US-4, 3.65%, 03/17/51 |  | 335 | 242244 |
|  Block Communications, Inc., 4.88%, 03/01/28<sup>(b)</sup> |  | 87 | 75907 |
|  Cable One, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(f)</sup> |  | 62 | 48701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/28 |  | 492 | 365556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/30<sup>(b)(e)</sup> |  | 199 | 156158 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27<sup>(b)</sup> |  | 228 | 212512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28<sup>(b)</sup> |  | 210 | 190678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29<sup>(b)</sup> |  | 49 | 44309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(b)(e)</sup> |  | 517 | 485846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(b)(e)</sup> |  | 262 | 225953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(b)(e)</sup> |  | 269 | 222236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(b)(e)</sup> |  | 431 | 345712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(b)</sup> |  | 492 | 398864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 |  | 206 | 163976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/33<sup>(b)(e)</sup> |  | 227 | 174161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(b)</sup> |  | 936 | 690810 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/25 |  | 4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4606475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/33 |  | 535 | 457778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47<sup>(e)</sup> |  | 1100 | 862887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50<sup>(e)</sup> |  | 1000 | 725949 |
|  Clear Channel International BV, 6.63%, 08/01/25<sup>(b)(e)</sup>  |  | 256 | 244276 |
|  Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/27<sup>(e)</sup> |  | 1043 | 903759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/28 |  | 775 | 565757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/29 |  | 847 | 621927 |
|  CMG Media Corp., 8.88%, 12/15/27<sup>(b)</sup> |  | 478 | 359791 |
|  Comcast Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 03/15/37<sup>(e)</sup> |  | 790 | 867847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/45 |  | 2000 | 1764807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/48<sup>(e)</sup> |  | 3000 | 2679584 |
|  Connect Finco SARL/Connect U.S. Finco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/26<sup>(b)</sup> |  | 1055 | 977731 |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24<sup>(e)</sup> |  | 276 | 256960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30<sup>(b)(e)</sup> |  | 600 | 423498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31<sup>(b)</sup> |  | 813 | 564071 |
|  Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(b)(e)</sup> |  | 299 | 267503 |
|  Discovery Communications LLC, 3.45%, 03/15/25 |  | 210 | 199195 |
|  DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26<sup>(e)</sup> |  | 343 | 276592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/26<sup>(b)</sup> |  | 654 | 550887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/28<sup>(b)</sup> |  | 686 | 547514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 |  | 79 | 50964 |
|  Frontier Communications Holdings LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27<sup>(e)</sup> |  | 152 | 141143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 |  | 520 | 453450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(e)</sup> |  | 249 | 205988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 |  | 157 | 123335 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |  |
|  Frontier Communications Holdings LLC<sup>(b)</sup> (continued) | Frontier Communications Holdings LLC<sup>(b)</sup> (continued) | Frontier Communications Holdings LLC<sup>(b)</sup> (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 | USD | 446 | $453470 |
|  GCI LLC, 4.75%, 10/15/28<sup>(b)</sup> |  | 72 | 60486 |
|  iHeartCommunications, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 |  | 91 | 84058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27<sup>(b)</sup> |  | 66 | 55907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(b)</sup> |  | 50 | 40717 |
|  Iliad Holding SASU<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/26<sup>(e)</sup> |  | 529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 |  | 802 | 724840 |
|  Lamar Media Corp., 3.75%, 02/15/28 |  | 38 | 34014 |
|  LCPR Senior Secured Financing DAC, 5.13%, 07/15/29<sup>(b)</sup> |  | 673 | 557519 |
|  Liberty Broadband Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/50 |  | 279 | 269235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/30/50 |  | 379 | 369128 |
|  Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23<sup>(b)(h)</sup> |  | 167 | 49028 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29<sup>(b)</sup> |  | 510 | 295696 |
|  Liquid Telecommunications Financing PLC, 5.50%, 09/04/26<sup>(b)</sup> |  | 200 | 143225 |
|  Live Nation Entertainment, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/24 |  | 21 | 20333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27<sup>(e)</sup> |  | 631 | 617465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27<sup>(e)</sup> |  | 339 | 301820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/28 |  | 132 | 112474 |
|  Lorca Telecom Bondco SA, 4.00%, 09/18/27<sup>(d)</sup> | EUR | 100 | 95538 |
|  Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27<sup>(b)</sup> | USD | 108 | 97782 |
|  Network i2i Ltd., (5 year CMT + 4.27%),<br>5.65%<sup>(a)(d)(g)</sup> |  | 400 | 379700 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27<sup>(e)</sup> |  | 191 | 171947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 |  | 141 | 116992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 |  | 26 | 21510 |
|  Paramount Global, 5.85%, 09/01/43 |  | 645 | 535599 |
|  Radiate Holdco LLC/Radiate Finance, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/26 |  | 355 | 260818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 |  | 776 | 325156 |
|  Sable International Finance Ltd., 5.75%, 09/07/27<sup>(b)</sup> |  | 200 | 184750 |
|  Sinclair Television Group, Inc.,<br>4.13%, 12/01/30<sup>(b)(e)</sup> |  | 666 | 499291 |
|  Sirius XM Radio, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26<sup>(e)</sup> |  | 331 | 293908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 |  | 261 | 241258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 |  | 96 | 83549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 |  | 57 | 47037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 |  | 185 | 144331 |
|  Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> |  | 69 | 56896 |
|  Summer BC Holdco B SARL, 5.75%, 10/31/26<sup>(d)</sup> | EUR | 100 | 90052 |
|  TCI Communications, Inc., 7.88%, 02/15/26 | USD | 610 | 660338 |
|  Univision Communications, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/25 |  | 52 | 49524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 |  | 70 | 67537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 |  | 144 | 137621 |
|  UPC Broadband Finco BV, 4.88%, 07/15/31<sup>(b)</sup> |  | 303 | 252034 |
|  Videotron Ltd., 3.63%, 06/15/29<sup>(b)</sup> |  | 178 | 149965 |
|  Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28<sup>(b)</sup> |  | 307 | 268351 |
|  VZ Secured Financing BV, 3.50%, 01/15/32<sup>(d)</sup> | EUR | 100 | 83495 |
|  Walt Disney Co., 7.63%, 11/30/28 | USD | 385 | 434354 |
|  Warnermedia Holdings, Inc., 4.28%, 03/15/32<sup>(b)(e)</sup> |  | 534 | 439890 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  WMG Acquisition Corp., 3.88%, 07/15/30<sup>(b)</sup> | USD | 37 | $| 31870 |
|  Ziggo Bond Co. BV, 6.00%, 01/15/27<sup>(b)(e)</sup> |  | 150 |  | 139563 |
|  Ziggo BV, 4.88%, 01/15/30<sup>(b)</sup> |  | 200 |  | 167354 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36683397 |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
|  ABJA Investment Co. Pte. Ltd.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 07/31/24 |  | 250 |  | 249063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/24/28 |  | 200 |  | 193500 |
|  Arconic Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/25 |  | 89 |  | 87496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/28 |  | 393 |  | 368738 |
|  ATI, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 |  | 12 |  | 11475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/29 |  | 68 |  | 60094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/31 |  | 187 |  | 164672 |
|  Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29<sup>(b)</sup> |  | 941 |  | 896515 |
|  Carpenter Technology Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/28 |  | 154 |  | 146459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/15/30 |  | 151 |  | 151360 |
|  Commercial Metals Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/30 |  | 48 |  | 42473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/32 |  | 51 |  | 44366 |
|  Constellium SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/26<sup>(d)</sup> | EUR | 100 |  | 102603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28<sup>(b)</sup> | USD | 250 |  | 231055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/29<sup>(b)</sup> |  | 1091 |  | 886369 |
|  JSW Steel Ltd., 5.95%, 04/18/24<sup>(d)</sup> |  | 200 |  | 197500 |
|  Kaiser Aluminum Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 |  | 119 |  | 103842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 |  | 535 |  | 430006 |
|  New Gold, Inc., 7.50%, 07/15/27<sup>(b)</sup> |  | 470 |  | 412450 |
|  Novelis Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/26<sup>(e)</sup> |  | 595 |  | 533423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(e)</sup> |  | 534 |  | 473426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 |  | 528 |  | 431055 |
|  Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(d)</sup> | EUR | 100 |  | 90922 |
|  Rio Tinto Finance USA PLC, 4.75%, 03/22/42 | USD | 400 |  | 373040 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/29<sup>(b)</sup> |  | 82 |  | 70905 |
|  Stillwater Mining Co., 4.00%, 11/16/26<sup>(d)</sup> |  | 200 |  | 175788 |
|  Vedanta Resources Finance II PLC, 13.88%, 01/21/24<sup>(d)</sup> |  | 200 |  | 173413 |
|  |  |  |  | 7102008 |
| **Multiline Retail — 0.0%** | **Multiline Retail — 0.0%** | **Multiline Retail — 0.0%** | **Multiline Retail — 0.0%** | **Multiline Retail — 0.0%** |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26<sup>(b)</sup> |  | 112 |  | 104974 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
|  Edison International, 6.95%, 11/15/29 |  | 75 |  | 78321 |
|  KeySpan Gas East Corp., 5.82%, 04/01/41<sup>(b)</sup> |  | 1010 |  | 972260 |
|  TransAlta Corp., 7.75%, 11/15/29 |  | 77 |  | 78639 |
|  |  |  |  | 1129220 |
| **Offshore Drilling & Other Services — 0.3%** | **Offshore Drilling & Other Services — 0.3%** | **Offshore Drilling & Other Services — 0.3%** | **Offshore Drilling & Other Services — 0.3%** | **Offshore Drilling & Other Services — 0.3%** |
|  Entegris Escrow Corp., 4.75%, 04/15/29<sup>(b)</sup> |  | 1279 |  | 1166368 |
|  Entegris, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28 |  | 294 |  | 259965 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Offshore Drilling & Other Services (continued)** | **Offshore Drilling & Other Services (continued)** | **Offshore Drilling & Other Services (continued)** | **Offshore Drilling & Other Services (continued)** | **Offshore Drilling & Other Services (continued)** |
|  Entegris, Inc.<sup>(b)</sup> (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29 | USD | 79 | $| 64325 |
|  KLA Corp., 3.30%, 03/01/50 |  | 500 |  | 362072 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852730 |
| **Oil, Gas & Consumable Fuels — 8.7%** | **Oil, Gas & Consumable Fuels — 8.7%** | **Oil, Gas & Consumable Fuels — 8.7%** | **Oil, Gas & Consumable Fuels — 8.7%** | **Oil, Gas & Consumable Fuels — 8.7%** |
|  Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26<sup>(b)</sup> |  | 559 |  | 554498 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 |  | 203 |  | 191908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 |  | 39 |  | 36177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 |  | 140 |  | 127994 |
|  Antero Resources Corp., 7.63%, 02/01/29<sup>(b)</sup> |  | 83 |  | 83457 |
|  Apache Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/30 |  | 133 |  | 117693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/01/40 |  | 202 |  | 167400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/01/49 |  | 97 |  | 78366 |
|  Arcosa, Inc., 4.38%, 04/15/29<sup>(b)</sup> |  | 238 |  | 206389 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/27 |  | 648 |  | 797040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 |  | 152 |  | 135528 |
|  Buckeye Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25<sup>(b)</sup> |  | 179 |  | 170480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 |  | 94 |  | 70037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 |  | 59 |  | 43082 |
|  Burlington Resources LLC, 5.95%, 10/15/36<sup>(e)</sup> |  | 685 |  | 705386 |
|  Callon Petroleum Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/01/26 |  | 80 |  | 74564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/28<sup>(b)(e)</sup> |  | 407 |  | 387986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/30<sup>(b)</sup> |  | 375 |  | 343125 |
|  Cellnex Telecom SA, Series CLNX, 0.75%, 11/20/31<sup>(d)</sup> | EUR | 100 |  | 77168 |
|  Cheniere Energy Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29<sup>(e)</sup> | USD | 870 |  | 782323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 |  | 470 |  | 400139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 |  | 625 |  | 496692 |
|  Chesapeake Energy Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 |  | 28 |  | 26530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 |  | 319 |  | 310578 |
|  Civitas Resources, Inc., 5.00%, 10/15/26<sup>(b)</sup> |  | 60 |  | 54855 |
|  CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(b)</sup> |  | 66 |  | 54164 |
|  CNX Resources Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/01/26 |  | 226 |  | 331316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29<sup>(b)</sup> |  | 74 |  | 68091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/31<sup>(b)</sup> |  | 149 |  | 142815 |
|  Colgate Energy Partners III LLC<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/26 |  | 312 |  | 302652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/29 |  | 421 |  | 361580 |
|  Comstock Resources, Inc.<sup>(b)(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/29 |  | 472 |  | 425980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/30 |  | 537 |  | 461659 |
|  ConocoPhillips, 6.50%, 02/01/39 |  | 600 |  | 672316 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31<sup>(b)</sup> |  | 1000 |  | 873510 |
|  Crescent Energy Finance LLC, 7.25%, 05/01/26<sup>(b)</sup> |  | 496 |  | 467401 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 |  | 34 |  | 31620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 |  | 188 |  | 172492 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.<sup>(b)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 | USD | 59 | $58710 |
|  CrownRock LP/CrownRock Finance, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/25 |  | 673 | 649445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 |  | 29 | 26057 |
|  DCP Midstream Operating LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 |  | 35 | 34719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/03/36<sup>(b)</sup> |  | 106 | 103872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/37<sup>(b)</sup> |  | 172 | 173374 |
|  Devon Energy Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/25 |  | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/42 |  | 300 | 253946 |
|  Diamondback Energy, Inc., 6.25%, 03/15/33 |  | 556 | 564321 |
|  DT Midstream, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29<sup>(e)</sup> |  | 260 | 223369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/31 |  | 409 | 343110 |
|  Dycom Industries, Inc., 4.50%, 04/15/29<sup>(b)</sup> |  | 80 | 69632 |
|  Earthstone Energy Holdings LLC, 8.00%, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 04/15/27<sup>(b)(e)</sup> |  | 243 | 232466 |
|  Ecopetrol SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/16/25 |  | 188 | 178694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/02/31 |  | 130 | 99125 |
|  eG Global Finance PLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/25 |  | 241 | 210400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25 |  | 200 | 186325 |
|  EIG Pearl Holdings SARL, 3.55%, 08/31/36<sup>(b)</sup> |  | 208 | 174434 |
|  El Paso Natural Gas Co. LLC, 3.50%, 02/15/32<sup>(b)</sup> |  | 101 | 84680 |
|  Enbridge, Inc.<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78 |  | 1935 | 1760422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A, (5 year CMT + 5.31%), 5.75%, 07/15/80 |  | 950 | 859007 |
|  Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28<sup>(b)</sup> |  | 239 | 228847 |
|  Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/25 |  | 500 | 484297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 |  | 1250 | 1217523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/26 |  | 310 | 292892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/28 |  | 115 | 114072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 |  | 642 | 566042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/33 |  | 130 | 127187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 |  | 540 | 449274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, (5 year CMT + 5.69%), 6.50%<sup>(a)(e)(g)</sup> |  | 473 | 406780 |
|  EnLink Midstream LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28<sup>(b)</sup> |  | 235 | 223837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 |  | 327 | 302566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/30<sup>(b)</sup> |  | 164 | 162311 |
|  EnLink Midstream Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 |  | 4 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 |  | 67 | 62982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 |  | 155 | 127839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/45 |  | 33 | 25008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/47 |  | 42 | 33737 |
|  Enterprise Products Operating LLC, 6.13%, 10/15/39 |  | 1400 | 1433349 |
|  EOG Resources, Inc., 5.10%, 01/15/36 |  | 200 | 189953 |
|  EQM Midstream Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25<sup>(b)</sup> |  | 89 | 85885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 |  | 68 | 60482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27<sup>(b)</sup> |  | 245 | 234159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29<sup>(b)</sup> |  | 13 | 10919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30<sup>(b)</sup> |  | 57 | 54921 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  EQM Midstream Partners LP (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31<sup>(b)(e)</sup> | USD | 348 | $284490 |
|  EQT Corp., 1.75%, 05/01/26 |  | 55 | 127710 |
|  Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 |  | 72 | 68811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/28 |  | 97 | 89287 |
|  Gulfport Energy Corp., 8.00%, 05/17/26<sup>(b)</sup> |  | 25 | 24375 |
|  Harvest Midstream I LP, 7.50%, 09/01/28<sup>(b)</sup> |  | 40 | 38178 |
|  Hess Corp., 4.30%, 04/01/27 |  | 1100 | 1050559 |
|  Hess Midstream Operations LP, 4.25%, 02/15/30<sup>(b)</sup> |  | 162 | 138497 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/28 |  | 70 | 63350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 |  | 146 | 129950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 |  | 12 | 10671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/31 |  | 11 | 9488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/32 |  | 5 | 4315 |
|  HPCL-Mittal Energy Ltd., 5.45%, 10/22/26<sup>(d)</sup> |  | 200 | 186750 |
|  HTA Group Ltd., 7.00%, 12/18/25<sup>(b)</sup> |  | 200 | 183600 |
|  IHS Holding Ltd., 6.25%, 11/29/28<sup>(b)</sup> |  | 200 | 160788 |
|  Impulsora Pipeline LLC, 6.05%, 12/31/42<sup>(a)(c)</sup> |  | 1637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438181 |
|  ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)</sup> |  | 232 | 195376 |
|  Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/33 |  | 276 | 255884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/15/46<sup>(e)</sup> |  | 1400 | 1187349 |
|  Kinetik Holdings LP, 5.88%, 06/15/30<sup>(b)(e)</sup> |  | 378 | 354482 |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26<sup>(b)</sup> |  | 22 | 21120 |
|  Marathon Petroleum Corp., 6.50%, 03/01/41 |  | 1150 | 1181304 |
|  Matador Resources Co., 5.88%, 09/15/26 |  | 413 | 397083 |
|  Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26<sup>(d)</sup> |  | 288 | 273240 |
|  MPLX LP, 4.25%, 12/01/27 |  | 250 | 236230 |
|  Murphy Oil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/25 |  | 9 | 8843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 |  | 40 | 38492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/42 |  | 18 | 14040 |
|  Murphy Oil USA, Inc., 4.75%, 09/15/29 |  | 95 | 86928 |
|  Nabors Industries Ltd.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/26 |  | 140 | 131936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/28 |  | 170 | 155532 |
|  Nabors Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/25 |  | 468 | 446289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/27<sup>(b)(e)</sup> |  | 226 | 218925 |
|  New Fortress Energy, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 |  | 625 | 591125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 |  | 928 | 861834 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26<sup>(b)(e)</sup> |  | 115 | 102395 |
|  NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(b)</sup> |  | 138 | 143591 |
|  Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)</sup> |  | 660 | 633728 |
|  NuStar Logistics LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 |  | 99 | 95328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/30 |  | 17 | 15719 |
|  Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24 |  | 20 | 20380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 |  | 79 | 78714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/30 |  | 67 | 75643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/30 |  | 666 | 688231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/31 |  | 64 | 68382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/36 |  | 103 | 105060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 |  | 489 | 478533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/46 |  | 44 | 45276 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Oil & Gas Holding Co. BSCC, 7.63%, 11/07/24<sup>(d)</sup> | USD | 200 | $203288 |
|  ONEOK, Inc., 4.35%, 03/15/29 |  | 198 | 182990 |
|  OQ SAOC, 5.13%, 05/06/28<sup>(b)</sup> |  | 200 | 188600 |
|  PDC Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/24 |  | 58 | 57669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 |  | 164 | 156549 |
|  Permian Resources Operating LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27<sup>(b)</sup> |  | 31 | 29209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/28 |  | 95 | 160408 |
|  Pertamina Persero PT, 3.65%, 07/30/29<sup>(d)</sup> |  | 239 | 218114 |
|  Petroleos Mexicanos |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/13/27 |  | 212 | 192655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/02/29<sup>(e)</sup> |  | 204 | 191057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/28/31 |  | 245 | 185220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 |  | 235 | 184181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/23/45 |  | 48 | 29628 |
|  Pioneer Natural Resources Co., 0.25%, 05/15/25 |  | 62 | 144584 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 |  | 116 | 100580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/30 |  | 198 | 172078 |
|  Precision Drilling Corp., 6.88%, 01/15/29<sup>(b)</sup> |  | 9 | 8379 |
|  Puma International Financing SA, 5.13%, 10/06/24<sup>(b)</sup>  |  | 200 | 185000 |
|  Range Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/25 |  | 10 | 9499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/30<sup>(b)</sup> |  | 12 | 10573 |
|  Rockcliff Energy II LLC, 5.50%, 10/15/29<sup>(b)</sup> |  | 257 | 235142 |
|  Rockies Express Pipeline LLC, 4.95%, 07/15/29<sup>(b)</sup> |  | 36 | 32305 |
|  Sabine Pass Liquefaction LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 |  | 1750 | 1770723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 09/15/37 |  | 100 | 100069 |
|  SM Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/25 |  | 38 | 36480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/26 |  | 85 | 82522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 |  | 14 | 13485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 |  | 66 | 63279 |
|  Southwestern Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 |  | 232 | 215078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 109 | 93150 |
|  Suncor Energy, Inc., 6.50%, 06/15/38 |  | 1000 | 1025479 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27 |  | 38 | 37419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/28 |  | 4 | 3788 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 |  | 29 | 27075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 |  | 24 | 21284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 |  | 20 | 17295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/31 |  | 88 | 75661 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26<sup>(b)</sup> |  | 519 | 482722 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.88%, 01/15/29 |  | 373 | 375968 |
|  TransCanada PipeLines Ltd., 4.63%, 03/01/34 |  | 500 | 455642 |
|  Transocean, Inc., 11.50%, 01/30/27<sup>(b)</sup> |  | 81 | 81203 |
|  Venture Global Calcasieu Pass LLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 |  | 590 | 516250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 |  | 564 | 480525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/33 |  | 1367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116702 |
|  Vermilion Energy, Inc., 6.88%, 05/01/30<sup>(b)</sup> |  | 108 | 98559 |
|  Vivo Energy Investments BV, 5.13%, 09/24/27<sup>(b)</sup> |  | 200 | 178225 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Western Midstream Operating LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 | USD | 25 | $| 22832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/44 |  | 229 |  | 190235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/48 |  | 75 |  | 61667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/48 |  | 69 |  | 57268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/50 |  | 678 |  | 558536 |
|  Williams Cos., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/25 |  | 1150 |  | 1119905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 |  | 750 |  | 728975 |
|  |  |  |  | 51209491 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
|  AbbVie, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 |  | 3250 |  | 3167481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/14/25 |  | 870 |  | 843158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 |  | 500 |  | 473414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/35 |  | 2140 |  | 2001069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/14/46 |  | 2095 |  | 1800507 |
|  Cheplapharm Arzneimittel GmbH, 3.50%, 02/11/27<sup>(d)</sup>  | EUR | 100 |  | 93450 |
|  CVS Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 | USD | 700 |  | 637983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48<sup>(e)</sup> |  | 1821 |  | 1634429 |
|  Elanco Animal Health, Inc., 6.40%, 08/28/28 |  | 2 |  | 1903 |
|  Gruenenthal GmbH, 4.13%, 05/15/28<sup>(d)</sup> | EUR | 100 |  | 96073 |
|  Jazz Securities DAC, 4.38%, 01/15/29<sup>(b)</sup> | USD | 200 |  | 178230 |
|  Option Care Health, Inc., 4.38%, 10/31/29<sup>(b)</sup> |  | 166 |  | 145202 |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/28 |  | 240 |  | 212496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/31<sup>(e)</sup> |  | 387 |  | 335096 |
|  PRA Health Sciences, Inc.,<br>2.88%, 07/15/26<sup>(b)(e)</sup> |  | 400 |  | 362021 |
|  Prestige Brands, Inc., 3.75%, 04/01/31<sup>(b)</sup> |  | 101 |  | 83292 |
|  Teva Pharmaceutical Finance Netherlands II BV, 6.00%, 01/31/25 | EUR | 100 |  | 105024 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/31/25 | USD | 200 |  | 197288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/27 |  | 200 |  | 180225 |
|  Utah Acquisition Sub, Inc., 3.95%, 06/15/26 |  | 750 |  | 701149 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13249490 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
|  VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28<sup>(b)</sup> |  | 68 |  | 62399 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
|  Adler Group SA, 2.75%, 11/13/26<sup>(d)(j)(k)</sup> | EUR | 100 |  | 42283 |
|  Arabian Centres Sukuk II Ltd., 5.63%, 10/07/26<sup>(b)</sup> | USD | 200 |  | 181100 |
|  China SCE Group Holdings Ltd., 7.38%, 04/09/24<sup>(d)</sup> |  | 200 |  | 98000 |
|  CIFI Holdings Group Co. Ltd., 6.45%, 11/07/24<sup>(d)(j)(k)</sup> |  | 200 |  | 50162 |
|  Country Garden Holdings Co. Ltd., 6.50%, 04/08/24<sup>(d)</sup> |  | 200 |  | 149600 |
|  DIC Asset AG, 2.25%, 09/22/26<sup>(d)</sup> | EUR | 100 |  | 61016 |
|  Easy Tactic Ltd., (6.50% Cash or 7.50% PIK), 7.50%, 07/11/27<sup>(h)</sup> | USD | 210 |  | 42378 |
|  Fantasia Holdings Group Co. Ltd.<sup>(d)(j)(k)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 04/17/22 |  | 200 |  | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.88%, 01/09/23 |  | 307 |  | 23793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.88%, 06/01/23 |  | 400 |  | 31000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 07/28/23 |  | 300 |  | 23250 |
|  Global Prime Capital Pte. Ltd., 5.95%, 01/23/25<sup>(d)</sup> |  | 200 |  | 189350 |
|  Howard Hughes Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 |  | 74 |  | 61975 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Howard Hughes Corp.<sup>(b)</sup> (continued) | Howard Hughes Corp.<sup>(b)</sup> (continued) | Howard Hughes Corp.<sup>(b)</sup> (continued) |
| USD | 80 | 64726 |
| MAF Sukuk Ltd.<sup>(d)</sup> | MAF Sukuk Ltd.<sup>(d)</sup> | MAF Sukuk Ltd.<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 05/14/29 | 200 | 194037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 02/28/30 | 200 | 185100 |
| Modern Land China Co. Ltd., 9.80%, 04/11/23<sup>(d)(j)(k)</sup> | 200 | 11500 |
| Realogy Group LLC/Realogy Co.-Issuer Corp.<sup>(b)</sup> | Realogy Group LLC/Realogy Co.-Issuer Corp.<sup>(b)</sup> | Realogy Group LLC/Realogy Co.-Issuer Corp.<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/29 | 180 | 136150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/30 | 91 | 66385 |
| Ronshine China Holdings Ltd.,<br>7.35%, 12/15/23<sup>(d)(j)(k)</sup>  | 200 | 10000 |
| Starwood Property Trust, Inc., 4.38%, 01/15/27<sup>(b)</sup> | 52 | 45504 |
| Theta Capital Pte. Ltd., 8.13%, 01/22/25<sup>(d)</sup> | 200 | 150787 |
| VICI Properties LP, 5.13%, 05/15/32 | 439 | 406492 |
| Wanda Properties Overseas Ltd., 6.88%, 07/23/23<sup>(d)</sup> | 200 | 189000 |
| Yanlord Land HK Co. Ltd., 6.75%, 04/23/23<sup>(d)</sup> | 250 | 247500 |
| Yuzhou Group Holdings Co. Ltd.<sup>(d)(j)(k)</sup> | Yuzhou Group Holdings Co. Ltd.<sup>(d)(j)(k)</sup> | Yuzhou Group Holdings Co. Ltd.<sup>(d)(j)(k)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 02/20/25 | 263 | 23013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/13/26 | 200 | 17500 |
| Zhenro Properties Group Ltd.,<br>7.88%, 04/14/24<sup>(d)(j)(k)</sup>  | 200 | 5000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2722101 |
| **Road & Rail — 1.3%** | **Road & Rail — 1.3%** | **Road & Rail — 1.3%** |
| Burlington Northern Santa Fe LLC, 5.75%, 05/01/40 | 1890 | 1977320 |
| CSX Corp., 4.75%, 05/30/42 | 350 | 319301 |
| Danaos Corp., 8.50%, 03/01/28<sup>(b)</sup> | 100 | 96000 |
| Lima Metro Line 2 Finance Ltd.,<br>5.88%, 07/05/34<sup>(b)(e)</sup>  | 2365 | 2291305 |
| Norfolk Southern Corp., 3.00%, 03/15/32 | 1250 | 1067210 |
| Seaspan Corp., 5.50%, 08/01/29<sup>(b)</sup> | 205 | 155349 |
| Union Pacific Corp., 3.84%, 03/20/60 | 800 | 617985 |
| United Rentals North America, Inc., 6.00%, 12/15/29 | 1110 | 1103062 |
|  |  | 7627532 |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 | 2850 | 2695787 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/28 | 103 | 95789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 | 61 | 54665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31<sup>(b)</sup> | 120 | 94514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 | 466 | 410705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/33<sup>(b)</sup> | 153 | 114841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33<sup>(b)</sup> | 287 | 230090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34<sup>(b)</sup> | 7 | 5584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35<sup>(b)</sup> | 162 | 119113 |
| Marvell Technology, Inc., 2.95%, 04/15/31 | 230 | 184998 |
| Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 11/15/24 | 110 | 117975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/25 | 21 | 65421 |
| Qorvo, Inc., 4.38%, 10/15/29 | 116 | 102572 |
| QUALCOMM, Inc., 4.65%, 05/20/35 | 250 | 242750 |
| Sensata Technologies BV<sup>(b)</sup> | Sensata Technologies BV<sup>(b)</sup> | Sensata Technologies BV<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 | 70 | 68363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 | 53 | 45713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/30 | 200 | 189545 |
| Sensata Technologies, Inc.<sup>(b)</sup> | Sensata Technologies, Inc.<sup>(b)</sup> | Sensata Technologies, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 | 479 | 416972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 | 13 | 10694 |
| Synaptics, Inc., 4.00%, 06/15/29<sup>(b)</sup> | 151 | 127225 |
|  |  | 5393316 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software — 2.5%** | **Software — 2.5%** | **Software — 2.5%** |
| USD | 262 | $253813 |
| Black Knight InfoServ LLC, 3.63%, 09/01/28<sup>(b)</sup> | 255 | 221213 |
| Boxer Parent Co., Inc. | Boxer Parent Co., Inc. | Boxer Parent Co., Inc. |
| EUR | 100 | 101636 |
| USD | 187 | 181860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 03/01/26<sup>(b)</sup> | 948 | 894357 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29<sup>(b)</sup> | 563 | 550683 |
| Cloud Software Group Holdings, Inc., 6.50%, 03/31/29<sup>(b)</sup> | 1794 | 1511053 |
| Elastic NV, 4.13%, 07/15/29<sup>(b)</sup> | 254 | 205156 |
| Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28<sup>(b)</sup> | 200 | 151995 |
| Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32<sup>(b)</sup> | 76 | 63133 |
| Microsoft Corp., 3.50%, 11/15/42<sup>(e)</sup> | 4000 | 3351611 |
| MicroStrategy, Inc., 6.13%, 06/15/28<sup>(b)(e)</sup> | 305 | 218090 |
| MSCI, Inc.<sup>(b)</sup> | MSCI, Inc.<sup>(b)</sup> | MSCI, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 | 51 | 44423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/30 | 81 | 67331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 | 14 | 11640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/01/31 | 96 | 79390 |
| Open Text Corp., 6.90%, 12/01/27 | 590 | 590000 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/29 | 380 | 394427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 | 215 | 183309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 | 329 | 272783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/32<sup>(e)</sup> | 556 | 581921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/40<sup>(e)</sup> | 3025 | 2775872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 | 400 | 292358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 | 1250 | 841583 |
| PTC, Inc., 4.00%, 02/15/28<sup>(b)</sup> | 35 | 31501 |
| SS&C Technologies, Inc., 5.50%, 09/30/27<sup>(b)</sup> | 576 | 539364 |
| Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25<sup>(b)</sup> | 189 | 130168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14540670 |
| **Specialty Retail<sup>(b)</sup> — 0.1%** | **Specialty Retail<sup>(b)</sup> — 0.1%** | **Specialty Retail<sup>(b)</sup> — 0.1%** |
| Arko Corp., 5.13%, 11/15/29 | 123 | 96579 |
| PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29<sup>(e)</sup> | 493 | 463022 |
| Staples, Inc., 7.50%, 04/15/26 | 157 | 135127 |
|  |  | 694728 |
| **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** | **Technology Hardware, Storage & Peripherals — 0.5%** |
| Apple, Inc., 4.65%, 02/23/46<sup>(e)</sup> | 2400 | 2272139 |
| Coherent Corp., 5.00%, 12/15/29<sup>(b)</sup> | 574 | 495035 |
|  |  | 2767174 |
| **Textiles, Apparel & Luxury Goods<sup>(b)</sup> — 0.0%** | **Textiles, Apparel & Luxury Goods<sup>(b)</sup> — 0.0%** | **Textiles, Apparel & Luxury Goods<sup>(b)</sup> — 0.0%** |
| Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/29 | 15 | 12707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 | 99 | 80680 |
| Kontoor Brands, Inc., 4.13%, 11/15/29 | 67 | 54679 |
| Levi Strauss & Co., 3.50%, 03/01/31 | 154 | 122228 |
|  |  | 270294 |
| **Thrifts & Mortgage Finance<sup>(b)</sup> — 0.1%** | **Thrifts & Mortgage Finance<sup>(b)</sup> — 0.1%** | **Thrifts & Mortgage Finance<sup>(b)</sup> — 0.1%** |
| Home Point Capital, Inc., 5.00%, 02/01/26 | 116 | 80213 |
| Nationstar Mortgage Holdings, Inc. 6.00%, 01/15/27 | 33 | 29535 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Thrifts & Mortgage Finance (continued)** | **Thrifts & Mortgage Finance (continued)** | **Thrifts & Mortgage Finance (continued)** |
|  Nationstar Mortgage Holdings, Inc. (continued) | Nationstar Mortgage Holdings, Inc. (continued) | Nationstar Mortgage Holdings, Inc. (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 | 69 | 53291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 | 78 | 60645 |
|  Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26<sup>(e)</sup> | 302 | 258863 |
|  |  | 482547 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/31/44<sup>(e)</sup> | 2000 | 1762799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 | 1250 | 835808 |
|  Reynolds American, Inc. | Reynolds American, Inc. | Reynolds American, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/12/25 | 635 | 621194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/04/41 | 1000 | 988334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 08/15/45 | 1500 | 1277695 |
|  |  | 5485830 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
|  XPO Escrow Sub LLC, 7.50%, 11/15/27 | 75 | 75894 |
|  **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** |
|  Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29<sup>(b)</sup> | 200 | 193750 |
|  DP World Salaam, (5 year CMT + 5.75%),<br>6.00%<sup>(a)(d)(g)</sup> | 200 | 197500 |
|  FedEx Corp., 4.75%, 11/15/45 | 1250 | 1055424 |
|  GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27<sup>(d)</sup> | 200 | 172100 |
|  i-595 Express LLC, 3.31%, 12/31/31<sup>(a)(c)</sup> | 712 | 652108 |
|  Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26<sup>(b)</sup>  | 580 | 557100 |
|  |  | 2827982 |
| **Utilities — 1.5%** | **Utilities — 1.5%** | **Utilities — 1.5%** |
|  American Water Capital Corp., 4.45%, 06/01/32 | 750 | 717531 |
|  Consensus Cloud Solutions, Inc.<sup>(b)</sup> | Consensus Cloud Solutions, Inc.<sup>(b)</sup> | Consensus Cloud Solutions, Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/26 | 48 | 44891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/28 | 45 | 41390 |
|  Electricite de France SA<sup>(b)</sup> | Electricite de France SA<sup>(b)</sup> | Electricite de France SA<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 01/27/40 | 2800 | 2554198 |
| &nbsp;&nbsp;&nbsp;&nbsp; (10 year USD Swap + 3.71%), 5.25%<sup>(a)(g)</sup> | 4200 | 4185602 |
|  FEL Energy VI SARL, 5.75%, 12/01/40 | 185 | 157453 |
|  Genneia SA, 8.75%, 09/02/27<sup>(b)</sup> | 92 | 89296 |
|  Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(d)</sup> | 576 | 478008 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28<sup>(b)</sup> | 69 | 61868 |
|  Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33<sup>(d)</sup> | 211 | 198858 |
|  Thames Water Kemble Finance PLC, 4.63%, 05/19/26<sup>(d)</sup> | 168 | 171228 |
|  Vistra Operations Co. LLC<sup>(b)</sup> | Vistra Operations Co. LLC<sup>(b)</sup> | Vistra Operations Co. LLC<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 | 12 | 11561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 | 12 | 11137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/29 | 58 | 49974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8772995 |
| **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** |
|  Altice France SA/France, 5.13%, 07/15/29<sup>(b)</sup> | 544 | 407860 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/29 | 151 | 142595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/29 | 1000 | 871646 |
|  Kenbourne Invest SA, 6.88%, 11/26/24<sup>(b)</sup> | 210 | 198358 |
|  Millicom International Cellular SA, 4.50%, 04/27/31<sup>(b)</sup>  | 200 | 167913 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
| USD | 2325 | 2579278 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 | 321 | 266908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 | 367 | 331590 |
| Sprint LLC, 7.63%, 03/01/26 | 234 | 246240 |
| T-Mobile USA, Inc., 4.50%, 04/15/50 | 500 | 411069 |
| VICI Properties LP/VICI Note Co., Inc.<sup>(b)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(b)</sup> | VICI Properties LP/VICI Note Co., Inc.<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/24 | 37 | 36640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/25 | 75 | 70712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/25 | 33 | 31639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/26 | 6 | 5647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 | 73 | 68103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/29 | 378 | 343980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/30 | 267 | 233669 |
| Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
| GBP | 100 | 91892 |
| USD | 252 | 204712 |
| Vodafone Group PLC, 4.25%, 09/17/50 | 700 | 533802 |
|  |  | 7244253 |
| **Total Corporate Bonds — 74.3%<br>(Cost: $484,434,319)** | **Total Corporate Bonds — 74.3%<br>(Cost: $484,434,319)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436724940 |
| **Floating Rate Loan Interests<sup>(a)</sup>** | **Floating Rate Loan Interests<sup>(a)</sup>** | **Floating Rate Loan Interests<sup>(a)</sup>** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29 | 52 | 50314 |
| Peraton Corp. | Peraton Corp. | Peraton Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.09%, 02/01/29 | 404 | 383605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/01/28 | 538 | 524379 |
|  |  | 958298 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.49%, 04/06/28 | 76 | 69574 |
| PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 12/15/28 | 227 | 188749 |
|  |  | 258323 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.99%, 04/20/28 | 433 | 430413 |
| Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 8.13%, 08/11/28 | 236 | 231989 |
| Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 10.00%, 06/21/27 | 126 | 129916 |
| United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.11%, 04/21/28 | 431 | 425089 |
|  |  | 1217407 |
| **Auto Components — 0.0%** | **Auto Components — 0.0%** | **Auto Components — 0.0%** |
| Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/30/26 | 69 | 67440 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
|  DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 9.38%, 08/02/27 | USD | 629 | $611401 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
|  Naked Juice LLC, 2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 | Naked Juice LLC, 2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 | 20 | 15731 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
|  Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 10.25%, 08/02/29 | Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 10.25%, 08/02/29 | 122 | 105880 |
|  Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 USD Term Loan B, (1 mo. SOFR CME + 3.75%, 1.00% Floor), 8.07%, 04/09/27 | &nbsp;&nbsp;&nbsp;&nbsp; 2020 USD Term Loan B, (1 mo. SOFR CME + 3.75%, 1.00% Floor), 8.07%, 04/09/27 | 104 | 96939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 11.13%, 04/07/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 11.13%, 04/07/28 | 145 | 137388 |
|  |  |  | 340207 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
|  Arc Falcon I, Inc. | Arc Falcon I, Inc. | Arc Falcon I, Inc. | Arc Falcon I, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Delayed Draw Term Loan, 0.00%, 10/02/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 Delayed Draw Term Loan, 0.00%, 10/02/28 | 16 | 14184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 09/30/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 09/30/28 | 110 | 96188 |
|  Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26 | Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26 | 249 | 233008 |
|  Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME + 4.33%, 0.50% Floor), 7.97%, 10/04/29 | Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME + 4.33%, 0.50% Floor), 7.97%, 10/04/29 | 362 | 329148 |
|  W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.50%, 09/22/28 | W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.50%, 09/22/28 | 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206522 |
|  |  |  | 879050 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
|  Propulsion BC Newco. LLC, Term Loan, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.58%, 09/14/29 | Propulsion BC Newco. LLC, Term Loan, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.58%, 09/14/29 | 138 | 133860 |
|  Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 8.38%, 08/27/25 | Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 8.38%, 08/27/25 | 628 | 623045 |
|  |  |  | 756905 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
|  Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 | Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 | 1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187043 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
|  BCPE Empire Holdings, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 4.63%, 0.50% Floor), 9.05%, 06/11/26 | BCPE Empire Holdings, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 4.63%, 0.50% Floor), 9.05%, 06/11/26 | 27 | 25994 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
|  Clydesdale Acquisition Holdings, Inc., Term Loan B, (1 mo. SOFR CME + 4.13%, 0.50% Floor), 8.60%, 04/13/29 | Clydesdale Acquisition Holdings, Inc., Term Loan B, (1 mo. SOFR CME + 4.13%, 0.50% Floor), 8.60%, 04/13/29 | 111 | 105915 |
|  Mauser Packaging Solutions Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.37%, 04/03/24 | Mauser Packaging Solutions Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.37%, 04/03/24 | 205 | 199586 |
|  |  |  | 305501 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
|  Amentum Government Services Holdings LLC, Term Loan B, (3 mo. LIBOR + 4.00%), 8.33%, 01/29/27 | Amentum Government Services Holdings LLC, Term Loan B, (3 mo. LIBOR + 4.00%), 8.33%, 01/29/27 | 41 | 39960 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Security* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
|  Ascend Learning LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 12/10/29 | USD | 83 | $| 70862 |
|  Sotheby's, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 8.58%, 01/15/27 | Sotheby's, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 8.58%, 01/15/27 | 112 |  | 109238 |
|  TruGreen LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%, 0.75% Floor),<br>13.43%, 11/02/28<sup>(c)</sup> | TruGreen LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%, 0.75% Floor),<br>13.43%, 11/02/28<sup>(c)</sup> | 106 |  | 77380 |
|  |  |  |  | 297440 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
|  Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.73%, 02/16/28 | Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.73%, 02/16/28 | 66 |  | 64446 |
|  Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 8.88%, 07/31/26 | Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 8.88%, 07/31/26 | — <sup>(l)</sup> |  | 33 |
|  Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.15%, 12/01/27 | Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.15%, 12/01/27 | 114 |  | 104878 |
|  EP Purchaser LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 11/06/28 | EP Purchaser LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 11/06/28 | 101 |  | 100025 |
|  Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 | Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 | 331 |  | 309737 |
|  KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 09/21/29 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 09/21/29 | 18 |  | 17306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 09/23/28 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 09/23/28 | 65 |  | 64593 |
|  Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 09/25/26 | Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 09/25/26 | 39 |  | 31223 |
|  Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 9.73%, 09/01/25 | Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 9.73%, 09/01/25 | 185 |  | 129620 |
|  White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.07%, 10/19/27 | White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.07%, 10/19/27 | 299 |  | 288786 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110647 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
|  Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.50%, 05/01/28 | Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.50%, 05/01/28 | 194 |  | 185156 |
|  Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (6 mo. SOFRTE + 4.50%, 0.50% Floor), 7.44%, 02/01/29 | Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (6 mo. SOFRTE + 4.50%, 0.50% Floor), 7.44%, 02/01/29 | 342 |  | 328763 |
|  |  |  |  | 513919 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
|  Delta 2 Lux SARL, Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 7.57%, 01/15/30 | Delta 2 Lux SARL, Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 7.57%, 01/15/30 | 93 |  | 92884 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
|  Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.88%, 10/25/27 | Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.88%, 10/25/27 | 33 |  | 32126 |
| **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** | **Gas Utilities — 0.0%** |
|  Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 12/21/28 | Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 12/21/28 | 171 |  | 162474 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
|  Envision Healthcare Corp., 2022 First Out Term Loan, (3 mo. SOFR CME + 7.875%, 1.00% Floor), 12.61%, 03/31/27 | Envision Healthcare Corp., 2022 First Out Term Loan, (3 mo. SOFR CME + 7.875%, 1.00% Floor), 12.61%, 03/31/27 | 40 |  | 35196 |
|  LifePoint Health, Inc., 2018 Term Loan B, (3 mo. LIBOR + 3.75%), 8.16%, 11/16/25 | LifePoint Health, Inc., 2018 Term Loan B, (3 mo. LIBOR + 3.75%), 8.16%, 11/16/25 | 76 |  | 71924 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
|  Quorum Health Corp., 2020 Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 11.78%, 04/29/25 | USD | 118 | $| 81057 |
|  Surgery Center Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.05%, 08/31/26 |  | 113 |  | 111120 |
|  WCG Purchaser Corp., 2019 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 8.38%, 01/08/27 |  | 118 |  | 106767 |
|  |  |  |  | 406064 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
|  AthenaHealth Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Delayed Draw Term loan, (3 mo. SOFR CME + 3.50%), 7.82%, 02/15/29 |  | 136 |  | 105762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B, (1 mo. SOFR CME + 3.50%, 0.50% Floor), 7.82%, 02/15/29 |  | 1113 |  | 960794 |
|  Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 06/02/28 |  | 119 |  | 108735 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175291 |
| **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** | **Hotels, Restaurants & Leisure — 0.0%** |
|  Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE + 4.00%, 0.50% Floor), 8.32%, 01/27/29 |  | 170 |  | 161153 |
|  Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 11/01/26 |  | 38 |  | 37038 |
|  |  |  |  | 198191 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
|  Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 7.86%, 02/26/29 |  | 146 |  | 128112 |
|  Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 10/06/28 |  | 283 |  | 230392 |
|  |  |  |  | 358504 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
|  AVSC Holding Corp., 2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 1.00% Floor), 11.42%, 09/01/25 |  | 156 |  | 125338 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Alliant Holdings Intermediate LLC, 2021 Term Loan B4, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.85%, 11/06/27 |  | 94 |  | 91296 |
|  Hub International Ltd., 2022 Term Loan B, (3 mo. SOFR CME + 4.00%, 0.75% Floor), 8.22%, 11/10/29 |  | 180 |  | 177851 |
|  Sedgwick Claims Management Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 12/31/25 |  | 91 |  | 88910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 09/03/26 |  | 139 |  | 136231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 8.63%, 09/03/26 |  | 51 |  | 50364 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544652 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
|  Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.89%, 01/29/26 |  | 79 |  | 77205 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
|  Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, 11/24/28<sup>(m)</sup> | USD | 65 | $58282 |
|  Boxer Parent Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.50%, 0.50% Floor), 9.88%, 02/27/26 |  | 279 | 255983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/02/25 |  | 45 | 43323 |
|  Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 12/01/27 |  | 233 | 222808 |
|  PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |  | 109 | 89998 |
|  |  |  | 670394 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
|  Peloton Interactive, Inc., Term Loan, (2 mo. SOFR CME + 6.50%, 0.50% Floor), 11.76%, 05/25/27 |  | 71 | 69291 |
| **Machinery — 0.2%** |  |  |  |
|  MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 9.38%, 09/21/26 |  | 227 | 224209 |
|  SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.92%, 04/05/29 |  | 211 | 197046 |
|  Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 8.15%, 03/28/25 |  | 574 | 534781 |
|  |  |  | 956036 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 6.83%, 07/15/25 |  | 23 | 22014 |
|  Altice France SA/France, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 8.65%, 08/14/26 |  | 94 | 86951 |
|  Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 7.91%, 08/21/26 |  | 587 | 533863 |
|  MH Sub I LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 09/13/24 |  | 89 | 86590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 8.13%, 09/13/24 |  | 206 | 199729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.25%), 10.65%, 02/23/29 |  | 35 | 31194 |
|  Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/09/27 |  | 546 | 440397 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400738 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
|  Grinding Media, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.07%, 10/12/28<sup>(c)</sup> |  | 63 | 58455 |
| **Oil, Gas & Consumable Fuels — 0.3%** |  |  |  |
|  Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 12.94%, 11/01/25 |  | 1541 | 1624456 |
|  Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 06/28/24 |  | 8 | 5222 |
|  M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.16%, 09/19/29 |  | 118 | 117594 |
|  |  |  | 1747272 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
|  Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 3.25%), 7.64%, 02/06/26 | USD | 110 | $108585 |
|  Element Materials Technology Group U.S. Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |  | 39 | 38387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |  | 85 | 83171 |
|  Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME + 4.75%, 0.50% Floor), 9.07%, 04/29/29 |  | 140 | 126350 |
|  |  |  | 356493 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/03/28 |  | 248 | 232855 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
|  Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 07/06/29 |  | 119 | 117783 |
|  Cloudera, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 10.38%, 10/08/29 |  | 234 | 194312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/08/28 |  | 228 | 213398 |
|  Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/28/24 |  | 373 | 312804 |
|  Epicor Software Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 12.13%, 07/31/28 |  | 62 | 60977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 07/30/27 |  | 90 | 85836 |
|  Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 8.48%, 03/11/28 |  | 80 | 78697 |
|  Magenta Buyer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.17%, 07/27/28 |  | 566 | 481670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 12.67%, 07/27/29 |  | 280 | 219332 |
|  McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME + 3.75%), 7.97%, 03/01/29 |  | 474 | 440109 |
|  Planview Parent, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 11.98%, 12/18/28 |  | 103 | 91155 |
|  Proofpoint, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.98%, 08/31/28 |  | 19 | 18340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 10.98%, 08/31/29 |  | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238976 |
|  RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 04/24/28 |  | 217 | 206170 |
|  Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 7.63%, 05/30/25 |  | 9 | 8896 |
|  Sabre Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B1, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/17/27 |  | 48 | 43763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B2, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/17/27 |  | 77 | 70083 |
|  Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 10/07/27 |  | 488 | 469971 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
|  Sovos Compliance LLC, 2021 Term Loan, (1 mo. LIBOR + 4.50%, 0.50% Floor), 8.88%, 08/11/28 | USD | 118 | $| 108172 |
|  TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 03/30/29 |  | 439 |  | 391259 |
|  Ultimate Software Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 05/03/27 |  | 295 |  | 270021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.00%, 05/04/26 |  | 186 |  | 177017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 05/04/26 |  | 144 |  | 138515 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4437256 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
|  PetSmart, Inc., 2021 Term Loan B, 8.13%, 02/11/28 |  | 26 |  | 25879 |
|  Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 9.44%, 04/16/26 |  | 49 |  | 44969 |
|  |  |  |  | 70848 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
|  Crocs, Inc., Term Loan B, (3 mo. SOFRTE + 3.50%, 0.50% Floor), 7.80%, 02/20/29 |  | 475 |  | 464969 |
| **Trading Companies & Distributors — 0.0%** |  |  |  |  |
|  Foundation Building Materials, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.66%, 01/31/28 |  | 68 |  | 64208 |
|  SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.50%), 7.92%, 06/02/28 |  | 176 |  | 167559 |
|  |  |  |  | 231767 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
|  Brown Group Holding, LLC, 2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.75%, 0.50% Floor), 7.93%, 07/02/29 |  | 175 |  | 173772 |
|  **Total Floating Rate Loan Interests — 3.8%<br>(Cost: $23,933,997)** | **Total Floating Rate Loan Interests — 3.8%<br>(Cost: $23,933,997)** | **Total Floating Rate Loan Interests — 3.8%<br>(Cost: $23,933,997)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22588181 |
|  **Foreign Agency Obligations** |  |  |  |  |
| **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** | **Bahrain — 0.0%** |
|  Bahrain Government International Bond, 5.45%, 09/16/32<sup>(d)</sup> |  | 200 |  | 175850 |
| **Canada — 1.1%** | **Canada — 1.1%** | **Canada — 1.1%** | **Canada — 1.1%** | **Canada — 1.1%** |
|  CDP Financial, Inc., 5.60%, 11/25/39<sup>(b)(e)</sup> |  | 5890 |  | 6251775 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
|  Chile Government International Bond, 4.34%, 03/07/42 |  | 200 |  | 168475 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
|  Colombia Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/28/26 |  | 300 |  | 281587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/25/27 |  | 200 |  | 176538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/15/31 |  | 400 |  | 296450 |
|  Republic of Colombia Senior Unsecured, 8.00%, 04/20/33 |  | 200 |  | 199600 |
|  |  |  |  | 954175 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** | **Dominican Republic — 0.2%** |
| Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
| USD | 115 | $115884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/25/27<sup>(d)</sup> | 228 | 222485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/22/29<sup>(b)</sup> | 160 | 146530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/30<sup>(b)</sup> | 226 | 191719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/23/32<sup>(b)(e)</sup> | 300 | 248025 |
|  |  | 924643 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |
| Egypt Government International Bond, 7.50%, 02/16/61<sup>(b)</sup> | 219 | 133590 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** | **Guatemala — 0.1%** |
| Guatemala Government Bond | Guatemala Government Bond | Guatemala Government Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/03/26<sup>(d)</sup> | 200 | 191663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/10/29<sup>(b)</sup> | 200 | 191850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/24/32<sup>(b)</sup> | 200 | 194912 |
|  |  | 578425 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/24 | 176 | 175593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/16/29<sup>(b)</sup> | 200 | 190163 |
|  |  | 365756 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Indonesia Government International Bond, 4.10%, 04/24/28 | 500 | 489312 |
| Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27<sup>(b)</sup> | 200 | 197772 |
|  |  | 687084 |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |
| Ivory Coast Government International Bond, 6.38%, 03/03/28<sup>(d)</sup> | 400 | 387000 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/28<sup>(e)</sup> | 400 | 376800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 | 269 | 217352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594152 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |
| Morocco Government International Bond, 2.38%, 12/15/27<sup>(b)</sup> | 200 | 173225 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |
| Nigeria Government International Bond, 7.88%, 02/16/32<sup>(d)</sup> | 200 | 150000 |
| **Oman — 0.1%** | **Oman — 0.1%** | **Oman — 0.1%** |
| Oman Government International Bond<sup>(d)</sup> | Oman Government International Bond<sup>(d)</sup> | Oman Government International Bond<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/08/47 | 228 | 206910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/17/48 | 200 | 186162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/25/51 | 200 | 192350 |
|  |  | 585422 |
| **Pakistan — 0.0%** | **Pakistan — 0.0%** | **Pakistan — 0.0%** |
| Pakistan Government International Bond, 6.00%, 04/08/26<sup>(d)</sup> | 200 | 80022 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| USD | 400 | $377450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 01/23/30 | 453 | 388957 |
|  |  | 766407 |
| **Paraguay — 0.1%** | **Paraguay — 0.1%** | **Paraguay — 0.1%** |
| Paraguay Government International Bond<sup>(b)</sup> | Paraguay Government International Bond<sup>(b)</sup> | Paraguay Government International Bond<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/28/31 | 200 | 193038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/30/50 | 200 | 171725 |
|  |  | 364763 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25<sup>(d)</sup> | 200 | 192975 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 | 126 | 104171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%, 12/01/32 | 358 | 261295 |
|  |  | 558441 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/25/27<sup>(b)</sup> | 204 | 195177 |
| EUR | 212 | 187264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/08/30<sup>(d)</sup> | 222 | 183250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.12%, 07/16/31<sup>(d)</sup> | 226 | 166215 |
|  |  | 731906 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Saudi Government International Bond<sup>(d)</sup> | Saudi Government International Bond<sup>(d)</sup> | Saudi Government International Bond<sup>(d)</sup> |
| USD | 278 | 274577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/02/33 | 222 | 179307 |
|  |  | 453884 |
| **Senegal — 0.0%** | **Senegal — 0.0%** | **Senegal — 0.0%** |
| Senegal Government International Bond, 6.25%, 05/23/33<sup>(d)</sup> | 200 | 164225 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Republic of South Africa Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 09/30/29 | 200 | 177475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/20/32 | 200 | 179750 |
|  |  | 357225 |
| **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** | **Sri Lanka — 0.0%** |
| Sri Lanka Government International Bond<sup>(d)(j)(k)</sup> | Sri Lanka Government International Bond<sup>(d)(j)(k)</sup> | Sri Lanka Government International Bond<sup>(d)(j)(k)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 03/14/24 | 432 | 126900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 03/14/29 | 200 | 57600 |
|  |  | 184500 |
| **Ukraine — 0.0%** | **Ukraine — 0.0%** | **Ukraine — 0.0%** |
| Ukraine Government International Bond<sup>(j)(k)</sup> | Ukraine Government International Bond<sup>(j)(k)</sup> | Ukraine Government International Bond<sup>(j)(k)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/01/27<sup>(d)</sup> | 385 | 79839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/35<sup>(b)</sup> | 200 | 37288 |
|  |  | 117127 |
| **Uruguay — 0.0%** | **Uruguay — 0.0%** | **Uruguay — 0.0%** |
| Uruguay Government International Bond, 5.75%, 10/28/34 | 210 | 227550 |
| **Total Foreign Agency Obligations — 2.7%<br>(Cost: $17,334,686)** | **Total Foreign Agency Obligations — 2.7%<br>(Cost: $17,334,686)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16135622 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Security* | *Par*<br> *(000)* | *Value* |
|  **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 1.0%** | **California — 1.0%** | **California — 1.0%** | **California — 1.0%** |
|  City of Los Angeles California, GO, Series A, 5.00%, 09/01/42 | USD | 2000 | $1907204 |
|  East Bay Municipal Utility District Water System Revenue, RB, BAB, 5.87%, 06/01/40 | East Bay Municipal Utility District Water System Revenue, RB, BAB, 5.87%, 06/01/40 | 1900 | 2064793 |
|  Oxnard Union High School District, GO, (BAM), 3.18%, 08/01/43 | Oxnard Union High School District, GO, (BAM), 3.18%, 08/01/43 | 1600 | 1163558 |
|  University of California, RB, BAB, 5.95%, 05/15/45 | University of California, RB, BAB, 5.95%, 05/15/45 | 885 | 947075 |
|  |  |  | 6082630 |
| **Georgia — 0.3%** | **Georgia — 0.3%** | **Georgia — 0.3%** | **Georgia — 0.3%** |
|  Municipal Electric Authority of Georgia, Refunding RB, BAB, 7.06%, 04/01/57 | Municipal Electric Authority of Georgia, Refunding RB, BAB, 7.06%, 04/01/57 | 1929 | 1919312 |
| **Hawaii — 0.3%** | **Hawaii — 0.3%** | **Hawaii — 0.3%** | **Hawaii — 0.3%** |
|  City & County Honolulu HI Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45 | City & County Honolulu HI Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45 | 1000 | 640884 |
|  State of Hawaii, GO, Series GK, 6.15%, 10/01/38 | State of Hawaii, GO, Series GK, 6.15%, 10/01/38 | 1000 | 1060980 |
|  |  |  | 1701864 |
| **Illinois — 0.3%** | **Illinois — 0.3%** | **Illinois — 0.3%** | **Illinois — 0.3%** |
|  State of Illinois, GO, 5.10%, 06/01/33 | State of Illinois, GO, 5.10%, 06/01/33 | 2000 | 1912590 |
| **Massachusetts — 0.1%** | **Massachusetts — 0.1%** | **Massachusetts — 0.1%** | **Massachusetts — 0.1%** |
|  University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40 | University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40 | 500 | 389220 |
| **New York — 1.4%** | **New York — 1.4%** | **New York — 1.4%** | **New York — 1.4%** |
|  Metropolitan Transportation Authority, RB, BAB, 7.34%, 11/15/39 | Metropolitan Transportation Authority, RB, BAB, 7.34%, 11/15/39 | 1295 | 1585792 |
|  New York City Industrial Development Agency, Refunding RB, (AGM), 3.19%, 03/01/40 | New York City Industrial Development Agency, Refunding RB, (AGM), 3.19%, 03/01/40 | 165 | 119536 |
|  New York City Municipal Water Finance Authority, Refunding RB, 5.72%, 06/15/42 | New York City Municipal Water Finance Authority, Refunding RB, 5.72%, 06/15/42 | 1390 | 1491939 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series E-1, 4.00%, 02/01/41 | New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series E-1, 4.00%, 02/01/41 | 1000 | 972193 |
|  New York State Dormitory Authority, RB, BAB | New York State Dormitory Authority, RB, BAB | New York State Dormitory Authority, RB, BAB | New York State Dormitory Authority, RB, BAB |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.60%, 03/15/40 | &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.60%, 03/15/40 | 1900 | 1951824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.63%, 03/15/39 | &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.63%, 03/15/39 | 1100 | 1126352 |
|  Port Authority of New York & New Jersey, RB, 159th Series, 6.04%, 12/01/29 | Port Authority of New York & New Jersey, RB, 159th Series, 6.04%, 12/01/29 | 780 | 819080 |
|  |  |  | 8066716 |
|  **Total Municipal Bonds — 3.4%<br>(Cost: $20,159,109)** | **Total Municipal Bonds — 3.4%<br>(Cost: $20,159,109)** | **Total Municipal Bonds — 3.4%<br>(Cost: $20,159,109)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20072332 |
|  **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 6.7%** | **Collateralized Mortgage Obligations — 6.7%** | **Collateralized Mortgage Obligations — 6.7%** | **Collateralized Mortgage Obligations — 6.7%** |
|  Alternative Loan Trust | Alternative Loan Trust | Alternative Loan Trust | Alternative Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 | 429 | 374884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.19%), 4.54%, 03/20/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.19%), 4.54%, 03/20/47<sup>(a)</sup> | 380 | 299967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA10, Class 2A1, (1 mo. LIBOR US + 0.50%), 4.89%, 09/25/47<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA10, Class 2A1, (1 mo. LIBOR US + 0.50%), 4.89%, 09/25/47<sup>(a)</sup> | 4180 | 604631 |
|  Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37 | Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37 | 225 | 181073 |
|  BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, 02/25/49<sup>(a)(b)</sup> | BRAVO Residential Funding Trust, Series 2021-NQM1, Class A1, 0.94%, 02/25/49<sup>(a)(b)</sup> | 864 | 716306 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Security* | *Par*<br> *(000)* | *Value* |
|  **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
|  Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49<sup>(a)(b)</sup> | USD | 583 | $580078 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 5.25%, 03/25/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class M1, 5.25%, 03/25/65<sup>(a)(b)</sup> | 3050 | 2650633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class M1, 3.36%, 04/27/65<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3, Class M1, 3.36%, 04/27/65<sup>(a)(b)</sup> | 3820 | 3305558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 4.55%, 04/25/67<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A1, 4.55%, 04/25/67<sup>(a)(b)</sup> | 1692 | 1632836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class A1, 5.16%, 04/25/67<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class A1, 5.16%, 04/25/67<sup>(b)</sup> | 2372 | 2329801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9, Class A1, 6.79%, 12/25/67 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9, Class A1, 6.79%, 12/25/67 | 390 | 393344 |
|  Credit Suisse Mortgage Capital Certificates Trust, Class A1, 5.17%, 05/25/67<sup>(a)(b)</sup> | Credit Suisse Mortgage Capital Certificates Trust, Class A1, 5.17%, 05/25/67<sup>(a)(b)</sup> | 2926 | 2853454 |
|  Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67<sup>(a)(b)</sup> | Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67<sup>(a)(b)</sup> | 302 | 283443 |
|  Ellington Financial Mortgage Trust<sup>(a)(b)</sup> | Ellington Financial Mortgage Trust<sup>(a)(b)</sup> | Ellington Financial Mortgage Trust<sup>(a)(b)</sup> | Ellington Financial Mortgage Trust<sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 5.24%, 05/25/65 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class M1, 5.24%, 05/25/65 | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.93%, 06/25/66 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A1, 0.93%, 06/25/66 | 221 | 169701 |
|  GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67<sup>(a)(b)</sup> | GCAT Trust, Series 2022-NQM3, Class A1, 4.35%, 04/25/67<sup>(a)(b)</sup> | 1197 | 1144784 |
|  GMACM Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 3.17%, 06/19/35<sup>(a)</sup> | GMACM Mortgage Loan Trust, Series 2005-AR3, Class 5A1, 3.17%, 06/19/35<sup>(a)</sup> | 110 | 96416 |
|  GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ2, Class A4, 2.50%, 06/25/52<sup>(a)(b)</sup> | GS Mortgage-Backed Securities Corp. Trust, Series 2022-PJ2, Class A4, 2.50%, 06/25/52<sup>(a)(b)</sup> | 1108 | 889211 |
|  GS Mortgage-Backed Securities Trust<sup>(a)(b)</sup> | GS Mortgage-Backed Securities Trust<sup>(a)(b)</sup> | GS Mortgage-Backed Securities Trust<sup>(a)(b)</sup> | GS Mortgage-Backed Securities Trust<sup>(a)(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ2, Class A2, 2.50%, 11/25/51 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ2, Class A2, 2.50%, 11/25/51 | 962 | 772486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ7, Class A2, 2.50%, 01/25/52 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ7, Class A2, 2.50%, 01/25/52 | 2505 | 2010631 |
|  GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 | GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 | 83 | 57920 |
|  Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67<sup>(b)</sup> | Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67<sup>(b)</sup> | 1272 | 1234649 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S3, Class 1A12, 6.50%, 08/25/36 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S3, Class 1A12, 6.50%, 08/25/36 | 42 | 17410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DSC1, Class A1, 4.75%, 01/25/63<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DSC1, Class A1, 4.75%, 01/25/63<sup>(c)</sup> | 504 | 477212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV3, Class A3B, 3.00%, 09/25/52<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV3, Class A3B, 3.00%, 09/25/52<sup>(a)(b)</sup> | 786 | 656473 |
|  Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52<sup>(a)(b)</sup> | Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52<sup>(a)(b)</sup> | 818 | 681452 |
|  Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 3.01%, 05/25/36<sup>(a)</sup> | Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 3.01%, 05/25/36<sup>(a)</sup> | 148 | 108445 |
|  MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65<sup>(a)(b)</sup> | MFA Trust, Series 2021-NQM1, Class M1, 2.31%, 04/25/65<sup>(a)(b)</sup> | 2750 | 1936984 |
|  OBX Trust, Series 2022-INC3, Class A1, 3.00%, 02/25/52<sup>(a)(b)</sup> | OBX Trust, Series 2022-INC3, Class A1, 3.00%, 02/25/52<sup>(a)(b)</sup> | 726 | 605304 |
|  ONSLOW Bay Financial LLC, Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 | ONSLOW Bay Financial LLC, Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 | 577 | 573760 |
|  RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52<sup>(a)(b)</sup> | RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52<sup>(a)(b)</sup> | 1083 | 902916 |
|  SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62<sup>(b)</sup> | SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62<sup>(b)</sup> | 732 | 719142 |
|  Spruce Hill Mortgage Loan Trust, Class A1A, 4.10%, 07/25/57 | Spruce Hill Mortgage Loan Trust, Class A1A, 4.10%, 07/25/57 | 753 | 689697 |
|  STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65<sup>(a)(b)</sup> | STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65<sup>(a)(b)</sup> | 2050 | 1518007 |
|  Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65<sup>(a)(b)</sup> | Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65<sup>(a)(b)</sup> | 2000 | 1430321 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.13%, 02/25/67<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A1, 4.13%, 02/25/67<sup>(b)</sup> | 3175 | 2997241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class A1, 5.15%, 07/25/67<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class A1, 5.15%, 07/25/67<sup>(b)</sup> | 1785 | 1735632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV2, Class A1, 6.79%, 10/25/67 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-INV2, Class A1, 6.79%, 10/25/67 | 570 | 574247 |
|  |  |  | 39537879 |

---

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Commercial Mortgage-Backed Securities — 5.0%** | **Commercial Mortgage-Backed Securities — 5.0%** | **Commercial Mortgage-Backed Securities — 5.0%** |  |
|  BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.60%, 04/14/33<sup>(a)(b)</sup> | USD | 4170 | $3786056 |
|  Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.27%), 4.66%, 07/25/37<sup>(a)(b)</sup> |  | 715 | 631509 |
|  BX Commercial Mortgage Trust<sup>(a)(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class A, (1 mo. SOFR CME + 1.03%), 5.37%, 10/15/36 |  | 1129 | 1115069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CIP, Class A, (1 mo. LIBOR US + 0.92%), 5.24%, 12/15/38 |  | 605 | 583759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SOAR, Class A, (1 mo. LIBOR US + 0.67%), 4.99%, 06/15/38 |  | 1677 | 1615521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-XL2, Class A, (1 mo. LIBOR US + 0.69%), 5.01%, 10/15/38 |  | 463 | 445344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LP2, Class A, (1 mo. SOFR CME + 1.01%), 5.35%, 02/15/39 |  | 1634 | 1574395 |
|  BX Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 5.19%, 01/15/39 |  | 1300 | 1241360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-LBA, Class AJV, (1 mo. LIBOR US + 0.80%), 5.12%, 02/15/36<sup>(a)(b)</sup> |  | 1690 | 1606324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SDMF, Class A, 4.91%, 09/15/34 |  | 199 | 190577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-GPA, Class A, (1 mo. SOFR CME + 2.17%), 6.50%, 10/15/39<sup>(a)(b)</sup> |  | 650 | 645929 |
|  Citigroup Commercial Mortgage Trust<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-SMRT, Class A, 4.15%, 01/10/36 |  | 700 | 682514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-420K, Class D, 3.31%, 11/10/42<sup>(a)</sup> |  | 270 | 198150 |
|  Cold Storage Trust, Class A, (1 mo. LIBOR US + 0.90%), 5.22%, 11/15/37<sup>(a)(b)</sup> |  | 238 | 231313 |
|  Commercial Mortgage Trust<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class C, 4.07%, 03/10/48 |  | 5000 | 4546882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC19, Class C, 4.22%, 02/10/48 |  | 3500 | 3207232 |
|  Credit Suisse Mortgage Capital Certificates Trust, Series 2020-FACT, Class D, (1 mo. LIBOR US + 3.71%), 8.03%, 10/15/37<sup>(a)(b)</sup> |  | 900 | 816721 |
|  Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. LIBOR US + 2.25%), 6.57%, 07/15/38<sup>(a)(b)</sup> |  | 810 | 775687 |
|  GS Mortgage Securities Corp. Trust, Series 2022-SHIP, Class A, (1 mo. SOFR CME + 0.73%), 5.07%, 08/15/36<sup>(a)(b)</sup> |  | 700 | 690202 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, (30 day SOFR + 1.40%), 5.21%, 03/15/39<sup>(a)(b)</sup> |  | 1700 | 1642443 |
|  Lehman Brothers Small Balance Commercial Mortgage Trust, Series 2006-1A, Class B, (1 mo. LIBOR US + 1.00%), 5.39%, 04/25/31<sup>(a)(b)</sup> |  | 1230 | 1212476 |
|  Wells Fargo Commercial Mortgage Trust, Series 2016-LC25, Class A4, 3.64%, 12/15/59 |  | 1700 | 1591256 |
|  |  |  | 29030719 |
|  **Total Non-Agency Mortgage-Backed<br>Securities — 11.7%<br>(Cost: $77,187,097)** | **Total Non-Agency Mortgage-Backed<br>Securities — 11.7%<br>(Cost: $77,187,097)** | **Total Non-Agency Mortgage-Backed<br>Securities — 11.7%<br>(Cost: $77,187,097)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68568598 |
|  **Preferred Securities** |  |  |  |
|  **Capital Trusts — 5.8%** |  |  |  |
| **Banks<sup>(a)(g)</sup> — 2.0%** |  |  |  |
|  Banco Mercantil del Norte SA, 6.75%<sup>(b)</sup> |  | 200 | 194788 |
|  Bank of East Asia Ltd., 5.88%<sup>(d)</sup> |  | 250 | 229578 |
|  Industrial & Commercial Bank of China Ltd., 3.20%<sup>(d)</sup>  |  | 250 | 233437 |
|  ING Groep NV, 3.88% |  | 2000 | 1457239 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Banks (continued)** |  |  |  |  |
|  Kasikornbank PCL, 5.28%<sup>(d)</sup> | USD | 300 | $| 283837 |
|  Nordea Bank Abp, 6.13%<sup>(b)</sup> |  | 2960 |  | 2867603 |
|  PNC Financial Services Group, Inc., Series V, 6.20% |  | 205 |  | 200336 |
|  Rizal Commercial Banking Corp., 6.50%<sup>(d)</sup> |  | 200 |  | 170225 |
|  SVB Financial Group, Series C, 4.00% |  | 2000 |  | 1320040 |
|  U.S. Bancorp, 3.70% |  | 1900 |  | 1553250 |
|  Wells Fargo & Co., Series S, 5.90%<sup>(e)</sup> |  | 3390 |  | 3036118 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11546451 |
| **Capital Markets — 0.4%** |  |  |  |  |
|  Bank of New York Mellon Corp.,<br>Series I, 3.75%<sup>(a)(g)</sup> |  | 2845 |  | 2291525 |
| **Diversified Financial Services<sup>(a)(g)</sup> — 2.5%** | **Diversified Financial Services<sup>(a)(g)</sup> — 2.5%** | **Diversified Financial Services<sup>(a)(g)</sup> — 2.5%** |  |  |
|  Bank of America Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 5.88% |  | 3500 |  | 3082310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 6.25% |  | 1050 |  | 1008379 |
|  Barclays PLC, 4.38% |  | 310 |  | 236375 |
|  Credit Agricole SA, 4.75%<sup>(b)</sup> |  | 200 |  | 160284 |
|  HSBC Holdings PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50% |  | 1090 |  | 1003258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00% |  | 435 |  | 399247 |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 5.00%<sup>(e)</sup> |  | 3027 |  | 2769495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 4.60% |  | 165 |  | 145406 |
|  Lloyds Banking Group PLC, 7.50% |  | 1750 |  | 1688237 |
|  NatWest Group PLC, 6.00% |  | 1575 |  | 1454429 |
|  Societe Generale SA, 7.88%<sup>(b)</sup> |  | 1000 |  | 989819 |
|  UBS Group AG, 3.88%<sup>(b)</sup> |  | 2000 |  | 1671303 |
|  Woori Bank, 4.25%<sup>(d)</sup> |  | 250 |  | 234734 |
|  |  |  |  | 14843276 |
|  **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |  |  |
|  Telefonica Europe BV, 7.13%<sup>(a)(d)(g)</sup> | EUR | 100 |  | 109186 |
| **Electric Utilities<sup>(a)</sup> — 0.5%** |  |  |  |  |
|  Edison International, Series B, 5.00%<sup>(g)</sup> | USD | 115 |  | 96134 |
|  NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 |  | 2750 |  | 2497563 |
|  |  |  |  | 2593697 |
|  **Independent Power and Renewable Electricity<br>Producers — 0.0%** | **Independent Power and Renewable Electricity<br>Producers — 0.0%** | **Independent Power and Renewable Electricity<br>Producers — 0.0%** | **Independent Power and Renewable Electricity<br>Producers — 0.0%** | **Independent Power and Renewable Electricity<br>Producers — 0.0%** |
|  Vistra Corp., 7.00%<sup>(a)(b)(g)</sup> |  | 162 |  | 147409 |
| **Insurance — 0.4%** |  |  |  |  |
|  MetLife, Inc., 6.40%, 12/15/66<sup>(e)</sup> |  | 2554 |  | 2469973 |
|  **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |  |
|  Aroundtown SA, 3.38%<sup>(a)(d)(g)</sup> | EUR | 100 |  | 49522 |
| **Utilities — 0.0%** |  |  |  |  |
|  Electricite de France SA, 3.38%<sup>(a)(d)(g)</sup> |  | 200 |  | 154248 |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |  |
|  Vodafone Group PLC, 3.10%, 01/03/79<sup>(a)(d)</sup> |  | 100 |  | 104636 |
|  |  |  |  | 34309923 |
|  |  | *Shares* |  |  |
|  **Preferred Stocks — 0.3%<sup>(a)(g)</sup>** |  |  |  |  |
| **Capital Markets — 0.3%** |  |  |  |  |
|  Morgan Stanley, Series K, 5.90% |  | 66567 |  | 1531707 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | <br> *Shares* | *Value* | *Value* |
|  **Thrifts & Mortgage Finance — 0.0%** |  |  |  |  |
|  Fannie Mae, Series S |  | 10000 | $| 23400 |
|  |  |  |  | 1555107 |
|  **Trust Preferred — 0.1%** |  |  |  |  |
| **Diversified Financial Services — 0.1%** |  |  |  |  |
|  Citigroup Capital XIII, 10.78%, 10/30/40<sup>(a)</sup> |  | 29583 |  | 840157 |
|  |  |  |  | 840157 |
|  **Total Preferred Securities — 6.2%<br>(Cost: $42,178,498)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36705187 |
|  |  | *Par*<br> *(000)* |  |  |
|  **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |  |  |
|  **Agency Obligations — 1.0%** |  |  |  |  |
|  Fannie Mae, 5.63%, 07/15/37<sup>(e)</sup> | USD | 1600 |  | 1788451 |
|  Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30<sup>(f)</sup> |  | 6055 |  | 4392772 |
|  |  |  |  | 6181223 |
| **Collateralized Mortgage Obligations<sup>(e)</sup> — 4.9%** | **Collateralized Mortgage Obligations<sup>(e)</sup> — 4.9%** | **Collateralized Mortgage Obligations<sup>(e)</sup> — 4.9%** | **Collateralized Mortgage Obligations<sup>(e)</sup> — 4.9%** | **Collateralized Mortgage Obligations<sup>(e)</sup> — 4.9%** |
|  Fannie Mae REMICS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-47, Class GL, 3.50%, 07/25/45 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-47, Class GL, 3.50%, 07/25/45 | 1636 |  | 1427061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25, Class KL, 4.00%, 05/25/52 | &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-25, Class KL, 4.00%, 05/25/52 | 14500 |  | 12982299 |
|  Freddie Mac REMICS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4350, Class DY, 4.00%, 06/15/44 |  | 1869 |  | 1763021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4398, Class ZX, 4.00%, 09/15/54 |  | 10669 |  | 9656969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4549, Class TZ, 4.00%, 11/15/45 |  | 3251 |  | 3042308 |
|  |  |  |  | 28871658 |
| **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** | **Interest Only Collateralized Mortgage Obligations — 0.1%** |
|  Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%, 04/25/42 |  | 950 |  | 191796 |
|  Ginnie Mae<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2009-116, Class KS, (1 mo. LIBOR US + 6.47%), 2.14%, 12/16/39 |  | 673 |  | 47762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2011-52, Class NS, (1 mo. LIBOR US + 6.67%), 2.34%, 04/16/41 |  | 5578 |  | 379780 |
|  |  |  |  | 619338 |
| **Mortgage-Backed Securities — 19.7%** |  |  |  |  |
|  Fannie Mae Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/37 - 07/01/55<sup>(e)</sup> |  | 5587 |  | 5542453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/37 - 01/01/38 |  | 6013 |  | 6143615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/56 - 04/01/56<sup>(e)</sup> |  | 3177 |  | 3043596 |
|  Freddie Mac Mortgage-Backed Securities<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/33 |  | 1808 |  | 1700137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/37 - 03/01/47 |  | 1315 |  | 1306159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/52 |  | 1755 |  | 1659573 |
|  Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33 |  | 26 |  | 26108 |
|  Uniform Mortgage-Backed Securities<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/34 - 02/13/53<sup>(n)</sup> |  | 26808 |  | 26683746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/34 - 04/01/52<sup>(n)</sup> |  | 11503 |  | 10641585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/38 |  | 280 |  | 290781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/38 |  | 231 |  | 240774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/41 - 02/13/53<sup>(n)</sup> |  | 30050 |  | 29004315 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
|  **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
|  Uniform Mortgage-Backed<br>Securities<sup>(e)</sup> (continued) | Uniform Mortgage-Backed<br>Securities<sup>(e)</sup> (continued) | Uniform Mortgage-Backed<br>Securities<sup>(e)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/41 - 01/12/53<sup>(n)</sup> | USD | 24559 | $| 23303447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/50 |  | 6791 |  | 6027973 |
|  |  |  |  | 115614262 |
|  **Principal Only Collateralized Mortgage<br>Obligations<sup>(o)</sup> — 0.0%** | **Principal Only Collateralized Mortgage<br>Obligations<sup>(o)</sup> — 0.0%** | **Principal Only Collateralized Mortgage<br>Obligations<sup>(o)</sup> — 0.0%** | **Principal Only Collateralized Mortgage<br>Obligations<sup>(o)</sup> — 0.0%** | **Principal Only Collateralized Mortgage<br>Obligations<sup>(o)</sup> — 0.0%** |
|  Fannie Mae Interest Strip |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 203, Class 1, 0.00%, 02/25/23 | &nbsp;&nbsp;&nbsp;&nbsp; Series 203, Class 1, 0.00%, 02/25/23 | — <sup>(l)</sup> |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 228, Class 1, 0.00%, 06/25/23 | &nbsp;&nbsp;&nbsp;&nbsp; Series 228, Class 1, 0.00%, 06/25/23 | — <sup>(l)</sup> |  | 22 |
|  Fannie Mae REMICS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1993-51, Class E, 0.00%, 02/25/23 | &nbsp;&nbsp;&nbsp;&nbsp; Series 1993-51, Class E, 0.00%, 02/25/23 | — <sup>(l)</sup> |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1993-70, Class A, 0.00%, 05/25/23 | &nbsp;&nbsp;&nbsp;&nbsp; Series 1993-70, Class A, 0.00%, 05/25/23 | — <sup>(l)</sup> |  | 18 |
|  |  |  |  | 59 |
|  **Total U.S. Government Sponsored Agency Securities — 25.7%<br>(Cost: $157,929,116)** | **Total U.S. Government Sponsored Agency Securities — 25.7%<br>(Cost: $157,929,116)** | **Total U.S. Government Sponsored Agency Securities — 25.7%<br>(Cost: $157,929,116)** |  | 151286540 |
|  **U.S. Treasury Obligations** |  |  |  |  |
|  U.S. Treasury Bonds<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 |  | 61400 |  | 50674188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46 |  | 66500 |  | 49755507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 |  | 2000 |  | 1560078 |
|  U.S. Treasury Notes<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/24 - 09/30/25 |  | 50400 |  | 49138500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/31/25 |  | 14800 |  | 14225922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/28 |  | 1000 |  | 941680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 |  | 3000 |  | 2861367 |
|  **Total U.S. Treasury Obligations — 28.8%<br>(Cost: $200,170,047)** | **Total U.S. Treasury Obligations — 28.8%<br>(Cost: $200,170,047)** | **Total U.S. Treasury Obligations — 28.8%<br>(Cost: $200,170,047)** |  | 169157242 |
|  **Total Long-Term Investments — 170.3%<br>(Cost: $1,108,032,111)** | **Total Long-Term Investments — 170.3%<br>(Cost: $1,108,032,111)** | **Total Long-Term Investments — 170.3%<br>(Cost: $1,108,032,111)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001533022 |
|  |  | *Shares* |  |  |
|  **Short-Term Securities** |  |  |  |  |
| **Money Market Funds — 0.4%** |  |  |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%<sup>(p)(q)</sup> |  | 2477689 |  | 2477689 |
|  |  | *Par*<br> *(000)* |  |  |
|  **U.S. Treasury Obligations — 0.5%** |  |  |  |  |
|  U.S. Treasury Notes, 2.75%, 04/30/23<sup>(e)</sup> | USD | 2800 |  | 2784359 |
|  **Total Short-Term Securities — 0.9%<br>(Cost: $5,274,857)** | **Total Short-Term Securities — 0.9%<br>(Cost: $5,274,857)** |  |  | 5262048 |
|  **Total Investments Before TBA Sale Commitments — 171.2%<br>(Cost: $1,113,306,968)** | **Total Investments Before TBA Sale Commitments — 171.2%<br>(Cost: $1,113,306,968)** | **Total Investments Before TBA Sale Commitments — 171.2%<br>(Cost: $1,113,306,968)** |  | 1006795070 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **TBA Sale Commitments<sup>(n)</sup>** |  |  |  |
|  **Mortgage-Backed Securities — (1.3)%** |  |  |  |
|  Uniform Mortgage-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/12/53 | USD | (4800) | $(4618830) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/12/53 |  | (2900) | (2857142) |
|  **Total TBA Sale Commitments — (1.3)%<br>(Proceeds: $(7574941))** | **Total TBA Sale Commitments — (1.3)%<br>(Proceeds: $(7574941))** | **Total TBA Sale Commitments — (1.3)%<br>(Proceeds: $(7574941))** | (7475972) |
|  **Total Investments, Net of TBA Sale<br>Commitments — 169.9%<br>(Cost: $1,105,732,027)** | **Total Investments, Net of TBA Sale<br>Commitments — 169.9%<br>(Cost: $1,105,732,027)** | **Total Investments, Net of TBA Sale<br>Commitments — 169.9%<br>(Cost: $1,105,732,027)** | 999319098 |
|  **Liabilities in Excess of Other Assets — (69.9)%** | **Liabilities in Excess of Other Assets — (69.9)%** | **Liabilities in Excess of Other Assets — (69.9)%** | (411247782) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;588071316 |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> 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.

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

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

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

<sup>(f)</sup> Zero-coupon bond.

<sup>(g)</sup> Perpetual security with no stated maturity date.

<sup>(h)</sup> 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.

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

<sup>(j)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(k)</sup> Non-income producing security.

<sup>(l)</sup> Rounds to less than 1,000.

<sup>(m)</sup> 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.

<sup>(n)</sup> Represents or includes a TBA transaction.

<sup>(o)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(p)</sup> Affiliate of the Trust.

<sup>(q)</sup> 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.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Value at*<br> *12/31/22* | *Shares*<br> *Held at*<br> *12/31/22* | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $25976159 | $– $| (23498470)<sup>(a)</sup> | $– $– $| 2477689 | 2477689 | $135746 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Reverse Repurchase Agreements** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | <br>| *Trade*<br> *Date* | <br>| *Maturity*<br> *Date* | <br> *<sup>(a)</sup>*  | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | <br>| *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity* <br> *of the Agreements<sup>(a</sup>* | <br>*<sup>)</sup>*  |
|  BNP Paribas S.A | 4.43 %<sup>(b)</sup> |  | 08/05/22 |  | Open |  | $2020000 | $2042341 |  | U.S. Government Sponsored Agency Securities | Open/Demand |  |
|  BNP Paribas S.A | 4.38 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | &nbsp;&nbsp;&nbsp;&nbsp;52036500 | 52456901 |  | U.S. Treasury Obligations | Open/Demand |  |
|  BNP Paribas S.A | 4.38 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 19093750 | 19248139 |  | U.S. Treasury Obligations | Open/Demand |  |
|  BNP Paribas S.A | 4.38 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 2814000 | 2836754 |  | U.S. Treasury Obligations | Open/Demand |  |
|  Credit Agricole Corporate and Investment Bank | 4.37 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 546081 | 550520 |  | U.S. Treasury Obligations | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.37 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 946250 | 953950 |  | U.S. Treasury Obligations | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.37 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 31149544 | 31403014 |  | U.S. Treasury Obligations | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.37 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 2898750 | 2922338 |  | U.S. Treasury Obligations | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.37 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 14263500 | 14379565 |  | U.S. Treasury Obligations | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.37 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 1622500 | 1635703 |  | U.S. Treasury Obligations | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.37 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 2322000 | 2340895 |  | U.S. Treasury Obligations | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.37 <sup>(b)</sup> |  | 10/05/22 |  | Open |  | 47220000 | 47600633 |  | U.S. Treasury Obligations | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.45 <sup>(b)</sup> |  | 11/09/22 |  | Open |  | 178766 | 179786 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/09/22 |  | Open |  | 833295 | 838086 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/09/22 |  | Open |  | 78138 | 78587 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/09/22 |  | Open |  | 56610 | 56935 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/09/22 |  | Open |  | 167696 | 168660 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/09/22 |  | Open |  | 235875 | 237231 |  | Corporate Bonds | Open/Demand |  |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

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**Reverse Repurchase Agreements (continued)** 

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | <br>| *Trade*<br> *Date* | <br>| *Maturity*<br> *Date* | <br> *<sup>(a)</sup>*  | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | <br>| *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity* <br> *of the Agreements<sup>(a</sup>* | <br>*<sup>)</sup>*  |
|  Nomura Securities International, Inc. | 4.48 %<sup>(b)</sup> |  | 11/09/22 |  | Open |  | $231750 | $233082 |  | Corporate Bonds | Open/Demand |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 2896394 | 2912769 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 6761493 | 6799718 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 1945880 | 1956881 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 3055972 | 3073248 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 1913665 | 1924484 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 2072967 | 2084686 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 2032502 | 2043993 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 2314206 | 2327289 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 2219966 | 2232516 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 1810103 | 1820336 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 5825140 | 5858071 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 2285146 | 2298064 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  HSBC Securities (USA), Inc. | 4.24 |  | 11/10/22 |  | 01/12/23 |  | 885400 | 890405 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Credit Suisse Securities (USA) LLC | (1.75)<sup>(b)</sup> |  | 11/16/22 |  | Open |  | 49940 | 49800 |  | Corporate Bonds | Open/Demand |  |
|  RBC Capital Markets LLC | (1.50)<sup>(b)</sup> |  | 11/22/22 |  | Open |  | 346459 | 345708 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/23/22 |  | Open |  | 153750 | 154379 |  | Corporate Bonds | Open/Demand |  |
|  Barclays Capital, Inc. | (1.75)<sup>(b)</sup> |  | 11/29/22 |  | Open |  | 139694 | 139476 |  | Corporate Bonds | Open/Demand |  |
|  Credit Agricole Corporate and Investment Bank | 4.44 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 3530000 | 3542363 |  | Corporate Bonds | Open/Demand |  |
|  HSBC Securities (USA), Inc. | 4.50 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 3285000 | 3296680 |  | Corporate Bonds | Open/Demand |  |
|  HSBC Securities (USA), Inc. | 4.50 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 2707375 | 2717001 |  | Corporate Bonds | Open/Demand |  |
|  HSBC Securities (USA), Inc. | 4.50 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 2218750 | 2226639 |  | Capital Trusts | Open/Demand |  |
|  HSBC Securities (USA), Inc. | 4.50 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 8281419 | 8310864 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 1104924 | 1108833 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 177000 | 177626 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 371875 | 373191 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 967500 | 970923 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 811102 | 813972 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 871250 | 874332 |  | Corporate Bonds | Open/Demand |  |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 2952750 | 2963249 |  | Corporate Bonds | Open/Demand |  |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 7240447 | 7266191 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 2327447 | 2335702 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 2621250 | 2630547 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 2269625 | 2277675 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 1716875 | 1722964 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 1932125 | 1938978 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 1627031 | 1632802 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 2879062 | 2889274 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.50 <sup>(b)</sup> |  | 11/29/22 |  | Open |  | 4168125 | 4182945 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.15 <sup>(b)</sup> |  | 12/05/22 |  | Open |  | 111221 | 111514 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.30 <sup>(b)</sup> |  | 12/05/22 |  | Open |  | 764444 | 766542 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.54 <sup>(b)</sup> |  | 12/05/22 |  | Open |  | 556000 | 557566 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.35 <sup>(b)</sup> |  | 12/08/22 |  | Open |  | 702012 | 703739 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.45 <sup>(b)</sup> |  | 12/08/22 |  | Open |  | 421875 | 422940 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.50 <sup>(b)</sup> |  | 12/08/22 |  | Open |  | 295895 | 296651 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.45 <sup>(b)</sup> |  | 12/09/22 |  | Open |  | 131250 | 131538 |  | Corporate Bonds | Open/Demand |  |
|  J.P. Morgan Securities LLC | 4.65 |  | 12/12/22 |  | 01/12/23 |  | 8979416 | 9001453 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

**Reverse Repurchase Agreements (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | <br>| *Trade*<br> *Date* | <br>| *Maturity*<br> *Date* | <br> *<sup>(a)</sup>*  | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | <br>| *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity* <br> *of the Agreements<sup>(a</sup>* | <br>*<sup>)</sup>*  |
|  J.P. Morgan Securities LLC | 4.65% |  | 12/12/22 |  | 01/12/23 |  | $2816331 | $2823242 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 13206574 | &nbsp;&nbsp;&nbsp;&nbsp;13237591 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 1415177 | 1418500 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 1756251 | 1760376 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 737798 | 739531 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 602707 | 604122 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 1393274 | 1396546 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 1631584 | 1635416 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 821556 | 823485 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 284765 | 285434 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 577160 | 578515 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 1302352 | 1305411 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 200643 | 201114 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 1970293 | 1974921 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 1508964 | 1512508 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 2114955 | 2119922 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 699455 | 701098 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 1660288 | 1664188 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 1710742 | 1714760 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  Royal Bank of Canada | 4.45 |  | 12/12/22 |  | 01/12/23 |  | 234795 | 235346 |  | U.S. Government Sponsored Agency Securities | Up to 30 Days |  |
|  BNP Paribas S.A | 4.39 <sup>(b)</sup> |  | 12/12/22 |  | Open |  | 74193 | 74345 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.45 <sup>(b)</sup> |  | 12/13/22 |  | Open |  | 150750 | 151048 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/13/22 |  | Open |  | 107070 | 107283 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/13/22 |  | Open |  | 224665 | 225112 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.48 <sup>(b)</sup> |  | 12/14/22 |  | Open |  | 6368562 | 6380532 |  | Foreign Agency Obligations | Open/Demand |  |
|  HSBC Securities (USA), Inc. | 4.00 <sup>(b)</sup> |  | 12/14/22 |  | Open |  | 4318750 | 4326908 |  | Corporate Bonds | Open/Demand |  |
|  J.P. Morgan Securities LLC | 4.40 |  | 12/15/22 |  | 01/06/23 |  | 1240800 | 1243226 |  | Corporate Bonds | Up to 30 Days |  |
|  J.P. Morgan Securities LLC | 4.40 |  | 12/15/22 |  | 01/06/23 |  | 1237250 | 1239670 |  | Corporate Bonds | Up to 30 Days |  |
|  J.P. Morgan Securities LLC | 4.45 |  | 12/15/22 |  | 01/06/23 |  | 797512 | 799090 |  | Corporate Bonds | Up to 30 Days |  |
|  J.P. Morgan Securities LLC | 0.75 |  | 12/15/22 |  | 01/11/23 |  | 202813 | 202880 |  | Corporate Bonds | Up to 30 Days |  |
|  BofA Securities, Inc. | 1.50 |  | 12/15/22 |  | 02/03/23 |  | 170610 | 170724 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 3.50 |  | 12/15/22 |  | 02/03/23 |  | 143514 | 143737 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.25 |  | 12/15/22 |  | 02/03/23 |  | 160916 | 161220 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.25 |  | 12/15/22 |  | 02/03/23 |  | 666491 | 667750 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.25 |  | 12/15/22 |  | 02/03/23 |  | 271000 | 271512 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.35 |  | 12/15/22 |  | 02/03/23 |  | 123629 | 123868 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.35 |  | 12/15/22 |  | 02/03/23 |  | 108870 | 109080 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 210795 | 211207 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 70426 | 70564 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 299425 | 300011 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 452087 | 452972 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 133950 | 134212 |  | Corporate Bonds | 31 - 90 Days |  |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

**Reverse Repurchase Agreements (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | <br>| *Trade*<br> *Date* | <br>| *Maturity*<br> *Date* | <br> *<sup>(a)</sup>*  | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | <br>| *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity* <br> *of the Agreements<sup>(a</sup>* | <br>*<sup>)</sup>*  |
|  BofA Securities, Inc. | 4.40% |  | 12/15/22 |  | 02/03/23 |  | $172575 | $172912 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 534914 | 535960 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 364820 | 365533 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 526875 | 527905 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 345150 | 345825 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 539400 | 540455 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 163800 | 164120 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 125375 | 125620 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 147393 | 147681 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 136000 | 136266 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 352260 | 352949 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 230944 | 231395 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 378125 | 378864 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 428535 | 429373 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 253050 | 253545 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 205125 | 205526 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 170950 | 171284 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 297731 | 298313 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 38431 | 38506 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 287000 | 287561 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 367792 | 368512 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 282937 | 283491 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 134205 | 134467 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 79781 | 79937 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 319995 | 320621 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 2339100 | 2343674 |  | Capital Trusts | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.40 |  | 12/15/22 |  | 02/03/23 |  | 1417500 | 1420272 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.42 |  | 12/15/22 |  | 02/03/23 |  | 972500 | 974410 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 146475 | 146765 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 120540 | 120778 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 132163 | 132424 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 631680 | 632929 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 93713 | 93898 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 272160 | 272698 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 372544 | 373281 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 670000 | 671325 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 839787 | 841448 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 262192 | 262711 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 175840 | 176188 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 89655 | 89832 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 360952 | 361666 |  | Foreign Agency Obligations | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.45 |  | 12/15/22 |  | 02/03/23 |  | 1511640 | 1514630 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.46 |  | 12/15/22 |  | 02/03/23 |  | 1698082 | 1701448 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.48 |  | 12/15/22 |  | 02/03/23 |  | 788750 | 790320 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 259999 | 260519 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 143000 | 143286 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 219535 | 219974 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 159775 | 160095 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 220523 | 220964 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 182188 | 182552 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 272069 | 272613 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 174178 | 174526 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 208500 | 208917 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 301387 | 301990 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 130000 | 130260 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 680000 | 681360 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 86906 | 87080 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 108000 | 108216 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 166110 | 166442 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 175871 | 176223 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 111510 | 111733 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 278500 | 279057 |  | Corporate Bonds | 31 - 90 Days |  |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

**Reverse Repurchase Agreements (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | <br>| *Trade*<br> *Date* | <br>| *Maturity*<br> *Date* | <br> *<sup>(a)</sup>*  | *Face Value* | *Face Value*<br> *Including*<br> *Accrued Interest* | <br>| *Type of Non-Cash Underlying*<br> *Collateral* | *Remaining* <br> *Contractual Maturity* <br> *of the Agreements<sup>(a</sup>* | <br>*<sup>)</sup>*  |
|  BofA Securities, Inc. | 4.50% |  | 12/15/22 |  | 02/03/23 |  | $264784 | $265313 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 444972 | 445862 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 174444 | 174793 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 220306 | 220747 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 225990 | 226442 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 361250 | 361972 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 313954 | 314582 |  | Corporate Bonds | 31 - 90 Days |  |
|  BofA Securities, Inc. | 4.50 |  | 12/15/22 |  | 02/03/23 |  | 96375 | 96568 |  | Foreign Agency Obligations | 31 - 90 Days |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 12/21/22 |  | Open |  | 4209000 | 4214250 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 3.75 <sup>(b)</sup> |  | 12/23/22 |  | Open |  | 174353 | 174443 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.40 <sup>(b)</sup> |  | 12/23/22 |  | Open |  | 236692 | 236837 |  | Corporate Bonds | Open/Demand |  |
|  BNP Paribas S.A | 4.44 <sup>(b)</sup> |  | 12/27/22 |  | Open |  | 2070000 | 2071021 |  | Capital Trusts | Open/Demand |  |
|  BNP Paribas S.A | 4.50 <sup>(b)</sup> |  | 12/27/22 |  | Open |  | 147108 | 147181 |  | Corporate Bonds | Open/Demand |  |
|  Barclays Capital, Inc. | (3.00)<sup>(b)</sup> |  | 12/28/22 |  | Open |  | 19403 | 19398 |  | Corporate Bonds | Open/Demand |  |
|  Credit Suisse Securities (USA) LLC | 2.00 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 85625 | 85639 |  | Corporate Bonds | Open/Demand |  |
|  HSBC Securities (USA), Inc. | 4.50 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 3557362 | 3558697 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.35 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 567000 | 567206 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.35 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 369562 | 369696 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 120416 | 120461 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 328354 | 328476 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 605302 | 605528 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 465075 | 465249 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 184781 | 184850 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 147250 | 147305 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 194628 | 194700 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 196493 | 196566 |  | Corporate Bonds | Open/Demand |  |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 673750 | 674002 |  | Corporate Bonds | Open/Demand |  |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 3900400 | 3901863 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 1787187 | 1787856 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 2211000 | 2211827 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 843325 | 843641 |  | Corporate Bonds | Open/Demand |  |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> |  | 12/28/22 |  | Open |  | 684144 | 684400 |  | Corporate Bonds | Open/Demand |  |
|  |  |  |  |  |  |  | $385163241 | $387219110 |  |  |  |  |

---

<sup>(a)</sup> Certain agreements have no stated maturity and can be terminated by either party at any time.

<sup>(b)</sup> 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<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | 631 | 03/22/23 | $74389 | $(947718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 428 | 03/22/23 | 57151 | (514438) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 188 | 03/31/23 | 20272 | (211103) |
|  |  |  |  | (1673259) |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year Japanese Government Treasury Bonds | 41 | 03/13/23 | 45442 | 673506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 1340 | 03/22/23 | 150268 | 1048259 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 114 | 03/22/23 | 14214 | 62947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 15 | 03/31/23 | 3075 | (2367) |
|  |  |  |  | 1782345 |
|  |  |  |  | $109086 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 947909 | GBP | 775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley & Co. International PLC | 03/15/23 | $9343 |
| USD | 14628 | GBP | 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | 03/15/23 | 96 |
|  |  |  |  |  |  | 9439 |
| USD | 118810 | CAD | 162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 03/15/23 | (903) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945422 | EUR | 2751000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America N.A. | 03/15/23 | (13508) |
| USD | 180511 | EUR | 168674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase Bank N.A. | 03/15/23 | (913) |
| USD | 380123 | EUR | 358720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | 03/15/23 | (5710) |
|  |  |  |  |  |  | (21034) |
|  |  |  |  |  |  | $(11595) |

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Paid*<br> *by the Trust* | *Payment<br>Frequency* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  CDX.NA.HY.39.V1 | 5.00% | Quarterly | 12/20/27 | USD | 7640 | $(59351) | $239959 | $(299310) |
|  CDX.NA.IG.39.V1 | 1.00 | Quarterly | 12/20/27 | USD | 31140 | (260285) | (45123) | (215162) |
|  |  |  |  |  |  | $(319636) | $194836 | $(514472) |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
| 3-Month LIBOR, 4.77% | Quarterly | 1.59% | Semi-Annual | N/A | 10/12/31 | USD | 26700 | $(4625486) | $(1107788) | $(3517698) |
| 1.61% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 03/28/32 | USD | 26000 | 4422980 | 1136714 | 3286266 |
| 1.66% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 04/25/32 | USD | 25400 | 4474879 | 1044999 | 3429880 |
| 1.86% | Semi-Annual | 3-Month LIBOR, 4.77% | Quarterly | N/A | 10/12/41 | USD | 14800 | 3900752 | 814697 | 3086055 |
| 3-Month LIBOR, 4.77% | Quarterly | 1.93% | Semi-Annual | N/A | 10/22/51 | USD | 3550 | (1044869) | (154734) | (890135) |
| 1-Day SOFR, 4.32% | Annual | 3.53% | Annual | N/A | 11/10/52 | USD | 3200 | 186314 | 99 | 186215 |
| 1-Day SOFR, 4.32% | Annual | 3.06% | Annual | N/A | 11/28/52 | USD | 2000 | (58251) | 62 | (58313) |
| 1-Day SOFR, 4.32% | Annual | 3.05% | Annual | N/A | 12/01/52 | USD | 1500 | (45237) | 46 | (45283) |
|  |  |  |  |  |  |  |  | $7211082 | $1734095 | $5476987 |

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Reference Obligation/Index* | *Financing<br>Rate Received*<br> *by the Trust* | *Payment*<br> *Frequency* | *Counterparty* | *Termination*<br> *Date* | *Credit* <br> *Rating<sup>(a</sup>* | <br> *<sup>)</sup>*  | *Notional*<br> *Amount (000)* | <br> *<sup>(b)</sup>*  | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  | Casino, Guichard-Perrachon S.A | 5.00% | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | CCC+ |  | EUR 10 |  | $(513) | $(423) | $(90) |
|  | Novafives S.A.S | 5.00 | Quarterly | Citibank N.A. | 06/20/23 | B- |  | EUR 10 |  | (314) | (332) | 18 |
|  | Thyssenkrupp AG | 1.00 | Quarterly | Bank of America N.A. | 12/20/23 | BB |  | EUR 10 |  | (222) | (212) | (10) |
|  | Virgin Media Finance PLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B |  | EUR 10 |  | 397 | 836 | (439) |
|  | Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Bank of America N.A. | 12/20/26 | B+ |  | EUR 10 |  | (1513) | (351) | (1162) |
|  | Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Barclays Bank PLC | 12/20/26 | B+ |  | EUR 5 |  | (767) | 179 | (946) |
|  | Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Credit Suisse International | 12/20/26 | B+ |  | EUR 5 |  | (747) | 184 | (931) |
|  | Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Credit Suisse International | 12/20/26 | B+ |  | EUR 25 |  | (3782) | 866 | (4648) |
|  | Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/26 | B+ |  | EUR 25 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3783) | 1026 | (4809) |
|  | K&S AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/26 | BB+ |  | EUR 10 |  | 955 | 722 | 233 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

**OTC Credit Default Swaps — Sell Protection (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Reference Obligation/Index* | *Financing<br>Rate Received*<br> *by the Trust* | *Payment*<br> *Frequency* | *Counterparty* | *Termination*<br> *Date* | *Credit* <br> *Rating<sup>(a</sup>* | <br> *<sup>)</sup>*  | *Notional*<br> *Amount (000)* | <br> *<sup>(b)</sup>*  | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  | CMA CGM SA | 5.00% | Quarterly | Credit Suisse International | 06/20/27 | BB+ |  | EUR 40 |  | $1524 | $1658 | $(134) |
|  | CMA CGM SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ |  | EUR 2 |  | 76 | 66 | 10 |
|  | Ladbrokes Coral Group Ltd. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB |  | EUR 10 |  | (786) | (1006) | 220 |
|  | Ladbrokes Coral Group Ltd. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB |  | EUR 30 |  | (2358) | (4815) | 2457 |
|  | Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC- |  | EUR 5 |  | (1396) | (1275) | (121) |
|  | Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC- |  | EUR 3 |  | (839) | (756) | (83) |
|  | Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC- |  | EUR 9 |  | (2359) | (2125) | (234) |
|  | Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC- |  | EUR 3 |  | (685) | (633) | (52) |
|  | Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC- |  | EUR 6 |  | (1433) | (1312) | (121) |
|  | Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | CCC- |  | EUR 4 |  | (1039) | (939) | (100) |
|  | CMBX.NA.9 | 3.00 | Monthly | Credit Suisse International | 09/17/58 | N/R |  | USD 4,000 |  | (751396) | (411564) | (339832) |
|  | CMBX.NA.9 | 3.00 | Monthly | Credit Suisse International | 09/17/58 | N/R |  | USD 199 |  | (37382) | (20473) | (16909) |
|  | CMBX.NA.15 | 3.00 | Monthly | Morgan Stanley & Co. International PLC | 11/15/64 | N/R |  | USD 4,710 |  | (899193) | (883362) | (15831) |
|  |  |  |  |  |  |  |  |  |  | $(1707555) | $(1324041) | $(383514) |

---

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums*<br> *Paid* | *Swap*<br> *Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $3236576 | $(1307645) | $9988416 | $(5025901) |
|  OTC Swaps | 5537 | (1329578) | 2938 | (386452) |

---

<sup>(a)</sup> 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*<br> *Contracts* | *Credit<br>Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $1784712 | $— | $1784712 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 9439 |  |  | 9439 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> |  |  |  |  | 9988416 |  | 9988416 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  | 8475 |  |  |  |  | 8475 |
|  | $— | $8475 | $— | $9439 | $11773128 | $— | $11791042 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $1675626 | $— | $1675626 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts |  |  |  | 21034 |  |  | 21034 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

**Derivative Financial Instruments Categorized by Risk Exposure (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit<br>Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other<br>Contracts* | *Total* |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | $— | $514472 | $— | $— | $4511429 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;5025901 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received |  | 1716030 |  |  |  |  | 1716030 |
|  | $— | $&nbsp;&nbsp;&nbsp;&nbsp;2230502 | $— | $21034 | $&nbsp;&nbsp;&nbsp;&nbsp;6187055 | $— | $8438591 |

---

<sup>(a)</sup> 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 December 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $(9449289) | $— | $(9449289) |
|  Forward foreign currency exchange contracts |  |  |  | 834811 |  |  | 834811 |
|  Options purchased<sup>(a)</sup> |  | (3732) |  |  | 1415045 |  | 1411313 |
|  Options written |  | (2903) |  |  | (4116629) |  | (4119532) |
|  Swaps |  | 43805 |  |  | 4524973 |  | 4568778 |
|  | $— | $37170 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;834811 | $(7625900) | $— | $(6753919) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $(1108417) | $— | $(1108417) |
|  Forward foreign currency exchange contracts |  |  |  | 141169 |  |  | 141169 |
|  Options purchased<sup>(b)</sup> |  |  |  |  | 688971 |  | 688971 |
|  Options written |  |  |  |  | (88306) |  | (88306) |
|  Swaps |  | (552569) |  |  | 4311416 |  | 3758847 |
|  | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(552569) | $— | $141169 | $3803664 | $— | $3392264 |

---

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $111135289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $198022903 |
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $8548141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $263928 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $3156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | $19134628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | $95419501 |
|  Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | $31476538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $22989440 |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $194464000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | $147099375 |

---

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

**Derivative Financial Instruments — Offsetting as of Period End** 

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $515822 | $823361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 9439 | 21034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — centrally cleared | 87160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | 8475 | 1716030 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 620896 | 2560425 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (602982) | (823361) |
|  Total derivative assets and liabilities subject to an MNA | $17914 | $1737064 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | <br>| *Derivatives*<br> *Available*<br> *for Offset* | <br>|
|  Barclays Bank PLC | $179 |  | $(179) | $– |
|  Citibank N.A. | 18 |  | (18) | – |
|  Credit Suisse International | 2708 |  | (2708) | – |
|  JPMorgan Chase Bank N.A. | 4544 |  | (4544) | – |
|  Morgan Stanley & Co. International PLC | 10369 |  | (10369) | – |
|  Royal Bank of Canada | 96 |  | (96) | – |
|  | $17914 |  | $(17914) | $– |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | <br>| *Derivatives*<br> *Available*<br> *for Offset* | <br>| *Cash*<br> *Collateral*<br> *Pledged* | *Net Amount*<br> *of Derivative*<br> *Liabilities* | <br>*<sup>(c)(d)</sup>*  |
|  Bank of America N.A. | $16639 |  | $— | $– | $— | $16639 |  |
|  Barclays Bank PLC | 4144 |  | (179) | – | (3965) |  |  |
|  Citibank N.A. | 1017 |  | (18) | – |  | 999 |  |
|  Credit Suisse International | 794491 |  | (2708) | – | (791783) |  |  |
|  JPMorgan Chase Bank N.A. | 9119 |  | (4544) | – |  | 4575 |  |
|  Morgan Stanley & Co. International PLC | 905041 |  | (10369) | – | (894672) |  |  |
|  Royal Bank of Canada | 5710 |  | (96) | – |  | 5614 |  |
|  Toronto-Dominion Bank | 903 |  |  | – |  | 903 |  |
|  | $1737064 |  | $(17914) | $– | $(1690420) | $28730 |  |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>(d)</sup> Net amount represents the net amount payable due to counterparty in the event of default. 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $78674399 | $1619981 | $80294380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advertising Agencies |  | 456893 |  | 456893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense |  | 14794576 |  | 14794576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airlines |  | 8799240 |  | 8799240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Components |  | 3275731 |  | 3275731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 8102048 |  | 8102048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 6714882 |  | 6714882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages |  | 8293125 |  | 8293125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology |  | 2830078 |  | 2830078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Materials |  | 1571074 |  | 1571074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products |  | 6181777 |  | 6181777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets |  | 10115596 |  | 10115596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 6948926 |  | 6948926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies |  | 2222798 |  | 2222798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment |  | 1522665 |  | 1522665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering |  | 3847614 |  | 3847614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials |  | 225648 |  | 225648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 4106858 |  | 4106858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance |  | 5515818 |  | 5515818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging |  | 2241125 |  | 2241125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services |  | 4823777 |  | 4823777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 30478294 |  | 30478294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services |  | 17580867 |  | 17580867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Education |  | 660435 |  | 660435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities |  | 23445512 |  | 23445512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment |  | 466521 |  | 466521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components |  | 2501214 |  | 2501214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services |  | 1913657 |  | 1913657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental, Maintenance & Security Service |  | 1865269 |  | 1865269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) |  | 11017423 |  | 11017423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing |  | 2848049 |  | 2848049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products |  | 2500434 |  | 2500434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities |  | 52699 |  | 52699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies |  | 2345549 |  | 2345549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services |  | 11518115 |  | 11518115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology |  | 1932549 |  | 1932549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure |  | 8368290 | 2243169 | 10611459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables |  | 1481063 |  | 1481063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products |  | 226354 |  | 226354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers |  | 2074359 |  | 2074359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance |  | 25216673 |  | 25216673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services |  | 1044179 |  | 1044179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet Software & Services |  | 3358528 |  | 3358528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services |  | 4875152 |  | 4875152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products |  | 352492 |  | 352492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery |  | 3354459 |  | 3354459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine |  | 114361 |  | 114361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media |  | 36683397 |  | 36683397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining |  | 7102008 |  | 7102008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail |  | 104974 |  | 104974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities |  | 1129220 |  | 1129220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offshore Drilling & Other Services |  | 1852730 |  | 1852730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49694142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51209491 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | $— | $13249490 | $— | $13249490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 62399 |  | 62399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development |  | 2722101 |  | 2722101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail |  | 7627532 |  | 7627532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment |  | 5393316 |  | 5393316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software |  | 14540670 |  | 14540670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  | 694728 |  | 694728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals |  | 2767174 |  | 2767174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods |  | 270294 |  | 270294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance |  | 482547 |  | 482547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco |  | 5485830 |  | 5485830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 75894 |  | 75894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure |  | 2175874 | 652108 | 2827982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 8772995 |  | 8772995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 7244253 |  | 7244253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 22452346 | 135835 | 22588181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 16135622 |  | 16135622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 20072332 |  | 20072332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage-Backed Securities |  | 68091386 | 477212 | 68568598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34309923 |  | 34309923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 1555107 |  |  | 1555107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trust Preferred | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840157 |  |  | 840157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 151286540 |  | 151286540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 169157242 |  | 169157242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2477689 |  |  | 2477689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 2784359 |  | 2784359 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sale Commitments |  | (7475972) |  | (7475972) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> |  | (14016) |  | (14016) |
|  | $4950121 | $987788475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6566486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999305082 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | $— | $2938 | $— | $2938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 9439 |  | 9439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 1784712 | 9988416 |  | 11773128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (900924) |  | (900924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (21034) |  | (21034) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (1675626) | (4511429) |  | (6187055) |
|  | $109086 | $4567406 | $— | $4676492 |

---

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $387,219,110 are categorized as Level 2 within the fair value hierarchy.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Core Bond Trust (BHK)** |

---

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year 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*<br> *Securities* | *Corporate*<br> *Bonds* | *Floating*<br> *Rate Loan*<br> *Interests* | *Non-Agency*<br> *Mortgage-Backed*<br> *Securities* | *Total* |
|  **Assets** |  |  |  |  |  |
|  Opening balance, as of December 31, 2021 | $2843303 | $6314241 | 580932 | $— | $9738476 |
|  Transfers into Level 3 |  |  | 170740 |  | 170740 |
|  Transfers out of Level 3 | (1350849) |  | (287312) |  | (1638161) |
|  Accrued discounts/premiums | (60431) |  | 961 |  | (59470) |
|  Net realized gain (loss) | 4940 |  | 5374 | 147 | 10461 |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> | 13069 | (1874588) | (45114) | 9616 | (1897017) |
|  Purchases | 559480 |  |  | 469493 | 1028973 |
|  Sales | (389531) | (106195) | (289746) | (2044) | (787516) |
|  Closing balance, as of December 31, 2022 | $1619981 | $4333458 | 135835 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6566486 |
|  Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022<sup>(b)</sup> | $13069 | $(1874588) | (34472) | $9616 | $(1886375) |

---

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

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

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
|  AlbaCore EURO CLO I DAC, Series 1X, Class ER, (3 mo. EURIBOR + 5.96%), 7.36%, 10/18/34<sup>(a)(b)</sup> | EUR | 100 | $87820 |
|  Ares XXXIIR CLO Ltd., Series 2014-32RA, Class B, (3 mo. LIBOR US + 1.80%), 6.41%, 05/15/30<sup>(b)(c)</sup> | USD | 500 | 466858 |
|  Bilbao CLO II DAC, Series 2X, Class DR, (3 mo. EURIBOR + 5.97%), 7.77%, 08/20/35<sup>(a)(b)</sup> | EUR | 100 | 86813 |
|  BlueMountain Fuji Eur CLO IV DAC, Series 4X, Class ER, (3 mo. EURIBOR + 6.21%), 8.07%, 02/25/34<sup>(a)(b)</sup> |  | 100 | 87228 |
|  Contego CLO VIII DAC, Series 8X, Class ER, (3 mo. EURIBOR + 6.06%), 7.60%, 01/25/34<sup>(a)(b)</sup> |  | 100 | 86568 |
|  CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, (3 mo. EURIBOR + 3.15%), 5.20%, 12/15/34<sup>(a)(b)</sup> |  | 100 | 90358 |
|  Galaxy XXVIII CLO Ltd., Series 2018-28A, Class C, (3 mo. LIBOR US + 1.95%), 6.03%, 07/15/31<sup>(b)(c)</sup> | USD | 250 | 233458 |
|  Greene King Finance PLC<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B1, (1 day SONIA + 1.92%), 5.32%, 12/15/34 | GBP | 100 | 91518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B2, (1 day SONIA + 2.20%), 5.60%, 03/15/36<sup>(a)</sup> |  | 100 | 90105 |
|  Neuberger Berman Loan Advisers Euro CLO 2 DAC, Series 2021-2X, Class E, (3 mo. EURIBOR + 6.06%), 7.44%, 04/15/34<sup>(a)(b)</sup> | EUR | 100 | 86822 |
|  Northwoods Capital 21 Euro DAC, Series 2020- 21X, Class ER, (3 mo. EURIBOR + 6.06%), 7.56%, 07/22/34<sup>(a)(b)</sup> |  | 100 | 87238 |
|  Providus CLO III DAC, Series 3X, Class ER, (3 mo. EURIBOR + 6.26%), 7.66%, 07/18/34<sup>(a)(b)</sup> |  | 100 | 87576 |
|  Rockfield Park CLO DAC, Series 1X, Class D, (3 mo. EURIBOR + 5.95%), 8.24%, 07/16/34<sup>(a)(b)</sup> |  | 100 | 88101 |
|  Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32<sup>(a)</sup> | GBP | 300 | 362703 |
|  Voya Euro CLO II DAC, Series 2X, Class ER, (3 mo. EURIBOR + 6.02%), 7.40%, 07/15/35<sup>(a)(b)</sup> | EUR | 100 | 87010 |
|  **Total Asset-Backed Securities — 0.2%<br>(Cost: $2,558,802)** | **Total Asset-Backed Securities — 0.2%<br>(Cost: $2,558,802)** | **Total Asset-Backed Securities — 0.2%<br>(Cost: $2,558,802)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120176 |
|  | *Shares* | *Shares* |  |
|  **Common Stocks** |  |  |  |
| **Building Products — 0.0%** |  |  |  |
|  AZEK Co., Inc.<sup>(d)</sup> |  | 1120 | 22758 |
| **Chemicals — 0.2%** |  |  |  |
|  Diversey Holdings Ltd.<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180731 | 769914 |
|  Element Solutions, Inc. |  | 63538 | 1155756 |
|  |  |  | 1925670 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares* | *Value* |
| **Consumer Finance — 0.0%** |  |  |
|  Ally Financial, Inc. | 1 | $25 |
| **Containers & Packaging — 0.1%** |  |  |
|  Ardagh Metal Packaging SA, (Acquired 08/02/21, Cost: $1,599,352)<sup>(e)</sup> | 162646 | 782327 |
| **Diversified Financial Services<sup>(f)</sup> — 0.0%** |  |  |
|  Kcad Holdings I Ltd. | 2223465984 | 22235 |
|  UCI International Remainco LLC<sup>(d)</sup> | 109729 | 1 |
|  |  | 22236 |
| **Electrical Equipment — 0.0%** |  |  |
|  SunPower Corp.<sup>(d)</sup> | 1025 | 18481 |
| **IT Services<sup>(d)</sup> — 0.0%** |  |  |
|  Block, Inc. | 4614 | 289944 |
|  Twilio, Inc., Class A | 2522 | 123477 |
|  |  | 413421 |
| **Media — 0.0%** |  |  |
|  Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup> | 106185 | 111494 |
| **Metals & Mining — 0.1%** |  |  |
|  Constellium SE<sup>(d)</sup> | 138993 | 1644287 |
| **Oil, Gas & Consumable Fuels — 0.2%** |  |  |
|  Cheniere Energy, Inc. | 5416 | 812183 |
|  Chesapeake Energy Corp.<sup>(g)</sup> | 20521 | 1936567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748750 |
| **Road & Rail — 0.0%** |  |  |
|  Uber Technologies, Inc.<sup>(d)</sup> | 14860 | 367488 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |  |
|  Maxeon Solar Technologies Ltd.<sup>(d)</sup> | 128 | 2056 |
| **Software — 0.1%** |  |  |
|  Informatica, Inc., Class A<sup>(d)</sup> | 62173 | 1012798 |
|  **Total Common Stocks — 0.7%<br>(Cost: $35,334,736)** |  | 9071791 |
|  | *Par*<br> *(000)* |  |
|  **Corporate Bonds** |  |  |
| **Aerospace & Defense — 6.0%** |  |  |
|  Amsted Industries, Inc., 5.63%, 07/01/27<sup>(c)</sup> | USD 890 | 844307 |
|  Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 | 6654 | 6491904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 | 531 | 465245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 | 2051 | 1901638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 | 1952 | 1778163 |
|  Bombardier, Inc.<sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/25 | 385 | 381271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/26 | 6036 | 5856214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 | 4116 | 3992421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 | 3651 | 3376153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/34 | 434 | 434000 |
|  EnPro Industries, Inc., 5.75%, 10/15/26 | 2192 | 2126240 |
|  F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26<sup>(c)</sup> | 2295 | 1876162 |
|  Howmet Aerospace, Inc., 5.13%, 10/01/24 | 44 | 43509 |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Aerospace & Defense (continued)** |  |  |  |
|  Rolls-Royce PLC, 5.75%, 10/15/27<sup>(c)</sup> | USD | 4897 | $4664392 |
|  Spirit AeroSystems, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 |  | 126 | 124508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/29 |  | 2518 | 2650699 |
|  TransDigm, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25<sup>(c)</sup> |  | 1221 | 1239058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26<sup>(c)</sup> |  | 32149 | 31705022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 |  | 328 | 319129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 |  | 445 | 440286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 |  | 4169 | 3665677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 |  | 1665 | 1452296 |
|  Triumph Group, Inc., 8.88%, 06/01/24<sup>(c)</sup> |  | 3402 | 3461535 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79289829 |
| **Airlines — 2.3%** |  |  |  |
|  Air Canada, 3.88%, 08/15/26<sup>(c)</sup> |  | 1881 | 1666063 |
|  Air France-KLM, 3.88%, 07/01/26<sup>(a)</sup> | EUR | 100 | 95780 |
|  Allegiant Travel Co., 7.25%, 08/15/27<sup>(c)</sup> | USD | 553 | 525992 |
|  American Airlines, Inc.,<br>11.75%, 07/15/25<sup>(c)</sup> |  | 5570 | 5974378 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26 |  | 985 | 947062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/29 |  | 4298 | 3928324 |
|  Delta Air Lines, Inc., 7.00%, 05/01/25<sup>(c)</sup> |  | 751 | 767477 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd.,<br>4.75%, 10/20/28<sup>(c)</sup> |  | 949 | 892071 |
|  Deutsche Lufthansa AG<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/11/28 | EUR | 200 | 190005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/14/29 |  | 300 | 271751 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,<br>5.75%, 01/20/26<sup>(c)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 | 1246185 |
|  International Consolidated Airlines Group SA<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/25/25 | EUR | 100 | 97445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/29 |  | 100 | 81889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series IAG, 1.13%, 05/18/28 |  | 200 | 156685 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.,<br>6.50%, 06/20/27<sup>(c)</sup> | USD | 3981 | 3958067 |
|  Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25<sup>(c)</sup> |  | 1166 | 1171551 |
|  United Airlines Pass-Through Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A,<br>5.88%, 10/15/27 |  | 2663 | 2625378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B,<br>4.88%, 01/15/26 |  | 213 | 202988 |
|  United Airlines, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26 |  | 2741 | 2540704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 |  | 3535 | 3077909 |
|  |  |  | 30417704 |
| **Auto Components — 2.0%** |  |  |  |
|  Adient Global Holdings Ltd.,<br>3.50%, 08/15/24<sup>(a)</sup> | EUR | 100 | 102139 |
|  Clarios Global LP, 6.75%, 05/15/25<sup>(c)</sup> | USD | 1189 | 1191748 |
|  Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/26<sup>(a)</sup> | EUR | 201 | 198556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26<sup>(c)</sup> | USD | 6746 | 6594229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/27<sup>(c)</sup> |  | 14253 | 13918005 |
|  Dana Financing Luxembourg SARL,<br>3.00%, 07/15/29<sup>(a)</sup> | EUR | 100 | 81750 |
|  Dealer Tire LLC/DT Issuer LLC,<br>8.00%, 02/01/28<sup>(c)</sup> | USD | 1030 | 906270 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Auto Components (continued)** |  |  |  |
|  Faurecia SE, 2.75%, 02/15/27<sup>(a)</sup> | EUR | 356 | $320641 |
|  Goodyear Tire & Rubber Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/25 | USD | 1085 | 1114840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/29 |  | 520 | 433758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 |  | 311 | 253870 |
|  Grupo Antolin-Irausa SA,<br>3.50%, 04/30/28<sup>(a)</sup> | EUR | 146 | 110359 |
|  Titan International, Inc., 7.00%, 04/30/28 | USD | 348 | 328554 |
|  ZF Finance GmbH<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/06/27 | EUR | 200 | 174526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/25/27 |  | 100 | 89918 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25819163 |
| **Automobiles — 2.3%** |  |  |  |
|  Asbury Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 | USD | 751 | 661180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 |  | 147 | 122944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32<sup>(c)</sup> |  | 953 | 784033 |
|  Constellation Automotive Financing PLC, 4.88%, 07/15/27<sup>(a)</sup> | GBP | 100 | 78789 |
|  Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/32 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067 | 4549896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/32 |  | 876 | 808861 |
|  Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 |  | 713 | 693412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 03/06/25 | GBP | 100 | 114837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 | USD | 200 | 190293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 |  | 2014 | 1936142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25 |  | 2166 | 2027355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 |  | 489 | 442062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26 |  | 507 | 472250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 |  | 1611 | 1398993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 |  | 969 | 903980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 |  | 644 | 576380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/02/27 |  | 200 | 175778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28 |  | 1644 | 1357811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/29 |  | 200 | 159752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 |  | 1448 | 1311229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/30 |  | 1424 | 1168876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/31 |  | 1200 | 942670 |
|  General Motors Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/29 |  | 890 | 849325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32 |  | 531 | 493297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/45 |  | 615 | 499854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/48 |  | 1031 | 842661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/49 |  | 621 | 541211 |
|  Group 1 Automotive, Inc.,<br>4.00%, 08/15/28<sup>(c)</sup> |  | 243 | 205683 |
|  Jaguar Land Rover Automotive PLC<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/26 | EUR | 100 | 94735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/28 |  | 138 | 111555 |
|  Ken Garff Automotive LLC,<br>4.88%, 09/15/28<sup>(c)</sup> | USD | 680 | 568839 |
|  LCM Investments Holdings II LLC,<br>4.88%, 05/01/29<sup>(c)</sup> |  | 1552 | 1242824 |
|  Lithia Motors, Inc., 3.88%, 06/01/29<sup>(c)</sup> |  | 721 | 592741 |
|  MajorDrive Holdings IV LLC,<br>6.38%, 06/01/29<sup>(c)</sup> |  | 975 | 727536 |
|  Penske Automotive Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 |  | 1040 | 965182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/29 |  | 377 | 305990 |
|  RCI Banque SA, (5 year EUR Swap + 2.85%), 2.63%, 02/18/30<sup>(a)(b)</sup> | EUR | 600 | 570695 |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Automobiles (continued)** |  |  |  |
|  Renault SA, 2.38%, 05/25/26<sup>(a)</sup> | EUR | 100 | $96156 |
|  Volvo Car AB, 2.50%, 10/07/27<sup>(a)</sup> |  | 100 | 94113 |
|  Wabash National Corp.,<br>4.50%, 10/15/28<sup>(c)</sup> | USD | 1072 | 912900 |
|  |  |  | 30592820 |
| **Banks — 0.6%** |  |  |  |
|  Banco Espirito Santo SA<sup>(a)(d)(h)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/22 | EUR | 1900 | 244062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/21/22 |  | 1100 | 141299 |
|  Commerzbank AG, (5 year EUR Swap + 6.36%), 6.13%<sup>(a)(b)(i)</sup> |  | 200 | 198586 |
|  First-Citizens Bank & Trust Co.,<br>6.00%, 04/01/36 . | USD | 3261 | 3135398 |
|  HSBC Bank PLC, Series 1M, (6 mo. LIBOR US + 0.25%), 5.40%<sup>(b)(i)</sup> |  | 170 | 117300 |
|  Intesa Sanpaolo SpA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/26<sup>(c)</sup> |  | 600 | 576600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/10/30<sup>(a)</sup> | GBP | 125 | 122955 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 2.60%),<br>4.20%, 06/01/32<sup>(b)(c)</sup> | USD | 855 | 628175 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 year CMT + 2.75%),<br>4.95%, 06/01/42<sup>(b)(c)</sup> |  | 630 | 404554 |
|  Northern Trust Corp., 6.13%, 11/02/32 |  | 1435 | 1513125 |
|  PNC Financial Services Group, Inc., 6.04%, 10/28/33 |  | 1177 | 1225374 |
|  |  |  | 8307428 |
| **Beverages — 2.2%** |  |  |  |
|  ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27<sup>(c)(j)</sup> |  | 3279 | 2280852 |
|  Ardagh Metal Packaging Finance USA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LLC/Ardagh Metal Packaging Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/27<sup>(c)</sup> |  | 3141 | 3074867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/28<sup>(c)</sup> |  | 1708 | 1450852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/29<sup>(a)</sup> | EUR | 607 | 474327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/29<sup>(c)</sup> | USD | 9084 | 7199318 |
|  Ball Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 |  | 151 | 120516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/31 |  | 2110 | 1694604 |
|  Canpack SA/Canpack U.S. LLC,<br>3.13%, 11/01/25<sup>(c)</sup> |  | 584 | 508262 |
|  Crown Cork & Seal Co., Inc.,<br>7.38%, 12/15/26 |  | 155 | 159574 |
|  Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24<sup>(c)</sup> |  | 2321 | 2256818 |
|  OI European Group BV,<br>2.88%, 02/15/25<sup>(a)</sup> | EUR | 100 | 102763 |
|  Silgan Holdings, Inc., 4.13%, 02/01/28 | USD | 150 | 138774 |
|  Trivium Packaging Finance BV<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 |  | 3921 | 3595305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 |  | 6524 | 5985932 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29042764 |
| **Biotechnology<sup>(a)</sup> — 0.0%** |  |  |  |
|  Cidron Aida Finco SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/28 | EUR | 163 | 148747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 | GBP | 133 | 130240 |
|  |  |  | 278987 |
| **Building Materials — 1.2%** |  |  |  |
|  Camelot Return Merger Sub, Inc.,<br>8.75%, 08/01/28<sup>(c)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | 921301 |
|  HT Troplast GmbH, 9.25%, 07/15/25<sup>(a)</sup> | EUR | 128 | 124261 |
|  James Hardie International Finance DAC, 5.00%, 01/15/28<sup>(c)</sup> | USD | 458 | 420215 |
|  Jeld-Wen, Inc., 6.25%, 05/15/25<sup>(c)</sup> |  | 852 | 796913 |
|  Masonite International Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C, 5.38%, 02/01/28 |  | 239 | 220982 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Building Materials (continued)** |  |  |  |
|  Masonite International Corp.<sup>(c)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C, 3.50%, 02/15/30 | USD | 1179 | $953724 |
|  New Enterprise Stone & Lime Co., Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 |  | 435 | 386267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/28 |  | 640 | 591321 |
|  PCF GmbH, 4.75%, 04/15/26<sup>(a)</sup> | EUR | 100 | 88419 |
|  Smyrna Ready Mix Concrete LLC,<br>6.00%, 11/01/28<sup>(c)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5538 | 4954849 |
|  Standard Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/21/26<sup>(a)</sup> | EUR | 100 | 90989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27<sup>(c)</sup> | USD | 704 | 649604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(c)</sup> |  | 100 | 89989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/30<sup>(c)</sup> |  | 4458 | 3632934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/31<sup>(c)</sup> |  | 819 | 616300 |
|  Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29<sup>(c)</sup> |  | 923 | 859336 |
|  |  |  | 15397404 |
| **Building Products<sup>(c)</sup> — 1.6%** |  |  |  |
|  Advanced Drainage Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/27 |  | 1187 | 1106878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/30 |  | 2305 | 2239676 |
|  Beacon Roofing Supply, Inc.,<br>4.13%, 05/15/29 |  | 552 | 458707 |
|  Foundation Building Materials, Inc.,<br>6.00%, 03/01/29 |  | 586 | 438740 |
|  GYP Holdings III Corp., 4.63%, 05/01/29 |  | 1296 | 1058142 |
|  LBM Acquisition LLC, 6.25%, 01/15/29 |  | 188 | 119634 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 |  | 386 | 310792 |
|  SRS Distribution, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/01/28 |  | 4396 | 3896923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/01/29 |  | 2619 | 2117514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/29 |  | 2622 | 2086727 |
|  White Cap Buyer LLC, 6.88%, 10/15/28 |  | 6364 | 5504916 |
|  White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26<sup>(j)</sup> |  | 2051 | 1773069 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21111718 |
| **Capital Markets — 2.2%** |  |  |  |
|  AG TTMT Escrow Issuer LLC,<br>8.63%, 09/30/27<sup>(c)</sup> |  | 708 | 711540 |
|  Aretec Escrow Issuer, Inc.,<br>7.50%, 04/01/29<sup>(c)</sup> |  | 613 | 505868 |
|  Blackstone Private Credit Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/29/25<sup>(c)</sup> |  | 432 | 428575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 |  | 590 | 496757 |
|  Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%<sup>(b)(i)</sup> |  | 3275 | 2611649 |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/29<sup>(c)</sup> |  | 1129 | 966188 |
|  GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |  | 1733 | 1385334 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 |  | 591 | 566622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 |  | 800 | 768717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 |  | 3986 | 3649581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 |  | 1324 | 1119641 |
|  Kane Bidco Ltd., 6.50%, 02/15/27<sup>(a)</sup> | GBP | 165 | 165566 |
|  Lehman Brothers Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(d)(h)(i)</sup> | USD | 1535 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/17/12 | EUR | 350 | 1686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/16/14 |  | 1890 | 9104 |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Capital Markets (continued)** |  |  |  |
|  Lehman Brothers Holdings, Inc. (continued) | Lehman Brothers Holdings, Inc. (continued) | Lehman Brothers Holdings, Inc. (continued) | Lehman Brothers Holdings, Inc. (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(d)(h)(i)</sup> | USD | 430 | $1505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/05/22 | EUR | 3950 | 19027 |
|  NFP Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/28 | USD | 2647 | 2253380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/28 |  | 7738 | 6378271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/30 |  | 1700 | 1598652 |
|  Owl Rock Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/25 |  | 1102 | 1018149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/26 |  | 197 | 180850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 |  | 785 | 685428 |
|  Owl Rock Core Income Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/21/25 |  | 873 | 846289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/23/26 |  | 540 | 459520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/16/27<sup>(c)</sup> |  | 1852 | 1846008 |
|  Sherwood Financing PLC,<br>6.00%, 11/15/26<sup>(a)</sup> | GBP | 100 | 93089 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28772368 |
| **Chemicals — 3.2%** |  |  |  |
|  Ashland LLC, 3.38%, 09/01/31<sup>(c)</sup> | USD | 1561 | 1247662 |
|  Avient Corp., 7.13%, 08/01/30<sup>(c)</sup> |  | 799 | 781048 |
|  Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25<sup>(a)</sup> | EUR | 242 | 247604 |
|  Axalta Coating Systems LLC,<br>3.38%, 02/15/29<sup>(c)</sup>  | USD | 3912 | 3228046 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV,<br>4.75%, 06/15/27<sup>(c)</sup> |  | 3148 | 2910011 |
|  Celanese U.S. Holdings LLC,<br>6.17%, 07/15/27 |  | 1120 | 1104685 |
|  Chemours Co., 5.75%, 11/15/28<sup>(c)</sup> |  | 609 | 547022 |
|  Diamond BC BV, 4.63%, 10/01/29<sup>(c)</sup> |  | 3820 | 3065550 |
|  Element Solutions, Inc.,<br>3.88%, 09/01/28<sup>(c)</sup> |  | 6997 | 5947450 |
|  FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(a)</sup> | EUR | 100 | 84875 |
|  HB Fuller Co., 4.25%, 10/15/28 | USD | 606 | 536310 |
|  Herens Holdco SARL, 4.75%, 05/15/28<sup>(c)</sup> |  | 4049 | 3026263 |
|  Herens Midco SARL, 5.25%, 05/15/29<sup>(a)</sup> | EUR | 102 | 75410 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(c)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | 1355470 |
|  Ingevity Corp., 3.88%, 11/01/28<sup>(c)</sup> |  | 494 | 424773 |
|  Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26<sup>(c)(j)</sup> |  | 1348 | 943600 |
|  LSF11 A5 HoldCo LLC,<br>6.63%, 10/15/29<sup>(c)</sup> |  | 610 | 503928 |
|  Minerals Technologies, Inc.,<br>5.00%, 07/01/28<sup>(c)</sup> |  | 878 | 781947 |
|  Monitchem HoldCo 3 SA,<br>5.25%, 03/15/25<sup>(a)</sup> | EUR | 122 | 125195 |
|  NOVA Chemicals Corp.,<br>4.88%, 06/01/24<sup>(c)</sup> | USD | 456 | 441178 |
|  SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26<sup>(c)</sup> |  | 1284 | 1088190 |
|  Scotts Miracle-Gro Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31 |  | 843 | 644003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/32 |  | 146 | 110040 |
|  SK Invictus Intermediate II Sarl,<br>5.00%, 10/30/29<sup>(c)</sup> |  | 4319 | 3541580 |
|  WESCO Distribution, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/25 |  | 1940 | 1964274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28 |  | 2820 | 2856587 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |  |
|  WR Grace Holdings LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 | USD | 733 | $649533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/29 |  | 5346 | 4315665 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42547899 |
| **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |  |
|  ADT Security Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/29 |  | 104 | 88447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/32 |  | 168 | 142771 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc., 6.13%, 10/15/26<sup>(c)</sup> |  | 940 | 838301 |
|  AMN Healthcare, Inc., 4.00%, 04/15/29<sup>(c)</sup> |  | 502 | 429582 |
|  APX Group, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/27 |  | 1620 | 1559331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/29 |  | 1478 | 1224060 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29<sup>(c)</sup> |  | 198 | 169377 |
|  BCP V Modular Services Finance II PLC<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/28 | EUR | 200 | 178765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/30/28 | GBP | 100 | 100978 |
|  EC Finance PLC, 3.00%, 10/15/26<sup>(a)</sup> | EUR | 209 | 201463 |
|  Fortress Transportation & Infrastructure Investors LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 | USD | 295 | 277360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 08/01/27 |  | 261 | 261653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28 |  | 1713 | 1461377 |
|  Herc Holdings, Inc., 5.50%, 07/15/27<sup>(c)</sup> |  | 2566 | 2393437 |
|  Hertz Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/26 |  | 666 | 557775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 |  | 476 | 361094 |
|  Inter Media & Communication SpA,<br>6.75%, 02/09/27<sup>(a)</sup> | EUR | 100 | 101157 |
|  Loxam SAS<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/14/25 |  | 268 | 272512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/26 |  | 115 | 110634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 |  | 101 | 98481 |
|  Metis Merger Sub LLC, 6.50%, 05/15/29<sup>(c)</sup> | USD | 763 | 640525 |
|  NESCO Holdings II, Inc.,<br>5.50%, 04/15/29<sup>(c)</sup> |  | 1353 | 1183875 |
|  Paprec Holding SA, 3.50%, 07/01/28<sup>(a)</sup> | EUR | 100 | 92188 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26 | USD | 978 | 941325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 |  | 3124 | 2843340 |
|  Sotheby's/Bidfair Holdings, Inc.,<br>5.88%, 06/01/29<sup>(c)</sup> |  | 2072 | 1739859 |
|  United Rentals North America, Inc.,<br>5.25%, 01/15/30 |  | 496 | 466032 |
|  Verisure Holding AB, 3.88%, 07/15/26<sup>(a)</sup> | EUR | 140 | 135254 |
|  Williams Scotsman International, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652 | 1635480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/15/28 |  | 1196 | 1079390 |
|  |  |  | 21585823 |
| **Communications Equipment — 1.1%** |  |  |  |
|  Ciena Corp., 4.00%, 01/31/30<sup>(c)</sup> |  | 548 | 482300 |
|  CommScope Technologies LLC,<br>6.00%, 06/15/25<sup>(c)</sup> |  | 3219 | 2929290 |
|  CommScope, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/26 |  | 4383 | 4045027 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | <br> **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Communications Equipment (continued)** | **Communications Equipment (continued)** | **Communications Equipment (continued)** |  |
|  CommScope, Inc.<sup>(c)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 | USD | 717 | $555675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/28 |  | 1152 | 823529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/29 |  | 1804 | 1454385 |
|  Nokia OYJ, 4.38%, 06/12/27 |  | 439 | 414447 |
|  Viasat, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 |  | 1109 | 1028916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/27 |  | 837 | 760289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 |  | 1011 | 758475 |
|  Viavi Solutions, Inc., 3.75%, 10/01/29<sup>(c)</sup> |  | 1821 | 1530468 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14782801 |
| **Construction Materials<sup>(c)</sup> — 0.1%** |  |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/28 |  | 341 | 304240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 |  | 299 | 244418 |
|  BCPE Empire Holdings, Inc.,<br>7.63%, 05/01/27 |  | 688 | 616985 |
|  H&E Equipment Services, Inc.,<br>3.88%, 12/15/28 |  | 358 | 304941 |
|  Resideo Funding, Inc., 4.00%, 09/01/29 |  | 290 | 234479 |
|  |  |  | 1705063 |
| **Consumer Discretionary — 2.5%** |  |  |  |
|  APi Group DE, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/15/29 |  | 727 | 602552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/29 |  | 542 | 469836 |
|  Carnival Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 02/01/26<sup>(a)</sup> | EUR | 201 | 212716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/26<sup>(c)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | 1189636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26<sup>(c)</sup> |  | 395 | 313075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27<sup>(c)</sup> |  | 4951 | 3535212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/01/27<sup>(c)</sup> |  | 1240 | 1171800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28<sup>(c)</sup> |  | 3168 | 2583219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/29<sup>(c)</sup> |  | 1911 | 1273456 |
|  Carnival Holdings Bermuda Ltd.,<br>10.38%, 05/01/28<sup>(c)</sup> |  | 5988 | 6147341 |
|  CoreLogic, Inc., 4.50%, 05/01/28<sup>(c)</sup> |  | 2266 | 1738475 |
|  Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc.,<br>5.00%, 02/01/26<sup>(c)</sup> . |  | 561 | 499290 |
|  Life Time, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/26 |  | 1307 | 1216163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/26 |  | 1019 | 917100 |
|  Lindblad Expeditions LLC,<br>6.75%, 02/15/27<sup>(c)</sup> |  | 1551 | 1407021 |
|  NCL Corp. Ltd.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 |  | 1545 | 1213551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 |  | 355 | 267152 |
|  NCL Finance Ltd., 6.13%, 03/15/28<sup>(c)</sup> |  | 849 | 626750 |
|  Neptune Bidco U.S., Inc.,<br>9.29%, 04/15/29<sup>(c)</sup> |  | 1165 | 1098012 |
|  Royal Caribbean Cruises Ltd.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 06/01/25 |  | 725 | 777562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/26 |  | 462 | 373457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/26 |  | 458 | 385293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/27 |  | 868 | 702820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/27 |  | 860 | 863638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/28 |  | 224 | 178762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 |  | 923 | 925307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/29 |  | 1695 | 1741782 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Consumer Discretionary (continued)** |  |  |  |
|  Techem Verwaltungsgesellschaft 674 mbH, 6.00%, 07/30/26<sup>(a)</sup> | EUR | 88 | $88267 |
|  Viking Ocean Cruises Ship VII Ltd.,<br>5.63%, 02/15/29<sup>(c)</sup> | USD | 302 | 243110 |
|  |  |  | 32762355 |
| **Consumer Finance — 3.4%** |  |  |  |
|  American Express Co., (5 year CMT + 2.85%), 3.55%<sup>(b)(i)</sup> |  | 4020 | 3302430 |
|  Block, Inc., 3.50%, 06/01/31 |  | 8694 | 6937160 |
|  Discover Financial Services,<br>6.70%, 11/29/32 |  | 445 | 452332 |
|  Encore Capital Group, Inc.<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/26 | GBP | 100 | 108080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 |  | 159 | 147531 |
|  Global Payments, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 | USD | 385 | 373451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 |  | 671 | 570385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/30 |  | 542 | 444097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/32 |  | 2892 | 2754198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/52 |  | 2569 | 2322789 |
|  HealthEquity, Inc., 4.50%, 10/01/29<sup>(c)</sup> |  | 2913 | 2545671 |
|  Iron Mountain U.K. PLC, 3.88%, 11/15/25<sup>(a)</sup> | GBP | 100 | 111566 |
|  MPH Acquisition Holdings LLC,<br>5.50%, 09/01/28<sup>(c)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | 892434 |
|  Navient Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24 |  | 1297 | 1270566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/24 |  | 665 | 643421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/29 |  | 564 | 460224 |
|  Nexi SpA, 0.00%, 02/24/28<sup>(a)(k)</sup> | EUR | 100 | 76547 |
|  OneMain Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/25 | USD | 585 | 561995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26 |  | 1766 | 1679254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 |  | 1027 | 850325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 |  | 720 | 662998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 |  | 283 | 231466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 |  | 446 | 332778 |
|  Sabre Global, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 |  | 1250 | 1245159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 |  | 1947 | 1871145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/27 |  | 485 | 499417 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26<sup>(c)</sup> |  | 2520 | 2380871 |
|  SLM Corp., 3.13%, 11/02/26 |  | 930 | 790918 |
|  Verscend Escrow Corp., 9.75%, 08/15/26<sup>(c)</sup> |  | 10288 | 10079256 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44598464 |
| **Containers & Packaging — 0.8%** |  |  |  |
|  Clydesdale Acquisition Holdings, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/29 |  | 4060 | 3860047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 |  | 3713 | 3178222 |
|  Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |  | 433 | 412900 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 |  | 439 | 426159 |
|  Fiber Bidco SpA, 11.00%, 10/25/27<sup>(a)</sup> | EUR | 100 | 113211 |
|  Graphic Packaging International LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27<sup>(c)</sup> | USD | 574 | 540278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28<sup>(c)</sup> |  | 67 | 58311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/01/29<sup>(a)</sup> | EUR | 556 | 520831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29<sup>(c)</sup> | USD | 156 | 132916 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | <br> **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Containers & Packaging (continued)** |  |  |  |
|  Kleopatra Finco SARL,<br>4.25%, 03/01/26<sup>(a)</sup> | EUR | 200 | $166344 |
|  LABL, Inc., 5.88%, 11/01/28<sup>(c)</sup> | USD | 1415 | 1232847 |
|  Sealed Air Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/24 |  | 142 | 139515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/27 |  | 412 | 373740 |
|  |  |  | 11155321 |
| **Diversified Consumer Services — 2.9%** | **Diversified Consumer Services — 2.9%** | **Diversified Consumer Services — 2.9%** |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 |  | 8313 | 7606395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/27 |  | 3116 | 2710920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 |  | 5836 | 4235533 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/28<sup>(c)</sup> |  | 6945 | 5689065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/28<sup>(a)</sup> | GBP | 100 | 94661 |
|  Brink's Co., 5.50%, 07/15/25<sup>(c)</sup> | USD | 281 | 275894 |
|  Clarivate Science Holdings Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 |  | 5606 | 4857016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/29 |  | 5334 | 4535767 |
|  Garda World Security Corp.,<br>4.63%, 02/15/27<sup>(c)</sup> |  | 807 | 712565 |
|  Graham Holdings Co.,<br>5.75%, 06/01/26<sup>(c)</sup> |  | 705 | 692733 |
|  Rekeep SpA, 7.25%, 02/01/26<sup>(a)</sup> | EUR | 100 | 88979 |
|  Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 | USD | 269 | 252194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 |  | 270 | 219485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 |  | 2401 | 2022184 |
|  Sotheby's, 7.38%, 10/15/27<sup>(c)</sup> |  | 4880 | 4575631 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38569022 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |  |
|  Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28<sup>(c)</sup> |  | 2432 | 1939520 |
|  Bank of America Corp., (1 day SOFR + 1.99%), 6.20%, 11/10/28<sup>(b)</sup> |  | 2115 | 2183678 |
|  Barclays PLC, 5.20%, 05/12/26 |  | 800 | 777996 |
|  Blackstone Holdings Finance Co. LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/03/27 |  | 1565 | 1576718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/22/33 |  | 1774 | 1788204 |
|  Deutsche Bank AG, (5 year EURIBOR ICE Swap Rate + 3.30%),<br>4.00%, 06/24/32<sup>(a)(b)</sup> | EUR | 100 | 94708 |
|  Garfunkelux Holdco 3 SA<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/01/25 |  | 200 | 170683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/01/25 | GBP | 100 | 93932 |
|  Global Aircraft Leasing Co. Ltd.<sup>(c)(j)</sup><br>(6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 | USD | 708 | 601733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24 |  | 1563 | 1328265 |
|  HSBC Holdings PLC, (1 day SOFR + 3.35%), 7.39%, 11/03/28<sup>(b)</sup> |  | 1470 | 1544897 |
|  Intrum AB<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/25 | EUR | 200 | 194094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/26 |  | 201 | 179928 |
|  ION Trading Technologies SARL, 5.75%, 05/15/28<sup>(c)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | 1057195 |
|  Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28<sup>(c)</sup> |  | 1779 | 1451184 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |  |  |
|  JPMorgan Chase & Co., (1 day SOFR + 2.58%), 5.72%, 09/14/33<sup>(b)</sup> | USD | 943 | $| 920418 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 |  | 780 |  | 655223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 |  | 370 |  | 298723 |
|  Lincoln Financing SARL, 3.63%, 04/01/24<sup>(a)</sup> | EUR | 100 |  | 105439 |
|  Spectrum Brands, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 | USD | 424 |  | 366941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/30 |  | 292 |  | 257700 |
|  UBS Group AG, (5 year CMT + 3.31%), 4.38%<sup>(b)(c)(i)</sup> |  | 950 |  | 721771 |
|  UniCredit SpA, (5 year EUR Swap + 2.80%), 2.73%, 01/15/32<sup>(a)(b)</sup> | EUR | 200 |  | 179844 |
|  VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.38%, 02/01/30<sup>(c)</sup> | USD | 862 |  | 691173 |
|  |  |  |  | 19179967 |
| **Diversified Telecommunication Services — 3.8%** | **Diversified Telecommunication Services — 3.8%** | **Diversified Telecommunication Services — 3.8%** | **Diversified Telecommunication Services — 3.8%** | **Diversified Telecommunication Services — 3.8%** |
|  Consolidated Communications, Inc.,<br>6.50%, 10/01/28<sup>(c)</sup> |  | 2164 |  | 1681560 |
|  Level 3 Financing, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 |  | 4373 |  | 3695121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 |  | 601 |  | 500333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 |  | 1798 |  | 1416285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 |  | 3011 |  | 2204778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 |  | 1831 |  | 1317167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 |  | 219 |  | 172821 |
|  Lumen Technologies, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 |  | 5287 |  | 4480481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 |  | 3768 |  | 2600719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 |  | 206 |  | 148306 |
|  SoftBank Group Corp.<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/06/24 | EUR | 149 |  | 149528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/30/25 |  | 269 |  | 269234 |
|  Sprint Capital Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/28 | USD | 7661 |  | 7951658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 |  | 6944 |  | 8264054 |
|  Telecom Italia Capital SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33 |  | 1521 |  | 1244315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/34 |  | 2322 |  | 1754735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 |  | 266 |  | 215965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 |  | 251 |  | 208330 |
|  Telecom Italia Finance SA, 7.75%, 01/24/33 | EUR | 83 |  | 93467 |
|  Telecom Italia SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/30/24<sup>(c)</sup> | USD | 322 |  | 305076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/25<sup>(a)</sup> | EUR | 139 |  | 137634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/30/25<sup>(a)</sup> |  | 100 |  | 99111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/18/29<sup>(a)</sup> |  | 410 |  | 333450 |
|  Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 4.75%, 04/15/28<sup>(c)</sup> | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 |  | 546400 |
|  Zayo Group Holdings, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 |  | 5568 |  | 4112358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/28 |  | 10529 |  | 5970771 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49873657 |
| **Electric Utilities — 0.6%** |  |  |  |  |
|  Edison International, Series A, (5 year CMT + 4.70%), 5.38%<sup>(b)(i)</sup> |  | 2200 |  | 1800458 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | <br> **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Electric Utilities (continued)** |  |  |  |  |
|  EDP - Energias de Portugal SA, (5 year EUR Swap + 2.38%),<br>1.88%, 08/02/81<sup>(a)(b)</sup> | EUR | 100 | $| 91256 |
|  FirstEnergy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 | USD | 543 |  | 442730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30 |  | 117 |  | 92863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 |  | 3563 |  | 2350867 |
|  FirstEnergy Transmission LLC<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/44 |  | 2074 |  | 1929288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/49 |  | 814 |  | 658647 |
|  NextEra Energy Operating Partners LP, 4.25%, 07/15/24<sup>(c)</sup> |  | 337 |  | 326890 |
|  |  |  |  | 7692999 |
| **Electrical Equipment<sup>(c)</sup> — 0.2%** |  |  |  |  |
|  Gates Global LLC/Gates Corp.,<br>6.25%, 01/15/26 |  | 2205 |  | 2127825 |
|  GrafTech Finance, Inc., 4.63%, 12/15/28 |  | 717 |  | 588817 |
|  |  |  |  | 2716642 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
|  BWX Technologies, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/28 |  | 2910 |  | 2615363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/29 |  | 1267 |  | 1108875 |
|  CDW LLC/CDW Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/28 |  | 675 |  | 577908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 |  | 1434 |  | 1221323 |
|  Imola Merger Corp., 4.75%, 05/15/29<sup>(c)</sup> |  | 2760 |  | 2394613 |
|  Vertiv Group Corp., 4.13%, 11/15/28<sup>(c)</sup> |  | 5085 |  | 4322250 |
|  |  |  |  | 12240332 |
| **Energy Equipment & Services — 0.8%** |  |  |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 |  | 1414 |  | 1349895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 |  | 2389 |  | 2185964 |
|  Saipem Finance International BV,<br>3.38%, 07/15/26<sup>(a)</sup> | EUR | 100 |  | 97218 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/26 | USD | 2757 |  | 2644763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/27 |  | 1063 |  | 993905 |
|  Vallourec SA, 8.50%, 06/30/26<sup>(a)</sup> | EUR | 125 |  | 131181 |
|  Weatherford International Ltd.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/01/24 | USD | 26 |  | 26521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 |  | 922 |  | 903837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/30/30 |  | 1785 |  | 1714150 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047434 |
| **Environmental, Maintenance & Security Service — 1.3%** | **Environmental, Maintenance & Security Service — 1.3%** | **Environmental, Maintenance & Security Service — 1.3%** | **Environmental, Maintenance & Security Service — 1.3%** | **Environmental, Maintenance & Security Service — 1.3%** |
|  Clean Harbors, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/27 |  | 678 |  | 642405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 |  | 909 |  | 843054 |
|  Covanta Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/29<sup>(c)</sup> |  | 472 |  | 386695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 |  | 520 |  | 419920 |
|  GFL Environmental, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25 |  | 487 |  | 465181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 |  | 427 |  | 403515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 |  | 1283 |  | 1226943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 |  | 2291 |  | 1958805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/28 |  | 408 |  | 358698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 |  | 2908 |  | 2545227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/29 |  | 1618 |  | 1371174 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** |
|  Stericycle, Inc., 3.88%, 01/15/29<sup>(c)</sup> | USD | 768 | $| 670080 |
|  Tervita Corp., 11.00%, 12/01/25<sup>(c)</sup> |  | 415 |  | 446153 |
|  Waste Pro USA, Inc., 5.50%, 02/15/26<sup>(c)</sup> |  | 5436 |  | 4800532 |
|  |  |  |  | 16538382 |
| **Equity Real Estate Investment Trusts (REITs) — 1.7%** | **Equity Real Estate Investment Trusts (REITs) — 1.7%** | **Equity Real Estate Investment Trusts (REITs) — 1.7%** | **Equity Real Estate Investment Trusts (REITs) — 1.7%** | **Equity Real Estate Investment Trusts (REITs) — 1.7%** |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 |  | 484 |  | 393953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 |  | 2037 |  | 1816588 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<sup>(c)</sup> |  | 962 |  | 804054 |
|  Digital Realty Trust LP, 5.55%, 01/15/28 |  | 600 |  | 603967 |
|  Equinix, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 |  | 1068 |  | 929610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 |  | 1007 |  | 894662 |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP,<br>3.75%, 12/15/27<sup>(c)</sup> |  | 774 |  | 640034 |
|  HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26<sup>(c)</sup> |  | 1021 |  | 887045 |
|  Iron Mountain, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 |  | 150 |  | 134727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/30 |  | 694 |  | 603086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 |  | 2285 |  | 1980218 |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 |  | 187 |  | 157179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 3134 |  | 2389940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/31 |  | 4369 |  | 2994878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 03/24/25 | EUR | 200 |  | 192724 |
|  RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 | USD | 3260 |  | 2950337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/29<sup>(c)</sup> |  | 2213 |  | 1908919 |
|  RLJ Lodging Trust LP<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/26 |  | 690 |  | 614506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/29 |  | 530 |  | 429653 |
|  VICI Properties LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 |  | 233 |  | 221040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 |  | 1185 |  | 1128022 |
|  VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29<sup>(c)</sup> |  | 241 |  | 211221 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22886363 |
| **Food & Staples Retailing — 1.6%** |  |  |  |  |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 |  | 1678 |  | 1530428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 |  | 1668 |  | 1549355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 |  | 1440 |  | 1368979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 |  | 1150 |  | 1026329 |
|  Bellis Acquisition Co. PLC, 4.50%, 02/16/26<sup>(a)</sup> | GBP | 225 |  | 227340 |
|  Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(c)</sup> | USD | 2203 |  | 2153433 |
|  Kraft Heinz Foods Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/49 |  | 1382 |  | 1199635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/50 |  | 2855 |  | 2728513 |
|  Lamb Weston Holdings, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 |  | 1006 |  | 953185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 |  | 1483 |  | 1309786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32 |  | 1481 |  | 1293950 |
|  Ocado Group PLC, 3.88%, 10/08/26<sup>(a)</sup> | GBP | 120 |  | 111707 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | <br> **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Food & Staples Retailing (continued)** |  |  |  |
|  Performance Food Group, Inc.,<br>4.25%, 08/01/29<sup>(c)</sup> | USD | 1890 | $1637912 |
|  Picard Groupe SAS, 3.88%, 07/01/26<sup>(a)</sup> | EUR | 112 | 102034 |
|  Post Holdings, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 | USD | 2 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 |  | 104 | 97900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 |  | 243 | 219894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/31 |  | 194 | 163088 |
|  Premier Foods Finance PLC,<br>3.50%, 10/15/26<sup>(a)</sup>  | GBP | 100 | 105783 |
|  U.S. Foods, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/25 | USD | 841 | 832197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 |  | 1687 | 1497921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 |  | 149 | 131212 |
|  United Natural Foods, Inc.,<br>6.75%, 10/15/28<sup>(c)</sup> |  | 454 | 436215 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20678730 |
| **Food Products — 1.5%** |  |  |  |
|  Aramark International Finance SARL, 3.13%, 04/01/25<sup>(a)</sup> | EUR | 363 | 371088 |
|  Aramark Services, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 | USD | 14 | 13661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25 |  | 1513 | 1494405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 |  | 4474 | 4173951 |
|  Chobani LLC/Chobani Finance Corp., Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 |  | 6396 | 6228105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/28 |  | 4596 | 4001324 |
|  Darling Global Finance BV,<br>3.63%, 05/15/26<sup>(a)</sup> | EUR | 200 | 207667 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31<sup>(c)</sup> | USD | 1672 | 1365858 |
|  Pilgrim's Pride Corp., 3.50%, 03/01/32<sup>(c)</sup> |  | 990 | 774675 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29<sup>(c)</sup> |  | 746 | 607283 |
|  |  |  | 19238017 |
| **Gas Utilities — 0.0%** |  |  |  |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31<sup>(c)</sup> |  | 537 | 456441 |
| **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |  |  |
|  Avantor Funding, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/28<sup>(a)</sup> | EUR | 100 | 98321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28<sup>(c)</sup> | USD | 4615 | 4193373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/29<sup>(c)</sup> |  | 2360 | 1981810 |
|  Embecta Corp., 6.75%, 02/15/30<sup>(c)</sup> |  | 376 | 339340 |
|  Garden Spinco Corp., 8.63%, 07/20/30<sup>(c)</sup> |  | 963 | 1020780 |
|  |  |  | 7633624 |
| **Health Care Providers & Services — 3.4%** |  |  |  |
|  Acadia Healthcare Co., Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/28 |  | 604 | 572894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 |  | 419 | 385354 |
|  AdaptHealth LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/01/28 |  | 372 | 341008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/30 |  | 146 | 124288 |
|  AHP Health Partners, Inc.,<br>5.75%, 07/15/29<sup>(c)</sup> |  | 1951 | 1524219 |
|  Cano Health LLC, 6.25%, 10/01/28<sup>(c)</sup> |  | 646 | 390830 |
|  Centene Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 |  | 2206 | 1861974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 |  | 4051 | 3320804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 |  | 4823 | 3773868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 |  | 1540 | 1210132 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Health Care Providers & Services (continued)** |  |  |  |
|  CHS/Community Health Systems, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 | USD | 437 | $374710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 |  | 3155 | 2639094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 |  | 1640 | 1236621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 |  | 302 | 219258 |
|  Encompass Health Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 |  | 116 | 105374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 |  | 2074 | 1821267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 |  | 1035 | 889600 |
|  HCA, Inc., 4.63%, 03/15/52<sup>(c)</sup> |  | 1545 | 1202467 |
|  Legacy LifePoint Health LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/25 |  | 1050 | 988144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/27 |  | 311 | 263050 |
|  Medline Borrower LP<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/29 |  | 559 | 450532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 |  | 5636 | 4476506 |
|  Molina Healthcare, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 |  | 1756 | 1602508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/30 |  | 1259 | 1066927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 |  | 1191 | 989053 |
|  Surgery Center Holdings, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/25 |  | 997 | 982802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/27 |  | 1948 | 1982090 |
|  Teleflex, Inc., 4.63%, 11/15/27 |  | 294 | 280208 |
|  Tenet Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 |  | 567 | 552971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24<sup>(c)</sup> |  | 1234 | 1198531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26<sup>(c)</sup> |  | 4729 | 4471945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27<sup>(c)</sup> |  | 679 | 652186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27<sup>(c)</sup> |  | 677 | 629772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28<sup>(c)</sup> |  | 465 | 416055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/28<sup>(c)</sup> |  | 596 | 533611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29<sup>(c)</sup> |  | 92 | 79700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/30<sup>(c)</sup> |  | 1729 | 1647391 |
|  |  |  | 45257744 |
| **Health Care Technology — 1.1%** |  |  |  |
|  AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(c)</sup> |  | 8181 | 6028842 |
|  Catalent Pharma Solutions, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 |  | 625 | 581574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/29 |  | 931 | 741285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/30 |  | 3490 | 2755669 |
|  Charles River Laboratories International, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 |  | 1108 | 1020435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 |  | 145 | 128238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/31 |  | 420 | 363300 |
|  IQVIA, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/26<sup>(a)</sup> | EUR | 330 | 322781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26<sup>(c)</sup> | USD | 1504 | 1436093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27<sup>(c)</sup> |  | 1011 | 963786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/29<sup>(a)</sup> | EUR | 100 | 90177 |
|  Syneos Health, Inc., 3.63%, 01/15/29<sup>(c)</sup> | USD | 804 | 640261 |
|  |  |  | 15072441 |
| **Hotels, Restaurants & Leisure — 5.2%** |  |  |  |
|  Accor SA, 0.70%, 12/07/27<sup>(a)</sup> | EUR | 158 | 69227 |
|  Boyd Gaming Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/27 | USD | 931 | 867115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(c)</sup> |  | 1960 | 1705200 |
|  Boyne USA, Inc., 4.75%, 05/15/29<sup>(c)</sup> |  | 1752 | 1550598 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  Burger King (Restaurant Brands Int)/New Red Finance, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 | USD | 648 | $642945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 |  | 969 | 866815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 |  | 3126 | 2799039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 |  | 712 | 576585 |
|  Caesars Entertainment, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 |  | 8086 | 7856968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27 |  | 6466 | 6353168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29 |  | 5255 | 4276572 |
|  Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25<sup>(c)</sup> |  | 1522 | 1489895 |
|  CCM Merger, Inc., 6.38%, 05/01/26<sup>(c)</sup> |  | 915 | 862223 |
|  CDI Escrow Issuer, Inc., 5.75%, 04/01/30<sup>(c)</sup> |  | 3500 | 3137502 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25<sup>(c)</sup> |  | 2704 | 2674571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/28 |  | 293 | 283477 |
|  Churchill Downs, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/27 |  | 3251 | 3080502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 |  | 2304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061780 |
|  Cirsa Finance International SARL, 4.75%, 05/22/25<sup>(a)</sup> | EUR | 147 | 148216 |
|  Codere Finance 2 Luxembourg SA<sup>(a)(j)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (2% Cash or 10.75% PIK), 12.75%, 11/30/27 |  | 59 | 32961 |
| &nbsp;&nbsp;&nbsp;&nbsp; (8.00% Cash or 3.00% PIK), 11.00%, 09/30/26 |  | 132 | 126532 |
|  CPUK Finance Ltd., 4.50%, 08/28/27<sup>(a)</sup> | GBP | 100 | 100004 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 | USD | 1760 | 1489374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/30 |  | 318 | 256499 |
|  Hilton Domestic Operating Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/25<sup>(c)</sup> |  | 772 | 764130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/28<sup>(c)</sup> |  | 682 | 661540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29<sup>(c)</sup> |  | 544 | 470560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/30 |  | 2429 | 2201184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31<sup>(c)</sup> |  | 723 | 604883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/32<sup>(c)</sup> |  | 484 | 387587 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |  | 240 | 228439 |
|  IRB Holding Corp., 7.00%, 06/15/25<sup>(c)</sup> |  | 794 | 792015 |
|  Lottomatica SpA/Roma, 6.25%, 07/15/25<sup>(a)</sup> | EUR | 249 | 259011 |
|  Merlin Entertainments Ltd.,<br>5.75%, 06/15/26<sup>(c)</sup> | USD | 786 | 735883 |
|  MGM Resorts International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/15/23 |  | 1243 | 1238587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 |  | 322 | 312944 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29<sup>(c)</sup> |  | 1247 | 1061028 |
|  Motion Bondco DAC, 6.63%, 11/15/27<sup>(c)</sup> |  | 450 | 386797 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/29 |  | 576 | 424742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/31 |  | 636 | 449906 |
|  Raptor Acquisition Corp./Raptor Co.-Issuer LLC, 4.88%, 11/01/26<sup>(c)</sup> |  | 973 | 864413 |
|  Scientific Games International, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 07/01/25 |  | 1054 | 1075293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/28 |  | 706 | 673460 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Hotels, Restaurants & Leisure (continued)** |  |  |  |
|  Scientific Games International, Inc.<sup>(c)</sup> (continued) | Scientific Games International, Inc.<sup>(c)</sup> (continued) | Scientific Games International, Inc.<sup>(c)</sup> (continued) | Scientific Games International, Inc.<sup>(c)</sup> (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/29 | USD | 241 | $231360 |
|  Six Flags Theme Parks, Inc.,<br>7.00%, 07/01/25<sup>(c)</sup> |  | 1518 | 1528341 |
|  Station Casinos LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 |  | 1147 | 997181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/31 |  | 1433 | 1149514 |
|  Vail Resorts, Inc., 6.25%, 05/15/25<sup>(c)</sup> |  | 811 | 811001 |
|  Wyndham Hotels & Resorts, Inc.,<br>4.38%, 08/15/28<sup>(c)</sup> |  | 811 | 727629 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27<sup>(c)</sup> |  | 1353 | 1221043 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(c) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/25 |  | 1164 | 1157547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/29 |  | 3382 | 2898814 |
|  Yum! Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30<sup>(c)</sup> |  | 167 | 153222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 |  | 723 | 669679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/43 |  | 30 | 24675 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68470176 |
| **Household Durables — 1.2%** |  |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 |  | 406 | 357207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | 547 | 438000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/30 |  | 636 | 510460 |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/29 |  | 1154 | 901701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 |  | 1424 | 1110246 |
|  CD&R Smokey Buyer, Inc., 6.75%, 07/15/25<sup>(c)</sup> |  | 1328 | 1139583 |
|  Installed Building Products, Inc.,<br>5.75%, 02/01/28<sup>(c)</sup> |  | 723 | 650082 |
|  K Hovnanian Enterprises, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 11/15/25 |  | 359 | 370668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/26 |  | 1893 | 1817280 |
|  KB Home, 7.25%, 07/15/30 |  | 328 | 318714 |
|  Mattamy Group Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/27 |  | 830 | 736072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30 |  | 679 | 550305 |
|  Meritage Homes Corp., 5.13%, 06/06/27 |  | 286 | 268899 |
|  NCR Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/27 |  | 234 | 223920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 |  | 563 | 479977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 |  | 739 | 618043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/29 |  | 815 | 762070 |
|  SWF Escrow Issuer Corp., 6.50%, 10/01/29<sup>(c)</sup> |  | 1738 | 1007084 |
|  Taylor Morrison Communities, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 |  | 1377 | 1322087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/30 |  | 336 | 291055 |
|  Tempur Sealy International, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 |  | 1177 | 988868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 |  | 178 | 139735 |
|  Tri Pointe Homes, Inc., 5.70%, 06/15/28 |  | 291 | 263601 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15265657 |
| **Household Products — 0.1%** |  |  |  |
|  Central Garden & Pet Co.<br>5.13%, 02/01/28 |  | 280 | 260479 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Household Products (continued)** |  |  |  |  |
|  Central Garden & Pet Co. (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30 | USD | 768 | $| 630838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/31<sup>(c)</sup> |  | 998 |  | 826169 |
|  |  |  |  | 1717486 |
| **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** |
|  Calpine Corp.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 |  | 136 |  | 129544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 |  | 112 |  | 99902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 |  | 2597 |  | 2317284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/29 |  | 342 |  | 293455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 |  | 311 |  | 260899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/31 |  | 15 |  | 12077 |
|  Clearway Energy Operating LLC<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/28 |  | 823 |  | 759584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 |  | 1484 |  | 1192877 |
|  Cullinan Holdco Scsp, 4.63%, 10/15/26<sup>(a)</sup> | EUR | 100 |  | 93473 |
|  NRG Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 | USD | 248 |  | 232790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29<sup>(c)</sup> |  | 297 |  | 262174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/31<sup>(c)</sup> |  | 1497 |  | 1138016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/32<sup>(c)</sup> |  | 314 |  | 235830 |
|  TerraForm Power Operating LLC, 4.75%, 01/15/30<sup>(c)</sup> |  | 1053 |  | 916108 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7944013 |
| **Insurance — 2.9%** |  |  |  |  |
|  Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29<sup>(c)</sup> |  | 1205 |  | 984762 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 |  | 8684 |  | 7777631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 |  | 12437 |  | 11179122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 |  | 6477 |  | 5326685 |
|  AmWINS Group, Inc., 4.88%, 06/30/29<sup>(c)</sup> |  | 1494 |  | 1267131 |
|  Ardonagh Midco 2 PLC, (11.50% Cash or 12.75% PIK), 11.50%, 01/15/27<sup>(c)(j)</sup> |  | 484 |  | 459956 |
|  Galaxy Bidco Ltd., 6.50%, 07/31/26<sup>(a)</sup> | GBP | 100 |  | 102398 |
|  GTCR AP Finance, Inc., 8.00%, 05/15/27<sup>(c)</sup> | USD | 1723 |  | 1650427 |
|  HUB International Ltd., 7.00%, 05/01/26<sup>(c)</sup> |  | 6921 |  | 6775590 |
|  Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30<sup>(c)</sup> |  | 1461 |  | 1438872 |
|  Liberty Mutual Group, Inc., (5 year EUR Swap + 3.70%), 3.63%, 05/23/59<sup>(a)(b)</sup> | EUR | 100 |  | 94199 |
|  Ryan Specialty Group LLC, 4.38%, 02/01/30<sup>(c)</sup> | USD | 711 |  | 615652 |
|  |  |  |  | 37672425 |
| **Interactive Media & Services — 0.4%** |  |  |  |  |
|  Arches Buyer, Inc., 4.25%, 06/01/28<sup>(c)</sup> |  | 562 |  | 439541 |
|  Cablevision Lightpath LLC<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/27 |  | 866 |  | 713708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/28 |  | 1201 |  | 892255 |
|  iliad SA<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/17/26 | EUR | 100 |  | 96250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/14/27 |  | 100 |  | 106189 |
|  Netflix, Inc., 4.63%, 05/15/29 |  | 200 |  | 209504 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/30/27 | USD | 1783 |  | 1568795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 |  | 1115 |  | 863326 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Interactive Media & Services (continued)** |  |  |  |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc.<sup>(c)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 06/01/28 | USD | 485 | $450990 |
|  United Group BV<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/24 | EUR | 199 | 197744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/27 |  | 224 | 177155 |
|  |  |  | 5715457 |
| **Internet Software & Services — 2.0%** |  |  |  |
|  ANGI Group LLC, 3.88%, 08/15/28<sup>(c)</sup> | USD | 1361 | 1009978 |
|  Gen Digital, Inc., 7.13%, 09/30/30<sup>(c)</sup> |  | 1118 | 1098435 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27 |  | 1113 | 1053410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 |  | 998 | 835517 |
|  Match Group Holdings II LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/28 |  | 813 | 724757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/29 |  | 2579 | 2398470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 |  | 181 | 147763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 |  | 1051 | 805974 |
|  Uber Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/25<sup>(c)</sup> |  | 2820 | 2817946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 12/15/25<sup>(k)</sup> |  | 1757 | 1479844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/26<sup>(c)</sup> |  | 2453 | 2461443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/27<sup>(c)</sup> |  | 3952 | 3954766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28<sup>(c)</sup> |  | 1356 | 1301760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/29<sup>(c)</sup> |  | 6607 | 5756382 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25846445 |
| **IT Services — 2.6%** |  |  |  |
|  Ahead DB Holdings LLC, 6.63%, 05/01/28<sup>(c)</sup> |  | 886 | 712122 |
|  Atos SE, 1.75%, 05/07/25<sup>(a)</sup> | EUR | 100 | 86215 |
|  Booz Allen Hamilton, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/28 | USD | 1374 | 1217313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 |  | 2334 | 2054256 |
|  CA Magnum Holdings, 5.38%, 10/31/26<sup>(c)</sup> |  | 2652 | 2400405 |
|  Camelot Finance SA, 4.50%, 11/01/26<sup>(c)</sup> |  | 2737 | 2565255 |
|  Condor Merger Sub, Inc., 7.38%, 02/15/30<sup>(c)</sup> |  | 7292 | 5862993 |
|  Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(c)</sup> |  | 4880 | 4176124 |
|  Fair Isaac Corp., 4.00%, 06/15/28<sup>(c)</sup> |  | 1959 | 1777804 |
|  Gartner, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 |  | 1479 | 1378916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 |  | 855 | 751306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 |  | 197 | 169808 |
|  KBR, Inc., 4.75%, 09/30/28<sup>(c)</sup> |  | 1050 | 927478 |
|  La Financiere Atalian SASU, 5.13%, 05/15/25<sup>(a)</sup> | EUR | 100 | 73106 |
|  Science Applications International Corp., 4.88%, 04/01/28<sup>(c)</sup> | USD | 1024 | 947198 |
|  Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25<sup>(c)</sup>  |  | 816 | 817401 |
|  Twilio, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 |  | 1503 | 1221037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 |  | 3144 | 2494308 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29<sup>(c)</sup> |  | 5028 | 4225443 |
|  |  |  | 33858488 |
| **Leisure Products — 0.2%** |  |  |  |
|  Mattel, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/29<sup>(c)</sup> |  | 407 | 357479 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Leisure Products (continued)** |  |  |  |
|  Mattel, Inc. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/40 | USD | 1016 | $876973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/41 |  | 1827 | 1487162 |
|  |  |  | 2721614 |
| **Machinery — 1.7%** |  |  |  |
|  ATS Corp., 4.13%, 12/15/28<sup>(c)</sup> |  | 553 | 477106 |
|  Chart Industries, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/01/30 |  | 3266 | 3283277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/01/31 |  | 502 | 514856 |
|  Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25<sup>(c)(j)</sup> |  | 1662 | 1470870 |
|  Madison IAQ LLC, 5.88%, 06/30/29<sup>(c)</sup> |  | 1612 | 1104863 |
|  Mueller Water Products, Inc., 4.00%, 06/15/29<sup>(c)</sup> |  | 565 | 496494 |
|  Novafives SAS, 5.00%, 06/15/25<sup>(a)</sup> | EUR | 100 | 85502 |
|  OT Merger Corp., 7.88%, 10/15/29<sup>(c)</sup> | USD | 621 | 329130 |
|  Renk AG/Frankfurt am Main, 5.75%, 07/15/25<sup>(a)</sup> | EUR | 129 | 128084 |
|  Stevens Holding Co., Inc., 6.13%, 10/01/26<sup>(c)</sup> | USD | 813 | 815033 |
|  Terex Corp., 5.00%, 05/15/29<sup>(c)</sup> |  | 1766 | 1587192 |
|  Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26<sup>(c)</sup> |  | 4542 | 4090471 |
|  TK Elevator Holdco GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/28<sup>(a)</sup> | EUR | 90 | 79189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 07/15/28<sup>(c)</sup> | USD | 2645 | 2159678 |
|  TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(a)</sup> | EUR | 568 | 537911 |
|  TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(c)</sup>  | USD | 5956 | 5286188 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22445844 |
| **Marine — 0.0%** |  |  |  |
|  Huntington Ingalls Industries, Inc., 4.20%, 05/01/30 |  | 265 | 240521 |
| **Media — 13.8%** |  |  |  |
|  Altice Financing SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/25<sup>(a)</sup> | EUR | 100 | 97978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28<sup>(c)</sup> | USD | 1693 | 1362865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/29<sup>(a)</sup> | EUR | 101 | 87087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/29<sup>(c)</sup> | USD | 4251 | 3343679 |
|  Altice France Holding SA, 10.50%, 05/15/27<sup>(c)</sup> |  | 4428 | 3376350 |
|  AMC Networks, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/25 |  | 1038 | 788881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 |  | 684 | 426199 |
|  Banijay Entertainment SASU, 3.50%, 03/01/25<sup>(a)</sup>  | EUR | 100 | 100408 |
|  Block Communications, Inc., 4.88%, 03/01/28<sup>(c)</sup> | USD | 791 | 690147 |
|  Cable One, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(k)</sup> |  | 475 | 373112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/28 |  | 1164 | 864852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/30<sup>(c)</sup> |  | 3411 | 2676665 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27<sup>(c)</sup> |  | 621 | 578815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28<sup>(c)</sup> |  | 211 | 191586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29<sup>(c)</sup> |  | 2119 | 1916148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(c)</sup> |  | 3599 | 3382124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(c)</sup> |  | 2118 | 1826595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(c)</sup> |  | 1597 | 1319370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(c)</sup> |  | 2994 | 2401532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(c)</sup> |  | 7971 | 6462090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 |  | 1498 | 1192408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/33<sup>(c)</sup> |  | 1587 | 1217594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(c)</sup> |  | 5012 | 3699081 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/33 | USD | 800 | $684527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 |  | 1849 | 1427138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 |  | 2341 | 1785037 |
|  Clear Channel International BV, 6.63%, 08/01/25<sup>(c)</sup> |  | 1965 | 1875011 |
|  Clear Channel Outdoor Holdings, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/27 |  | 7568 | 6557672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/28 |  | 4423 | 3228831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/29 |  | 6982 | 5126673 |
|  CMG Media Corp., 8.88%, 12/15/27<sup>(c)</sup> |  | 3180 | 2393586 |
|  Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26<sup>(c)</sup> |  | 9224 | 8548430 |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24 |  | 1120 | 1042737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27<sup>(c)</sup> |  | 206 | 172809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30<sup>(c)</sup> |  | 6389 | 4509548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/31<sup>(c)</sup> |  | 1353 | 882339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31<sup>(c)</sup> |  | 4802 | 3331695 |
|  Directv Financing LLC/Directv Financing Co.- Obligor, Inc., 5.88%, 08/15/27<sup>(c)</sup> |  | 2469 | 2208916 |
|  DISH DBS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/26<sup>(c)</sup> |  | 4237 | 3568973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/28<sup>(c)</sup> |  | 3907 | 3118274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 |  | 2490 | 1606324 |
|  DISH Network Corp., 11.75%, 11/15/27<sup>(c)</sup> |  | 2467 | 2540763 |
|  Frontier Communications Holdings LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 |  | 1384 | 1285141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 |  | 2765 | 2411135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 |  | 2102 | 1738900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 |  | 1058 | 831136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 |  | 5755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5851393 |
|  GCI LLC, 4.75%, 10/15/28<sup>(c)</sup> |  | 498 | 418360 |
|  Iliad Holding SASU<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/26 |  | 6379 | 5916228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 |  | 3741 | 3381079 |
|  Lamar Media Corp., 3.75%, 02/15/28 |  | 148 | 132476 |
|  LCPR Senior Secured Financing DAC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 |  | 2881 | 2693735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 |  | 1939 | 1606283 |
|  Liberty Broadband Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/50 |  | 2444 | 2358460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/30/50 |  | 4421 | 4305841 |
|  Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23<sup>(c)(j)</sup> |  | 1139 | 335613 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29<sup>(c)</sup> |  | 3863 | 2239756 |
|  Live Nation Entertainment, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/24 |  | 134 | 129745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27 |  | 6718 | 6573900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 |  | 3581 | 3188254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/28 |  | 1342 | 1143488 |
|  Lorca Telecom Bondco SA, 4.00%, 09/18/27<sup>(a)</sup> | EUR | 151 | 144262 |
|  Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27<sup>(c)</sup> | USD | 972 | 880034 |
|  Odeon Finco PLC, 12.75%, 11/01/27<sup>(c)</sup> |  | 303 | 263610 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 |  | 2445 | 2201102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 |  | 964 | 799860 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Media (continued)** |  |  |  |
|  Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(c)</sup> (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 | USD | 383 | $316865 |
|  Pinewood Finance Co. Ltd., 3.63%, 11/15/27<sup>(a)</sup> | GBP | 100 | 106085 |
|  Radiate Holdco LLC/Radiate Finance, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/26 | USD | 1971 | 1448094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 |  | 5077 | 2127339 |
|  RCS & RDS SA, 3.25%, 02/05/28<sup>(a)</sup> | EUR | 100 | 85154 |
|  Sable International Finance Ltd., 5.75%, 09/07/27<sup>(c)</sup> | USD | 539 | 497901 |
|  SES SA, (5 year EUR Swap + 5.40%), 5.63%<sup>(a)(b)(i)</sup> | EUR | 100 | 103913 |
|  Sinclair Television Group, Inc., 4.13%, 12/01/30<sup>(c)</sup> | USD | 4302 | 3225151 |
|  Sirius XM Radio, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 |  | 2692 | 2390334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 |  | 4359 | 4029290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 |  | 927 | 806768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29 |  | 88 | 80325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 |  | 257 | 212079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 |  | 2421 | 1888790 |
|  Stagwell Global LLC, 5.63%, 08/15/29<sup>(c)</sup> |  | 553 | 455993 |
|  Summer BC Holdco B SARL, 5.75%, 10/31/26<sup>(a)</sup>  | EUR | 100 | 90052 |
|  Summer BidCo BV, (9.00% Cash or 9.75% PIK), 9.00%, 11/15/25<sup>(a)(j)</sup> |  | 166 | 121579 |
|  Tele Columbus AG, 3.88%, 05/02/25<sup>(a)</sup> |  | 185 | 148305 |
|  Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28<sup>(c)</sup> | USD | 2000 | 1800000 |
|  Univision Communications, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/25 |  | 800 | 761912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 |  | 1018 | 982177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 |  | 1033 | 987238 |
|  UPC Broadband Finco BV, 4.88%, 07/15/31<sup>(c)</sup> |  | 2494 | 2074497 |
|  Videotron Ltd., 3.63%, 06/15/29<sup>(c)</sup> |  | 1518 | 1278915 |
|  Virgin Media Finance PLC, 3.75%, 07/15/30<sup>(a)</sup> | EUR | 142 | 116192 |
|  Virgin Media Secured Finance PLC, 4.50%, 08/15/30<sup>(c)</sup> | USD | 350 | 292399 |
|  Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28<sup>(a)</sup> | GBP | 100 | 97333 |
|  Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28<sup>(c)</sup> | USD | 2360 | 2062893 |
|  VZ Secured Financing BV, 3.50%, 01/15/32<sup>(a)</sup> | EUR | 170 | 141942 |
|  Warnermedia Holdings, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 | USD | 6425 | 4670759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/62 |  | 3278 | 2392985 |
|  WMG Acquisition Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/30<sup>(c)</sup> |  | 655 | 564184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/31<sup>(a)</sup> | EUR | 141 | 117900 |
|  Ziggo Bond Co. BV<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 | USD | 291 | 270752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/28/30 |  | 868 | 700910 |
|  Ziggo BV, 4.88%, 01/15/30<sup>(c)</sup> |  | 1165 | 974837 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182236482 |
| **Metals & Mining — 3.2%** |  |  |  |
|  Arconic Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/25 |  | 1484 | 1458915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/28 |  | 3194 | 2996819 |
|  ATI, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 |  | 89 | 85109 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Metals & Mining (continued)** |  |  |  |  |
|  ATI, Inc. (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/29 | USD | 550 | $| 486052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/31 |  | 1063 |  | 936077 |
|  Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29<sup>(c)</sup> |  | 5875 |  | 5597264 |
|  Carpenter Technology Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/28 |  | 168 |  | 159773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/15/30 |  | 1152 |  | 1154750 |
|  Commercial Metals Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/30 |  | 372 |  | 329167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/32 |  | 398 |  | 346231 |
|  Constellium SE |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/26<sup>(a)</sup> | EUR | 394 |  | 404254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26<sup>(c)</sup> | USD | 1569 |  | 1511371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28<sup>(c)</sup> |  | 2161 |  | 1997240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/29<sup>(c)</sup> |  | 3743 |  | 3040953 |
|  ERO Copper Corp., 6.50%, 02/15/30<sup>(c)</sup> |  | 1008 |  | 812070 |
|  Kaiser Aluminum Corp.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 |  | 3190 |  | 2783676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 |  | 3314 |  | 2663628 |
|  New Gold, Inc., 7.50%, 07/15/27<sup>(c)</sup> |  | 2345 |  | 2057864 |
|  Novelis Corp.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/26 |  | 3387 |  | 3036479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/30 |  | 6132 |  | 5436417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 |  | 3143 |  | 2565921 |
|  Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(a)</sup> | EUR | 1229 |  | 1117429 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/29<sup>(c)</sup> | USD | 659 |  | 569837 |
|  Vedanta Resources Finance II PLC, 8.95%, 03/11/25<sup>(c)</sup> |  | 577 |  | 390196 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41937492 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%** |
|  Starwood Property Trust, Inc., 5.50%, 11/01/23<sup>(c)</sup>  |  | 157 |  | 155633 |
| **Multiline Retail — 0.1%** |  |  |  |  |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26<sup>(c)</sup> |  | 1788 |  | 1675834 |
| **Multi-Utilities — 0.1%** |  |  |  |  |
|  Edison International, 6.95%, 11/15/29 |  | 520 |  | 543026 |
|  TransAlta Corp., 7.75%, 11/15/29 |  | 590 |  | 602556 |
|  UGI International LLC, 2.50%, 12/01/29<sup>(a)</sup> | EUR | 100 |  | 81657 |
|  |  |  |  | 1227239 |
| **Offshore Drilling & Other Services<sup>(c)</sup> — 0.9%** | **Offshore Drilling & Other Services<sup>(c)</sup> — 0.9%** |  |  |  |
|  Entegris Escrow Corp., 4.75%, 04/15/29 | USD | 9272 |  | 8455483 |
|  Entegris, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28 |  | 1820 |  | 1609306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29 |  | 2418 |  | 1968857 |
|  |  |  |  | 12033646 |
| **Oil, Gas & Consumable Fuels — 16.9%** | **Oil, Gas & Consumable Fuels — 16.9%** | **Oil, Gas & Consumable Fuels — 16.9%** | **Oil, Gas & Consumable Fuels — 16.9%** | **Oil, Gas & Consumable Fuels — 16.9%** |
|  Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26<sup>(c)</sup> |  | 4622 |  | 4584775 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 |  | 669 |  | 632444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 |  | 1137 |  | 1039491 |
|  Antero Resources Corp., 7.63%, 02/01/29<sup>(c)</sup> |  | 410 |  | 412258 |
|  Apache Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/30 |  | 1185 |  | 1048615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/01/40 |  | 808 |  | 669600 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |  |
|  Apache Corp. (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/01/49 | USD | 604 | $487969 |
|  Arcosa, Inc., 4.38%, 04/15/29<sup>(c)</sup> |  | 1988 | 1723955 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/27 |  | 5047 | 6207810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 |  | 2469 | 2201434 |
|  Buckeye Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25<sup>(c)</sup> |  | 34 | 32382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 |  | 816 | 607984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 |  | 553 | 403804 |
|  Callon Petroleum Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/01/26 |  | 655 | 610490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/28<sup>(c)</sup> |  | 4733 | 4511892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/30<sup>(c)</sup> |  | 4583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193445 |
|  Cellnex Telecom SA<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/23/30 | EUR | 100 | 82885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CLNX, 0.50%, 07/05/28 |  | 200 | 211612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CLNX, 0.75%, 11/20/31 |  | 400 | 308674 |
|  Cheniere Energy Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 | USD | 5048 | 4539270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 |  | 4363 | 3714484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 |  | 3650 | 2900680 |
|  Cheniere Energy, Inc., 4.63%, 10/15/28 |  | 414 | 374201 |
|  Chesapeake Energy Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 |  | 96 | 90959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 |  | 2679 | 2608274 |
|  CITGO Petroleum Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/25 |  | 1453 | 1417198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 |  | 1302 | 1254966 |
|  Civitas Resources, Inc., 5.00%, 10/15/26<sup>(c)</sup> |  | 477 | 436100 |
|  CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(c)</sup> |  | 520 | 426746 |
|  CNX Resources Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 |  | 518 | 476635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/31 |  | 1005 | 963282 |
|  Colgate Energy Partners III LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/26 |  | 894 | 867216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/29 |  | 1986 | 1705697 |
|  Comstock Resources, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/29 |  | 4854 | 4380735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/30 |  | 2798 | 2405441 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC, |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/31<sup>(c)</sup> |  | 6848 | 5981797 |
|  Crescent Energy Finance LLC, 7.25%, 05/01/26<sup>(c)</sup> |  | 5449 | 5134811 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 |  | 423 | 393390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 |  | 664 | 609227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 |  | 534 | 531376 |
|  CrownRock LP/CrownRock Finance, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/25 |  | 3664 | 3535760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 |  | 162 | 145560 |
|  DCP Midstream Operating LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 |  | 92 | 91260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/03/36<sup>(c)</sup> |  | 920 | 901529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/37<sup>(c)</sup> |  | 2031 | 2047224 |
|  Diamondback Energy, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 |  | 3013 | 3058093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 |  | 2049 | 1499193 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |  |
|  DT Midstream, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 | USD | 2235 | $&nbsp;&nbsp;&nbsp;&nbsp;1920111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/31 |  | 2745 | 2302780 |
|  Dycom Industries, Inc., 4.50%, 04/15/29<sup>(c)</sup> |  | 654 | 569238 |
|  Earthstone Energy Holdings LLC, 8.00%, 04/15/27<sup>(c)</sup> |  | 1810 | 1731536 |
|  eG Global Finance PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/07/24<sup>(a)</sup> | EUR | 133 | 134440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/25<sup>(c)</sup> | USD | 1158 | 1010969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25<sup>(c)</sup> |  | 1586 | 1477554 |
|  El Paso Natural Gas Co. LLC, 3.50%, 02/15/32<sup>(c)</sup> |  | 771 | 646419 |
|  Enerflex Ltd., 9.00%, 10/15/27<sup>(c)</sup> |  | 1227 | 1223620 |
|  Energy Transfer LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/28 |  | 825 | 818342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 |  | 1335 | 1177051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/33 |  | 960 | 939226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 |  | 626 | 520825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 |  | 2934 | 2344063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, (5 year CMT + 5.69%), 6.50%<sup>(b)(i)</sup> |  | 3577 | 3076220 |
|  EnLink Midstream LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28<sup>(c)</sup> |  | 2761 | 2629848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 |  | 1369 | 1266706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/30<sup>(c)</sup> |  | 1135 | 1123309 |
|  EnLink Midstream Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 |  | 43 | 40637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 |  | 297 | 279188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 |  | 1433 | 1181891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/45 |  | 220 | 166722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/47 |  | 246 | 197599 |
|  EnQuest PLC, 11.63%, 11/01/27<sup>(c)</sup> |  | 200 | 188051 |
|  EQM Midstream Partners LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25<sup>(c)</sup> |  | 634 | 611808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 |  | 361 | 321089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27<sup>(c)</sup> |  | 1929 | 1843642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29<sup>(c)</sup> |  | 147 | 123469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30<sup>(c)</sup> |  | 421 | 405642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31<sup>(c)</sup> |  | 1333 | 1089727 |
|  Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 |  | 667 | 637459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/28 |  | 416 | 382920 |
|  Gulfport Energy Corp., 8.00%, 05/17/26<sup>(c)</sup> |  | 152 | 148200 |
|  Harbour Energy PLC, 5.50%, 10/15/26<sup>(c)</sup> |  | 420 | 376370 |
|  Harvest Midstream I LP, 7.50%, 09/01/28<sup>(c)</sup> |  | 315 | 300649 |
|  Hess Midstream Operations LP, 4.25%, 02/15/30<sup>(c)</sup> |  | 1313 | 1122511 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/28 |  | 514 | 465170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 |  | 1271 | 1131275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 |  | 60 | 53357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/31 |  | 59 | 50891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/32 |  | 36 | 31065 |
|  ITT Holdings LLC, 6.50%, 08/01/29<sup>(c)</sup> |  | 1889 | 1590802 |
|  Kinder Morgan, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/33 |  | 531 | 492298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/52 |  | 1578 | 1416379 |
|  Kinetik Holdings LP, 5.88%, 06/15/30<sup>(c)</sup> |  | 2774 | 2601410 |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26<sup>(c)</sup> |  | 135 | 129600 |
|  MasTec, Inc., 4.50%, 08/15/28<sup>(c)</sup> |  | 951 | 851801 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |  |
|  Matador Resources Co., 5.88%, 09/15/26 | USD | 3437 | $3304535 |
|  MPLX LP, 4.95%, 03/14/52 |  | 2212 | 1806859 |
|  Murphy Oil Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/25 |  | 129 | 126756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 |  | 228 | 219402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/42 |  | 141 | 109980 |
|  Murphy Oil USA, Inc., 4.75%, 09/15/29 |  | 928 | 849148 |
|  Nabors Industries Ltd.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/26 |  | 596 | 561670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/28 |  | 1483 | 1356791 |
|  Nabors Industries, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/25 |  | 2366 | 2256241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/27<sup>(c)</sup> |  | 2416 | 2340366 |
|  Neptune Energy Bondco PLC, 6.63%, 05/15/25<sup>(c)</sup> |  | 200 | 194202 |
|  New Fortress Energy, Inc.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 |  | 6274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 |  | 5208 | 4836670 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26<sup>(c)</sup> |  | 948 | 844091 |
|  NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(c)</sup> |  | 1640 | 1706448 |
|  Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(c)</sup> |  | 6882 | 6608055 |
|  NuStar Logistics LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/25 |  | 719 | 691199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 |  | 908 | 874320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/30 |  | 75 | 69350 |
|  Occidental Petroleum Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24 |  | 171 | 174252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 |  | 444 | 442392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/30 |  | 549 | 619823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/30 |  | 5530 | 5714591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/31 |  | 581 | 620781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/36 |  | 1102 | 1124040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 |  | 3715 | 3635483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/46 |  | 387 | 398219 |
|  ONEOK, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 |  | 671 | 620133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/13/47 |  | 625 | 503390 |
|  Ovintiv, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/37 |  | 503 | 505890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/38 |  | 153 | 151584 |
|  Parkland Corp., 5.88%, 07/15/27<sup>(c)</sup> |  | 1223 | 1161238 |
|  PDC Energy, Inc., 6.13%, 09/15/24 |  | 356 | 353971 |
|  Permian Resources Operating LLC, 6.88%, 04/01/27<sup>(c)</sup> |  | 1222 | 1151415 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 |  | 890 | 771689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/37 |  | 369 | 363039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/01/42 |  | 1259 | 1020440 |
|  Precision Drilling Corp., 6.88%, 01/15/29<sup>(c)</sup> |  | 76 | 70756 |
|  Range Resources Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/25 |  | 464 | 440755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/30<sup>(c)</sup> |  | 106 | 93397 |
|  Rockcliff Energy II LLC, 5.50%, 10/15/29<sup>(c)</sup> |  | 1911 | 1748469 |
|  Rockies Express Pipeline LLC, 4.95%, 07/15/29<sup>(c)</sup> |  | 452 | 405602 |
|  Sabine Pass Liquefaction LLC, 5.90%, 09/15/37<sup>(c)</sup> |  | 480 | 480332 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  SM Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/25 | USD | 380 | $364796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/26 |  | 724 | 702895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 |  | 85 | 81874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 |  | 471 | 451581 |
|  Southwestern Energy Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/23/25 |  | 11 | 10807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 |  | 1724 | 1598251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 856 | 731529 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27 |  | 339 | 333813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/28 |  | 808 | 765209 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 |  | 250 | 233405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 |  | 190 | 168500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 |  | 171 | 147869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/31 |  | 686 | 589811 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26<sup>(c)</sup> |  | 6991 | 6502329 |
|  Targa Resources Corp., 6.25%, 07/01/52 |  | 951 | 897507 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.00%, 01/15/32 |  | 1882 | 1583496 |
|  Transocean, Inc., 11.50%, 01/30/27<sup>(c)</sup> |  | 965 | 967412 |
|  Vantage Towers AG, 0.00%, 03/31/25<sup>(a)</sup> | EUR | 100 | 101928 |
|  Venture Global Calcasieu Pass LLC<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 | USD | 4750 | 4156250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 |  | 4223 | 3597975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/33 |  | 10216 | 8345450 |
|  Vermilion Energy, Inc., 6.88%, 05/01/30<sup>(c)</sup> |  | 807 | 736454 |
|  Western Midstream Operating LP |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 |  | 145 | 132427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/44 |  | 1561 | 1296754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/48 |  | 1851 | 1521942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/48 |  | 703 | 583471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/50 |  | 4186 | 3448427 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222920377 |
| **Personal Products — 0.0%** |  |  |  |
|  Coty, Inc.<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/26 | EUR | 106 | 105353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/26 |  | 100 | 100087 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29<sup>(c)</sup> | USD | 83 | 75115 |
|  |  |  | 280555 |
| **Pharmaceuticals — 1.0%** |  |  |  |
|  Cheplapharm Arzneimittel GmbH |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28<sup>(a)</sup> | EUR | 100 | 93777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28<sup>(c)</sup> | USD | 1243 | 1039397 |
|  Elanco Animal Health, Inc., 6.40%, 08/28/28 |  | 93 | 88490 |
|  Gruenenthal GmbH<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/15/26 | EUR | 100 | 97787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/28 |  | 117 | 112405 |
|  Jazz Securities DAC, 4.38%, 01/15/29<sup>(c)</sup> | USD | 1794 | 1598723 |
|  Nidda Healthcare Holding GmbH, 7.50%, 08/21/26<sup>(a)</sup> | EUR | 180 | 183288 |
|  Option Care Health, Inc., 4.38%, 10/31/29<sup>(c)</sup> | USD | 1054 | 921944 |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/28 |  | 2205 | 1952307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/31 |  | 3807 | 3296406 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |  |
|  PRA Health Sciences, Inc., 2.88%, 07/15/26<sup>(c)</sup> | USD | 2163 | $1957630 |
|  Prestige Brands, Inc., 3.75%, 04/01/31<sup>(c)</sup> |  | 834 | 687775 |
|  Rossini SARL, 6.75%, 10/30/25<sup>(a)</sup> | EUR | 101 | 106911 |
|  Teva Pharmaceutical Finance Netherlands II BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/31/25 |  | 100 | 105024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/25 |  | 100 | 102215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/09/27 |  | 100 | 92279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/15/28<sup>(a)</sup> |  | 100 | 79300 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/31/25 | USD | 500 | 493219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/26 |  | 248 | 215171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/27 |  | 513 | 462277 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13686325 |
| **Real Estate — 0.2%** |  |  |  |
|  VICI Properties LP, 5.63%, 05/15/52 |  | 2051 | 1814253 |
|  VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28<sup>(c)</sup> |  | 323 | 296394 |
|  |  |  | 2110647 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |  |
|  Adler Group SA<sup>(a)(d)(h)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/05/25 | EUR | 200 | 86921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/13/26 |  | 200 | 84566 |
|  Aroundtown SA, (5 year GBP Swap + 4.38%), 4.75%<sup>(a)(b)(i)</sup> | GBP | 215 | 119378 |
|  Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28<sup>(c)</sup> | USD | 1451 | 1384776 |
|  DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24<sup>(a)</sup> | EUR | 100 | 72748 |
|  Heimstaden Bostad AB, (5 year EUR Swap + 3.15%), 2.63%<sup>(a)(b)(i)</sup> |  | 375 | 208425 |
|  Howard Hughes Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 | USD | 958 | 862899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 |  | 943 | 789763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/31 |  | 660 | 533985 |
|  Realogy Group LLC/Realogy Co.-Issuer Corp.<sup>(c)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/29 |  | 1495 | 1130803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/30 |  | 714 | 520870 |
|  Starwood Property Trust, Inc., 4.38%, 01/15/27<sup>(c)</sup>  |  | 406 | 355281 |
|  |  |  | 6150415 |
| **Road & Rail<sup>(c)</sup> — 0.7%** |  |  |  |
|  Seaspan Corp., 5.50%, 08/01/29 |  | 1750 | 1326150 |
|  United Rentals North America, Inc., 6.00%, 12/15/29 |  | 8130 | 8079187 |
|  |  |  | 9405337 |
| **Semiconductors & Semiconductor Equipment — 1.6%** | **Semiconductors & Semiconductor Equipment — 1.6%** | **Semiconductors & Semiconductor Equipment — 1.6%** |  |
|  ams-OSRAM AG, Series AMS, 0.00%, 03/05/25<sup>(a)(k)</sup> | EUR | 200 | 163833 |
|  Broadcom, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/28 | USD | 788 | 732836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 |  | 466 | 417607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31<sup>(c)</sup> |  | 1022 | 804946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 |  | 3570 | 3146386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/33<sup>(c)</sup> |  | 1065 | 799386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33<sup>(c)</sup> |  | 2373 | 1902453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34<sup>(c)</sup> |  | 51 | 40684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35<sup>(c)</sup> |  | 1244 | 914671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/36<sup>(c)</sup> |  | 627 | 450367 |
|  Marvell Technology, Inc., 2.95%, 04/15/31 |  | 1184 | 952337 |
|  Qorvo, Inc., 4.38%, 10/15/29 |  | 890 | 786974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  Sensata Technologies BV<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24 | USD | 1400 | $| 1386532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 |  | 2021 |  | 1973731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 |  | 1041 |  | 897863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/30 |  | 1160 |  | 1099361 |
|  Sensata Technologies, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 |  | 3123 |  | 2718586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 |  | 146 |  | 120105 |
|  Synaptics, Inc., 4.00%, 06/15/29<sup>(c)</sup> |  | 2469 |  | 2080253 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21388911 |
| **Software — 5.0%** |  |  |  |  |
|  ACI Worldwide, Inc., 5.75%, 08/15/26<sup>(c)</sup> |  | 1133 |  | 1097594 |
|  Black Knight InfoServ LLC, 3.63%, 09/01/28<sup>(c)</sup> |  | 1997 |  | 1732398 |
|  Boxer Parent Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/02/25<sup>(a)</sup> | EUR | 173 |  | 175830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/02/25<sup>(c)</sup> | USD | 3099 |  | 3013813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 03/01/26<sup>(c)</sup> |  | 4443 |  | 4191592 |
|  Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29<sup>(c)</sup> |  | 6117 |  | 5983171 |
|  Cloud Software Group Holdings, Inc., 6.50%, 03/31/29<sup>(c)</sup> |  | 15006 |  | 12639272 |
|  Elastic NV, 4.13%, 07/15/29<sup>(c)</sup> |  | 3665 |  | 2960221 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28<sup>(c)</sup> |  | 959 |  | 728816 |
|  Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32<sup>(c)</sup> |  | 1386 |  | 1151351 |
|  MicroStrategy, Inc., 6.13%, 06/15/28<sup>(c)</sup> |  | 2441 |  | 1745437 |
|  MSCI, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/30 |  | 551 |  | 458019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 |  | 821 |  | 682600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/01/31 |  | 798 |  | 659930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/33 |  | 976 |  | 753724 |
|  Open Text Corp., 6.90%, 12/01/27<sup>(c)</sup> |  | 4350 |  | 4350000 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/29 |  | 700 |  | 726576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 |  | 1845 |  | 1573051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 |  | 2599 |  | 2154901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/32 |  | 2129 |  | 2228256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 |  | 4044 |  | 2722690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 |  | 4146 |  | 2953773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/52 |  | 4255 |  | 4552104 |
|  PTC, Inc., 4.00%, 02/15/28<sup>(c)</sup> |  | 493 |  | 443716 |
|  SS&C Technologies, Inc., 5.50%, 09/30/27<sup>(c)</sup> |  | 6238 |  | 5841239 |
|  Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25<sup>(c)</sup> |  | 165 |  | 113639 |
|  |  |  |  | 65633713 |
| **Specialty Retail — 0.5%** |  |  |  |  |
|  Arko Corp., 5.13%, 11/15/29<sup>(c)</sup> |  | 981 |  | 770281 |
|  Goldstory SASU, 5.38%, 03/01/26<sup>(a)</sup> | EUR | 100 |  | 97697 |
|  PetSmart, Inc./PetSmart Finance Corp.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 | USD | 443 |  | 401140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 |  | 3269 |  | 3070220 |
|  Staples, Inc., 7.50%, 04/15/26<sup>(c)</sup> |  | 1942 |  | 1671440 |
|  |  |  |  | 6010778 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
|  Coherent Corp., 5.00%, 12/15/29<sup>(c)</sup> |  | 2186 |  | 1885272 |
| **Textiles, Apparel & Luxury Goods — 0.2%** |  |  |  |  |
|  Crocs, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/29 |  | 369 |  | 312580 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** | **Textiles, Apparel & Luxury Goods (continued)** |
|  Crocs, Inc.<sup>(c)</sup> (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 | USD | 971 | $| 791316 |
|  European TopSoho SARL, Series SMCP, 4.00%, 09/21/21<sup>(a)(d)(h)</sup> | EUR | 200 |  | 185427 |
|  Kontoor Brands, Inc., 4.13%, 11/15/29<sup>(c)</sup> | USD | 525 |  | 428458 |
|  Levi Strauss & Co., 3.50%, 03/01/31<sup>(c)</sup> |  | 914 |  | 725433 |
|  William Carter Co., 5.63%, 03/15/27<sup>(c)</sup> |  | 543 |  | 520856 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964070 |
| **Thrifts & Mortgage Finance — 0.7%** |  |  |  |  |
|  Enact Holdings, Inc., 6.50%, 08/15/25<sup>(c)</sup> |  | 2158 |  | 2117775 |
|  Home Point Capital, Inc., 5.00%, 02/01/26<sup>(c)</sup> |  | 1023 |  | 707394 |
|  MGIC Investment Corp., 5.25%, 08/15/28 |  | 857 |  | 790227 |
|  Nationstar Mortgage Holdings, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 |  | 85 |  | 76075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 |  | 569 |  | 439460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 |  | 629 |  | 489048 |
|  Rocket Mortgage LLC/Rocket Mortgage Co.- Issuer, Inc., 2.88%, 10/15/26<sup>(c)</sup> |  | 4785 |  | 4101522 |
|  |  |  |  | 8721501 |
| **Transportation — 0.0%** |  |  |  |  |
|  XPO Escrow Sub LLC, 7.50%, 11/15/27<sup>(c)</sup> |  | 503 |  | 508996 |
| **Transportation Infrastructure — 0.0%** |  |  |  |  |
|  Heathrow Finance PLC, 4.13%, 09/01/29<sup>(a)(l)</sup> | GBP | 115 |  | 103577 |
| **Utilities — 0.2%** |  |  |  |  |
|  Consensus Cloud Solutions, Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/26 | USD | 386 |  | 361003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/28 |  | 475 |  | 436890 |
|  Pattern Energy Operations LP/Pattern Energy |  |  |  |  |
|  Operations, Inc., 4.50%, 08/15/28<sup>(c)</sup> |  | 1515 |  | 1358401 |
|  Thames Water Kemble Finance PLC, 4.63%, 05/19/26<sup>(a)</sup> | GBP | 152 |  | 154921 |
|  Vistra Operations Co. LLC<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 | USD | 91 |  | 87671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 |  | 91 |  | 84457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/29 |  | 868 |  | 747883 |
|  |  |  |  | 3231226 |
| **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** | **Wireless Telecommunication Services — 1.7%** |
|  Altice France SA/France |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/27<sup>(a)</sup> | EUR | 100 |  | 93114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/27<sup>(c)</sup> | USD | 2712 |  | 2470307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28<sup>(c)</sup> |  | 1286 |  | 1007092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/29<sup>(a)</sup> | EUR | 100 |  | 81354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/29<sup>(c)</sup> | USD | 794 |  | 597017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29<sup>(c)</sup> |  | 569 |  | 426604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/29<sup>(c)</sup> |  | 1340 |  | 1021790 |
|  Crown Castle, Inc., 4.30%, 02/15/29 |  | 1155 |  | 1090712 |
|  SBA Communications Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 |  | 3693 |  | 3070693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 |  | 5258 |  | 4750674 |
|  VICI Properties LP/VICI Note Co., Inc.<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/24 |  | 300 |  | 297078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/25 |  | 401 |  | 378075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/25 |  | 257 |  | 246399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/26 |  | 30 |  | 28232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 |  | 425 |  | 396493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/29 |  | 3379 |  | 3074890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/30 |  | 1219 |  | 1066826 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
|  Vmed O2 U.K. Financing I PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/29<sup>(a)</sup> | GBP | 200 | $187878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/31<sup>(c)</sup> | USD | 257 | 208045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/31<sup>(a)</sup> | GBP | 201 | 184704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/31<sup>(c)</sup> | USD | 1668 | 1355000 |
|  Vodafone Group PLC, (5 year EUR Swap + 3.48%), 3.00%, 08/27/80<sup>(a)(b)</sup> | EUR | 100 | 85233 |
|  |  |  | 22118210 |
|  **Total Corporate Bonds — 119.3%<br>(Cost: $1,726,595,819)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574534068 |
|  **Floating Rate Loan Interests<sup>(b)</sup>** |  |  |  |
| **Aerospace & Defense — 0.5%** |  |  |  |
|  Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29 | USD | 411 | 398641 |
|  Peraton Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.09%, 02/01/29 |  | 2790 | 2646404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/01/28 |  | 4103 | 3999497 |
|  |  |  | 7044542 |
| **Air Freight & Logistics — 0.3%** |  |  |  |
|  AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.49%, 04/06/28 |  | 606 | 493877 |
|  PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 12/15/28 |  | 3935 | 3269730 |
|  |  |  | 3763607 |
| **Airlines — 0.8%** |  |  |  |
|  AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.99%, 04/20/28 |  | 2902 | 2886746 |
|  Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 8.13%, 08/11/28 |  | 1662 | 1634734 |
|  Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 10.00%, 06/21/27 |  | 1031 | 1059187 |
|  SkyMiles IP Ltd., 2020 Skymiles Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 7.99%, 10/20/27 |  | 1648 | 1677664 |
|  United Airlines, Inc., 2021 Term Loan B,<br>(3 mo. LIBOR + 3.75%, 0.75% Floor), 8.11%, 04/21/28 |  | 3389 | 3340114 |
|  |  |  | 10598445 |
| **Auto Components — 0.0%** |  |  |  |
|  Clarios Global LP, 2021 USD Term<br>Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/30/26 |  | 413 | 404234 |
| **Banks — 0.3%** |  |  |  |
|  DirecTV Financing LLC, Term Loan,<br>(1 mo. LIBOR + 5.00%, 0.75% Floor), 9.38%, 08/02/27 |  | 4352 | 4228227 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Beverages — 0.0%** |  |  |  |
|  Naked Juice LLC, 2nd Lien Term Loan,<br>(3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 | USD | 156 | $122703 |
| **Building Products — 0.0%** |  |  |  |
|  Standard Industries, Inc., 2021 Term Loan B, 09/22/28<sup>(m)</sup> |  | — <sup>(n)</sup> | 1 |
| **Capital Markets — 0.2%** |  |  |  |
|  Ascensus Holdings, Inc., 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 10.25%, 08/02/29 |  | 994 | 863182 |
|  Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 11.13%, 04/07/28 |  | 1206 | 1142685 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005867 |
| **Chemicals — 0.5%** |  |  |  |
|  Arc Falcon I, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 09/30/28 |  | 880 | 770504 |
|  Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26 |  | 2309 | 2163258 |
|  Discovery Purchaser Corp., Term Loan,<br>(3 mo. SOFR CME + 4.38%, 0.50% Floor), 7.97%, 10/04/29 |  | 2514 | 2285854 |
|  W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.50%, 09/22/28 |  | 1259 | 1232586 |
|  |  |  | 6452202 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |  |
|  Propulsion BC Newco. LLC, Term Loan,<br>(3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.58%, 09/14/29 |  | 887 | 860479 |
|  Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 8.38%, 08/27/25 |  | 5469 | 5422738 |
|  |  |  | 6283217 |
| **Construction & Engineering — 1.2%** |  |  |  |
|  Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 09/30/29<sup>(f)</sup> |  | 2814 | 2427075 |
|  Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 |  | 14291 | 12755053 |
|  |  |  | 15182128 |
| **Construction Materials — 0.0%** |  |  |  |
|  BCPE Empire Holdings, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 4.63%, 0.50% Floor), 9.05%, 06/11/26 |  | 191 | 184843 |
| **Containers & Packaging — 0.2%** |  |  |  |
|  Clydesdale Acquisition Holdings, Inc., Term Loan B, (1 mo. SOFR CME + 4.18%, 0.50% Floor), 8.60%, 04/13/29 |  | 630 | 598608 |
|  Mauser Packaging Solutions Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.37%, 04/03/24 |  | 1940 | 1892069 |
|  |  |  | 2490677 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Diversified Consumer Services — 0.1%** |  |  |  |
|  Amentum Government Services Holdings LLC, Term Loan B, (3 mo. LIBOR + 4.00%), 8.33%, 01/29/27 | USD | 360 | $351079 |
|  Ascend Learning LLC, 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 12/10/29 |  | 657 | 560914 |
|  Sotheby's, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 8.58%, 01/15/27 |  | 403 | 392097 |
|  TruGreen LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.50%, 0.75% Floor), 13.43%, 11/02/28<sup>(f)</sup> |  | 868 | 633640 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937730 |
| **Diversified Financial Services — 0.6%** |  |  |  |
|  Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.73%, 02/16/28 |  | 543 | 532839 |
|  Delta TopCo, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.15%, 12/01/27 |  | 1291 | 1189262 |
|  EP Purchaser LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 11/06/28 |  | 367 | 362305 |
|  Gainwell Acquisition Corp., Term Loan B,<br>(3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 |  | 1905 | 1783729 |
|  KKR Apple Bidco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 09/21/29 |  | 144 | 138446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 09/23/28 |  | 528 | 519649 |
|  Radiate Holdco LLC, 2021 Term Loan B,<br>(1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 09/25/26 |  | 313 | 252978 |
|  Veritas U.S., Inc., 2021 USD Term Loan B,<br>(3 mo. LIBOR + 5.00%, 1.00% Floor), 9.73%, 09/01/25 |  | 2259 | 1583925 |
|  White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.07%, 10/19/27 |  | 1260 | 1215987 |
|  |  |  | 7579120 |
| **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** | **Diversified Telecommunication Services — 0.2%** |  |
|  Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.50%, 05/01/28 |  | 1118 | 1064094 |
|  Intelsat Jackson Holdings SA, 2021 Exit Term Loan B, (6 mo. SOFRTE + 4.50%, 0.50% Floor), 7.44%, 02/01/29 |  | 2002 | 1926586 |
|  |  |  | 2990680 |
| **Electrical Equipment — 0.1%** |  |  |  |
|  Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.88%, 03/31/27 |  | 1225 | 1197021 |
| **Entertainment — 0.1%** |  |  |  |
|  Delta 2 Lux SARL, Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 7.57%, 01/15/30 |  | 728 | 727090 |
| **Food Products — 0.0%** |  |  |  |
|  Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.88%, 10/25/27 |  | 271 | 265136 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Gas Utilities — 0.1%** |  |  |  |
|  Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 12/21/28 | USD | 1346 | $1276914 |
| **Health Care Providers & Services — 0.3%** |  |  |  |
|  Envision Healthcare Corp., 2022 First Out Term Loan, (3 mo. SOFR CME + 7.88%, 1.00% Floor), 12.61%, 03/31/27 |  | 375 | 332115 |
|  EyeCare Partners LLC, 2020 Term Loan,<br>(3 mo. LIBOR + 3.75%), 8.48%, 02/18/27 |  | 735 | 585552 |
|  LifePoint Health, Inc., 2018 Term Loan B,<br>(3 mo. LIBOR + 3.75%), 8.16%, 11/16/25 |  | 442 | 415560 |
|  Quorum Health Corp., 2020 Term Loan,<br>(3 mo. LIBOR + 8.25%, 1.00% Floor), 11.78%, 04/29/25 |  | 1489 | 1018902 |
|  Surgery Center Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.05%, 08/31/26 |  | 807 | 795619 |
|  WCG Purchaser Corp., 2019 Term Loan,<br>(1 mo. LIBOR + 4.00%, 1.00% Floor), 8.38%, 01/08/27 |  | 1225 | 1109014 |
|  |  |  | 4256762 |
| **Health Care Technology — 1.3%** |  |  |  |
|  AthenaHealth Group, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 3.50%, 0.50% Floor), 7.82%, 02/15/29 |  | 7483 | 6462250 |
|  Polaris Newco LLC, USD Term Loan B,<br>(3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 06/02/28 |  | 897 | 816046 |
|  Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 04/02/29<sup>(f)</sup> |  | 9376 | 9235700 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16513996 |
| **Hotels, Restaurants & Leisure — 0.2%** |  |  |  |
|  Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 12/23/24 |  | 1124 | 1120040 |
|  Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE + 4.00%, 0.50% Floor), 8.32%, 01/27/29 |  | 1843 | 1748718 |
|  Great Canadian Gaming Corp., 2021 Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 11/01/26 |  | 301 | 295328 |
|  |  |  | 3164086 |
| **Household Durables — 0.2%** |  |  |  |
|  Hunter Douglas, Inc., USD Term Loan B1,<br>(3 mo. SOFR CME + 3.50%), 7.86%, 02/26/29 |  | 1129 | 989165 |
|  Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 10/06/28 |  | 2074 | 1688729 |
|  |  |  | 2677894 |
| **Industrial Conglomerates — 0.0%** |  |  |  |
|  AVSC Holding Corp., 2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 1.00% Floor), 11.42%, 09/01/25 |  | 638 | 512285 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
| **Insurance — 0.4%** |  |  |  |
|  Alliant Holdings Intermediate LLC, Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/09/25 | USD | 1959 | $1931744 |
|  Hub International Ltd., 2022 Term Loan B, (3 mo. SOFR CME + 4.00%, 0.75% Floor), 8.22%, 11/10/29 |  | 1381 | 1364511 |
|  Ryan Specialty Group LLC, Term Loan,<br>(1 mo. SOFR CME + 3.00%, 0.75% Floor), 7.42%, 09/01/27 |  | 540 | 535736 |
|  Sedgwick Claims Management Services, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 12/31/25 |  | 842 | 817446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 8.63%, 09/03/26 |  | 522 | 514470 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5163907 |
| **Interactive Media & Services — 0.2%** |  |  |  |
|  Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.89%, 01/29/26 |  | 2787 | 2744996 |
| **IT Services — 1.4%** |  |  |  |
|  Aruba Investments Holdings LLC, 2020 2nd Lien Term Loan, 11/24/28<sup>(m)</sup> |  | 443 | 401006 |
|  Boxer Parent Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 5.50%, 0.50% Floor), 9.88%, 02/27/26 |  | 2250 | 2064375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/02/25 |  | 1287 | 1229750 |
|  CoreLogic, Inc., 2nd Lien Term Loan,<br>(1 mo. LIBOR + 6.50%, 0.50% Floor), 10.94%, 06/04/29 |  | 1107 | 775610 |
|  Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 12/01/27 |  | 985 | 943685 |
|  Optiv Security, Inc., 1st Lien Term Loan,<br>(3 mo. LIBOR + 3.25%, 1.00% Floor), 7.15%, 02/01/24 |  | 1213 | 1156974 |
|  PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |  | 1080 | 889628 |
|  Sophia LP, 2020 2nd Lien Term Loan,<br>(3 mo. LIBOR + 8.00%, 1.00% Floor), 12.73%, 10/09/28 |  | 10251 | 10174117 |
|  TierPoint LLC, 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 05/05/26 |  | 341 | 317980 |
|  |  |  | 17953125 |
| **Leisure Products — 0.0%** |  |  |  |
|  Peloton Interactive, Inc., Term Loan,<br>(2 mo. SOFR CME + 6.50%, 0.50% Floor), 11.76%, 05/25/27 |  | 509 | 499674 |
| **Life Sciences Tools & Services — 0.0%** |  |  |  |
|  ICON Luxembourg SARL, LUX Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |  | 225 | 224079 |
|  PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |  | — <sup>(n)</sup> | 2 |
|  |  |  | 224081 |
| **Machinery — 0.9%** |  |  |  |
|  Filtration Group Corp., 2021 Incremental Term Loan, 10/21/28<sup>(m)</sup> |  | — <sup>(n)</sup> | 1 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Machinery (continued)** |  |  |  |  |
|  MHI Holdings LLC, Term Loan B, (1 mo. LIBOR + 5.00%), 9.38%, 09/21/26 | USD | 1975 | $| 1952338 |
|  SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.92%, 04/05/29 |  | 1461 |  | 1361660 |
|  Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 8.15%, 03/28/25 |  | 8457 |  | 7881893 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11195892 |
| **Media — 1.1%** |  |  |  |  |
|  Altice Financing SA, 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 6.83%, 07/15/25 |  | 237 |  | 228508 |
|  Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 7.91%, 08/21/26 |  | 6480 |  | 5889602 |
|  Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 12/11/26 |  | — <sup>(n)</sup> |  | 1 |
|  MH Sub I LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 09/13/24 |  | 2718 |  | 2636737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 8.13%, 09/13/24 |  | 491 |  | 476616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.25%), 10.65%, 02/23/29 |  | 288 |  | 256680 |
|  Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/09/27 |  | 6179 |  | 4988083 |
|  |  |  |  | 14476227 |
| **Oil, Gas & Consumable Fuels — 1.0%** |  |  |  |  |
|  Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 12.94%, 11/01/25 |  | 11117 |  | 11717038 |
|  Lealand Finance Co. BV, 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 06/28/24 |  | 90 |  | 56499 |
|  M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.16%, 09/19/29 |  | 819 |  | 818178 |
|  |  |  |  | 12591715 |
| **Professional Services — 0.1%** |  |  |  |  |
|  Element Materials Technology Group |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |  | 198 |  | 193197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |  | 429 |  | 418593 |
|  Galaxy U.S. Opco, Inc., Term Loan,<br>(1 mo. SOFR CME + 4.75%, 0.50% Floor), 9.07%, 04/29/29 |  | 484 |  | 436810 |
|  |  |  |  | 1048600 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/03/28 |  | 1850 |  | 1740732 |
| **Software — 2.6%** |  |  |  |  |
|  Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 07/06/29 |  | 626 |  | 619596 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| **Software (continued)** |  |  |  |
|  Cloudera, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 10.38%, 10/08/29 | USD | 1895 | $1576414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/08/28 |  | 2110 | 1979095 |
|  Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/28/24 |  | 1926 | 1613989 |
|  Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 12.13%, 07/31/28 |  | 506 | 497651 |
|  Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 8.48%, 03/11/28 |  | 303 | 296836 |
|  Magenta Buyer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.17%, 07/27/28 |  | 3494 | 2974177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 12.67%, 07/27/29 |  | 2293 | 1796176 |
|  McAfee Corp., 2022 USD Term Loan B,<br>(1 mo. SOFR CME + 3.75%), 7.97%, 03/01/29 |  | 3172 | 2944802 |
|  Planview Parent, Inc., 2nd Lien Term Loan,<br>(3 mo. LIBOR + 7.25%, 0.75% Floor), 11.98%, 12/18/28 |  | 850 | 752250 |
|  Proofpoint, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 10.98%, 08/31/29 |  | 2070 | 1980642 |
|  RealPage, Inc., 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 10.88%, 04/23/29 |  | 7231 | 6924012 |
|  Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 7.63%, 05/30/25 |  | 1758 | 1673131 |
|  Sabre Global, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B1, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/17/27 |  | 245 | 221980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B2, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/17/27 |  | 392 | 355475 |
|  Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 7.09%, 08/01/25. |  | 2154 | 2135615 |
|  Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 10/07/27 |  | 1116 | 1075413 |
|  Tempo Acquisition LLC, Non-Extended Term Loan, (1 mo. LIBOR + 2.75%), 7.13%, 05/01/24 |  | 191 | 189359 |
|  TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 03/30/29 |  | 2974 | 2650577 |
|  Ultimate Software Group, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 05/03/27 |  | 2177 | 1992820 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34250010 |
| **Specialty Retail — 0.0%** |  |  |  |
|  Staples, Inc., 7 Year Term Loan, (3 mo. LIBOR + 5.00%), 9.44%, 04/16/26 |  | 426 | 390687 |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |  |  |  |
|  Crocs, Inc., Term Loan B, (3 mo. SOFRTE + 3.50%, 0.50% Floor), 7.80%, 02/20/29 | USD | 940 | $| 919979 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |  |  |  |
|  Foundation Building Materials, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.66%, 01/31/28 |  | 561 |  | 529714 |
|  SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.50%), 7.92%, 06/02/28 |  | 1279 |  | 1219897 |
|  |  |  |  | 1749611 |
| **Transportation — 0.1%** |  |  |  |  |
|  Brown Group Holding, LLC, 2022 Incremental Term Loan B2, (3 mo. SOFR CME + 3.75%, 0.50% Floor), 7.93%, 07/02/29 |  | 1274 |  | 1268037 |
|  **Total Floating Rate Loan Interests — 15.8%<br>(Cost: $220,377,842)** | **Total Floating Rate Loan Interests — 15.8%<br>(Cost: $220,377,842)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208076680 |
|  **Preferred Securities** |  |  |  |  |
| **Capital Trusts — 1.1%** |  |  |  |  |
| **Aerospace & Defense — 0.0%** |  |  |  |  |
|  Air France-KLM, 6.50%, 12/31/99<sup>(a)(i)</sup> | EUR | 100 |  | 105258 |
| **Automobiles — 0.1%** |  |  |  |  |
|  General Motors Financial Co., Inc., Series C, 5.70%<sup>(b)(i)</sup> | USD | 655 |  | 554376 |
| **Banks — 0.2%** |  |  |  |  |
|  AIB Group PLC, 5.25%<sup>(a)(b)(i)</sup> | EUR | 210 |  | 206156 |
|  PNC Financial Services Group, Inc., Series V, 6.20%<sup>(b)(i)</sup> | USD | 1417 |  | 1384763 |
|  Toronto-Dominion Bank, 8.13%, 10/31/82 |  | 1446 |  | 1503840 |
|  |  |  |  | 3094759 |
| **Diversified Financial Services<sup>(b)(i)</sup> — 0.5%** | **Diversified Financial Services<sup>(b)(i)</sup> — 0.5%** |  |  |  |
|  Barclays PLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% |  | 2490 |  | 1898625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% |  | 980 |  | 916300 |
|  BNP Paribas SA, 6.88%<sup>(a)</sup> | EUR | 200 |  | 211414 |
|  Credit Suisse Group AG, 6.25%<sup>(c)</sup> | USD | 600 |  | 468918 |
|  Deutsche Bank AG<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75% | EUR | 200 |  | 186936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00% |  | 200 |  | 221254 |
|  JPMorgan Chase & Co., Series FF, 5.00% | USD | 3418 |  | 3127233 |
|  |  |  |  | 7030680 |
| **Diversified Telecommunication Services<sup>(b)</sup> — 0.0%** | **Diversified Telecommunication Services<sup>(b)</sup> — 0.0%** | **Diversified Telecommunication Services<sup>(b)</sup> — 0.0%** | **Diversified Telecommunication Services<sup>(b)</sup> — 0.0%** | **Diversified Telecommunication Services<sup>(b)</sup> — 0.0%** |
|  British Telecommunications PLC, 4.88%, 11/23/81<sup>(c)</sup> |  | 200 |  | 157338 |
|  Telefonica Europe BV, 7.13%<sup>(a)(i)</sup> | EUR | 200 |  | 218372 |
|  |  |  |  | 375710 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* | *Value* |
| **Electric Utilities<sup>(b)(i)</sup> — 0.1%** |  |  |  |  |
|  Edison International, Series B, 5.00% | USD | 940 | $| 785793 |
|  Naturgy Finance BV, 2.37%<sup>(a)</sup> | EUR | 200 |  | 185558 |
|  |  |  |  | 971351 |
| **Food & Staples Retailing — 0.0%** |  |  |  |  |
|  Casino Guichard Perrachon SA,<br>3.99%<sup>(a)(b)(i)</sup> |  | 100 |  | 18654 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |  |  |
|  Korian SA, 4.13%<sup>(a)(b)(i)</sup> | GBP | 200 |  | 182249 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  Vistra Corp., 7.00%<sup>(b)(c)(i)</sup> | USD | 1272 |  | 1157435 |
| **Media — 0.0%** |  |  |  |  |
|  SES SA, 2.88%<sup>(a)(b)(i)</sup> | EUR | 134 |  | 113834 |
| **Multi-Utilities — 0.0%** |  |  |  |  |
|  Electricite de France SA, 7.50%, 12/31/29<sup>(a)(i)</sup> |  | 200 |  | 212711 |
| **Oil, Gas & Consumable Fuels<sup>(a)(b)(i)</sup> — 0.0%** | **Oil, Gas & Consumable Fuels<sup>(a)(b)(i)</sup> — 0.0%** |  |  |  |
|  Abertis Infraestructuras Finance BV, 3.25% |  | 200 |  | 180692 |
|  Repsol International Finance BV, 4.25% |  | 224 |  | 213405 |
|  |  |  |  | 394097 |
| **Transportation Infrastructure — 0.0%** |  |  |  |  |
|  Poste Italiane SpA, 2.63%<sup>(a)(b)(i)</sup> |  | 200 |  | 162173 |
| **Utilities<sup>(a)(b)(i)</sup> — 0.1%** |  |  |  |  |
|  Electricite de France SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00% |  | 200 |  | 174580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88% |  | 200 |  | 174787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38% |  | 200 |  | 154247 |
|  |  |  |  | 503614 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |  |  |
|  Vodafone Group PLC,<br>2.63%, 08/27/80<sup>(a)(b)</sup> |  | 400 |  | 375368 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15252269 |
|  |  | *Shares* |  |  |
|  **Preferred Stocks — 1.0%** |  |  |  |  |
| **Banks — 0.0%** |  |  |  |  |
|  CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $666,513)<sup>(e)</sup> |  | 680898 |  | 11296 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |  |  |  |
|  Verscend Intermediate Holding<sup>(f)</sup> |  | 790 |  | 975413 |
| **Insurance — 0.1%** |  |  |  |  |
|  Alliant Holdings, Inc.<sup>(f)</sup> |  | 1431 |  | 1303628 |
| **Interactive Media & Services — 0.8%** |  |  |  |  |
|  ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $6,755,577)<sup>(e)(f)</sup> |  | 61653 |  | 10160841 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
|  Ligado Networks LLC, 01/14/22<sup>(o)</sup> | 32168 | $321684 |
|  |  | 12772862 |
|  **Total Preferred Securities — 2.1%<br>(Cost: $31,750,156)** |  | 28025131 |
|  **Total Long-Term Investments — 138.1%<br>(Cost: $2,016,617,355)** |  | 1821827846 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.0%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%<sup>(p)(q)</sup> | 723084 | 723084 |
|  **Total Short-Term Securities — 0.0%<br>(Cost: $723,084)** |  | 723084 |
|  **Options Purchased — 0.1%<br>(Cost: $871,045)** |  | 890805 |
|  **Total Investments Before Options Written — 138.2%<br>(Cost: $2,018,211,484)** | **Total Investments Before Options Written — 138.2%<br>(Cost: $2,018,211,484)** | 1823441735 |
|  **Options Written — (0.0)%<br>(Premiums Received: $(336213))** | **Options Written — (0.0)%<br>(Premiums Received: $(336213))** | (197392) |
|  **Total Investments, Net of Options Written — 138.2%<br>(Cost: $2,017,875,271)** | **Total Investments, Net of Options Written — 138.2%<br>(Cost: $2,017,875,271)** | 1823244343 |
| **Liabilities in Excess of Other Assets — (38.2)%** | **Liabilities in Excess of Other Assets — (38.2)%** | (503800731) |
| **Net Assets — 100.0%** |  | $1319443612 |

---

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

<sup>(b)</sup> 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.

<sup>(c)</sup> 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.

<sup>(d)</sup> Non-income producing security.

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $10,954,464, representing 0.8% of its net assets as of period end, and an original cost of $9,021,442. 

<sup>(f)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

<sup>(h)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(i)</sup> Perpetual security with no stated maturity date.

<sup>(j)</sup> 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.

<sup>(k)</sup> Zero-coupon bond.

<sup>(l)</sup> 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.

<sup>(m)</sup> 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.

<sup>(n)</sup> Rounds to less than 1,000.

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

<sup>(p)</sup> Affiliate of the Trust.

<sup>(q)</sup> 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.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>12/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>12/31/22* | *Shares<br>Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $— | $723084 <sup>(a)</sup> | $— | $— | $— | $723084 | 723084 | $58612 | $— |
|  iShares iBoxx $ High Yield Corporate Bond ETF<sup>(b)</sup> |  | 13002560 | (13116820) | 114260 |  |  |  |  |  |
|  iShares Preferred & Income Securities ETF<sup>(b)</sup> | 8004290 |  | (6688816) | (738522) | (576952) |  |  | 100052 |  |
|  |  |  |  | $(624262) | $(576952) | $723084 |  | $158664 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> As of period end, the entity is no longer held.

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br>|

---

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 23 | 03/17/23 | $4440 | $188778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 142 | 03/22/23 | 15924 | 68096 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 24 | 03/22/23 | 2993 | 35698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 215 | 03/22/23 | 28709 | 357403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 12 | 03/31/23 | 1294 | 3384 |
|  |  |  |  | $653359 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation*<br> *(Depreciation)* |
|  USD | 3876558 | GBP | 3170000 | Westpac Banking Corp. | 03/15/23 | $37521 |
|  USD | 22708996 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21210000 | Deutsche Bank AG | 03/15/23 | (104135) |
|  |  |  |  |  |  | $(66614) |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 50 | 8 | 01/20/23 | EUR | 3725.00 | EUR | 303 | $3866 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 1477 | 01/20/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380.00 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56485 | 886939 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;890805 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
|  Put |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euro Stoxx 50 | 8 | 01/20/23 | EUR | 3550.00 | EUR | 303 | $(951) |
| &nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 1477 | 01/20/23 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360.00 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56485 | (196441) |
|  |  |  |  |  |  |  | $(197392) |

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate Paid<br>by the Trust* | *Payment<br>Frequency* | *Termination<br>Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront<br>Premium<br>Paid<br>(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  iTraxx.FINSUB.38.V1 | 1.00% | Quarterly | 12/20/27 | EUR | 127 | $4313 | $9720 | $(5407) |

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Reference Obligation/Index* | *Financing<br>Rate Received<br>by the Trust* | *Payment*<br> *Frequency* | *Counterparty* | *Termination Date* | *Credit<br>Rating* | *<br><sup>(a)</sup>* | *Notional<br>Amount (000)* | *<br><sup>(b)</sup>* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* |
|  | Casino, Guichard-Perrachon S.A. | 5.00% | Quarterly | Goldman Sachs International | 06/20/23 | N/R |  | EUR 78 |  | $(4000) | $(4236) | $236 |
|  | Casino, Guichard-Perrachon S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | CCC+ |  | EUR 80 |  | (4103) | (3381) | (722) |
|  | Casino, Guichard-Perrachon S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/23 | CCC+ |  | EUR 52 |  | (2667) | (2351) | (316) |
|  | Novafives S.A.S. | 5.00 | Quarterly | Citibank N.A. | 06/20/23 | B- |  | EUR 60 |  | (1887) | (1993) | 106 |
|  | Novafives S.A.S. | 5.00 | Quarterly | Goldman Sachs International | 06/20/23 | B- |  | EUR 26 |  | (801) | (833) | 32 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br>|

---

**OTC Credit Default Swaps — Sell Protection (continued)** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing<br>Rate Received<br>by the Trust* | *Payment*<br> *Frequency* | *Counterparty* | *Termination Date* | *Credit<br>Rating* | *<br><sup>(a)</sup>* |  | *Notional<br>Amount (000)* | *<br><sup>(b)</sup>* | *Value* | *Upfront<br>Premium<br>Paid*<br> *(Received)* | *Unrealized<br>Appreciation<br>(Depreciation)* | |
|  Novafives S.A.S. | 5.00% | Quarterly | Goldman Sachs International | 06/20/23 | B- |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |  | $(457) | $(509) | $52 |  |
|  Casino, Guichard-Perrachon S.A. | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/23 | CCC+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |  | (14690) | (24664) | 9974 |  |
|  CenturyLink, Inc. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/23 | N/R |  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 |  | (9555) | (13404) | 3849 |  |
|  Saipem Finance International BV | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | BB+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |  | (2644) | (1919) | (725) |  |
|  Virgin Media Finance PLC | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |  | 2775 | 5852 | (3077) |  |
|  Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Bank of America N.A. | 12/20/26 | B+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |  | (7566) | (1753) | (5813) |  |
|  Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Barclays Bank PLC | 12/20/26 | B+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |  | (6145) | 1430 | (7575) |  |
|  Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Credit Suisse International | 12/20/26 | B+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |  | (5973) | 1470 | (7443) |  |
|  Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Credit Suisse International | 12/20/26 | B+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |  | (8322) | 1905 | (10227) |  |
|  Jaguar Land Rover Automotive PLC | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/26 | B+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |  | (8322) | 2258 | (10580) |  |
|  K&S AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/26 | BB+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |  | 8596 | 6499 | 2097 |  |
|  Cellnex Telecom SA | 5.00 | Quarterly | Credit Suisse International | 06/20/27 | BB+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |  | 25308 | 16033 | 9275 |  |
|  CMA CGM SA | 5.00 | Quarterly | Credit Suisse International | 06/20/27 | BB+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |  | 6856 | 7459 | (603) |  |
|  CMA CGM SA | 5.00 | Quarterly | Credit Suisse International | 06/20/27 | BB+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |  | 1905 | 1529 | 376 |  |
|  CMA CGM SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB+ |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |  | 762 | 662 | 100 |  |
|  Ladbrokes Coral Group Ltd. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |  | (3928) | (5030) | 1102 |  |
|  Ladbrokes Coral Group Ltd. | 1.00 | Quarterly | JPMorgan Chase Bank N.A. | 06/20/27 | BB |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |  | (14142) | (28889) | 14747 |  |
|  Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC- |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |  | (9086) | (8299) | (787) |  |
|  Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC- |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |  | (5461) | (4920) | (541) |  |
|  Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC- |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |  | (15351) | (13829) | (1522) |  |
|  Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC- |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |  | (4454) | (4122) | (332) |  |
|  Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC- |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |  | (9322) | (8540) | (782) |  |
|  Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. International PLC | 12/20/27 | CCC- |  | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |  | (6759) | (6112) | (647) |  |
|  |  |  |  |  |  |  |  |  |  | $(99433) | $(89687) | $(9746) |  |

---

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. 

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  | *Upfront* |  |
| *Paid by the Trust* | *Paid by the Trust* |  | *Received by the Trust* | *Received by the Trust* |  |  |  |  |  |  | *Premium* | *Unrealized* |
|  |  |  |  |  |  | *Effective* | *Termination* | *Notional* | *Notional* |  | *Paid* | *Appreciation* |
| *Rate* | *Frequency* | | *Reference* | *Frequency* | *Counterparty* | *Date* | *Date* | *Amount (000)* | *Amount (000)* | *Value* | *(Received)* | *(Depreciation)* |
|  1-Day SOFR, 4.32% | Quarterly |  | Markit iBoxx $ Liquid<br>High Yield Index | Monthly | BNP Paribas SA | N/A | 06/20/23 | USD | 1535 | $(23383) | $(10725) | $(12658) |
|  1-Day SOFR, 4.32% | Quarterly |  | Markit iBoxx $ Liquid<br>High Yield Index | Monthly | Morgan Stanley & Co.<br>International PLC | N/A | 06/20/23 | USD | 3049 | (41162) | (22046) | (19116) |
|  1-Day SOFR, 4.32% | Quarterly |  | Markit iBoxx $ Liquid<br>High Yield Index | Monthly | Morgan Stanley & Co.<br>International PLC | N/A | 06/20/23 | USD | 9430 | (187099) | (72919) | (114180) |
|  |  |  |  |  |  |  |  |  |  | $(251644) | $(105690) | $(145954) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Swap<br>Premiums<br>Paid* | *Swap<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $9720 | $— | $— | $(5407) | $— |
|  OTC Swaps | 45097 | (240474) | 41946 | (197646) |  |
|  Options Written | N/A | N/A | 138821 |  | (197392) |

---

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br>|

---

**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<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $188778 | $— | $464581 | $— | $653359 |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts |  |  |  | 37521 |  |  | 37521 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 890805 |  |  |  | 890805 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid |  | 87043 |  |  |  |  | 87043 |
|  | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464581 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;1668728 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | $— | $— | $— | $104135 | $— | $— | $104135 |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value |  |  | 197392 |  |  |  | 197392 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> |  | 5407 |  |  |  |  | 5407 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received |  | 186476 |  |  | 251644 |  | 438120 |
|  | $— | $191883 | $197392 | $104135 | $251644 | $— | $745054 |

---

<sup>(a)</sup> 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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the period ended December 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(350676) | $— | $&nbsp;&nbsp;&nbsp;&nbsp;3428368 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;3077692 |
|  Forward foreign currency exchange contracts |  |  |  | 4312315 |  |  | 4312315 |
|  Options purchased<sup>(a)</sup> |  | (34214) | 26011 |  | (5345) |  | (13548) |
|  Options written |  | (545) | 128812 |  |  |  | 128267 |
|  Swaps |  | 59580 |  |  | (4002598) |  | (3943018) |
|  | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24821 | $(195853) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4312315 | $(579575) | $— | $3561708 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |
|  Futures contracts | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188778 | $— | $463095 | $— | $651873 |
|  Forward foreign currency exchange contracts |  |  |  | 372219 |  |  | 372219 |
|  Options purchased<sup>(b)</sup> |  |  | 28791 |  |  |  | 28791 |
|  Options written |  |  | 131133 |  |  |  | 131133 |
|  Swaps |  | (86755) |  |  | (577321) |  | (664076) |
|  | $— | $(86755) | $348702 | $372219 | $(114226) | $— | $519940 |

---

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $28885368 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br>|

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)** 

---

| | |
|:---|:---|
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $36194835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $55769 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $317828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $81008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts purchased | $686035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | $98005 |
|  Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | $94505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $3076479 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $28223000 |

---

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

**Derivative Financial Instruments — Offsetting as of Period End** 

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  Derivative Financial Instruments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $351742 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 37521 | 104135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options | 890805 | 197392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — centrally cleared | 4173 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(a)</sup> | 87043 | 438120 |
|  Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities | 1371284 | 739647 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (1246720) | (197392) |
|  Total derivative assets and liabilities subject to an MNA | $124564 | $542255 |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives<br>Available<br>for Offset<sup>(a)</sup>* | *Non-Cash<br>Collateral<br>Received* | *Cash<br>Collateral<br>Received* | *Net Amount<br>of Derivative<br>Assets<sup>(b)(c)</sup>* |
|  Barclays Bank PLC | $5279 | $(5279) | $– | $– | $— |
|  Citibank N.A. | 106 | (106) | – | – |  |
|  Credit Suisse International | 38047 | (18273) | – | – | 19774 |
|  Goldman Sachs International | 320 | (320) | – | – |  |
|  JPMorgan Chase Bank N.A. | 41033 | (41033) | – | – |  |
|  Morgan Stanley & Co. International PLC | 2258 | (2258) | – | – |  |
|  Westpac Banking Corp. | 37521 |  | – | – | 37521 |
|  | $124564 | $(67269) | $– | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57295 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br>|

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* |  | <br> *Derivatives*<br> *Available* | <br> *Non-Cash*<br> *Collateral*<br> *Pledged* |  | <br> *Cash*<br> *Collateral*<br> *Pledged* | <br> *Net Amount*<br> *of Derivative* |
|  *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* |  | *for Offset* *<sup>(a)</sup>* | <br> *Non-Cash*<br> *Collateral*<br> *Pledged* |  | <br> *Cash*<br> *Collateral*<br> *Pledged* | *Liabilities* *<sup>(b)(d)</sup>* |
|  Bank of America N.A. | $16652 |  | $— | $— |  | $— | $16652 |
|  Barclays Bank PLC | 41791 |  | (5279) |  |  |  | 36512 |
|  BNP Paribas SA | 23383 |  |  |  |  |  | 23383 |
|  Citibank N.A. | 6447 |  | (106) |  |  |  | 6341 |
|  Credit Suisse International | 18273 |  | (18273) |  |  |  |  |
|  Deutsche Bank AG | 104135 |  |  |  |  |  | 104135 |
|  Goldman Sachs International | 5578 |  | (320) |  |  |  | 5258 |
|  JPMorgan Chase Bank N.A. | 80396 |  | (41033) |  |  | (20000) | 19363 |
|  Morgan Stanley & Co. International PLC | 245600 |  | (2258) |  |  |  | 243342 |
|  | $542255 |  | $(67269) | $— |  | $(20000) | $454986 |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>(c)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

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

**Fair Value Hierarchy as of Period End** 

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 Consolidated 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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $2120176 | $— | $2120176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 22758 |  |  | 22758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 1925670 |  |  | 1925670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 25 |  |  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging |  | 782327 |  | 782327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22236 | 22236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 18481 |  |  | 18481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 413421 |  |  | 413421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 111494 |  |  | 111494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 1644287 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 2748750 |  |  | 2748750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 367488 |  |  | 367488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 2056 |  |  | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012798 |  |  | 1012798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79289829 |  | 79289829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airlines | 156685 | 30261019 |  | 30417704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Components |  | 25819163 |  | 25819163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 30592820 |  | 30592820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 8307428 |  | 8307428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages |  | 29042764 |  | 29042764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology |  | 278987 |  | 278987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Materials |  | 15397404 |  | 15397404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products |  | 21111718 |  | 21111718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets |  | 28772368 |  | 28772368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals |  | 42547899 |  | 42547899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies |  | 21585823 |  | 21585823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment |  | 14782801 |  | 14782801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials |  | 1705063 |  | 1705063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 32762355 |  | 32762355 |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br>|

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44521917 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44598464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging |  | 11155321 |  | 11155321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services |  | 38569022 |  | 38569022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 19179967 |  | 19179967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services |  | 49873657 |  | 49873657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities |  | 7692999 |  | 7692999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment |  | 2716642 |  | 2716642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components |  | 12240332 |  | 12240332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services |  | 10047434 |  | 10047434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Environmental, Maintenance & Security Service |  | 16538382 |  | 16538382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) |  | 22886363 |  | 22886363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing |  | 20678730 |  | 20678730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products |  | 19238017 |  | 19238017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities |  | 456441 |  | 456441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies |  | 7633624 |  | 7633624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services |  | 45257744 |  | 45257744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology |  | 15072441 |  | 15072441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 69227 | 68400949 |  | 68470176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables |  | 15265657 |  | 15265657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Products |  | 1717486 |  | 1717486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers |  | 7944013 |  | 7944013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance |  | 37672425 |  | 37672425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services |  | 5715457 |  | 5715457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Internet Software & Services |  | 25846445 |  | 25846445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services |  | 33858488 |  | 33858488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products |  | 2721614 |  | 2721614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery |  | 22445844 |  | 22445844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine |  | 240521 |  | 240521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media |  | 182236482 |  | 182236482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining |  | 41937492 |  | 41937492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) |  | 155633 |  | 155633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail |  | 1675834 |  | 1675834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities |  | 1227239 |  | 1227239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offshore Drilling & Other Services |  | 12033646 |  | 12033646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 520286 | 222400091 |  | 222920377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Products |  | 280555 |  | 280555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals |  | 13686325 |  | 13686325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 2110647 |  | 2110647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development |  | 6150415 |  | 6150415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Road & Rail |  | 9405337 |  | 9405337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 163833 | 21225078 |  | 21388911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software |  | 65633713 |  | 65633713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  | 6010778 |  | 6010778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals |  | 1885272 |  | 1885272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 185427 | 2778643 |  | 2964070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance |  | 8721501 |  | 8721501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 508996 |  | 508996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure |  | 103577 |  | 103577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 3231226 |  | 3231226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 22118210 |  | 22118210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 195780265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12296415 | 208076680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 105258 |  |  | 105258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles |  | 554376 |  | 554376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 3094759 |  | 3094759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 7030680 |  | 7030680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services |  | 375710 |  | 375710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities |  | 971351 |  | 971351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing |  | 18654 |  | 18654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services |  | 182249 |  | 182249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers |  | 1157435 |  | 1157435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media |  | 113834 |  | 113834 |

---

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br>|

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | $— | $212711 | $— | $212711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels |  | 394097 |  | 394097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation Infrastructure |  | 162173 |  | 162173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 503614 |  | 503614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services |  | 375368 |  | 375368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  | 321684 | 12439882 | 12761566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 723084 |  |  | 723084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 890805 |  |  | 890805 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> |  | (93418) |  | (93418) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11158380 | $&nbsp;&nbsp;&nbsp;&nbsp;1787420108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24758533 | 1823337021 |
|  Investments Valued at NAV<sup>(b)</sup> |  |  |  | 11296 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;1823348317 |
|  Derivative Financial Instruments<sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | $— | $41946 | $— | $41946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 188778 |  |  | 188778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 37521 |  | 37521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | 464581 |  |  | 464581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (57099) |  | (57099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (197392) |  |  | (197392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | (104135) |  | (104135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts |  | (145954) |  | (145954) |
|  | $455967 | $(227721) | $— | $228246 |

---

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

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

<sup>(c)</sup> 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 $529,000,000 are categorized as Level 2 within the fair value hierarchy.

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Common<br>Stocks* | *Floating*<br> *Rate Loan*<br> *Interests* | *Preferred<br>Stocks* | *Total* |
|  **Assets** |  |  |  |  |
|  Opening balance, as of December 31, 2021 | $22236 | $15655042 | $12823367 | $28500645 |
|  Transfers into Level 3 |  | 876680 |  | 876680 |
|  Transfers out of Level 3 |  | (2360869) |  | (2360869) |
|  Accrued discounts/premiums |  | 24146 |  | 24146 |
|  Net realized gain (loss) |  | 43175 | 118262 | 161437 |
|  Net change in unrealized appreciation (depreciation)<sup>(a)(b)</sup> |  | (825133) | (138806) | (963939) |
|  Purchases |  | 1261072 |  | 1261072 |
|  Sales |  | (2377698) | (362941) | (2740639) |
|  Closing balance, as of December 31, 2022 | $&nbsp;&nbsp;&nbsp;&nbsp;22236 | $&nbsp;&nbsp;&nbsp;&nbsp;12296415 | $&nbsp;&nbsp;&nbsp;&nbsp;12439882 | $&nbsp;&nbsp;&nbsp;&nbsp;24758533 |
|  Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022<sup>(b)</sup> | $— | $(715129) | $(138806) | $(853935) |

---

<sup>(a)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.

<sup>(b)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

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

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| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Corporate High Yield Fund, Inc. (HYT)** <br>|

---

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

*See notes to financial statements.* 

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

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| | |
|:---|:---|
| Schedule of Investments <br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** |  |  |
|  AGL CLO 12 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class B, (3 mo. LIBOR US + 1.60%), 5.84%, 07/20/34<sup>(a)(b)</sup> | $890 | $851679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-12A, Class C,<br>6.09%, 07/20/34 | 500 | 460371 |
|  AIG CLO LLC<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A1R, (3 mo. LIBOR US + 1.12%), 5.36%, 04/20/32 | 3500 | 3431266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A, (3 mo. LIBOR US + 1.10%), 5.42%, 04/22/34 | 2000 | 1943904 |
|  AIMCO CLO 14 Ltd., Series 2021-14A, Class A, (3 mo. LIBOR US + 0.99%), 5.23%, 04/20/34<sup>(a)(b)</sup> | 3000 | 2912227 |
|  Allegro CLO II-S Ltd., Series 2014-1RA, Class B, (3 mo. LIBOR US + 2.15%), 6.43%, 10/21/28<sup>(a)(b)</sup> | 500 | 484387 |
|  Allegro CLO VI Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class B, (3 mo. LIBOR US + 1.50%), 5.58%, 01/17/31 | 360 | 341922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class C, (3 mo. LIBOR US + 1.80%), 5.88%, 01/17/31 | 2400 | 2234470 |
|  American Airlines, Inc., 5.18%, 08/15/23<sup>(c)</sup> | 790 | 787722 |
|  Anchorage Capital CLO 3-R Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.85%), 6.22%, 01/28/31 | 1000 | 930681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-3RA, Class D, (3 mo. LIBOR US + 2.60%), 6.97%, 01/28/31 | 1000 | 885319 |
|  Anchorage Capital CLO Ltd., Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.15%), 6.09%, 10/13/30<sup>(a)(b)</sup> | 1000 | 963663 |
|  Apidos CLO XV, Series 2013-15A, Class DRR, (3 mo. LIBOR US + 2.70%),<br>6.94%, 04/20/31<sup>(a)(b)</sup> | 1000 | 903201 |
|  Apidos CLO XX, Series 2015-20A, Class BRR, (3 mo. LIBOR US + 1.95%),<br>6.03%, 07/16/31<sup>(a)(b)</sup> | 1000 | 949063 |
|  Apidos CLO XXXVII, Series 2021-37A, Class A, 5.45%, 10/22/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924225 |
|  Ares XLIX CLO Ltd., Series 2018-49A, Class D, (3 mo. LIBOR US + 3.00%), 7.32%, 07/22/30<sup>(a)(b)</sup> | 1000 | 909658 |
|  Ares XLVII CLO Ltd., Series 2018-47A, Class D, (3 mo. LIBOR US + 2.70%), 6.78%, 04/15/30<sup>(a)(b)</sup> | 1500 | 1327451 |
|  Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3 mo. LIBOR US + 1.80%), 6.04%, 07/20/30<sup>(a)(b)</sup> | 500 | 466259 |
|  Ares XXXVII CLO Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class A3R, (3 mo. LIBOR US + 1.50%), 5.58%, 10/15/30 | 1000 | 965350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4A, Class BR, (3 mo. LIBOR US + 1.80%), 5.88%, 10/15/30 | 1750 | 1655871 |
|  Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3 mo. LIBOR US + 1.18%), 5.50%, 10/24/31<sup>(a)(b)</sup> | 400 | 390756 |
|  Atrium XV, Series 15A, Class C, (3 mo. LIBOR US + 2.20%),<br>6.52%, 01/23/31<sup>(a)(b)</sup> | 250 | 239123 |
|  Benefit Street Partners CLO XII Ltd., Series 2017-12A, Class B, (3 mo. LIBOR US + 2.00%), 6.08%, 10/15/30<sup>(a)(b)</sup> | 1000 | 945778 |
|  Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class A1R, (3 mo. LIBOR US + 1.03%),<br>5.11%, 01/17/32<sup>(a)(b)</sup> | 1900 | 1864822 |
|  Canyon CLO Ltd., Series 2020-3A, Class C, (3 mo. LIBOR US + 2.50%),<br>6.58%, 01/15/34<sup>(a)(b)</sup> | 500 | 472755 |
|  Carlyle C17 CLO Ltd., Series C17A, Class BR, (3 mo. LIBOR US + 1.85%),<br>6.26%, 04/30/31<sup>(a)(b)</sup> | 1000 | 941038 |
|  CarVal CLO I Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.89%),<br>6.97%, 07/16/31<sup>(a)(b)</sup> | 500 | 461882 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Cedar Funding XII CLO Ltd., Series 2020-12A, Class A1R, (3 mo. LIBOR US + 1.13%), 5.49%, 10/25/34<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $974701 |
|  Cedar Funding XIV CLO Ltd., Series 2021-14A, Class A, (3 mo. LIBOR US + 1.10%), 5.18%, 07/15/33<sup>(a)(b)</sup> | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964000 |
|  CIFC Funding I Ltd., Series 2021-1A, Class A1, (3 mo. LIBOR US + 1.11%),<br>5.47%, 04/25/33<sup>(a)(b)</sup> | 1500 | 1475250 |
|  CIFC Funding II Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class BR, (3 mo. LIBOR US + 1.50%), 5.58%, 04/17/34 | 900 | 858276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class AR, (3 mo. LIBOR US + 1.17%), 5.41%, 10/20/34 | 1200 | 1169735 |
|  CIFC Funding Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class A3LR, (3 mo. LIBOR US + 1.95%), 6.14%, 10/18/30 | 1000 | 941063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A, Class B1LR, (3 mo. LIBOR US + 3.05%), 7.24%, 10/18/30 | 1000 | 909872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class C, (3 mo. LIBOR US + 1.75%), 5.94%, 04/18/31 | 1000 | 941737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class D, (3 mo. LIBOR US + 2.65%), 6.84%, 04/18/31 | 1200 | 1113176 |
|  Dryden 77 CLO Ltd., Series 2020-77A, Class AR, (3 mo. LIBOR US + 1.12%),<br>5.80%, 05/20/34<sup>(a)(b)</sup> | 3500 | 3398706 |
|  Elmwood CLO 15 Ltd., Series 2022-2A, Class A1, (3 mo. SOFR + 1.34%),<br>5.38%, 04/22/35<sup>(a)(b)</sup> | 1200 | 1169864 |
|  Elmwood CLO II Ltd., Series 2019-2A, Class AR, (3 mo. LIBOR US + 1.15%),<br>5.39%, 04/20/34<sup>(a)(b)</sup> | 2000 | 1949395 |
|  Elmwood CLO V Ltd., Series 2022-2A, Class AR, 5.39%, 10/20/34 | 1000 | 975817 |
|  Elmwood CLO VIII Ltd., Series 2021-1A, Class A1, (3 mo. LIBOR US + 1.24%), 5.48%, 01/20/34<sup>(a)(b)</sup> | 2000 | 1952377 |
|  Elmwood CLO XII Ltd., Series 2019-2A, Class B, 5.94%, 01/20/35 | 2000 | 1908703 |
|  Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3 mo. LIBOR US + 2.60%),<br>6.84%, 04/20/31<sup>(a)(b)</sup> | 1000 | 941109 |
|  Generate CLO 2 Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A, Class CR, (3 mo. LIBOR US + 1.85%), 6.17%, 01/22/31 | 1500 | 1416417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2A, Class DR, (3 mo. LIBOR US + 2.60%), 6.92%, 01/22/31 | 1800 | 1621978 |
|  Generate CLO 6 Ltd., Series A1R, Class 6A, 5.52%, 01/22/35 | 2500 | 2426572 |
|  Golub Capital Partners CLO 52B Ltd., Series 2020- 52A, Class A1, 5.68%, 01/20/34 | 2000 | 1960328 |
|  Golub Capital Partners CLO 53B Ltd., Series 2021- 53A, Class B, 6.04%, 07/20/34 | 1000 | 962921 |
|  Greenwood Park CLO Ltd., Series 2018-1A, Class D, (3 mo. LIBOR US + 2.50%), 6.58%, 04/15/31<sup>(a)(b)</sup> | 1000 | 897334 |
|  HalseyPoint CLO 4 Ltd., Series 2021-4A, Class A, 5.46%, 04/20/34 | 2000 | 1948309 |
|  Highbridge Loan Management Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12A-18, Class B, (3 mo. LIBOR US + 1.85%), 6.04%, 07/18/31 | 1250 | 1169856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 4A-2014, Class A2R, (3 mo. LIBOR US + 1.50%), 5.87%, 01/28/30 | 650 | 627498 |
|  HPS Loan Management Ltd., Series 6A-2015, Class BR, (3 mo. LIBOR US + 1.75%), 6.28%, 02/05/31<sup>(a)(b)</sup> | 1500 | 1400661 |
|  Long Point Park CLO Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 1.70%), 5.78%, 01/17/30<sup>(a)(b)</sup> | 1000 | 934947 |

---

84 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Madison Park Funding L Ltd., Series 2021-50A, Class A, (3 mo. LIBOR US + 1.14%), 5.37%, 04/19/34<sup>(a)(b)</sup> | $1270 | $1244210 |
|  Madison Park Funding XIII Ltd., Series 2014-13A, Class CR2, (3 mo. LIBOR US + 1.90%), 6.13%, 04/19/30<sup>(a)(b)</sup> | 1000 | 964395 |
|  Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, (3 mo. LIBOR US + 1.15%), 5.38%, 04/19/33<sup>(a)(b)</sup> | 1000 | 983387 |
|  Madison Park Funding XXVII Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-27A, Class B, (3 mo. LIBOR US + 1.80%), 6.04%, 04/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 941692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-27A, Class C, (3 mo. LIBOR US + 2.60%), 6.84%, 04/20/30 | 1000 | 929792 |
|  Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, (3 mo. LIBOR US + 1.12%), 5.20%, 07/17/34<sup>(a)(b)</sup> | 1070 | 1041284 |
|  Marble Point CLO XI Ltd., Series 2017-2A, Class B, (3 mo. LIBOR US + 1.50%), 5.69%, 12/18/30<sup>(a)(b)</sup> | 1000 | 949932 |
|  MP CLO III Ltd., Series 2013-1A, Class CR, (3 mo. LIBOR US + 2.00%),<br>6.24%, 10/20/30<sup>(a)(b)</sup> | 1000 | 933578 |
|  Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR2, (3 mo. LIBOR US + 3.00%), 7.28%, 10/21/30<sup>(a)(b)</sup> | 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499210 |
|  Neuberger Berman CLO XXII Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-22A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 10/17/30 | 400 | 388125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-22A, Class CR, (3 mo. LIBOR US + 2.20%), 6.28%, 10/17/30 | 1000 | 952415 |
|  Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class C, (3 mo. LIBOR US + 1.75%), 5.94%, 10/18/30<sup>(a)(b)</sup> | 1500 | 1411401 |
|  Neuberger Berman Loan Advisers CLO 27 Ltd., Series 2018-27A, Class D, (3 mo. LIBOR US + 2.60%), 6.68%, 01/15/30<sup>(a)(b)</sup> | 1000 | 929513 |
|  Neuberger Berman Loan Advisers CLO 47 Ltd., 5.13%, 04/14/35 | 1000 | 974691 |
|  OCP CLO Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-6A, Class BR, (3 mo. LIBOR US + 2.15%), 6.23%, 10/17/30 | 500 | 477499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-11A, Class BR, (3 mo. LIBOR US + 2.45%), 6.78%, 10/26/30 | 1500 | 1453831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-14A, Class B, (3 mo. LIBOR US + 1.95%), 6.63%, 11/20/30 | 1000 | 949888 |
|  Octagon Investment Partners 26 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 2.85%), 6.93%, 07/15/30<sup>(a)(b)</sup> | 500 | 450852 |
|  Octagon Investment Partners 33 Ltd., Series 2017-1A, Class C, (3 mo. LIBOR US + 2.75%), 6.99%, 01/20/31<sup>(a)(b)</sup> | 1000 | 884522 |
|  Octagon Investment Partners 34 Ltd., Series 2017-1A, Class B1, (3 mo. LIBOR US + 1.40%), 5.64%, 01/20/30<sup>(a)(b)</sup> | 1000 | 965726 |
|  Octagon Investment Partners XVII Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class BR2, (3 mo. LIBOR US + 1.40%), 5.76%, 01/25/31 | 1000 | 963766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A, Class CR2, (3 mo. LIBOR US + 1.70%), 6.06%, 01/25/31 | 1000 | 931161 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Octagon Investment Partners XXII Ltd., Series 2014- 1A, Class CRR, (3 mo. LIBOR US + 1.90%), 6.22%, 01/22/30<sup>(a)(b)</sup> | $900 | $846100 |
|  OHA Credit Funding 10 Ltd., Series 2021-10A, Class A, 5.32%, 01/18/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460229 |
|  OHA Credit Funding 3 Ltd., Series 2019-3A, Class AR, (3 mo. LIBOR US + 1.14%), 5.38%, 07/02/35<sup>(a)(b)</sup> | 1750 | 1708041 |
|  OHA Credit Funding 5 Ltd., Series 2020-5A, Class A1, (3 mo. LIBOR US + 1.17%), 5.36%, 04/18/33<sup>(a)(b)</sup> | 1000 | 981683 |
|  OHA Credit Funding 7 Ltd., Series 2020-7A, Class AR, (3 mo. SOFR + 1.30%), 5.26%, 02/24/37<sup>(a)(b)</sup> | 1250 | 1217089 |
|  OHA Credit Partners XII Ltd., Series 2015-12A, Class DR, (3 mo. LIBOR US + 2.90%), 7.22%, 07/23/30<sup>(a)(b)</sup> | 600 | 556910 |
|  OHA Credit Partners XVI, Series 2021-16A, Class A, 5.34%, 10/18/34 | 750 | 731354 |
|  OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.90%), 6.14%, 01/20/31<sup>(a)(b)</sup> | 1800 | 1682674 |
|  Palmer Square CLO Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-1A, Class A2R4, (3 mo. LIBOR US + 1.70%), 6.38%, 05/21/34 | 2500 | 2381399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A2, (3 mo. LIBOR US + 1.45%), 5.64%, 04/18/31 | 1500 | 1452800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A, Class CR, (3 mo. LIBOR US + 3.05%), 7.70%, 11/14/34 | 1000 | 922903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1AR, (3 mo. LIBOR US + 1.08%), 5.69%, 11/15/31 | 1500 | 1472158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A, (3 mo. LIBOR US + 1.15%), 5.23%, 07/15/34 | 2000 | 1952156 |
|  Park Avenue Institutional Advisers CLO Ltd., Series 2019-1A, Class C, (3 mo. LIBOR US + 3.85%), 8.46%, 05/15/32<sup>(a)(b)</sup> | 1500 | 1277931 |
|  Regatta VI Funding Ltd., Series 2016-1A, Class AR2, (3 mo. LIBOR US + 1.16%), 5.40%, 04/20/34<sup>(a)(b)</sup> | 2000 | 1949093 |
|  Regatta VII Funding Ltd., Series 2016-1A, Class DR2, (3 mo. LIBOR US + 3.05%), 7.80%, 06/20/34<sup>(a)(b)</sup> | 500 | 464746 |
|  Regatta XV Funding Ltd., Series 2018-4A, Class A2, (3 mo. LIBOR US + 1.85%), 6.21%, 10/25/31<sup>(a)(b)</sup> | 1200 | 1158593 |
|  Regatta XVI Funding Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class C, (3 mo. LIBOR US + 2.70%), 6.78%, 01/15/33 | 1000 | 963572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class D, (3 mo. LIBOR US + 3.90%), 7.98%, 01/15/33 | 1000 | 947555 |
|  Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3 mo. LIBOR US + 1.45%), 5.53%, 01/15/34<sup>(a)(b)</sup> | 1000 | 956634 |
|  Rockford Tower CLO Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class A, (3 mo. LIBOR US + 1.19%), 5.43%, 10/20/30 | 2000 | 1972001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-3A, Class D, (3 mo. LIBOR US + 2.65%), 6.89%, 10/20/30 | 1000 | 916401 |
|  RR 5 Ltd., Series 2018-5A, Class C, (3 mo. LIBOR US + 3.10%), 7.18%, 10/15/31<sup>(a)(b)</sup> | 650 | 591067 |
|  Signal Peak CLO 8 Ltd.<sup>(a)(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8A, Class A, (3 mo. LIBOR US + 1.27%), 5.51%, 04/20/33 | 6000 | 5861758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-8A, Class B, (3 mo. LIBOR US + 1.65%), 5.89%, 04/20/33 | 1650 | 1575472 |
|  Sound Point CLO XXI Ltd., Series 2018-3A, Class A1A, (3 mo. LIBOR US + 1.18%), 5.51%, 10/26/31<sup>(a)(b)</sup> | 1400 | 1363387 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
|  Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3 mo. LIBOR US + 2.60%), 6.68%, 01/15/30<sup>(a)(b)</sup> | $1500 | $1347405 |
|  Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, 5.46%, 10/23/34 | 1900 | 1850182 |
|  Tiaa CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.15%), 5.23%, 01/16/31<sup>(a)(b)</sup> | 2500 | 2446574 |
|  TICP CLO IX Ltd., Series 2017-9A, Class A, (3 mo. LIBOR US + 1.14%), 5.38%, 01/20/31<sup>(a)(b)</sup> | 1000 | 989102 |
|  TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3 mo. LIBOR US + 1.12%), 5.20%, 01/15/34<sup>(a)(b)</sup> | 2000 | 1958444 |
|  TICP CLO X Ltd., Series 2018-10A, Class B, 5.71%, 04/20/31 | 1300 | 1262927 |
|  TICP CLO XII Ltd., Series 2018-12A, Class BR, (3 mo. LIBOR US + 1.65%), 5.73%, 07/15/34<sup>(a)(b)</sup> | 1000 | 956586 |
|  TICP CLO XIV Ltd., Series 2019-14A, Class A2R, (3 mo. LIBOR US + 1.65%), 5.89%, 10/20/32<sup>(a)(b)</sup> | 1750 | 1692995 |
|  Trimaran CAVU Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class A, 6.85%, 01/20/36 | 2500 | 2487294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A, Class B1, 7.75%, 01/20/36 | 1500 | 1486415 |
|  Whitebox CLO I Ltd., Series 2019-1A, Class ANAR, (3 mo. LIBOR US + 1.13%), 5.45%, 07/24/32<sup>(a)(b)</sup> | 1000 | 979100 |
|  York CLO 1 Ltd., Series 2014-1A, Class ARR, (3 mo. LIBOR US + 1.12%), 5.44%, 10/22/29<sup>(a)(b)</sup> | 1903 | 1882932 |
|  **Total Asset-Backed Securities — 14.2%<br>(Cost: $152,245,627)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148579977 |
|  **Corporate Bonds** |  |  |
| **Advertising Agencies — 0.2%** |  |  |
|  Interpublic Group of Cos., Inc., 5.40%, 10/01/48<sup>(d)</sup> | 2215 | 2024038 |
| **Aerospace & Defense — 4.5%** |  |  |
|  Boeing Co., 5.15%, 05/01/30<sup>(d)</sup> | 6775 | 6609956 |
|  Bombardier, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/25 | 98 | 97051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/26<sup>(d)</sup> | 1322 | 1282623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/27<sup>(d)</sup> | 1347 | 1306557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28<sup>(d)</sup> | 1121 | 1036611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 05/01/34 | 327 | 327000 |
|  F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26<sup>(b)</sup> | 516 | 421830 |
|  General Dynamics Corp., 4.25%, 04/01/50<sup>(d)</sup> | 1260 | 1117650 |
|  Howmet Aerospace, Inc., 5.13%, 10/01/24 | 45 | 44498 |
|  Moog, Inc., 4.25%, 12/15/27<sup>(b)</sup> | 320 | 296000 |
|  Northrop Grumman Corp.<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 | 2400 | 1988838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/50 | 3050 | 3003304 |
|  Raytheon Technologies Corp.<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 | 2805 | 2527502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/50 | 3545 | 2481611 |
|  Rolls-Royce PLC, 5.75%, 10/15/27<sup>(b)</sup> | 1933 | 1841183 |
|  Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25<sup>(b)</sup> | 332 | 328069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 11/30/29 | 686 | 722152 |
|  TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25<sup>(b)</sup> | 1596 | 1619605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16639 | 16409215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 | 8 | 7784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 | 432 | 427424 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
|  TransDigm, Inc. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 | $940 | $826514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/29<sup>(d)</sup> | 622 | 542540 |
|  Triumph Group, Inc., 8.88%, 06/01/24<sup>(b)</sup> | 1579 | 1606633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46872150 |
| **Airlines — 1.6%** |  |  |
|  Air Canada, 3.88%, 08/15/26<sup>(b)(d)</sup> | 549 | 486267 |
|  Allegiant Travel Co.,<br>7.25%, 08/15/27<sup>(b)</sup> | 183 | 174063 |
|  American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 10/15/23<sup>(c)</sup> | 837 | 826467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.75%, 07/15/25<sup>(b)</sup> | 1018 | 1091906 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26 | 289 | 278372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 | 1811563 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26<sup>(b)</sup> | 531 | 480555 |
|  Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27<sup>(b)(d)</sup> | 1966 | 1954777 |
|  Singapore Airlines Ltd.,<br>3.00%, 07/20/26<sup>(e)</sup> | 200 | 184466 |
|  Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28<sup>(b)</sup> | 1718 | 1474430 |
|  United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 10/15/27<sup>(d)</sup> | 5366 | 5290499 |
|  United Airlines, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26<sup>(d)</sup> | 1242 | 1151242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 | 1274 | 1109266 |
|  |  | 16313873 |
| **Auto Components — 1.5%** |  |  |
|  Aptiv PLC/Aptiv Corp.,<br>4.15%, 05/01/52<sup>(d)</sup> | 4240 | 3050752 |
|  Clarios Global LP, 6.75%, 05/15/25<sup>(b)</sup> | 497 | 498149 |
|  Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 | 4933 | 4822018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/27 | 7065 | 6898948 |
|  Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/29 | 207 | 172669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 | 53 | 43264 |
|  |  | 15485800 |
| **Automobiles — 2.0%** |  |  |
|  Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 | 197 | 173439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 | 191 | 159743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32<sup>(b)</sup> | 101 | 83093 |
|  Ford Motor Co.<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 07/16/31 | 3660 | 3740930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/32 | 1255 | 941177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/32 | 289 | 266850 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 | 200 | 190293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25<sup>(d)</sup> | 1270 | 1220904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 | 207 | 187131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 | 613 | 532329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27<sup>(d)</sup> | 400 | 373160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28<sup>(d)</sup> | 627 | 517851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 | 200 | 181109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/30 | 200 | 164168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/31 | 456 | 358214 |
|  General Motors Co.<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43 | 940 | 869057 |

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86 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Automobiles (continued)** |  |  |
|  General Motors Co.<sup>(d)</sup> (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/49 | $3455 | $3011082 |
|  Group 1 Automotive, Inc.,<br>4.00%, 08/15/28<sup>(b)</sup> | 78 | 66021 |
|  Hyundai Capital America,<br>2.38%, 10/15/27<sup>(e)</sup> | 200 | 171107 |
|  Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27<sup>(e)</sup> | 500 | 380903 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/29<sup>(b)</sup> | 456 | 365160 |
|  Lithia Motors, Inc., 3.88%, 06/01/29<sup>(b)</sup> | 269 | 221148 |
|  Nissan Motor Co. Ltd.,<br>4.81%, 09/17/30<sup>(b)(d)</sup> | 7125 | 6046786 |
|  Penske Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 | 441 | 409274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/29 | 141 | 114442 |
|  TML Holdings Pte. Ltd., 4.35%, 06/09/26<sup>(e)</sup> | 200 | 178600 |
|  |  | 20923971 |
| **Banks — 3.2%** |  |  |
|  ABQ Finance Ltd., 3.13%, 09/24/24<sup>(e)</sup> | 200 | 191412 |
|  Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27<sup>(e)</sup> | 212 | 200101 |
|  Agricultural Bank of China Ltd., 1.25%, 01/19/26<sup>(e)</sup> | 200 | 179828 |
|  Australia & New Zealand Banking Group Ltd., (5 year CMT + 1.70%), 2.57%, 11/25/35<sup>(a)(b)(d)</sup> | 5445 | 3995141 |
|  Bangkok Bank PCL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/19/28<sup>(e)</sup> | 200 | 191560 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 1.90%), 3.73%, 09/25/34<sup>(a)(e)</sup> | 200 | 166725 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 4.73%), 5.00% | 222 | 210178 |
|  Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26<sup>(e)</sup> | 200 | 182022 |
|  Bank of China Ltd.<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/02/24 | 200 | 185850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 04/28/26 | 200 | 179050 |
|  Bank of Communications Co. Ltd., (5 year CMT + 3.35%), 3.80%<sup>(a)(e)(f)</sup> | 252 | 240660 |
|  Bank of East Asia Ltd., (5 year CMT + 5.53%), 5.83%<sup>(a)(e)(f)</sup> | 750 | 656250 |
|  China Construction Bank Corp., (5 year CMT + 2.15%), 2.45%, 06/24/30<sup>(a)(e)</sup> | 200 | 187698 |
|  Fifth Third Bancorp, Series H, (3 mo. LIBOR US + 3.03%), 5.10%<sup>(a)(f)</sup> | 5000 | 4750000 |
|  Industrial & Commercial Bank of China Ltd., 2.95%, 06/01/25<sup>(e)</sup> | 200 | 190972 |
|  Industrial & Commercial Bank of China Macau Ltd., (5 year CMT + 1.65%), 2.88%, 09/12/29<sup>(a)(e)</sup> | 200 | 190538 |
|  Intesa Sanpaolo SpA, 5.71%, 01/15/26<sup>(b)</sup> | 9840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9456238 |
|  Kasikornbank PCL<sup>(a)(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 1.70%), 3.34%, 10/02/31 | 468 | 408915 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 year CMT + 3.34%), 4.00%<sup>(f)</sup> | 300 | 246900 |
|  NongHyup Bank, 4.00%, 01/06/26<sup>(e)</sup> | 200 | 193037 |
|  QNB Finance Ltd., 2.63%, 05/12/25<sup>(e)</sup> | 200 | 188538 |
|  Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26<sup>(e)</sup> | 200 | 178306 |
|  SNB Funding Ltd., 2.75%, 10/02/24<sup>(e)</sup> | 200 | 190663 |
|  State Street Corp., 5.82%, 11/04/28<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | 3020574 |
|  United Overseas Bank Ltd., 1.25%, 04/14/26<sup>(e)</sup> | 200 | 178694 |
|  Wells Fargo & Co.<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44 | 4119 | 3993347 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.51%), 3.53%, 03/24/28<sup>(a)</sup> | 4075 | 3773454 |
|  |  | 33726651 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Beverages — 2.1%** |  |  |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46<sup>(d)</sup> | $6170 | $5608994 |
|  Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49<sup>(d)</sup> | 5000 | 4942989 |
|  ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27<sup>(b)(g)</sup> | 2781 | 1934276 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/27 | 509 | 498283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 | 200 | 169889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/29 | 3414 | 2705688 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25 | 30 | 29608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 | 147 | 117324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/31<sup>(d)</sup> | 712 | 571829 |
|  Canpack SA/Canpack U.S. LLC, 3.13%, 11/01/25<sup>(b)</sup> | 228 | 198431 |
|  Crown Cork & Seal Co., Inc., 7.38%, 12/15/26 | 151 | 155456 |
|  Silgan Holdings, Inc., 4.13%, 02/01/28 | 58 | 53659 |
|  Trivium Packaging Finance BV<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 | 2830 | 2594928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 | 3036 | 2785606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22366960 |
| **Biotechnology — 0.5%** |  |  |
|  Baxalta, Inc., 5.25%, 06/23/45<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | 5733440 |
| **Building Materials<sup>(b)</sup> — 0.4%** |  |  |
|  Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 | 336 | 308324 |
|  Masonite International Corp., Class C, 5.38%, 02/01/28 | 235 | 217283 |
|  New Enterprise Stone & Lime Co., Inc., 5.25%, 07/15/28 | 163 | 144739 |
|  Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/28 | 1212 | 1084376 |
|  Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 | 412 | 380166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 | 26 | 23397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/30 | 1492 | 1215868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/31 | 214 | 161036 |
|  Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 | 386 | 359376 |
|  |  | 3894565 |
| **Building Products — 0.9%** |  |  |
|  Advanced Drainage Systems, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/27 | 26 | 24245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/30 | 936 | 909474 |
|  Beacon Roofing Supply, Inc., 4.13%, 05/15/29<sup>(b)</sup> | 86 | 71465 |
|  LBM Acquisition LLC, 6.25%, 01/15/29<sup>(b)</sup> | 54 | 34363 |
|  Lowe's Cos., Inc., 5.63%, 04/15/53<sup>(d)</sup> | 4345 | 4159448 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26<sup>(b)</sup> | 113 | 90983 |
|  SRS Distribution, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/01/28 | 982 | 870514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/01/29 | 1046 | 845712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/29<sup>(d)</sup> | 763 | 607236 |
|  White Cap Buyer LLC, 6.88%, 10/15/28<sup>(b)(d)</sup> | 1999 | 1729152 |
|  White Cap Parent LLC, (8.25% PIK), 8.25%, 03/15/26<sup>(b)(g)</sup> | 96 | 82991 |
|  |  | 9425583 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Capital Markets — 1.4%** |  |  |
|  Charles Schwab Corp., Series H, (10 year CMT + 3.08%), 4.00%<sup>(a)(d)(f)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 | $4158702 |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/29<sup>(b)(d)</sup> | 447 | 382539 |
|  GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 | 725 | 579554 |
|  Huarong Finance 2019 Co. Ltd.,<br>2.13%, 09/30/23<sup>(e)</sup>  | 200 | 191787 |
|  Huarong Finance II Co. Ltd., 4.63%, 06/03/26<sup>(e)</sup>  | 200 | 177500 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 | 520 | 498551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 | 824 | 791778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 | 2030 | 1858668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 | 651 | 550518 |
|  Jefferies Financial Group, Inc.,<br>5.50%, 10/18/23<sup>(d)</sup>  | 4000 | 4000048 |
|  NFP Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/28<sup>(d)</sup>  | 139 | 118330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/28<sup>(d)</sup>  | 764 | 629749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/30 | 170 | 159865 |
|  Temasek Financial I Ltd., 2.38%, 08/02/41<sup>(e)</sup>  | 250 | 176297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14273886 |
| **Chemicals — 2.8%** |  |  |
|  Avient Corp., 7.13%, 08/01/30<sup>(b)</sup>  | 267 | 261001 |
|  Axalta Coating Systems LLC,<br>3.38%, 02/15/29<sup>(b)</sup>  | 1090 | 899430 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27<sup>(b)(d)</sup>  | 597 | 551867 |
|  Bluestar Finance Holdings Ltd.,<br>3.38%, 07/16/24<sup>(e)</sup>  | 200 | 192850 |
|  CNAC HK Finbridge Co. Ltd.,<br>2.00%, 09/22/25<sup>(e)</sup>  | 300 | 269802 |
|  Diamond BC BV, 4.63%, 10/01/29<sup>(b)</sup>  | 1105 | 886762 |
|  DuPont de Nemours, Inc., 5.42%, 11/15/48<sup>(d)</sup>  | 7500 | 7138496 |
|  Element Solutions, Inc., 3.88%, 09/01/28<sup>(b)(d)</sup>  | 3005 | 2554250 |
|  GC Treasury Center Co. Ltd.,<br>2.98%, 03/18/31<sup>(e)</sup>  | 200 | 160538 |
|  Herens Holdco SARL, 4.75%, 05/15/28<sup>(b)</sup>  | 490 | 366231 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(b)</sup>  | 491 | 411078 |
|  Ingevity Corp., 3.88%, 11/01/28<sup>(b)</sup>  | 100 | 85987 |
|  LG Chem Ltd., 2.38%, 07/07/31<sup>(e)</sup>  | 200 | 156350 |
|  LYB Finance Co. BV, 8.10%, 03/15/27<sup>(b)</sup>  | 6000 | 6534944 |
|  NOVA Chemicals Corp., 4.88%, 06/01/24<sup>(b)</sup>  | 240 | 232199 |
|  SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26<sup>(b)(d)</sup>  | 280 | 237300 |
|  Scotts Miracle-Gro Co., 4.00%, 04/01/31 | 364 | 278075 |
|  SK Invictus Intermediate II Sarl,<br>5.00%, 10/30/29<sup>(b)</sup>  | 1148 | 941360 |
|  UPL Corp. Ltd., (5 year CMT + 3.87%),<br>5.25%<sup>(a)(e)(f)</sup>  | 500 | 340562 |
|  WESCO Distribution, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/25 | 1485 | 1503580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28<sup>(d)</sup>  | 1384 | 1401956 |
|  WR Grace Holdings LLC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/24 | 1493 | 1470605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 | 224 | 198493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/29<sup>(d)</sup>  | 2101 | 1696074 |
|  |  | 28769790 |
| **Commercial Services & Supplies — 1.6%** |  |  |
|  ADT Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/23 | 174 | 172270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/29<sup>(b)</sup>  | 91 | 77392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/32<sup>(b)</sup>  | 59 | 50140 |
|  AerCap Global Aviation Trust, (3 mo. LIBOR US + 4.30%), 6.50%, 06/15/45<sup>(a)(b)(d)</sup>  | 5000 | 4713104 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br> *(000)*  | *Value* |
| **Commercial Services & Supplies (continued)** |  |  |
|  APX Group, Inc., 5.75%, 07/15/29<sup>(b)</sup>  | $555 | $459644 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.38%, 03/01/29<sup>(b)(d)</sup>  | 73 | 62447 |
|  Bank of New York Mellon Corp., (1 day SOFR + 2.07%), 5.83%, 10/25/33<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620 | 4789063 |
|  Fortress Transportation & Infrastructure Investors LLC<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 | 125 | 117525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28<sup>(d)</sup>  | 645 | 550256 |
|  Herc Holdings, Inc., 5.50%, 07/15/27<sup>(b)(d)</sup>  | 683 | 637068 |
|  Hertz Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/26 | 249 | 208537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29<sup>(d)</sup>  | 177 | 134272 |
|  Metis Merger Sub LLC, 6.50%, 05/15/29<sup>(b)</sup>  | 310 | 260240 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/29<sup>(b)</sup>  | 356 | 311500 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc.<sup>(b)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26 | 377 | 362862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28<sup>(d)</sup>  | 804 | 731769 |
|  Sotheby's/Bidfair Holdings, Inc.,<br>5.88%, 06/01/29<sup>(b)</sup>  | 882 | 740616 |
|  United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 | 777 | 736324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/30 | 44 | 41342 |
|  Williams Scotsman International, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/25 | 823 | 814770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/15/28 | 541 | 488252 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16459393 |
| **Communications Equipment — 0.4%** |  |  |
|  CommScope Technologies LLC,<br>6.00%, 06/15/25<sup>(b)(d)</sup>  | 942 | 857220 |
|  CommScope, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/26 | 524 | 483594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 | 83 | 64325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/28<sup>(d)</sup>  | 464 | 331699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/29 | 505 | 407131 |
|  Nokia OYJ, 6.63%, 05/15/39 | 324 | 307528 |
|  Viasat, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 | 731 | 678213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/27 | 243 | 220729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 | 287 | 215314 |
|  Viavi Solutions, Inc., 3.75%, 10/01/29<sup>(b)</sup>  | 705 | 592521 |
|  |  | 4158274 |
| **Construction Materials<sup>(b)</sup> — 0.1%** |  |  |
|  American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/28 | 617 | 550487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 | 41 | 33516 |
|  BCPE Empire Holdings, Inc., 7.63%, 05/01/27 | 256 | 229576 |
|  H&E Equipment Services, Inc., 3.88%, 12/15/28 | 132 | 112436 |
|  Resideo Funding, Inc., 4.00%, 09/01/29 | 97 | 78429 |
|  |  | 1004444 |
| **Consumer Discretionary<sup>(b)</sup> — 0.9%** |  |  |
|  Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 02/01/26 | 733 | 736489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 | 149 | 118097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 | 1111 | 793298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.88%, 08/01/27 | 957 | 904365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 | 434 | 353888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/29<sup>(d)</sup>  | 714 | 475797 |
|  Carnival Holdings Bermuda Ltd.,<br>10.38%, 05/01/28<sup>(d)</sup>  | 1936 | 1987517 |

---

88 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** | **Consumer Discretionary (continued)** |
|  CoreLogic, Inc., 4.50%, 05/01/28 | $869 | $666697 |
|  Life Time, Inc., 8.00%, 04/15/26 | 187 | 168300 |
|  Lindblad Expeditions LLC, 6.75%, 02/15/27 | 480 | 435442 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 | 127 | 99755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 | 124 | 93315 |
|  NCL Finance Ltd., 6.13%, 03/15/28 | 530 | 391257 |
|  Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/26 | 200 | 161669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/31/26 | 241 | 202741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/27 | 378 | 306067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.63%, 08/15/27 | 284 | 285201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/28 | 91 | 72622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 | 302 | 302755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 01/15/29<sup>(d)</sup> | 566 | 581622 |
|  Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 | 120 | 96600 |
|  |  | 9233494 |
| **Consumer Finance — 1.6%** |  |  |
|  Block, Inc., 3.50%, 06/01/31 | 2518 | 2009175 |
|  Global Payments, Inc., 5.95%, 08/15/52<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | 4385181 |
|  HealthEquity, Inc., 4.50%, 10/01/29<sup>(b)</sup> | 980 | 856422 |
|  KB Kookmin Card Co. Ltd., 4.00%, 06/09/25<sup>(e)</sup> | 200 | 190830 |
|  MPH Acquisition Holdings LLC,<br>5.50%, 09/01/28<sup>(b)(d)</sup> | 452 | 352605 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/25/23 | 299 | 298756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24 | 59 | 57798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/29 | 414 | 337824 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26<sup>(d)</sup> | 1231 | 1170533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 | 627 | 519137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 | 295 | 271645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 | 133 | 108781 |
|  Sabre Global, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 | 578 | 575761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.25%, 12/15/27 | 136 | 140043 |
|  Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 4.63%, 11/01/26<sup>(b)</sup> | 718 | 678359 |
|  Shinhan Card Co. Ltd., 1.38%, 10/19/25<sup>(e)</sup> | 200 | 176628 |
|  Shriram Finance Ltd., 4.40%, 03/13/24 | 500 | 480000 |
|  SLM Corp., 3.13%, 11/02/26 | 347 | 295106 |
|  Verscend Escrow Corp., 9.75%, 08/15/26<sup>(b)(d)</sup> | 3791 | 3714081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16618665 |
| **Containers & Packaging — 1.8%** |  |  |
|  Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/29 | 988 | 939342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 | 588 | 503311 |
|  Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 | 224 | 213602 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 | 355 | 344616 |
|  Graphic Packaging International LLC, 3.50%, 03/01/29<sup>(b)</sup> | 264 | 224935 |
|  International Paper Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.70%, 06/15/38 | 4000 | 4943438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 11/15/39<sup>(d)</sup> | 10000 | 11011285 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** | **Containers & Packaging (continued)** |
|  LABL, Inc., 5.88%, 11/01/28<sup>(b)</sup> | $| 520 | $453060 |
|  Sealed Air Corp., 4.00%, 12/01/27<sup>(b)</sup> |  | 109 | 98878 |
|  |  |  | 18732467 |
| **Diversified Consumer Services — 1.2%** | **Diversified Consumer Services — 1.2%** | **Diversified Consumer Services — 1.2%** |  |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 |  | 5356 | 4900740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/27<sup>(d)</sup> |  | 1306 | 1136220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29<sup>(d)</sup> |  | 2301 | 1669973 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 | 1763471 |
|  Clarivate Science Holdings Corp.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 |  | 1341 | 1161837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/29<sup>(d)</sup> |  | 861 | 732151 |
|  Service Corp. International |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 |  | 468 | 438762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 |  | 585 | 475551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/31<sup>(d)</sup> |  | 716 | 603034 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12881739 |
| **Diversified Financial Services — 7.1%** | **Diversified Financial Services — 7.1%** | **Diversified Financial Services — 7.1%** |  |
|  Acuris Finance U.S., Inc./Acuris Finance SARL, 5.00%, 05/01/28<sup>(b)</sup> |  | 724 | 577390 |
|  Ally Financial, Inc., Series B, (5 year CMT + 3.87%), 4.70%<sup>(a)(f)</sup> |  | 3375 | 2257031 |
|  Bank of America Corp.<sup>(a)(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.83%), 4.57%, 04/27/33 |  | 9380 | 8579912 |
| &nbsp;&nbsp;&nbsp;&nbsp; (1 day SOFR + 1.99%), 6.20%, 11/10/28 |  | 3090 | 3190338 |
|  Barclays PLC, (3 mo. LIBOR US + 1.90%), 4.97%, 05/16/29<sup>(a)(d)</sup> |  | 3220 | 3023998 |
|  Blackstone Holdings Finance Co. LLC,<br>6.20%, 04/22/33 |  | 5100 | 5140834 |
|  BNP Paribas SA, (5 year CMT + 3.34%),<br>4.63%<sup>(a)(b)(f)</sup> |  | 13999 | 10815634 |
|  BOC Aviation Ltd., 1.75%, 01/21/26<sup>(e)</sup> |  | 200 | 179702 |
|  China Cinda 2020 I Management Ltd.<sup>(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/28/27 |  | 200 | 181842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/18/27 |  | 200 | 178600 |
|  CITIC Ltd., 3.70%, 06/14/26<sup>(e)</sup> |  | 200 | 191890 |
|  Citigroup, Inc., 6.68%, 09/13/43<sup>(d)</sup> |  | 4125 | 4408432 |
|  CMB International Leasing Management Ltd., 1.88%, 08/12/25<sup>(e)</sup> |  | 200 | 179975 |
|  Coastal Emerald Ltd., (5 year CMT + 7.45%), 4.30%<sup>(a)(e)(f)</sup> |  | 200 | 188787 |
|  Credit Suisse AG, 6.50%, 08/08/23<sup>(b)</sup> |  | 6000 | 5802000 |
|  Deutsche Bank AG, (1 day SOFR + 1.87%), 2.13%, 11/24/26<sup>(a)(d)</sup> |  | 3260 | 2875998 |
|  Doric Nimrod Air Alpha Pass-Through Trust, Series 2013-1, Class A, 5.25%, 05/30/25<sup>(b)</sup> |  | 191 | 189053 |
|  Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24<sup>(b)(g)</sup> |  | 338 | 287606 |
|  Goldman Sachs Group, Inc., (1 day SOFR + 1.85%), 3.62%, 03/15/28<sup>(a)(d)</sup> |  | 1830 | 1704575 |
|  ICBCIL Finance Co. Ltd., 1.75%, 08/25/25<sup>(e)</sup> |  | 200 | 181350 |
|  ION Trading Technologies SARL, 5.75%, 05/15/28<sup>(b)</sup> |  | 200 | 166750 |
|  Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 08/15/28<sup>(b)</sup> |  | 675 | 550618 |
|  JIC Zhixin Ltd., 3.50%, 11/24/27<sup>(e)</sup> |  | 200 | 187480 |

---

S C H E D U L E O F I N V E S T M E N T S 89

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |  |
|  JPMorgan Chase & Co., (1 day SOFR + 2.58%), 5.72%, 09/14/33<sup>(a)(d)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10736588 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27<sup>(b)</sup> |  | 96 | 80643 |
|  Manappuram Finance Ltd., 5.90%, 01/13/23<sup>(e)</sup> |  | 700 | 694680 |
|  Morgan Stanley, (1 day SOFR + 2.62%), 5.30%, 04/20/37<sup>(a)(d)</sup> |  | 2635 | 2409335 |
|  Power Finance Corp. Ltd., 3.75%, 12/06/27<sup>(e)</sup> |  | 200 | 181912 |
|  Spectrum Brands, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/25 |  | 1002 | 990662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29<sup>(b)</sup> |  | 34 | 29424 |
|  UBS Group AG, (1 year CMT + 1.55%),<br>4.49%, 05/12/26<sup>(a)(b)(d)</sup> |  | 2585 | 2526485 |
|  UniCredit SpA, (5 year CMT + 4.75%),<br>5.46%, 06/30/35<sup>(a)(b)</sup> |  | 6135 | 4984369 |
|  Xiaomi Best Time International Ltd., 3.38%, 04/29/30 |  | 200 | 154162 |
|  |  |  | 73828055 |
| **Diversified Telecommunication Services — 6.4%** | **Diversified Telecommunication Services — 6.4%** | **Diversified Telecommunication Services — 6.4%** |  |
|  AT&T, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/44 |  | 28 | 23504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/45 |  | 95 | 76410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53<sup>(d)</sup> |  | 15960 | 10771981 |
|  Consolidated Communications, Inc., 6.50%, 10/01/28<sup>(b)</sup> |  | 1313 | 1020281 |
|  Level 3 Financing, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 |  | 593 | 501076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 |  | 229 | 190643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28<sup>(d)</sup> |  | 342 | 269393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 |  | 220 | 161093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 |  | 181 | 130206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 |  | 61 | 48137 |
|  Lumen Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/25 |  | 1909 | 1832041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27<sup>(b)</sup> |  | 2025 | 1716091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29<sup>(b)</sup> |  | 1160 | 800646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29<sup>(b)</sup> |  | 73 | 52555 |
|  Sprint Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/15/28<sup>(d)</sup> |  | 3063 | 3179210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 |  | 2041 | 2428994 |
|  Telecom Italia Capital SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/33 |  | 442 | 361596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/30/34 |  | 818 | 618163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 07/18/36 |  | 186 | 151013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.72%, 06/04/38 |  | 319 | 264770 |
|  Telecom Italia SpA, 5.30%, 05/30/24<sup>(b)</sup> |  | 1062 | 1006181 |
|  Telefonica Emisiones SA,<br>5.21%, 03/08/47<sup>(d)</sup> |  | 5000 | 4014967 |
|  Verizon Communications, Inc.<sup>(d)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 09/15/33 |  | 9475 | 10110644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/43 |  | 13225 | 14365143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/15/49 |  | 6998 | 6356328 |
|  Zayo Group Holdings, Inc.<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 |  | 5744 | 4242346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/28 |  | 3249 | 1842439 |
|  |  |  | 66535851 |
| **Electric Utilities — 4.1%** |  |  |  |
|  Dominion Energy, Inc., Series C, (5 year CMT + 3.20%), 4.35%<sup>(a)(f)</sup> |  | 2020 | 1696665 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Electric Utilities (continued)** |  |  |  |  |
|  Edison International, Series A, (5 year CMT + 4.70%), 5.38%<sup>(a)(f)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851 | $| 5606790 |
|  Emera, Inc., Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76<sup>(a)</sup> |  | 7500 |  | 7201650 |
|  FirstEnergy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 |  | 261 |  | 212804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30 |  | 46 |  | 36510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 03/01/50 |  | 880 |  | 580624 |
|  FirstEnergy Transmission LLC,<br>5.45%, 07/15/44<sup>(b)</sup> |  | 889 |  | 826971 |
|  NextEra Energy Capital Holdings, Inc., (3 mo. LIBOR US + 2.41%),<br>4.80%, 12/01/77<sup>(a)</sup> |  | 5000 |  | 4084547 |
|  NextEra Energy Operating Partners LP<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/24 |  | 712 |  | 690641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 |  | 26 |  | 24172 |
|  Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42<sup>(d)</sup> |  | 2750 |  | 2734840 |
|  Pacific Gas and Electric Co., 4.20%, 06/01/41<sup>(d)</sup> |  | 2310 |  | 1709909 |
|  PG&E Corp., 5.25%, 07/01/30 |  | 226 |  | 205660 |
|  Progress Energy, Inc., 7.00%, 10/30/31<sup>(d)</sup> |  | 12000 |  | 13084249 |
|  Sempra Energy, (5 year CMT + 4.55%),<br>4.88%<sup>(a)(f)</sup> |  | 4375 |  | 4045475 |
|  State Grid Overseas Investment BVI<br>Ltd.<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/05/25 |  | 200 |  | 180256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/04/27 |  | 200 |  | 189962 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43111725 |
| **Electrical Equipment<sup>(b)</sup> — 0.1%** |  |  |  |  |
|  Gates Global LLC/Gates Corp., 6.25%, 01/15/26 |  | 714 |  | 689010 |
|  GrafTech Finance, Inc., 4.63%, 12/15/28 |  | 296 |  | 243082 |
|  |  |  |  | 932092 |
| **Electronic Equipment, Instruments & Components<sup>(b)</sup> — 0.2%** | **Electronic Equipment, Instruments & Components<sup>(b)</sup> — 0.2%** | **Electronic Equipment, Instruments & Components<sup>(b)</sup> — 0.2%** | **Electronic Equipment, Instruments & Components<sup>(b)</sup> — 0.2%** | **Electronic Equipment, Instruments & Components<sup>(b)</sup> — 0.2%** |
|  BWX Technologies, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/28 |  | 70 |  | 62912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/29 |  | 248 |  | 217049 |
|  Imola Merger Corp., 4.75%, 05/15/29 |  | 784 |  | 680209 |
|  Vertiv Group Corp., 4.13%, 11/15/28 |  | 1191 |  | 1012350 |
|  |  |  |  | 1972520 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 |  | 586 |  | 559433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 |  | 645 |  | 590183 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/26 |  | 689 |  | 660951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/27 |  | 549 |  | 513315 |
|  Weatherford International Ltd.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/01/24<sup>(h)</sup> |  | 11 |  | 11220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 |  | 254 |  | 248996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/30/30<sup>(d)</sup> |  | 505 |  | 484956 |
|  |  |  |  | 3069054 |
| **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** |
|  Clean Harbors, Inc., 5.13%, 07/15/29<sup>(b)</sup> |  | 1142 |  | 1059150 |
|  Covanta Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/29<sup>(b)</sup> |  | 142 |  | 116336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 |  | 282 |  | 227726 |
|  GFL Environmental, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 |  | 297 |  | 280665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26<sup>(d)</sup> |  | 2367 |  | 2263580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 |  | 235 |  | 200925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/28 |  | 504 |  | 443098 |

---

90 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** | **Environmental, Maintenance & Security Service (continued)** |
|  GFL Environmental, Inc.<sup>(b)</sup> (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 | $| 603 | $| 527776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/29 |  | 311 |  | 263557 |
|  Tervita Corp., 11.00%, 12/01/25<sup>(b)</sup> |  | 182 |  | 195662 |
|  Waste Pro USA, Inc., 5.50%, 02/15/26<sup>(b)</sup> |  | 1419 |  | 1253119 |
|  |  |  |  | 6831594 |
| **Equity Real Estate Investment Trusts (REITs) — 1.4%** | **Equity Real Estate Investment Trusts (REITs) — 1.4%** | **Equity Real Estate Investment Trusts (REITs) — 1.4%** | **Equity Real Estate Investment Trusts (REITs) — 1.4%** | **Equity Real Estate Investment Trusts (REITs) — 1.4%** |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<sup>(b)</sup> |  | 364 |  | 304237 |
|  Crown Castle, Inc.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 |  | 925 |  | 799204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 |  | 8000 |  | 7430699 |
|  Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27<sup>(b)</sup> |  | 258 |  | 213345 |
|  Iron Mountain, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/27 |  | 606 |  | 557278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 |  | 47 |  | 42214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 |  | 778 |  | 674227 |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 |  | 178 |  | 149614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 |  | 817491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/31 |  | 2778 |  | 1904273 |
|  RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 |  | 1604 |  | 1451638 |
|  RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(b)</sup> |  | 199 |  | 161322 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14505542 |
| **Food & Staples Retailing — 2.2%** | **Food & Staples Retailing — 2.2%** | **Food & Staples Retailing — 2.2%** | **Food & Staples Retailing — 2.2%** | **Food & Staples Retailing — 2.2%** |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 |  | 1296 |  | 1182023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 |  | 1885 |  | 1750920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 |  | 928 |  | 882231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30<sup>(d)</sup> |  | 387 |  | 345382 |
|  CK Hutchison International 21 Ltd.,<br>2.50%, 04/15/31<sup>(e)</sup>  |  | 200 |  | 164738 |
|  Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(b)(d)</sup> |  | 714 |  | 697935 |
|  General Mills, Inc.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 11/18/25 |  | 935 |  | 937328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/28 |  | 620 |  | 599125 |
|  Kraft Heinz Foods Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/31 |  | 68 |  | 63570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/35 |  | 214 |  | 204662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/39<sup>(b)(d)</sup> |  | 4415 |  | 4852354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/39 |  | 100 |  | 87723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/04/42 |  | 12 |  | 10855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 |  | 158 |  | 128391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/49 |  | 263 |  | 228295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/50<sup>(d)</sup> |  | 2825 |  | 2699843 |
|  Lamb Weston Holdings, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 |  | 460 |  | 435850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 |  | 515 |  | 454848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32<sup>(d)</sup> |  | 409 |  | 357343 |
|  Performance Food Group, Inc.,<br>4.25%, 08/01/29<sup>(b)</sup> |  | 700 |  | 606634 |
|  Post Holdings, Inc., 4.63%, 04/15/30<sup>(b)</sup> |  | 434 |  | 374429 |
|  U.S. Foods, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 |  | 595 |  | 528313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 |  | 67 |  | 59001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** | **Food & Staples Retailing (continued)** |
|  United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> | $| 53 | $| 50924 |
|  Walmart, Inc., 5.25%, 09/01/35<sup>(d)</sup> |  | 5150 |  | 5400028 |
|  |  |  |  | 23102745 |
| **Food Products — 0.6%** |  |  |  |  |
|  Aramark Services, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 |  | 954 |  | 930901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25<sup>(d)</sup> |  | 1567 |  | 1547742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28<sup>(d)</sup> |  | 285 |  | 265886 |
|  China Modern Dairy Holdings Ltd., 2.13%, 07/14/26<sup>(e)</sup> |  | 200 |  | 169448 |
|  Chobani LLC/Chobani Finance Corp., Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25<sup>(d)</sup> |  | 1536 |  | 1495680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/28 |  | 477 |  | 415281 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 3.75%, 12/01/31<sup>(b)</sup> |  | 576 |  | 470535 |
|  Pilgrim's Pride Corp., 3.50%, 03/01/32<sup>(b)</sup> |  | 387 |  | 302827 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29<sup>(b)</sup> |  | 448 |  | 364696 |
|  Tingyi Cayman Islands Holding Corp., 1.63%, 09/24/25<sup>(e)</sup> |  | 200 |  | 178900 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141896 |
| **Gas Utilities — 0.0%** |  |  |  |  |
|  Suburban Propane Partners LP/Suburban Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Corp., 5.00%, 06/01/31<sup>(b)</sup> |  | 237 |  | 201446 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
|  Avantor Funding, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 |  | 1863621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 |  | 357 |  | 299791 |
|  Embecta Corp., 6.75%, 02/15/30<sup>(b)</sup> |  | 129 |  | 116422 |
|  Garden Spinco Corp., 8.63%, 07/20/30<sup>(b)</sup> |  | 328 |  | 347680 |
|  Medtronic, Inc., 4.63%, 03/15/45<sup>(d)</sup> |  | 647 |  | 602548 |
|  |  |  |  | 3230062 |
| **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** |
|  Acadia Healthcare Co., Inc., 5.00%, 04/15/29<sup>(b)</sup> |  | 52 |  | 47824 |
|  AdaptHealth LLC, 5.13%, 03/01/30<sup>(b)</sup> |  | 55 |  | 46821 |
|  Aetna, Inc., 3.88%, 08/15/47<sup>(d)</sup> |  | 3500 |  | 2687549 |
|  AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> |  | 580 |  | 453125 |
|  Centene Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 |  | 1241 |  | 1047466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29<sup>(d)</sup> |  | 2027 |  | 1852345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 |  | 1873 |  | 1535390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 |  | 2740 |  | 2143976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 |  | 700 |  | 550060 |
|  CHS/Community Health Systems, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 |  | 548 |  | 469888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29<sup>(d)</sup> |  | 820 |  | 685914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 |  | 382 |  | 288042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 |  | 63 |  | 45739 |
|  Elevance Health, Inc., 4.55%, 03/01/48<sup>(d)</sup> |  | 5000 |  | 4364487 |
|  Encompass Health Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 |  | 35 |  | 31794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 |  | 1177 |  | 1033573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 |  | 250 |  | 214879 |
|  HCA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 |  | 359 |  | 355007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/28<sup>(d)</sup> |  | 833 |  | 828279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49<sup>(d)</sup> |  | 3500 |  | 2980988 |

---

S C H E D U L E O F I N V E S T M E N T S 91

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  |
|  Legacy LifePoint Health LLC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/25 | $409 | $384906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/27 | 413 | 349324 |
|  Medline Borrower LP<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/29 | 58 | 46746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/29<sup>(d)</sup> | 1915 | 1521027 |
|  Molina Healthcare, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28<sup>(d)</sup> | 659 | 601397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/30 | 491 | 416093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32<sup>(d)</sup> | 509 | 422694 |
|  Surgery Center Holdings, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/01/25<sup>(d)</sup> | 188 | 185323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/27 | 524 | 533170 |
|  Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 | 70 | 66716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28<sup>(b)</sup> | 637 | 581492 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 | 471 | 459346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24<sup>(b)</sup> | 882 | 856649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26<sup>(b)</sup> | 4122 | 3897939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27<sup>(b)</sup> | 171 | 164247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27<sup>(b)(d)</sup> | 2324 | 2161878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28<sup>(b)</sup> | 37 | 33105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/30<sup>(b)(d)</sup> | 646 | 615509 |
|  UnitedHealth Group, Inc., 6.88%, 02/15/38<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | 11729357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46690064 |
| **Health Care Services — 0.2%** |  |  |
|  Elevance Health, Inc., 6.10%, 10/15/52<sup>(d)</sup> | 1985 | 2116152 |
| **Health Care Technology<sup>(b)</sup> — 0.4%** |  |  |
|  AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(d)</sup> | 2157 | 1589563 |
|  Catalent Pharma Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/27<sup>(d)</sup> | 733 | 682070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/30 | 390 | 307940 |
|  Charles River Laboratories International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 | 324 | 298394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 | 141 | 124700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/31 | 108 | 93420 |
|  IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 | 554 | 528986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 | 592 | 564354 |
|  Syneos Health, Inc., 3.63%, 01/15/29 | 405 | 322520 |
|  |  | 4511947 |
| **Hotels, Restaurants & Leisure — 3.2%** |  |  |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/27 | 393 | 366032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/31<sup>(b)(d)</sup> | 775 | 674250 |
|  Boyne USA, Inc., 4.75%, 05/15/29<sup>(b)</sup> | 584 | 516866 |
|  Burger King (Restaurant Brands Int)/New Red Finance, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 | 552 | 547693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 | 997 | 891862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28<sup>(d)</sup> | 2509 | 2246573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 | 232 | 187876 |
|  Caesars Entertainment, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 | 3215 | 3123937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27<sup>(d)</sup> | 3127 | 3072434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29 | 1499 | 1219901 |
|  Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25<sup>(b)</sup> | 1048 | 1025893 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Hotels, Restaurants & Leisure (continued)** |  |  |
|  CDI Escrow Issuer, Inc., 5.75%, 04/01/30<sup>(b)</sup> | $1346 | $1206594 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25<sup>(b)</sup> | 408 | 403560 |
|  Champion Path Holdings Ltd.<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/27/26 | 500 | 430000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/27/28 | 500 | 416969 |
|  Churchill Downs, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/27 | 1730 | 1639270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 | 442 | 395532 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 | 807 | 682912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/30 | 133 | 107278 |
|  Fortune Star BVI Ltd.<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/02/23 | 200 | 188000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/19/25 | 269 | 211468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/18/26 | 344 | 230910 |
|  Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/25<sup>(b)</sup> | 319 | 315748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/28<sup>(b)</sup> | 514 | 498580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29<sup>(b)</sup> | 356 | 307940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/30<sup>(d)</sup> | 1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31<sup>(b)</sup> | 590 | 493612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/32<sup>(b)</sup> | 51 | 40841 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/26 | 96 | 86669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/08/29 | 88 | 74137 |
|  Marriott International, Inc., Series EE, 5.75%, 05/01/25<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | 1306165 |
|  McDonald's Corp., 4.20%, 04/01/50 | 480 | 399355 |
|  Melco Resorts Finance Ltd.<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/26/26 | 300 | 263250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/28 | 300 | 247500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/04/29 | 383 | 298740 |
|  Merlin Entertainments Ltd., 5.75%, 06/15/26<sup>(b)</sup> | 240 | 224697 |
|  MGM China Holdings Ltd., 5.88%, 05/15/26<sup>(e)</sup> | 200 | 185225 |
|  MGM Resorts International, 6.00%, 03/15/23 | 1335 | 1330261 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29<sup>(b)</sup> | 487 | 414371 |
|  Motion Bondco DAC, 6.63%, 11/15/27<sup>(b)</sup> | 200 | 171910 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/29 | 242 | 178451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/31 | 242 | 171191 |
|  Scientific Games International, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 07/01/25 | 442 | 450929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/28 | 451 | 430213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/29 | 218 | 209280 |
|  Six Flags Theme Parks, Inc., 7.00%, 07/01/25<sup>(b)</sup> | 591 | 595026 |
|  Station Casinos LLC, 4.63%, 12/01/31<sup>(b)</sup> | 611 | 490128 |
|  Studio City Finance Ltd.<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/28 | 300 | 230119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 | 530 | 391537 |
|  Sunny Express Enterprises Corp., 2.95%, 03/01/27<sup>(e)</sup> | 200 | 184802 |
|  Vail Resorts, Inc., 6.25%, 05/15/25<sup>(b)</sup> | 341 | 341000 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27<sup>(b)(d)</sup> | 602 | 543287 |
|  Wynn Macau Ltd.<sup>(e)</sup><br>4.88%, 10/01/24 | 200 | 187900 |

---

92 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Wynn Macau Ltd.<sup>(e)</sup> (continued) 5.50%, 01/15/26 | $| 230 | $| 209415 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29<sup>(b)(d)</sup> |  | 1288 |  | 1103983 |
|  Yum! Brands, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30<sup>(b)</sup> |  | 95 |  | 87162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 |  | 134 |  | 112359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 |  | 127 |  | 117634 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33616520 |
| **Household Durables — 0.4%** |  |  |  |  |
|  Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30<sup>(b)</sup> |  | 699 |  | 544987 |
|  CD&R Smokey Buyer, Inc., 6.75%, 07/15/25<sup>(b)</sup> |  | 507 |  | 435067 |
|  Lennar Corp., 5.25%, 06/01/26<sup>(d)</sup> |  | 890 |  | 892106 |
|  Mattamy Group Corp., 4.63%, 03/01/30<sup>(b)(d)</sup> |  | 427 |  | 346068 |
|  NCR Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/27 |  | 512 |  | 489945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 |  | 241 |  | 205461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 |  | 159 |  | 132975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/29 |  | 175 |  | 163635 |
|  PulteGroup, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/27 |  | 55 |  | 54368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/15/32 |  | 56 |  | 62233 |
|  SWF Escrow Issuer Corp., 6.50%, 10/01/29<sup>(b)(d)</sup> |  | 684 |  | 396344 |
|  Tempur Sealy International, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 |  | 429 |  | 360429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 |  | 181 |  | 142089 |
|  Toll Brothers Finance Corp., 4.35%, 02/15/28 |  | 35 |  | 31800 |
|  |  |  |  | 4257507 |
| **Household Products — 0.0%** |  |  |  |  |
|  Central Garden & Pet Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/28 |  | 80 |  | 74422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30 |  | 270 |  | 221779 |
|  |  |  |  | 296201 |
| **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** |
|  Calpine Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 |  | 379 |  | 361008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807 |  | 2504666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 |  | 3 |  | 2517 |
|  Clearway Energy Operating LLC<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/28 |  | 747 |  | 689440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 |  | 307 |  | 246774 |
|  Greenko Dutch BV, 3.85%, 03/29/26<sup>(e)</sup> |  | 770 |  | 667741 |
|  India Green Energy Holdings, 5.38%, 04/29/24<sup>(e)</sup> |  | 250 |  | 240625 |
|  India Green Power Holdings, 4.00%, 02/22/27<sup>(e)</sup> |  | 700 |  | 596750 |
|  JERA Co., Inc., 3.67%, 04/14/27<sup>(e)</sup> |  | 200 |  | 183590 |
|  NRG Energy, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 |  | 618 |  | 612778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 |  | 52 |  | 48811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29<sup>(b)</sup> |  | 960 |  | 847430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/31<sup>(b)</sup> |  | 514 |  | 390742 |
|  ReNew Power Pvt Ltd., 5.88%, 03/05/27<sup>(e)</sup> |  | 200 |  | 191100 |
|  ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28<sup>(e)</sup> |  | 550 |  | 462687 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** |
|  TerraForm Power Operating LLC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/28 | $231 | $207898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 | 127 | 110490 |
|  |  | 8365047 |
| **Industrial Conglomerates — 0.0%** |  |  |
|  Shanghai Port Group BVI Development 2 Co. Ltd., 1.50%, 07/13/25<sup>(e)</sup> | 200 | 181710 |
| **Insurance — 4.1%** |  |  |
|  Acrisure LLC/Acrisure Finance, Inc., 6.00%, 08/01/29<sup>(b)</sup> | 478 | 390636 |
|  AIA Group Ltd., (5 year CMT + 1.76%),<br>2.70%<sup>(a)(e)(f)</sup> | 200 | 171000 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 | 88 | 78815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27<sup>(d)</sup> | 2839 | 2551863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 | 127 | 104445 |
|  Allstate Corp., Series B, (3 mo. LIBOR US + 2.94%), 5.75%, 08/15/53<sup>(a)(d)</sup> | 5000 | 4700000 |
|  AmWINS Group, Inc., 4.88%, 06/30/29<sup>(b)</sup> | 551 | 467329 |
|  Aon Global Ltd., 4.25%, 12/12/42<sup>(d)</sup> | 6500 | 5028802 |
|  Farmers Exchange Capital II, (3 mo. LIBOR US + 3.74%), 6.15%, 11/01/53<sup>(a)(b)(d)</sup> | 4890 | 4673650 |
|  GTCR AP Finance, Inc., 8.00%, 05/15/27<sup>(b)</sup> | 87 | 83336 |
|  Guoren Property & Casualty Insurance Co. Ltd., 3.35%, 06/01/26<sup>(e)</sup> | 200 | 171000 |
|  Hanwha Life Insurance Co. Ltd., (5 year CMT + 2.00%), 4.70%<sup>(a)(e)(f)</sup> | 200 | 193975 |
|  HUB International Ltd.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/26 | 1900 | 1860081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/29 | 181 | 158082 |
|  Jones Deslauriers Insurance Management, Inc., 10.50%, 12/15/30 | 418 | 411669 |
|  Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40<sup>(b)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12258498 |
|  Principal Financial Group, Inc., (3 mo. LIBOR US + 3.04%), 7.65%, 05/15/55<sup>(a)</sup> | 5000 | 4837500 |
|  Progressive Corp., Series B, (3 mo. LIBOR US + 2.54%), 5.38%<sup>(a)(f)</sup> | 5000 | 4787500 |
|  |  | 42928181 |
| **Interactive Media & Services — 0.6%** |  |  |
|  Baidu, Inc., 1.63%, 02/23/27 | 200 | 170038 |
|  Cablevision Lightpath LLC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/27 | 368 | 303285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/28 | 540 | 401181 |
|  Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/25<sup>(b)</sup> | 210 | 201039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/28<sup>(d)</sup> | 1698 | 1720974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29<sup>(b)</sup> | 2007 | 1946790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/30<sup>(b)</sup> | 461 | 429928 |
|  Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc., 4.75%, 04/30/27<sup>(b)</sup> | 614 | 540236 |
|  Tencent Holdings Ltd.<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 01/26/26 | 200 | 179750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/19/28 | 200 | 183458 |
|  Weibo Corp., 3.50%, 07/05/24 | 200 | 193010 |
|  |  | 6269689 |

---

S C H E D U L E O F I N V E S T M E N T S 93

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Internet & Direct Marketing Retail — 0.1%** |  |  |
|  Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/28/24 | $200 | $193184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/09/31 | 200 | 157752 |
|  Tencent Holdings Ltd., 3.58%, 04/11/26<sup>(e)</sup> | 200 | 191516 |
|  |  | 542452 |
| **Internet Software & Services — 1.1%** |  |  |
|  ANGI Group LLC, 3.88%, 08/15/28<sup>(b)</sup> | 582 | 431894 |
|  Booking Holdings, Inc., 3.55%, 03/15/28<sup>(d)</sup> | 3375 | 3145423 |
|  Gen Digital, Inc., 7.13%, 09/30/30<sup>(b)</sup> | 368 | 361560 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27 | 370 | 350190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 | 369 | 308924 |
|  Match Group Holdings II LLC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 | 383 | 312669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 | 385 | 295243 |
|  Uber Technologies, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/25 | 1750 | 1748725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/26 | 645 | 647220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/27<sup>(d)</sup> | 2069 | 2070448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 | 581 | 557760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/29<sup>(d)</sup> | 2040 | 1777360 |
|  |  | 12007416 |
| **IT Services — 0.8%** |  |  |
|  Booz Allen Hamilton, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/28 | 561 | 497025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 | 945 | 831736 |
|  CA Magnum Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/31/26<sup>(b)</sup> | 964 | 872545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/31/26<sup>(e)</sup> | 700 | 633591 |
|  Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> | 1254 | 1175312 |
|  Condor Merger Sub, Inc., 7.38%, 02/15/30<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | 1023531 |
|  Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(b)</sup> | 272 | 232768 |
|  Fair Isaac Corp., 4.00%, 06/15/28<sup>(b)</sup> | 393 | 356650 |
|  Gartner, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 | 616 | 574315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30<sup>(d)</sup> | 697 | 600791 |
|  Twilio, Inc., 3.88%, 03/15/31 | 669 | 530755 |
|  Wipro IT Services LLC, 1.50%, 06/23/26<sup>(e)</sup> | 200 | 175413 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29<sup>(b)</sup> | 989 | 831138 |
|  |  | 8335570 |
| **Leisure Products — 0.1%** |  |  |
|  Mattel, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/29<sup>(b)</sup> | 152 | 133505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/01/40 | 513 | 442802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/01/41 | 753 | 612936 |
|  |  | 1189243 |
| **Machinery — 0.5%** |  |  |
|  Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/01/30<sup>(b)</sup> | 933 | 937936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/01/31 | 143 | 146662 |
|  Husky III Holding Ltd., (13.00% Cash or 13.75% PIK), 13.00%, 02/15/25<sup>(b)(g)</sup> | 166 | 146910 |
|  Madison IAQ LLC, 5.88%, 06/30/29<sup>(b)(d)</sup> | 586 | 401644 |
|  Terex Corp., 5.00%, 05/15/29<sup>(b)</sup> | 688 | 618340 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Machinery (continued)** |  |  |
|  Titan Acquisition Ltd./Titan Co.-Borrower LLC, 7.75%, 04/15/26<sup>(b)</sup> | $1550 | $1395911 |
|  TK Elevator Holdco GmbH,<br>7.63%, 07/15/28<sup>(b)</sup> | 596 | 486642 |
|  TK Elevator U.S. Newco, Inc.,<br>5.25%, 07/15/27<sup>(b)</sup> | 1747 | 1550532 |
|  |  | 5684577 |
| **Media — 9.0%** |  |  |
|  Altice Financing SA<sup>(b)(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 | 863 | 694715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/29 | 1419 | 1116133 |
|  Altice France Holding SA,<br>10.50%, 05/15/27<sup>(b)</sup> | 642 | 489525 |
|  AMC Networks, Inc., 4.25%, 02/15/29 | 263 | 163875 |
|  Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 03/15/26<sup>(i)(j)</sup> | 136 | 106828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/30<sup>(b)(d)</sup> | 641 | 503003 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27<sup>(b)(d)</sup> | 2592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28<sup>(b)</sup> | 7 | 6356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29<sup>(b)(d)</sup> | 1823 | 1648484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29<sup>(b)(d)</sup> | 1199 | 1126748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30<sup>(b)(d)</sup> | 846 | 729603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30<sup>(b)(d)</sup> | 2925 | 2416503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/31<sup>(b)(d)</sup> | 1749 | 1402899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32<sup>(b)</sup> | 950 | 770165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 | 462 | 367752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/33<sup>(b)(d)</sup> | 326 | 250117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34<sup>(b)</sup> | 2197 | 1621485 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 | 479 | 466922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/23/45<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9584 | 8642603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47<sup>(d)</sup> | 1500 | 1176664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 10/23/55 | 3540 | 3265781 |
|  Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/27 | 5636 | 4883594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/28<sup>(d)</sup> | 1953 | 1425708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/29 | 1931 | 1417875 |
|  Comcast Corp.<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/40 | 545 | 449475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 | 5558 | 3360683 |
|  Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26<sup>(b)</sup> | 4099 | 3798787 |
|  Cox Communications, Inc.,<br>8.38%, 03/01/39<sup>(b)(d)</sup> | 5000 | 6050203 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24<sup>(d)</sup> | 1125 | 1047392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28<sup>(b)</sup> | 336 | 270900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30<sup>(b)(d)</sup> | 3121 | 2202895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/31<sup>(b)</sup> | 225 | 146730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31<sup>(b)</sup> | 1122 | 778459 |
|  Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27<sup>(b)(d)</sup> | 897 | 802510 |
|  Discovery Communications LLC,<br>4.88%, 04/01/43<sup>(d)</sup> | 4000 | 2989180 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26<sup>(d)</sup> | 1110 | 895093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/26<sup>(b)</sup> | 2186 | 1841344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/28<sup>(b)</sup> | 1651 | 1317704 |
|  Frontier Communications Holdings LLC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27<sup>(d)</sup> | 546 | 506999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 | 805 | 701976 |

---

94 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
|  Frontier Communications Holdings LLC<sup>(b)</sup> (continued) | Frontier Communications Holdings LLC<sup>(b)</sup> (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29<sup>(d)</sup> | $1212 | $1002639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 | 395 | 310301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 | 472 | 479906 |
|  GCI LLC, 4.75%, 10/15/28<sup>(b)</sup> | 160 | 134413 |
|  Globe Telecom, Inc., (5 year CMT + 5.53%), 4.20%<sup>(a)(e)(f)</sup> | 700 | 624225 |
|  HKT Capital No. 4 Ltd., 3.00%, 07/14/26<sup>(e)</sup> | 200 | 183850 |
|  iHeartCommunications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 | 370 | 340383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27<sup>(b)</sup> | 376 | 318503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28<sup>(b)</sup> | 184 | 149839 |
|  Iliad Holding SASU<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/26<sup>(d)</sup> | 1398 | 1296580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 | 757 | 684169 |
|  Lamar Media Corp., 4.00%, 02/15/30 | 307 | 268318 |
|  LCPR Senior Secured Financing DAC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 | 860 | 804100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 | 1214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005688 |
|  Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23<sup>(b)(g)</sup> | 500 | 147379 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29<sup>(b)</sup> | 1340 | 776928 |
|  Live Nation Entertainment, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/24 | 136 | 131681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712 | 2653828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27<sup>(d)</sup> | 697 | 620557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/28 | 155 | 132072 |
|  Network i2i Ltd., (5 year CMT + 4.27%),<br>5.65%<sup>(a)(e)(f)</sup> | 695 | 659729 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27<sup>(d)</sup> | 831 | 748105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 | 336 | 278789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 | 222 | 183666 |
|  Paramount Global, 5.85%, 09/01/43<sup>(d)</sup> | 1300 | 1079502 |
|  Radiate Holdco LLC/Radiate Finance, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/26 | 1228 | 902212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 | 2638 | 1105362 |
|  Sinclair Television Group, Inc., 4.13%, 12/01/30<sup>(b)</sup> | 817 | 612494 |
|  Sirius XM Radio, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26<sup>(d)</sup> | 1020 | 905699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 | 905 | 836547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28<sup>(d)</sup> | 619 | 538716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29<sup>(d)</sup> | 1008 | 920082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 | 390 | 304266 |
|  Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> | 209 | 172337 |
|  Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28<sup>(b)</sup> | 1000 | 900000 |
|  Time Warner Cable LLC, 6.55%, 05/01/37 | 3519 | 3350302 |
|  Univision Communications, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 | 113 | 109024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 | 344 | 328761 |
|  UPC Broadband Finco BV, 4.88%, 07/15/31<sup>(b)</sup> | 934 | 776897 |
|  Videotron Ltd., 3.63%, 06/15/29<sup>(b)</sup> | 421 | 354693 |
|  Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28<sup>(b)</sup> | 1452 | 1269204 |
|  WMG Acquisition Corp., 3.88%, 07/15/30<sup>(b)</sup> | 263 | 226535 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
|  Ziggo Bond Co. BV, 6.00%, 01/15/27<sup>(b)(d)</sup> | $955 | $888551 |
|  Ziggo BV, 4.88%, 01/15/30<sup>(b)</sup> | 605 | 506246 |
|  |  | 94292671 |
| **Metals & Mining — 1.9%** |  |  |
|  ABJA Investment Co. Pte. Ltd.<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/24/23 | 200 | 198000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/24/28 | 306 | 296055 |
|  Arconic Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/25 | 705 | 693083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/28 | 607 | 569527 |
|  ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 | 25 | 23907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/31 | 656 | 577673 |
|  Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29<sup>(b)</sup> | 2418 | 2303691 |
|  Carpenter Technology Corp., 7.63%, 03/15/30 | 108 | 108258 |
|  Chinalco Capital Holdings Ltd., 2.13%, 06/03/26<sup>(e)</sup> | 200 | 180022 |
|  Constellium SE<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 | 996 | 959417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/29 | 1731 | 1406329 |
|  JSW Steel Ltd., 3.95%, 04/05/27<sup>(e)</sup> | 500 | 427500 |
|  Kaiser Aluminum Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 | 988 | 862154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 | 700 | 562625 |
|  New Gold, Inc., 7.50%, 07/15/27<sup>(b)</sup> | 1357 | 1190841 |
|  Novelis Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/26 | 1282 | 1149326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/30<sup>(d)</sup> | 2489 | 2206660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 | 932 | 760878 |
|  Periama Holdings LLC, 5.95%, 04/19/26<sup>(e)</sup> | 200 | 186038 |
|  Roller Bearing Co. of America, Inc., 4.38%, 10/15/29<sup>(b)</sup>  | 249 | 215310 |
|  Southern Copper Corp., 5.88%, 04/23/45<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870 | 3951754 |
|  Steel Dynamics, Inc., 3.25%, 10/15/50<sup>(d)</sup> | 1145 | 742336 |
|  Vedanta Resources Finance II PLC<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.88%, 01/21/24 | 400 | 346825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.95%, 03/11/25 | 200 | 135250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20053459 |
| **Multiline Retail — 0.1%** |  |  |
|  NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26<sup>(b)</sup> | 570 | 534243 |
| **Multi-Utilities — 0.0%** |  |  |
|  TransAlta Corp., 7.75%, 11/15/29 | 165 | 168511 |
| **Offshore Drilling & Other Services — 0.1%** |  |  |
|  Entegris, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28 | 176 | 155625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29 | 305 | 248347 |
|  Lam Research Corp., 4.88%, 03/15/49<sup>(d)</sup> | 875 | 828400 |
|  |  | 1232372 |
| **Oil, Gas & Consumable Fuels — 13.9%** |  |  |
|  Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26<sup>(b)</sup> | 855 | 848114 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 | 749 | 708073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 | 127 | 117806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 | 425 | 388552 |

---

S C H E D U L E O F I N V E S T M E N T S 95

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Apache Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/30 | $469 | $415021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/01/40 | 11 | 9116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/01/49 | 198 | 159963 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/01/27 | 964 | 1185720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 | 26 | 23182 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25<sup>(b)</sup> | 594 | 565728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/43 | 383 | 285365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/44 | 191 | 139469 |
|  Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/01/26 | 178 | 165904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/28<sup>(b)(d)</sup> | 1141 | 1087697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/30<sup>(b)</sup> | 1075 | 983625 |
|  Cenovus Energy, Inc., 5.40%, 06/15/47 | 77 | 68872 |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 | 1571 | 1412677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 | 974 | 829225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 | 1218 | 967953 |
|  Cheniere Energy, Inc., 4.63%, 10/15/28 | 113 | 102137 |
|  Chesapeake Energy Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 | 80 | 75799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 | 928 | 903501 |
|  CNOOC Finance 2014 ULC, Series 2014, 4.88%, 04/30/44 | 250 | 216687 |
|  CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25 | 250 | 240203 |
|  CNOOC Petroleum North America ULC, 6.40%, 05/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037250 |
|  CNX Resources Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 | 78 | 71771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/31 | 327 | 313426 |
|  Colgate Energy Partners III LLC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/26 | 490 | 475319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/01/29 | 452 | 388205 |
|  Comstock Resources, Inc.<sup>(b)(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/29 | 792 | 714780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/30 | 1107 | 951688 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31<sup>(b)</sup> | 2218 | 1937445 |
|  Crescent Energy Finance LLC, 7.25%, 05/01/26<sup>(b)</sup> | 1096 | 1032805 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 | 189 | 175770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 | 245 | 224790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 | 286 | 284594 |
|  CrownRock LP/CrownRock Finance, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/25 | 1399 | 1350035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 | 56 | 50317 |
|  DCP Midstream Operating LP<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/03/36 | 177 | 173446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/37 | 1218 | 1227730 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 08/01/23<sup>(d)</sup> | 811 | 822042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/24 | 100 | 100088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/27 | 130 | 128639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/28 | 204 | 206321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/30 | 117 | 108926 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Diamondback Energy, Inc.<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 | $692 | $607106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 | 2880 | 2923102 |
|  DT Midstream, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29<sup>(d)</sup> | 766 | 658078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/31 | 876 | 734876 |
|  Dycom Industries, Inc., 4.50%, 04/15/29<sup>(b)</sup> | 26 | 22630 |
|  Earthstone Energy Holdings LLC, 8.00%, 04/15/27<sup>(b)(d)</sup>  | 571 | 546247 |
|  eG Global Finance PLC<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/25 | 503 | 439134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25 | 787 | 733188 |
|  Enbridge, Inc.<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 3.64%), 6.25%, 03/01/78 | 5000 | 4548894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 16-A, (3 mo. LIBOR US + 3.89%), 6.00%, 01/15/77 | 5880 | 5399247 |
|  Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28<sup>(b)</sup> | 518 | 495995 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 | 406 | 403117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/45<sup>(d)</sup> | 3579 | 3311438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, (3 mo. LIBOR US + 4.16%), 6.63%<sup>(a)(f)</sup> | 5000 | 3712500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, (5 year CMT + 5.69%), 6.50%<sup>(a)(d)(f)</sup> | 185 | 159100 |
|  EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28<sup>(b)</sup> | 594 | 565784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 | 628 | 581075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/30<sup>(b)</sup> | 374 | 370148 |
|  EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 | 20 | 18901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 | 64 | 60162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 | 626 | 516304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/01/45 | 68 | 51532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/01/47 | 215 | 172699 |
|  Enterprise Products Operating LLC 4.90%, 05/15/46<sup>(d)</sup> | 5375 | 4673806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, (3 mo. LIBOR US + 3.03%), 5.25%, 08/16/77<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860777 |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25<sup>(b)</sup> | 50 | 48250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 | 226 | 201014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30<sup>(b)</sup> | 141 | 135856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31<sup>(b)(d)</sup> | 802 | 655635 |
|  Exxon Mobil Corp., 3.45%, 04/15/51<sup>(d)</sup> | 3890 | 2928518 |
|  Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 | 99 | 94615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/28 | 340 | 312963 |
|  Gulfport Energy Corp., 8.00%, 05/17/26<sup>(b)</sup> | 53 | 51188 |
|  Harbour Energy PLC, 5.50%, 10/15/26<sup>(b)</sup> | 200 | 179224 |
|  Harvest Midstream I LP, 7.50%, 09/01/28<sup>(b)</sup> | 115 | 109761 |
|  Hess Corp., 5.80%, 04/01/47<sup>(d)</sup> | 5000 | 4773317 |
|  Hess Midstream Operations LP, 4.25%, 02/15/30<sup>(b)</sup> | 497 | 424896 |
|  Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/28 | 238 | 215390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 | 318 | 283041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 | 29 | 25789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/31 | 51 | 43990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/32 | 12 | 10355 |
|  ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)</sup> | 711 | 598762 |
|  Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 08/01/31 | 197 | 219682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/32<sup>(d)</sup> | 4586 | 5156034 |

---

96 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  Kinetik Holdings LP, 5.88%, 06/15/30<sup>(b)(d)</sup> | $928 | $870263 |
|  Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26<sup>(b)</sup> | 58 | 55680 |
|  Marathon Petroleum Corp., 5.13%, 12/15/26<sup>(d)</sup> | 937 | 931181 |
|  Matador Resources Co., 5.88%, 09/15/26 | 371 | 356701 |
|  Medco Bell Pte. Ltd., 6.38%, 01/30/27<sup>(e)</sup> | 300 | 269250 |
|  Medco Laurel Tree Pte. Ltd., 6.95%, 11/12/28<sup>(e)</sup> | 400 | 353825 |
|  Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26<sup>(e)</sup> | 200 | 189750 |
|  MPLX LP<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/47 | 3500 | 2970579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 | 5000 | 3945659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/49 | 2640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320273 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/25 | 2 | 1965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 | 46 | 44265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/42 | 47 | 36660 |
|  Murphy Oil USA, Inc., 4.75%, 09/15/29 | 323 | 295555 |
|  Nabors Industries Ltd.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/26 | 260 | 245024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/28 | 646 | 591023 |
|  Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/25 | 700 | 667527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/27<sup>(b)(d)</sup> | 620 | 600591 |
|  New Fortress Energy, Inc.<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 | 1446 | 1367627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 | 1605 | 1490563 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26<sup>(b)(d)</sup> | 364 | 324102 |
|  NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(b)(d)</sup> | 1117 | 1162257 |
|  Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | 1414366 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 | 373 | 359164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/30 | 45 | 41610 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24 | 43 | 43818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 | 195 | 194294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/30 | 159 | 179512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/30 | 1748 | 1806348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/31 | 14 | 14959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/36 | 273 | 278460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 | 1380 | 1350462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/46 | 66 | 67913 |
|  PDC Energy, Inc., 5.75%, 05/15/26 | 759 | 724519 |
|  Permian Resources Operating LLC, 6.88%, 04/01/27<sup>(b)</sup> | 168 | 158296 |
|  Pertamina Persero PT<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/09/26 | 250 | 221277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/09/31 | 200 | 161022 |
|  Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/30/23 | 5000 | 4970000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/21/23 | 3965 | 3886295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 02/16/32 | 695 | 544706 |
|  Petronas Capital Ltd.<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/28/32 | 200 | 165230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/18/45 | 200 | 177260 |
|  Plains All American Pipeline LP, Series B, (3 mo. LIBOR US + 4.11%), 8.72%<sup>(a)(f)</sup> | 2215 | 1904900 |
|  Precision Drilling Corp., 6.88%, 01/15/29<sup>(b)</sup> | 18 | 16758 |
|  Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/25 | 30 | 28497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/30<sup>(b)</sup> | 26 | 22909 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
|  Reliance Industries Ltd., 3.67%, 11/30/27<sup>(e)</sup> | $| 300 | $| 276619 |
|  Rockcliff Energy II LLC, 5.50%, 10/15/29<sup>(b)</sup> |  | 667 |  | 610272 |
|  Rockies Express Pipeline LLC, 6.88%, 04/15/40<sup>(b)</sup> |  | 580 |  | 486960 |
|  Sabine Pass Liquefaction LLC<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/24 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575 |  | 2575622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 |  | 1481 |  | 1498538 |
|  Sinopec Group Overseas Development 2017 Ltd., 3.63%, 04/12/27<sup>(e)</sup> |  | 200 |  | 191416 |
|  Sinopec Group Overseas Development 2018 Ltd., 2.30%, 01/08/31<sup>(d)</sup> |  | 500 |  | 416875 |
|  SM Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/01/25 |  | 44 |  | 42240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/26<sup>(d)</sup> |  | 327 |  | 317468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 |  | 75 |  | 72242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 |  | 100 |  | 95877 |
|  Southwestern Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/23/25 |  | 29 |  | 28492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 |  | 392 |  | 363408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 |  | 322 |  | 275178 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27 |  | 141 |  | 138843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/28 |  | 317 |  | 300212 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 |  | 150 |  | 140043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 |  | 52 |  | 46116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 |  | 102 |  | 88202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/31 |  | 239 |  | 205488 |
|  Tap Rock Resources LLC, 7.00%, 10/01/26<sup>(b)</sup> |  | 1368 |  | 1272377 |
|  TransCanada PipeLines Ltd., 4.88%, 05/15/48 |  | 4000 |  | 3492919 |
|  Transcanada Trust, (3 mo. LIBOR US + 3.53%), 5.63%, 05/20/75<sup>(a)</sup> |  | 2755 |  | 2603475 |
|  Transocean, Inc., 11.50%, 01/30/27<sup>(b)</sup> |  | 294 |  | 294735 |
|  Venture Global Calcasieu Pass LLC<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 |  | 1693 |  | 1481375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 |  | 1610 |  | 1371712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/33 |  | 2652 |  | 2166419 |
|  Vermilion Energy, Inc., 6.88%, 05/01/30<sup>(b)</sup> |  | 270 |  | 246397 |
|  Western Midstream Operating LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 04/01/44 |  | 12 |  | 9969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/48 |  | 945 |  | 777004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/48 |  | 117 |  | 97107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/50 |  | 1445 |  | 1190391 |
|  Williams Cos., Inc.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/24/24 |  | 527 |  | 521233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 |  | 2478 |  | 2918018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/45 |  | 5075 |  | 4437449 |
|  Woodside Finance Ltd., 3.70%, 09/15/26<sup>(e)</sup> |  | 200 |  | 186988 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145770470 |
| **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** | **Pharmaceuticals — 3.7%** |
|  AbbVie, Inc.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/45 |  | 5485 |  | 4925777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 |  | 3255 |  | 2891095 |
|  CVS Health Corp.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 |  | 3879 |  | 3535339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 |  | 8205 |  | 7364356 |
|  Elanco Animal Health, Inc., 6.40%, 08/28/28 |  | 158 |  | 150339 |
|  Jazz Securities DAC, 4.38%, 01/15/29<sup>(b)</sup> |  | 853 |  | 760151 |
|  Merck & Co., Inc., 6.50%, 12/01/33<sup>(d)</sup> |  | 6420 |  | 7219642 |

---

S C H E D U L E O F I N V E S T M E N T S 97

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
|  Option Care Health, Inc., 4.38%, 10/31/29<sup>(b)</sup> | $| 461 | $| 403241 |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/28 |  | 1633 |  | 1445858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/31<sup>(d)</sup> |  | 1599 |  | 1384543 |
|  PRA Health Sciences, Inc., 2.88%, 07/15/26<sup>(b)</sup> |  | 1021 |  | 924059 |
|  Prestige Brands, Inc., 3.75%, 04/01/31<sup>(b)</sup> |  | 318 |  | 262245 |
|  Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30<sup>(d)</sup> |  | 8270 |  | 6750382 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/31/25 |  | 200 |  | 197288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/27 |  | 200 |  | 180225 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38394540 |
| **Real Estate — 0.0%** |  |  |  |  |
|  VICI Properties LP/VICI Note Co., Inc., 4.50%, 01/15/28<sup>(b)</sup> |  | 430 |  | 394580 |
| **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** |
|  Agile Group Holdings Ltd.<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/02/25 |  | 200 |  | 104966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/13/25 |  | 200 |  | 89100 |
|  AYC Finance Ltd., 3.90%<sup>(e)(f)</sup> |  | 300 |  | 192431 |
|  China Aoyuan Group Ltd.<sup>(e)(k)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 02/19/23 |  | 230 |  | 17825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/24/26 |  | 420 |  | 32550 |
|  China Evergrande Group<sup>(e)(k)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/11/23 |  | 300 |  | 20213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/28/23 |  | 300 |  | 20250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 03/29/24 |  | 300 |  | 20400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 04/11/24 |  | 350 |  | 24238 |
|  China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28<sup>(e)</sup> |  | 200 |  | 182287 |
|  China Resources Land Ltd., 3.75%, 08/26/24<sup>(e)</sup> |  | 200 |  | 192225 |
|  China SCE Group Holdings Ltd., 7.38%, 04/09/24<sup>(e)</sup> |  | 200 |  | 98000 |
|  CIFI Holdings Group Co. Ltd.<sup>(e)(k)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/28/24 |  | 450 |  | 126000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/07/24 |  | 250 |  | 62703 |
|  Easy Tactic Ltd., (6.50% Cash or 7.50% PIK), 7.50%, 07/11/25<sup>(g)</sup> |  | 208 |  | 46599 |
|  Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22<sup>(k)(l)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 |  | 85145 |
|  Global Prime Capital Pte. Ltd., 5.95%, 01/23/25<sup>(e)</sup> |  | 200 |  | 189350 |
|  Greystar Real Estate Partners LLC, 5.75%, 12/01/25<sup>(b)</sup>  |  | 360 |  | 351811 |
|  Howard Hughes Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 |  | 443 |  | 399023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 |  | 176 |  | 147400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/31 |  | 46 |  | 37217 |
|  Kaisa Group Holdings Ltd.<sup>(e)(k)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/30/23 |  | 200 |  | 26000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 09/28/23 |  | 200 |  | 26000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.95%, 11/12/23 |  | 249 |  | 32370 |
|  KWG Group Holdings Ltd., 5.88%, 11/10/24<sup>(e)</sup> |  | 400 |  | 171000 |
|  Modern Land China Co. Ltd., 11.50%, 11/13/22<sup>(k)(l)</sup> |  | 1130 |  | 60072 |
|  New Metro Global Ltd., 4.50%, 05/02/26<sup>(e)</sup> |  | 349 |  | 232521 |
|  Northwest Florida Timber Finance LLC, 4.75%, 03/04/29<sup>(b)(d)</sup> |  | 4485 |  | 3924380 |
|  Pakuwon Jati Tbk PT, 4.88%, 04/29/28<sup>(e)</sup> |  | 500 |  | 439937 |
|  Powerlong Real Estate Holdings Ltd.<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/10/24 |  | 200 |  | 60475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/30/25 |  | 200 |  | 56663 |
|  Realogy Group LLC/Realogy Co.-Issuer Corp.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/29 |  | 362 |  | 273813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/30 |  | 263 |  | 191861 |
|  Redsun Properties Group Ltd., 10.50%, 10/03/22<sup>(k)(l)</sup> |  | 200 |  | 19500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
|  RKPF Overseas Ltd.<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-A, 5.90%, 03/05/25 | $| 200 | $| 161100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, 5.20%, 01/12/26 |  | 306 |  | 215730 |
|  Ronshine China Holdings Ltd.,<br>7.10%, 01/25/25<sup>(e)(k)(l)</sup> |  | 200 |  | 10000 |
|  Shimao Group Holdings Ltd.,<br>3.45%, 01/11/31<sup>(e)(k)(l)</sup> |  | 200 |  | 32000 |
|  Shui On Development Holding Ltd.<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/12/23 |  | 225 |  | 211500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/03/25 |  | 230 |  | 194350 |
|  Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26<sup>(e)</sup> |  | 200 |  | 172832 |
|  Starwood Property Trust, Inc., 4.38%, 01/15/27<sup>(b)</sup> |  | 150 |  | 131261 |
|  Sunac China Holdings Ltd.,<br>7.00%, 07/09/25<sup>(e)(k)(l)</sup> |  | 782 |  | 160310 |
|  Theta Capital Pte. Ltd., 8.13%, 01/22/25<sup>(e)</sup> |  | 200 |  | 150787 |
|  Times China Holdings Ltd.<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/08/25 |  | 570 |  | 93623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/14/27 |  | 326 |  | 52425 |
|  Vanke Real Estate Hong Kong Co. Ltd., 4.15%, 04/18/23<sup>(e)</sup> |  | 200 |  | 197662 |
|  VICI Properties LP, 5.13%, 05/15/32 |  | 3155 |  | 2921372 |
|  Wanda Properties International Co. Ltd., 7.25%, 01/29/24<sup>(e)</sup> |  | 285 |  | 251388 |
|  Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30<sup>(e)</sup> |  | 200 |  | 168350 |
|  Yango Justice International Ltd.<sup>(e)(k)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/25/23 |  | 200 |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/24 |  | 200 |  | 3000 |
|  Yanlord Land HK Co. Ltd.<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 02/27/24 |  | 200 |  | 192000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/20/26 |  | 200 |  | 164250 |
|  Yuzhou Group Holdings Co. Ltd.<sup>(e)(k)(l)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 02/20/25 |  | 200 |  | 17500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/13/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 |  | 113750 |
|  Zhenro Properties Group Ltd.,<br>7.35%, 02/05/25<sup>(e)(k)(l)</sup> |  | 233 |  | 5825 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13578340 |
| **Road & Rail — 1.9%** | **Road & Rail — 1.9%** | **Road & Rail — 1.9%** | **Road & Rail — 1.9%** | **Road & Rail — 1.9%** |
|  BNSF Funding Trust I, (3 mo. LIBOR US + 2.35%), 6.61%, 12/15/55<sup>(a)(d)</sup> |  | 6125 |  | 5765463 |
|  CMHI Finance BVI Co. Ltd., (5 year CMT + 6.62%), 3.88%<sup>(a)(e)(f)</sup> |  | 200 |  | 186000 |
|  CSX Corp., 3.80%, 04/15/50<sup>(d)</sup> |  | 770 |  | 597130 |
|  Misc Capital Two Labuan Ltd., 3.75%, 04/06/27<sup>(e)</sup> |  | 200 |  | 182225 |
|  Norfolk Southern Corp., 6.00%, 03/15/2105 |  | 12700 |  | 12247190 |
|  Seaspan Corp., 5.50%, 08/01/29<sup>(b)</sup> |  | 683 |  | 517577 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19495585 |
| **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** | **Semiconductors & Semiconductor Equipment — 2.4%** |
|  Broadcom, Inc., 5.00%, 04/15/30<sup>(d)</sup> |  | 10970 |  | 10414870 |
|  NVIDIA Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 |  | 2785 |  | 2102000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/60<sup>(d)</sup> |  | 1760 |  | 1297995 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/27 |  | 750 |  | 717094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/30<sup>(d)</sup> |  | 1755 |  | 1508532 |
|  QUALCOMM, Inc.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 |  | 3500 |  | 3009535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/20/53 |  | 1993 |  | 2116707 |
|  Sensata Technologies BV<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24 |  | 695 |  | 688314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25 |  | 572 |  | 558621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 |  | 207 |  | 178538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/30 |  | 383 |  | 362979 |
|  Sensata Technologies, Inc., 4.38%, 02/15/30<sup>(b)</sup> |  | 2288 |  | 1991714 |

---

98 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
|  SK Hynix, Inc., 1.50%, 01/19/26<sup>(e)</sup> | $| 200 | $| 172163 |
|  Synaptics, Inc., 4.00%, 06/15/29<sup>(b)</sup> |  | 57 |  | 48025 |
|  TSMC Global Ltd., 2.25%, 04/23/31<sup>(e)</sup> |  | 250 |  | 201852 |
|  |  |  |  | 25368939 |
| **Software — 1.8%** |  |  |  |  |
|  Black Knight InfoServ LLC, 3.63%, 09/01/28<sup>(b)</sup> |  | 859 |  | 745182 |
|  Boxer Parent Co., Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/02/25 |  | 764 |  | 742999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.13%, 03/01/26 |  | 336 |  | 316987 |
|  Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29<sup>(b)</sup> |  | 946 |  | 925303 |
|  Cloud Software Group Holdings, Inc., 6.50%, 03/31/29<sup>(b)</sup> |  | 3790 |  | 3192246 |
|  Elastic NV, 4.13%, 07/15/29<sup>(b)</sup> |  | 718 |  | 579929 |
|  Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL, 4.63%, 05/01/28<sup>(b)</sup> |  | 205 |  | 155795 |
|  Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32<sup>(b)</sup> |  | 273 |  | 226781 |
|  MicroStrategy, Inc., 6.13%, 06/15/28<sup>(b)(d)</sup> |  | 180 |  | 128709 |
|  MSCI, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/30 |  | 131 |  | 108894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 |  | 707 |  | 587817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/01/31 |  | 264 |  | 218323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/33 |  | 397 |  | 306587 |
|  Oracle Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/29 |  | 2385 |  | 2475549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51<sup>(d)</sup> |  | 4425 |  | 3152544 |
|  PTC, Inc.<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/25 |  | 166 |  | 158103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/28 |  | 867 |  | 780329 |
|  SS&C Technologies, Inc., 5.50%, 09/30/27<sup>(b)</sup> |  | 3889 |  | 3641644 |
|  Veritas U.S., Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25<sup>(b)</sup> |  | 955 |  | 657726 |
|  |  |  |  | 19101447 |
| **Specialty Retail<sup>(b)</sup> — 0.2%** |  |  |  |  |
|  PetSmart, Inc./PetSmart Finance Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 |  | 481 |  | 435549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29<sup>(d)</sup> |  | 1317 |  | 1236916 |
|  Staples, Inc., 7.50%, 04/15/26 |  | 617 |  | 531040 |
|  |  |  |  | 2203505 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
|  Coherent Corp., 5.00%, 12/15/29<sup>(b)</sup> |  | 1027 |  | 885716 |
|  Dell International LLC/EMC Corp.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/25 |  | 2395 |  | 2420459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682962 |
|  |  |  |  | 5989137 |
| **Textiles, Apparel & Luxury Goods<sup>(b)</sup> — 0.1%** | **Textiles, Apparel & Luxury Goods<sup>(b)</sup> — 0.1%** | **Textiles, Apparel & Luxury Goods<sup>(b)</sup> — 0.1%** | **Textiles, Apparel & Luxury Goods<sup>(b)</sup> — 0.1%** | **Textiles, Apparel & Luxury Goods<sup>(b)</sup> — 0.1%** |
|  Crocs, Inc., 4.13%, 08/15/31 |  | 244 |  | 198848 |
|  Levi Strauss & Co., 3.50%, 03/01/31 |  | 498 |  | 395257 |
|  William Carter Co., 5.63%, 03/15/27 |  | 365 |  | 350115 |
|  |  |  |  | 944220 |
| **Thrifts & Mortgage Finance — 0.2%** | **Thrifts & Mortgage Finance — 0.2%** | **Thrifts & Mortgage Finance — 0.2%** | **Thrifts & Mortgage Finance — 0.2%** | **Thrifts & Mortgage Finance — 0.2%** |
|  Home Point Capital, Inc., 5.00%, 02/01/26<sup>(b)</sup> |  | 411 |  | 284202 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25<sup>(b)</sup> |  | 268 |  | 251797 |
|  MGIC Investment Corp., 5.25%, 08/15/28 |  | 337 |  | 310743 |
|  Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> 6.00%, 01/15/27 |  | 524 |  | 468980 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Thrifts & Mortgage Finance (continued)** | **Thrifts & Mortgage Finance (continued)** | **Thrifts & Mortgage Finance (continued)** | **Thrifts & Mortgage Finance (continued)** | **Thrifts & Mortgage Finance (continued)** |
|  Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 | $| 163 | $| 125891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 |  | 221 |  | 171828 |
|  Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc., 2.88%, 10/15/26<sup>(b)(d)</sup> |  | 557 |  | 477439 |
|  |  |  |  | 2090880 |
| **Tobacco — 2.4%** |  |  |  |  |
|  Altria Group, Inc., 10.20%, 02/06/39<sup>(d)</sup> |  | 13392 |  | 17000863 |
|  BAT Capital Corp., 4.54%, 08/15/47<sup>(d)</sup> |  | 3000 |  | 2119723 |
|  BAT International Finance PLC, 1.67%, 03/25/26<sup>(d)</sup> |  | 4350 |  | 3854337 |
|  Reynolds American, Inc., 5.85%, 08/15/45 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 |  | 1988946 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24963869 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
|  XPO Escrow Sub LLC, 7.50%, 11/15/27 |  | 161 |  | 162919 |
|  **Transportation Infrastructure — 0.6%** |  |  |  |  |
|  FedEx Corp., 5.25%, 05/15/50<sup>(d)</sup> |  | 6000 |  | 5462950 |
|  GMR Hyderabad International Airport Ltd., 5.38%, 04/10/24<sup>(e)</sup> |  | 200 |  | 196287 |
|  SF Holding Investment 2021 Ltd., 2.38%, 11/17/26<sup>(e)</sup> |  | 200 |  | 179474 |
|  Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28<sup>(b)</sup> |  | 541 |  | 512565 |
|  Yunda Holding Investment Ltd., 2.25%, 08/19/25<sup>(e)</sup> |  | 200 |  | 176152 |
|  |  |  |  | 6527428 |
| **Utilities — 0.3%** |  |  |  |  |
|  Abu Dhabi National Energy Co. PJSC, 4.38%, 04/23/25<sup>(e)</sup> |  | 200 |  | 198100 |
|  China Huaneng Group Hong Kong Treasury Management Holding Ltd., 1.60%, 01/20/26<sup>(e)</sup> |  | 200 |  | 182094 |
|  Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(b)</sup> |  | 286 |  | 263054 |
|  Korea Western Power Co. Ltd., 4.13%, 06/28/25<sup>(e)</sup> |  | 200 |  | 193576 |
|  Minejesa Capital BV, 4.63%, 08/10/30<sup>(e)</sup> |  | 200 |  | 174022 |
|  Mong Duong Finance Holdings BV, 5.13%, 05/07/29<sup>(e)</sup>  |  | 605 |  | 502074 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28<sup>(b)</sup> |  | 668 |  | 598952 |
|  Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38<sup>(e)</sup> |  | 200 |  | 165788 |
|  Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26<sup>(e)</sup> |  | 200 |  | 190358 |
|  Vistra Operations Co. LLC<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 |  | 23 |  | 22159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27<sup>(d)</sup> |  | 812 |  | 770314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 |  | 23 |  | 21346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/29 |  | 268 |  | 230913 |
|  |  |  |  | 3512750 |
| **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** |
|  Altice France SA/France<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/27<sup>(d)</sup> |  | 528 |  | 480945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 |  | 560 |  | 438547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/29 |  | 338 |  | 254146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 |  | 796 |  | 596796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/29 |  | 519 |  | 395753 |
|  American Tower Corp., 3.60%, 01/15/28<sup>(d)</sup> |  | 4000 |  | 3676318 |
|  Crown Castle, Inc., 4.15%, 07/01/50<sup>(d)</sup> |  | 820 |  | 635548 |
|  Digicel International Finance Ltd./Digicel international |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Holdings Ltd., 8.75%, 05/25/24<sup>(b)</sup> |  | 635 |  | 544036 |
|  SBA Communications Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 |  | 481 |  | 399947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/27<sup>(d)</sup> |  | 2441 |  | 2205477 |

---

S C H E D U L E O F I N V E S T M E N T S 99

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** | **Wireless Telecommunication Services (continued)** |
|  Sprint LLC, 7.63%, 03/01/26 | $| 1096 | $| 1153327 |
|  T-Mobile USA, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/28<sup>(d)</sup> |  | 1013 |  | 984928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 |  | 438 |  | 370781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29<sup>(d)</sup> |  | 676 |  | 595400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 |  | 235 |  | 194187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/31<sup>(d)</sup> |  | 990 |  | 855161 |
|  Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 |  | 1002440 |
|  |  |  |  | 14783737 |
|  **Total Corporate Bonds — 110.8%<br>(Cost: $1,274,487,171)** | **Total Corporate Bonds — 110.8%<br>(Cost: $1,274,487,171)** | **Total Corporate Bonds — 110.8%<br>(Cost: $1,274,487,171)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158917643 |
|  **Floating Rate Loan Interests<sup>(a)</sup>** |  |  |  |  |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
|  Atlas CC Acquisition Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.98%, 05/25/28 |  | 327 |  | 274024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.98%, 05/25/28 |  | 43 |  | 36296 |
|  Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29 |  | 100 |  | 96758 |
|  Dynasty Acquisition Co., Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 7.92%, 04/06/26 |  | 69 |  | 66047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 7.92%, 04/06/26 |  | 129 |  | 122859 |
|  Peraton Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.09%, 02/01/29 |  | 113 |  | 107105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/01/28 |  | 606 |  | 590180 |
|  TransDigm, Inc., 2020 Term Loan F, (3 mo. LIBOR + 2.25%), 6.98%, 12/09/25 |  | 262 |  | 258776 |
|  |  |  |  | 1552045 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
|  AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.49%, 04/06/28 |  | 99 |  | 90583 |
|  Kestrel Bidco, Inc., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 7.35%, 12/11/26 |  | 30 |  | 26910 |
|  PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 12/15/28 |  | 132 |  | 109879 |
|  |  |  |  | 227372 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
|  AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.99%, 04/20/28 |  | 436 |  | 433457 |
|  Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 8.13%, 08/11/28 |  | 372 |  | 367013 |
|  American Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 6.14%, 01/29/27 |  | 305 |  | 288786 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
|  American Airlines, Inc. (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 06/27/25 | $| 162 | $| 155123 |
|  Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 10.00%, 06/21/27 |  | 480 |  | 492587 |
|  United Airlines, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.11%, 04/21/28 |  | 443 |  | 437082 |
|  |  |  |  | 2174048 |
| **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
|  Clarios Global LP, 2021 USD Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/30/26 |  | 602 |  | 588708 |
|  USI, Inc., 2022 Incremental Term Loan, (3 mo. SOFR CME + 3.75%, 0.50% Floor), 8.33%, 11/22/29 |  | 372 |  | 372122 |
|  Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 02/05/26 |  | 339 |  | 320832 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281662 |
| **Banks — 0.0%** |  |  |  |  |
|  DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 9.38%, 08/02/27 |  | 355 |  | 344498 |
|  LABL, Inc., 2021 USD 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 9.38%, 10/29/28 |  | 147 |  | 139091 |
|  |  |  |  | 483589 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
|  Naked Juice LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 |  | 213 |  | 167539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3 mo. SOFRTE + 3.25%, 0.50% Floor), 7.93%, 01/24/29 |  | 473 |  | 422101 |
|  |  |  |  | 589640 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
|  CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 11/23/27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 |  | 172792 |
|  CPG International LLC, 2022 Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.92%, 04/28/29 |  | 89 |  | 86114 |
|  Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 07/28/28 |  | 99 |  | 92119 |
|  New AMI I LLC, 2022 Term Loan B, (1 mo. SOFRTE + 6.00%, 0.50% Floor), 10.32%, 03/08/29 |  | 97 |  | 83040 |
|  Standard Industries, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.25%, 0.50% Floor), 6.43%, 09/22/28 |  | 74 |  | 72853 |
|  Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 7.98%, 12/31/26 |  | 341 |  | 324071 |
|  |  |  |  | 830989 |
| **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** |
|  Ascensus Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.25%, 08/02/28 |  | 453 |  | 432081 |
|  Deerfield Dakota Holding LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 USD Term Loan B, (1 mo. SOFR CME + 3.75%, 1.00% Floor), 8.07%, 04/09/27 |  | 757 |  | 706032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, 04/07/28<sup>(m)</sup> |  | 190 |  | 179615 |

---

100 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Capital Markets (continued)** |  |  |
|  Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor),<br>7.75%, 11/12/27 | $149 | $141998 |
|  Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 06/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;184 | 180187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639913 |
| **Chemicals — 0.2%** |  |  |
|  Arc Falcon I, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 09/30/28 | 188 | 164880 |
|  Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26 | 258 | 242617 |
|  Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.00%, 0.50% Floor), 7.51%, 12/20/29 | 143 | 143000 |
|  Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME + 4.375%, 0.50% Floor), 7.97%, 10/04/29 | 142 | 129113 |
|  Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 6.32%, 01/31/26 | 111 | 110375 |
|  Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 07/03/28 | 18 | 16284 |
|  Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 7.23%, 03/02/26 | 167 | 165381 |
|  Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 7.64%, 05/15/24 | 198 | 197084 |
|  OQ Chemicals Corp., 2017 USD Term Loan B2, (3 mo. LIBOR + 3.25%), 7.00%, 10/14/24 | 224 | 211066 |
|  PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 6.91%, 06/09/28 | 186 | 182932 |
|  SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.41%, 03/16/27 | 75 | 72793 |
|  Sparta U.S. HoldCo LLC, 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.39%, 08/02/28 | 220 | 213180 |
|  |  | 1848705 |
| **Commercial Services & Supplies — 0.2%** |  |  |
|  Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.17%, 05/12/28 | 298 | 282526 |
|  Amentum Government Services Holdings LLC, 2022 Term Loan, (3 mo. SOFR CME + 4.00%),<br>8.64%, 02/15/29 | 54 | 52236 |
|  Aramark Services, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.50%), 6.88%, 04/06/28 | 113 | 111192 |
|  Asurion LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 7.63%, 12/23/26 | 365 | 324208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 9.63%, 01/31/28 | 255 | 197837 |
|  Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 10/08/28 | 147 | 146609 |
|  Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 | 83 | 82403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan C, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 | 6 | 6219 |
|  GFL Environmental, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 7.41%, 05/30/25 | 111 | 110838 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
|  Packers Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.75% Floor), 7.54%, 03/09/28 | $173 | $150395 |
|  Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 6.50%, 09/23/26 | 148 | 147018 |
|  Verscend Holding Corp., 2021 Term Loan B, (1 mo. LIBOR + 4.00%), 8.38%, 08/27/25 | 333 | 329831 |
|  Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 9.38%, 07/30/28 | 148 | 139586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080898 |
| **Communications Equipment — 0.0%** |  |  |
|  ViaSat, Inc., Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.94%, 03/02/29 | &nbsp;&nbsp;&nbsp;&nbsp;196 | 190035 |
| **Construction & Engineering — 0.1%** |  |  |
|  Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 | 323 | 288128 |
|  Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 7.39%, 01/21/28 | 75 | 73863 |
|  SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 06/02/28 | 450 | 429153 |
|  USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.88%, 05/12/28 | 148 | 141470 |
|  |  | 932614 |
| **Construction Materials — 0.1%** |  |  |
|  Core & Main LP, 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 7.06%, 07/27/28 | 560 | 551812 |
|  Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/29/25 | 298 | 295006 |
|  Oscar AcquisitionCo. LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 04/29/29 | 123 | 115868 |
|  Tamko Building Products LLC, Term Loan B, (3 mo. LIBOR + 3.00%), 7.57%, 06/01/26 | 12 | 11376 |
|  |  | 974062 |
| **Containers & Packaging — 0.1%** |  |  |
|  Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor),<br>8.13%, 12/01/27 | 406 | 393070 |
|  Mauser Packaging Solutions Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.37%, 04/03/24 | 284 | 277212 |
|  Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. SOFR CME + 3.75%), 8.19%, 07/31/26 | 185 | 179585 |
|  Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.94%, 08/18/27 | 260 | 208275 |
|  |  | 1058142 |
| **Distributors — 0.0%** |  |  |
|  American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 6.38%, 01/15/27 | 123 | 121306 |
|  Dealer Tire Financial LLC, Term Loan B2, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.82%, 12/14/27 | 223 | 220040 |
|  TMK Hawk Parent Corp., 2020 Super Priority Second Out Term Loan B, 08/28/24<sup>(m)</sup> | 121 | 61758 |
|  |  | 403104 |
| **Diversified Consumer Services — 0.1%** |  |  |
|  Ascend Learning LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 12/10/29 | 100 | 85375 |

---

S C H E D U L E O F I N V E S T M E N T S 101

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Consumer Services (continued)** |  |  |
|  Ascend Learning LLC (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/11/28 | $148 | $139979 |
|  Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.69%, 11/24/28 | 190 | 185625 |
|  OLA Netherlands BV, Term Loan, (1 mo. SOFRTE + 6.25%, 0.75% Floor), 10.57%, 12/15/26 | 124 | 117776 |
|  PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.16%, 10/28/27 | 142 | 124329 |
|  Sotheby's, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 8.58%, 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;370 | 360286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013370 |
| **Diversified Financial Services — 0.3%** |  |  |
|  Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.73%, 02/16/28 | 50 | 49063 |
|  Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 8.88%, 07/31/26 | 370 | 361433 |
|  AlixPartners LLP, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 02/04/28 | 186 | 184312 |
|  Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.52%, 10/22/26 | 188 | 186201 |
|  Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 6.88%, 09/01/28 | 167 | 161526 |
|  Delta TopCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 11.65%, 12/01/28 | 45 | 35044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.15%, 12/01/27 | 156 | 143563 |
|  Gainwell Acquisition Corp., Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 | 368 | 344682 |
|  Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 07/03/24<sup>(c)</sup> | 189 | 188156 |
|  KKR Apple Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 09/21/29 | 15 | 14421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 09/23/28 | 40 | 39000 |
|  LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27 | 97 | 83773 |
|  Radiate Holdco LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 09/25/26 | 319 | 257637 |
|  RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFRTE + 3.75%, 0.75% Floor), 8.17%, 02/08/28 | 74 | 68186 |
|  Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 6.73%, 11/05/28 | 150 | 149025 |
|  SMG U.S. Midco 2, Inc., 2020 Term Loan, (3 mo. LIBOR + 2.50%), 6.91%, 01/23/25 | 152 | 148110 |
|  SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.00%), 8.73%, 07/30/25 | 77 | 74813 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |  |  |
|  Veritas U.S., Inc., 2021 USD Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 9.73%, 09/01/25 | $| 476 | $| 333916 |
|  VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 7.38%, 02/28/27 |  | 378 |  | 366688 |
|  White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.07%, 10/19/27 |  | 194 |  | 187169 |
|  Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 6.82%, 04/30/28 |  | 126 |  | 122653 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499371 |
| **Diversified Telecommunication Services — 0.1%** |  |  |  |  |
|  Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.57%, 11/30/27 |  | 62 |  | 59238 |
|  Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.50%, 05/01/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;185 |  | 176191 |
|  Iridium Satellite LLC, 2021 Term Loan B2, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.92%, 11/04/26 |  | 208 |  | 205711 |
|  Level 3 Financing, Inc., 2019 Term Loan B, 03/01/27<sup>(m)</sup> |  | 115 |  | 109969 |
|  |  |  |  | 551109 |
| **Electric Utilities — 0.1%** |  |  |  |  |
|  ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 7.24%, 12/15/27 |  | 247 |  | 244574 |
|  Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 03/31/28 |  | 405 |  | 374573 |
|  |  |  |  | 619147 |
| **Electrical Equipment — 0.1%** |  |  |  |  |
|  Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 9.48%, 06/23/28 |  | 221 |  | 210296 |
|  AZZ, Inc., Term Loan B, (1 mo. SOFR CME + 4.25%, 0.50% Floor), 8.67%, 05/13/29 |  | 28 |  | 27790 |
|  Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.88%, 03/31/27 |  | 302 |  | 294873 |
|  |  |  |  | 532959 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
|  Coherent Corp., 2022 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 07/02/29 |  | 122 |  | 120894 |
| **Entertainment — 0.0%** |  |  |  |  |
|  Delta 2 Lux SARL, Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 7.57%, 01/15/30 |  | 151 |  | 150811 |
| **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** | **Environmental, Maintenance & Security Service — 0.0%** |
|  Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 09/07/27 |  | 299 |  | 297926 |
|  TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 11/02/27 |  | 151 |  | 133768 |
|  |  |  |  | 431694 |
| **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** | **Equity Real Estate Investment Trusts (REITs) — 0.0%** |
|  RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 6.39%, 05/11/24 |  | 147 |  | 146205 |

---

102 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Food & Staples Retailing — 0.0%** |  |  |
|  Nomad Foods U.S. LLC, 2022 Term Loan B, 11/12/29<sup>(m)</sup> | $75 | $74687 |
|  U.S. Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 09/13/26 | 45 | 44825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 11/22/28 | 220 | 218323 |
|  |  | 337835 |
| **Food Products — 0.2%** |  |  |
|  8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/01/25 | 163 | 135013 |
|  B&G Foods, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 6.88%, 10/10/26 | 112 | 105460 |
|  Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.88%, 10/25/27 | 591 | 578149 |
|  Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 6.63%, 01/29/27 | 566 | 550073 |
|  Hostess Brands LLC, 2019 Term Loan, (1 mo. LIBOR + 2.25%, 0.75% Floor), 6.66%, 08/03/25 | 204 | 202854 |
|  Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 7.91%, 06/08/28 | 261 | 253617 |
|  UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.44%, 01/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;261 | 257829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082995 |
| **Gas Utilities — 0.0%** |  |  |
|  Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 12/21/28 | 443 | 420409 |
| **Health Care Equipment & Supplies — 0.1%** |  |  |
|  Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 11/01/28 | 299 | 290452 |
|  Insulet Corp., Term Loan B, (3 mo. SOFR CME + 3.25%), 7.69%, 05/04/28 | 111 | 109142 |
|  Medline Borrower LP, USD Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 10/23/28 | 762 | 723626 |
|  |  | 1123220 |
| **Health Care Providers & Services — 0.1%** |  |  |
|  CHG Healthcare Services, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 09/29/28 | 185 | 180806 |
|  Envision Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 First Out Term Loan, (3 mo. SOFR CME + 7.875%, 1.00% Floor), 12.61%, 03/31/27 | 37 | 32412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Second Out Term Loan, (3 mo. SOFR CME + 4.25%, 1.00% Floor), 8.83%, 03/31/27 | 160 | 54506 |
|  EyeCare Partners LLC, 2020 Term Loan, (3 mo. LIBOR + 3.75%), 8.48%, 02/18/27 | 199 | 158513 |
|  Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 9.23%, 03/05/26 | 157 | 134148 |
|  Orbcomm, Inc., Term Loan B, (1 mo. LIBOR + 4.25%, 0.75% Floor), 8.81%, 09/01/28 | 148 | 126470 |
|  Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.16%, 12/11/26 | 197 | 181137 |
|  Surgery Center Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.05%, 08/31/26 | 68 | 66672 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Health Care Providers & Services (continued)** |  |  |
|  Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.25%, 0.50% Floor), 6.67%, 04/28/29 | $32 | $31768 |
|  WCG Purchaser Corp., 2019 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 8.38%, 01/08/27 | 295 | 266952 |
|  WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 12/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;186 | 185985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419369 |
| **Health Care Services — 0.0%** |  |  |
|  Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 07/24/26 | 266 | 243050 |
| **Health Care Technology — 0.1%** |  |  |
|  AthenaHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Delayed Draw Term loan, (3 mo. SOFR CME + 3.50%), 7.82%, 02/15/29 | 49 | 55279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B, (1 mo. SOFR CME + 3.50%, 0.50% Floor), 7.82%, 02/15/29 | 401 | 345867 |
|  GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 7.13%, 10/10/25 | 76 | 74161 |
|  Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 06/02/28 | 222 | 201876 |
|  |  | 677183 |
| **Hotels, Restaurants & Leisure — 0.4%** |  |  |
|  Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME + 2.25%, 0.50% Floor), 6.93%, 05/24/29 | 11 | 11475 |
|  Bally's Corp., 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.54%, 10/02/28 | 74 | 68514 |
|  Burger King (Restaurant Brands Int), Term Loan B4, (3 mo. LIBOR + 1.75%), 6.14%, 11/19/26 | 339 | 332541 |
|  Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 12/23/24 | 342 | 341021 |
|  Carnival Corp., USD Term Loan B, (1 mo. LIBOR + 3.00%, 0.75% Floor), 7.38%, 06/30/25 | 231 | 220931 |
|  Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 6.39%, 03/17/28 | 109 | 108258 |
|  Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 7.73%, 03/08/24 | 490 | 366771 |
|  Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE + 4.00%, 0.50% Floor), 8.32%, 01/27/29 | 594 | 563609 |
|  Flutter Financing B.V., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 8.09%, 07/22/28 | 155 | 153733 |
|  Four Seasons Hotels Ltd., 2022 Term Loan B, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 7.67%, 11/30/29 | 304 | 205923 |
|  Hilton Worldwide Finance LLC, 2019 Term Loan B2, (1 mo. LIBOR + 1.75%), 6.17%, 06/22/26 | 261 | 260271 |
|  IRB Holding Corp., 2022 Term Loan B, (1 mo. SOFRTE + 3.00%, 0.75% Floor), 7.32%, 12/15/27 | 546 | 529049 |
|  Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.75%, 0.50% Floor), 7.17%, 05/03/29 | 153 | 151119 |
|  Playa Resorts Holding B.V., 2022 Term Loan B, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.58%, 01/05/29 | 57 | 55468 |

---

S C H E D U L E O F I N V E S T M E N T S 103

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Hotels, Restaurants & Leisure (continued)** |  |  |
|  Playtika Holding Corp., 2021 Term Loan, (1 mo. LIBOR + 2.75%), 7.13%, 03/13/28 | $236 | $224396 |
|  Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME + 3.00%, 0.50% Floor), 7.42%, 04/14/29 | 88 | 86153 |
|  Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 4.50%, 07/21/26 | 149 | 147124 |
|  Station Casinos LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.25%, 0.25% Floor), 6.64%, 02/08/27 | 299 | 291700 |
|  Travelport Finance Luxembourg SARL, 2021 Consented Term Loan, (3 mo. LIBOR + 6.75%), 9.73%, 05/29/26 | 137 | 94331 |
|  Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 08/03/28 | 310 | 299451 |
|  Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 05/30/25 | 19 | 18913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530751 |
| **Household Durables — 0.1%** |  |  |
|  ACProducts Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.25%, 0.50% Floor), 8.98%, 05/17/28 | 172 | 127666 |
|  Hunter Douglas, Inc., USD Term Loan B1, (3 mo. SOFR CME + 3.50%), 7.86%, 02/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | 267652 |
|  Snap One Holdings Corp., Term Loan B, (1 mo. LIBOR + 4.50%, 0.50% Floor), 8.88%, 12/08/28<sup>(c)</sup> | 82 | 74692 |
|  Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 10/06/28 | 110 | 89874 |
|  Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 10/30/27 | 276 | 232254 |
|  |  | 792138 |
| **Household Products — 0.0%** |  |  |
|  Spectrum Brands, Inc., 2021 Term Loan, (3 mo. LIBOR + 2.00%, 0.50% Floor), 6.60%, 03/03/28 | 114 | 112129 |
|  **Industrial Conglomerates — 0.1%** |  |  |
|  AVSC Holding Corp., 2020 Term Loan B1, (3 mo. LIBOR + 3.25%, 1.00% Floor, 0.25% PIK), 7.68%, 03/03/25<sup>(g)</sup> | 162 | 148675 |
|  Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.16%, 09/29/28 | 339 | 327654 |
|  Vertical U.S. Newco, Inc., Term Loan B, (6 mo. LIBOR + 3.50%, 0.50% Floor), 6.87%, 07/30/27 | 194 | 186061 |
|  Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 6.89%, 03/02/27 | 304 | 292918 |
|  |  | 955308 |
| **Insurance — 0.2%** |  |  |
|  Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/09/25 | 622 | 613612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B4, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.85%, 11/06/27 | 119 | 115954 |
|  AmWINS Group, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.75% Floor), 6.63%, 02/19/28 | 174 | 170903 |
|  AssuredPartners, Inc., 2020 Term Loan B, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 | 261 | 253305 |
|  Hub International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 7.33%, 04/25/25 | 448 | 442890 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
|  Hub International Ltd. (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 7.53%, 04/25/25 | $111 | $109734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B, (3 mo. SOFR CME + 4.00%, 0.75% Floor), 8.22%, 11/10/29 | 90 | 88925 |
|  Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME + 3.00%, 0.75% Floor), 7.42%, 09/01/27 | 162 | 160195 |
|  Sedgwick Claims Management Services, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 09/03/26 | 223 | 218319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173837 |
| **Interactive Media & Services — 0.1%** |  |  |
|  Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 7.48%, 06/26/28 | 186 | 183125 |
|  Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 7.38%, 10/30/26 | 299 | 294650 |
|  Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 6.38%, 08/10/27 | 125 | 123396 |
|  Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.89%, 01/29/26 | 264 | 260457 |
|  |  | 861628 |
|  **Internet & Direct Marketing Retail — 0.0%** |  |  |
|  CNT Holdings I Corp., 2020 Term Loan, (3 mo. SOFR CME + 3.50%, 0.75% Floor), 7.24%, 11/08/27 | 198 | 191303 |
|  Go Daddy Operating Co. LLC, 2022 Term Loan B5, (1 mo. SOFR CME + 3.25%), 7.57%, 10/21/29 | 162 | 161572 |
|  |  | 352875 |
| **Internet Software & Services — 0.1%** |  |  |
|  Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 8.23%, 02/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | 510582 |
|  **IT Services — 0.3%** |  |  |
|  Aruba Investments Holdings LLC, 2020 USD Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.14%, 11/24/27 | 74 | 71959 |
|  Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/02/25 | 223 | 213510 |
|  Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 7.38%, 10/30/26 | 266 | 261158 |
|  CCC Intelligent Solutions, Inc., Term Loan, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 09/21/28 | 186 | 184259 |
|  CoreLogic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 10.94%, 06/04/29 | 100 | 70050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.94%, 06/02/28 | 451 | 374728 |
|  Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 6.13%, 04/28/28 | 225 | 222123 |
|  Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 12/01/27 | 755 | 723415 |
|  PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 | 376 | 309673 |
|  Trans Union LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 6.13%, 11/16/26 | 112 | 110312 |

---

104 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **IT Services (continued)** |  |  |
|  Trans Union LLC (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B6, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 12/01/28 | $412 | $407599 |
|  Virtusa Corp., First Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/11/28 | 74 | 71460 |
|  WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 6.63%, 03/31/28 | 124 | 122830 |
|  |  | 3143076 |
| **Leisure Products — 0.0%** |  |  |
|  Fender Musical Instruments Corp., 2021 Term Loan B, (3 mo. SOFRTE + 4.00%, 0.50% Floor), 8.42%, 12/01/28<sup>(c)</sup> | 99 | 79933 |
|  Peloton Interactive, Inc., Term Loan, (2 mo. SOFR CME + 6.50%, 0.50% Floor), 11.76%, 05/25/27 | 41 | 40013 |
|  |  | 119946 |
|  **Life Sciences Tools & Services — 0.2%** |  |  |
|  Avantor Funding, Inc., 2021 Term Loan B5, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 11/08/27 | 313 | 310909 |
|  eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.88%, 02/04/27 | 382 | 336090 |
|  ICON Luxembourg SARL, LUX Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 | 254 | 252675 |
|  Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFRTE + 3.00%, 0.50% Floor), 6.96%, 10/19/27 | 240 | 235057 |
|  Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/15/28 | 520 | 499990 |
|  PRA Health Sciences, Inc., US Term Loan, (3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 | 63 | 62954 |
|  |  | 1697675 |
|  **Machinery — 0.2%** |  |  |
|  Albion Acquisitions Ltd., USD Term Loan, (3 mo. LIBOR + 5.25%, 0.50% Floor), 9.57%, 08/17/26 | 223 | 210036 |
|  Clark Equipment Co., 2022 Term Loan B, (3 mo. SOFR CME + 2.50%, 0.50% Floor), 7.18%, 04/20/29 | 42 | 41047 |
|  Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.50%, 05/14/28 | 69 | 68110 |
|  Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.00%), 6.42%, 01/29/29 | 22 | 20642 |
|  Gardner Denver, Inc., 2020 USD Term Loan B2, (1 mo. SOFR CME + 1.75%), 6.17%, 03/01/27 | 143 | 141422 |
|  Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 6.17%, 03/01/27 | 158 | 156441 |
|  Madison IAQ LLC, Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.99%, 06/21/28 | 454 | 421282 |
|  SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.92%, 04/05/29 | 147 | 135782 |
|  Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 8.15%, 03/28/25 | 448 | 418010 |
|  Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 10/04/28 | 109 | 109037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721809 |
|  **Media — 0.6%** |  |  |
|  Altice Financing SA, USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 6.83%, 01/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;250 | 240350 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
|  Altice France SA/France, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 8.65%, 08/14/26 | $310 | $287615 |
|  AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 7.27%, 04/22/26 | 163 | 87920 |
|  Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 6.14%, 04/30/25 | 124 | 122867 |
|  City Football Group Ltd., Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.36%, 07/21/28 | 224 | 208638 |
|  Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 7.91%, 08/21/26 | 598 | 543293 |
|  CMG Media Corp., 2021 Term Loan, (3 mo. LIBOR + 3.50%), 8.23%, 12/17/26 | 124 | 115584 |
|  Connect Finco SARL, 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 12/11/26 | 748 | 738261 |
|  CSC Holdings LLC, 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 6.82%, 04/15/27 | 317 | 281746 |
|  Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 7.64%, 12/01/23 | 92 | 68221 |
|  Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 03/24/25 | 258 | 246225 |
|  Live Nation Entertainment, Inc., Term Loan B4, (1 mo. LIBOR + 1.75%), 6.13%, 10/17/26 | 454 | 443034 |
|  MH Sub I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 09/13/24 | 549 | 532407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.25%), 10.65%, 02/23/29 | 247 | 219843 |
|  Sinclair Television Group, Inc., 2022 Term Loan B4, (1 mo. SOFR CME + 3.75%), 8.17%, 04/21/29 | 200 | 189645 |
|  UFC Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 7.11%, 04/29/26 | 147 | 72458 |
|  UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 2.93%), 7.24%, 01/31/29 | 45 | 43964 |
|  Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 7.57%, 01/31/29 | 225 | 222581 |
|  Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFRTE + 4.50%, 0.50% Floor), 8.78%, 05/11/29<sup>(c)</sup>  | 106 | 104602 |
|  William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 7.14%, 05/18/25 | 473 | 462299 |
|  WMG Acquisition Corp., 2021 Term Loan G, (1 mo. LIBOR + 2.13%), 6.51%, 01/20/28 | 305 | 301059 |
|  Zayo Group Holdings, Inc., USD Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/09/27 | &nbsp;&nbsp;&nbsp;&nbsp;584 | 471830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6004442 |
|  **Oil, Gas & Consumable Fuels — 0.1%** |  |  |
|  Ascent Resources Utica Holdings LLC, 2020 Fixed 2nd Lien Term Loan, (3 mo. LIBOR + 9.00%, 1.00% Floor), 12.94%, 11/01/25 | 784 | 825536 |
|  Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 12/13/25 | 61 | 57293 |
|  M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.16%, 09/19/29 | 26 | 25910 |

---

S C H E D U L E O F I N V E S T M E N T S 105

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Oil, Gas & Consumable Fuels (continued)** |  |  |  |  |
|  Medallion Midland Acquisition LLC, 2021 Term Loan, (3 mo. SOFR CME + 3.75%, 0.75% Floor),<br>8.59%, 10/18/28 | $| 222 | $| 219884 |
|  Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.92%, 10/05/28 |  | &nbsp;&nbsp;&nbsp;&nbsp;367 |  | 361832 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490455 |
| **Personal Products — 0.1%** |  |  |  |  |
|  Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.48%, 10/01/26 |  | 775 |  | 741343 |
| **Pharmaceuticals — 0.2%** |  |  |  |  |
|  Amneal Pharmaceuticals LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.50%), 8.09%, 05/04/25 |  | 125 |  | 111394 |
|  Bausch Health Cos., Inc., 2022 Term Loan B, (1 mo. SOFR CME + 5.25%, 0.50% Floor), 9.67%, 02/01/27 |  | 147 |  | 110985 |
|  Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 02/22/28 |  | 189 |  | 185217 |
|  Elanco Animal Health, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 5.87%, 08/01/27 |  | 258 |  | 247535 |
|  Jazz Financing Lux SARL, USD Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 05/05/28 |  | 267 |  | 264202 |
|  Option Care Health, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 10/27/28 |  | 109 |  | 108242 |
|  Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 7.75%, 06/02/28 |  | 216 |  | 213823 |
|  Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor),<br>7.73%, 11/18/27<sup>(c)</sup> |  | 299 |  | 290812 |
|  |  |  |  | 1532210 |
| **Professional Services — 0.1%** |  |  |  |  |
|  Dun & Bradstreet Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan B2, 01/18/29<sup>(m)</sup> |  | 75 |  | 73456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1 mo. LIBOR + 3.25%), 7.64%, 02/06/26 |  | 482 |  | 477184 |
|  Element Materials Technology Group U.S. Holdings, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |  | 77 |  | 74806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |  | 166 |  | 162079 |
|  Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME + 4.75%, 0.50% Floor), 9.07%, 04/29/29 |  | 270 |  | 243675 |
|  |  |  |  | 1031200 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/03/28 |  | 374 |  | 351326 |
|  Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 08/21/25 |  | 297 |  | 289898 |
|  |  |  |  | 641224 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Road & Rail — 0.0%** |  |  |  |  |
|  Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 08/06/27 | $| 71 | $| 68706 |
|  Genesee & Wyoming, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 6.73%, 12/30/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;186 |  | 185349 |
|  SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 9.95%, 08/04/25 |  | 79 |  | 70232 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324287 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |
|  MKS Instruments, Inc., 2022 USD Term Loan B, 08/17/29<sup>(m)</sup> |  | 115 |  | 113135 |
|  Synaptics, Inc., Term Loan B, (6 mo. LIBOR + 2.25%, 0.50% Floor), 7.40%, 12/02/28 |  | 111 |  | 108383 |
|  |  |  |  | 221518 |
| **Software — 0.6%** |  |  |  |  |
|  Applied Systems, Inc., 2022 Extended 1st Lien Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 09/18/26 |  | 40 |  | 24333 |
|  Barracuda Networks, Inc., 2022 Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 8.59%, 08/15/29 |  | 83 |  | 79899 |
|  Central Parent, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 07/06/29 |  | 298 |  | 294951 |
|  Cloudera, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 10.38%, 10/08/29 |  | 113 |  | 93979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/08/28 |  | 245 |  | 229980 |
|  Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/16/28 |  | 186 |  | 165182 |
|  Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/28/24 |  | 177 |  | 148058 |
|  Epicor Software Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 07/30/27 |  | 297 |  | 284543 |
|  Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 8.48%, 03/11/28 |  | 100 |  | 97917 |
|  Informatica LLC, 2021 USD Term Loan B, (1 mo. LIBOR + 2.75%), 7.19%, 10/27/28 |  | 424 |  | 415091 |
|  Instructure Holdings, Inc., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 6.12%, 10/30/28<sup>(c)</sup> |  | 99 |  | 97265 |
|  Magenta Buyer LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.17%, 07/27/28 |  | 252 |  | 214278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 12.67%, 07/27/29 |  | 193 |  | 151520 |
|  McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME + 3.75%), 7.97%, 03/01/29 |  | 374 |  | 347329 |
|  Planview Parent, Inc., Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 12/17/27 |  | 111 |  | 102652 |
|  Proofpoint, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.98%, 08/31/28 |  | 448 |  | 429330 |
|  RealPage, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 04/24/28 |  | 813 |  | 771572 |
|  Restoration Hardware, Inc., Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 6.88%, 10/20/28 |  | 91 |  | 83841 |

---

106 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Software (continued)** |  |  |  |  |
|  Severin Acquisition LLC, 2018 Term Loan B, (3 mo. SOFR CME + 3.00%), 7.09%, 08/01/25 | $| 239 | $| 236960 |
|  Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 10/07/27 |  | 306 |  | 294927 |
|  Tempo Acquisition LLC, 2022 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.32%, 08/31/28 |  | 588 |  | 585484 |
|  TIBCO Software, Inc., 2022 USD Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 03/30/29 |  | 530 |  | 472363 |
|  Ultimate Software Group, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 05/03/27 |  | 112 |  | 102938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.00%, 05/04/26 |  | &nbsp;&nbsp;&nbsp;&nbsp;440 |  | 418202 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142594 |
| **Specialty Retail — 0.2%** |  |  |  |  |
|  Belron Finance U.S. LLC, 2018 Term Loan B, (3 mo. LIBOR + 2.25%), 6.94%, 11/13/25 |  | 372 |  | 369798 |
|  EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.50% Floor), 8.98%, 03/31/26 |  | 321 |  | 299540 |
|  Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/24/28<sup>(c)</sup> |  | 74 |  | 72765 |
|  Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME + 4.00%, 0.75% Floor), 8.50%, 05/04/28 |  | 272 |  | 259207 |
|  MED ParentCo LP, 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 8.63%, 08/31/26 |  | 183 |  | 155783 |
|  Midas Intermediate Holdco II LLC, 06/30/27<sup>(m)</sup> |  | 486 |  | 419002 |
|  PetSmart, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/11/28 |  | 400 |  | 390361 |
|  Pilot Travel Centers LLC, 2021 Term Loan B, (1 mo. SOFR CME + 2.00%), 6.42%, 08/04/28 |  | 99 |  | 97735 |
|  Restoration Hardware, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 7.67%, 10/20/28 |  | 90 |  | 83743 |
|  Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 11/01/28 |  | 255 |  | 237306 |
|  |  |  |  | 2385240 |
| **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** | **Technology Hardware, Storage & Peripherals — 0.0%** |
|  Electronics for Imaging, Inc., Term Loan, (1 mo. LIBOR + 5.00%), 9.38%, 07/23/26 |  | 67 |  | 44234 |
| **Textiles, Apparel & Luxury Goods — 0.0%** |  |  |  |  |
|  Crocs, Inc., Term Loan B, (3 mo. SOFRTE + 3.50%, 0.50% Floor), 7.80%, 02/20/29 |  | 161 |  | 157382 |
| **Trading Companies & Distributors — 0.0%** |  |  |  |  |
|  Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 05/19/28 |  | 186 |  | 184220 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
|  ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR + 4.75%), 9.48%, 04/03/28 | $| 74 | $| 70215 |
|  SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.50%), 7.92%, 06/02/28 |  | 68 |  | 64438 |
|  |  |  |  | 318873 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
|  GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor),<br>8.16%, 04/30/28 |  | 74 |  | 73504 |
|  SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 04/11/25 |  | &nbsp;&nbsp;&nbsp;&nbsp;187 |  | 186211 |
|  |  |  |  | 259715 |
|  **Total Floating Rate Loan Interests — 6.5%<br>(Cost: $71,356,101)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67902910 |
|  **Foreign Agency Obligations** |  |  |  |  |
| **Brazil — 0.5%** |  |  |  |  |
|  Brazilian Government International Bond, 5.00%, 01/27/45 |  | 6525 |  | 4827684 |
| **China — 0.1%** |  |  |  |  |
|  China Development Bank/Hong Kong, 2.00%, 02/16/27 |  | 200 |  | 182760 |
|  China Government International Bond, 2.63%, 11/02/27<sup>(e)</sup> |  | 200 |  | 187134 |
|  Export-Import Bank of China, 3.38%, 03/14/27<sup>(e)</sup> |  | 200 |  | 191796 |
|  |  |  |  | 561690 |
| **Colombia — 0.3%** |  |  |  |  |
|  Colombia Government International Bond,<br>5.63%, 02/26/44<sup>(d)</sup> |  | 4000 |  | 2932000 |
| **India — 0.0%** |  |  |  |  |
|  Export-Import Bank of India, 3.88%, 02/01/28<sup>(e)</sup> |  | 200 |  | 185100 |
| **Indonesia — 0.6%** |  |  |  |  |
|  Indonesia Government International Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24<sup>(b)</sup> |  | 4400 |  | 4444484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/20/32 |  | 250 |  | 245027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/17/42<sup>(e)</sup> |  | 200 |  | 194600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/18/47<sup>(e)</sup> |  | 200 |  | 181272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/30/49 |  | 200 |  | 153522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/50 |  | 200 |  | 148538 |
|  Perusahaan Penerbit SBSN Indonesia III<sup>(e)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/09/26 |  | 200 |  | 180022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/06/27 |  | 200 |  | 197772 |
|  |  |  |  | 5745237 |
| **Mexico — 0.4%** |  |  |  |  |
|  Mexico Government International Bond,<br>4.75%, 03/08/44 |  | 5800 |  | 4673713 |

---

S C H E D U L E O F I N V E S T M E N T S 107

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Pakistan — 0.0%** |  |  |
|  Pakistan Government International Bond<sup>(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/08/26 | $450 | $180050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 04/08/31 | 200 | 70522 |
|  |  | 250572 |
| **Philippines — 0.0%** |  |  |
|  Philippines Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/41 | 300 | 244533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/10/45 | 200 | 134022 |
|  |  | 378555 |
| **Saudi Arabia — 0.0%** |  |  |
|  Saudi Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25<sup>(e)</sup> | 200 | 197500 |
|  **South Korea — 0.1%** |  |  |
|  Export-Import Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/29/24 | 250 | 234480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/18/27 | 200 | 176400 |
|  Korea Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/22/24 | 200 | 197350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/24/25 | 200 | 187858 |
|  Korea Electric Power Corp., 3.63%, 06/14/25<sup>(e)</sup> | 300 | 288534 |
|  Korea Expressway Corp., 1.13%, 05/17/26<sup>(e)</sup> | 200 | 174772 |
|  |  | 1259394 |
| **Uruguay — 0.3%** |  |  |
|  Uruguay Government International Bond, 5.10%, 06/18/50 | &nbsp;&nbsp;&nbsp;&nbsp;3500 | 3451000 |
|  **Total Foreign Agency Obligations — 2.3%<br>(Cost: $28,295,333)** |  | 24462445 |
|  **Municipal Bonds** |  |  |
|  **New York — 1.0%** |  |  |
|  Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31<sup>(d)</sup> | 10000 | 10284730 |
|  **Total Municipal Bonds — 1.0%<br>(Cost: $9,833,900)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10284730 |
|  **Preferred Securities** |  |  |
|  **Capital Trusts — 13.9%** |  |  |
|  **Automobiles — 0.2%** |  |  |
|  General Motors Financial Co., Inc., Series C, 5.70%<sup>(a)(f)</sup> | 2565 | 2170952 |
|  **Banks — 5.6%** |  |  |
|  HSBC Capital Funding Dollar 1 LP, 10.18%<sup>(a)(b)(f)</sup> | 11835 | 14201951 |
|  Huntington Bancshares, Inc., Series F,<br>5.63%<sup>(a)(d)(f)</sup> | 6450 | 5987676 |
|  Industrial & Commercial Bank of China Ltd., 3.20%<sup>(a)(e)(f)</sup> | 300 | 280125 |
|  ING Groep NV, 3.88%<sup>(a)(f)</sup> | 3326 | 2423388 |
|  Macquarie Bank Ltd., 6.13%<sup>(a)(b)(f)</sup> | 1885 | 1624601 |
|  Nordea Bank Abp, 6.13%<sup>(a)(b)(f)</sup> | 5540 | 5367067 |
|  PNC Financial Services Group, Inc., Series V, 6.20%<sup>(a)(d)(f)</sup> | 5529 | 5403215 |
|  Rizal Commercial Banking Corp., 6.50%<sup>(a)(e)(f)</sup> | 700 | 595787 |
|  SVB Financial Group, 4.10%<sup>(a)(f)</sup> | 4556 | 2607496 |
|  TMBThanachart Bank PCL, 4.90%<sup>(a)(e)(f)</sup> | 700 | 640500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* | *Value* |
|  **Banks (continued)** |  |  |  |  |
|  Toronto-Dominion Bank, 8.13%, 10/31/82 | $| &nbsp;&nbsp;&nbsp;&nbsp;7214 | $| 7502560 |
|  U.S. Bancorp, Series J, 5.30%<sup>(a)(f)</sup> |  | 10415 |  | 9077402 |
|  Wells Fargo & Co.<sup>(a)(f)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 5.90%<sup>(d)</sup> |  | 281 |  | 251666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 5.88% |  | 2655 |  | 2562075 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58525509 |
| **Capital Markets — 0.1%** |  |  |  |  |
|  State Street Corp., Series F, 8.37%<sup>(a)(f)</sup> |  | 618 |  | 616316 |
|  **Diversified Financial Services — 4.8%** |  |  |  |  |
|  Bank of America Corp., Series U, 5.20%<sup>(a)(d)(f)</sup> |  | 5785 |  | 5605674 |
|  Barclays PLC<sup>(a)(f)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38% |  | 1630 |  | 1242875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00% |  | 4500 |  | 4372226 |
|  BNP Paribas SA, 7.38%<sup>(a)(b)(f)</sup> |  | 4535 |  | 4484106 |
|  Credit Agricole SA, 8.13%<sup>(a)(b)(f)</sup> |  | 5000 |  | 5062000 |
|  Credit Suisse Group AG, 7.50%<sup>(a)(b)(f)</sup> |  | 1865 |  | 1490358 |
|  JPMorgan Chase & Co.<sup>(d)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 09/01/30 |  | 2000 |  | 2330436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S, 6.75%<sup>(a)(f)</sup> |  | 9775 |  | 9737269 |
|  Lloyds Banking Group PLC, 7.50%<sup>(a)(f)</sup> |  | 8285 |  | 7992598 |
|  NatWest Group PLC, 8.00%<sup>(a)(f)</sup> |  | 970 |  | 954238 |
|  UBS Group AG, 7.00%<sup>(a)(b)(f)</sup> |  | 7500 |  | 7378675 |
|  |  |  |  | 50650455 |
| **Electric Utilities — 0.7%** |  |  |  |  |
|  PPL Capital Funding, Inc., Series A, 7.39%, 03/30/67<sup>(a)</sup> |  | 8300 |  | 7133850 |
|  **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** | **Independent Power and Renewable Electricity Producers — 0.0%** |
|  Vistra Corp., 7.00%<sup>(a)(b)(f)</sup> |  | 481 |  | 437678 |
|  **Insurance — 1.8%** |  |  |  |  |
|  ACE Capital Trust II, 9.70%, 04/01/30<sup>(d)</sup> |  | 7000 |  | 8664905 |
|  Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27 |  | 5000 |  | 4687860 |
|  Kyobo Life Insurance Co. Ltd.,<br>5.90%, 06/15/52<sup>(a)(e)</sup> |  | 200 |  | 184662 |
|  MetLife, Inc., 6.40%, 12/15/66<sup>(d)</sup> |  | 5000 |  | 4835500 |
|  |  |  |  | 18372927 |
|  **Oil, Gas & Consumable Fuels — 0.2%** |  |  |  |  |
|  Enterprise Products Operating LLC, 7.54%, 06/01/67<sup>(a)</sup> |  | 2500 |  | 2100000 |
|  **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |
|  NWD Finance BVI Ltd., 4.13%<sup>(a)(e)(f)</sup> |  | 409 |  | 286300 |
|  **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
|  Vodafone Group PLC, 7.00%, 04/04/79<sup>(a)</sup> |  | 4745 |  | 4770765 |
|  |  |  |  | 145064752 |
|  | *Shares* | *Shares* |  |  |
|  **Preferred Stocks — 3.7%** |  |  |  |  |
|  **Banks<sup>(a)(f)</sup> — 2.3%** |  |  |  |  |
|  Citigroup, Inc., Series K |  | 488320 |  | 12222650 |
|  Wells Fargo & Co., Series Q |  | 550500 |  | 12667005 |
|  |  |  |  | 24889655 |

---

108 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Capital Markets<sup>(a)(f)</sup> — 0.9%** |  |  |
|  Goldman Sachs Group, Inc., Series J, 5.50% | 162450 | $4004393 |
|  State Street Corp., Series D | &nbsp;&nbsp;&nbsp;&nbsp;220495 | 5313929 |
|  |  | 9318322 |
| **Interactive Media & Services — 0.5%** |  |  |
|  ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,403,593)<sup>(c)(n)</sup> | 31062 | 5119232 |
|  |  | 39327209 |
|  **Total Preferred Securities — 17.6%<br>(Cost: $194,804,298)** |  | 184391961 |
|  | *Par*<br> *(000)* |  |
|  **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
|  **Mortgage-Backed Securities — 6.2%** |  |  |
|  Uniform Mortgage-Backed Securities, 3.50%, 02/25/49<sup>(o)</sup> | 71000 | 64489493 |
|  **Total U.S. Government Sponsored Agency Securities — 6.2%<br>(Cost: $65,968,984)** | **Total U.S. Government Sponsored Agency Securities — 6.2%<br>(Cost: $65,968,984)** | 64489493 |
|  | *Shares* |  |
|  **Warrants** |  |  |
|  **Consumer Discretionary — 0.0%** |  |  |
|  Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)<sup>(l)</sup> | 535 |  |
|  **Total Warrants — 0.0%<br>(Cost: $—)** |  |  |
|  **Total Long-Term Investments — 158.6%<br>(Cost: $1,796,991,414)** | **Total Long-Term Investments — 158.6%<br>(Cost: $1,796,991,414)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659029159 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 0.8%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 4.03%<sup>(p)(q)</sup> | 8145069 | 8145069 |
|  **Total Short-Term Securities — 0.8%<br>(Cost: $8,145,069)** | **Total Short-Term Securities — 0.8%<br>(Cost: $8,145,069)** | 8145069 |
|  **Options Purchased — 0.0%<br>(Cost: $341,461)** | **Options Purchased — 0.0%<br>(Cost: $341,461)** | 231146 |
|  **Total Investments Before Options Written — 159.4%<br>(Cost: $1,805,477,944)** | **Total Investments Before Options Written — 159.4%<br>(Cost: $1,805,477,944)** | 1667405374 |
|  **Options Written — (0.0)%<br>(Premiums Received: $(102203))** | **Options Written — (0.0)%<br>(Premiums Received: $(102203))** | (46721) |
|  **Total Investments, Net of Options Written — 159.4%<br>(Cost: $1,805,375,741)** | **Total Investments, Net of Options Written — 159.4%<br>(Cost: $1,805,375,741)** | 1667358653 |
|  **Liabilities in Excess of Other Assets — (59.4)%** | **Liabilities in Excess of Other Assets — (59.4)%** | (621472614) |
| **Net Assets — 100.0%** |  | $1045886039 |

---

<sup>(a)</sup> 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.

<sup>(b)</sup> 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.

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

<sup>(d)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

<sup>(e)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

<sup>(f)</sup> Perpetual security with no stated maturity date.

<sup>(g)</sup> 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.

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

<sup>(i)</sup> Convertible security.

<sup>(j)</sup> Zero-coupon bond.

<sup>(k)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(l)</sup> Non-income producing security.

<sup>(m)</sup> 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.

<sup>(n)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $5,119,232, representing 0.5% of its net assets as of period end, and an original cost of $3,403,593. 

<sup>(o)</sup> Represents or includes a TBA transaction.

<sup>(p)</sup> Affiliate of the Trust.

<sup>(q)</sup> 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 109

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br>|

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>12/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Value at<br>12/31/22* | *Shares<br>Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $22030719 | $– $| (13885650)<sup>(a)</sup> | $– $– $| 8145069 | 8145069 | $136615 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Reverse Repurchase Agreements** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | *Trade<br>Date* | *Maturity<br>Date* | *<br><sup>(a)</sup>* | *Face Value* | | *Face Value<br>Including<br>Accrued Interest* | *Type of Non-Cash Underlying<br>Collateral* | *Remaining <br>Contractual Maturity <br>of the Agreements<sup>(a)</sup>* |
|  Barclays Capital, Inc. | 4.60 %<sup>(b)</sup> | 08/30/22 | Open |  | $9987500 |  | $10102953 | Municipal Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 11/09/22 | Open |  | 314500 |  | 316308 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 11/09/22 | Open |  | 154500 |  | 155388 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 11/09/22 | Open |  | 2853750 |  | 2870156 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 11/09/22 | Open |  | 240833 |  | 242217 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/14/22 | Open |  | 2923794 |  | 2939024 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/14/22 | Open |  | 2818800 |  | 2833796 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/14/22 | Open |  | 3005025 |  | 3021012 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/14/22 | Open |  | 1976250 |  | 1986764 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/14/22 | Open |  | 2574687 |  | 2588385 | Corporate Bonds | Open/Demand |
|  Amherst Pierpont Securities LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 2318800 |  | 2330365 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | (3.00)<sup>(b)</sup> | 11/16/22 | Open |  | 55663 |  | 55454 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 4.37 <sup>(b)</sup> | 11/16/22 | Open |  | 3371737 |  | 3388048 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 8254400 |  | 8295672 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 668394 |  | 671736 | Corporate Bonds | Open/Demand |
|  Credit Suisse Securities (USA) LLC | (1.75)<sup>(b)</sup> | 11/16/22 | Open |  | 102150 |  | 101863 | Corporate Bonds | Open/Demand |
|  Credit Suisse Securities (USA) LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 2922500 |  | 2937112 | Corporate Bonds | Open/Demand |
|  Credit Suisse Securities (USA) LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 2331656 |  | 2343315 | Corporate Bonds | Open/Demand |
|  Credit Suisse Securities (USA) LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 292320 |  | 293782 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 4710244 |  | 4733795 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 6378237 |  | 6410129 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 5673281 |  | 5701648 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 2449469 |  | 2461716 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 2766750 |  | 2780584 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 5182187 |  | 5208098 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 16120620 |  | 16196705 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 4875000 |  | 4899375 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 3795431 |  | 3814408 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 2797375 |  | 2811362 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 5468162 |  | 5495503 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 3515000 |  | 3532575 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 2282500 |  | 2293912 | Capital Trusts | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 13671344 |  | 13739700 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 6062017 |  | 6092328 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.53 <sup>(b)</sup> | 11/16/22 | Open |  | 9664500 |  | 9713185 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.53 <sup>(b)</sup> | 11/16/22 | Open |  | 11075000 |  | 11130790 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.53 <sup>(b)</sup> | 11/16/22 | Open |  | 12330000 |  | 12392112 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.53 <sup>(b)</sup> | 11/16/22 | Open |  | 11415000 |  | 11472503 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.53 <sup>(b)</sup> | 11/16/22 | Open |  | 7005825 |  | 7041117 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 2290200 |  | 2301622 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 917089 |  | 921663 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 564988 |  | 567805 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 2843505 |  | 2857687 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 1033500 |  | 1038655 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 1619550 |  | 1627627 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 600310 |  | 603304 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 2406169 |  | 2418169 | Corporate Bonds | Open/Demand |

---

110 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br>|

---

**Reverse Repurchase Agreements (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | *Trade<br>Date* | *Maturity<br>Date* | *<br><sup>(a)</sup>* | *Face<br>Value* | *Face Value<br>Including<br>Accrued Interest* | *Type of Non-Cash Underlying<br>Collateral* | *Remaining <br>Contractual Maturity <br>of the Agreements<sup>(a)</sup>* |
|  TD Securities (USA) LLC | 4.49 %<sup>(b)</sup> | 11/16/22 | Open |  | $2870000 | $2884314 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 572910 | 575767 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 503944 | 506457 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 1129566 | 1135200 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 844825 | 849039 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 1899000 | 1908471 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 947155 | 951879 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 2926875 | 2941473 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 854400 | 858661 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 3243469 | 3259646 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 2619937 | 2633004 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 798639 | 802622 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 3437764 | 3454910 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 4643750 | 4666911 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 3606375 | 3624362 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 825413 | 829529 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 2347100 | 2358806 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 1248056 | 1254281 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 2931331 | 2945951 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 1453231 | 1460479 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 5781712 | 5810549 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 612950 | 616007 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 4713012 | 4736519 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 802890 | 806894 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 2697650 | 2711105 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 576600 | 579476 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/16/22 | Open |  | 4195250 | 4216174 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.50 <sup>(b)</sup> | 11/16/22 | Open |  | 9831862 | 9881022 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/18/22 | Open |  | 8295000 | 8335452 | Capital Trusts | Open/Demand |
|  Amherst Pierpont Securities LLC | 4.52 <sup>(b)</sup> | 11/21/22 | Open |  | 4143750 | 4162721 | Corporate Bonds | Open/Demand |
|  Barclays Capital, Inc. | 4.50 <sup>(b)</sup> | 11/22/22 | Open |  | 155250 | 155923 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.40 <sup>(b)</sup> | 11/29/22 | Open |  | 896580 | 899688 | Corporate Bonds | Open/Demand |
|  BofA Securities, Inc. | 4.50 <sup>(b)</sup> | 11/29/22 | Open |  | 6909375 | 6933942 | Corporate Bonds | Open/Demand |
|  Credit Suisse Securities (USA) LLC | 2.00 <sup>(b)</sup> | 11/29/22 | Open |  | 411618 | 412166 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 11/29/22 | Open |  | 1155810 | 1159899 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 11/29/22 | Open |  | 1267467 | 1271952 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 11/29/22 | Open |  | 967500 | 970923 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 11/29/22 | Open |  | 1742500 | 1748665 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 11/29/22 | Open |  | 1487500 | 1492762 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 11/29/22 | Open |  | 4437500 | 4453278 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 2387894 | 2396363 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 4364500 | 4379979 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 3012187 | 3022871 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 1099350 | 1103249 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 3893750 | 3907560 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 5096192 | 5114267 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 4315781 | 4331088 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 2909561 | 2919880 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 2057772 | 2065071 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 11/29/22 | Open |  | 5572500 | 5592264 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.32 <sup>(b)</sup> | 12/01/22 | Open |  | 2681875 | 2690412 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.15 <sup>(b)</sup> | 12/05/22 | Open |  | 341145 | 342044 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.45 <sup>(b)</sup> | 12/05/22 | Open |  | 5062500 | 5076942 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.45 <sup>(b)</sup> | 12/05/22 | Open |  | 708094 | 710114 | Corporate Bonds | Open/Demand |
|  BofA Securities, Inc. | 4.48 <sup>(b)</sup> | 12/06/22 | Open |  | 5752800 | 5768700 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/07/22 | Open |  | 766594 | 768718 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/07/22 | Open |  | 614650 | 616353 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/07/22 | Open |  | 892925 | 895399 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.35 <sup>(b)</sup> | 12/08/22 | Open |  | 349675 | 350535 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.45 <sup>(b)</sup> | 12/08/22 | Open |  | 337500 | 338352 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/08/22 | Open |  | 4021174 | 4031424 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/08/22 | Open |  | 5881564 | 5896557 | Corporate Bonds | Open/Demand |

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S C H E D U L E O F I N V E S T M E N T S 111

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br>|

---

**Reverse Repurchase Agreements (continued)** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | *Trade<br>Date* | *Maturity<br>Date* | *<br><sup>(a)</sup>* | *Face<br>Value* | *Face Value<br>Including<br>Accrued Interest* | *Type of Non-Cash Underlying<br>Collateral* | *Remaining <br>Contractual Maturity <br>of the Agreements<sup>(a)</sup>* |
|  BNP Paribas S.A. | 4.40 %<sup>(b)</sup> | 12/09/22 | Open |  | $3257906 | $3264965 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.45 <sup>(b)</sup> | 12/09/22 | Open |  | 1077125 | 1079489 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.39 <sup>(b)</sup> | 12/12/22 | Open |  | 150900 | 151210 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.45 <sup>(b)</sup> | 12/13/22 | Open |  | 3768750 | 3776193 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/13/22 | Open |  | 371010 | 371748 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/13/22 | Open |  | 725445 | 726889 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.42 <sup>(b)</sup> | 12/14/22 | Open |  | 1985644 | 1989319 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/14/22 | Open |  | 4750156 | 4759106 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/14/22 | Open |  | 3702937 | 3709914 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/14/22 | Open |  | 3886369 | 3893691 | Corporate Bonds | Open/Demand |
|  J.P. Morgan Securities LLC | 4.45 | 12/15/22 | 01/06/23 |  | 539963 | 541030 | Corporate Bonds | Up to 30 Days |
|  J.P. Morgan Securities LLC | 4.45 | 12/15/22 | 01/06/23 |  | 1260149 | 1262641 | Corporate Bonds | Up to 30 Days |
|  J.P. Morgan Securities LLC | 4.50 | 12/15/22 | 01/06/23 |  | 2886694 | 2892467 | Capital Trusts | Up to 30 Days |
|  J.P. Morgan Securities LLC | (1.50) | 12/15/22 | 01/11/23 |  | 2193750 | 2193075 | Capital Trusts | Up to 30 Days |
|  BofA Securities, Inc. | 1.50 | 12/15/22 | 02/03/23 |  | 420885 | 421166 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 3.50 | 12/15/22 | 02/03/23 |  | 181688 | 181970 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.25 | 12/15/22 | 02/03/23 |  | 776793 | 778260 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.25 | 12/15/22 | 02/03/23 |  | 956937 | 958745 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.35 | 12/15/22 | 02/03/23 |  | 391073 | 391829 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.35 | 12/15/22 | 02/03/23 |  | 104370 | 104572 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1379550 | 1382248 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 455000 | 455890 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 4777892 | 4787236 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 493500 | 494465 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1068750 | 1070840 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1598302 | 1601428 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1055625 | 1057689 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1060490 | 1062564 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 960000 | 961877 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 974580 | 976486 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 252525 | 253019 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1728074 | 1731453 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 193890 | 194269 | Capital Trusts | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 287000 | 287561 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1714299 | 1717651 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 551241 | 552319 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 756250 | 757729 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 497813 | 498786 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 542000 | 543060 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 457753 | 458648 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 408000 | 408798 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 188625 | 188994 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 727020 | 728442 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1015301 | 1017287 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 579150 | 580283 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 590000 | 591154 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1111860 | 1114034 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 1089375 | 1091505 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 454188 | 455076 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 168700 | 169030 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 279654 | 280201 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 145000 | 145284 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 683750 | 685087 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.40 | 12/15/22 | 02/03/23 |  | 632385 | 633622 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 670000 | 671325 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 505195 | 506194 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 5193750 | 5204022 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 502005 | 502998 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 1083322 | 1085465 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 1243620 | 1246080 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 465248 | 466168 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 105315 | 105523 | Corporate Bonds | 31 - 90 Days |

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112 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br>|

---

**Reverse Repurchase Agreements (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | *Trade<br>Date* | *Maturity<br>Date* | *<br><sup>(a)</sup>* | *Face<br>Value* | *Face Value<br>Including<br>Accrued Interest* | *Type of Non-Cash Underlying<br>Collateral* | *Remaining <br>Contractual Maturity <br>of the Agreements<sup>(a)</sup>* |
|  BofA Securities, Inc. | 4.45% | 12/15/22 | 02/03/23 |  | $291540 | $292117 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 767981 | 769500 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 668160 | 669481 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 214944 | 215369 | Corporate Bonds | 31 -90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 410288 | 411099 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 439406 | 440275 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 344615 | 345297 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.45 | 12/15/22 | 02/03/23 |  | 846588 | 848262 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.46 | 12/15/22 | 02/03/23 |  | 7651162 | 7666329 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.48 | 12/15/22 | 02/03/23 |  | 8625600 | 8642775 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.48 | 12/15/22 | 02/03/23 |  | 339163 | 339838 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 269310 | 269849 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 1104056 | 1106264 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 407550 | 408365 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 221705 | 222148 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 2320000 | 2324640 | Foreign Agency Obligations | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 500500 | 501501 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 884925 | 886695 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 1930552 | 1934413 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 274881 | 275431 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 743146 | 744633 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 928688 | 930545 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 361250 | 361972 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 366756 | 367490 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 533258 | 534324 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 467543 | 468478 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 283961 | 284529 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 2436611 | 2441484 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 217440 | 217875 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 1179167 | 1181526 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 959059 | 960977 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 704131 | 705539 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 276194 | 276746 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 455700 | 456611 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 826210 | 827862 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 530145 | 531205 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 220410 | 220851 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 93999 | 94187 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 122794 | 123039 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 542225 | 543309 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 245659 | 246150 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.50 | 12/15/22 | 02/03/23 |  | 265090 | 265620 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.52 | 12/15/22 | 02/03/23 |  | 1729612 | 1733087 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.52 | 12/15/22 | 02/03/23 |  | 2065487 | 2069637 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.52 | 12/15/22 | 02/03/23 |  | 1370600 | 1373353 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.52 | 12/15/22 | 02/03/23 |  | 3080000 | 3086187 | Corporate Bonds | 31 - 90 Days |
|  BofA Securities, Inc. | 4.53 | 12/15/22 | 02/03/23 |  | 5558437 | 5569628 | Corporate Bonds | 31 - 90 Days |
|  BNP Paribas S.A. | 4.50 <sup>(b)</sup> | 12/21/22 | Open |  | 5200312 | 5206813 | Capital Trusts | Open/Demand |
|  BNP Paribas S.A. | 4.50 <sup>(b)</sup> | 12/22/22 | Open |  | 4506250 | 4511883 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 3.75 <sup>(b)</sup> | 12/23/22 | Open |  | 173430 | 173520 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.40 <sup>(b)</sup> | 12/23/22 | Open |  | 436549 | 436816 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.50 <sup>(b)</sup> | 12/23/22 | Open |  | 2957400 | 2959248 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.50 <sup>(b)</sup> | 12/23/22 | Open |  | 3893750 | 3896184 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A. | 4.44 <sup>(b)</sup> | 12/27/22 | Open |  | 1800000 | 1800888 | Capital Trusts | Open/Demand |
|  Amherst Pierpont Securities LLC | 4.52 <sup>(b)</sup> | 12/28/22 | Open |  | 9298469 | 9301971 | Capital Trusts | Open/Demand |
|  Barclays Capital, Inc. | 4.50 <sup>(b)</sup> | 12/28/22 | Open |  | 3112480 | 3113647 | Corporate Bonds | Open/Demand |
|  BNP Paribas S.A | 4.52 <sup>(b)</sup> | 12/28/22 | Open |  | 5100502 | 5102424 | Capital Trusts | Open/Demand |
|  Credit Suisse Securities (USA) LLC | (0.75)<sup>(b)</sup> | 12/28/22 | Open |  | 858603 | 858549 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.35 <sup>(b)</sup> | 12/28/22 | Open |  | 399938 | 400082 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.35 <sup>(b)</sup> | 12/28/22 | Open |  | 5310000 | 5311925 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.35 <sup>(b)</sup> | 12/28/22 | Open |  | 1260000 | 1260457 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 356970 | 357103 | Corporate Bonds | Open/Demand |

---

S C H E D U L E O F I N V E S T M E N T S 113

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br>|

---

**Reverse Repurchase Agreements (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Interest<br>Rate* | *Trade<br>Date* | *Maturity<br>Date* | *<br><sup>(a)</sup>* | *Face Value* | | *Face Value<br>Including<br>Accrued Interest* | *Type of Non-Cash Underlying<br>Collateral* | *Remaining <br>Contractual Maturity <br>of the Agreements<sup>(a)</sup>* |
|  Nomura Securities International, Inc. | 4.48 %<sup>(b)</sup> | 12/28/22 | Open |  | $545570 |  | $545774 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 2431564 |  | 2432472 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 755160 |  | 755442 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 467708 |  | 467882 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 653906 |  | 654150 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 592279 |  | 592500 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 1017307 |  | 1017687 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 211750 |  | 211829 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 826605 |  | 826914 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 412290 |  | 412444 | Corporate Bonds | Open/Demand |
|  Nomura Securities International, Inc. | 4.48 <sup>(b)</sup> | 12/28/22 | Open |  | 206150 |  | 206227 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.45 <sup>(b)</sup> | 12/28/22 | Open |  | 6326156 |  | 6328502 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 12/28/22 | Open |  | 10562500 |  | 10566461 | Corporate Bonds | Open/Demand |
|  RBC Capital Markets LLC | 4.50 <sup>(b)</sup> | 12/28/22 | Open |  | 4511025 |  | 4512717 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/28/22 | Open |  | 5039335 |  | 5041221 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/28/22 | Open |  | 2071844 |  | 2072619 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/28/22 | Open |  | 810469 |  | 810772 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/28/22 | Open |  | 435319 |  | 435482 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/28/22 | Open |  | 2899406 |  | 2900491 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/28/22 | Open |  | 4614225 |  | 4615951 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/28/22 | Open |  | 4084300 |  | 4085828 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/28/22 | Open |  | 3840000 |  | 3841437 | Corporate Bonds | Open/Demand |
|  TD Securities (USA) LLC | 4.49 <sup>(b)</sup> | 12/28/22 | Open |  | 2633750 |  | 2634735 | Corporate Bonds | Open/Demand |
|  |  |  |  |  | $587310321 |  | $589324056 |  |  |

---

<sup>(a)</sup> Certain agreements have no stated maturity and can be terminated by either party at any time.

<sup>(b)</sup> 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<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 1101 | 03/31/23 | $225705 | $42242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | 1399 | 03/31/23 | 150852 | (391296) |
|  |  |  |  | (349054) |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | 107 | 03/22/23 | 11999 | 64559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Ultra Long Treasury Note | 202 | 03/22/23 | 23814 | 152714 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Long Bond | 1088 | 03/22/23 | 135660 | 665873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra U.S. Treasury Bond | 54 | 03/22/23 | 7211 | 606244 |
|  |  |  |  | 1489390 |
|  |  |  |  | $1140336 |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Exercise Price* | *Notional<br>Amount (000)* | *Notional<br>Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 4918 | 02/17/23 | USD | 32.00 | USD | 13918 | $&nbsp;&nbsp;&nbsp;&nbsp;231146 |

---

114 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br>|

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Exercise Price* | *Exercise Price* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* |
|  Call |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares China Large-Cap ETF | 4918 | 02/17/23 | USD | 36.00 | USD | 13918 | $(46721) |

---

**Centrally Cleared Credit Default Swaps — Buy Protection** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing*<br> *Rate Paid*<br> *by the Trust* | *Payment*<br> *Frequency* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  CDX.NA.HY.39.V1 | 5.00% | Quarterly | 12/20/27 | USD | 108600 | $(843650) | $(260777) | $(582873) |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received by the Trust  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received by the Trust  | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  1-Day SOFR, 4.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | 3.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual | N/A | 01/04/25 | USD | 410000 | $(5072344) | $1804 | $(5074148) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums*<br> *Paid* | *Swap*<br> *Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* | *Value* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $1804 | $(260777) | $— | $(5657021) | $— |
|  Options Written | N/A | N/A | 55482 |  | (46721) |

---

<sup>(a)</sup> 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*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $1531632 | $— | $1531632 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup> |  |  | 231146 |  |  |  | 231146 |
|  | $— | $— | $231146 | $— | $1531632 | $— | $1762778 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $391296 | $— | $391296 |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value |  |  | 46721 |  |  |  | 46721 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> |  | 582873 |  |  | 5074148 |  | 5657021 |
|  | $— | $582873 | $46721 | $— | $5465444 | $— | $6095038 |

---

<sup>(a)</sup> 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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

S C H E D U L E O F I N V E S T M E N T S 115

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br>|

---

For the period ended December 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(984398) | $— | $304022 | $— | $(680376) |
|  Options purchased<sup>(a)</sup> |  |  | (2001769) | (458223) | (233652) |  | (2693644) |
|  Options written |  |  | 1036270 | 108786 | 1363250 |  | 2508306 |
|  Swaps |  | (1273250) |  |  | 1230000 |  | (43250) |
|  | $— | $(1273250) | $(1949897) | $(349437) | $2663620 | $— | $(908964) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $1945084 | $— | $1945084 |
|  Options purchased<sup>(b)</sup> |  |  | 520506 |  |  |  | 520506 |
|  Options written |  |  | 55482 |  |  |  | 55482 |
|  Swaps |  | (582873) |  |  | (5074148) |  | (5657021) |
|  | $— | $(582873) | $575988 | $— | $(3129064) | $— | $(3135949) |

---

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $609227410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $230642648 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $662195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $98090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of swaption contracts written | $410000000 |
|  Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — buy protection | $27150000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $36588000 |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | $102500000 |

---

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

**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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $147792255 | $787722 | $148579977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 1158091176 | 826467 | 1158917643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 66994685 | 908225 | 67902910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Agency Obligations |  | 24462445 |  | 24462445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 10284730 |  | 10284730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Trusts |  | 145064752 |  | 145064752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 34207977 |  | 5119232 | 39327209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Sponsored Agency Securities |  | 64489493 |  | 64489493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 8145069 |  |  | 8145069 |

---

116 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Credit Allocation Income Trust (BTZ)**<br>|

---

**Fair Value Hierarchy as of Period End (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $231146 | $— | $— | $231146 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> |  | (8026) |  | (8026) |
|  | $42584192 | $1617171510 | $7641646 | $1667397348 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | $1531632 | $— | $— | $1531632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts |  | (582873) |  | (582873) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | (46721) |  |  | (46721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Contracts | (391296) | (5074148) |  | (5465444) |
|  | $1093615 | $(5657021) | $— | $(4563406) |

---

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

<sup>(b)</sup> 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 $589,324,056 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 117

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| | |
|:---|:---|
| Schedule of Investments <br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | <br> *Shares* | *Value* |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Auto Components — 0.0%** | **Auto Components — 0.0%** | **Auto Components — 0.0%** | **Auto Components — 0.0%** |
|  Lear Corp. |  | 178 | $22076 |
|  **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
|  McDermott International Ltd.<sup>(a)</sup> |  | 76644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24526 |
|  **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
|  Berkline Benchcraft Equity LLC<sup>(b)</sup> |  | 6155 |  |
|  **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
|  Ameriforge Group, Inc. |  | 832 | 416 |
|  Project Investor Holdings LLC, (Acquired 02/12/19, Cost: $131,156)<sup>(b)(c)</sup> |  | 7476 | 822 |
|  |  |  | 1238 |
|  **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
|  Avaya Holdings Corp.<sup>(a)</sup> |  | 40 | 8 |
|  **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
|  NMG Parent LLC |  | 2218 | 335472 |
|  **Total Common Stocks — 0.2%<br>(Cost: $1,378,110)** | **Total Common Stocks — 0.2%<br>(Cost: $1,378,110)** | **Total Common Stocks — 0.2%<br>(Cost: $1,378,110)** | 383320 |
|  |  | *Par<br>(000)* |  |
|  **Corporate Bonds** |  |  |  |
|  **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
|  Allegiant Travel Co., 8.50%, 02/05/24<sup>(a)(d)</sup> | USD | 740 | 738150 |
|  **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
|  Clarios Global LP, 6.75%, 05/15/25<sup>(a)(d)</sup> |  | 275 | 275636 |
|  **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** | **Building Materials — 0.0%** |
|  Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29<sup>(a)(d)</sup> |  | 73 | 67965 |
|  **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
|  White Cap Buyer LLC, 6.88%, 10/15/28<sup>(d)</sup> |  | 155 | 134076 |
|  **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27<sup>(a)(d)</sup> |  | 74 | 74370 |
|  **Chemicals<sup>(d)</sup> — 0.1%** | **Chemicals<sup>(d)</sup> — 0.1%** | **Chemicals<sup>(d)</sup> — 0.1%** | **Chemicals<sup>(d)</sup> — 0.1%** |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28<sup>(a)</sup> |  | 32 | 26791 |
|  WR Grace Holdings LLC, 5.63%, 08/15/29 |  | 239 | 192938 |
|  |  |  | 219729 |
|  **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
|  Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26<sup>(d)</sup> |  | 940 | 629800 |
|  **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** | **Diversified Telecommunication Services — 0.0%** |
|  Zayo Group Holdings, Inc., 6.13%, 03/01/28<sup>(d)</sup> |  | 155 | 87897 |
|  **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
|  Pike Corp., 5.50%, 09/01/28<sup>(a)(d)</sup> |  | 89 | 77808 |
|  Texas Competitive Electric Holdings, 1.00%, 11/10/21<sup>(b)(e)</sup>  | Texas Competitive Electric Holdings, 1.00%, 11/10/21<sup>(b)(e)</sup>  | 1050 |  |
|  |  |  | 77808 |
|  **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
|  Vertiv Group Corp., 4.13%, 11/15/28<sup>(a)(d)</sup> |  | 556 | 472600 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
|  Medline Borrower LP, 5.25%, 10/01/29<sup>(a)(d)</sup> | USD | 237 | $188242 |
|  **Hotels, Restaurants & Leisure<sup>(a)(d)</sup> — 0.2%** | **Hotels, Restaurants & Leisure<sup>(a)(d)</sup> — 0.2%** | **Hotels, Restaurants & Leisure<sup>(a)(d)</sup> — 0.2%** | **Hotels, Restaurants & Leisure<sup>(a)(d)</sup> — 0.2%** |
|  Caesars Entertainment, Inc., 4.63%, 10/15/29 |  | 240 | 195314 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30 |  | 395 | 318607 |
|  |  |  | 513921 |
|  **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
|  Berkline Benchcraft LLC,<br>4.50%, 06/01/22<sup>(b)(e)(f)</sup> |  | 400 |  |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27<sup>(a)(d)</sup> |  | 220 | 197749 |
|  **Internet Software & Services<sup>(a)(d)</sup> — 0.1%** | **Internet Software & Services<sup>(a)(d)</sup> — 0.1%** | **Internet Software & Services<sup>(a)(d)</sup> — 0.1%** | **Internet Software & Services<sup>(a)(d)</sup> — 0.1%** |
|  Uber Technologies, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 |  | 137 | 131520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/29 |  | 235 | 204745 |
|  |  |  | 336265 |
|  **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
|  Madison IAQ LLC, 5.88%, 06/30/29<sup>(a)(d)</sup> |  | 742 | 508566 |
|  **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
|  Liberty Broadband Corp., 2.75%, 09/30/50<sup>(a)(d)</sup> |  | 315 | 306795 |
|  Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23<sup>(a)(d)(g)</sup> |  | 151 | 44502 |
|  Odeon Finco PLC, 12.75%, 11/01/27 |  | 374 | 325380 |
|  Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26<sup>(a)(d)</sup> |  | 353 | 259349 |
|  |  |  | 936026 |
|  **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
|  Occidental Petroleum Corp., 6.63%, 09/01/30<sup>(a)</sup> |  | 382 | 394751 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  Realogy Group LLC/Realogy Co.-Issuer Corp., 5.75%, 01/15/29<sup>(a)(d)</sup> |  | 315 | 238263 |
|  **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
|  VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25<sup>(d)</sup>  |  | 85 | 81494 |
|  **Total Corporate Bonds — 2.2%<br>(Cost: $7,167,731)** | **Total Corporate Bonds — 2.2%<br>(Cost: $7,167,731)** | **Total Corporate Bonds — 2.2%<br>(Cost: $7,167,731)** | 6173308 |
|  **Floating Rate Loan Interests<sup>(f)</sup>** | **Floating Rate Loan Interests<sup>(f)</sup>** | **Floating Rate Loan Interests<sup>(f)</sup>** | **Floating Rate Loan Interests<sup>(f)</sup>** |
|  **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** |
|  Atlas CC Acquisition Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.98%, 05/25/28 |  | 1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan C, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.98%, 05/25/28 |  | 357 | 299392 |
|  Bleriot U.S. Bidco, Inc., 2021 Term Loan B,<br>(3 mo. LIBOR + 4.00%), 8.73%, 10/31/26 |  | 439 | 433593 |
|  Cobham Ultra U.S. Co-Borrower LLC, USD Term Loan B, (6 mo. LIBOR + 3.75%, 0.50% Floor), 7.06%, 08/03/29 |  | 229 | 222542 |
|  Dynasty Acquisition Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 CAD Term Loan B2, (1 mo. LIBOR + 3.50%), 7.92%, 04/06/26 |  | 842 | 800723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 7.92%, 04/06/26 |  | 1566 | 1489521 |

---

118 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
|  Nordam Group, Inc., Term Loan B, (1 mo. LIBOR + 5.50%), 9.94%, 04/09/26 | USD | 454 | $| 352083 |
|  Peraton Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan B1, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.09%, 02/01/29 |  | 1048 |  | 994540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/01/28 |  | 3510 |  | 3421890 |
|  TransDigm, Inc., 2020 Term Loan F, (3 mo. LIBOR + 2.25%), 6.98%, 12/09/25 |  | 1549 |  | 1527815 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11014108 |
|  **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
|  AIT Worldwide Logistics Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.49%, 04/06/28 |  | 357 |  | 326186 |
|  Kestrel Bidco, Inc., Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 7.35%, 12/11/26 |  | 255 |  | 231226 |
|  PECF USS Intermediate Holding III Corp., Term Loan B, (1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 12/15/28 |  | 497 |  | 413062 |
|  |  |  |  | 970474 |
|  **Airlines — 2.6%** | **Airlines — 2.6%** | **Airlines — 2.6%** | **Airlines — 2.6%** | **Airlines — 2.6%** |
|  AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 8.99%, 04/20/28 |  | 1009 |  | 1003678 |
|  Air Canada, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.75% Floor), 8.13%, 08/11/28 |  | 1255 |  | 1237541 |
|  American Airlines, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017 1st Lien Term Loan, (1 mo. LIBOR + 1.75%), 6.14%, 01/29/27 |  | 169 |  | 159955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 06/27/25 |  | 773 |  | 741773 |
|  Mileage Plus Holdings LLC, 2020 Term Loan B, (3 mo. LIBOR + 5.25%, 1.00% Floor), 10.00%, 06/21/27 |  | 1919 |  | 1971121 |
|  United Airlines, Inc., 2021 Term Loan B,<br>(3 mo. LIBOR + 3.75%, 0.75% Floor), 8.11%, 04/21/28 |  | 2272 |  | 2238739 |
|  |  |  |  | 7352807 |
|  **Auto Components — 2.4%** | **Auto Components — 2.4%** | **Auto Components — 2.4%** | **Auto Components — 2.4%** | **Auto Components — 2.4%** |
|  Adient U.S. LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/10/28 |  | 500 |  | 494280 |
|  Clarios Global LP, 2021 USD Term Loan B,<br>(1 mo. LIBOR + 3.25%), 7.63%, 04/30/26 |  | 2248 |  | 2198420 |
|  USI, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Incremental Term Loan B, (3 mo. LIBOR + 3.25%), 7.98%, 12/02/26 |  | 132 |  | 130770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.75%, 0.50% Floor), 8.33%, 11/22/29 |  | 2313 |  | 2287739 |
|  Wand NewCo 3, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 02/05/26 |  | 1580 |  | 1495080 |
|  |  |  |  | 6606289 |
|  **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |
|  DirecTV Financing LLC, Term Loan, (1 mo. LIBOR + 5.00%, 0.75% Floor), 9.38%, 08/02/27 |  | 1464 |  | 1422135 |
|  LABL, Inc., 2021 USD 1st Lien Term Loan,<br>(1 mo. LIBOR + 5.00%, 0.50% Floor), 9.38%, 10/29/28 |  | 990 |  | 937065 |
|  |  |  |  | 2359200 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
|  Naked Juice LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (3 mo. SOFRTE + 6.00%, 0.50% Floor), 10.68%, 01/24/30 | USD | 1111 | $874085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3 mo. SOFRTE + 3.25%, 0.50% Floor), 7.93%, 01/24/29 |  | 1855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654070 |
|  |  |  | 2528155 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Cornerstone Building Brands, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.57%, 04/12/28 |  | 158 | 141133 |
|  **Building Products — 1.8%** | **Building Products — 1.8%** | **Building Products — 1.8%** | **Building Products — 1.8%** |
|  CP Atlas Buyer, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 11/23/27 |  | 905 | 789986 |
|  CPG International LLC, 2022 Term Loan B,<br>(1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.92%, 04/28/29 |  | 482 | 467339 |
|  Jeld-Wen, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 07/28/28 |  | 505 | 470032 |
|  New AMI I LLC, 2022 Term Loan B, (1 mo. SOFRTE + 6.00%, 0.50% Floor), 10.32%, 03/08/29 |  | 522 | 445526 |
|  Standard Industries, Inc., 2021 Term Loan B,<br>(3 mo. LIBOR + 2.25%, 0.50% Floor), 6.43%, 09/22/28 |  | 994 | 980775 |
|  Wilsonart LLC, 2021 Term Loan E, (3 mo. LIBOR + 3.25%, 1.00% Floor), 7.98%, 12/31/26 |  | 1956 | 1857284 |
|  |  |  | 5010942 |
|  **Capital Markets — 3.9%** | **Capital Markets — 3.9%** | **Capital Markets — 3.9%** | **Capital Markets — 3.9%** |
|  Ascensus Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.50%, 0.50% Floor), 10.25%, 08/02/29 |  | 1663 | 1443805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.25%, 08/02/28 |  | 2186 | 2083198 |
|  Deerfield Dakota Holding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 USD Term Loan B, (1 mo. SOFR CME + 3.75%, 1.00% Floor), 8.07%, 04/09/27 |  | 3792 | 3534658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 0.75% Floor), 11.13%, 04/07/28 |  | 1114 | 1055515 |
|  Eagle Broadband Investments LLC, Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 7.75%, 11/12/27 |  | 933 | 891900 |
|  FinCo I LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.50%), 6.88%, 06/27/25 |  | 381 | 379552 |
|  Focus Financial Partners LLC, 2021 Term Loan B4, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 06/30/28 |  | 906 | 887105 |
|  Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 04/12/24 |  | 721 | 700622 |
|  |  |  | 10976355 |
|  **Chemicals — 4.6%** | **Chemicals — 4.6%** | **Chemicals — 4.6%** | **Chemicals — 4.6%** |
|  Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6 mo. SOFR CME + 4.75%, 0.75% Floor), 8.83%, 08/27/26 |  | 1558 | 1460133 |
|  Axalta Coating Systems U.S. Holdings, Inc., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.00%, 0.50% Floor), 7.51%, 12/20/29 |  | 773 | 773000 |
|  CPC Acquisition Corp., Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.48%, 12/29/27 |  | 449 | 322832 |
|  Discovery Purchaser Corp., Term Loan, (3 mo. SOFR CME + 4.375%, 0.50% Floor), 7.97%, 10/04/29 |  | 820 | 745585 |
|  Element Solutions, Inc., 2019 Term Loan B1, (1 mo. LIBOR + 2.00%), 6.32%, 01/31/26 |  | 1224 | 1218728 |
|  Illuminate Buyer LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 06/30/27 |  | 858 | 819786 |

---

S C H E D U L E O F I N V E S T M E N T S 119

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Chemicals (continued)** |  |  |  |  |
|  Lonza Group AG, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 07/03/28 | USD | 662 | $| 605014 |
|  Messer Industries GmbH, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 7.23%, 03/02/26 |  | 1335 |  | 1321830 |
|  Momentive Performance Materials, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 7.64%, 05/15/24 |  | 924 |  | 919587 |
|  OQ Chemicals Corp., 2017 USD Term Loan B2, (3 mo. LIBOR + 3.25%), 7.00%, 10/14/24 |  | 1060 |  | 998105 |
|  PQ Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 6.91%, 06/09/28 |  | 1067 |  | 1048535 |
|  Pregis TopCo Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 07/31/26 |  | 432 |  | 418172 |
|  SCIH Salt Holdings, Inc., 2021 Incremental Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.41%, 03/16/27 |  | 649 |  | 629436 |
|  Sparta U.S. HoldCo LLC, 2021 Term Loan,<br>(1 mo. LIBOR + 3.25%, 0.75% Floor), 7.39%, 08/02/28 |  | 1014 |  | 984575 |
|  Starfruit Finco BV, 2018 USD Term Loan B,<br>(3 mo. LIBOR + 2.75%), 7.16%, 10/01/25 |  | 98 |  | 96311 |
|  W.R. Grace Holdings LLC, 2021 Term Loan B, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.50%, 09/22/28 |  | 331 |  | 323842 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12685471 |
|  **Commercial Services & Supplies — 4.1%** | **Commercial Services & Supplies — 4.1%** | **Commercial Services & Supplies — 4.1%** | **Commercial Services & Supplies — 4.1%** | **Commercial Services & Supplies — 4.1%** |
|  Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.17%, 05/12/28 |  | 1613 |  | 1529352 |
|  Amentum Government Services Holdings LLC, 2022 Term Loan, (1 mo. SOFR CME + 4.00%), 8.64%, 02/15/29 |  | 486 |  | 472056 |
|  Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 6.13%, 03/11/25 |  | 95 |  | 94474 |
|  Asurion LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 7.38%, 11/03/24 |  | 690 |  | 669136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B8, (1 mo. LIBOR + 3.25%), 7.63%, 12/23/26 |  | 479 |  | 425816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan B3, (1 mo. LIBOR + 5.25%), 9.63%, 01/31/28 |  | 689 |  | 534316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan B4, (1 mo. LIBOR + 5.25%), 9.63%, 01/20/29 |  | 984 |  | 760494 |
|  Clean Harbors, Inc., 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 10/08/28 |  | 430 |  | 427035 |
|  Covanta Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 |  | 700 |  | 693702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan C, (1 mo. SOFR CME + 2.50%, 0.50% Floor), 6.82%, 11/30/28 |  | 53 |  | 52355 |
|  Creative Artists Agency LLC, 2020 Incremental Term Loan B1, (1 mo. LIBOR + 4.25%, 1.00% Floor), 8.63%, 11/27/26 |  | 1194 |  | 1183720 |
|  EnergySolutions LLC, 2018 Term Loan B,<br>(3 mo. LIBOR + 3.75%, 1.00% Floor), 8.48%, 05/09/25 |  | 317 |  | 293515 |
|  Packers Holdings LLC, 2021 Term Loan,<br>(3 mo. LIBOR + 3.25%, 0.75% Floor), 7.54%, 03/09/28 |  | 812 |  | 706898 |
|  Prime Security Services Borrower LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.75% Floor), 6.50%, 09/23/26 |  | 1211 |  | 1199290 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
|  Verscend Holding Corp., 2021 Term Loan B,<br>(1 mo. LIBOR + 4.00%), 8.38%, 08/27/25 | USD | 1918 | $| 1902360 |
|  Viad Corp., Initial Term Loan, (1 mo. LIBOR + 5.00%, 0.50% Floor), 9.38%, 07/30/28 |  | 483 |  | 453914 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;11398433 |
|  **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
|  ViaSat, Inc., Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.94%, 03/02/29 |  | 1253 |  | 1216570 |
|  **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
|  Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 09/30/29<sup>(b)</sup> |  | 572 |  | 493350 |
|  Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 8.49%, 06/21/24 |  | 1560 |  | 1391751 |
|  Pike Corp., 2021 Incremental Term Loan B, (1 mo. LIBOR + 3.00%), 7.39%, 01/21/28 |  | 644 |  | 634419 |
|  SRS Distribution, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 06/02/28 |  | 1711 |  | 1632468 |
|  USIC Holdings, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.88%, 05/12/28 |  | 1080 |  | 1028840 |
|  |  |  |  | 5180828 |
|  **Construction Materials — 1.8%** | **Construction Materials — 1.8%** | **Construction Materials — 1.8%** | **Construction Materials — 1.8%** | **Construction Materials — 1.8%** |
|  Core & Main LP, 2021 Term Loan B, (3 mo. LIBOR + 2.50%), 6.88%, 07/27/28 |  | 2527 |  | 2490378 |
|  Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 03/29/25 |  | 1463 |  | 1445026 |
|  Oscar AcquisitionCo. LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 04/29/29 |  | 681 |  | 643399 |
|  Tamko Building Products LLC, Term Loan B,<br>(3 mo. LIBOR + 3.00%), 7.57%, 06/01/26 |  | 533 |  | 513633 |
|  |  |  |  | 5092436 |
|  **Containers & Packaging — 1.9%** | **Containers & Packaging — 1.9%** | **Containers & Packaging — 1.9%** | **Containers & Packaging — 1.9%** | **Containers & Packaging — 1.9%** |
|  Charter Next Generation, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 12/01/27 |  | 2156 |  | 2090999 |
|  Mauser Packaging Solutions Holding Co., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.37%, 04/03/24 |  | 1470 |  | 1433311 |
|  Pregis TopCo Corp., 1st Lien Term Loan, (1 mo. SOFR CME + 3.75%), 8.19%, 07/31/26 |  | 379 |  | 367685 |
|  Tosca Services LLC, 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.94%, 08/18/27 |  | 726 |  | 580738 |
|  Trident TPI Holdings, Inc., 2021 Incremental Term Loan, (3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 09/15/28 |  | 707 |  | 677622 |
|  |  |  |  | 5150355 |
|  **Distributors — 1.4%** | **Distributors — 1.4%** | **Distributors — 1.4%** | **Distributors — 1.4%** | **Distributors — 1.4%** |
|  American Builders & Contractors Supply Co., Inc., 2019 Term Loan, (1 mo. LIBOR + 2.00%), 6.38%, 01/15/27 |  | 733 |  | 725661 |
|  Dealer Tire Financial LLC, Term Loan B2,<br>(1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.82%, 12/14/27 |  | 1568 |  | 1545423 |
|  TMK Hawk Parent Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Super Priority First Out Term Loan A,<br>(3 mo. LIBOR + 9.50%, 1.00% Floor), 14.26%, 05/30/24<sup>(b)</sup> |  | 594 |  | 543058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Super Priority Second Out Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 8.26%, 08/28/24 |  | 1890 |  | 964200 |
|  |  |  |  | 3778342 |

---

120 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Diversified Consumer Services — 2.3%** | **Diversified Consumer Services — 2.3%** | **Diversified Consumer Services — 2.3%** | **Diversified Consumer Services — 2.3%** |
|  2U, Inc., Term Loan, (3 mo. LIBOR + 5.75%, 0.75% Floor), 10.16%, 12/30/24 | USD | 880 | $839477 |
|  Ascend Learning LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 12/10/29 |  | 482 | 411507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 12/11/28 |  | 1185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118372 |
|  Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.69%, 11/24/28 |  | 572 | 560776 |
|  Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.33%, 07/11/25 |  | 750 | 720177 |
|  OLA Netherlands BV, Term Loan, (1 mo. SOFR CME + 6.25%, 0.75% Floor), 10.67%, 12/15/26 |  | 530 | 498341 |
|  PAI Holdco, Inc., 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.16%, 10/28/27 |  | 630 | 552352 |
|  Serta Simmons Bedding LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Super Priority First Out Term Loan,<br>(3 mo. LIBOR + 7.50%), 12.27%, 08/10/23 |  | 286 | 281028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Super Priority Second Out Term Loan, (3 mo. LIBOR + 7.50%, 1.00% Floor), 12.27%, 08/10/23 |  | 450 | 204606 |
|  Sotheby's, 2021 Term Loan B, (3 mo. LIBOR + 4.50%, 0.50% Floor), 8.58%, 01/15/27 |  | 1095 | 1065300 |
|  Voyage Australia Pty. Ltd., USD Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 07/20/28<sup>(b)</sup> |  | 201 | 190913 |
|  |  |  | 6442849 |
|  **Diversified Financial Services — 6.1%** | **Diversified Financial Services — 6.1%** | **Diversified Financial Services — 6.1%** | **Diversified Financial Services — 6.1%** |
|  Acuris Finance U.S., Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 4.00%, 0.50% Floor), 8.73%, 02/16/28 |  | 263 | 258433 |
|  Advisor Group, Inc., 2021 Term Loan, (1 mo. LIBOR + 4.50%), 8.88%, 07/31/26 |  | 627 | 612153 |
|  AlixPartners LLP, 2021 USD Term Loan B,<br>(1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 02/04/28 |  | 1068 | 1057240 |
|  Castlelake Aviation Ltd., Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.52%, 10/22/26 |  | 985 | 975070 |
|  Cogeco Financing 2 LP, 2021 Incremental Term Loan B, (1 mo. LIBOR + 2.50%, 0.50% Floor), 6.88%, 09/01/28 |  | 985 | 955002 |
|  Delta TopCo, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 11.65%, 12/01/28 |  | 237 | 184564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.15%, 12/01/27 |  | 366 | 337201 |
|  EG America LLC, 2018 USD Term Loan,<br>(3 mo. LIBOR + 4.00%), 8.73%, 02/07/25 |  | 555 | 522676 |
|  Gainwell Acquisition Corp., Term Loan B,<br>(3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 10/01/27 |  | 1909 | 1787071 |
|  Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 07/03/24<sup>(b)</sup> |  | 1023 | 1020918 |
|  KKR Apple Bidco LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.75%, 0.50% Floor), 10.13%, 09/21/29 |  | 153 | 147099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 09/23/28 |  | 371 | 365622 |
|  LBM Acquisition LLC, Term Loan B, (6 mo. LIBOR + 3.75%, 0.75% Floor), 7.12%, 12/17/27 |  | 314 | 271308 |
|  Radiate Holdco LLC, 2021 Term Loan B,<br>(1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 09/25/26 |  | 1578 | 1276220 |
|  RVR Dealership Holdings LLC, Term Loan B, (1 mo. SOFRTE + 3.75%, 0.75% Floor), 8.17%, 02/08/28 |  | 450 | 413629 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Setanta Aircraft Leasing Designated Activity Co., Term Loan B, (3 mo. LIBOR + 2.00%), 6.73%, 11/05/28 | USD | 826 | $| 820631 |
|  SMG U.S. Midco 2, Inc., 2020 Term Loan,<br>(3 mo. LIBOR + 2.50%), 6.91%, 01/23/25 |  | 939 |  | 912686 |
|  SSH Group Holdings, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.00%), 8.73%, 07/30/25 |  | 617 |  | 601145 |
|  Veritas U.S., Inc., 2021 USD Term Loan B,<br>(3 mo. LIBOR + 5.00%, 1.00% Floor), 9.73%, 09/01/25 |  | 2291 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606137 |
|  VS Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.00%), 7.38%, 02/28/27 |  | 1023 |  | 990616 |
|  White Cap Buyer LLC, Term Loan B, (1 mo. SOFR CME + 3.75%), 8.07%, 10/19/27 |  | 755 |  | 728530 |
|  Ziggo Financing Partnership, USD Term Loan I, (1 mo. LIBOR + 2.50%), 6.82%, 04/30/28 |  | 1003 |  | 976360 |
|  |  |  |  | 16820311 |
|  **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** | **Diversified Telecommunication Services — 1.6%** |
|  Cablevision Lightpath LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.57%, 11/30/27 |  | 235 |  | 223846 |
|  Consolidated Communications, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.88%, 10/02/27 |  | 497 |  | 437209 |
|  Frontier Communications Holdings LLC, 2021 1st Lien Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.50%, 05/01/28 |  | 1216 |  | 1157700 |
|  Iridium Satellite LLC, 2021 Term Loan B2,<br>(1 mo. LIBOR + 2.50%, 0.75% Floor), 6.92%, 11/04/26 |  | 1112 |  | 1100322 |
|  Level 3 Financing, Inc., 2019 Term Loan B,<br>(1 mo. LIBOR + 1.75%), 6.13%, 03/01/27 |  | 917 |  | 876547 |
|  Virgin Media SFA Finance Ltd., GBP Term Loan L, (1 mo. SONIA + 3.25%), 6.21%, 01/15/27 | GBP | 600 |  | 669154 |
|  |  |  |  | 4464778 |
|  **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
|  ExGen Renewables IV LLC, 2020 Term Loan, (3 mo. LIBOR + 2.50%, 1.00% Floor), 7.24%, 12/15/27 | USD | 772 |  | 763749 |
|  Triton Water Holdings, Inc., Term Loan, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 03/31/28 |  | 1984 |  | 1838173 |
|  |  |  |  | 2601922 |
|  **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
|  Arcline FM Holdings LLC, 2021 1st Lien Term Loan, (6 mo. LIBOR + 4.75%, 0.75% Floor), 9.48%, 06/23/28 |  | 942 |  | 893398 |
|  AZZ, Inc., Term Loan B, (1 mo. SOFR CME + 4.25%, 0.50% Floor), 8.67%, 05/13/29 |  | 161 |  | 161183 |
|  Gates Global LLC, 2021 Term Loan B3, (1 mo. LIBOR + 2.50%, 0.75% Floor), 6.88%, 03/31/27 |  | 1492 |  | 1457501 |
|  |  |  |  | 2512082 |
|  **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
|  Coherent Corp., 2022 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 07/02/29 |  | 1048 |  | 1034853 |
|  **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
|  Delta 2 Lux SARL, Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 7.57%, 01/15/30 |  | 796 |  | 795005 |
|  **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** | **Environmental, Maintenance & Security Service — 0.7%** |
|  Asplundh Tree Expert LLC, 2021 Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 09/07/27 |  | 1210 |  | 1208124 |
|  TruGreen LP, 2020 Term Loan, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 11/02/27 |  | 747 |  | 661107 |
|  |  |  |  | 1869231 |

---

S C H E D U L E O F I N V E S T M E N T S 121

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Equity Real Estate Investment Trusts (REITs) — 0.2%** | **Equity Real Estate Investment Trusts (REITs) — 0.2%** | **Equity Real Estate Investment Trusts (REITs) — 0.2%** | **Equity Real Estate Investment Trusts (REITs) — 0.2%** |
|  RHP Hotel Properties LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 6.39%, 05/11/24 | USD | 532 | $528455 |
|  **Food & Staples Retailing — 0.6%** |  |  |  |
|  Nomad Foods U.S. LLC, 2022 Term Loan B, (3 mo. SOFR CME + 3.75%, 0.50% Floor), 8.23%, 11/12/29 |  | 624 | 621116 |
|  U.S. Foods, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 09/13/26 |  | 648 | 640376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 11/22/28 |  | 408 | 406068 |
|  |  |  | 1667560 |
|  **Food Products — 2.2%** | **Food Products — 2.2%** | **Food Products — 2.2%** | **Food Products — 2.2%** |
|  8th Avenue Food & Provisions, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/01/25 |  | 733 | 607816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Incremental Term Loan, (1 mo. LIBOR + 4.75%, 0.75% Floor), 9.13%, 10/01/25 |  | 939 | 777316 |
|  Chobani LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 7.88%, 10/25/27 |  | 1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174960 |
|  Froneri International Ltd., 2020 USD Term Loan, (1 mo. LIBOR + 2.25%), 6.63%, 01/29/27 |  | 2179 | 2117009 |
|  Reynolds Group Holdings, Inc., 2020 Term Loan B2, (1 mo. LIBOR + 3.25%), 7.63%, 02/05/26 |  | 247 | 243139 |
|  Sovos Brands Intermediate, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.50%, 0.75% Floor), 7.91%, 06/08/28 |  | 938 | 911826 |
|  UTZ Quality Foods LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.44%, 01/20/28 |  | 422 | 416869 |
|  |  |  | 6248935 |
|  **Gas Utilities — 0.7%** | **Gas Utilities — 0.7%** | **Gas Utilities — 0.7%** | **Gas Utilities — 0.7%** |
|  Freeport LNG Investments LLLP, Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 7.74%, 12/21/28 |  | 2148 | 2037581 |
|  **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
|  Electron BidCo, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 11/01/28 |  | 1351 | 1313668 |
|  Insulet Corp., Term Loan B, (3 mo. SOFR CME + 3.25%), 7.69%, 05/04/28 |  | 472 | 464445 |
|  Medline Borrower LP, USD Term Loan B,<br>(1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 10/23/28 |  | 2682 | 2544988 |
|  Venga Finance SARL, 2021 USD Term Loan B, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.48%, 12/04/28 |  | 401 | 366155 |
|  |  |  | 4689256 |
|  **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** | **Health Care Providers & Services — 3.0%** |
|  CHG Healthcare Services, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 09/29/28 |  | 631 | 616291 |
|  Envision Healthcare Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 First Out Term Loan, (3 mo. SOFR CME + 7.875%, 1.00% Floor), 12.61%, 03/31/27 |  | 146 | 129585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Second Out Term Loan, (3 mo. SOFR CME + 4.25%, 1.00% Floor), 8.83%, 03/31/27 |  | 974 | 331054 |
|  EyeCare Partners LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan, (3 mo. LIBOR + 3.75%), 8.48%, 02/18/27 |  | 1034 | 824119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3 mo. LIBOR + 6.75%, 0.50% Floor), 11.48%, 11/15/29 |  | 358 | 291417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Incremental Term Loan, (3 mo. LIBOR + 3.75%, 0.50% Floor), 8.48%, 11/15/28 |  | 330 | 276804 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |  |  |
|  Femur Buyer, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 9.23%, 03/05/26 | USD | 644 | $549597 |
|  Ingenovis Health, Inc., Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.14%, 03/06/28 |  | 1000 | 949504 |
|  Orbcomm, Inc., Term Loan B, (3 mo. LIBOR + 4.25%, 0.75% Floor), 8.81%, 09/01/28 |  | 538 | 457855 |
|  PetVet Care Centers LLC, 2021 Term Loan B3, (1 mo. LIBOR + 3.50%, 0.75% Floor), 7.88%, 02/14/25 |  | 32 | 30296 |
|  Sotera Health Holdings LLC, 2021 Term Loan, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.16%, 12/11/26 |  | 1564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438880 |
|  Surgery Center Holdings, Inc., 2021 Term Loan, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.05%, 08/31/26 |  | 365 | 360029 |
|  Vizient, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.25%, 0.50% Floor), 6.67%, 04/28/29 |  | 208 | 207487 |
|  WCG Purchaser Corp., 2019 Term Loan,<br>(3 mo. LIBOR + 4.00%, 1.00% Floor), 8.60%, 01/08/27 |  | 891 | 806087 |
|  WP CityMD Bidco LLC, 2021 1st Lien Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 12/22/28 |  | 1144 | 1141313 |
|  |  |  | 8410318 |
|  **Health Care Services — 0.3%** |  |  |  |
|  Azalea Topco, Inc., Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 07/24/26 |  | 597 | 545528 |
|  Medical Solutions Holdings, Inc., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 11/01/29 |  | 377 | 346840 |
|  |  |  | 892368 |
|  **Health Care Technology — 2.6%** |  |  |  |
|  AthenaHealth Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Delayed Draw Term loan, (3 mo. SOFR CME + 3.50%), 7.82%, 02/15/29 |  | 76 | 62360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B, (1 mo. SOFR CME + 3.50%, 0.50% Floor), 7.82%, 02/15/29 |  | 1849 | 1596972 |
|  GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 7.13%, 10/10/25 |  | 443 | 430620 |
|  Polaris Newco LLC, USD Term Loan B, (3 mo. LIBOR + 4.00%, 0.50% Floor), 8.73%, 06/02/28 |  | 2672 | 2432668 |
|  Press Ganey Holdings, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 07/24/26 |  | 1034 | 947266 |
|  Verscend Holding Corp., 2021 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 0.50% Floor), 11.38%, 04/02/29<sup>(b)</sup> |  | 1902 | 1873470 |
|  |  |  | 7343356 |
|  **Hotels, Restaurants & Leisure — 6.9%** |  |  |  |
|  Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 02/02/26 |  | 129 | 116334 |
|  Aristocrat Technologies, Inc., 2022 Term Loan B, (3 mo. SOFR CME + 2.25%, 0.50% Floor), 6.93%, 05/24/29 |  | 62 | 61864 |
|  Bally's Corp., 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.54%, 10/02/28 |  | 554 | 511024 |
|  Burger King (Restaurant Brands Int), Term Loan B4, (3 mo. LIBOR + 1.75%), 6.14%, 11/19/26 |  | 998 | 979321 |
|  Caesars Resort Collection LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 12/23/24 |  | 840 | 837362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B1, (1 mo. LIBOR + 3.50%), 7.88%, 07/21/25 |  | 427 | 425332 |
|  Carnival Corp., USD Term Loan B, (1 mo. LIBOR + 3.00%, 0.75% Floor), 7.38%, 06/30/25 |  | 891 | 851623 |

---

122 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
|  Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1 mo. LIBOR + 2.00%), 6.39%, 03/17/28 | USD | 476 | $| 471352 |
|  ECL Entertainment LLC, Term Loan, (1 mo. LIBOR + 7.50%, 0.75% Floor), 11.88%, 05/01/28 |  | 564 |  | 562526 |
|  Equinox Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 7.73%, 03/08/24 |  | 2387 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787271 |
|  Fertitta Entertainment LLC, 2022 Term Loan B, (1 mo. SOFRTE + 4.00%, 0.50% Floor), 8.32%, 01/27/29 |  | 2336 |  | 2216790 |
|  Flutter Financing B.V., 2022 USD Term Loan B, (3 mo. SOFR CME + 3.25%, 0.50% Floor), 8.09%, 07/22/28 |  | 729 |  | 725023 |
|  Four Seasons Hotels Ltd., 2022 Term Loan B, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 7.67%, 11/30/29 |  | 1895 |  | 1893831 |
|  IRB Holding Corp., 2020 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 7.13%, 02/05/25 |  | 969 |  | 959325 |
|  Penn National Gaming, Inc., 2022 Term Loan B, (1 mo. SOFR CME + 2.75%, 0.50% Floor), 7.17%, 05/03/29 |  | 915 |  | 904510 |
|  Playa Resorts Holding B.V., 2022 Term Loan B, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.58%, 01/05/29 |  | 296 |  | 288046 |
|  Playtika Holding Corp., 2021 Term Loan,<br>(1 mo. LIBOR + 2.75%), 7.13%, 03/13/28 |  | 1058 |  | 1008256 |
|  Scientific Games International, Inc., 2022 USD Term Loan, (1 mo. SOFR CME + 3.00%, 0.50% Floor), 7.42%, 04/14/29 |  | 502 |  | 494400 |
|  Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 2.25%), 6.98%, 07/21/26 |  | 685 |  | 674633 |
|  Station Casinos LLC, 2020 Term Loan B,<br>(1 mo. LIBOR + 2.25%, 0.25% Floor), 6.64%, 02/08/27 |  | 1260 |  | 1227556 |
|  Travelport Finance Luxembourg SARL, 2021 Consented Term Loan, (3 mo. LIBOR + 6.75%), 11.48%, 05/29/26 |  | 888 |  | 601385 |
|  Whatabrands LLC, 2021 Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 08/03/28 |  | 1395 |  | 1346381 |
|  Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 6.13%, 05/30/25 |  | 332 |  | 330874 |
|  |  |  |  | 19275019 |
|  **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
|  ACProducts Holdings, Inc., 2021 Term Loan B, (6 mo. LIBOR + 4.25%, 0.50% Floor), 8.98%, 05/17/28 |  | 1014 |  | 754812 |
|  Hunter Douglas, Inc., USD Term Loan B1,<br>(3 mo. SOFR CME + 3.50%), 7.86%, 02/26/29 |  | 1487 |  | 1302255 |
|  Reynolds Consumer Products LLC, Term Loan, (1 mo. LIBOR + 1.75%), 6.13%, 02/04/27 |  | 925 |  | 915975 |
|  Snap One Holdings Corp., Term Loan B,<br>(1 mo. LIBOR + 4.50%, 0.50% Floor), 8.88%, 12/08/28<sup>(b)</sup> |  | 363 |  | 331565 |
|  Sunset Debt Merger Sub, Inc., 2021 Term Loan B, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.75%, 10/06/28 |  | 508 |  | 413896 |
|  Weber-Stephen Products LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.75% Floor), 7.63%, 10/30/27 |  | 1262 |  | 1060123 |
|  |  |  |  | 4778626 |
|  **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
|  Spectrum Brands, Inc., 2021 Term Loan,<br>(3 mo. LIBOR + 2.00%, 0.50% Floor), 6.60%, 03/03/28 |  | 329 |  | 322555 |
|  **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** |
|  Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 6.38%, 01/15/25 |  | 310 |  | 309097 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** | **Independent Power and Renewable Electricity Producers (continued)** |
|  Calpine Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B10, (1 mo. LIBOR + 2.00%), 6.38%, 08/12/26 | USD | 466 | $| 459522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B9, (1 mo. LIBOR + 2.00%), 6.39%, 04/05/26 |  | 867 |  | 854544 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623163 |
|  **Industrial Conglomerates — 1.9%** | **Industrial Conglomerates — 1.9%** | **Industrial Conglomerates — 1.9%** | **Industrial Conglomerates — 1.9%** | **Industrial Conglomerates — 1.9%** |
|  AVSC Holding Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B1, (3 mo. LIBOR + 3.25%, 1.00% Floor), 7.68%, 03/03/25 |  | 619 |  | 566257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B3, (3 mo. LIBOR + 15.00%), 15.00%, 10/15/26 |  | 592 |  | 605069 |
|  Diamond BC BV, 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.16%, 09/29/28 |  | 1067 |  | 1029499 |
|  Stitch Aquisition Corp., Term Loan B, (3 mo. LIBOR + 6.75%, 0.75% Floor), 11.48%, 07/28/28 |  | 670 |  | 566867 |
|  Vertical U.S. Newco, Inc., Term Loan B, (6 mo. LIBOR + 3.50%, 0.50% Floor), 6.87%, 07/30/27 |  | 1164 |  | 1120807 |
|  Vertiv Group Corp., 2021 Term Loan B, (1 mo. LIBOR + 2.75%), 6.89%, 03/02/2c7 |  | 1502 |  | 1442731 |
|  |  |  |  | 5331230 |
|  **Insurance — 4.8%** | **Insurance — 4.8%** | **Insurance — 4.8%** | **Insurance — 4.8%** | **Insurance — 4.8%** |
|  Alliant Holdings Intermediate LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/09/25 |  | 1770 |  | 1744721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B4, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.85%, 11/06/27 |  | 2339 |  | 2294309 |
|  Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/09/25 |  | 625 |  | 616339 |
|  AmWINS Group, Inc., 2021 Term Loan B,<br>(1 mo. LIBOR + 2.25%, 0.75% Floor), 6.63%, 02/19/28 |  | 1188 |  | 1165013 |
|  AssuredPartners, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |  | 624 |  | 604644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 02/12/27 |  | 602 |  | 582641 |
|  Hub International Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 7.33%, 04/25/25 |  | 1756 |  | 1734341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B, (3 mo. LIBOR + 3.25%, 0.75% Floor), 7.53%, 04/25/25 |  | 1648 |  | 1631453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Term Loan B, (3 mo. SOFR CME + 4.00%, 0.75% Floor), 8.22%, 11/10/29 |  | 337 |  | 332976 |
|  NFP Corp., 2020 Term Loan, (1 mo. LIBOR + 3.25%), 7.63%, 02/15/27 |  | 115 |  | 109354 |
|  Ryan Specialty Group LLC, Term Loan, (1 mo. SOFR CME + 3.00%, 0.75% Floor), 7.42%, 09/01/27 |  | 841 |  | 833673 |
|  Sedgwick Claims Management Services, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 12/31/25 |  | 484 |  | 470572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 09/03/26 |  | 622 |  | 609706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Term Loan B3, (1 mo. LIBOR + 4.25%, 1.00% Floor), 8.63%, 09/03/26 |  | 501 |  | 494150 |
|  |  |  |  | 13223892 |
|  **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** | **Interactive Media & Services — 1.5%** |
|  Adevinta ASA, USD Term Loan B, (3 mo. LIBOR + 2.75%, 0.75% Floor), 7.48%, 06/26/28 |  | 1066 |  | 1051309 |

---

S C H E D U L E O F I N V E S T M E N T S 123

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** | **Interactive Media & Services (continued)** |
|  Camelot U.S. Acquisition LLC, 2020 Incremental Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 7.38%, 10/30/26 | USD | 1319 | $| 1297827 |
|  Go Daddy Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 2.00%), 6.38%, 08/10/27 |  | 451 |  | 446111 |
|  Grab Holdings, Inc., Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.89%, 01/29/26 |  | 1424 |  | 1402793 |
|  |  |  |  | 4198040 |
|  **Internet & Direct Marketing Retail — 0.8%** | **Internet & Direct Marketing Retail — 0.8%** | **Internet & Direct Marketing Retail — 0.8%** | **Internet & Direct Marketing Retail — 0.8%** | **Internet & Direct Marketing Retail — 0.8%** |
|  CNT Holdings I Corp., 2020 Term Loan,<br>(3 mo. SOFR CME + 3.50%, 0.75% Floor), 7.24%, 11/08/27 |  | 1133 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094488 |
|  Go Daddy Operating Co. LLC, 2022 Term Loan B5, (1 mo. SOFR CME + 3.25%), 7.57%, 10/21/29 |  | 917 |  | 914579 |
|  PUG LLC, 2021 Incremental Term Loan B,<br>(1 mo. LIBOR + 4.25%, 0.50% Floor), 8.63%, 02/12/27<sup>(b)</sup> |  | 227 |  | 187378 |
|  |  |  |  | 2196445 |
|  **Internet Software & Services — 0.4%** | **Internet Software & Services — 0.4%** | **Internet Software & Services — 0.4%** | **Internet Software & Services — 0.4%** | **Internet Software & Services — 0.4%** |
|  Uber Technologies, Inc., 2021 Term Loan B, (3 mo. LIBOR + 3.50%), 8.23%, 02/25/27 |  | 1090 |  | 1086862 |
|  **IT Services — 6.6%** | **IT Services — 6.6%** | **IT Services — 6.6%** | **IT Services — 6.6%** | **IT Services — 6.6%** |
|  Aruba Investments Holdings LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 0.75% Floor), 12.14%, 11/24/28 |  | 885 |  | 800925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 USD Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.14%, 11/24/27 |  | 471 |  | 456137 |
|  Boxer Parent Co., Inc., 2021 USD Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 10/02/25 |  | 1252 |  | 1196354 |
|  Camelot Finance SA, Term Loan B, (1 mo. LIBOR + 3.00%), 7.38%, 10/30/26 |  | 1203 |  | 1182328 |
|  CCC Intelligent Solutions, Inc., Term Loan,<br>(1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 09/21/28 |  | 1038 |  | 1027145 |
|  CoreLogic, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.50% Floor), 10.94%, 06/04/29 |  | 873 |  | 611817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.94%, 06/02/28 |  | 2079 |  | 1728205 |
|  Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1 mo. LIBOR + 1.75%), 6.13%, 04/28/28 |  | 1251 |  | 1236907 |
|  Genesys Cloud Services Holdings II LLC, 2020 USD Term Loan B4, (1 mo. LIBOR + 4.00%, 0.75% Floor), 8.38%, 12/01/27 |  | 2716 |  | 2601792 |
|  PUG LLC, USD Term Loan, (1 mo. LIBOR + 3.50%), 7.88%, 02/12/27 |  | 1556 |  | 1280963 |
|  Sophia LP, 2020 2nd Lien Term Loan, (3 mo. LIBOR + 8.00%, 1.00% Floor), 12.73%, 10/09/28 |  | 2590 |  | 2570575 |
|  Trans Union LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B5, (1 mo. LIBOR + 1.75%), 6.13%, 11/16/26 |  | 1143 |  | 1125938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan B6, (1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 12/01/28 |  | 1482 |  | 1465729 |
|  Virtusa Corp., First Lien Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/11/28 |  | 432 |  | 415901 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **IT Services (continued)** |  |  |  |  |
|  WEX, Inc., 2021 Term Loan, (1 mo. LIBOR + 2.25%), 6.63%, 03/31/28 | USD | 600 | $| 595889 |
|  ZoomInfo LLC, 2021 Term Loan B, (1 mo. SOFR CME + 3.00%), 7.48%, 02/02/26 |  | 135 |  | 134367 |
|  |  |  |  | 18430972 |
|  **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
|  Fender Musical Instruments Corp., 2021 Term Loan B, (3 mo. SOFRTE + 4.00%, 0.50% Floor), 8.42%, 12/01/28<sup>(b)</sup> |  | 601 |  | 482909 |
|  MND Holdings III Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 8.23%, 06/19/24 |  | 610 |  | 581063 |
|  Peloton Interactive, Inc., Term Loan, (2 mo. SOFR CME + 6.50%, 0.50% Floor), 11.76%, 05/25/27 |  | 212 |  | 207872 |
|  |  |  |  | 1271844 |
|  **Life Sciences Tools & Services — 2.9%** | **Life Sciences Tools & Services — 2.9%** | **Life Sciences Tools & Services — 2.9%** | **Life Sciences Tools & Services — 2.9%** | **Life Sciences Tools & Services — 2.9%** |
|  Avantor Funding, Inc., 2021 Term Loan B5,<br>(1 mo. LIBOR + 2.25%, 0.50% Floor), 6.63%, 11/08/27 |  | 1283 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275046 |
|  eResearchTechnology, Inc., 2020 1st Lien Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 8.88%, 02/04/27 |  | 2041 |  | 1795623 |
|  ICON Luxembourg SARL, LUX Term Loan,<br>(3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |  | 1564 |  | 1557909 |
|  Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3 mo. SOFRTE + 3.00%, 0.50% Floor), 6.96%, 10/19/27 |  | 920 |  | 902002 |
|  Parexel International Corp., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/15/28 |  | 2103 |  | 2021323 |
|  PRA Health Sciences, Inc., US Term Loan,<br>(3 mo. LIBOR + 2.25%, 0.50% Floor), 7.00%, 07/03/28 |  | 390 |  | 388155 |
|  |  |  |  | 7940058 |
|  **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** |
|  Albion Acquisitions Ltd., USD Term Loan,<br>(3 mo. LIBOR + 5.25%, 0.50% Floor), 9.57%, 08/17/26 |  | 1133 |  | 1067977 |
|  Clark Equipment Co., 2022 Term Loan B,<br>(3 mo. SOFR CME + 2.50%, 0.50% Floor), 7.18%, 04/20/29 |  | 186 |  | 183733 |
|  Columbus McKinnon Corp., 2021 Term Loan B, (3 mo. LIBOR + 2.75%, 0.50% Floor), 7.50%, 05/14/28 |  | 239 |  | 235375 |
|  Filtration Group Corp., 2021 Incremental Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 10/21/28 |  | 724 |  | 709361 |
|  Fluidra SA, 2022 USD Term Loan B, (1 mo. SOFR CME + 2.00%), 6.42%, 01/29/29 |  | 191 |  | 181087 |
|  Ingersoll-Rand Services Co., 2020 USD Spinco Term Loan, (1 mo. SOFR CME + 1.75%), 6.17%, 03/01/27 |  | 1378 |  | 1365120 |
|  Madison IAQ LLC, Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.99%, 06/21/28 |  | 2288 |  | 2123346 |
|  SPX Flow, Inc., 2022 Term Loan, (1 mo. SOFR CME + 4.50%, 0.50% Floor), 8.92%, 04/05/29 |  | 855 |  | 791600 |
|  Titan Acquisition Ltd., 2018 Term Loan B, (6 mo. LIBOR + 3.00%), 8.15%, 03/28/25 |  | 2389 |  | 2226866 |
|  Zurn LLC, 2021 Term Loan B, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 10/04/28 |  | 77 |  | 76930 |
|  |  |  |  | 8961395 |
|  **Media — 11.0%** | **Media — 11.0%** | **Media — 11.0%** | **Media — 11.0%** | **Media — 11.0%** |
|  Altice Financing SA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017 USD Term Loan B, (3 mo. LIBOR + 2.75%), 6.83%, 07/15/25 |  | 688 |  | 664811 |

---

124 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  Altice Financing SA (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; USD 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 6.83%, 01/31/26 | USD | 950 | $912275 |
|  Altice France SA/France, 2018 Term Loan B13, (3 mo. LIBOR + 4.00%), 8.65%, 08/14/26 |  | 2130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976511 |
|  AMC Entertainment Holdings, Inc., 2019 Term Loan B, (1 mo. LIBOR + 3.00%), 7.27%, 04/22/26 |  | 929 | 500365 |
|  Cable One, Inc., 2021 Term Loan B4,<br>(1 mo. LIBOR + 2.00%), 6.38%, 05/03/28 |  | 301 | 293573 |
|  Charter Communications Operating LLC, Class A, 2019 Term Loan B1, (1 mo. LIBOR + 1.75%), 6.14%, 04/30/25 |  | 1604 | 1593105 |
|  City Football Group Ltd., Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.36%, 07/21/28 |  | 1036 | 965919 |
|  Clear Channel Outdoor Holdings, Inc., Term Loan B, (3 mo. LIBOR + 3.50%), 7.91%, 08/21/26 |  | 2341 | 2127480 |
|  CMG Media Corp., 2021 Term Loan, (3 mo. LIBOR + 3.50%), 8.23%, 12/17/26 |  | — <sup>(h)</sup> | 134 |
|  Connect Finco SARL, 2021 Term Loan B,<br>(1 mo. LIBOR + 3.50%, 1.00% Floor), 7.89%, 12/11/26 |  | 3461 | 3416585 |
|  CSC Holdings LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 6.57%, 07/17/25 |  | 1194 | 1158145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 Term Loan B5, (1 mo. LIBOR + 2.50%), 6.82%, 04/15/27 |  | 516 | 459565 |
|  E.W. Scripps Co., 2020 Term Loan B3, (1 mo. LIBOR + 2.75%, 0.75% Floor), 7.13%, 01/07/28 |  | 339 | 328521 |
|  Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 7.64%, 12/01/23 |  | 538 | 400248 |
|  Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 03/24/25 |  | 813 | 774217 |
|  Live Nation Entertainment, Inc., Term Loan B4,<br>(1 mo. LIBOR + 1.75%), 6.13%, 10/17/26 |  | 1555 | 1515742 |
|  MH Sub I LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 09/13/24 |  | 1888 | 1831890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Incremental Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 8.13%, 09/13/24 |  | 1228 | 1191544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.25%), 10.65%, 02/23/29 |  | 1249 | 1112992 |
|  Nexstar Broadcasting, Inc., 2019 Term Loan B4, (1 mo. LIBOR + 2.50%), 6.88%, 09/18/26 |  | 489 | 484497 |
|  Sinclair Television Group, Inc., 2022 Term Loan B4, (1 mo. SOFR CME + 3.75%), 8.17%, 04/21/29 |  | 1118 | 1060504 |
|  UFC Holdings LLC, 2021 Term Loan B,<br>(3 mo. LIBOR + 2.75%, 0.75% Floor), 7.11%, 04/29/26 |  | 553 | 545428 |
|  UPC Financing Partnership, 2021 USD Term Loan AX, (1 mo. LIBOR + 2.93%), 7.24%, 01/31/29 |  | 474 | 461834 |
|  Virgin Media Bristol LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 USD Term Loan Q, (1 mo. LIBOR + 3.25%), 7.57%, 01/31/29 |  | 278 | 275012 |
| &nbsp;&nbsp;&nbsp;&nbsp; USD Term Loan N, (1 mo. LIBOR + 2.50%), 6.82%, 01/31/28 |  | 609 | 598040 |
|  Voyage Digital Ltd., USD Term Loan B, (3 mo. SOFRTE + 4.50%, 0.50% Floor), 8.78%, 05/11/29<sup>(b)</sup> |  | 625 | 613925 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
|  William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 7.14%, 05/18/25 | USD | 1667 | $| 1627868 |
|  WMG Acquisition Corp., 2021 Term Loan G,<br>(1 mo. LIBOR + 2.13%), 6.51%, 01/20/28 |  | 1308 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291565 |
|  Zayo Group Holdings, Inc., USD Term Loan,<br>(1 mo. LIBOR + 3.00%), 7.38%, 03/09/27 |  | 3114 |  | 2513259 |
|  |  |  |  | 30695554 |
|  **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** |
|  Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 8.13%, 12/13/25 |  | 563 |  | 532197 |
|  Lealand Finance Co. BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Make Whole Term Loan, (1 mo. LIBOR + 3.00%), 7.38%, 06/28/24 |  | 25 |  | 15574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2020 Take Back Term Loan, (1 mo. LIBOR + 1.00%, 3.00% PIK), 5.38%, 06/30/25<sup>(g)</sup> |  | 185 |  | 97171 |
|  M6 ETX Holdings II Midco LLC, Term Loan B, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.16%, 09/19/29 |  | 164 |  | 164433 |
|  Medallion Midland Acquisition LLC, 2021 Term Loan, (3 mo. SOFR CME + 3.75%, 0.75% Floor), 8.59%, 10/18/28 |  | 1188 |  | 1175003 |
|  Murphy USA, Inc., Term Loan B, (1 mo. LIBOR + 1.75%, 0.50% Floor), 5.93%, 01/31/28 |  | 394 |  | 393491 |
|  Oryx Midstream Services Permian Basin LLC, Term Loan B, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.92%, 10/05/28 |  | 1909 |  | 1883257 |
|  |  |  |  | 4261126 |
|  **Personal Products — 1.4%** | **Personal Products — 1.4%** | **Personal Products — 1.4%** | **Personal Products — 1.4%** | **Personal Products — 1.4%** |
|  Kronos Acquisition Holdings, Inc., 2021 1st Lien Term Loan, (3 mo. SOFRTE + 6.00%, 1.00% Floor), 10.51%, 12/22/26 |  | 251 |  | 242030 |
|  Prestige Brands, Inc., 2021 Term Loan B5,<br>(1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 07/03/28 |  | 127 |  | 126065 |
|  Sunshine Luxembourg VII SARL, 2021 Term Loan B3, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.48%, 10/01/26 |  | 3739 |  | 3574409 |
|  |  |  |  | 3942504 |
|  **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
|  Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 8.09%, 05/04/25 |  | 747 |  | 667689 |
|  Bausch Health Cos., Inc., 2022 Term Loan B, (1 mo. SOFR CME + 5.25%, 0.50% Floor), 9.67%, 02/01/27 |  | 701 |  | 530544 |
|  Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1 mo. LIBOR + 2.00%, 0.50% Floor), 6.38%, 02/22/28 |  | 983 |  | 965646 |
|  Elanco Animal Health, Inc., Term Loan B,<br>(1 mo. LIBOR + 1.75%), 5.87%, 08/01/27 |  | 936 |  | 897043 |
|  Jazz Financing Lux SARL, USD Term Loan,<br>(1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 05/05/28 |  | 1252 |  | 1238795 |
|  Option Care Health, Inc., 2021 Term Loan B,<br>(1 mo. LIBOR + 2.75%, 0.50% Floor), 7.13%, 10/27/28 |  | 432 |  | 428567 |
|  Organon & Co., USD Term Loan, (3 mo. LIBOR + 3.00%, 0.50% Floor), 7.75%, 06/02/28 |  | 951 |  | 940610 |
|  Precision Medicine Group LLC, 2021 Term Loan, (3 mo. LIBOR + 3.00%, 0.75% Floor), 7.73%, 11/18/27<sup>(b)</sup> |  | 896 |  | 830696 |
|  |  |  |  | 6499590 |

---

S C H E D U L E O F I N V E S T M E N T S 125

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Professional Services — 1.5%** |  |  |  |
|  Dun & Bradstreet Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Incremental Term Loan B2, (1 mo. SOFR CME + 3.25%), 7.57%, 01/18/29 | USD | 440 | $431711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (1 mo. LIBOR + 3.25%), 7.64%, 02/06/26 |  | 1439 | 1423602 |
|  Element Materials Technology Group U.S. Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Delayed Draw Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |  | 375 | 365584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 USD Term Loan, (3 mo. SOFR CME + 4.25%, 0.50% Floor), 8.93%, 07/06/29 |  | 812 | 792099 |
|  Galaxy U.S. Opco, Inc., Term Loan, (1 mo. SOFR CME + 4.75%, 0.50% Floor), 9.07%, 04/29/29 |  | 1244 | 1122710 |
|  |  |  | 4135706 |
| **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |  |  |
|  Chariot Buyer LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/03/28 |  | 1516 | 1426007 |
|  Cushman & Wakefield U.S. Borrower LLC, 2020 Term Loan B, (1 mo. LIBOR + 2.75%), 7.13%, 08/21/25 |  | 1450 | 1414681 |
|  |  |  | 2840688 |
| **Road & Rail — 0.4%** |  |  |  |
|  Avis Budget Car Rental LLC, 2020 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 08/06/27 |  | 406 | 392506 |
|  SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.50%), 9.60%, 08/04/25 |  | 721 | 640554 |
|  |  |  | 1033060 |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |  |
|  MKS Instruments, Inc., 2022 USD Term Loan B, 08/17/29<sup>(i)</sup> |  | 713 | 703406 |
|  Synaptics, Inc., Term Loan B, (6 mo. LIBOR + 2.25%, 0.50% Floor), 7.40%, 12/02/28 |  | 386 | 377425 |
|  |  |  | 1080831 |
| **Software — 12.6%** |  |  |  |
|  Applied Systems, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (3 mo. SOFR CME + 6.75%, 0.75% Floor), 11.33%, 09/19/25 |  | 439 | 434061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 Extended 1st Lien Term Loan, (3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 09/18/26 |  | 302 | 299831 |
|  Barracuda Networks, Inc., 2022 Term Loan,<br>(3 mo. SOFR CME + 4.50%, 0.50% Floor), 8.59%, 08/15/29 |  | 473 | 455329 |
|  Central Parent, Inc., 2022 USD Term Loan B,<br>(3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.08%, 07/06/29 |  | 452 | 447376 |
|  Cloudera, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Second Lien Term Loan, (1 mo. LIBOR + 6.00%, 0.50% Floor), 10.38%, 10/08/29 |  | 482 | 400865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/08/28 |  | 886 | 830723 |
|  Cornerstone OnDemand, Inc., 2021 Term Loan, (1 mo. LIBOR + 3.75%, 0.50% Floor), 8.13%, 10/16/28 |  | 736 | 655427 |
|  Digicel International Finance Ltd., 2017 Term Loan B, (1 mo. LIBOR + 3.25%), 7.63%, 05/28/24 |  | 790 | 662346 |
|  E2open LLC, 2020 Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.68%, 02/04/28 |  | 176 | 172367 |
|  Epicor Software Corp., 2020 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 12.13%, 07/31/28 |  | 1316 | 1294286 |
|  Helios Software Holdings, Inc., 2021 USD Term Loan B, (3 mo. SOFR CME + 3.75%), 8.48%, 03/11/28 |  | 860 | 842030 |
|  Informatica LLC, 2021 USD Term Loan B,<br>(1 mo. LIBOR + 2.75%), 7.19%, 10/27/28 |  | 2371 | 2321028 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Software (continued)** |  |  |  |
|  Instructure Holdings, Inc., 2021 Term Loan B,<br>(3 mo. LIBOR + 2.75%, 0.50% Floor), 6.12%, 10/30/28<sup>(b)</sup> | USD | 450 | $440610 |
|  IPS Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan B, (1 mo. LIBOR + 3.50%, 0.50% Floor), 11.38%, 10/01/29<sup>(b)</sup> |  | 645 | 541800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Delayed Draw Term Loan, 3.50%, 10/02/28 |  | 66 | 58404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 10/02/28 |  | 367 | 326466 |
|  Magenta Buyer LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 1st Lien Term Loan, (3 mo. LIBOR + 4.75%, 0.75% Floor), 9.17%, 07/27/28 |  | 1492 | 1270014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 0.75% Floor), 12.67%, 07/27/29 |  | 1358 | 1064136 |
|  McAfee Corp., 2022 USD Term Loan B, (1 mo. SOFR CME + 3.75%), 7.97%, 03/01/29 |  | 2143 | 1989753 |
|  Planview Parent, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 0.75% Floor), 11.98%, 12/18/28 |  | 572 | 506220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan, (3 mo. LIBOR + 4.00%, 0.75% Floor), 8.73%, 12/17/27 |  | 651 | 602517 |
|  Proofpoint, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.98%, 08/31/28 |  | 1728 | 1658128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (3 mo. LIBOR + 6.25%, 0.50% Floor), 10.98%, 08/31/29 |  | 895 | 856220 |
|  RealPage, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 0.50% Floor), 7.38%, 04/24/28 |  | 3871 | 3673451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 0.75% Floor), 10.88%, 04/23/29 |  | 1825 | 1747540 |
|  Renaissance Holding Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 7.63%, 05/30/25 |  | 415 | 395265 |
|  Severin Acquisition LLC, 2018 Term Loan B,<br>(3 mo. SOFR CME + 3.00%), 7.09%, 08/01/25 |  | 1707 | 1692828 |
|  Sophia LP, 2021 Term Loan B, (3 mo. LIBOR + 3.50%, 0.50% Floor), 8.23%, 10/07/27 |  | 1348 | 1297853 |
|  Tempo Acquisition LLC, 2022 Term Loan B,<br>(1 mo. SOFR CME + 3.00%), 7.32%, 08/31/28 |  | 2962 | 2950375 |
|  TIBCO Software, Inc., 2022 USD Term Loan,<br>(3 mo. SOFR CME + 4.50%, 0.50% Floor), 9.18%, 03/30/29 |  | 2368 | 2110480 |
|  Ultimate Software Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 2nd Lien Term Loan, (1 mo. LIBOR + 5.25%, 0.50% Floor), 9.00%, 05/03/27 |  | 865 | 791984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 Term Loan, (3 mo. LIBOR + 3.25%, 0.50% Floor), 7.00%, 05/04/26 |  | 784 | 744841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Term Loan B, (1 mo. LIBOR + 3.75%), 8.13%, 05/04/26 |  | 1617 | 1556265 |
|  |  |  | 35090819 |
|  **Specialty Retail — 4.7%** |  |  |  |
|  Belron Finance U.S. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2018 Term Loan B, (3 mo. LIBOR + 2.25%), 6.94%, 11/13/25 |  | 268 | 266166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2019 USD Term Loan B3, (3 mo. LIBOR + 2.25%), 6.69%, 10/30/26 |  | 655 | 650658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 USD Term Loan B, (3 mo. LIBOR + 2.50%, 0.50% Floor), 7.06%, 04/13/28 |  | 1701 | 1681525 |
|  CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (1 day SONIA + 4.25%), 6.54%, 06/23/25 | GBP | 1000 | 1102829 |
|  EG Group Ltd., 2021 Term Loan, (3 mo. LIBOR + 4.25%, 0.50% Floor), 8.98%, 03/31/26 | USD | 350 | 326281 |

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126 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)* | *Value* |
|  **Specialty Retail (continued)** |  |  |  |
|  Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1 mo. LIBOR + 3.25%, 0.50% Floor), 7.63%, 11/24/28<sup>(b)</sup> | USD | 421 | $412335 |
|  Mavis Tire Express Services Corp., 2021 Term Loan B, (1 mo. SOFR CME + 4.00%, 0.75% Floor), 8.50%, 05/04/28 |  | 1848 | 1759421 |
|  MED ParentCo LP, 1st Lien Term Loan,<br>(1 mo. LIBOR + 4.25%), 8.63%, 08/31/26 |  | 1053 | 894881 |
|  Midas Intermediate Holdco II LLC, (1 mo. SOFR CME + 8.35%, 0.75% Floor), 12.67%, 06/30/27 |  | 1924 | 1656543 |
|  PetSmart, Inc., 2021 Term Loan B, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.13%, 02/11/28 |  | 2272 | 2219026 |
|  Restoration Hardware, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.25%, 0.50% Floor), 7.67%, 10/20/28 |  | 534 | 497806 |
|  Reverb Buyer, Inc., 2021 1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 0.50% Floor), 7.88%, 11/01/28 |  | 869 | 861630 |
|  Woof Holdings, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 0.75% Floor), 8.10%, 12/21/27 |  | 335 | 314371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%, 0.75% Floor), 11.60%, 12/21/28 |  | 345 | 310500 |
|  |  |  | 12953972 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |  |
|  Electronics for Imaging, Inc., Term Loan,<br>(1 mo. LIBOR + 5.00%), 9.38%, 07/23/26 |  | 495 | 328438 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |  |
|  Crocs, Inc., Term Loan B, (3 mo. SOFRTE + 3.50%, 0.50% Floor), 7.80%, 02/20/29 |  | 851 | 832420 |
| **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |  |
|  Beacon Roofing Supply, Inc., 2021 Term Loan B, (1 mo. LIBOR + 2.25%), 6.63%, 05/19/28 |  | 846 | 837190 |
|  ION Trading Finance Ltd., 2021 USD Term Loan, (3 mo. LIBOR + 4.75%), 9.48%, 04/03/28 |  | 415 | 393103 |
|  SRS Distribution, Inc., 2022 Incremental Term Loan, (1 mo. SOFR CME + 3.50%), 7.92%, 06/02/28 |  | 611 | 582610 |
|  |  |  | 1812903 |
| **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** |  |
|  GOGO Intermediate Holdings LLC, Term Loan B, (3 mo. LIBOR + 3.75%, 0.75% Floor), 8.16%, 04/30/28 |  | 674 | 667151 |
|  SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 6.14%, 04/11/25 |  | 2053 | 2044354 |
|  |  |  | 2711505 |
|  **Total Floating Rate Loan Interests — 128.3%<br>(Cost: $375,844,569)** | **Total Floating Rate Loan Interests — 128.3%<br>(Cost: $375,844,569)** | **Total Floating Rate Loan Interests — 128.3%<br>(Cost: $375,844,569)** | 356679975 |
|  |  | *Shares* |  |
|  **Investment Companies** |  |  |  |
|  **Fixed Income Funds — 0.4%** |  |  |  |
|  Invesco Senior Loan ETF |  | 35400 | 726762 |
|  iShares iBoxx High Yield Corporate Bond ETF<sup>(j)</sup> |  | 5000 | 368150 |
|  |  |  | 1094912 |
|  **Total Investment Companies — 0.4%<br>(Cost: $1,132,717)** | **Total Investment Companies — 0.4%<br>(Cost: $1,132,717)** | **Total Investment Companies — 0.4%<br>(Cost: $1,132,717)** | 1094912 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Benefical*<br> *Interest (000)* | *Value* |
|  **Other Interests** |  |  |  |
|  **IT Services<sup>(b)(k)</sup> — 0.0%** |  |  |  |
|  Millennium Corp. Claim | USD | 930 | $— |
|  Millennium Lender Claim Trust |  | 991 |  |
|  **Total Other Interests — 0.0%<br>(Cost: $—)** |  |  |  |
|  |  | *Shares* |  |
|  **Warrants** |  |  |  |
|  **Consumer Discretionary — 0.0%** |  |  |  |
|  Service King (Carnelian Point), (Expires 06/30/27, Strike Price USD 10.00)<sup>(a)</sup> |  | 2121 |  |
|  **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** | **Oil, Gas & Consumable Fuels — 0.0%** |  |
|  California Resources Corp., (Issued/Exercisable 11/03/20, 1 Share for 1 Warrant, Expires 10/27/24, Strike Price<br>USD 36.00)<sup>(a)</sup> |  | 617 | 7774 |
|  **Total Warrants — 0.0%<br>(Cost: $—)** |  |  | 7774 |
|  **Total Investments — 131.1%<br>(Cost: $385,523,127)** |  |  | 364339289 |
|  **Liabilities in Excess of Other<br>Assets — (31.1)%** | **Liabilities in Excess of Other<br>Assets — (31.1)%** |  | (86361662) |
|  **Net Assets — 100.0%** |  |  | $277977627 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $822, representing less than 0.05% of its net assets as of period end, and an original cost of $131,156. 

<sup>(d)</sup> 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.

<sup>(e)</sup> Issuer filed for bankruptcy and/or is in default.

<sup>(f)</sup> 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.

<sup>(g)</sup> 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.

<sup>(h)</sup> Rounds to less than 1,000.

<sup>(i)</sup> 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.

<sup>(j)</sup> Affiliate of the Trust.

<sup>(k)</sup> Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

S C H E D U L E O F I N V E S T M E N T S 127

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)** |

---

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.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *12/31/22* | *Shares*<br> *Held at*<br> *12/31/22* | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Liquidity Funds,<br>T-Fund, Institutional Class<sup>(a)</sup> | $— | $62640717 | $(62640717) | $– $|  | $— |  | $7771 | $— |
|  iShares iBoxx $ High Yield Corporate Bond ETF |  | 359769 |  | – | 8381 | 368150 | 5000 | 3578 |  |
|  |  |  |  | $– $| 8381 | $368150 |  | $11349 | $— |

---

<sup>(a)</sup> As of period end, the entity is no longer held.

**Derivative Financial Instruments Outstanding as of Period End** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  USD 1,731,611 | GBP | 1416000 | Westpac Banking Corp. | 03/15/23 | $16760 |

---

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Reference Obligation/Index* | <br>| *Financing*<br> *Rate Received*<br> *by the Trust* | <br>| *Payment*<br> *Frequency* | <br>| <br>| *Termination*<br> *Date* | <br>| <br>| <br> *<sup>(a)</sup>*  | <br>| *Notional*<br> *Amount*  | <br> *(000)<sup>(b)</sup>*  | *Value* | | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received* | <br>*)*  | *Unrealized<br>Appreciation* *(Depreciation* |
|  CDX.NA.HY.38.V2 |  | 5.00% |  | Quarterly |  |  | 06/20/27 |  | B |  | USD | 2802 |  | $63349 |  | $19877 |  | $43472 |

---

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Swap*<br> *Premiums*<br> *Paid* | *Swap*<br> *Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $19877 | $— | $43472 | $— |

---

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

128 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts<br>Unrealized appreciation on forward foreign currency exchange contracts | $— | $— | $— | $16760 | $— | $— | $16760 |
|  Swaps — centrally cleared<br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> |  | 43472 |  |  |  |  | 43472 |
|  | $— | $43472 | $— | $16760 | $— | $— | $60232 |

---

<sup>(a)</sup> 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 December 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $— | $— | $— | $162979 | $— | $— | $162979 |
|  Swaps |  |  |  |  | 8503 |  | 8503 |
|  | $— | $— | $— | $162979 | $8503 | $— | $171482 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $— | $— | $— | $65756 | $— | $— | $65756 |
|  Swaps |  | (25267) |  |  |  |  | (25267) |
|  | $— | $(25267) | $— | $65756 | $— | $— | $40489 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Forward foreign currency exchange contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $1835448 |
|  Credit default swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — sell protection | $4008350 |

---

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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | $16760 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — centrally cleared |  | 26 |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 16760 | 26 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  | (26) |
|  Total derivative assets and liabilities subject to an MNA | $16760 | $— |

---

S C H E D U L E O F I N V E S T M E N T S 129

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)** |

---

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*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | *Derivatives*<br> *Available*<br> *for Offset* | *Net Amount* <br> *of Derivative* <br> *Assets<sup>(a)(b)</sup>* |
|  Westpac Banking Corp. | $16760 | $– $– $– $| 16760 |

---

<sup>(a)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>(b)</sup> Net amount represents the net amount receivable from the 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Auto Components | $22076 | $— | $— | $22076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 24526 |  |  | 24526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining |  | 416 | 822 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 8— |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail |  | 335472 |  | 335472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 6173308 |  | 6173308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating Rate Loan Interests |  | 348717048 | 7962927 | 356679975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 1094912 |  |  | 1094912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Interests |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 7774 |  |  | 7774 |
|  Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Floating Rate Loan Interests<sup>(a)</sup> |  | (46823) |  | (46823) |
|  | $1149296 | $355179421 | $7963749 | $364292466 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Contracts | $— | $43472 | $— | $43472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Exchange Contracts |  | 16760 |  | 16760 |
|  | $— | $60232 | $— | $60232 |

---

<sup>(a)</sup> Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.

<sup>(b)</sup> Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $91,000,000 are categorized as Level 2 within the fair value hierarchy.

130 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> December 31, 2022 | **BlackRock Floating Rate Income Trust (BGT)** |

---

A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Common*<br> *Stocks* | *Corporate*<br> *Bonds* | *Floating*<br> *Rate Loan*<br> *Interests* | *Other*<br> *Interests* | *Unfunded*<br> *Floating*<br> *Rate Loan*<br> *Interests* | *Total* |
|  **Assets/Liabilities** |  |  |  |  |  |  |
|  Opening balance, as of December 31, 2021 | $486 | $— <sup>(a)</sup> | $17379496 | — <sup>(a)</sup> | $(182) | $17379800 |
|  Transfers into Level 3<sup>(b)</sup> |  |  | 5260163 |  |  | 5260163 |
|  Transfers out of Level 3<sup>(c)</sup> |  |  | (7705117) |  | 182 | (7704935) |
|  Accrued discounts/premiums |  |  | 14310 |  |  | 14310 |
|  Net realized gain (loss) |  |  | 35496 |  |  | 35496 |
|  Net change in unrealized appreciation (depreciation)<sup>(d)(e)</sup> | 336 |  | (580187) |  |  | (579851) |
|  Purchases |  |  | 742335 |  |  | 742335 |
|  Sales |  |  | (7183569) |  |  | (7183569) |
|  Closing balance, as of December 31, 2022 | $822 | $— <sup>(a)</sup> | $7962927 | — <sup>(a)</sup> | $— | $7963749 |
|  Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022<sup>(e)</sup> | $336 | $— | $(502632) |  | $— | $(502296) |

---

<sup>(a)</sup> Rounds to less than $1. 

<sup>(b)</sup> As of December 31, 2021, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2022, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy. 

<sup>(c)</sup> As of December 31, 2021, the Trust used significant unobservable inputs in determining the value of certain investments. As of December 31, 2022, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy. 

<sup>(d)</sup> Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.

<sup>(e)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

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

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 131

------

Statements of Assets and Liabilities

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<sup>(a)</sup> | BTZ | BGT |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(b)</sup> | $1004317381 | $1822718651 | $1659260305 | $363971139 |
|  Investments, at value — affiliated<sup>(c)</sup> | 2477689 | 723084 | 8145069 | 368150 |
|  Cash | 50022 | 1187710 | 64077 | 1555104 |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — reverse repurchase agreements | 5231995 |  | 1098816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — exchange-traded options written |  |  | 1090000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 1739000 | 20000 | 3400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — TBA commitments | 231000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3309111 | 2094000 | 4593000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 2070000 |  | 7215000 | 265000 |
|  Foreign currency, at value<sup>(d)</sup> | 651573 | 9756 |  |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 196253 | 550505 | 6392869 | 3902992 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sale commitments | 7574941 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 24339 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 32107 | 5961 | 39484 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 11113439 | 28006839 | 23694134 | 1785313 |
|  Due from broker | 1896818 |  |  |  |
|  Variation margin on futures contracts | 515822 | 351742 | 1076484 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 87160 | 4173 |  |  |
|  Swap premiums paid | 5537 | 45097 |  |  |
|  Unrealized appreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 9439 | 37521 |  | 16760 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 2938 | 41946 |  |  |
|  Deferred offering costs | 147699 | 186983 |  | 113368 |
|  Prepaid expenses | 4538 | 11128 | 8629 | 2324 |
|  Total assets | &nbsp;&nbsp;&nbsp;&nbsp;1041688801 | 1855995096 | 1716077867 | 371983220 |
|  **LIABILITIES** |  |  |  |  |
|  Foreign bank overdraft<sup>(e)</sup> |  |  |  | 59866 |
|  Due to broker | 241000 |  | 418485 |  |
|  Cash received as collateral for reverse repurchase agreements | 823818 |  | 15478 |  |
|  Options written, at value<sup>(f)</sup> |  | 197392 | 46721 |  |
|  TBA sale commitments, at value<sup>(g)</sup> | 7475972 |  |  |  |
|  Reverse repurchase agreements, at value | 387219110 |  | 589324056 |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 54376760 | 2379465 | 68080909 | 1853794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reverse repurchase agreements |  |  | 4713498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 47249 | 62914 | 62457 | 21750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank borrowings |  | 529000000 |  | 91000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 11695 | 23536 | 26214 | 13145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees |  | 2330085 |  | 435378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 420727 | 954964 | 865794 | 238746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 209978 | 607810 | 789890 | 209156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 71958 | 156949 | 129032 | 20715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 112926 | 156303 | 92190 | 92463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 31851 | 46393 | 43726 | 13731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 823361 |  | 518417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps |  |  | 5056935 | 26 |
|  Swap premiums received | 1329578 | 240474 |  |  |
|  Unrealized depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 21034 | 104135 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC swaps | 386452 | 197646 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | 14016 | 93418 | 8026 | 46823 |
|  Total liabilities | 453617485 | 536551484 | 670191828 | 94005593 |
|  NET ASSETS | $588071316 | $&nbsp;&nbsp;&nbsp;&nbsp;1319443612 | $&nbsp;&nbsp;&nbsp;&nbsp;1045886039 | $&nbsp;&nbsp;&nbsp;&nbsp;277977627 |

---

132 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (continued)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<sup>(a)</sup> | BTZ | BGT |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital<sup>(h)(i)(j)</sup> | $754580785 | $1686432389 | $1232128209 | $328730953 |
|  Accumulated loss | (166509469) | (366988777) | (186242170) | (50753326) |
|  NET ASSETS | $588071316 | $&nbsp;&nbsp;&nbsp;&nbsp;1319443612 | $&nbsp;&nbsp;&nbsp;&nbsp;1045886039 | $277977627 |
|  Net asset value<sup>(h)(i)(j)</sup> | $10.89 | $9.25 | $11.19 | $12.43 |
|  <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. |  |  |  |  |
|  <sup>(b)</sup> Investments, at cost — unaffiliated | $1110829279 | $2017488400 | $1797332875 | $&nbsp;&nbsp;&nbsp;&nbsp;385163358 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $2477689 | $723084 | $8145069 | $359769 |
|  <sup>(d)</sup> Foreign currency, at cost | $651102 | $9763 | $— | $— |
|  <sup>(e)</sup> Foreign bank overdraft, at cost | $— | $— | $— | $60128 |
|  <sup>(f)</sup> Premiums received | $— | $336213 | $102203 | $— |
|  <sup>(g)</sup> Proceeds from TBA sale commitments | $7574941 | $— | $— | $— |
|  <sup>(h)</sup> Shares outstanding | 54010702 | 142699920 | 93507103 | 22370659 |
|  <sup>(i)</sup> Shares authorized | Unlimited | 200 million | Unlimited | Unlimited |
|  <sup>(j)</sup> 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 133

------

Statements of Operations

Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<sup>(a)</sup> | BTZ | BGT |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $280405 | $922523 | $2174720 | $36066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 135746 | 158664 | 136615 | 11349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 47338779 | 108273649 | 90452364 | 24204817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated |  | 287983 | 247544 | 295681 |
|  Total investment income | 47754930 | 109642819 | 93011243 | 24547913 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 5512710 | 10852940 | 10456130 | 3055201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 132531 | 162950 | 112289 | 64884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 117071 | 110639 | 80778 | 39563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 106506 | 160352 | 87814 | 100737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent | 89944 | 135459 | 21038 | 44772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and postage | 20026 | 19641 | 33075 | 13008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 17925 | 24648 | 27063 | 8006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 9190 | 5250 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 78664 | 256225 | 54448 | 5432 |
|  Total expenses excluding interest expense | 6084567 | 11728104 | 10872635 | 3331603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | 7055023 | 12624286 | 9937269 | 2953532 |
|  Total expenses | 13139590 | 24352390 | 20809904 | 6285135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (6270) | (19599) | (6229) | (635) |
|  Total expenses after fees waived and/or reimbursed | 13133320 | 24332791 | 20803675 | 6284500 |
|  Net investment income | 34621610 | 85310028 | 72207568 | 18263413 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (50156544) | (51859753) | (28719532) | (4371633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  | (624262) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 834811 | 4312315 |  | 162979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 15744 | 105810 | (3) | 2229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (9449289) | 3077692 | (680376) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (4119532) | 128267 | 2508306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 4568778 | (3943018) | (43250) | 8503 |
|  | (58306032) | (48802949) | (26934855) | (4197922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (182203386) | (242919974) | (321604458) | (20015471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  | (576952) |  | 8381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 141169 | 372219 |  | 65756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 9878 | 25837 |  | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1108417) | 651873 | 1945084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written | (88306) | 131133 | 55482 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 3758847 | (664076) | (5657021) | (25267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfunded floating rate loan interests | (14093) | (102300) | (8026) | (46111) |
|  | (179504308) | (243082240) | (325268939) | (20011741) |
|  Net realized and unrealized loss | (237810340) | (291885189) | (352203794) | (24209663) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(203188730) | $(206575161) | $(279996226) | $(5946250) |

---

<sup>(a)</sup> Consolidated Statement of Operations.

*See notes to financial statements.* 

134 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | BHK | HYT<sup>(a)</sup> | HYT<sup>(a)</sup> |
|  | Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/22 | 12/31/21 | 12/31/22 | 12/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $34621610 | $38808459 | $85310028 | $93004873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (58306032) | 18970678 | (48802949) | 67211285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (179504308) | (53684376) | (243082240) | (41679483) |
|  Net increase (decrease) in net assets resulting from operations | (203188730) | 4094761 | (206575161) | 118536675 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income and net realized gain | (43352180) | (56675846) | (75141728) | (98245910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (969019) |  | (32825998) | (15806301) |
|  Decrease in net assets resulting from distributions to shareholders | (44321199) | (56675846) | (107967726) | (114052211) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from rights offering (Note 11) |  |  | 167749786 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | 267474 | 925044 | 1065866 | 3779473 |
|  Net increase in net assets derived from capital share transactions | 267474 | 925044 | 168815652 | 3779473 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (247242455) | (51656041) | (145727235) | 8263937 |
|  Beginning of year | 835313771 | 886969812 | 1465170847 | 1456906910 |
|  End of year | $588071316 | $835313771 | $1319443612 | $1465170847 |

---

<sup>(a)</sup> Consolidated Statement of Changes in Net Assets.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 135

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BTZ | BTZ | BGT | BGT |
|  | Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/22 | 12/31/21 | 12/31/22 | 12/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $72207568 | $79256091 | $18263413 | $14622796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (26934855) | 21968234 | (4197922) | 4145350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (325268939) | (63539672) | (20011741) | (507334) |
|  Net increase (decrease) in net assets resulting from operations | (279996226) | 37684653 | (5946250) | 18260812 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (65195451) | (80320881) | (16820514) | (14667710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (21102257) | (13796133) |  | (2693947) |
|  Decrease in net assets resulting from distributions to shareholders | (86297708) | (94117014) | (16820514) | (17361657) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from the issuance of shares | 33408 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions |  | 425778 | 32244 | 106634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption of shares resulting from share repurchase program (including transaction costs) |  |  |  | (419729) |
|  Net increase (decrease) in net assets derived from capital share transactions | 33408 | 425778 | 32244 | (313095) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (366260526) | (56006583) | (22734520) | 586060 |
|  Beginning of year | 1412146565 | 1468153148 | 300712147 | 300126087 |
|  End of year | $1045886039 | $1412146565 | $277977627 | $300712147 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

136 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Cash Flows

Year Ended December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<sup>(a)</sup> | BTZ | BGT |
|  **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |  |  |
|  Net decrease in net assets resulting from operations | $(203188730) | $(206575161) | $(279996226) | $(5946250) |
|  Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of long-term investments and principal paydowns/payups | 1233466923 | 813821867 | 713022418 | 129992672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of long-term investments | (1200254143) | (833753774) | (700947318) | (76949328) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sales (purchases) of short-term securities | 23544853 | (88733) | 13442002 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of premium and accretion of discount on investments and other fees | 917793 | (630518) | 1683804 | (744404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-kind income | (2890) | (36323) | (27389) | (89011) |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums paid on closing options written | (12488696) | (430439) | (631610) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Premiums received from options written | 2111028 | 882712 | 4472118 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments and options written | 53511546 | 52380564 | 25002571 | 4535422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net unrealized depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests | 182402680 | 243759950 | 321557002 | 19987445 |
| (Increase) Decrease in Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | (31991) | (5957) | (39421) | (3068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated |  | 108458 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | (527191) | (1590281) | 85971 | (493091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | (337313) | (351508) | (986851) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | (87160) | (4173) |  | 6346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap premiums paid | (1128) | (5827) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1622 | (11128) | (1506) | (206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs | (147699) | (186983) |  | (113368) |
|  Increase (Decrease) in Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 241000 |  | 418485 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash received |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral — reverse repurchase agreements | 553818 |  | 15478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | (480000) | (430000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | (6646) | (11601) | (9720) | (341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | (17188) | (70) | 11475 | 3767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense and fees | 1915638 | 1806645 | 1006052 | 315470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | (112331) | (115304) | (183233) | (42593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | (120115) | (225727) | (295885) | (94902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 25072 | (119990) | 15107 | (1443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | (21363) | (68806) | (28367) | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 16287 | 22599 | (138011) | 8148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 774008 | (523) | 513673 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | (579186) |  | 5056935 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap premiums received | (1680120) | 94630 |  |  |
|  Net cash provided by operating activities | 79398378 | 68234599 | 103017554 | 70371400 |
|  **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |  |
|  Cash dividends paid to shareholders | (56450527) | (116422466) | (94142954) | (18235497) |
|  Payments for bank borrowings |  | (629000000) |  | (117000000) |
|  Proceeds from bank borrowings |  | 511000000 |  | 65000000 |
|  Increase in bank overdraft |  |  |  | 29748 |
|  Proceeds from issuance of capital shares |  |  | 33408 |  |
|  Proceeds from rights offering |  | 167749786 |  |  |
|  Net borrowing of reverse repurchase agreements | (20218497) |  | 6014885 |  |
|  Net cash used for financing activities | (76669024) | (66672680) | (88094661) | (70205749) |
|  **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |  |  |  |
|  Cash impact from foreign exchange fluctuations | 5771 | (1636) |  | 971 |

---

F I N A N C I A L S T A T E M E N T S 137

------

Statements of Cash Flows (continued)

Year Ended December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BHK | HYT | <sup>(a)</sup> | BTZ | BGT |
|  **CASH AND FOREIGN CURRENCY** |  |  |  |  |  |
|  Net increase in restricted and unrestricted cash and foreign currency | $2735125 | $1560283 |  | $14922893 | $166622 |
|  Restricted and unrestricted cash and foreign currency at beginning of year | 12444394 | 1751183 |  | 2538000 | 1653482 |
|  Restricted and unrestricted cash and foreign currency at end of year | $15179519 | $3311466 |  | $17460893 | $1820104 |
|  **SUPPLEMENTAL DISCLOSURE OFCASH FLOW INFORMATION** |  |  |  |  |  |
|  Cash paid during the year for interest expense | $5139385 | $10817641 |  | $8931217 | $2638062 |
|  **NON-CASH FINANCING ACTIVITIES** |  |  |  |  |  |
|  Reinvestment of distributions | $267474 | $1065866 |  | $— | $32244 |
|  **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES** |  |  |  |  |  |
|  Cash | $50022 | $1187710 |  | $64077 | $1555104 |
|  Cash pledged |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — reverse repurchase agreements | 5231995 |  |  | 1098816 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — exchange-traded options written |  |  |  | 1090000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives | 1739000 | 20000 |  | 3400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — TBA commitments | 231000 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3309111 | 2094000 |  | 4593000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 2070000 |  |  | 7215000 | 265000 |
|  Foreign currency at value | 651573 | 9756 |  |  |  |
|  Due from broker | 1896818 |  |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15179519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311466 |  | $&nbsp;&nbsp;&nbsp;&nbsp;17460893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820104 |

---

<sup>(a)</sup> Consolidated Statement of Cash Flows.

*See notes to financial statements.* 

138 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | BHK | BHK | BHK | BHK | BHK | BHK | BHK | BHK | BHK | BHK | BHK | BHK |
| | Year Ended<br> 12/31/22 | Year Ended<br> 12/31/22 | Year Ended<br> 12/31/21 | Year Ended<br> 12/31/21 | Year Ended<br> 12/31/20 | Year Ended<br> 12/31/20 | Period from<br> 09/01/19<br> to 12/31/19 | Period from<br> 09/01/19<br> to 12/31/19 | Year Ended<br> 08/31/19 | Year Ended<br> 08/31/19 | Year Ended<br> 08/31/18 | Year Ended<br> 08/31/18 |
| **Net asset value, beginning of period** | $| 15.47 | $| 16.45 | $| 15.32 | $| 15.79 | $| 14.08 | $| 14.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> |  | 0.64 |  | 0.72 |  | 0.72 |  | 0.22 |  | 0.66 |  | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  | (4.40) |  | (0.65) |  | 1.24 |  | (0.36) |  | 1.82 |  | (0.82) |
| Net increase (decrease) from investment operations |  | (3.76) |  | 0.07 |  | 1.96 |  | (0.14) |  | 2.48 |  | (0.10) |
| **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (0.69) |  | (0.80) |  | (0.64) |  | (0.27) |  | (0.73) |  | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.11) |  | (0.25) |  | (0.19) |  | (0.04) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.02) |  |  |  |  |  | (0.02) |  |  |  |  |
| Total distributions |  | (0.82) |  | (1.05) |  | (0.83) |  | (0.33) |  | (0.77) |  | (0.78) |
| **Net asset value, end of period** | $| 10.89 | $| 15.47 | $| 16.45 | $| 15.32 | $| 15.79 | $| 14.08 |
| **Market price, end of period** | $| 10.38 | $| 16.51 | $| 16.30 | $| 14.58 | $| 14.56 | $| 12.85 |
| **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Based on net asset value |  | (24.44)% |  | 0.50 %<sup>(d)</sup> |  | 13.24% |  | (0.75)%<sup>(e)</sup> |  | 18.86% |  | (0.24)% |
| Based on market price |  | (32.52)% |  | 8.25% |  | 17.90% |  | 2.43 %<sup>(e)</sup> |  | 20.09% |  | (3.40)% |
| **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |  |  |  |  |  |  |
| Total expenses |  | 1.95% |  | 0.85% |  | 0.91% |  | 1.42 %<sup>(g)(h)</sup> |  | 1.72% |  | 1.60% |
| Total expenses after fees waived and/or reimbursed |  | 1.95% |  | 0.85% |  | 0.90% |  | 1.42 %<sup>(g)</sup> |  | 1.72% |  | 1.60% |
| Total expenses after fees waived and/or reimbursed and excluding interest expense |  | 0.90% |  | 0.81% |  | 0.75% |  | 0.79 %<sup>(g)</sup> |  | 0.77% |  | 0.82% |
| Net investment income |  | 5.13% |  | 4.50% |  | 4.52% |  | 4.15 %<sup>(g)</sup> |  | 4.63% |  | 4.99% |
| **Supplemental Data** |  |  |  |  |  |  |  |  |  |  |  |  |
| Net assets, end of period (000) | $| 588071 | $| 835314 | $| 886970 | $| 826349 | $| 851650 | $| 759385 |
| Borrowings outstanding, end of period (000) | $| 387219 | $| 405522 | $| 296921 | $| 271749 | $| 273621 | $| 316216 |
| Portfolio turnover rate<sup>(i)</sup> |  | 104% |  | 54% |  | 69% |  | 21% |  | 27% |  | 28% |
| <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: | <br> <sup>(a)</sup> Based on average shares outstanding.<br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.<br> <sup>(c)</sup> 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.<br> <sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.<br> <sup>(e)</sup> Not annualized.<br> <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.<br> <sup>(g)</sup> Annualized.<br> <sup>(h)</sup> 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%.<br> <sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows: |
|  | Year Ended<br> 12/31/22 | Year Ended<br> 12/31/22 | Year Ended<br> 12/31/21 | Year Ended<br> 12/31/21 | Year Ended<br> 12/31/20 | Year Ended<br> 12/31/20 | Period from<br> 09/01/19<br> to 12/31/19 | Period from<br> 09/01/19<br> to 12/31/19 | Year Ended<br> 08/31/19 | Year Ended<br> 08/31/19 | Year Ended<br> 08/31/18 | Year Ended<br> 08/31/18 |
| Portfolio turnover rate (excluding MDRs) |  | 76% |  | 34% |  | 55% |  | 11% |  | 27% |  | 28% |

---

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 139

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | HYT<sup>(a)</sup> | HYT<sup>(a)</sup> | HYT<sup>(a)</sup> | HYT<sup>(a)</sup> | HYT<sup>(a)</sup> | HYT<sup>(a)</sup> |
| | Year Ended<br> 12/31/22 | Year Ended<br> 12/31/21 | Year Ended<br> 12/31/20 | Period from<br> 09/01/19<br> to 12/31/19 | Year Ended<br> 08/31/19 | Year Ended<br> 08/31/18 |
|  **Net asset value, beginning of period** | $11.99 | $11.95 | $11.91 | $11.82 | $11.90 | $12.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.67 | 0.76 | 0.79 | 0.25 | 0.79 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.42) | 0.21 | 0.18 | 0.22 | (0.01) | (0.31) |
|  Net increase (decrease) from investment operations | (1.75) | 0.97 | 0.97 | 0.47 | 0.78 | 0.52 |
|  **Distributions**<sup>(c)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.60) | (0.80) | (0.82) | (0.35) | (0.86) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.26) | (0.13) | (0.11) | (0.03) |  |  |
|  Total distributions | (0.86) | (0.93) | (0.93) | (0.38) | (0.86) | (0.84) |
|  Dilutive effect of rights offer (Note 11) | (0.13) |  |  |  |  |  |
|  **Net asset value, end of period** | $9.25 | $11.99 | $11.95 | $11.91 | $11.82 | $11.90 |
|  **Market price, end of period** | $8.74 | $12.34 | $11.43 | $11.20 | $10.51 | $10.70 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (15.71)% | 8.42% | 9.57% | 4.28 %<sup>(e)</sup> | 8.06% | 5.25% |
|  Based on market price | (22.62)% | 16.66% | 11.45% | 10.28 %<sup>(e)</sup> | 6.86% | 3.91% |
|  **Ratios to Average Net Assets<sup>(f)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.89% | 1.35% | 1.50% | 1.92 %<sup>(g)(h)</sup> | 2.19% | 1.99% |
|  Total expenses after fees waived and/or reimbursed | 1.89% | 1.34% | 1.49% | 1.92 %<sup>(g)</sup> | 2.19% | 1.99% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.91% | 0.93% | 0.94% | 0.93 %<sup>(g)</sup> | 0.92% | 0.94% |
|  Net investment income | 6.61% | 6.30% | 7.06% | 6.39 %<sup>(g)</sup> | 6.87% | 6.88% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1319444 | $1465171 | $1456907 | $1451868 | $1440436 | $1482422 |
|  Borrowings outstanding, end of period (000) | $529000 | $647000 | $685000 | $607000 | $486000 | $647000 |
|  Asset coverage, end of period per $1,000 of bank borrowings<sup>(i)</sup> | $3494 | $3265 | $3127 | $3392 | $3965 | $3292 |
|  Portfolio turnover rate | 45% | 54% | 82% | 20% | 64% | 65% |

---

<sup>(a)</sup> Consolidated Financial Highlights.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Annualized.

<sup>(h)</sup> 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%. 

<sup>(i)</sup> Calculated by subtracting the Trust's total liabilities (not including bank borrowings) from the Trust's total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. 

*See notes to financial statements.* 

140 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BTZ | BTZ | BTZ | BTZ | BTZ | BTZ |
| | Year Ended<br> 12/31/22 | Year Ended<br> 12/31/21 | Year Ended<br> 12/31/20 | Period from<br> 11/01/19<br> to 12/31/19 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of period** | $15.10 | $15.71 | $14.97 | $14.94 | $13.72 | $14.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.77 | 0.85 | 0.84 | 0.13 | 0.79 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3.76) | (0.45) | 0.91 | 0.15 | 1.25 | (1.17) |
|  Net increase (decrease) from investment operations | (2.99) | 0.40 | 1.75 | 0.28 | 2.04 | (0.36) |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.70) | (0.86) | (0.85) | (0.23) | (0.79) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | (0.22) | (0.15) | (0.16) | (0.02) | (0.03) |  |
|  Total distributions | (0.92) | (1.01) | (1.01) | (0.25) | (0.82) | (0.80) |
|  **Net asset value, end of period** | $11.19 | $15.10 | $15.71 | $14.97 | $14.94 | $13.72 |
|  **Market price, end of period** | $10.10 | $15.05 | $14.71 | $13.98 | $13.55 | $11.72 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (19.50)% | 2.73% | 12.78% | 2.02 %<sup>(d)</sup> | 16.17% | (1.72)% |
|  Based on market price | (27.10)% | 9.36% | 13.07% | 5.05 %<sup>(d)</sup> | 23.34% | (6.49)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 1.79% | 1.12% | 1.35% | 1.68 %<sup>(f)(g)</sup> | 2.26% | 1.82% |
|  Total expenses after fees waived and/or reimbursed | 1.79% | 1.12% | 1.35% | 1.68 %<sup>(f)</sup> | 2.25% | 1.82% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.94% | 0.94% | 0.94% | 0.92 %<sup>(f)</sup> | 1.08% | 0.94% |
|  Net investment income | 6.22% | 5.49% | 5.69% | 5.29 %<sup>(f)</sup> | 5.57% | 5.69% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $1045886 | $1412147 | $1468153 | $1554828 | $1551243 | $1439954 |
|  Borrowings outstanding, end of period (000) | $589324 | $587017 | $614172 | $577231 | $568461 | $707102 |
|  Portfolio turnover rate | 42% | 20% | 34% | 2% | 18% | 30% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> 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 141

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BGT | BGT | BGT | BGT | BGT | BGT |
| | Year Ended<br> 12/31/22 | Year Ended<br> 12/31/21 | Year Ended<br> 12/31/20 | Period from<br> 11/01/19<br> to 12/31/19 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of period** | $13.44 | $13.40 | $14.10 | $13.95 | $14.33 | $14.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.82 | 0.65 | 0.66 | 0.12 | 0.80 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.08) | 0.17 | (0.47) | 0.26 | (0.37) | (0.21) |
|  Net increase (decrease) from investment operations | (0.26) | 0.82 | 0.19 | 0.38 | 0.43 | 0.55 |
|  **Distributions<sup>(b)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.75) | (0.66) | (0.69) | (0.23) | (0.81) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | (0.12) | (0.20) |  |  |  |
|  Total distributions | (0.75) | (0.78) | (0.89) | (0.23) | (0.81) | (0.71) |
|  **Net asset value, end of period** | $12.43 | $13.44 | $13.40 | $14.10 | $13.95 | $14.33 |
|  **Market price, end of period** | $10.94 | $13.99 | $11.79 | $12.87 | $12.42 | $12.72 |
|  **Total Return<sup>(c)</sup>** |  |  |  |  |  |  |
|  Based on net asset value | (1.32)% | 6.43% | 2.83% | 2.89 %<sup>(d)</sup> | 4.00% | 4.25% |
|  Based on market price | (16.56)% | 25.91% | (0.88)% | 5.48 %<sup>(d)</sup> | 4.31% | (6.30)% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |  |
|  Total expenses | 2.20% | 1.61% | 1.72% | 2.11 %<sup>(f)</sup> | 2.41% | 2.29% |
|  Total expenses after fees waived and/or reimbursed | 2.20% | 1.60% | 1.70% | 2.11 %<sup>(f)</sup> | 2.41% | 2.29% |
|  Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.17% | 1.19% | 1.17% | 1.28 %<sup>(f)</sup> | 1.16% | 1.21% |
|  Net investment income | 6.40% | 4.82% | 5.13% | 5.23 %<sup>(f)</sup> | 5.68% | 5.27% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $277978 | $300712 | $300126 | $323708 | $321091 | $339096 |
|  Borrowings outstanding, end of period (000) | $91000 | $143000 | $129000 | $130000 | $123000 | $142000 |
|  Asset coverage, end of period per $1,000 of bank borrowings<sup>(g)</sup> | $4055 | $3103 | $3327 | $3490 | $3610 | $3389 |
|  Portfolio turnover rate | 16% | 50% | 65% | 6% | 53% | 57% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Annualized.

<sup>(g)</sup> Calculated by subtracting the Trust's total liabilities (not including bank borrowings) from the Trust's total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. 

*See notes to financial statements.* 

142 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements

***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* | *Herein Referred To As* | *Organized* | *Organized* | *Diversification*<br> *Classification* | *Diversification*<br> *Classification* |
|  BlackRock Core Bond Trust |  | BHK |  | Delaware |  | Diversified |
|  BlackRock Corporate High Yield Fund, Inc. |  | HYT |  | Maryland |  | Diversified |
|  BlackRock Credit Allocation Income Trust |  | BTZ |  | Delaware |  | Diversified |
|  BlackRock Floating Rate Income Trust |  | BGT |  | Delaware |  | Diversified |

---

The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the "Board," and the trustees thereof are collectively referred to throughout this report as "Trustees". The Trusts determine and make available for publication the net asset values ("NAVs") of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.

**Basis of Consolidation:** The accompanying consolidated financial statements of HYT include the accounts of HYT Subsidiary LLC (the "Taxable Subsidiary"), which is a wholly-owned taxable subsidiary of HYT. The Taxable Subsidiary enables HYT to hold investments in operating companies and still satisfy regulated investment company tax requirements. Income earned and gains realized on the investments held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for HYT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for HYT. HYT may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $321,684, which is 0.02% of HYT's consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to HYT.

The accompanying consolidated financial statements of HYT include the accounts of BLK HYT (Luxembourg) Investments, S.a.r.l., BLK HYV (Luxembourg) Investments, S.a.r.l., BLK COY (Luxembourg) Investments, S.a.r.l., BLK CYE (Luxembourg) Investments, S.a.r.l. (collectively, the "Luxembourg Subsidiaries"). Effective August 31, 2022, the Luxembourg Subsidiaries, which were wholly-owned by the Fund, were dissolved. The Luxembourg Subsidiaries held shares of private Canadian companies. Such shares were held in the Luxembourg Subsidiaries in order to realize benefits under the Double Tax Avoidance Convention between Canada and Luxembourg, the result of which that gains on the sale of such shares would generally not be subject to capital gains taxes in Canada.

***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.

**ForeignTaxes:** 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

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Notes to Financial Statements (continued)

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 December 31, 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.

**Collateralization:** If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions paid by the Trusts are recorded on the ex-dividend dates. Subject to the Trusts' managed distribution plan, the Trusts intend to make monthly cash distributions to shareholders, which may consist of net investment income, and net realized and unrealized gains on investments and/or return of capital.

The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust's current and accumulated earnings and profits, which are measured on a tax basis, will constitute a non-taxable return of capital. See Income Tax Information note for the tax character of each Trust's distributions paid during the year.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by each Trust's Board, the trustees who are not "interested persons" of the Trusts, as defined in the 1940 Act ("Independent Trustees"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees' and Officer's fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

**Indemnifications:** In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust's maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** Each Trust's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Trust's Manager as the valuation designee for each Trust. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Trust's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are
derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.

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| | |
|:---|:---|
| | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* |
|  Market approach | (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers;<br> (ii) recapitalizations and other transactions across the capital structure; and<br> (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;<br> (ii) quoted prices for similar investments or assets in active markets; and<br> (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;<br> (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company;<br> (iii) relevant news and other public sources; and<br> (iv) known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company. |

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Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

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Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Trust has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable
inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of December 31, 2022, certain investments of HYT were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Collateralized Debt Obligations:** Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are types of asset-backed securities. ACDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

**Multiple Class Pass-Through Securities:** Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund's initial investment in the IOs may not fully recoup.

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Notes to Financial Statements (continued)

**Stripped Mortgage-Backed Securities:** Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

**Zero-Coupon Bonds:** Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate ("LIBOR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Trusts may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations,

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Notes to Financial Statements (continued)

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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Trust Name* | *Borrower* | *Par* | *Commitment*<br> *Amount* | *Value* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  BHK | Arc Falcon I, Inc. | $16201 | $16160 | $14183 | $(1977) |
|  | AthenaHealth Group, Inc. | 136333 | 134788 | 122749 | (12039) |
|  HYT | Arc Falcon I, Inc. | 129776 | 129127 | 113619 | (15508) |
|  | AthenaHealth Group, Inc. | 916966 | 903510 | 825600 | (77910) |
|  BTZ | Arc Falcon I, Inc. | 27771 | 27528 | 24314 | (3214) |
|  | AthenaHealth Group, Inc. | 49090 | 49010 | 44198 | (4812) |
|  BGT | AthenaHealth Group, Inc. | 226591 | 226591 | 187080 | (39511) |
|  | IPS Corp. | 65734 | 65734 | 58422 | (7312) |

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**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts' maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Trusts may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**Reverse Repurchase Agreements:** Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the year ended December 31, 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*<br> *Outstanding* | *Weighted Average* <br> *Interest Rate*  |
|  BHK | $429984962.2 | 1.64% |

---

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Notes to Financial Statements (continued)

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| | | |
|:---|:---|:---|
| *Trust Name* | *Average Amount*<br> *Outstanding* | *Weighted Average* <br> *Interest Rate*  |
|  BTZ | $524238531.1 | 1.90% |

---

Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an "MRA"), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

As of period end, the following table is a summary of BHK and BTZ's open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Trust Name/Counterparty* | *Reverse Repurchase*<br> *Agreements* | *Fair Value of*<br> *Non-Cash Collateral*<br> *Pledged Including*<br> *Accrued Interest* | <br>*<sup>(a)</sup>*  | *Cash Collateral*<br> *Pledged/Received* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  BHK |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $(158874) | $158874 |  | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A. | (88810032) | 87164882 |  | 1645150 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | (28626261) | 28626261 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate and Investment Bank | (4092883) | 4092883 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | (135439) | 135439 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | (60659249) | 60377469 |  | 281780 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | (15309561) | 15309561 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | (111688155) | 111393476 |  | 294679 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | (14477011) | 14477011 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | (33908784) | 33908784 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | (29352861) | 29352861 |  |  |  |  |  |
|  | $(387219110) | $384997501 |  | $2221609 |  | $— |  |

---

<sup>(a)</sup> Net collateral, including accrued interest, if any, with a value of $399,476,303 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Trust Name/Counterparty* | *Reverse Repurchase*<br> *Agreements* | *Fair Value of*<br> *Non-Cash Collateral*<br> *Pledged Including*<br> *Accrued Interest* | <br>*<sup>(a)</sup>*  | *Cash Collateral*<br> *Pledged/Received* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  BTZ |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amherst Pierpont Securities LLC | $(15795057) | $15795057 |  | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | (16816025) | 16816025 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A. | (53724447) | 53724447 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | (109447466) | 109447466 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | (6946787) | 6946787 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | (6889213) | 6889213 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | (26779795) | 26779795 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Capital Markets LLC | (163782503) | 163782503 |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities (USA) LLC | (189142763) | 189142763 |  |  |  |  |  |
|  | $(589324056) | $589324056 |  | $— |  | $— |  |

---

<sup>(a)</sup> Net collateral, including accrued interest, if any, with a value of $636,106,443 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. 

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).

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Notes to Financial Statements (continued)

Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Trust's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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").

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Notes to Financial Statements (continued)

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Trusts' counterparty on the swap. Each Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage
duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the 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

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Notes to Financial Statements (continued)

is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory:** Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, BHK, BTZ and BGT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of the Trust's managed assets.

---

| | |
|:---|:---|
| *Trust Name* | *Investment* <br> *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 the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).

For such services, HYT pays the Manager a monthly fee at an annual rate equal to 0.60% of the average daily value of HYT's net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage.

The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable Subsidiary for providing investment management or administrative services. However, HYT pays the Manager based on HYT's net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.

With respect to each Trust, the Manager entered into separate sub-advisory agreements with BlackRock International Limited ("BIL") and, with respect to BHK and BTZ, BlackRock (Singapore) Limited ("BSL") (collectively, the "Sub-Advisers"), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Trust for which BIL and BSL, as applicable, acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.

**Distribution Fees:** BHK 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 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 December 31, 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, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2022, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed*<br> *by the Manager* |
|  BHK | $6270 |
|  HYT | 2073 |
|  BTZ | 6229 |
|  BGT | 244 |

---

The Manager contractually agreed to waive its investment advisory fee with respect to any portion of each Trust's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days' notice, each subject to approval by a majority of the Trusts' Independent Trustees. These amounts are included in fees waived and/or

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Notes to Financial Statements (continued)

reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed*<br> *by the Manager* |
|  HYT | $17526 |
|  BGT | 391 |

---

**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 year ended December 31, 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:

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| | | | |
|:---|:---|:---|:---|
| *Trust Name* | *Purchases* | *Sales* | *Net Realized*<br> *Gain (Loss)* |
|  BHK | $4959263 | $441007 | $(172975) |
|  HYT | 59136 | 1092303 | (79380) |
|  BTZ | 163445 | 549077 | (77795) |

---

***7.***  ***PURCHASES AND SALES*** 

For the year ended December 31, 2022, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Securities | Other Securities | Other Securities |
| *Trust Name* | *Purchases* | *Sales* | *Purchases* | *Sales* |
|  BHK | $57834941 | $117933406 | $1084650520 | $1064267345 |
|  HYT |  |  | 823759438 | 811280653 |
|  BTZ |  |  | 759367654 | 711561701 |
|  BGT |  |  | 63846744 | 126132908 |

---

For the year ended December 31, 2022, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Purchases* | *Sales* |
|  BHK | $304212822 | $304397295 |

---

***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 December 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Paid-in Capital* | *Accumulated*<br> *Earnings (Loss)* |
|  HYT | $(1335) | $1335 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 153

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Notes to Financial Statements (continued)

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Year Ended*<br> *12/31/22* | *Year Ended*<br> *12/31/21* |
|  BHK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $37647546 | $51529173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gains | 5704634 | 5146673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 969019 |  |
|  | $44321199 | $56675846 |
|  HYT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $75141728 | $98245910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 32825998 | 15806301 |
|  | $107967726 | $114052211 |
|  BTZ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $65195451 | $80320881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital | 21102257 | 13796133 |
|  | $86297708 | $94117014 |
|  BGT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $16820514 | $14667710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  | 2693947 |
|  | $16820514 | $17361657 |

---

As of December 31, 2022, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Trust Name* | *Undistributed*<br> *Ordinary Income* | *Non-Expiring*<br> *Capital Loss*<br> *Carryforwards<sup>(a)</sup>* | *Net Unrealized*<br> *Gains (Losses)<sup>(b)</sup>* | *Qualified*<br> *Late-Year Losses<sup>(c)</sup>* | *Total* |
|  BHK | $— | $(62329096) | $(102800081) | $(1380292) | $(166509469) |
|  HYT |  | (153261725) | (200517447) | (13209605) | (366988777) |
|  BTZ |  | (37655037) | (148587133) |  | (186242170) |
|  BGT | 182984 | (29377882) | (21558428) |  | (50753326) |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, the realization for tax purposes of unrealized gains/losses on certain futures, options and foreign currency exchange contracts, amortization methods for premiums and discounts on fixed income securities, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements, the deferral of compensation to Trustees, the classification of investment, investments in wholly owned subsidiaries and dividend recognized for tax purposes. 

<sup>(c)</sup> The Trust has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

As of December 31, 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*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  BHK | $1114787942 | $20066436 | $(122628712) | $(102562276) |
|  HYT | 2022815055 | 16607640 | (216129955) | (199522315) |
|  BTZ | 1809805062 | 22511183 | (170301242) | (147790059) |
|  BGT | 385680362 | 540910 | (21843959) | (21303049) |

---

***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.

154 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (continued)

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 year ended December 31, 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*<br> *Amount Borrowed* | *Average Amount*<br> *Outstanding* | *Daily Weighted Average* <br> *Interest Rate*  |
|  HYT | $663000000 | $517616438 | 2.38% |
|  BGT | 146000000 | 121676712 | 2.37 |

---

***10.***  ***PRINCIPAL RISKS*** 

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments.

Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust's NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.

**Market Risk:** Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust's portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**Infectious Illness Risk:** An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**Counterparty Credit Risk:** The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and

N O T E S T O F I N A N C I A L S T A T E M E N T S 155

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Notes to Financial Statements (continued)

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 decrease as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates due to the recent period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Trusts' performance.

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.

***11.***  ***CAPITAL SHARE TRANSACTIONS*** 

BHK, BTZ and BGT is authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. HYT is authorized to issue 200 million shares, par value $0.10, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

As of the close of business on September 20, 2022, HYT issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for shares of HYT's common stock (the "Offer"). Shareholders received one right for each outstanding Common Share owned on the record date. The rights entitled their holders to purchase one new Common Share for every five rights held (1-for-5). The Offer expired on October 13, 2022. HYT received from the Offer gross proceeds of $167,749,786 for the issuance of 20,382,720 Common Shares. The rights offering resulted in $(0.13) or (1.42)% NAV dilution since the Common Shares were issued below HYT's NAV. HYT received the entire proceeds from the shares issued under the Offer since the Manager agreed to pay for all expenses (including sales commissions) related to the Offer.

BHK and HYT have filed a prospectus with the SEC allowing them to issue an additional 15,000,000 and 19,617,820 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 year ended December 31, 2022, BHK and HYT did not issue any Common Shares. As of year end, 15,000,000 and 19,617,820 Common Shares, respectively, remain available for issuance under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.

156 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (continued)

BGT filed a registration statement with the SEC seeking the ability to issue additional Common Shares through an equity shelf program (a "Shelf Offering"), which was declared effective on December 28, 2022. BGT may not sell any Common Shares in the Shelf Offering until a definitive prospectus relating to the Shelf Offering has been filed with the SEC. Under the Shelf Offering, the Trust 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 the Trust's NAV per Common Share (calculated within 48 hours of pricing). See Additional Information - Shelf Offering Program for additional information.

Initial costs incurred by BHK, HYT and BGT in connection with their Shelf Offerings are recorded as "Deferred offering costs" in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended | Year Ended | Year Ended | Year Ended |
| *Trust Name* | *12/31/22* | *12/31/22* | *12/31/21* | *12/31/21* |
|  BHK |  | 17666 |  | 57910 |
|  HYT |  | 101463 |  | 311681 |
|  BTZ |  |  |  | 28104 |
|  BGT |  | 2386 |  | 7902 |

---

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. From December 1, 2022 through November 30, 2023, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2022, subject to certain conditions. The Repurchase Program has an accretive effect as shares are purchased at a discount to the Trust's NAV. There is no assurance that the Trusts will purchase shares in any particular amounts. For the year ended December 31, 2022, the Trusts did not repurchase any shares.

For the year ended December 31, 2022, shares issued and outstanding remained constant for BTZ.

***12.***  ***SUBSEQUENT EVENTS*** 

Management's evaluation of the impact of all subsequent events on the Trusts' financial statements was completed through the date the financial statements were issued and the following items were noted:

The Trusts declared and paid or will pay distributions to Common Shareholders as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name* | *Declaration*<br> *Date* | *Record*<br> *Date* | *Payable/*<br> *Paid Date* | *Dividend Per*<br> *Common Share* |
|  BHK | 01/03/23 | 01/13/23 | 01/31/23 | $0.074600 |
|  | 02/01/23 | 02/15/23 | 02/28/23 | 0.074600 |
|  HYT | 01/03/23 | 01/13/23 | 01/31/23 | 0.077900 |
|  | 02/01/23 | 02/15/23 | 02/28/23 | 0.077900 |
|  BTZ | 01/03/23 | 01/13/23 | 01/31/23 | 0.083900 |
|  | 02/01/23 | 02/15/23 | 02/28/23 | 0.083900 |
|  BGT | 01/03/23 | 01/13/23 | 01/31/23 | 0.078100 |
|  | 02/01/23 | 02/15/23 | 02/28/23 | 0.078100 |

---

On January 9, 2023, BGT filed a definitive prospectus with the SEC in connection with its Shelf Offering and may sell additional Common Shares through the Shelf Offering.

N O T E S T O F I N A N C I A L S T A T E M E N T S 157

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees/Directors of BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc., BlackRock Credit Allocation Income Trust, and BlackRock Floating Rate Income Trust:

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities of BlackRock Core Bond Trust, BlackRock Credit Allocation Income Trust, and BlackRock Floating Rate Income Trust, including the schedules of investments, as of December 31, 2022, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the periods indicated in the table below, and the related notes. We have also audited the accompanying consolidated statement of assets and liabilities of BlackRock Corporate High Yield Fund, Inc. (collectively with the BlackRock Core Bond Trust, BlackRock Credit Allocation Income Trust, and BlackRock Floating Rate Income Trust, the "Funds"), including the consolidated schedule of investments, as of December 31, 2022, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for the periods indicated in the table below, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | |
|:---|:---|
| Fund | Financial Highlights |
|  BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc. | For each of the three years in the period ended December 31, 2022, for the period from September 1, 2019 through December 31, 2019, and for each of the two years in the period ended August 31, 2019 |
|  BlackRock Credit Allocation Income Trust, BlackRock Floating Rate Income Trust | For each of the three years in the period ended December 31, 2022, for the period from November 1, 2019 through December 31, 2019, and for each of the two years in the period ended October 31, 2019 |

---

**Basis for Opinion** 

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Deloitte & Touche LLP

Boston, Massachusetts

February 23, 2023

We have served as the auditor of one or more BlackRock investment companies since 1992.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| *Trust Name* | *Qualified Dividend*<br> *Income* |
|  BHK | $4490631 |
|  HYT | 2750029 |
|  BTZ | 12065703 |

---

The Trust hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| *Trust Name* | *20% Rate Long-Term*<br> *Capital Gain Dividends* |
|  BHK | $5704634 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Trust Name* | *Dividends-Received* <br> *Deduction*  |
|  BHK | 6.98% |
|  HYT | 2.70 |
|  BTZ | 9.57 |

---

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2022:

---

| | |
|:---|:---|
| *Trust Name* | *Interest*<br> *Dividends* |
|  BHK | $32126142 |
|  HYT | 85027712 |
|  BTZ | 61694075 |
|  BGT | 18310912 |

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The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2022:

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| | |
|:---|:---|
| *Trust Name* | *Interest*<br> *Related*<br> *Dividends* |
|  BHK | $26765589 |
|  HYT | 70368048 |
|  BTZ | 46903183 |
|  BGT | 14273598 |

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I M P O R T A N T T A X I N F O R M A T I O N 159

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Investment Objectives, Policies and Risks

**Recent Changes** 

**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.** 

During each Trust's most recent fiscal year, there were no material changes in the Trust's investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust.

**Investment Objectives and Policies** 

**BlackRock Core Bond Trust (BHK)** 

The Trust's investment objective is to provide current income and capital appreciation.

As a non-fundamental policy, under normal market conditions, the Trust invests at least 80% of its assets in bonds. Bonds held by the Trust may take the form of bonds, notes, bills, debentures, convertible securities, warrants attached to bonds, bank debt obligations, loan participations and assignments, trust preferred securities and securities issued by entities organized and operated for the purpose of restructuring the investment characteristics of securities. Under current 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, mortgage-related securities and U.S. government and agency debt securities. The Trust may invest up to 10% of its total managed assets in bonds issued in foreign currencies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

The Trust will also invest in bonds that, in the opinion of BlackRock Advisors, LLC (the "Manager") and BlackRock International Limited ("BIL") and BlackRock (Singapore) Limited ("BSL" and collectively with the Manager and BIL, the "Advisors"), the Fund's sub-advisors, are underrated or undervalued or have the potential for above-average current income and capital appreciation. Underrated bonds are those whose ratings do not, in Advisors' opinion, reflect their true creditworthiness. Undervalued bonds are bonds that, in the opinion of the Advisors, are worth more than the value assigned to them in the marketplace. The Advisors may at times believe that bonds associated with a particular market sector (for example, mortgage-related securities), or issued by a particular issuer, are undervalued. The Advisors may purchase those bonds for the Trust's portfolio because they represent a market sector or issuer that the Advisors consider undervalued, even if the value of those particular bonds appears to be consistent with the value of similar bonds. Bonds of particular issuers (for example, the Federal Home Loan Mortgage Association) may be undervalued because there is a temporary excess of supply in that market sector, or because of a general decline in the market price of bonds of the market sector for reasons that do not apply to the particular bonds that are considered undervalued. The Trust's investment in underrated or undervalued bonds will be based on the Advisors' belief that their yield is higher than that available on bonds bearing equivalent levels of interest rate risk, credit risk and other forms of risk, and that their prices will ultimately rise, relative to the market, to reflect their true value. The Trust may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.

The Trust invests primarily in investment grade bonds. Under normal market conditions, the Trust invests at least 75% of its total managed assets in investment grade quality bonds. Investment grade quality means that such bonds are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P"), Fitch Ratings, Inc. ("Fitch") or another nationally recognized rating agency) by one nationally recognized rating agency or are unrated but judged to be of comparable quality by the Advisors. Bonds that are rated by two or more nationally recognized rating agencies will be considered to have the higher credit rating. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity for bonds that are rated BBB or Baa (or that have equivalent ratings) to make principal and interest payments than is the case for higher rated bonds. The Trust may invest up to 25% of its total managed assets in bonds that are rated, at the time of investment, Ba/BB or below by Moody's, S&P, Fitch or another nationally recognized rating agency or that are unrated but judged to be of comparable quality by the Advisors. Bonds of below investment grade quality are commonly referred to as "junk bonds." Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. The lowest rated bonds in which the Trust may invest are securities rated in the category "C" or determined by the Advisors to be of comparable quality. Securities rated "C" are considered highly speculative and may be used to cover a situation where the issuer has filed a bankruptcy petition but debt service payments are continued. While such debt will likely have some quality and protective characteristics, those are outweighed by large uncertainties or major risk exposure to adverse conditions. These credit quality policies apply only at the time a security is purchased, and the Trust is not required to dispose of a security if a rating agency downgrades its assessment of the credit characteristics of a particular issue. In determining whether to retain or sell a security that a rating agency has downgraded, the Advisors may consider such factors as the Advisors' assessment of the credit quality of the issuer of the security, the price at which the security could be sold and the rating, if any, assigned to the security by other rating agencies.

The Trust may also invest in securities of other open- or closed-end investment companies that invest primarily in bonds of the types in which the Trust may invest directly.

As part of the management of the Trust, the Advisors manage the effective duration of the Trust's portfolio. The target duration of the Trust's portfolio may change from time to time.

The Advisors may, but are not required to, when consistent with the Trust's investment objective, use various strategic investment transactions to earn income, facilitate portfolio management and mitigate risks, including currency risk. The Trust may purchase and sell derivative instruments such as exchange-listed and over-the-counter put and call options on securities, financial futures, equity, fixed-income and interest rate indices, and other financial instruments, purchase and sell financial futures contracts and options thereon, enter into various interest rate transactions such as swaps, caps, floors or collars and enter into various currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures or credit transactions and credit default swaps. The Trust also may purchase derivative instruments that combine features of these instruments. Collectively, all of the above are referred to as "Strategic Transactions." The Trust generally seeks to use Strategic Transactions as a portfolio management or hedging technique to seek to protect against possible adverse changes in the market value of securities held in or to be purchased for the Trust's portfolio, protect the value of the Trust's portfolio, facilitate the sale of certain securities for investment purposes, manage the effective interest rate exposure of the Trust, protect against changes in currency exchange rates, manage the effective maturity or duration of the Trust's portfolio, or establish positions in the

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Investment Objectives, Policies and Risks (continued)

derivatives markets as a temporary substitute for purchasing or selling particular securities. The Trust may use Strategic Transactions to enhance potential gain, although no more than 5% of the Trust's total managed assets will be committed to variation margin for Strategic Transactions for non-hedging purposes.

During temporary defensive periods and in order to keep the Trust fully invested, the Trust may invest up to 100% of its total managed assets in short-term investments. The Trust may not achieve its investment objective under these circumstances.

**Leverage:** The Trust currently utilizes leverage for investment purposes in the form of reverse repurchase agreements. The Trust may borrow from banks or other financial institutions and may also borrow additional funds using such investment techniques and in such amounts as the Advisors may from time to time determine.

Borrowings may be made by the Trust through dollar roll transactions.

Although the Trust is authorized to issue preferred shares, the Trust anticipates that under current market conditions it will not offer preferred shares.

**BlackRock Corporate High Yield Fund, Inc. (HYT)** 

The Trust's 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's investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding voting securities of the Trust (as defined in the Investment Company Act of 1940 Act, as amended (the "1940 Act").

The Trust seeks to achieve its investment objectives by investing primarily in a diversified portfolio of fixed income securities which are rated below investment grade by the established rating services (Ba or lower by Moody's Investor's Service, Inc. ("Moody's"), BB or lower by S&P Global Ratings ("S&P") or BB or lower by Fitch Ratings, Inc. ("Fitch")) or, if unrated, are considered by BlackRock Advisors, LLC (the "Manager") or BlackRock International Limited ("BIL" and together with the Manager, the "Advisors"), the sub-advisor to the Fund, to be of comparable quality. The Trust may invest directly in fixed income securities or synthetically through the use of derivatives. The Trust may invest in securities of any maturity.

Under normal market conditions, the Trust invests at least 80% of its net assets (including assets acquired from the sale of preferred stock), plus the amount of any borrowings for investment purposes, in high yield securities, including high yield bonds, corporate loans, convertible debt securities and preferred securities. This is a non-fundamental policy and may be changed by the Board of Directors of the Trust provided that stockholders are provided with at least 60 days' prior written notice of any change, unless such change was previously approved by shareholders, as required by the rules under the 1940 Act.

High yield securities include high yield bonds (commonly referred to as "junk bonds"), corporate loans, mortgage-related securities, convertible debt securities and preferred securities, which are rated below investment grade or, if unrated, are considered by the Advisors to be of comparable quality. The high yield securities in which the Trust invests may also include credit linked notes, structured notes or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield securities.

The Trust may receive warrants or other non-income producing equity securities in connection with its investments in high yield securities, including in unit offerings, in an exchange offer, upon the conversion of a convertible security, or upon the restructuring or bankruptcy of investments owned by the Trust. The Trust may continue to hold such securities until, in the Advisors' judgment in light of current market conditions, it is advantageous to effect a disposition of such securities.

Although the Trust will invest primarily in below investment grade securities, other than with respect to Distressed Securities (described below), it will not invest in securities in the lowest rating categories (Ca or lower by Moody's, CC or lower by S&P or CC or lower by Fitch) unless the Advisors believe that the financial condition of the issuer or the protection afforded to the particular securities is stronger than would otherwise be indicated by such low ratings.

The Trust may invest up to 10% of its total assets in high yield securities which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition by the Trust or are rated in the lowest rating categories (Ca or lower by Moody's, CC or lower by S&P or CC or lower by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality ("Distressed Securities").

The Trust may invest, without limitation, in securities of issuers domiciled outside the United States or that are denominated in various foreign currencies and multinational currency units ("Non-U.S. Securities").

The Trust may invest up to 25% of its total assets in corporate loans extended to borrowers by commercial banks or other financial institutions ("Corporate Loans"). The Corporate Loans in which the Trust may invest may be rated below investment grade (Ba or lower by Moody's, BB or lower by S&P or BB or lower by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality.

The Trust may invest up to 15% of its total assets in convertible debt securities and up to 15% of its total assets in preferred securities, including preferred securities that may be converted into common stock or other securities of the same or a different issuer, and non-convertible preferred securities. The convertible debt securities and preferred securities in which the Trust may invest may be rated below investment grade by the established rating services (Ba or lower by Moody's, BB or lower by S&P or BB or lower by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality.

The Trust may make short sales of securities, provided that the market value of all securities sold short does not exceed 10% of its total assets. The Trust may make short sales both as a form of hedging to offset potential declines in long positions in similar securities and in order to seek to enhance return. The Trust also may make short sales "against the box." Short sales "against the box" are not subject to the foregoing 10% limitation.

The Trust may not purchase securities of other investment companies, except to the extent that such purchases are permitted by applicable law.

The Trust has no limitation on the amount of its investments that are not readily marketable or are subject to restrictions on resale.

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Investment Objectives, Policies and Risks (continued)

The Trust may engage in various portfolio strategies both to seek to increase its return and to hedge its portfolio against movements in interest rates and in the securities markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, interest rate transactions, credit default swaps and short selling.

**Leverage:** The Trust currently utilizes leverage for investment purposes in the form of a bank credit facility. The Trust generally will not utilize leverage if it anticipates that the Trust's leveraged capital structure would result in a lower return to common stockholders than that obtainable if the common stock were unleveraged for any significant amount of time. At times, the Trust could utilize leverage through borrowings, including the issuance of short term debt securities, the issuance of shares of preferred stock or a combination thereof. The Trust may also leverage through the use of reverse repurchase agreements.

There can be no assurance that the Trust will borrow in order to leverage its assets or, if it does, what percentage of the Trust's assets such borrowings will represent. The Trust does not currently anticipate issuing any preferred stock.

The Trust also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

**BlackRock Credit Allocation Income Trust (BTZ)** 

The investment objective of the Trust is to seek current income, current gains and capital appreciation.

The Trust, under normal market conditions, seeks to achieve its investment objective by investing 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.

The Trust may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in an underlying pool of assets, or as debt instruments, which are also known as collateralized obligations, and are generally 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 subject to such a prepayment feature will have the effect of shortening the maturity of the security. If the Trust 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.

The Trust may purchase certain mortgage pass-through securities. 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 Treasury.

The Trust may invest in collateralized debt obligations ("CDOs"), which include collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"). CBOs and CLOs are types of asset-backed securities. A CDO is a bankruptcy remote entity which 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.

The Trust may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.

The Trust may invest in capital trusts. These securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured as either fixed or adjustable coupon securities that can have either a perpetual or stated maturity date. 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. Payments on these securities are treated as interest rather than dividends for federal income tax purposes. These securities generally are rated below that of the issuing company's senior debt securities.

The Trust may invest in 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.

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Investment Objectives, Policies and Risks (continued)

Under normal market conditions, the Trust may invest without limitation in securities rated below investment grade at the time of purchase. However, it is anticipated, under current market conditions, that the Trust will have an average credit quality of at least investment grade.

Securities rated below investment grade include securities that are rated Ba or lower by Moody's Investors Service, Inc. ("Moody's") and BB or lower by S&P Global Ratings ("S&P") or Fitch Ratings, Inc. ("Fitch") or securities comparably rated by other rating agencies or in unrated securities determined by the BlackRock Advisors, LLC (the "Manager") or BlackRock International Limited ("BIL" and together with the Manager, the "Advisors"), the Fund's sub-advisor, to be of comparable quality. Securities rated Ba by Moody's are judged to have speculative elements, their future cannot be considered as well assured and often the protection of interest and principal payments may be very moderate. Securities rated BB by S&P or Fitch are regarded as having predominantly speculative characteristics and, while such obligations have less near-term vulnerability to default than other speculative grade debt, they face major ongoing uncertainties or exposure to adverse business, financial or economic conditions that could lead to inadequate capacity to meet timely interest and principal payments. Securities rated C are generally regarded as having extremely poor prospects of ever attaining any real investment standing. Securities rated D are in default and the payment of interest and/or repayment of principal is in arrears.

The prices of debt securities generally are inversely related to interest rate changes; however, the price volatility caused by fluctuating interest rates of securities also is inversely related to the coupon of such securities. Accordingly, lower grade securities may be relatively less sensitive to interest rate changes than higher quality securities of comparable maturity because of their higher coupon. This higher coupon is what the investor receives in return for bearing greater credit risk. The higher credit risk associated with lower grade securities potentially can have a greater effect on the value of such securities than may be the case with higher quality issues of comparable maturity and will be a substantial factor in the Trust's relative share price volatility.

Lower grade securities may be particularly susceptible to economic downturns. It is likely that an economic recession could disrupt severely the market for such securities and may have an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities.

The ratings of Moody's, S&P and the other rating agencies represent their opinions as to the quality of the obligations which they undertake to rate. Ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such obligations. Although these ratings may be an initial criterion for selection of portfolio investments, the Advisors also will independently evaluate these securities and the ability of the issuers of such securities to pay interest and principal. To the extent that the Trust invests in lower grade securities that have not been rated by a rating agency, the Trust's ability to achieve its investment objective(s) will be more dependent on the Advisors' credit analysis than would be the case when the Trust invests in rated securities.

Under normal market conditions, up to 50% of the Trust's Managed Assets may be invested in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies or multinational currency units. "Managed Assets" means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust's accrued liabilities (other than money borrowed for investment purposes). The Trust may also invest in non-U.S. securities of so-called emerging market issuers. A company is deemed to be a non-U.S. company if it meets any of the following tests: (i) such company was not organized in the United States; (ii) such company's primary business office is not in the United States; (iii) the principal trading market for such company's assets is not located in the United States; (iv) less than 50% of such company's assets are located in the United States; or (v) 50% or more of such issuer's revenues are derived from outside the United States.

The Trust may make short sales of securities. However, the Trust may not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of the Trust's total assets, or the Trust's aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may also make short sales "against the box" without respect to such limitations. In this type of short sale, at the time of the sale, the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security.

During periods in which the Advisors determine that they are temporarily unable to follow the Trust's investment strategy or that it is impractical to do so or pending reinvestment of proceeds received in connection with the sale of a security, the Trust may deviate from its investment strategy and invest all or any portion of its assets in cash, cash equivalents or short-term debt instruments.

The Advisors' determination that they are temporarily unable to follow the Trust's investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust's investment strategy is extremely limited or absent. In such a case, shares of the Trust may be adversely affected and the Trust may not pursue or achieve its investment objective. The Advisors currently anticipate that these are the only circumstances in which the Trust will invest in short-term debt securities.

The Trust may also lend the securities it owns to others, which allows the Trust the opportunity to earn additional income. Although the Trust will require the borrower of the securities to post collateral for the loan in accordance with market practice and the terms of the loan will require that the Trust be able to reacquire the loaned securities if certain events occur, the Trust is still subject to the risk that the borrower of the securities may default, which could result in the Trust losing money, which would result in a decline in the Trust's net asset value. The Trust may also purchase securities for delayed settlement. This means that the Trust is generally obligated to purchase the securities at a future date for a set purchase price, regardless of whether the value of the securities is more or less than the purchase price at the time of settlement.

The Trust may enter into interest rate swap or cap transactions.

The Trust may, but is not required to, use various strategic transactions to facilitate portfolio management, mitigate risks and enhance total return. Although the Advisors seek to use the practices to further the Trust's investment objective, no assurance can be given that these practices will achieve this result.

The Trust may purchase and sell derivative instruments such as exchange listed and over-the-counter put and call options on securities, financial futures, equity indices and other financial instruments, purchase and sell financial futures contracts and options thereon and engage in swaps. These derivative instruments may be transacted on an exchange or over-the-counter. The Trust also may purchase derivative instruments that combine features of these instruments. Collectively, all of the above are referred to as "Strategic Transactions."

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Investment Objectives, Policies and Risks (continued)

The Trust generally seeks to use Strategic Transactions as a portfolio management or hedging technique to seek to protect against possible adverse changes in the market value of securities held in or to be purchased for the Trust's portfolio, protect the value of the Trust's portfolio, facilitate the sale of certain securities for investment purposes, or establish positions in the derivatives markets as a temporary substitute for purchasing or selling particular securities. The Trust may use Strategic Transactions to enhance potential total returns.

**Leverage:** The Trust uses leverage to seek to obtain its investment objective. The Trust may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, these objectives cannot be achieved in all interest rate environments. The Trust may utilize leverage by borrowing through a credit facility or through entering into reverse repurchase agreements.

The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.

Borrowings may be made by the Trust through dollar roll transactions.

The Trust is able to issue preferred shares.

**BlackRock Floating Rate Income Trust (BGT)** 

The Trust's investment objective is to provide a high level of current income. The Trust, as a secondary objective, also seeks the preservation of capital to the extent consistent with its primary objective of high current income. The Trust will pursue its objectives by investing in a global portfolio of floating rate securities, including investing a significant amount in U.S. and non-U.S. senior secured floating rate loans ("Senior Loans"). Senior Loans are made to corporations, partnerships and other business entities which operate in various industries and geographical regions. Senior Loans pay interest at rates which are redetermined periodically by reference to a base lending rate, primarily LIBOR, plus a premium. It is anticipated that the proceeds of the Senior Loans in which the Trust will acquire interests primarily will be used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, refinancing and internal growth and for other corporate purposes of borrowers.

Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial portion of its assets in senior, secured loans made to corporate and other business entities. The Trust may invest directly in such securities or synthetically through the use of derivatives. The Trust will provide shareholders with notice at least 60 days prior to changing this non-fundamental policy of the Trust unless such change was previously approved by shareholders. The Trust may also invest up to 20% of its Managed Assets in fixed rate instruments of U.S. and non-U.S. issuers, including developed and emerging markets debt, investment grade and high yield corporate debt, sovereign debt, and mortgage-related and asset-backed securities. "Managed Assets" means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust's accrued liabilities (other than money borrowed for investment purposes).

Under normal market conditions, the Trust expects its portfolio to have a duration of no more than 1.5 years (including the effect of anticipated leverage). In comparison to maturity (which is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing of the instrument's expected principal and interest payments. Duration differs from maturity in that it takes into account a security's yield, coupon payments and its principal payments in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration. For example, a hypothetical portfolio with a duration of 1.5 years means that a 1% decrease in interest rates will increase the net asset value of the portfolio by approximately 1.5%; if interest rates increase by 1%, the net asset value will decrease by 1.5%. If this portfolio were leveraged, its net asset value, in the example, may fall more than 1.5% because changes in the net asset value of the Trust are borne entirely by the common shareholders.

Under current market conditions, the Trust expects that substantially all of its portfolio will consist of below investment grade debt securities, commonly referred to as "junk bonds," rated as such at the time of investment, meaning that such bonds are rated by national rating agencies below the four highest grades or are unrated but judged to be of comparable quality by BlackRock Advisors, LLC (the "Manager") or BlackRock International Limited ("BIL" and together with the Manager, the "Advisors'), the Fund's sub-advisor. S&P Global Ratings ("S&P") and Fitch Ratings, Inc. ("Fitch") consider securities rated below BBB- to be below investment grade and Moody's Investors Service, Inc. ("Moody's") considers securities rated below Baa3 to be below investment grade. Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to issuers' capacity to pay interest and repay principal. The remainder of the Trust's assets will be invested in investment grade debt securities. The Trust may invest in individual securities of any credit quality.

The Trust expects to invest 30% of its Managed Assets in securities of non-U.S. issuers. The Trust will generally invest in U.S. dollar-denominated securities or in non U.S. dollar-denominated securities for which currency exchange exposure versus the U.S. dollar has been hedged. However, the Trust may invest up to 10% of its Managed Assets in non-U.S. dollar-denominated securities whose currency exchange exposure versus the U.S. dollar remains unhedged. The Trust will not invest 25% or more of its Managed Assets in securities issued or guaranteed by any non-U.S. government, its agencies, instrumentalities or corporations. "Managed Assets" means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust's accrued liabilities (other than money borrowed for investment purposes).

The Trust may engage in foreign currency transactions, including foreign currency forward contracts, options, swaps and other strategic transactions in connection with its investments in non-U.S. securities.

The Trust may invest in illiquid securities and securities for which prices are not readily available without limit. The Trust may implement various temporary "defensive" strategies at times when the Advisor determine that conditions in the markets make pursuing the Trust's basic investment strategy inconsistent with the best interests of its shareholders. These strategies may include investing all or a portion of the Trust's assets in U.S. Government obligations and high-quality, short-term debt securities.

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Investment Objectives, Policies and Risks (continued)

**Leverage:** The Trust currently utilizes leverage for investment purposes in the form of a bank credit facility. The Trust may borrow through reverse repurchase agreements, dollar rolls and other investment techniques. The Fund also has the ability to utilize leverage through the issuance of preferred shares.

**Risk Factors** 

This section contains a discussion of the general risks of investing in each Trust. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Trust will meet its investment objective or that the Trust's performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk factor.

**Investment and Market Discount Risk:** An investment in the Trust's common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Trust's common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust's net asset value could decrease as a result of its investment activities. At any point in time an investment in the Trust's common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust's investment, market discount and certain other risks will be magnified.

**Debt Securities Risk:** Debt securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things.

&nbsp;&nbsp;&nbsp;&nbsp;• Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest
rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

The Trust may be subject to a greater risk of rising interest rates due to the recent period of historically low rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Trust's investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trusts investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust's net asset value. The Trust may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.

To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Trust to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full faith and credit" of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Trust's performance.

&nbsp;&nbsp;&nbsp;&nbsp;• Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not
be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Trust's investment in that issuer. The
degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;• Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than
anticipated, causing the value of these obligations to fall.

&nbsp;&nbsp;&nbsp;&nbsp;• Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than
originally anticipated, and the Trust may have to invest the proceeds in securities with lower yields.

**Mortgage- and Asset-Backed Securities Risks (BHK, BTZ and BGT):** Mortgage- and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.

**U.S. Government Mortgage-Related Securities Risk (BTZ):** 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. Mortgage-related securities guaranteed by the Government National Mortgage Association ("GNMA" or "Ginnie Mae") are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and 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 Treasury.

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Investment Objectives, Policies and Risks (continued)

**U.S. Government Obligations Risk (BHK, BTZ and BGT):** Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States.

**Senior Loans Risk (BGT):** There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan's value. No active trading market may exist for certain senior loans, which may impair the ability of the Trust to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in which the Trust will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.

**Risks of Loan Assignments and Participations (BHK):** As the purchaser of an assignment, the Trust typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Trust may not be able unilaterally to enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Trust as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Trust could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Trust may be required to pass along to a purchaser that buys a loan from the Trust by way of assignment a portion of any fees to which the Trust is entitled under the loan. In connection with purchasing participations, the Trust generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Trust may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Trust will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Trust may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

**Corporate Loans Risk (HYT and BTZ):** Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the London Interbank Offered Rate ("LIBOR") or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Trust's redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Trust may hold additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Trust invests are usually rated below investment grade.

**Variable and Floating Rate Instrument Risk (BGT):** Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. These securities may be subject to greater illiquidity risk than other fixed income securities, meaning the absence of an active market for these securities could make it difficult for the Trust to dispose of them at any given time.

**Junk Bonds Risk:** Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.

**Distressed Securities Risk (HYT):** Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Trust will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Trust may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Trust may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.

**Collateralized Bond Obligations Risk (BTZ):** The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates.

**Collateralized Debt Obligations Risk (BTZ):** In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations ("CDOs"), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Trust may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Trust could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced "fire sale" liquidation due to technical defaults such as coverage test failures; and (viii) the CDO's manager may perform poorly.

**Zero Coupon Securities Risk (BTZ):** While interest payments are not made on such securities, holders of such securities are deemed to have received income ("phantom income") annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder's ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash.

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Investment Objectives, Policies and Risks (continued)

**Capital Trusts Risk (BTZ):** These securities are subject to interest rate risk and credit risk.

**Foreign Securities Risk:** Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;• The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be
recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.

&nbsp;&nbsp;&nbsp;&nbsp;• Changes in foreign currency exchange rates can affect the value of the Trust's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to
such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.

&nbsp;&nbsp;&nbsp;&nbsp;• The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose
substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities,
derivatives or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;• Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same
extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;• Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of
securities not typically associated with settlement and clearance of U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;• The Trust's claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of
foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust's net asset value for such refunds may be written down partially or in full, which will
adversely affect the Trust's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;• The European financial markets have recently experienced volatility and adverse trends due to concerns about economic
downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trust's
investments.

**Emerging Markets Risk (BTZ and BGT):** Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.

**Sovereign Debt Risk (BGT):** Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.

**Equity Securities Risk (HYT):** Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions.

**Preferred Securities Risk (BHK, HYTand BTZ):** Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company's preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.

**Convertible Securities Risk (BHK, HYT and BTZ):** The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock.

**Warrants Risk (BHK and HYT):** If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially 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.

**Derivatives Risk:** The Trust's use of derivatives may increase its costs, reduce the Trust's returns and/or increase volatility. Derivatives involve significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;• Leverage Risk – The Trust's use of derivatives can magnify the Trust's gains and losses. Relatively small
market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

&nbsp;&nbsp;&nbsp;&nbsp;• Market Risk – Some derivatives are more sensitive to interest rate changes and market price fluctuations than other
securities. The Trust could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of
securities prices, interest rates and other economic factors, which could cause the Trust's derivatives positions to lose value.

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Investment Objectives, Policies and Risks (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Counterparty Risk – Derivatives are also subject to counterparty risk, which is the risk that the other party in the
transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;• Illiquidity Risk – The possible lack of a liquid secondary market for derivatives and the resulting inability of the
Trust to sell or otherwise close a derivatives position could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.

&nbsp;&nbsp;&nbsp;&nbsp;• Operational Risk – The use of derivatives includes the risk of potential operational issues, including documentation
issues, settlement issues, systems failures, inadequate controls and human error.

&nbsp;&nbsp;&nbsp;&nbsp;• Legal Risk – The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality
or enforceability of a contract.

&nbsp;&nbsp;&nbsp;&nbsp;• Volatility and Correlation Risk – Volatility is defined as the characteristic of a security, an index or a market to
fluctuate significantly in price within a short time period. A risk of the Trust's use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

&nbsp;&nbsp;&nbsp;&nbsp;• Valuation Risk – Valuation for derivatives may not be readily available in the market. Valuation may be more
difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

&nbsp;&nbsp;&nbsp;&nbsp;• Hedging Risk – Hedges are sometimes subject to imperfect matching between the derivative and the underlying
security, and there can be no assurance that the Trust's hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;• Tax Risk – Certain aspects of the tax treatment of derivative instruments, including swap agreements and
commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an
underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.

Regulatory Risk: Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are required to collect variation margin from the Trust and may be required by applicable regulations to collect initial margin from the Trust. Both initial and variation margin may be comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Trust, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Trust of trading in these instruments and, as a result, may affect returns to investors in the Trust

**Structured Notes Risk (HYT):** Structured notes and other related instruments purchased by the Trust are generally privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate ("reference measure"). The purchase of structured notes exposes the Trust to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note's value relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or more traditional debt securities.

**Leverage Risk:** The Trust's use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.

The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.

Leverage involves risks and special considerations for common shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;• the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a
comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;• the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the
return to the common shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the
common shares than if the Trust were not leveraged, which may result in a greater decline in the market price of the common shares;

&nbsp;&nbsp;&nbsp;&nbsp;• leverage may increase operating costs, which may reduce total return.

Any decline in the net asset value of the Trust's investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust's portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.

**Reverse Repurchase Agreements Risk:** Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

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Investment Objectives, Policies and Risks (continued)

**Dollar Rolls Risk (BHK, BTZ and BGT):** Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of the securities the Trust has sold. These transactions may involve leverage.

**Short Sales Risk (HYT and BTZ):** Because making short sales in securities that it does not own exposes the Trust to the risks associated with those securities, such short sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Trust replaces the security sold short.

**Illiquid Investments Risk:** The 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. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust's net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. 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.

**Securities Lending Risk (BTZ):** Securities lending involves the risk that the borrower may fail to return the securities in a timely manner or at all. As a result, the Trust may lose money and there may be a delay in recovering the loaned securities. The Trust could also lose money if it does not recover the securities and/or the value of the collateral falls, including the value of investments made with cash collateral. These events could trigger adverse tax consequences for the Trust.

**Investment Companies and ETFs Risk (BHK and HYT):** Subject to the limitations set forth in the Investment Company Act of 1940, as amended and the rules thereunder, the Trust may acquire shares in other investment companies and in exchange-traded funds ("ETFs"), some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity's expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).

The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market value of such securities and the possibility that the Trust's long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.

As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated fund, the ability of the Trust itself to hold other investment companies may be limited.

Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.

An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.

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Shareholder Update

The following includes additional required disclosures for certain Trusts, each of which has filed a shelf offering registration statement.

**Summary of Expenses** 

**BlackRock Core Bond Trust (BHK)** 

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BHK's common shares.

---

| | |
|:---|:---|
|  | *BHK* |
|  **Shareholder Transaction Expenses** |  |
|  Maximum sales load (as a percentage of offering price)<sup>(a)</sup> | 1.00% |
|  Offering expenses borne by the Trust (as a percentage of offering price)<sup>(a)</sup> | 0.02% |
|  | $0.02 per share<br> for open market<br> purchases of |
|  Dividend reinvestment plan fees | common shares <sup>(b)</sup> |
|  Dividend reinvestment plan sale transaction fee<sup>(b)</sup> | $2.50 |
|  **Estimated Annual Expenses** (as a percentage of net assets attributable to common shares) |  |
|  Investment advisory fees<sup>(c),(d)</sup> | 0.82% |
|  Other expenses | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense<sup>(e)</sup> | 1.05 |
|  Total annual expenses | 1.95 |
|  Fee waiver<sup>(d)</sup> |  |
|  Total annual Trust operating expenses after fee waiver<sup>(d)</sup> | 1.95 |

---

<sup>(a)</sup> If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering.

<sup>(b)</sup> Computershare Trust Company, N.A.'s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by the Trust. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. 

<sup>(c)</sup> The Trust currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.50% of its average weekly managed assets. For purposes of calculating these fees, "managed assets" means the total assets of the Trust (including any assets attributable to money borrowed) minus the sum of its accrued liabilities (other than money borrowed for investment purposes). 

<sup>(d)</sup> The Trust and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of the Trust's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Trust pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) of the Trust or a majority of the outstanding voting securities of the Trust), upon 90 days' written notice by the Trust to the Manager. 

<sup>(e)</sup> The Trust uses leverage in the form of reverse repurchase agreements representing 39.7% of managed assets at an annual interest expense to the Trust of 1.6%, which is based on current market conditions. The actual amount of interest expense borne by the Trust will vary over time in accordance with the level of the Trust's use of reverse repurchase agreements and variations in market interest rates. Interest expense is required to be treated as an expense of the Trust for accounting purposes. 

The following example illustrates the expenses (including the sales load of $10.00 and offering costs of $0.17) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 1.95% of net assets attributable to common shares and (ii) a 5% annual return:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
|  Total expenses incurred | $30 | $71 | $114 | $235 |

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. The Trust's actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

170 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Shareholder Update (continued)

**BlackRock Corporate High Yield Fund, Inc. (HYT)** 

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in HYT's common shares.

---

| | |
|:---|:---|
|  | *HYT* |
|  **Shareholder Transaction Expenses** |  |
|  Maximum sales load (as a percentage of offering price)<sup>(a)</sup> | 1.00% |
|  Offering expenses borne by the Trust (as a percentage of offering price)<sup>(a)</sup> | 0.01% |
|  | $0.02 per share<br>for open market<br>purchases of |
|  Dividend reinvestment plan fees | common shares <sup>(b)</sup> |
|  Dividend reinvestment plan sale transaction fee<sup>(b)</sup> | $2.50 |
|  **Estimated Annual Expenses** (as a percentage of net assets attributable to common shares) |  |
|  Investment advisory fees<sup>(c),(d)</sup> | 0.84% |
|  Other expenses | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense<sup>(e)</sup> | 0.96 |
|  Total annual expenses | 1.89 |
|  Fee waiver<sup>(d)</sup> |  |
|  Total annual Trust operating expenses after fee waiver<sup>(d)</sup> | 1.89 |

---

<sup>(a)</sup> If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering.

<sup>(b)</sup> Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by the Trust. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. 

<sup>(c)</sup> The Trust currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.60% based on an aggregate of (i) the Trust's average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, "average daily Managed Assets"). 

<sup>(d)</sup> The Trust and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of the Trust's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Trust pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Directors who are not "interested persons" (as defined in the Investment Company Act) of the Fund (the "Independent Directors")) or a majority of the outstanding voting securities of the Trust), upon 90 days' written notice by the Trust to the Manager. 

<sup>(e)</sup> The Trust uses leverage in the form of a credit facility in an amount equal to approximately 28.6% of the Trust's Managed Assets as of December 31, 2022. The interest expense borne by the Trust will vary over time in accordance with the level of the Trust's use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Trust for accounting purposes. 

The following example illustrates the expenses (including the sales load of $10.00 and offering costs of $0.08) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 1.89% of net assets attributable to common shares and (ii) a 5% annual return:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
|  Total expenses incurred | $29 | $69 | $111 | $229 |

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. The Trust's actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

S H A R E H O L D E R U P D A T E 171

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Shareholder Update (continued)

**BlackRock Floating Rate Income Trust (BGT)** 

The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BGT's common shares.

---

| | |
|:---|:---|
|  | *BGT* |
|  **Shareholder Transaction Expenses** |  |
|  Maximum sales load (as a percentage of offering price)<sup>(a)</sup> | 1.00% |
|  Offering expenses borne by the Trust (as a percentage of offering price)<sup>(a)</sup> | 0.04% |
|  | $0.02 per share<br>for open market<br>purchases of |
|  Dividend reinvestment plan fees | common shares <sup>(b)</sup> |
|  Dividend reinvestment plan sale transaction fee<sup>(b)</sup> | $2.50 |
|  **Estimated Annual Expenses** (as a percentage of net assets attributable to common shares) |  |
|  Investment advisory fees<sup>(c),(d)</sup> | 1.07% |
|  Other expenses | 1.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense<sup>(e)</sup> | 1.01 |
|  Total annual expenses | 2.20 |
|  Fee waiver<sup>(d)</sup> |  |
|  Total annual Trust operating expenses after fee waiver<sup>(d)</sup> | 2.20 |

---

<sup>(a)</sup> If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders will pay all offering expenses involved with an offering.

<sup>(b)</sup> Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by the Trust. However, shareholders will pay a $0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if direct the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. 

<sup>(c)</sup> The Trust currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.75% of the average weekly value of the Trust's Managed Assets. "Managed Assets" means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust's accrued liabilities (other than money borrowed for investment purposes). 

<sup>(d)</sup> The Trust and the Manager have entered into a fee waiver agreement (the "Fee Waiver Agreement"), pursuant to which the Manager has contractually agreed to waive the investment advisory fees with respect to any portion of the Trust's assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds ("ETFs") managed by the Manager or its affiliates that have a contractual management fee, through June 30, 2024. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Trust pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2024. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by the Trust (upon the vote of a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) of the Trust (the "Independent Trustees") or a majority of the outstanding voting securities of the Trust), upon 90 days' written notice by the Trust to the Manager. 

<sup>(e)</sup> The Trust uses leverage in the form of a credit facility in an amount equal to approximately 24.7% of the Trust's Managed Assets as of December 31, 2022. The interest expense borne by the Trust will vary over time in accordance with the level of the Trust's use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of the Trust for accounting purposes. 

The following example illustrates the expenses (including the sales load of $10.00 and offering costs of $0.49) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 2.20% of net assets attributable to common shares and (ii) a 5% annual return:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 1 Year | 3 Years | 5 Years | 10 Years |
|  Total expenses incurred | $33 | $79 | $127 | $261 |

---

The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. The Trust's actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

172 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Shareholder Update (continued)

**Share Price Data** 

The following tables summarize each Trust's highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the respective quarters.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *NYSE Market Price<br>Per Common Share* | *NYSE Market Price<br>Per Common Share* | *NAV per Common<br>Share on Date of<br>Market Price* | *NAV per Common<br>Share on Date of<br>Market Price* | *Premium/<br>(Discount)*<br> *on Date of*<br> *Market Price* | *Premium/<br>(Discount)*<br> *on Date of*<br> *Market Price* |  |
| BHK — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
|  December 31, 2022 | $11.18 | $9.56 | $11.50 | $10.39 | (2.78)% | (7.99)% | 12378547 |
|  September 30, 2022 | 12.40 | 10.00 | 12.41 | 10.84 | (0.08) | (7.75) | 9598611 |
|  June 30, 2022 | 13.12 | 10.52 | 13.83 | 11.81 | (5.13) | (10.92) | 13665047 |
|  March 31, 2022 | 16.27 | 12.53 | 15.29 | 13.56 | 6.41 | (7.60) | 14876344 |
|  December 31, 2021 | 16.87 | 15.84 | 15.71 | 15.79 | 7.38 | 0.32 | 6515697 |
|  September 30, 2021 | 17.22 | 15.01 | 16.27 | 16.29 | 5.84 | (7.86) | 8462107 |
|  June 30, 2021 | 16.52 | 15.51 | 16.16 | 15.85 | 2.23 | (2.15) | 7537091 |
|  March 31, 2021 | 16.54 | 14.99 | 16.37 | 15.70 | 1.04 | (4.52) | 9419391 |

---

As of December 31, 2022, BHK's market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $10.38, $10.89, and (4.68)%, respectively.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *NYSE Market Price<br>Per Common Share* | *NYSE Market Price<br>Per Common Share* | *NAV per Common<br>Share on Date of<br>Market Price* | *NAV per Common<br>Share on Date of<br>Market Price* | *Premium/<br>(Discount)*<br> *on Date of<br>Market Price* | *Premium/<br>(Discount)*<br> *on Date of<br>Market Price* |  |
| HYT — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
|  December 31, 2022 | $9.14 | $8.15 | $9.62 | $9.03 | (4.99)% | (9.75)% | 39558757 |
|  September 30, 2022 | 10.26 | 8.46 | 10.29 | 9.15 | (0.29) | (7.54) | 28960746 |
|  June 30, 2022 | 11.08 | 9.10 | 11.20 | 9.62 | (1.07) | (5.41) | 24910668 |
|  March 31, 2022 | 12.22 | 9.98 | 11.98 | 10.79 | 2.00 | (7.51) | 30947672 |
|  December 31, 2021 | 12.43 | 11.52 | 12.21 | 11.90 | 1.80 | (3.19) | 19474596 |
|  September 30, 2021 | 12.65 | 12.01 | 12.33 | 12.12 | 2.60 | (0.91) | 20231911 |
|  June 30, 2021 | 12.38 | 11.56 | 12.26 | 12.02 | 0.98 | (3.83) | 21432936 |
|  March 31, 2021 | 11.77 | 11.07 | 12.18 | 11.96 | (3.37) | (7.44) | 25244337 |

---

As of December 31, 2022, HYT's market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $8.74, $9.25, and (5.51)%, respectively.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *NYSE Market Price<br>Per Common Share* | *NYSE Market Price<br>Per Common Share* | *NAV per Common<br>Share on Date of<br>Market Price* | *NAV per Common<br>Share on Date of<br>Market Price* | *Premium/<br>(Discount)*<br> *on Date of<br>Market Price* | *Premium/<br>(Discount)*<br> *on Date of<br>Market Price* |  |
| BGT — During Quarter Ended | High | Low | High | Low | High | Low | Trading Volume |
|  December 31, 2022 | $11.68 | $10.60 | $12.44 | $12.21 | (6.11)% | (13.19)% | 5568336 |
|  September 30, 2022 | 12.17 | 10.77 | 12.79 | 12.17 | (4.85) | (11.50) | 4013597 |
|  June 30, 2022 | 12.95 | 10.80 | 13.27 | 12.37 | (2.41) | (12.69) | 6146663 |
|  March 31, 2022 | 14.13 | 11.82 | 13.57 | 12.91 | 4.13 | (8.44) | 5978514 |
|  December 31, 2021 | 12.62 | 13.21 | 13.49 | 13.58 | (6.45) | (2.72) | 6270147 |
|  September 30, 2021 | 12.91 | 12.69 | 13.57 | 13.53 | (4.86) | (6.21) | 5430380 |
|  June 30, 2021 | 13.37 | 12.45 | 13.59 | 13.54 | (1.62) | (8.05) | 6202740 |
|  March 31, 2021 | 14.51 | 11.73 | 13.53 | 13.42 | 7.24 | (12.59) | 4655909 |

---

As of December 31, 2022, BGT's market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $10.94, $12.43, and (11.99)%, respectively.

Common shares of each Trust have historically traded at both a premium and discount to NAV.

Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to the NAV.

S H A R E H O L D E R U P D A T E 173

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Shareholder Update (continued)

**Senior Securities** 

The following tables set forth information regarding each Trust's outstanding senior securities as of the end of each of Trust's last ten fiscal years, as applicable. Each of the Trust's audited financial statements, including Deloitte & Touche LLP's Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in this annual report.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  HYT — Fiscal Year Ended | Total Amount<br>Outstanding<br>(000) | Asset<br>Coverage<br><sup>(a)</sup> | Liquidating<br>Preference | Average<br>Market Value<br>(000)<br><sup>(b)</sup> | Type of <br>Senior Security |
|  December 31, 2022 | $529000 | $3494 | $N/A | $517616 | Bank Borrowings |
|  December 31, 2021 | 647000 | 3265 | N/A | 647367 | Bank Borrowings |
|  December 31, 2020 | 685000 | 3127 | N/A | 598918 | Bank Borrowings |
|  December 31, 2019 | 607000 | 3392 | N/A | 555492 | Bank Borrowings |
|  August 31, 2019 | 486000 | 3965 | N/A | 569559 | Bank Borrowings |
|  August 31, 2018 | 647000 | 3292 | N/A | 666948 | Bank Borrowings |
|  August 31, 2017 | 649000 | 3382 | N/A | 579521 | Bank Borrowings |
|  August 31, 2016 | 604000 | 3472 | N/A | 568839 | Bank Borrowings |
|  August 31, 2015 | 631000 | 3419 | N/A | 696756 | Bank Borrowings |
|  August 31, 2014 | 723000 | 3359 | N/A | 584041 | Bank Borrowings |
|  BGT — Fiscal Year Ended | Total Amount<br>Outstanding<br>(000) | Asset<br>Coverage <br><sup>(a)</sup> | Liquidating<br>Preference | Average<br>Market Value<br>(000) <br><sup>(b)</sup> | Type of <br> Senior Security  |
|  December 31, 2022 | $91000 | $4055 | $N/A | $121677 | Bank Borrowings |
|  December 31, 2021 | 143000 | 3103 | N/A | 134068 | Bank Borrowings |
|  December 31, 2020 | 129000 | 3327 | N/A | 122934 | Bank Borrowings |
|  December 31, 2019 | 130000 | 3490 | N/A | 122426 | Bank Borrowings |
|  October 31, 2019 | 123000 | 3610 | N/A | 128378 | Bank Borrowings |
|  October 31, 2018 | 142000 | 3389 | N/A | 144490 | Bank Borrowings |
|  October 31, 2017 | 150000 | 3287 | N/A | 138255 | Bank Borrowings |
|  October 31, 2016 | 148000 | 3304 | N/A | 117885 | Bank Borrowings |
|  October 31, 2015 | 104000 | 4225 | N/A | 129575 | Bank Borrowings |
|  October 31, 2014 | 145000 | 3377 | N/A | 131570 | Bank Borrowings |

---

<sup>(a)</sup> Calculated by subtracting the Trust's total liabilities (not including bank borrowings) from the Trust's total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. 

<sup>(b)</sup> Represents the average daily amount outstanding for loans under the revolving credit agreements. 

174 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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Automatic Dividend Reinvestment Plan

Pursuant to BHK, HYT, BTZ and BGT's Dividend Reinvestment Plan (the "Reinvestment Plan"), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") in the respective Trust's Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.

After BHK, HYT, BTZ and BGT declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants' accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts ("newly issued shares") or (ii) by purchase of outstanding shares on the open market or on the Trust's primary exchange ("open-market purchases"). If, on the dividend payment date, the net asset value ("NAV") per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market premium"), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant's account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a "market discount"), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.

You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.

Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

The Reinvestment Plan Agent's fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent's open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006, Providence, RI 02940-3078, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.

A U T O M A T I C D I V I D E N D R E I N V E S T M E N T P L A N 175

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Trustee and Officer Information

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| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees<sup>(a)</sup>** | **Independent Trustees<sup>(a)</sup>** | **Independent Trustees<sup>(a)</sup>** | **Independent Trustees<sup>(a)</sup>** | **Independent Trustees<sup>(a)</sup>** |
| **Name**<br> **Year of Birth<sup>(b)</sup>** | **Position(s) Held**<br> **(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of**<br> **Investment Portfolios**<br> **("Portfolios") Overseen** | **Public Company**<br> **and Other**<br> **Investment**<br> **Company**<br> **Directorships Held**<br> **During**<br> **Past 5 Years** |
| **R. Glenn Hubbard**<br> 1958 | Chair of the Board<br> (Since 2022)<br> Trustee<br> (Since 2007) | Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 70 RICs consisting of 102 Portfolios | ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy) |
| **W. Carl Kester<sup>(d)</sup>**<br> 1951 | Vice Chair of the Board<br> (Since 2022)<br> Trustee<br> (Since 2007) | George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 72 RICs consisting of 104 Portfolios |  |
| **Cynthia L. Egan**<br> 1955 | Trustee<br> (Since 2016) | Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 70 RICs consisting of 102 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non Executive Vice Chair of the Board) (chemical products) |
| **Frank J. Fabozzi<sup>(d)</sup>**<br> 1948 | Trustee<br> (Since 2007) | Editor of The Journal of Portfolio Management since 1986; Professor of Finance, EDHEC Business School (France) from 2011 to 2022; Professor of Practice, Johns Hopkins University since 2021; Professor in the Practice of Finance, Yale University School of Management from 1994 to 2011 and currently a Teaching Fellow in Yale's Executive Programs; Visiting Professor, Rutgers University for the Spring 2019 semester; Visiting Professor, New York University for the 2019 academic year; Adjunct Professor of Finance, Carnegie Mellon University in fall 2020 semester. | 72 RICs consisting of 104 Portfolios |  |
| **Lorenzo A. Flores**<br> 1964 | Trustee<br> (Since 2021) | Vice Chairman, Kioxia, Inc. since 2019; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 70 RICs consisting of 102 Portfolios |  |
| **Stayce D. Harris**<br> 1959 | Trustee<br> (Since 2021) | Lieutenant General, Inspector General, Office of the Secretary of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 70 RICs consisting of 102 Portfolios | The Boeing Company (airplane manufacturer) |
| **J. Phillip Holloman**<br> 1955 | Trustee<br> (Since 2021) | President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 70 RICs consisting of 102 Portfolios | PulteGroup, Inc. (home construction); Rockwell Automation Inc. (industrial automation) |

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Trustee and Officer Information (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees<sup>(a)</sup>** (continued) | **Independent Trustees<sup>(a)</sup>** (continued) | **Independent Trustees<sup>(a)</sup>** (continued) | **Independent Trustees<sup>(a)</sup>** (continued) | **Independent Trustees<sup>(a)</sup>** (continued) |
| **Name**<br> **Year of Birth<sup>(b)</sup>** | **Position(s) Held**<br> **(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised**<br> **Registered Investment Companies**<br> **("RICs") Consisting of**<br> **Investment Portfolios**<br> **("Portfolios") Overseen** | **Public Company**<br> **and Other**<br> **Investment**<br> **Company**<br> **Directorships Held**<br> **During**<br> **Past 5 Years** |
| **Catherine A. Lynch<sup>(d)</sup>**<br> 1961 | Trustee<br> (Since 2016) | Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 72 RICs consisting of 104 Portfolios | PennyMac Mortgage Investment Trust |
| **Interested Trustees<sup>(a)(e)</sup>** | **Interested Trustees<sup>(a)(e)</sup>** | **Interested Trustees<sup>(a)(e)</sup>** | **Interested Trustees<sup>(a)(e)</sup>** | **Interested Trustees<sup>(a)(e)</sup>** |
| **Name**<br> **Year of Birth<sup>(b)</sup>** | **Position(s) Held**<br> **(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised**<br> **Registered Investment Companies<br>("RICs") Consisting of**<br> **Investment Portfolios**<br> **("Portfolios") Overseen** | **Public Company**<br> **and Other**<br> **Investment**<br> **Company**<br> **Directorships**<br> **Held During**<br> **Past 5 Years** |
| **Robert Fairbairn**<br> 1965 | Trustee<br> (Since 2018) | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock's Global Executive and Global Operating Committees; Co-Chair of BlackRock's Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock's Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock's Retail and iShares<sup>®</sup> businesses from 2012 to 2016. | 98 RICs consisting of 266 Portfolios |  |
| **John M. Perlowski<sup>(d)</sup>**<br> 1964 | Trustee<br> (Since 2015)<br> President and Chief Executive Officer<br> (Since 2010) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 100 RICs consisting of 268 Portfolios |  |

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<sup>(a)</sup> The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

<sup>(b)</sup> Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust's by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are "interested persons," as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust's by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. 

<sup>(c)</sup> Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: Frank J. Fabozzi, 1988; R. Glenn Hubbard, 2004; and W. Carl Kester, 1995. 

<sup>(d)</sup> Dr. Fabozzi, Dr. Kester, Ms. Lynch and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

<sup>(e)</sup> Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 177

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Trustee and Officer Information (continued)

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| | | |
|:---|:---|:---|
| **Officers Who Are Not Trustees<sup>(a)</sup>** | **Officers Who Are Not Trustees<sup>(a)</sup>** | **Officers Who Are Not Trustees<sup>(a)</sup>** |
| **Name**<br> **Year of Birth<sup>(b)</sup>** | **Position(s) Held**<br> **(Length of Service)** | **Principal Occupation(s) During Past 5 Years** |
| **Jonathan Diorio**<br> 1980 | Vice President<br> (Since 2015) | Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015. |
| **Trent Walker**<br> 1974 | Chief Financial Officer<br> (Since 2021) | Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| **Jay M. Fife**<br> 1970 | Treasurer<br> (Since 2007) | Managing Director of BlackRock, Inc. since 2007. |
| **Charles Park**<br> 1967 | Chief Compliance Officer<br> (Since 2014) | Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares<sup>®</sup> Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors ("BFA") since 2006; Chief Compliance Officer for the BFA-advised iShares<sup>®</sup> exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012. |
| **Janey Ahn**<br> 1975 | Secretary<br> (Since 2012) | Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. |

---

<sup>(a)</sup> The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

<sup>(b)</sup> Officers of the Trust serve at the pleasure of the Board.

Further information about the BHK's, HYT's and BGT's Trustees and Officers is available in the Trust's Statement of Additional Information, which can be obtained without charge by calling (800) 882-0052.

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Additional Information

**Proxy Results** 

The Annual Meeting of Shareholders was held on July 25, 2022 for shareholders of record on May 27, 2022, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.

Shareholders elected the Class III Trustees as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Cynthia L. Egan | Cynthia L. Egan | Robert Fairbairn | Robert Fairbairn | Stayce D. Harris | Stayce D. Harris |
| *Trust Name* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* | *Votes For* | *Votes Withheld* |
|  &nbsp;&nbsp;&nbsp;&nbsp;BHK | 39711141 | 1282016 | 39749661 | 1243496 | 39684020 | 1309137 |
|  &nbsp;&nbsp;&nbsp;&nbsp;BTZ | 71250970 | 2262679 | 71178465 | 2335184 | 71273331 | 2240318 |
|  &nbsp;&nbsp;&nbsp;&nbsp;BGT | 14585275 | 539442 | 14619294 | 505423 | 14552041 | 572676 |

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For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Lorenzo A. Flores, J. Phillip Holloman, R. Glenn Hubbard, Catherine A. Lynch, John M. Perlowski, Frank J. Fabozzi and W. Carl Kester.

Shareholders elected the Class III Trustees as follows:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Frank J. Fabozzi | Frank J. Fabozzi | Frank J. Fabozzi |  | Robert Fairbairn | Robert Fairbairn | Robert Fairbairn |  | J. Phillip Holloman | J. Phillip Holloman | J. Phillip Holloman |
| *Trust Name* | *Votes For* | *Votes For* | *Votes Withheld* | *Votes Withheld* | *Votes For* | *Votes For* | *Votes Withheld* | *Votes Withheld* | *Votes For* | *Votes For* | *Votes Withheld* | *Votes Withheld* |
|  &nbsp;&nbsp;&nbsp;&nbsp;HYT |  | 81064150 |  | 3347843 |  | 81620989 |  | 2791004 |  | 81490360 |  | 2921633 |

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For the Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Lorenzo A. Flores, Stayce D. Harris, R. Glenn Hubbard, Catherine A. Lynch, John M. Perlowski and W. Carl Kester.

**Trust Certification** 

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE's listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

**Environmental, Social and Governance ("ESG") Integration** 

Although a Trust does not seek to implement a specific 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 such ESG characteristics it deems relevant or additive, if any, 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.

A D D I T I O N A L I N F O R M A T I O N 179

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Additional Information (continued)

**General Information** 

The Trusts, other than BHK, HYT and BGT, do not make available copies of their Statements of Additional Information because the Trusts' shares, other than BHK, HYT and BGT, are not continuously offered, which means that the Statement of Additional Information of each Trust, other than BHK, HYT and BGT, has not been updated after completion of the respective Trust's offerings and the information contained in each Trust's Statement of Additional Information may have become outdated.

BHK's HYT's and BGT's Statement of Additional Information includes additional information about the Board and is available, without charge upon request by calling (800)-882-0052.

The following information is a summary of certain changes since December 31, 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. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts' portfolios.

Effective August 1, 2022, the State of Delaware enacted new control beneficial interest acquisition provisions of the Delaware Statutory Trust Act (the "Delaware CBIA Statute") that automatically applies to Delaware statutory trusts that are registered as closed-end management investment companies under the Investment Company Act of 1940, such as BHK, BTZ and BGT. In general, the Delaware CBIA Statute limits the right of holders who acquire "control beneficial interests" of a statutory trust to vote those beneficial interests on matters under the Delaware Statutory Trust Act or the governing instrument of BHK, BTZ and BGT unless approved by disinterested shareholders holding two-thirds of the votes entitled to be cast. The Delaware CBIA Statute generally defines "control beneficial interests" to include beneficial interests that, in the absence of the Delaware CBIA Statute, if aggregated with all other beneficial interests of the statutory trust that are either (i) owned by the acquiring person (or an associate) or (ii) in respect of which the acquiring person (or an associate) is entitled to exercise or direct the exercise of voting power, would entitle that person to exercise or direct the exercise of voting power of beneficial interests in the election of trustees, within any of certain specified ranges of voting power starting at 10%. The Delaware CBIA Statute requires acquiring persons to disclose to the statutory trust any control beneficial interest acquisition within 10 days of such acquisition. The Delaware CBIA Statute allows a statutory trust's governing instrument or board of trustees to provide exemptions from the statute's limitations to acquisitions of beneficial interests, including as to any series or classes of beneficial interests. The foregoing is only a summary of certain aspects of the Delaware CBIA Statute. Shareholders should consult their own legal counsel to determine the application of the Delaware CBIA Statute with respect to their beneficial interests of BHK, BTZ and BGT and any subsequent acquisitions of beneficial interests.

In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BHK 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**.

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Additional Information (continued)

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**Availability of Trust Updates** 

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the "Closed-end Funds" section of **blackrock.com** as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock's website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock's website in this report.

**Shelf Offering Program** 

From time to time, BHK, HYT and BGT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BHK, HYT and BGT may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BHK's, HYT's and BGT's net asset value ("NAV") per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BHK, HYT and BGT to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.

BHK and HYT filed final prospectuses with the SEC in connection with its Shelf Offering on February 9, 2022 and December 29, 2022, respectively. This report and the prospectuses of BHK and HYT are not offers to sell BHK and HYT Common Shares or solicitations of an offer to buy BHK and HYT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of BHK and HYT contain important information about BHK and HYT, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of BHK and HYT carefully and in their entirety before investing. Copies of the final prospectuses for BHK and HYT can be obtained from BlackRock at **blackrock.com**.

On December 28, 2022, BGT's registration statement with the SEC to issue additional Common Shares through a Shelf Offering was declared effective. BGT may not sell any Common Shares in a Shelf Offering until a definitive prospectus relating to the Shelf Offering has been filed with the SEC. This report and the prospectus of BGT are not offers to sell BGT Common Shares or solicitations of an offer to buy BGT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectus of BGT contains important information about BGT, including its investment objective, risks, charges and expenses. Investors are urged to read the prospectus of BGT carefully and in its entirety before investing. Copies of the final prospectus for BGT can be obtained from BlackRock at **blackrock.com**, when available.

**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** 

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| | |
|:---|:---|
| **Investment Adviser** | **Sub-Adviser** |
| BlackRock Advisors, LLC | BlackRock International Limited |
| Wilmington, DE 19809 | Edinburgh, EH3 8BL |
|  | United Kingdom |
|  | BlackRock (Singapore) Limited<sup>(a)</sup> |
|  | 079912 Singapore |

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A D D I T I O N A L I N F O R M A T I O N 181

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Additional Information (continued)

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| | |
|:---|:---|
| **Trust and Service Providers (continued)** |  |
| **Accounting Agent and Custodian** | **Transfer Agent** |
| State Street Bank and Trust Company | Computershare Trust Company, N.A. |
| Boston, MA 02111 | Canton, MA 02021 |
|  <sup>(a) </sup>For BHK and BTZ. | **Independent Registered Public Accounting Firm** |
|  | Deloitte & Touche LLP |
|  | Boston, MA 02116 |
|  | **Legal Counsel** |
|  | Willkie Farr & Gallagher LLP |
|  | New York, NY 10019 |
|  | **Address of the Trusts** |
|  | 100 Bellevue Parkway |
|  | Wilmington, DE 19809 |

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Glossary of Terms Used in this Report

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| | |
|:---|:---|
| **Currency Abbreviation** | **Currency Abbreviation** |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| AGM | Assured Guaranty Municipal Corp. |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| CDI | CREST Depository Interest |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation Bonds |
| LIBOR | London Interbank Offered Rate |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bond |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SG | Syncora Guarantee |
| SOFR | Secured Overnight Financing Rate |
| SOFR CME | Secured Overnight Financing Rate Chicago Mercantile Exchange |
| SOFRTE | Term Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| SPDR | Standard & Poor's Depository Receipt |
| TBA | To-Be-Announced |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 183

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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-12/22-AR

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|:---|:---|
| ![LOGO](g449685g42l24.jpg)  | ![LOGO](g449685sp184i.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

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| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.  |

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Item 3 – Audit Committee Financial Expert – The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Frank J. Fabozzi

Lorenzo A. Flores

Catherine A. Lynch

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | **(b) Audit-Related Fees<sup>1</sup>** | **(b) Audit-Related Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**<u>Entity Name</u>** | **<u>Current</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Previous</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Current</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Previous</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Current</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Previous</u><br> <u>Fiscal Year</u> <br><u>End</u><sup>3</sup>** | **<u>Current</u><br> <u>Fiscal Year</u> <br><u>End</u>** | **<u>Previous</u><br> <u>Fiscal Year</u> <br><u>End</u><sup>3</sup>** |
| &nbsp;&nbsp;&nbsp;BlackRock Credit Allocation Income Trust | $43248 | $42824 | $0 | $207 | $23300 | $21300 | $431 | $0 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors LLC ("Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

**2**

------

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp;**(b) Audit-Related Fees<sup>1</sup>** | $0 | $0 |
| &nbsp;&nbsp;&nbsp;**(c) Tax Fees<sup>2</sup>** | $0 | $0 |
| &nbsp;&nbsp;&nbsp;**(d) All Other Fees<sup>3</sup>** | $2098000 | $2032000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,098,000 and $2,032,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees,"

**3**

------

"Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**<u>Entity Name</u>** | **<u>Current Fiscal Year</u><br><u>End</u>** | **<u>Previous Fiscal Year</u><br> <u>End</u>** |
| &nbsp;&nbsp;&nbsp; BlackRock Credit Allocation Income Trust | $23731 | $21507 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **<u>Current Fiscal</u>**<br> **<u>Year End</u>** | **<u>Previous Fiscal</u>**<br> **<u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;$2098000 | $2032000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser, and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Frank J. Fabozzi

Lorenzo A. Flores

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Phillip Holloman

Catherine A. Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

**4**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

---

| | |
|:---|:---|
| Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund's portfolio securities to the Investment Adviser pursuant to the Investment Adviser's proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund's stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser's Equity Investment Policy Oversight Committee, or a sub-committee thereof (the "Oversight Committee") is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser's clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser's Portfolio Management Group and/or the Investment Adviser's Legal and Compliance Department and concluding that the vote cast is in its client's best interest notwithstanding the conflict. A copy of the Fund's Proxy Voting Policy and Procedures are attached as [Exhibit 99.PROXYPOL](d456711dex99proxypol.htm), a copy of the Fund's Global Corporate Governance & Engagement Principles are attached as [Exhibit 99.GLOBAL.CORP.GOV](d456711dex99globalcorpgov.htm) and a copy of the Fund's Corporate Governance and Proxy Voting Guidelines for U.S. Securities are attached as [Exhibit 99.US.CORP.GOV](d456711dex99uscorpgov.htm). Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, (i) at www.blackrock.com and (ii) on the SEC's website at http://www.sec.gov.  |

---

Item 8 – Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The Fund is managed by a team of investment professionals comprised of Jeffrey Cucunato, Managing Director at BlackRock, Mitchell S. Garfin, Managing Director at BlackRock and Charley Hung, Director at BlackRock. Messrs. Cucunato, Garfin and Hung are the Fund's portfolio managers and are responsible for the day-to-day management of the Fund's portfolio and the selection of its investments. Messrs. Cucunato and Garfin have been members of the Fund's portfolio management team since 2011. Mr. Hung has been a member of the Fund's portfolio management team since 2021.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Portfolio Manager** | **Biography** |
| &nbsp;&nbsp;&nbsp; Jeffrey Cucunato | Managing Director of BlackRock since 2005. |
| &nbsp;&nbsp;&nbsp; Mitchell S. Garfin, CFA | Managing Director of BlackRock since 2009; Director of BlackRock from 2005 to 2008. |
| &nbsp;&nbsp;&nbsp; Charley Hung, CFA | Director of BlackRock since 2013. |

---

**5**

------

(a)(2) As of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **(ii) Number of Other Accounts Managed**<br> **and Assets by Account Type** | **(ii) Number of Other Accounts Managed**<br> **and Assets by Account Type** | **(ii) Number of Other Accounts Managed**<br> **and Assets by Account Type** | **(iii) Number of Other Accounts and**<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | **(iii) Number of Other Accounts and**<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** | **(iii) Number of Other Accounts and**<br> **Assets for Which Advisory Fee is**<br> **Performance-Based** |
| &nbsp;&nbsp;&nbsp; **(i) Name of**<br> **Portfolio Manager** | **Other**<br> **Registered**<br> **Investment**<br> **Companies** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts** | **Other**<br> **Registered**<br> **Investment**<br> **Companies** | **Other Pooled**<br> **Investment**<br> **Vehicles** | **Other**<br> **Accounts** |
| &nbsp;&nbsp;&nbsp; Jeffrey Cucunato<br>| 16<br>| 4<br>| 2<br>| 0<br>| 0<br>| 1<br>|
|  | $5.13 Billion | $518.8 Million | $569.7 Million | $0 | $0 | $4.48 Million |
| &nbsp;&nbsp;&nbsp; Mitchell S. Garfin, CFA | 26<br>| 28 | 156 | 0 | 0 | 5 |
|  | $35.92 Billion<br>| $12.05 Billion | $16.13 Billion | $0 | $0 | $818.5 Million |
| &nbsp;&nbsp;&nbsp; Charley Hung, CFA | 5<br>| 7 | 4 | 0 | 0 | 1 |
|  | $1.88 Billion<br>| $689.9 Million | $1.33 Billion | $0 | $0 | $4.48 Million |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Portfolio Manager Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.'s (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Cucunato, Garfin and Hung may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Cucunato, Garfin and Hung may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

**6**

------

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

(a)(3) As of December 31, 2022:

**Portfolio Manager Compensation Overview** 

The discussion below describes the portfolio managers' compensation as of December 31, 2022.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

**Base Compensation.** Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation** 

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Benchmark** |
| &nbsp;&nbsp;&nbsp; Jeffrey Cucunato<br> Charley Hung, CFA | Bloomberg US Credit Index |
| &nbsp;&nbsp;&nbsp; Mitchell S. Garfin, CFA | A combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups. |

---

**7**

------

**Distribution of Discretionary Incentive Compensation**. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.

For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

**Other Compensation Benefits.** In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

*Incentive Savings Plans —* BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($305,000 for 2022). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.

**8**

------

(a)(4) *Beneficial Ownership of Securities* – As of December 31, 2022.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Dollar Range of Equity Securities<br>of the Fund Beneficially Owned** |
| &nbsp;&nbsp;&nbsp; Jeffrey Cucunato | $100001 - $500000 |
| &nbsp;&nbsp;&nbsp; Mitchell S. Garfin, CFA | $100001 - $500000 |
| &nbsp;&nbsp;&nbsp; Charley Hung, CFA |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.

---

| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 11 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies --Not Applicable

Item 13 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2456711_1)

[(a)(2) Section 302 Certifications are attached](d456711dex99cert.htm)

(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d456711dex99906cert.htm)

**9**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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, 2009<sup>1</sup>](d456711dex99section19.htm)

------

<sup>1</sup> 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.

**10**

------

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: February 23, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Credit Allocation Income Trust |

---

Date: February 23, 2023

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Credit Allocation Income Trust |

---

Date: February 23, 2023

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

------

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Credit Allocation Income Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Credit Allocation Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2023

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Credit Allocation Income Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

------

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Credit Allocation Income Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Credit Allocation Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 23, 2023

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Credit Allocation Income Trust

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Credit Allocation Income Trust (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| Date: February 23, 2023 |
| <br> <u>/s/ John M. Perlowski</u>  |
| John M. Perlowski |
| Chief Executive Officer (principal executive officer) of |
| BlackRock Credit Allocation Income Trust |

---

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Credit Allocation Income Trust (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| Date: February 23, 2023 |
| <br> <u>/s/ Trent Walker</u>  |
| Trent Walker |
| Chief Financial Officer (principal financial officer) of |
| BlackRock Credit Allocation Income Trust |

---

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**

## Ex-99.Section19

BlackRock Credit Allocation Income Trust

Cusip: 092508100

Ticker: BTZ

---

| | |
|:---|:---|
|  Record Date | January 13, 2023 |
|  Pay Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;January 31, 2023 |
|  Distribution Amount per share | $0.083900 |

---

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net income, net realized capital gains and return of capital. All amounts are expressed per common share.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | | % Breakdown of the |
|  | | % Breakdown | Total Cumulative Distributions for | Total Cumulative |
|  | | &nbsp;&nbsp;&nbsp;&nbsp;of the Current | the Fiscal Year to Date | Distributions for the |
|  | Current Distribution | Distribution | | Fiscal Year to Date |
|  Net Income | $0.049145 | 59% | $0.049145 | 59% |
|  Net Realized Short-Term Capital Gains | $- | 0% | $- | 0% |
|  Net Realized Long-Term Capital Gains | $- | 0% | $- | 0% |
|  Return of Capital | $0.034755 | 41% | $0.034755 | 41% |
|  Total (per common share) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.083900 | 100% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.083900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |
|  Average annual total return (in relation to NAV) for the 5-year period ending on December 31, 2022 | Average annual total return (in relation to NAV) for the 5-year period ending on December 31, 2022 | Average annual total return (in relation to NAV) for the 5-year period ending on December 31, 2022 | Average annual total return (in relation to NAV) for the 5-year period ending on December 31, 2022 | 1.54% |
|  Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2022 | Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2022 | Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2022 | Annualized current distribution rate expressed as a percentage of NAV as of December 31, 2022 | 9.00% |
|  Cumulative total return (in relation to NAV) for the fiscal year through December 31, 2022 | Cumulative total return (in relation to NAV) for the fiscal year through December 31, 2022 | Cumulative total return (in relation to NAV) for the fiscal year through December 31, 2022 | Cumulative total return (in relation to NAV) for the fiscal year through December 31, 2022 | -19.55% |
|  Cumulative fiscal year distributions as a percentage of NAV as of December 31, 2022 | Cumulative fiscal year distributions as a percentage of NAV as of December 31, 2022 | Cumulative fiscal year distributions as a percentage of NAV as of December 31, 2022 | Cumulative fiscal year distributions as a percentage of NAV as of December 31, 2022 | 8.25% |

---

You should not draw any conclusions about the Trust's investment performance from the amount of this distribution or from the terms of the Trust's Managed Distribution Plan.

The Fund estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Contact Number: 800-882-0052

## Ex-99.Proxypol

Closed-End Fund Proxy Voting Policy

August 1, 2021

![LOGO](g412750g42l24.jpg)

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Closed-End Fund Proxy Voting Policy <br>***Procedures Governing Delegation of Proxy Voting to Fund Adviser***<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;Effective Date: August 1, 2021<br> &nbsp;&nbsp;&nbsp;&nbsp;Last Review Date: August 1, 2022 |

---

------

---

| |
|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**Applies to the following types of Funds registered under the 1940 Act:** |
|  ☐ Open-End Mutual Funds (including money market funds) |
|  ☐ Money Market Funds Only |
|  ☐ iShares and BlackRock ETFs |
|  ☒ Closed-End Funds |
|  ☐ Other |

---

------

**Objective and Scope** 

Set forth below is the Closed-End Fund Proxy Voting Policy.

**Policy / Document Requirements and Statements** 

The Boards of Trustees/Directors (the "Directors") of the closed-end funds advised by BlackRock Advisors, LLC ("BlackRock") (the "Funds") have the responsibility for the oversight of voting proxies relating to portfolio securities of the Funds, and have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock as part of BlackRock's authority to manage, acquire and dispose of account assets, all as contemplated by the Funds' respective investment management agreements.

BlackRock has adopted guidelines and procedures (together and as from time to time amended, the "BlackRock Proxy Voting Guidelines") governing proxy voting by accounts managed by BlackRock. BlackRock will cast votes on behalf of each of the Funds on specific proxy issues in respect of securities held by each such Fund in accordance with the BlackRock Proxy Voting Guidelines; provided, however, that in the case of underlying closed-end funds (including business development companies and other similarly-situated asset pools) held by the Funds that have, or are proposing to adopt, a classified board structure, BlackRock will typically (a) vote in favor of proposals to adopt classification and against proposals to eliminate classification, and (b) not vote against directors as a result of their adoption of a classified board structure.

BlackRock will report on an annual basis to the Directors on (1) a summary of all proxy votes that BlackRock has made on behalf of the Funds in the preceding year together with a representation that all votes were in accordance with the BlackRock Proxy Voting Guidelines (as modified pursuant to the immediately preceding paragraph), and (2) any changes to the BlackRock Proxy Voting Guidelines that have not previously been reported.

![LOGO](g412750dsp17n.jpg)

Public Page 1 of 1

## Ex-99.Globalcorpgov

![LOGO](g412750g00s01.jpg)

BlackRock Investment Stewardship Global Principles Effective as of January 2023 BlackRock

------

## Contents

---

| | |
|:---|:---|
|  **[Introduction to BlackRock](#globalcorp412750_1)** | **3** |
|  **[Philosophy on investment stewardship](#globalcorp412750_2)** | **3** |
|  **[Key themes](#globalcorp412750_3)** | **5** |
|  **[Boards and directors](#globalcorp412750_4)** | **6** |
|  **[Auditors and audit-related issues](#globalcorp412750_5)** | **9** |
|  **[Capital structure, mergers, asset sales, and other special transactions](#globalcorp412750_6)** | **10** |
|  **[Compensation and benefits](#globalcorp412750_7)** | **11** |
|  **[Material sustainability-related risks and opportunities](#globalcorp412750_8)** | **12** |
|  **[Other corporate governance matters and shareholder protections](#globalcorp412750_9)** | **14** |
|  **[Shareholder proposals](#globalcorp412750_10)** | **15** |
|  **[BlackRock's oversight of its investment stewardship activities](#globalcorp412750_11)** | **15** |
|  **[Vote execution](#globalcorp412750_12)** | **16** |
|  **[Conflicts management policies and procedures](#globalcorp412750_13)** | **17** |
|  **[Securities lending](#globalcorp412750_14)** | **19** |
|  **[Voting guidelines](#globalcorp412750_15)** | **19** |
|  **[Reporting and vote transparency](#globalcorp412750_16)** | **19** |

---

*The purpose of this document is to provide an overarching explanation of BlackRock's approach globally to our responsibilities as a shareholder on behalf of our clients, our expectations of companies, and our commitments to clients in terms of our own governance and transparency.* 

---

| | |
|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **2** |

---

------

**Introduction to BlackRock** 

BlackRock's purpose is to help more and more people experience financial well-being. We manage assets on behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as well as individuals around the world. As part of our fiduciary duty to our clients, we consider it one of our responsibilities to promote sound corporate governance, as an informed, engaged shareholder on their behalf. At BlackRock, this is the responsibility of the Investment Stewardship team.

**Philosophy on investment stewardship** 

Companies are responsible for ensuring they have appropriate governance structures to serve the interests of shareholders and other key stakeholders. We believe that there are certain fundamental rights attached to shareholding. Companies and their boards should be accountable to shareholders and structured with appropriate checks and balances to ensure that they operate in shareholders' best interests to create sustainable value. Shareholders should have the right to vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by-laws. Shareholders should be able to vote on key board decisions that are material to the protection of their investment, including but not limited to, changes to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income and capital structure. In order to make informed decisions, shareholders need sufficient and timely information. In addition, shareholder voting rights should be proportionate to their economic ownership—the principle of "one share, one vote" helps achieve this balance.

Consistent with these shareholder rights, BlackRock has a responsibility to monitor and provide feedback to companies in our role as stewards of our clients' investments. Investment stewardship is how we use our voice as an investor to promote sound corporate governance and business practices to help maximize long-term shareholder value for our clients, the vast majority of whom are investing for long-term goals such as retirement. BlackRock Investment Stewardship (BIS) does this through engagement with management teams and/or board members on material business issues and, for those clients who have given us authority, through voting proxies in their best long-term financial interests.<sup>1</sup> We also contribute to consultations on public policy and private sector initiatives on industry standards, consistent with our clients' interests as long-term shareholders.

BlackRock looks to companies to provide timely, accurate, and comprehensive disclosure on all material governance and business matters. This transparency allows shareholders to appropriately understand and assess how relevant risks and opportunities are being effectively identified and managed. Where company reporting and disclosure is inadequate or where the governance approach taken may be inconsistent with durable, long-term value creation for shareholders, we will engage with a company and/or vote in a manner that advances long-term shareholders' interests.

------

<sup>1</sup> Through <u>BlackRock Voting Choice</u> we have, since January 2022, made proxy voting easier and more accessible for investors in separate accounts and certain pooled vehicles. As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a third party policy, or have elected to vote shares in accordance with their own policy. We are not able to disclose which clients have opted to exercise greater control over their voting, nor are we able to disclose which proxy voting policies they have selected.

---

| | |
|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **3** |

---

------

BlackRock views engagement as an important activity; engagement provides us with the opportunity to improve our understanding of the business and of the risks and opportunities that are material to the companies in which our clients invest. Engagement may also inform our voting decisions. As long-term investors on behalf of clients, we seek to have regular and continuing dialogue with executives and board directors to advance sound governance and durable business practices aligned with long-term value creation, as well as to understand the effectiveness of the company's management and oversight of material issues. Engagement is an important mechanism for providing feedback on company practices and disclosures, particularly where we believe they could be enhanced to support a company's ability to deliver financial performance. Similarly, it provides us with an opportunity to hear directly from company boards and management on how they believe their actions are aligned with durable, long-term value creation.

We generally vote in support of management and boards that exhibit an approach to decision-making that is consistent with creating durable, long-term value for shareholders. If we have concerns about a company's approach, we may choose to explain our expectations to the company's board and management. Following that engagement, we may signal through our voting that we have outstanding concerns, generally by voting against the re-election of directors we view as having responsibility for an issue. We apply our regional proxy voting guidelines to achieve the outcome that is most aligned with our clients' long-term financial interests.

---

| | |
|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **4** |

---

------

**Key themes** 

We recognize that accepted standards and norms of corporate governance can differ between markets. However, in our experience, there are certain fundamental elements of governance practice that are intrinsic globally to a company's ability to create long-term value for shareholders. These global themes are set out in this overarching set of principles (the Principles), which are anchored in transparency and accountability. At a minimum, it is our view that companies should observe the accepted corporate governance standards in their domestic market and ask that, if they do not, they explain how their approach better supports durable, long-term value creation.

**These Principles cover seven key themes:** 

• Boards and directors

• Auditors and audit-related issues

• Capital structure, mergers, asset sales, and other special transactions

• Compensation and benefits

• Material sustainability-related risks and opportunities

• Other corporate governance matters and shareholder protections

• Shareholder proposals

Our regional and market-specific <u>voting</u><u> </u><u>guidelines</u> explain how these Principles inform our voting decisions in relation to specific ballot items for shareholder meetings.

---

| | |
|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **5** |

---

------

**Boards and directors** 

Our primary focus is on the performance of the board of directors to promote sound corporate governance. The performance of the board is critical to the economic success of the company and the protection of shareholders' interests. As part of their responsibilities, board members owe fiduciary duties to shareholders in overseeing the strategic direction and operation of the company. For this reason, BIS sees engaging with and the election of directors as one of our most important and impactful responsibilities.

We support boards whose approach is consistent with creating durable, long-term value. This includes the effective corporate governance and management of material sustainability-related risks and opportunities,<sup>2</sup> as well as the consideration of the company's key constituents including their employees, clients, suppliers, and the communities within which they operate. The board should establish and maintain a framework of robust and effective governance mechanisms to support its oversight of the company's strategic aims. We look to the board to articulate the effectiveness of these mechanisms in overseeing the management of business risks and opportunities and the fulfillment of the company's purpose. Disclosure of all material issues that affect the company's long-term strategy and ability to create value is essential for shareholders to be able to appropriately understand and assess how risks are effectively identified, managed and mitigated.

Where a company has not adequately disclosed and demonstrated that they have fulfilled these responsibilities, we will consider voting against the re-election of directors whom we consider to have particular responsibility for the issue. We assess director performance on a case-by-case basis and in light of each company's circumstances, taking into consideration our assessment of their governance, business practices that support durable, long-term value creation, and performance. In serving the interests of shareholders, the responsibility of the board of directors includes, but is not limited to, the following:

• Establishing an appropriate corporate governance structure

• Supporting and overseeing management in setting long-term strategic goals and applicable measures of value-creation and
milestones that will demonstrate progress, and taking steps to address anticipated or actual obstacles to success

• Providing oversight on the identification and management of material governance and sustainability-related risks

• Overseeing the financial resilience of the company, the integrity of financial statements, and the robustness of a
company's Enterprise Risk Management<sup>3</sup> framework

------

<sup>2</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty and relationships with regulators. It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable, long-term value. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

<sup>3</sup> Enterprise risk management is a process, effected by the entity's board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement of objectives. (Committee of Sponsoring

---

| | |
|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **6** |

---

------

• Making decisions on matters that require independent evaluation, which may include mergers, acquisitions and dispositions,
activist situations or other similar cases

• Establishing appropriate executive compensation structures

• Monitoring business issues including material sustainability-related risks and opportunities, that have the potential to
significantly impact the company's long-term value

There should be clear descriptions of the role of the board and the committees of the board and how they engage with and oversee management. Set out below are ways in which boards and directors can demonstrate a commitment to acting in the best long-term economic interests of all shareholders.

We will seek to engage with the appropriate directors where we have concerns about the performance of the company, board, or individual directors and may signal outstanding concerns in our voting. While we consider these principles to be globally relevant, when assessing a board's composition and governance processes, we consider local market norms and regulations.

**Regular accountability** 

It is our view that directors should stand for re-election on a regular basis, ideally annually. In our experience, annual re-elections allow shareholders to reaffirm their support for board members or hold them accountable for their decisions in a timely manner. When board members are not re-elected annually, in our experience, it is good practice for boards to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed, with a proportion of directors being put forward for re-election at each annual general meeting.

**Effective board composition** 

Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect the evolution of the company's strategy and the market environment. In our view, it is beneficial for new directors to be brought onto the board periodically to refresh the group's thinking and in a manner that supports both continuity and appropriate succession planning. We consider the average overall tenure of the board, where we are seeking a balance between the knowledge and experience of longer-serving members and the fresh perspectives of newer members. We encourage companies to keep under regular review the effectiveness of their board (including its size), and assess directors nominated for election or re-election in the context of the composition of the board as a whole. This assessment should consider a number of factors, including the potential need to address gaps in skills, experience, independence, and diversity.

In our view, there should be a sufficient number of independent directors, free from conflicts of interest or undue influence from connected parties, to ensure objectivity in the decision-making of the board and its ability to oversee management. Common impediments to independence may include but are not limited to:

• Current or recent employment at the company or a subsidiary

• Being, or representing, a shareholder with a substantial shareholding in the company

------

Organizations of the Treadway Commission (COSO), Enterprise Risk Management — Integrated Framework, September 2004, New York, NY).

---

| | |
|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **7** |

---

------

• Interlocking directorships

• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially
interfere with a director's ability to act in the best interests of the company and their shareholders

In our experience, boards are most effective at overseeing and advising management when there is a senior independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness of the independent members of the board through shaping the agenda, ensuring adequate information is provided to the board, and encouraging independent director participation in board deliberations. The lead independent director or another appropriate director should be available to shareholders in those situations where an independent director is best placed to explain and contextualize a company's approach.

When nominating new directors to the board, we look to companies to provide sufficient information on the individual candidates so that shareholders can assess the suitability of each individual nominee and the overall board composition. These disclosures should give an understanding of how the collective experience and expertise of the board aligns with the company's long-term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a company's business enhance the ability of the board to add value and be the voice of shareholders in board discussions. In our view, a strong board provides a competitive advantage to a company, providing valuable oversight and contributing to the most important management decisions that support long-term financial performance.

It is in this context that we are interested in diversity in the board room. We see it as a means to promoting diversity of thought and avoiding "group think" in the board's exercise of its responsibilities to advise and oversee management. It allows boards to have deeper discussions and make more resilient decisions. We ask boards to disclose how diversity is considered in board composition, including professional characteristics, such as a director's industry experience, specialist areas of expertise and geographic location; as well as demographic characteristics such as gender, race/ethnicity and age.

We look to understand a board's diversity in the context of a company's domicile, market capitalization, business model and strategy. Increasingly, we see leading boards adding members whose experience deepens the board's understanding of the company's customers, employees and communities. Self-identified board demographic diversity can usefully be disclosed in aggregate, consistent with local law. We believe boards should aspire to meaningful diversity of membership, at least consistent with local regulatory requirements and best practices, while recognizing that building a strong, diverse board can take time.

This position is based on our view that diversity of perspective and thought – in the board room, in the management team and throughout the company – leads to better long term economic outcomes for companies. Academic research already reveals correlations between specific dimensions of diversity and effects on decision-making processes and outcomes.<sup>4</sup> In our experience, greater diversity in the board room contributes to more robust discussions and more innovative and resilient decisions. Over time, greater diversity in the board room can also promote greater diversity and resilience in the leadership team, and the workforce more broadly. That diversity can enable companies to develop businesses that more closely reflect and resonate with the customers and communities they serve.

------

<sup>4</sup> For a discussion on the different impacts of diversity see: <u>McKinsey</u>, "Diversity Wins: How Inclusion Matters", May 2022; <u>Harvard</u> <u>Business</u><u> </u><u>Review</u>, Diverse Teams Feel Less Comfortable – and That's Why They Perform Better, September 2016; "<u>Do</u><u> </u><u>Diverse</u><u> </u><u>Directors</u> Influence DEI Outcomes", September 2022

<u>McKinsey</u>, "Diversity Wins: How Inclusion Matters", May 2022; <u>Harvard</u><u> </u><u>Business</u><u> </u><u>Review</u>, Diverse Teams Feel Less Comfortable – and That's Why They Perform Better, September 2016; "<u>Do</u><u> </u><u>Diverse</u><u> </u><u>Directors</u><u> </u><u>Influence</u><u> </u><u>DEI</u><u> </u><u>Outcomes</u>", September 2022

---

| | |
|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **8** |

---

------

There are matters for which the board has responsibility that may involve a conflict of interest for executives or for affiliated directors. It is our view that objective oversight of such matters is best achieved when the board forms committees comprised entirely of independent directors. In many markets, these committees of the board specialize in audit, director nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special transaction, particularly one involving a related party, or to investigate a significant adverse event.

**Sufficient capacity** 

As the role and expectations of a director are increasingly demanding, directors must be able to commit an appropriate amount of time to board and committee matters. It is important that directors have the capacity to meet all of their responsibilities - including when there are unforeseen events – and therefore, they should not take on an excessive number of roles that would impair their ability to fulfill their duties.

**Auditors and audit-related issues** 

BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a company's financial condition. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.

The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted under market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize that a broader range of risks and opportunities have the potential to materially impact financial performance. Over time, we anticipate investors and other users of company reporting will increasingly seek to understand and scrutinize the assumptions underlying financial statements, particularly those that pertain to the impact of the transition to a low carbon economy on a company's business model and asset mix. We recognize that this is an area of evolving practice and we look to international standards setters, the International Accounting Standards Board (IASB) and the International Auditing and Assurance Standards Board (IAASB) to provide additional guidance to companies.

In this context, audit committees, or equivalent, play a vital role in a company's financial reporting system by providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial information, internal control frameworks, and in the absence of a dedicated risk committee, Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens the quality and reliability of a company's financial statements and provides an important level of reassurance to shareholders.

We hold members of the audit committee or equivalent responsible for overseeing the management of the audit function. Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit and the independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have relevant expertise to monitor and oversee those functions.

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|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **9** |

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We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor or internal audit function.

The integrity of financial statements depends on the auditor being free of any impediments to being an effective check on management. To that end, it is important that auditors are, and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, the fees earned should be disclosed and explained. Audit committees should have in place a procedure for assessing annually the independence of the auditor and the quality of the external audit process.

Comprehensive disclosure provides investors with a sense of the company's long-term operational risk management practices and, more broadly, the quality of the board's oversight. The audit committee or equivalent, or a dedicated risk committee, should periodically review the company's risk assessment and risk management policies and the significant risks and exposures identified by management, the internal auditors or the independent accountants, and management's steps to address them. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk.

**Capital structure, mergers, asset sales, and other special transactions** 

The capital structure of a company is critical to shareholders as it impacts the value of their investment and the priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key protection for shareholders against the dilution of their interests.

Effective voting rights are basic rights of share ownership. It is our view that one vote for one share as a guiding principle supports effective corporate governance. Shareholders, as the residual claimants, have the strongest interest in protecting company value, and voting rights should match economic exposure.

In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and amplifying any potential conflicts of interest. However, we recognize that in certain markets, at least for a period of time, companies may have a valid argument for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these share class structures on a regular basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital structure on a periodic basis via a management proposal at the company's shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.

In assessing mergers, asset sales, or other special transactions, BlackRock's primary consideration is the long-term economic interests of our clients as shareholders. Boards proposing a transaction need to clearly explain the economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it can enhance long-term shareholder value. We would prefer that proposed transactions have the unanimous support of the board and have been negotiated at arm's length. We may seek reassurance from the board that executives' and/or board members' financial interests in a given transaction have not adversely affected their ability to place shareholders' interests before their own. Where the transaction involves related parties, the recommendation to support should come from the independent directors, a best practice in most markets, and ideally, the terms should have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted parties.

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|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **10** |

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As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders' ability to sell their shares are contrary to basic property rights. Such mechanisms can serve to protect and entrench interests other than those of the shareholders. In our experience, shareholders are broadly capable of making decisions in their own best interests. We encourage any so-called "shareholder rights plans" proposed by a board to be subject to shareholder approval upon introduction and periodically thereafter.

**Compensation and benefits** 

In most markets, one of the most important roles for a company's board of directors is to put in place a compensation structure that incentivizes and rewards executives appropriately. There should be a clear link between variable pay and operational and financial performance. Performance metrics should be stretching and aligned with a company's strategy and business model. BIS does not have a position on the use of sustainability-related criteria, but in our view, where companies choose to include them, they should be as rigorous as other financial or operational targets. Long-term incentive plans should vest over timeframes aligned with the delivery of long-term shareholder value. Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their employment. Finally, pension contributions and other deferred compensation arrangements should be reasonable in light of market practice.

We are not supportive of one-off or special bonuses unrelated to company or individual performance. Where discretion has been used by the compensation committee or its equivalent, we expect disclosure relating to how and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the rationale for increases in total compensation at a company is solely based on peer benchmarking rather than a rigorous measure of outperformance. We encourage companies to clearly explain how compensation outcomes have rewarded outperformance against peer firms.

We believe consideration should be given to building claw back provisions into incentive plans such that executives would be required to forgo rewards when they are not justified by actual performance and/or when compensation was based on faulty financial reporting or deceptive business practices. We also favor recoupment from any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material restatement of past results.

Non-executive directors should be compensated in a manner that is commensurate with the time and effort expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk compromising directors' independence or aligning their interests too closely with those of the management, whom they are charged with overseeing.

We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. We may vote against members of the compensation committee or equivalent board members for poor compensation practices or structures.

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|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **11** |

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**Material sustainability-related risks and opportunities** 

It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Appropriate oversight of sustainability considerations is a core component of having an effective governance framework, which supports durable, long-term value creation.

Robust disclosure is essential for investors to effectively evaluate companies' strategy and business practices related to material sustainability-related risks and opportunities. Given the increased understanding of material sustainability-related risks and opportunities and the need for better information to assess them, BlackRock advocates for continued improvement in companies' reporting, where necessary, and will express any concerns through our voting where a company's actions or disclosures are inadequate.

BlackRock encourages companies to use the framework developed by the Task Force on Climate-related Financial Disclosures (TCFD) to disclose their approach to ensuring they have a sustainable business model and to supplement that disclosure with industry-specific metrics such as those identified by the Sustainability Accounting Standards Board (SASB), now part of the International Sustainability Standards Board (ISSB) under the International Financial Reporting Standards (IFRS) Foundation.<sup>5</sup> While the TCFD framework was developed to support climate-related risk disclosure, the four pillars of the TCFD – governance, strategy, risk management, and metrics and targets – are a useful way for companies to disclose how they identify, assess, manage, and oversee a variety of sustainability-related risks and opportunities. SASB's industry-specific guidance (as identified in its materiality map) is beneficial in helping companies identify key performance indicators (KPIs) across various dimensions of sustainability that are considered to be financially material and decision-useful within their industry. In particular, we encourage companies to consider reporting on nature-related factors, given the growing materiality of these issues for many businesses.<sup>6</sup> We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight the metrics that are industry- or company-specific.

Climate and other sustainability-related disclosures often require companies to collect and aggregate data from various internal and external sources. We recognize that the practical realities of data-collection and reporting may not line up with financial reporting cycles and companies may require additional time after their fiscal year-end to accurately collect, analyze and report this data to investors. To give investors time to assess the data, we encourage companies to produce climate and other sustainability-related disclosures sufficiently in advance of their annual meeting.

Companies may also adopt or refer to guidance on sustainable and responsible business conduct issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development. Further, industry initiatives on managing specific operational risks may provide useful guidance to companies on best practices and disclosures. Companies should disclose any relevant global climate and other sustainability-related standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and responsible business practices.

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<sup>5</sup> The <u>International Financial Reporting Standards (IFRS) Foundation</u> announced in November 2021 the formation of an International <u>Sustainability</u><u> </u><u>Standards</u> <u>Board</u><u> </u><u>(ISSB)</u> to develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors' information needs. SASB standards will over time be adapted to ISSB standards but are the reference reporting tool in the meantime.

<sup>6</sup> While guidance is still under development for a unified disclosure framework related to natural capital, the emerging recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), may prove useful to some companies.

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|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **12** |

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**Climate risk** 

It is our view that climate change has become a key factor in many companies' long-term prospects. As such, as long-term investors we are interested in understanding how companies may be impacted by material climate-related risks and opportunities - just as we seek to understand other business-relevant risks and opportunities - and how these factors are considered within strategy in a manner consistent with the company's business model and sector. Specifically, we look for companies to disclose strategies they have in place that mitigate and are resilient to any material risks to their long-term business model associated with a range of climate-related scenarios, including a scenario in which global warming is limited to well below 2°C, considering global ambitions to achieve a limit of 1.5°C*.*<sup>7</sup> It is, of course, up to each company to define their own strategy: that is not the role of BlackRock or other investors.

BIS recognizes that climate change can be challenging for many companies, as they seek to drive long-term value by mitigating risks and capturing opportunities. A growing number of companies, financial institutions, as well as governments, have committed to advancing decarbonization in line with the Paris Agreement. There is growing consensus that companies can benefit from the more favorable macro-economic environment under an orderly, timely and equitable global energy transition.<sup>8</sup> Yet the path ahead is deeply uncertain and uneven, with different parts of the economy moving at different speeds.<sup>9</sup> Many companies are asking what their role should be in contributing to an orderly and equitable transition – in ensuring a reliable energy supply and energy security, and in protecting the most vulnerable from energy price shocks and economic dislocation. In this context, we encourage companies to include in their disclosure a business plan for how they intend to deliver long-term financial performance through a transition to global net zero carbon emissions, consistent with their business model and sector.

We look to companies to disclose short-, medium- and long-term targets, ideally science-based targets where these are available for their sector, for Scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term economic interests of their shareholders. Many companies have an opportunity to use and contribute to the development of low carbon energy sources and technologies that will be essential to decarbonizing the global economy over time. We also recognize that continued investment in traditional energy sources, including oil and gas, is required to maintain an orderly and equitable transition — and that divestiture of carbon-intensive assets is unlikely to contribute to global emissions reductions. We encourage companies to disclose how their capital allocation to various energy sources is consistent with their strategy.

At this stage, we view Scope 3 emissions differently from Scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. While we welcome any disclosures and commitments companies choose to make regarding Scope 3 emissions, we recognize these are provided on a good-faith basis as methodology develops. Our publicly available <u>commentary</u> provides more information on our approach to climate risk.

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<sup>7</sup> The global aspiration to achieve a net-zero global economy by 2050 is reflective of aggregated efforts; governments representing over <u>90%</u> of GDP have committed to move to net-zero over the coming decades. In determining how to vote on behalf of clients who have authorized us to do so, we look to companies only to address issues within their control and do not anticipate that they will address matters that are the domain of public policy.

<sup>8</sup> For example, BlackRock's <u>Capital</u><u> </u><u>Markets</u><u> </u><u>Assumptions</u> anticipate 25 points of cumulative economic gains over a 20-year period in an orderly transition as compared to the alternative. This better macro environment will support better economic growth, financial stability, job growth, productivity, as well as ecosystem stability and health outcomes.

<sup>9</sup> BlackRock, "<u>Managing</u><u> </u><u>the</u><u> </u><u>net-zero</u><u> </u><u>transition</u>", February 2022.

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|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **13** |

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**Key stakeholder interests** 

In order to advance long-term shareholders' interests, companies should consider the interests of the various parties on whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is material to their business and long-term financial performance. Most commonly, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.

Considering the interests of key stakeholders recognizes the collective nature of long-term value creation and the extent to which each company's prospects for growth are tied to its ability to foster strong sustainable relationships with and support from those stakeholders. Companies should articulate how they address adverse impacts that could arise from their business practices and affect critical business relationships with their stakeholders. We encourage companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can contribute to a company's long-term success.

As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have identified their key stakeholders and considered their interests in business decision-making. We are also interested to understand the role of the board, which is well positioned to ensure that the approach taken is informed by and aligns with the company's strategy and purpose.

**Other corporate governance matters and shareholder protections** 

It is our view that shareholders have a right to material and timely information on the financial performance and viability of the companies in which they invest. In addition, companies should publish information on the governance structures in place and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help shareholders assess whether their economic interests have been protected and the quality of the board's oversight of management. We believe shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit proposals to the shareholders' meeting, and to call special meetings of shareholders.

**Corporate Form** 

In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given the company's purpose and business model.<sup>10</sup> Companies proposing to change their corporate form to a public benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under applicable law. Supporting documentation from companies or shareholder proponents proposing to alter the corporate form should clearly articulate how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting mechanisms that would be available to shareholders. As a fiduciary on behalf of clients, we generally support management proposals if our analysis indicates that shareholders' interests are adequately protected. Relevant shareholder proposals are evaluated on a case-by-case basis.

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<sup>10</sup> Corporate form refers to the legal structure by which a business is organized.

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|:---|:---|
| **BlackRock Investment Stewardship** | Global Principles \| **14** |

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**Shareholder proposals** 

In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals to be voted on by shareholders at a company's annual or extraordinary meeting, as long as eligibility and procedural requirements are met. The matters that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.

BlackRock is subject to certain requirements under antitrust law in the United States that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. As noted above, we can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.

When assessing shareholder proposals, we evaluate each proposal on its merit, with a singular focus on its implications for long-term value creation. We consider the business and economic relevance of the issue raised, as well as its materiality and the urgency with which we believe it should be addressed. We take into consideration the legal effect of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction. We would not support proposals that we believe would result in over-reaching into the basic business decisions of the company.

Where a proposal is focused on a material governance or sustainability-related risk that we agree needs to be addressed and the intended outcome is consistent with long-term value creation, we will look to the board and management to demonstrate that the company has met the intent of the request made in the shareholder proposal. Where our analysis and/or engagement indicate an opportunity for improvement in the company's approach to the issue, we may support shareholder proposals that are reasonable and not unduly prescriptive or constraining on management. Alternatively, or in addition, we may vote against the re-election of one or more directors if, in our assessment, the board has not responded sufficiently or with an appropriate sense of urgency. While we may not agree with all aspects of a shareholder proponent's views or all facets of the proponent's supporting statement, we may still support proposals that address material governance or sustainability-related risks where we believe it would be helpful for shareholders to have more detailed information on how those risks are identified, monitored, and managed to support a company's ability to deliver long-term financial returns. We may also support a proposal if management is on track, but we believe that voting in favor might accelerate progress.

**BlackRock's oversight of its investment stewardship activities** 

**Oversight** 

BlackRock maintains three regional advisory committees (Stewardship Advisory Committees) for a) the Americas; b) Europe, the Middle East and Africa (EMEA); and c) Asia-Pacific, generally consisting of senior BlackRock investment professionals and/or senior employees with practical boardroom experience. The regional Stewardship Advisory Committees review and advise on amendments to BIS proxy voting guidelines covering markets within each respective region (Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.

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| **BlackRock Investment Stewardship** | Global Principles \| **15** |

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In addition to the regional Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (Global Committee) is a risk-focused committee, comprised of senior representatives from various BlackRock investment teams, a senior legal representative, the Global Head of Investment Stewardship (Global Head), and other senior executives with relevant experience and team oversight. The Global Oversight Committee does not determine voting decisions, which are the responsibility of BIS.

The Global Head has primary oversight of the activities of BIS, including voting in accordance with the Guidelines, which require the application of professional judgment and consideration of each company's unique circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves amendments to the regional Guidelines, as proposed by the regional Stewardship Advisory Committees.

In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well as updates on material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these reports in an oversight capacity as informed by the BIS corporate governance engagement program and the Guidelines.

BIS carries out engagement with companies, monitors and executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast of important developments in the corporate governance field. BIS may utilize third parties for certain of the foregoing activities and performs oversight of those third parties. BIS may raise complicated or particularly controversial matters for internal discussion with the relevant investment teams and governance specialists for discussion and guidance prior to making a voting decision.

**Vote execution** 

BlackRock votes on proxy issues when our clients authorize us to do so. We offer certain clients who prefer their holdings to be voted consistent with specific values or views Voting Choice.<sup>11</sup> When BlackRock votes on behalf of our clients, we carefully consider proxies submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the best long-term economic interests of our clients as shareholders, in the exercise of our independent business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or dissident shareholder) to the Fund, the Fund's affiliates (if any), BlackRock or BlackRock's affiliates, or BlackRock employees (see "Conflicts management policies and procedures", below).

When exercising voting rights, BlackRock will normally vote on specific proxy issues in accordance with the Guidelines for the relevant market. The Guidelines are reviewed annually and are amended consistent with changes in the local market practice, as developments in corporate governance occur, or as otherwise deemed advisable by the applicable Stewardship Advisory Committees. BIS analysts may, in the exercise of their professional judgment, conclude that the Guidelines do not cover the specific matter upon which a proxy vote is required or that an exception to the Guidelines would be in the best long-term economic interests of BlackRock's clients.

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<sup>11</sup> To learn more visit <u>https://www.blackrock.com/corporate/about-us/investment-stewardship/blackrock-voting-choice</u>

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| **BlackRock Investment Stewardship** | Global Principles \| **16** |

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In the uncommon circumstance of there being a vote with respect to fixed income securities or the securities of privately held issuers, the decision generally will be made by a Fund's portfolio managers and/or BIS based on their assessment of the particular transactions or other matters at issue.

In certain markets, proxy voting involves logistical issues which can affect BlackRock's ability to vote such proxies, as well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of shareholder meetings; ii) restrictions on a foreigner's ability to exercise votes; iii) requirements to vote proxies in person; iv) "share-blocking" (requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting instructions. We are not supportive of impediments to the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.

As a consequence, BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BIS may determine that it is generally in the best interests of BlackRock's clients not to vote proxies (or not to vote our full allocation) if the costs (including but not limited to opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the benefit the client would derive by voting on the proposal.

Portfolio managers have full discretion to vote the shares in the Funds they manage based on their analysis of the economic impact of a particular ballot item on their investors. Portfolio managers may, from time to time, reach differing views on how best to maximize economic value with respect to a particular investment. Therefore, portfolio managers may, and sometimes do, vote shares in the Funds under their management differently from BIS or from one another. However, because BlackRock's clients are mostly long-term investors with long-term economic goals, ballots are frequently cast in a uniform manner.

**Conflicts management policies and procedures** 

BIS maintains policies and procedures that seek to prevent undue influence on BlackRock's proxy voting activity. Such influence might stem from any relationship between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock's affiliates, a Fund or a Fund's affiliates, or BlackRock employees. The following are examples of sources of perceived or potential conflicts of interest:

• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by
BlackRock

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| **BlackRock Investment Stewardship** | Global Principles \| **17** |

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BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

• Adopted the Guidelines which are designed to advance our clients' interests in the companies in which BlackRock
invests on their behalf

• Established a reporting structure that separates BIS from employees with sales, vendor management, or business partnership
roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock's relationship with such parties. Clients or
business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a voting decision or our view on the
likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or
with employees with sales, vendor management, or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client
service levels are met

• Determined to engage, in certain instances, an independent third party voting service provider to make proxy voting
recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the voting service provider provides BlackRock
with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent voting service provider to make proxy voting recommendations for shares of BlackRock, Inc. and companies affiliated with
BlackRock, Inc. BlackRock may also use an independent voting service provider to make proxy voting recommendations for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that include BlackRock employees on their boards of directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of
directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that are the subject of certain transactions involving BlackRock Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies that are joint venture partners with BlackRock, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o public companies when legal or regulatory requirements compel BlackRock to use an independent voting service provider

In selecting a voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the best economic interest of our clients in accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned recommendations in a timely manner. We may engage more than one voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Global Committee appoints and reviews the performance of the voting service providers, generally on an annual basis.

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| **BlackRock Investment Stewardship** | Global Principles \| **18** |

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**Securities lending** 

When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns for a fund, while allowing fund providers to keep fund expenses lower.

With regard to the relationship between securities lending and proxy voting, BlackRock's approach is informed by our fiduciary responsibility to act in our clients' best interests. In most cases, BlackRock anticipates that the potential long-term value to the Fund of voting shares would be less than the potential revenue the loan may provide the Fund. However, in certain instances, BlackRock may determine, in its independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.

The decision to recall securities on loan as part of BlackRock's securities lending program in order to vote is based on an evaluation of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the potential long-term value to clients of voting those securities (based on the information available at the time of recall consideration).<sup>12</sup> BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis teams to evaluate the costs and benefits to clients of recalling shares on loan.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Voting guidelines** 

The issue-specific Guidelines published for each region/country in which we vote are intended to summarize BlackRock's general philosophy and approach to issues that may commonly arise in the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots.

**Reporting and vote transparency** 

We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our engagement and voting policies and activities through direct communication and through disclosure on our <u>website</u>. Each year we publish an annual report that provides a global overview of our investment stewardship engagement and voting activities and a voting spotlight that summarizes our voting over a proxy year.<sup>13</sup> Additionally, we make public our market-specific voting guidelines for the benefit of clients and companies with whom we engage. We also publish commentaries to share our perspective on market developments and emerging key themes.

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<sup>12</sup> Recalling securities on loan can be impacted by the timing of record dates. In the United States, for example, the record date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent business judgement as a fiduciary, the benefit to a fund's shareholders of recalling loaned shares in advance of an estimated record date without knowing whether there will be a vote on matters which have a material impact on the fund (thereby forgoing potential securities lending revenue for the fund's shareholders) or leaving shares on loan to potentially earn revenue for the fund (thereby forgoing the opportunity to vote).

<sup>13</sup> The proxy year runs from July 1 to June 30 of the proceeding calendar year.

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| **BlackRock Investment Stewardship** | Global Principles \| **19** |

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At a more granular level, we publish quarterly our vote record for each company that held a shareholder meeting during the period, showing how we voted on each proposal and explaining any votes against management proposals or on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant interest to clients, we may publish a vote bulletin after the meeting, disclosing and explaining our vote on key proposals. We also publish a quarterly list of all companies with which we engaged and the key topics addressed in the engagement meeting.

In this way, we help inform our clients about the work we do on their behalf in promoting the governance and business models that support durable, long-term value creation.

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| **BlackRock Investment Stewardship** | Global Principles \| **20** |

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**Want to know more?** 

<u>blackrock.com/stewardship</u> \| <u>contactstewardship@blackrock.com</u>

This document is provided for information and educational purposes only. Investing involves risk, including the loss of principal.

Prepared by BlackRock, Inc.

<sup>©</sup>2023 BlackRock, Inc. All rights reserved. **BLACKROCK** is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

![LOGO](g412750g0228085941376.jpg)

## Ex-99.Uscorpgov

![LOGO](g412750g00s02.jpg)

Public BlackRock Investment Stewardship Proxy voting guidelines for U.S. securities January 2023 BlackRock®

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## Contents

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| | |
|:---|:---|
|  **[Introduction](#uscorp412750_1)** | **3** |
|  **[Voting guidelines](#uscorp412750_2)** | **3** |
|  **[Boards and directors](#uscorp412750_3)** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Board structure](#uscorp412750_4) | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Board composition and effectiveness](#uscorp412750_5) | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Board responsiveness and shareholder rights](#uscorp412750_6) | **9** |
|  **[Auditors and audit-related issues](#uscorp412750_7)** | **11** |
|  **[Capital structure proposals](#uscorp412750_8)** | **11** |
|  **[Mergers, acquisitions, transactions, and other special situations](#uscorp412750_9)** | **12** |
|  **[Executive compensation](#uscorp412750_10)** | **14** |
|  **[Material sustainability-related risks and opportunities](#uscorp412750_11)** | **17** |
|  **[General corporate governance matters](#uscorp412750_12)** | **21** |
|  **[Shareholder protections](#uscorp412750_13)** | **23** |

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**These guidelines should be read in conjunction with the BlackRock Investment Stewardship <u>Global</u> <u>Principles</u>.** 

**Introduction** 

As stewards of our clients' investments, BlackRock believes it has a responsibility to engage with management teams and/or board members on material business issues and, for those clients who have given us authority, to vote proxies in the best long-term economic interests of their assets.

The following issue-specific proxy voting guidelines (the "Guidelines") summarize BlackRock Investment Stewardship's ("BIS") philosophy and approach to engagement and voting, as well as our view of governance best practices and the roles and responsibilities of boards and directors for publicly listed U.S. companies. These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide to how BIS will engage and/or vote in every instance. They are to be applied with discretion, taking into consideration the range of issues and facts specific to the company, as well as individual ballot items at shareholder meetings.

**Voting guidelines** 

These guidelines are divided into eight key themes, which group together the issues that frequently appear on the agenda of shareholder meetings:

• Boards and directors

• Auditors and audit-related issues

• Capital structure

• Mergers, acquisitions, asset sales, and other special transactions

• Executive compensation

• Material sustainability-related risks and opportunities

• General corporate governance matters

• Shareholder protections

**Boards and directors** 

An effective and well-functioning board is critical to the economic success of the company and the protection of shareholders' interests, inducting the establishment of appropriate governance structures that facilitate oversight of management and the company's strategic initiatives. As part of their responsibilities, board members owe fiduciary duties to shareholders in overseeing the strategic direction, operations, and risk management of the company. For this reason, BIS sees engagement with and the election of directors as one of our most critical responsibilities.

Disclosure of material issues that affect the company's long-term strategy and value creation, including, when relevant, material sustainability-related factors, is essential for shareholders to appropriately understand and assess how effectively the board is identifying, managing, and mitigating risks.

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Where a company has not adequately demonstrated, through actions and/or disclosures, how material issues are appropriately identified, managed, and overseen, we will consider voting against the re-election of those directors responsible for the oversight of such issues, as indicated below.

**Independence** 

It is our view that a majority of the directors on the board should be independent to ensure objectivity in the decision-making of the board and its ability to oversee management. In addition, all members of audit, compensation, and nominating/governance committees should be independent. Our view of independence may vary from listing standards.

Common impediments to independence may include:

• Employment as a senior executive by the company or a subsidiary within the past five years

• An equity ownership in the company in excess of 20%

• Having any other interest, business, or relationship (professional or personal) which could, or could reasonably be perceived to, materially interfere with the director's ability to act in the best interests of the
company and its shareholders

We may vote against directors who we do not consider to be independent, including at controlled companies, when we believe oversight could be enhanced with greater independent director representation. To signal our concerns, we may also vote against the chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure.

**Oversight role of the board** 

The board should exercise appropriate oversight of management and the business activities of the company. Where we determine that a board has failed to do so in a way that may impede a company's long-term value, we may vote against the responsible committees and/or individual directors.

Common circumstances are illustrated below:

• Where the board has failed to facilitate quality, independent auditing or accounting practices, we may vote against members of the audit committee

• Where the company has failed to provide shareholders with adequate disclosure to conclude that appropriate strategic consideration is given to material risk factors (including, where relevant, sustainability factors),
we may vote against members of the responsible committee, or the most relevant director

• Where it appears that a director has acted (at the company or at other companies) in a manner that compromises their ability to represent the best long-term economic interests of shareholders, we may vote against that
individual

• Where a director has a multi-year pattern of poor attendance at combined board and applicable committee meetings, or a director has poor attendance in a single year with no disclosed rationale, we may vote against that
individual. Excluding exigent circumstances, BIS generally considers attendance at less than 75% of the combined board and applicable committee meetings to be poor attendance

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Where a director serves on an excessive number of boards, which may limit their capacity to focus on each board's needs, we may vote against that individual. The following identifies the maximum number of boards on
which a director may serve, before BIS considers them to be over-committed:

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| | | | |
|:---|:---|:---|:---|
| | **Public Company Executive<sup>1</sup>** | **# Outside Public Boards<sup>2</sup>** | **Total # of Public Boards** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Director A | ✓ | 1 | 2 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Director B |  | 3 | 4 |

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In addition, we recognize that board leadership roles may vary in responsibility and time requirements in different markets around the world. In particular, where a director maintains a Chair role of a publicly listed company in European markets, we may consider that responsibility as equal to two board commitments, consistent with our <u>EMEA</u><u> </u><u>Proxy</u> <u>Voting</u><u> </u><u>Guidelines</u>. We will take the total number of board commitments across our global policies into account for director elections.

**Risk oversight** 

Companies should have an established process for identifying, monitoring, and managing business and material risks. Independent directors should have access to relevant management information and outside advice, as appropriate, to ensure they can properly oversee risk. We encourage companies to provide transparency around risk management, mitigation, and reporting to the board. We are particularly interested in understanding how risk oversight processes evolve in response to changes in corporate strategy and/or shifts in the business and related risk environment. Comprehensive disclosures provide investors with a sense of the company's long-term risk management practices and, more broadly, the quality of the board's oversight. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk.

**Board Structure** 

**Classified board of directors/staggered terms** 

Directors should be re-elected annually; classification of the board generally limits shareholders' rights to regularly evaluate a board's performance and select directors. While we will typically support proposals requesting board de-classification, we may make exceptions, should the board articulate an appropriate strategic rationale for a classified board structure. This may include when a company needs consistency and stability during a time of transition, e.g., newly public companies or companies undergoing a strategic restructuring. A classified board structure may also be justified at non-operating companies, e.g., closed-end funds or business development companies ("BDC"),<sup>3</sup> in certain circumstances. However, in these instances, boards should periodically review the rationale for a classified structure and consider when annual elections might be more appropriate.

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<sup>1</sup> A public company executive is defined as a Named Executive Officer (NEO) or Executive Chair.

<sup>2</sup> In addition to the company under review.

<sup>3</sup> A BDC is a special investment vehicle under the Investment Company Act of 1940 that is designed to facilitate capital formation for small and middle-market companies.

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Without a voting mechanism to immediately address concerns about a specific director, we may choose to vote against the directors up for election at the time (see "Shareholder rights" for additional detail).

**Independent leadership** 

There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent.

In the absence of a significant governance concern, we defer to boards to designate the most appropriate leadership structure to ensure adequate balance and independence.<sup>4</sup> However, BIS may vote against the most senior non-executive member of the board when appropriate independence is lacking in designated leadership roles.

In the event that the board chooses to have a combined Chair/CEO or a non-independent Chair, we support the designation of a Lead Independent director, with the ability to: 1) provide formal input into board meeting agendas; 2) call meetings of the independent directors; and 3) preside at meetings of independent directors. These roles and responsibilities should be disclosed and easily accessible.

The following table illustrates examples<sup>5</sup> of responsibilities under each board leadership model:

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| | | | |
|:---|:---|:---|:---|
| | **Combined Chair/CEO or CEO + Non-independent Chair** | **Combined Chair/CEO or CEO + Non-independent Chair** | **Separate Independent Chair** |
| | **Chair/CEO or Non-**<br> **independent Chair** | **Lead Independent Director** | **Independent Chair** |
| **Board Meetings** | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors | Authority to call full meetings of the board of directors |
| **Board Meetings** | | Authority to call meetings of independent directors | |
| **Board Meetings** | | Briefs CEO on issues arising from executive sessions | |
| **Agenda** | Primary responsibility for shaping board agendas, consulting with the lead independent director | Collaborates with chair/CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO |

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<sup>4</sup> To this end, we do not view shareholder proposals asking for the separation of Chair and CEO to be a proxy for other concerns we may have at the company for which a vote against directors would be more appropriate. Rather, support for such a proposal might arise in the case of overarching and sustained governance concerns such as lack of independence or failure to oversee a material risk over consecutive years.

<sup>5</sup> This table is for illustrative purposes only. The roles and responsibilities cited here are not all-encompassing and are noted for reference as to how these leadership positions may be defined.

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| | | | |
|:---|:---|:---|:---|
| | **Combined Chair/CEO or CEO + Non-independent Chair** | **Combined Chair/CEO or CEO + Non-independent Chair** | **Separate Independent Chair**<br>|
| | <br> **Chair/CEO or Non-**<br> **independent Chair**<br>| **Lead Independent Director**<br>| **Independent Chair**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;**Board**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Communications** | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning<br>|

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**CEO and management succession planning** 

Companies should have a robust CEO and senior management succession plan in place at the board level that is reviewed and updated on a regular basis. Succession planning should cover scenarios over both the long-term, consistent with the strategic direction of the company and identified leadership needs over time, as well as the short-term, in the event of an unanticipated executive departure. We encourage the company to explain their executive succession planning process, including where accountability lies within the boardroom for this task, without prematurely divulging sensitive information commonly associated with this exercise.

During a CEO transition, companies may elect for the departing CEO to maintain a role in the boardroom. We ask for disclosures to understand the timeframe and responsibilities of this role. In such instances, we typically look for the board to have appropriate independent leadership structures in place. (See chart above.)

**Director compensation and equity programs** 

Compensation for directors should generally be structured to attract and retain directors, while also aligning their interests with those of shareholders. In our view, director compensation packages that are based on the company's long-term value creation and include some form of long-term equity compensation are more likely to meet this goal.

**Board composition and effectiveness** 

**Director qualifications and skills** 

We encourage boards to periodically review director qualifications and skills to ensure relevant experience and diverse perspectives are represented in the boardroom. To this end, performance reviews and skills assessments should be conducted by the nominating/governance committee or the Lead Independent Director. This process may include internal board evaluations; however, boards may also find it useful to periodically conduct an assessment with a third party. We encourage boards to disclose their approach to evaluations, including objectives of the evaluation; if an external party conducts the evaluation; the frequency of the evaluations; and, whether that evaluation occurs on an individual director basis.

**Board term limits and director tenure** 

Where boards find that age limits or term limits are the most efficient and objective mechanism for ensuring periodic board refreshment, we generally defer to the board's determination in setting such limits. BIS will also consider the average board tenure to evaluate processes for board renewal. We may oppose boards that appear to have an insufficient mix of short-, medium-, and long-tenured directors.

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**Board diversity** 

As noted above, highly qualified, engaged directors with professional characteristics relevant to a company's business enhance the ability of the board to add value and be the voice of shareholders in board discussions. In our view, a strong board provides a competitive advantage to a company, providing valuable oversight and contributing to the most important management decisions that support long-term financial performance.

It is in this context that we are interested in diversity in the boardroom. We see it as a means to promoting diversity of thought and avoiding 'group think' in the board's exercise of its responsibilities to advise and oversee management. It allows boards to have deeper discussions and make more resilient decisions. We ask boards to disclose how diversity is considered in board composition, including professional characteristics, such as a director's industry experience, specialist areas of expertise and geographic location; as well as demographic characteristics such as gender, race/ethnicity, and age.

We look to understand a board's diversity in the context of a company's domicile, market capitalization, business model, and strategy. Increasingly, we see leading boards adding members whose experience deepens the board's understanding of the company's customers, employees, and communities. Self- identified board demographic diversity can usefully be disclosed in aggregate, consistent with local law. We believe boards should aspire to meaningful diversity of membership, at least consistent with local regulatory requirements and best practices, while recognizing that building a strong, diverse board can take time.

This position is based on our view that diversity of perspective and thought—in the boardroom, in the management team and throughout the company—leads to better long-term economic outcomes for companies. Academic and other research reveals correlations between specific dimensions of diversity and effects on decision-making processes and outcomes.<sup>6</sup> In our experience, greater diversity in the boardroom contributes to more robust discussions and more innovative and resilient decisions. Over time, greater diversity in the boardroom can also promote greater diversity and resilience in the leadership team, and the workforce more broadly. That diversity can enable companies to develop businesses that more closely reflect and resonate with the customers and communities they serve.

In the U.S., we believe that boards should aspire to at least 30% diversity of membership,<sup>7</sup> and we encourage large companies, such as those in the S&P 500, to lead in achieving this standard. In our view, an informative indicator of diversity for such companies is having at least two women and a director who

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<sup>6</sup> For a discussion on the different impacts of diversity see: <u>McKinsey</u>, "Diversity Wins: How Inclusion Matters", May 2022; <u>Harvard</u> <u>Business</u> Review, Diverse Teams Feel Less Comfortable – and That's Why They Perform Better, September 2016; "<u>Do Diverse Directors Influence DEI Outcomes</u>", September 2022

<sup>7</sup> We take a case-by-case approach and consider the size of the board in our evaluation of overall composition and diversity. Business model, strategy, location, and company size may also impact our analysis of board diversity. We acknowledge that these factors may also play into the various elements of diversity that a board may attract. We look for disclosures from companies to help us understand their approach and do not prescribe any particular board composition.

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identifies as a member of an underrepresented group.<sup>8</sup> We recognize that it may take time and that companies with smaller market capitalizations and in certain sectors may face more challenges in pursuing diversity. Among these smaller companies, we look for the presence of diversity and take into consideration the progress that companies are making.

In order to help investors understand overall diversity, we look to boards to disclose:

• How diversity, including demographic factors and professional characteristics, is considered in board composition, given the company's long-term strategy and business model

• How directors' professional characteristics, which may include domain expertise such as finance or technology, and sector- or market-specific experience, are complementary and link to the company's long-term
strategy

• The process by which candidates for board positions are identified, including whether professional firms or other resources outside of incumbent directors' networks are engaged to identify and/or assess candidates,
and whether a diverse slate of nominees is considered for all available board nominations

To the extent that, based on our assessment of corporate disclosures, a company has not adequately explained their approach to diversity in their board composition, we may vote against members of the nominating/governance committee. Our publicly available <u>commentary</u> provides more information on our approach to board diversity.

**Board size** 

We typically defer to the board in setting the appropriate size and believe that directors are generally in the best position to assess the optimal board size to ensure effectiveness. However, we may vote against the appropriate committees and/or individual directors if, in our view, the board is ineffective in its oversight, either because it is too small to allow for the necessary range of skills and experience or too large to function efficiently.

**Board responsiveness and shareholder rights** 

**Shareholder rights** 

Where we determine that a board has not acted in the best interests of the company's shareholders, or takes action to unreasonably limit shareholder rights, we may vote against the appropriate committees and/or individual directors. Common circumstances are illustrated below:

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<sup>8</sup> Including, but not limited to, individuals who identify as Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, or Native Hawaiian or Pacific Islander; individuals who identify as LGBTQ+; individuals who identify as underrepresented based on national, Indigenous, religious, or cultural identity; individuals with disabilities; and veterans.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• The Independent Chair or Lead Independent Director and members of the nominating/governance committee, where a board implements or renews a poison pill without shareholder approval

• The Independent Chair or Lead Independent Director and members of the nominating/governance committee, where a board amends the charter/articles/bylaws and where the effect may be to entrench directors or to
unreasonably reduce shareholder rights

• Members of the compensation committee where the company has repriced options without shareholder approval

If a board maintains a classified structure, it is possible that the director(s) or committee members with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, we may register our concern by voting against the most relevant director(s) up for election.

**Responsiveness to shareholders** 

A board should be engaged and responsive to the company's shareholders, including acknowledging voting outcomes for director elections, compensation, shareholder proposals, and other ballot items. Where we determine that a board has not substantially addressed shareholder concerns that we deem material to the business, we may vote against the responsible committees and/or individual directors. Common circumstances are illustrated below:

• The Independent Chair or Lead Independent Director, members of the nominating/governance committee, and/or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of
board entrenchment, and/or failure to plan for adequate board member succession

• The chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure, where board member(s) at the most recent election of directors have
received against votes from more than 25% of shares voted, and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BIS did not support the initial vote against such board member(s)

• The Independent Chair or Lead Independent Director and/or members of the nominating/governance committee, where a board fails to consider shareholder proposals that (1) receive substantial support, and (2) in
our view, have a material impact on the business, shareholder rights, or the potential for long-term value creation

**Majority vote requirements** 

Directors should generally be elected by a majority of the shares voted. We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections. Majority vote standards generally assist in ensuring that directors who are not broadly supported by shareholders are not elected to serve as their representatives. As a best practice, companies with either a majority vote standard or a plurality vote standard should adopt a resignation policy for directors who do not receive support from at least a majority of votes cast. Where the company already has a sufficiently robust majority voting process in place, we may not support a shareholder proposal seeking an alternative mechanism.

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We note that majority voting may not be appropriate in all circumstances, for example, in the context of a contested election, or for majority-controlled companies or those with concentrated ownership structures.

**Cumulative voting** 

As stated above, a majority vote standard is generally in the best long-term interests of shareholders, as it ensures director accountability through the requirement to be elected by more than half of the votes cast. As such, we will generally oppose proposals requesting the adoption of cumulative voting, which may disproportionately aggregate votes on certain issues or director candidates.

**Auditors and audit-related issues** 

BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a company's financial condition. Consistent with our approach to voting on directors, we seek to hold the audit committee of the board responsible for overseeing the management of the independent auditor and the internal audit function at a company.

We may vote against the audit committee members where the board has failed to facilitate quality, independent auditing. We look to public disclosures for insight into the scope of the audit committee responsibilities, including an overview of audit committee processes, issues on the audit committee agenda, and key decisions taken by the audit committee. We take particular note of cases involving significant financial restatements or material weakness disclosures, and we look for timely disclosure and remediation of accounting irregularities.

The integrity of financial statements depends on the auditor effectively fulfilling its role. To that end, we favor an independent auditor. In addition, to the extent that an auditor fails to reasonably identify and address issues that eventually lead to a significant financial restatement, or the audit firm has violated standards of practice, we may also vote against ratification.

From time to time, shareholder proposals may be presented to promote auditor independence or the rotation of audit firms. We may support these proposals when they are consistent with our views as described above.

**Capital structure proposals** 

**Equal voting rights** 

In our view, shareholders should be entitled to voting rights in proportion to their economic interests. In addition, companies that have implemented dual or multiple class share structures should review these structures on a regular basis, or as company circumstances change. Companies with multiple share classes should receive shareholder approval of their capital structure on a periodic basis via a management proposal on the company's proxy. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders. Where companies are unwilling to voluntarily implement "one share, one vote" within a specified timeframe, or are unresponsive to shareholder feedback for change over time, we generally support shareholder proposals to recapitalize stock into a single voting class.

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**Blank check preferred stock** 

We frequently oppose proposals requesting authorization of a class of preferred stock with unspecified voting, conversion, dividend distribution, and other rights ("blank check" preferred stock) because they may serve as a transfer of authority from shareholders to the board and as a possible entrenchment device. We generally view the board's discretion to establish voting rights on a when-issued basis as a potential anti-takeover device, as it affords the board the ability to place a block of stock with an investor sympathetic to management, thereby foiling a takeover bid without a shareholder vote.

Nonetheless, we may support the proposal where the company:

• Appears to have a legitimate financing motive for requesting blank check authority

• Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes

• Has a history of using blank check preferred stock for financings

• Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility

**Increase in authorized common shares** 

BIS will evaluate requests to increase authorized shares on a case-by-case basis, in conjunction with industry-specific norms and potential dilution, as well as a company's history with respect to the use of its common shares.

**Increase or issuance of preferred stock** 

We generally support proposals to increase or issue preferred stock in cases where the company specifies the voting, dividend, conversion, and other rights of such stock and where the terms of the preferred stock appear reasonable.

**Stock splits** 

We generally support stock splits that are not likely to negatively affect the ability to trade shares or the economic value of a share. We generally support reverse stock splits that are designed to avoid delisting or to facilitate trading in the stock, where the reverse split will not have a negative impact on share value (e.g., one class is reduced while others remain at pre-split levels). In the event of a proposal for a reverse split that would not proportionately reduce the company's authorized stock, we apply the same analysis we would use for a proposal to increase authorized stock.

**Mergers, acquisitions, transactions, and other special situations** 

**Mergers, acquisitions, and transactions** 

In assessing mergers, acquisitions, or other transactions – including business combinations involving Special Purpose Acquisition Companies ("SPACs") – BIS' primary consideration is the long-term economic interests of our clients as shareholders. Boards should clearly explain the economic and strategic rationale for any proposed transactions or material changes to the business. We will review a proposed transaction to determine the degree to which it has the potential to enhance long-term

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shareholder value. While mergers, acquisitions, asset sales, business combinations, and other special transaction proposals vary widely in scope and substance, we closely examine certain salient features in our analyses, such as:

• The degree to which the proposed transaction represents a premium to the company's trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. We may consider
comparable transaction analyses provided by the parties' financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply

• There should be clear strategic, operational, and/or financial rationale for the combination

• Unanimous board approval and arm's-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result
of an arm's-length bidding process. We may also consider whether executive and/or board members' financial interests appear likely to affect their ability to place shareholders' interests before
their own, as well as measures taken to address conflicts of interest

• We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions

**Contested director elections and special situations** 

Contested elections and other special situations<sup>9</sup> are assessed on a case-by-case basis. We evaluate a number of factors, which may include: the qualifications and past performance of the dissident and management candidates; the validity of the concerns identified by the dissident; the viability of both the dissident's and management's plans; the ownership stake and holding period of the dissident; the likelihood that the dissident's strategy will produce the desired change; and whether the dissident represents the best option for enhancing long-term shareholder value.

We will evaluate the actions that the company has taken to limit shareholders' ability to exercise the right to nominate dissident director candidates, including those actions taken absent the immediate threat of a contested situation. BIS may take voting action against directors (up to and including the full board) where those actions are viewed as egregiously infringing on shareholder rights.

We will consider a variety of possible voting outcomes in contested situations, including the ability to support a mix of management and dissident nominees.

**Poison pill plans** 

Where a poison pill is put to a shareholder vote by management, our policy is to examine these plans individually. Although we have historically opposed most plans, we may support plans that include a reasonable "qualifying offer clause." Such clauses typically require shareholder ratification of the pill and

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<sup>9</sup> Special situations are broadly defined as events that are non-routine and differ from the normal course of business for a company's shareholder meeting, involving a solicitation other than by management with respect to the exercise of voting rights in a manner inconsistent with management's recommendation. These may include instances where shareholders nominate director candidates, oppose the view of management and/or the board on mergers, acquisitions, or other transactions, etc.

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stipulate a sunset provision whereby the pill expires unless it is renewed. These clauses also tend to specify that an all-cash bid for all shares that includes a fairness opinion and evidence of financing does not trigger the pill, but forces either a special meeting at which the offer is put to a shareholder vote or requires the board to seek the written consent of shareholders, where shareholders could rescind the pill at their discretion. We may also support a pill where it is the only effective method for protecting tax or other economic benefits that may be associated with limiting the ownership changes of individual shareholders. Lastly, we look for shareholder approval of poison pill plans within one year of adoption of implementation.

**Reimbursement of expense for successful shareholder campaigns** 

We generally do not support shareholder proposals seeking the reimbursement of proxy contest expenses, even in situations where we support the shareholder campaign. Introducing the possibility of such reimbursement may incentivize disruptive and unnecessary shareholder campaigns.

**Executive compensation** 

A company's board of directors should put in place a compensation structure that balances incentivizing, rewarding, and retaining executives appropriately across a wide range of business outcomes. This structure should be aligned with shareholder interests, particularly the generation of sustainable, long- term value.

The compensation committee should carefully consider the specific circumstances of the company and the key individuals the board is focused on incentivizing. We encourage companies to ensure that their compensation plans incorporate appropriate and rigorous performance metrics, consistent with corporate strategy and market practice. Performance-based compensation should include metrics that are relevant to the business and stated strategy and/or risk mitigation efforts. Goals, and the processes used to set these goals, should be clearly articulated and appropriately rigorous. We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. We hold members of the compensation committee, or equivalent board members, accountable for poor compensation practices and/or structures.

There should be a clear link between variable pay and company performance that drives sustained value creation for our clients as shareholders. Where compensation structures provide for a front-loaded<sup>10</sup> award, we look for appropriate structures (including vesting and/or holding periods) that motivate sustained performance for shareholders over a number of years. We generally do not favor programs focused on awards that require performance levels to be met and maintained for a relatively short time period for payouts to be earned, unless there are extended vesting and/or holding requirements.

Compensation structures should generally drive outcomes that align the pay of the executives with performance of the company and the value received by shareholders. When evaluating performance, we examine both executive teams' efforts, as well as outcomes realized by shareholders. Payouts to executives should reflect both the executive's contributions to the company's ongoing success, as well as exogenous factors that impacted shareholder value. Where discretion has been used by the

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<sup>10</sup> Front-loaded awards are generally those that accelerate the grant of multiple years' worth of compensation in a single year.

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compensation committee, we look for disclosures relating to how and why the discretion was used and how the adjusted outcome is aligned with the interests of shareholders. While we believe special awards<sup>11</sup> should be used sparingly, we acknowledge that there may be instances when such awards are appropriate. When evaluating these awards, we consider a variety of factors, including the magnitude and structure of the award, the scope of award recipients, the alignment of the grant with shareholder value, and the company's historical use of such awards, in addition to other company-specific circumstances.

We acknowledge that the use of peer group evaluation by compensation committees can help calibrate competitive pay; however, we are concerned when the rationale for increases in total compensation is solely based on peer benchmarking.

We support incentive plans that foster the sustainable achievement of results – both financial and non- financial – consistent with the company's strategic initiatives. Compensation committees should guard against contractual arrangements that would entitle executives to material compensation for early termination of their contract. Finally, pension contributions and other deferred compensation arrangements should be reasonable in light of market practices. Our publicly available <u>commentary</u> provides more information on our approach to executive compensation.

Where executive compensation appears excessive relative to the performance of the company and/or compensation paid by peers, or where an equity compensation plan is not aligned with shareholders' interests, we may vote against members of the compensation committee.

**"Say on Pay" advisory resolutions** 

In cases where there is a "Say on Pay" vote, BIS will respond to the proposal as informed by our evaluation of compensation practices at that particular company and in a manner that appropriately addresses the specific question posed to shareholders. Where we conclude that a company has failed to align pay with performance, we will vote against the management compensation proposal and relevant compensation committee members.

**Frequency of "Say on Pay" advisory resolutions** 

BIS will generally support annual advisory votes on executive compensation. It is our view that shareholders should have the opportunity to express feedback on annual incentive programs and changes to long-term compensation before multiple cycles are issued. Where a company has failed to implement a "Say on Pay" advisory vote within the frequency period that received the most support from shareholders or a "Say on Pay" resolution is omitted without explanation, BIS may vote against members of the compensation committee.

**Clawback proposals** 

We generally favor prompt recoupment from any senior executive whose compensation was based on faulty financial reporting or deceptive business practices. We also favor prompt recoupment from any senior executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or resulted in a criminal proceeding, even if such actions did not ultimately result in a

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<sup>11</sup> "Special awards" refers to awards granted outside the company's typical compensation program.

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material restatement of past results. This includes, but is not limited to, settlement agreements arising from such behavior and paid for directly by the company. We typically support shareholder proposals on these matters unless the company already has a robust clawback policy that sufficiently addresses our concerns.

**Employee stock purchase plans** 

Employee stock purchase plans ("ESPP") are an important part of a company's overall human capital management strategy and can provide performance incentives to help align employees' interests with those of shareholders. The most common form of ESPP qualifies for favorable tax treatment under Section 423 of the Internal Revenue Code. We will typically support qualified ESPP proposals.

**Equity compensation plans** 

BIS supports equity plans that align the economic interests of directors, managers, and other employees with those of shareholders. Boards should establish policies prohibiting the use of equity awards in a manner that could disrupt the intended alignment with shareholder interests, such as the excessive pledging or hedging of stock. We may support shareholder proposals requesting the establishment of such policies.

Our evaluation of equity compensation plans is based on a company's executive pay and performance relative to peers and whether the plan plays a significant role in a pay-for-performance disconnect. We generally oppose plans that contain "evergreen" provisions, which allow for automatic annual increases of shares available for grant without requiring further shareholder approval; we note that the aggregate impacts of such increases are difficult to predict and may lead to significant dilution. We also generally oppose plans that allow for repricing without shareholder approval. We may oppose plans that provide for the acceleration of vesting of equity awards even in situations where an actual change of control may not occur. We encourage companies to structure their change of control provisions to require the termination of the covered employee before acceleration or special payments are triggered (commonly referred to as "double trigger" change of control provisions).

**Golden parachutes** 

We generally view golden parachutes as encouragement to management to consider transactions that might be beneficial to shareholders. However, a large potential payout under a golden parachute arrangement also presents the risk of motivating a management team to support a sub-optimal sale price for a company.

When determining whether to support or oppose an advisory vote on a golden parachute plan, BIS may consider several factors, including:

• Whether we determine that the triggering event is in the best interests of shareholders

• Whether management attempted to maximize shareholder value in the triggering event

• The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment

• Whether excessively large excise tax gross-up payments are part of the pay-out

• Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers

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• Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company

It may be difficult to anticipate the results of a plan until after it has been triggered; as a result, BIS may vote against a golden parachute proposal even if the golden parachute plan under review was approved by shareholders when it was implemented.

We may support shareholder proposals requesting that implementation of such arrangements require shareholder approval.

**Option exchanges** 

There may be legitimate instances where underwater options create an overhang on a company's capital structure and a repricing or option exchange may be warranted. We will evaluate these instances on a case-by-case basis. BIS may support a request to reprice or exchange underwater options under the following circumstances:

• The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance

• Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated

• There is clear evidence that absent repricing, employee incentives, retention, and/or recruiting may be impacted

BIS may also support a request to exchange underwater options in other circumstances, if we determine that the exchange is in the best interests of shareholders.

**Supplemental executive retirement plans** 

BIS may support shareholder proposals requesting to put extraordinary benefits contained in supplemental executive retirement plans ("SERP") to a shareholder vote unless the company's executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.

**Material sustainability-related risks and opportunities** 

It is our view that well-run companies, where appropriate, effectively evaluate and manage material sustainability-related risks and opportunities<sup>12</sup> as a core component of their long-term value creation for shareholder and business strategy. At the board level, appropriate governance structures and responsibilities allow for effective oversight of the strategic implementation of material sustainability issues.

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<sup>12</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and value creation in a company's business model that have an environmental or social dependency or impact. Examples of environmental issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social issues include, but are not limited to, human capital management, impacts on the communities in which a company operates, customer loyalty, and relationships with regulators. It is our view that well-run companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. Governance is the core means by which boards can oversee the creation of durable, long-term value. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

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When assessing how to vote – including on the election of directors and relevant shareholder proposals – robust disclosures are essential for investors to understand, where appropriate, how companies are integrating material sustainability risks and opportunities across their business and strategic, long-term planning. Where a company has failed to appropriately provide robust disclosures and evidence of effective business practices, BIS may express concerns through our engagement and voting. As part of this consideration, we encourage companies to produce sustainability-related disclosures sufficiently in advance of their annual meeting so that the disclosures can be considered in relevant vote decisions.

We encourage disclosures aligned with the reporting framework developed by the Task Force on Climate- related Financial Disclosures (TCFD), supported by industry-specific metrics, such as those identified by the Sustainability Accounting Standards Board (SASB), now part of the International Sustainability Standards Board (ISSB) under the International Financial Reporting Standards (IFRS) Foundation.<sup>13</sup> While the TCFD framework was developed to support climate-related risk disclosures, the four pillars of the TCFD – governance, strategy, risk management, and metrics and targets – are a useful way for companies to disclose how they identify, assess, manage, and oversee a variety of sustainability-related risks and opportunities. SASB's<sup>14</sup> industry-specific metrics are beneficial in helping companies identify key performance indicators ("KPIs") across various dimensions of sustainability that are considered to be financially material. We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of private standards. In such cases, we ask that companies highlight the metrics that are industry- or company-specific.

We look to companies to:

• Disclose the identification, assessment, management, and oversight of material sustainability- related risks and opportunities in accordance with the four pillars of TCFD

• Publish material, investor-relevant, industry-specific metrics and rigorous targets, aligned with SASB (ISSB) or comparable sustainability reporting standards

Companies should also disclose any material supranational standards adopted, the industry initiatives in which they participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their approach to sustainable and responsible business conduct.

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<sup>13</sup> The <u>International Financial Reporting Standards (IFRS) Foundation</u> announced in November 2021 the formation of an <u>International</u> Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors' information needs. SASB standards will over time be adapted to ISSB standards but are the reference reporting tool in the meantime.

<sup>14</sup> The <u>ISSB has committed to build upon</u> the SASB standards, which identify material, sustainability-related disclosures across sectors. SASB Standards can be used to provide a baseline of investor-focused sustainability disclosure and to implement the principles-based framework recommended by the TCFD, which is also incorporated into the ISSB's Climate Exposure Draft. Similarly, SASB Standards enable robust implementation of the <u>Integrated Reporting Framework</u>, providing the comparability sought by investors.

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**Climate risk** 

It is our view that climate change has become a key factor in many companies' long-term prospects. As such, as long-term investors, we are interested in understanding how companies may be impacted by material climate-related risks and opportunities—just as we seek to understand other business-relevant risks and opportunities—and how these factors are considered within their strategy in a manner that is consistent with the company's business model and sector. Specifically, we look for companies to disclose strategies that they have in place that mitigate and are resilient to any material risks to their long-term business model associated with a range of climate-related scenarios, including a scenario in which global warming is limited to well below 2°C, and considering global ambitions to achieve a limit of 1.5°C.<sup>15</sup> It is, of course, up to each company to define their own strategy: that is not the role of BlackRock or other investors.

BIS recognizes that climate change can be challenging for many companies, as they seek to drive long- term value by mitigating risks and capturing opportunities. A growing number of companies, financial institutions, as well as governments, have committed to advancing decarbonization in line with the Paris Agreement. There is growing consensus that companies can benefit from the more favorable macro- economic environment under an orderly, timely, and equitable global energy transition.<sup>16</sup> Yet, the path ahead is deeply uncertain and uneven, with different parts of the economy moving at different speeds.<sup>17</sup> Many companies are asking what their role should be in contributing to an orderly and equitable transition—in ensuring a reliable energy supply and energy security and in protecting the most vulnerable from energy price shocks and economic dislocation. In this context, we encourage companies to include in their disclosures a business plan for how they intend to deliver long-term financial performance through a transition to global net zero carbon emissions, consistent with their business model and sector.

We look to companies to disclose short-, medium-, and long-term targets, ideally science-based targets where these are available for their sector, for Scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term economic interests of their shareholders. Many companies have an opportunity to use and contribute to the development of low carbon energy sources and technologies that will be essential to decarbonizing the global economy over time. We also recognize that continued investment in traditional energy sources, including oil and gas, is required to maintain an orderly and equitable transition—and that divestiture of carbon-intensive assets is unlikely to contribute to global emissions reductions. We encourage companies to disclose how their capital allocation to various energy sources is consistent with their strategy.

At this stage, we view Scope 3 emissions differently from Scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. While we welcome any disclosures and commitments companies choose to make regarding

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<sup>15</sup> The global aspiration to achieve a net-zero global economy by 2050 is reflective of aggregated efforts; governments representing <u>over</u><u> </u><u>90%</u> of GDP have committed to move to net-zero over the coming decades. In determining how to vote on behalf of clients who have authorized us to do so, we look to companies only to address issues within their control and do not anticipate that they will address matters that are the domain of public policy.

<sup>16</sup> For example, BlackRock's <u>Capital Markets Assumptions</u> anticipate 25 points of cumulative economic gains over a 20-year period in an orderly transition as compared to the alternative. This better macro environment will support better economic growth, financial stability, job growth, productivity, as well as ecosystem stability and health outcomes.

<sup>1</sup><sup>7</sup> <u>h</u><u>ttps</u><u>:</u><u>//</u><u>www</u><u>.</u><u>b</u><u>l</u><u>a</u><u>c</u><u>k</u><u>r</u><u>o</u><u>c</u><u>k.</u><u>c</u><u>o</u><u>m</u><u>/</u><u>c</u><u>o</u><u>r</u><u>po</u><u>r</u><u>a</u><u>t</u><u>e</u><u>/</u><u>li</u><u>t</u><u>e</u> <u>r</u><u>a</u><u>t</u><u>u</u><u>r</u><u>e</u><u>/</u><u>w</u><u>h</u><u>i</u><u>t</u><u>e</u><u>pa</u><u>p</u><u>e</u><u>r</u><u>/</u><u>b</u><u>i</u><u>i</u><u>-</u><u>man</u><u>ag</u><u>i</u><u>n</u><u>g</u><u>-</u><u>t</u><u>h</u><u>e</u><u>-</u> <u>n</u><u>e</u><u>t</u><u>-</u><u>z</u><u>e</u><u>r</u><u>o</u><u>-</u><u>t</u><u>r</u><u>a</u><u>n</u><u>s</u><u>i</u><u>t</u><u>i</u><u>o</u><u>n</u><u>-</u><u>f</u><u>e</u><u>b</u><u>r</u><u>u</u><u>a</u><u>r</u><u>y</u><u>-</u><u>2</u><u>022</u> <u>.</u><u>p</u><u>d</u><u>f</u>

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Scope 3 emissions, we recognize that these are provided on a good-faith basis as methodology develops. Our publicly available <u>commentary</u> provides more information on our approach to climate risk and the global energy transition.

**Natural capital** 

The management of nature-related factors is increasingly a core component of some companies' ability to generate sustainable, long-term financial returns for shareholders, particularly where a company's strategy is heavily reliant on the availability of natural capital, or whose supply chains are exposed to locations with nature-related risks. We look for such companies to disclose<sup>18</sup> how they consider their reliance on and use of natural capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform our view of how a company is managing material nature-related risks and opportunities, as well as in our assessment of relevant shareholder proposals. Our publicly available <u>commentary</u> provides more information on our approach to natural capital.

**Key stakeholder interests** 

In order to deliver long-term value for shareholders, companies should also consider the interests of their key stakeholders. While stakeholder groups may vary across industries, they are likely to include employees; business partners (such as suppliers and distributors); clients and consumers; government and regulators; and the constituents of the communities in which a company operates. Companies that build strong relationships with their key stakeholders are more likely to meet their own strategic objectives, while poor relationships may create adverse impacts that expose a company to legal, regulatory, operational, and reputational risks.

Companies should effectively oversee and mitigate material risks related to stakeholders with appropriate due diligence processes and board oversight. Where we determine that company is not appropriately considering their key stakeholder interests in a way that poses material financial risk to the company and its shareholders, we may vote against relevant directors or support shareholder proposals related to these topics. Our publicly available <u>commentary</u> provides more information on our approach.

Conversely, we note that some shareholder proposals seek to address topics that are clearly within the purview of certain stakeholders. For example, we recognize that topics around taxation and tax reporting are within the domain of local, state, and federal authorities. BIS will generally not support these proposals.

**Human capital management** 

A company's approach to human capital management ("HCM") is a critical factor in fostering an inclusive, diverse, and engaged workforce, which contributes to business continuity, innovation, and long-term value creation. Consequently, we ask companies to demonstrate a robust approach to HCM and provide shareholders with disclosures to understand how their approach aligns with their stated strategy and business model.

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<sup>18</sup> While guidance is still under development for a unified disclosure framework related to natural capital, the emerging recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), may prove useful to some companies.

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Clear and consistent disclosures on these matters are critical for investors to make an informed assessment of a company's HCM practices. Companies should disclose the steps they are taking to advance diversity, equity, and inclusion; job categories and workforce demographics; and their responses to the U.S. Equal Employment Opportunity Commission's EEO-1 Survey. Where we believe a company's disclosures or practices fall short relative to the market or peers, or we are unable to ascertain the board and management's effectiveness in overseeing related risks and opportunities, we may vote against members of the appropriate committee or support relevant shareholder proposals. Our publicly available <u>commentary</u> provides more information on our approach to HCM.

**Corporate political activities** 

Companies may engage in certain political activities, within legal and regulatory limits, in order to support public policy matters material to the companies' long-term strategies. These activities can also create risks, including: the potential for allegations of corruption; certain reputational risks; and risks that arise from the complex legal, regulatory, and compliance considerations associated with corporate political spending and lobbying activity. Companies that engage in political activities should develop and maintain robust processes to guide these activities and mitigate risks, including board oversight.

We depend on companies to provide accessible and clear disclosures so that investors can easily understand how their political activities support their long-term strategy, including on stated public policy priorities. When presented with shareholder proposals requesting increased disclosure on corporate political activities, BIS will evaluate publicly available information to consider how a company's lobbying and political activities may impact the company. We will also evaluate whether there is general consistency between a company's stated positions on policy matters material to their strategy and the material positions taken by significant industry groups of which they are a member. We may decide to support a shareholder proposal requesting additional disclosures if we identify a material inconsistency or feel that further transparency may clarify how the company's political activities support its long-term strategy. Our publicly available <u>commentary</u> provides more information on our approach to corporate political activities.

**General corporate governance matters** 

**IPO governance** 

Boards should disclose how the corporate governance structures adopted upon a company's initial public offering ("IPO") are in shareholders' best long-term interests. We also ask boards to conduct a regular review of corporate governance and control structures, such that boards might evolve foundational corporate governance structures as company circumstances change, without undue costs and disruption to shareholders. In our view, a "one vote for one share" structure is preferred for publicly-traded companies. We also recognize the potential benefits of dual class shares to newly public companies as they establish themselves; however, these structures should have a specific and limited duration. We will generally engage new companies on topics such as classified boards and supermajority vote provisions to amend bylaws, as we think that such arrangements may not be in the best interests of shareholders over the long-term.

We may apply a one-year grace period for the application of certain director-related guidelines (including, but not limited to, responsibilities on other public company boards and board composition concerns), during which we ask boards to take steps to bring corporate governance standards in line with our policies.

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Further, if a company qualifies as an emerging growth company (an "EGC") under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), we will give consideration to the NYSE and NASDAQ governance exemptions granted under the JOBS Act for the duration such a company is categorized as an EGC. An EGC should have an independent audit committee by the first anniversary of its IPO, with our standard approach to voting on auditors and audit-related issues applicable in full for an EGC on the first anniversary of its IPO.

**Corporate form** 

Proposals to change a corporation's form, including those to convert to a public benefit corporation ("PBC") structure, should clearly articulate the stakeholder groups the company seeks to benefit and provide detail on how the interests of shareholders would be augmented or adversely affected with the change to a PBC. These disclosures should also include the accountability and voting mechanisms that would be available to shareholders. We generally support management proposals to convert to a PBC if our analysis indicates that shareholders' interests are adequately protected. Corporate form shareholder proposals are evaluated on a case-by-case basis.

**Exclusive forum provisions** 

BIS generally supports proposals to seek exclusive forum for certain shareholder litigation. In cases where a board unilaterally adopts exclusive forum provisions that we consider unfavorable to the interests of shareholders, we will vote against the Independent Chair or Lead Independent director and members of the nominating/governance committee.

**Reincorporation** 

We will evaluate the economic and strategic rationale behind the company's proposal to reincorporate on a case-by-case basis. In all instances, we will evaluate the changes to shareholder protections under the new charter/articles/bylaws to assess whether the move increases or decreases shareholder protections. Where we find that shareholder protections are diminished, we may support reincorporation if we determine that the overall benefits outweigh the diminished rights.

**Multi-jurisdictional companies** 

Where a company is listed on multiple exchanges or incorporated in a country different from their primary listing, we will seek to apply the most relevant market guideline(s) to our analysis of the company's governance structure and specific proposals on the shareholder meeting agenda. In doing so, we typically consider the governance standards of the company's primary listing, the market standards by which the company governs themselves, and the market context of each specific proposal on the agenda. If the relevant standards are silent on the issue under consideration, we will use our professional judgment as to what voting outcome would best protect the long-term economic interests of investors. Companies should disclose the rationale for their selection of primary listing, country of incorporation, and choice of governance structures, particularly where there is conflict between relevant market governance practices.

**Adjourn meeting to solicit additional votes** 

We generally support such proposals unless the agenda contains items that we judge to be detrimental to shareholders' best long-term economic interests.

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**Bundled proposals** 

Shareholders should have the opportunity to review substantial governance changes individually without having to accept bundled proposals. Where several measures are grouped into one proposal, BIS may reject certain positive changes when linked with proposals that generally contradict or impede the rights and economic interests of shareholders.

**Other business** 

We oppose voting on matters where we are not given the opportunity to review and understand those measures and carry out an appropriate level of shareholder oversight.

**Shareholder protections** 

**Amendment to charter/articles/bylaws** 

Shareholders should have the right to vote on key corporate governance matters, including changes to governance mechanisms and amendments to the charter/articles/bylaws. We may vote against certain directors where changes to governing documents are not put to a shareholder vote within a reasonable period of time, particularly if those changes have the potential to impact shareholder rights (see "Director elections"). In cases where a board's unilateral adoption of changes to the charter/articles/bylaws promotes cost and operational efficiency benefits for the company and its shareholders, we may support such action if it does not have a negative effect on shareholder rights or the company's corporate governance structure.

When voting on a management or shareholder proposal to make changes to the charter/articles/bylaws, we will consider in part the company's and/or proponent's publicly stated rationale for the changes; the company's governance profile and history; relevant jurisdictional laws; and situational or contextual circumstances which may have motivated the proposed changes, among other factors. We will typically support amendments to the charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing to make such changes.

**Proxy access** 

It is our view that long-term shareholders should have the opportunity, when necessary and under reasonable conditions, to nominate directors on the company's proxy card.<sup>19</sup>

Securing the right of shareholders to nominate directors without engaging in a control contest can enhance shareholders' ability to meaningfully participate in the director election process, encourage board attention to shareholder interests, and provide shareholders an effective means of directing that attention where it is lacking. Proxy access mechanisms should provide shareholders with a reasonable opportunity to use this right without stipulating overly restrictive or onerous parameters for use, and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company, or investors seeking to take control of the board.

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<sup>19</sup> BlackRock is subject to certain regulations and laws in the United States that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals or elect directors to the board.

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In general, we support market-standardized proxy access proposals, which allow a shareholder (or group of up to 20 shareholders) holding three percent of a company's outstanding shares for at least three years the right to nominate the greater of up to two directors or 20% of the board. Where a standardized proxy access provision exists, we will generally oppose shareholder proposals requesting outlier thresholds.

**Right to act by written consent** 

In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to solicit votes by written consent provided that: 1) there are reasonable requirements to initiate the consent solicitation process (in order to avoid the waste of corporate resources in addressing narrowly supported interests); and 2) shareholders receive a minimum of 50% of outstanding shares to effectuate the action by written consent.

We may oppose shareholder proposals requesting the right to act by written consent in cases where the proposal is structured for the benefit of a dominant shareholder to the exclusion of others, or if the proposal is written to discourage the board from incorporating appropriate mechanisms to avoid the waste of corporate resources when establishing a right to act by written consent. Additionally, we may oppose shareholder proposals requesting the right to act by written consent if the company already provides a shareholder right to call a special meeting that offers shareholders a reasonable opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting.

**Right to call a special meeting** 

In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Accordingly, shareholders should have the right to call a special meeting in cases where a reasonably high proportion of shareholders (typically a minimum of 15% but no higher than 25%) are required to agree to such a meeting before it is called. However, we may oppose this right in cases where the proposal is structured for the benefit of a dominant shareholder, or where a lower threshold may lead to an ineffective use of corporate resources. We generally think that a right to act via written consent is not a sufficient alternative to the right to call a special meeting.

**Consent solicitation** 

While BlackRock is supportive of the shareholder rights to act by written consent and call a special meeting, BlackRock is subject to certain regulations and laws that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to participate in consent solicitations. As a result, BlackRock will generally not participate in consent solicitations or related processes. However, once an item comes to a shareholder vote, we uphold our fiduciary duty to vote in the best long-term interests of our clients, where we are authorized to do so.

**Simple majority voting** 

We generally favor a simple majority voting requirement to pass proposals. Therefore, we will generally support the reduction or the elimination of supermajority voting requirements to the extent that we determine shareholders' ability to protect their economic interests is improved. Nonetheless, in situations where there is a substantial or dominant shareholder, supermajority voting may be protective of minority shareholder interests, and we may support supermajority voting requirements in those situations.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities \| **24** |

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Public

**Virtual meetings** 

Shareholders should have the opportunity to participate in the annual and special meetings for the companies in which they are invested, as these meetings facilitate an opportunity for shareholders to provide feedback and hear from the board and management. While these meetings have traditionally been conducted in-person, virtual meetings are an increasingly viable way for companies to utilize technology to facilitate shareholder accessibility, inclusiveness, and cost efficiencies. Shareholders should have a meaningful opportunity to participate in the meeting and interact with the board and management in these virtual settings; companies should facilitate open dialogue and allow shareholders to voice concerns and provide feedback without undue censorship. Relevant shareholder proposals are assessed on a case-by-case basis.

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| **BlackRock Investment Stewardship** | Proxy voting guidelines for U.S. securities \| **25** |

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**Want to know more?** 

<u>blackrock.com/stewardship</u> \| <u>contactstewardship@blackrock.com</u>

This document is provided for information and educational purposes only. Investing involves risk, including the loss of principal.

Prepared by BlackRock, Inc.©2023 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

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