# EDGAR Filing Document

**Accession Number:** 0001222401
**File Stem:** 0001193125-26-093695
**Filing Date:** 2026-3
**Character Count:** 1233000
**Document Hash:** 96aedc12d753958052fc0f46312d6963
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093695.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093695

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK CORPORATE HIGH YIELD FUND, INC.
- **CENTRAL INDEX KEY:** 0001222401

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21318
- **FILM NUMBER:** 26725732

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK CORPORATE HIGH YIELD FUND VI, INC.
- **DATE OF NAME CHANGE:** 20120920

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK CORPORATE HIGH YIELD FUND VI INC
- **DATE OF NAME CHANGE:** 20061018

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CORPORATE HIGH YIELD FUND VI INC
- **DATE OF NAME CHANGE:** 20030917

?xml version='1.0' encoding='ASCII'? BlackRock Corporate High Yield Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES
Investment Company Act file number: 811-21318

Name of Fund: BlackRock Corporate High Yield Fund, Inc. (HYT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Corporate High Yield Fund, Inc., 50 Hudson Yards, New York, NY 10001

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

Date of fiscal year end: 12/31/2025

Date of reporting period: 12/31/2025

------

Item 1 – Reports to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Reports to Shareholders are attached herewith.

------

![](g106148img7d2f98f61.jpg)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025 Annual Report<br>

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not FDIC Insured • May Lose Value • No Bank Guarantee<br>

------

Supplemental Information

(unaudited)

Section 19(a) Notices

BlackRock Core Bond Trust

'

s (BHK), BlackRock Corporate High Yield Fund, Inc.'s (HYT), BlackRock Credit Allocation Income Trust

'

s (BTZ) and BlackRock Floating Rate

Income Trust

'

s (BGT) (collectively the "Trusts", or individually a "Trust") amounts and sources of distributions reported are estimates and are being provided pursuant to

regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust's

investment experience during the year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you

how to report these distributions for U.S. federal income tax purposes.

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
| Trust Name | Net<br>Income<br>| Net Realized<br>Capital Gains<br>Short-Term<br>| Net Realized<br>Capital Gains<br>Long-Term<br>| Return of<br>Capital <br>(a)<br>| 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<br>| Return of<br>Capital<br>| Total Per<br>Common<br>Share<br>|
| BHK | $0.488620<br>| $—<br>| $—<br>| $0.406580<br>| $0.895200<br>| 55% <br>| —% <br>| —% <br>| 45% <br>| 100% <br>|
| HYT | 0.701384 |  |  | 0.233416 | 0.934800 | 75 |  |  | 25 | 100 |
| BTZ | 0.734984 |  |  | 0.271816 | 1.006800 | 73 |  |  | 27 | 100 |
| BGT | 0.823490 |  |  | 0.619870 | 1.443360 | 57 |  |  | 43 | 100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

blackrock.com

.

Managed Distribution Plan

The Trusts, each with the approval of its Board of Trustees or Board of Directors, as applicable (the "Board"), has adopted a managed distribution plan, consistent with its

investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the "Plan"). In accordance with the Plans, the Trusts currently

distribute the following fixed amounts per share on a monthly basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Trust Name | Amount Per<br>Common Share<br>|
| BHK | $0.074600<br>|
| HYT | 0.077900 |
| BTZ | 0.083900 |
| BGT | 0.120280 |

---

The fixed amounts distributed per share are subject to change at the discretion of each Trust

'

s Board. Each Trust is currently not relying on any exemptive relief from

Section 19(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under its Plan, a Trust will distribute all available investment income to its shareholders

as required by the Internal Revenue Code of 1986, as amended (the "Code"). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned

on a monthly basis, a Trust will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to

shareholders is expected to be at the fixed amount established by the Board; however, a Trust may make additional distributions from time to time, including additional capital

gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.

Shareholders should not draw any conclusions about a Trust

'

s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust

'

s total

return performance is presented in its financial highlights table.

Each Trust

'

s Board may amend, suspend or terminate a Trust

'

s Plan at any time without prior notice to the Trust

'

s shareholders if it deems such actions to be in the best

interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust

'

s stock is trading at or above

net asset value) or widening an existing trading discount. Each Trust is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples

of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or

decreasing corporate dividend distributions and changes in the Code. Please refer to BHK

'

s, HYT

'

s and BGT

'

s prospectus for a more complete description of a Trust

'

s risks.

2025

BlackRock Annual Report to Shareholders

------

**Table of Contents**

Page

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Supplemental Information](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_C19ab-Footer-FundBookName-930_1)<br>| 2 |
| [Annual](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_RskDeriv-Footer-FundBookName-933_1)<br>[Report:](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_RskDeriv-Footer-FundBookName-933_1)<br>|  |
| [The Benefits and Risks of Leveraging](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_RskDeriv-Footer-FundBookName-933_1)<br>| 4 |
| [Derivative Financial Instruments](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_RskDeriv-Footer-FundBookName-933_1)<br>| 4 |
| [Trust Summary](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_FSM-Footer-FundBookName-933_1)<br>| 5 |
| [Financial Statements:](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_SOI-Footer-FundBookName-933_1)<br>|  |
| [Schedules of Investments](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_SOI-Footer-FundBookName-933_1)<br>| 16 |
| [Statements of Assets and Liabilities](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_FS-Footer-FundBookName-933_1)<br>| 127 |
| [Statements of Operations](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_FS-Footer-FundBookName-933_3)<br>| 129 |
| [Statements of Changes in Net Assets](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_FS-Footer-FundBookName-933_4)<br>| 130 |
| [Statements of Cash Flows](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_FS-Footer-FundBookName-933_6)<br>| 132 |
| [Financial Highlights](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_FIHI-Footer-FundBookName-933_1)<br>| 134 |
| [Notes to Financial Statements](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_NTF-Footer-FundBookName-933_1)<br>| 138 |
| [Report of Independent Registered Public Accounting Firm](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_AUDIT-Footer-FundBookName-933_1)<br>| 153 |
| [Important Tax Information](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_TAX-1-Footer-FundBookName-933_1)<br>| 154 |
| [Investment Objectives, Policies and Risks](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_FIOPR-Footer-FundBookName-930_1)<br>| 155 |
| [Shareholder Update](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_CESF-Footer-FundBookName-930_1)<br>| 166 |
| [Automatic Dividend Reinvestment Plan](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_DIVRE-Footer-FundBookName-933_1)<br>| 174 |
| [Trustee and Officer Information](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_OFF-Footer-FundBookName-933_1)<br>| 175 |
| [Additional Information](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_ADDInfo-Footer-FundBookName-933_1)<br>| 178 |
| [Glossary of Terms Used in this Report](#xx_d4d91f25-b0b8-4ac2-8e5d-2012f13cec0e_Terms-Footer-FundBookName-933_1)<br>| 181 |

---

------

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.

2025

BlackRock Annual Report to Shareholders

------

Trust Summary

as of December 31, 2025

BlackRock Core Bond Trust (BHK)

Investment Objective

BlackRock Core Bond Trust

'

s

(BHK) (the "

Trust

")

investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment

objective by investing, under normal market conditions, at least 75% of its managed assets in bonds that are investment grade quality at the time of investment. Under normal

market conditions, the Trust intends to invest its assets primarily in a diversified portfolio of investment grade bonds, which may include, but are not limited to, corporate bonds,

U.S. government and agency securities and mortgage-related securities. The Trust may invest up to 25% of its total managed assets in bonds that, at the time of investment,

are rated Ba/BB or below by Moody's Investors Service, Inc. ("Moody's"), S&P Global Ratings ("S&P"), Fitch Ratings ("Fitch") or another nationally recognized rating agency

or bonds that are unrated but judged to be of comparable quality by the investment adviser. The Trust may invest up to 10% of its total managed assets in bonds issued in

foreign currencies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

On May 16, 2025, the Fund

'

s Board of Trustees approved the terms of the issuance of transferrable rights (one Right for each outstanding Share owned on the Record Date

of May 27, 2025). Rights entitle the holder to purchase one new Share for every 3 Rights held.

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

Trust Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BHK |
| Initial Offering Date | November 27, 2001 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($9.59)<br>(a)<br>| 9.33% |
| Current Monthly Distribution per Common Share<br>(b)<br>| $0.074600 |
| Current Annualized Distribution per Common Share<br>(b)<br>| $0.895200 |
| Leverage as of December 31, 2025<br>(c)<br>| 32% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

Market Price and Net Asset Value Per Share Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/25 | 12/31/24 | Change | High | Low |
| Closing Market Price | &nbsp;&nbsp;$9.59<br>| &nbsp;&nbsp;&nbsp;$10.46<br>| &nbsp;&nbsp;&nbsp;(8.32)% <br>| &nbsp;&nbsp;&nbsp;$11.00<br>| &nbsp;&nbsp;&nbsp;$9.41<br>|
| Net Asset Value | 9.97 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;(3.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 |

---

GROWTH OF $10,000 INVESTMENT

![](g106148imgab0efbb82.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) An index that measures the investment grade, USD-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and

a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.

Trust Summary

------

Trust Summary

as of December 31, 2025

(continued)

BlackRock Core Bond Trust (BHK)

Performance

Returns for the period ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year | 5 Years | 10 Years |
| Trust at NAV<br>(a)(b)<br>| 5.87% <br>| &nbsp;&nbsp;&nbsp;(2.10)% <br>| &nbsp;&nbsp;&nbsp;&nbsp;3.55% <br>|
| Trust at Market Price<br>(a)(b)<br>| 0.28 | &nbsp;&nbsp;&nbsp;(2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.11 |
| Bloomberg U.S. Credit Index | 7.83 | &nbsp;&nbsp;&nbsp;(0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| Reference Benchmark<br>(c)<br>| 7.50 | &nbsp;&nbsp;&nbsp;(0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| Bloomberg U.S. Long Government/Credit Index<br>(d)<br>| 6.62 | &nbsp;&nbsp;&nbsp;(4.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Bloomberg U.S. Intermediate Credit Index<br>(e)<br>| 7.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<br>(f)<br>| 8.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| Bloomberg CMBS, Eligible for U.S. Aggregate Index<br>(g)<br>| 7.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| Bloomberg MBS Index<br>(h)<br>| 8.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 |
| Bloomberg ABS Index<br>(i)<br>| 5.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares.

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

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

(d) An unmanaged index that is the long component of the Bloomberg U.S. Government/Credit Index. It tracks USD-denominated, fixed-rate Treasuries, government-related and corporate securities with maturities equal or greater than 10 years.

(e) An Index that measures the investment grade, USD-denominated, fixed-rate, taxable corporate and government-related bond markets with a maturity greater than one year and less than ten years. It is composed of the Bloomberg U.S. Corporate Index and a non-corporate component that includes non-U.S. agencies, sovereigns, supranationals and local authorities constrained by maturity.

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

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

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

(i) A broad-based flagship benchmark that measures the investment grade, USD-denominated, fixed-rate taxable bond market.

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 largest contributors to the Trust's absolute performance over the period included exposure to a range credit-oriented sectors including high yield and investment grade

corporate bonds. Allocations to agency residential mortgage-backed securities ("MBS") and U.S. Treasuries also contributed, along with holdings of capital securities.

The largest detractor from the Trust's absolute performance was its use of derivatives. Derivatives were used to hedge exposures and to implement tactical positions in interest

rates, credit, and currencies.

Describe recent portfolio activity.

The Trust started the period with relatively low exposure to credit spreads in anticipation of volatility driven by the new administration's policy initiatives. In the wake of

reciprocal tariff announcements and the subsequent widening of spreads, the Trust added risk, focusing on high yield corporates, investment-grade corporates, and capital

securities.

As the Trust underwent a rights offering in the second quarter of 2025, allocations to these spread sectors were further increased, along with exposure to securitized assets

including non-agency MBS and single-asset, single-borrower commercial mortgage-backed securities. In addition, exposure was added selectively to emerging market debt,

supported by a constructive view on the sector.

As the period progressed, the Trust began to increase duration and corresponding interest rate sensitivity as economic data softened and the Federal Reserve appeared

poised to resume policy easing. In an environment of historically tight spreads, this longer duration bias provides a potential offset to the negative impact on prices within

credit-oriented sectors should spreads widen.

2025

BlackRock Annual Report to Shareholders

------

Trust Summary

as of December 31, 2025

(continued)

BlackRock Core Bond Trust (BHK)

Describe portfolio positioning at period end.

At period end, the Trust maintained diversified exposure to non-government spread sectors along with a meaningful allocation to U.S. Treasuries. The largest allocation was

to investment grade corporate bonds, followed by U.S. Treasuries, high yield corporates, non-agency MBS, and capital securities. The Fund favored an above-benchmark

stance with respect to duration and corresponding interest rate sensitivity.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| PORTFOLIO COMPOSITION | PORTFOLIO COMPOSITION |
| Investment Type | Percent of Total<br>Investments<br>(a)<br>|
| Corporate Bonds | 44.2%<br>|
| U.S. Treasury Obligations | 19.1 |
| U.S. Government Sponsored Agency Securities | 11.6 |
| Non-Agency Mortgage-Backed Securities | 8.5 |
| Asset-Backed Securities | 5.8 |
| Preferred Securities | 4.8 |
| Municipal Bonds | 3.1 |
| Foreign Agency Obligations | 1.4 |
| Floating Rate Loan Interests | 1.3 |
| Other\* | 0.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CREDIT QUALITY ALLOCATION | CREDIT QUALITY ALLOCATION |
| Credit Rating<br>(b)<br>| Percent of Total<br>Investments<br>(a)<br>|
| AAA/Aaa<br>(c)<br>| 37.8%<br>|
| AA/Aa | 5.0 |
| A | 14.8 |
| BBB/Baa | 14.7 |
| BB/Ba | 10.6 |
| B | 9.4 |
| CCC/Caa | 2.3 |
| C | &nbsp;&nbsp;—<br>(d)<br>|
| N/R | 5.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Excludes short-term securities.

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

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

(d) 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 Schedule of Investments for details.

Trust Summary

------

Trust Summary

as of December 31, 2025

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.

On December 15, 2025, the Fund

'

s Board of Trustees approved the terms of the issuance of transferrable rights (one Right for each outstanding Share owned on the Record

Date of January 2, 2026). Rights entitle the holder to purchase one new Share for every 5 Rights held.

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

Trust Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | HYT |
| Initial Offering Date | May 30, 2003 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($8.90)<br>(a)<br>| 10.50% |
| Current Monthly Distribution per Common Share<br>(b)<br>| $0.077900 |
| Current Annualized Distribution per Common Share<br>(b)<br>| $0.934800 |
| Leverage as of December 31, 2025<br>(c)<br>| 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

Market Price and Net Asset Value Per Share Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/25 | 12/31/24 | Change | High | Low |
| Closing Market Price | &nbsp;&nbsp;$8.90<br>| &nbsp;&nbsp;&nbsp;$9.81<br>| &nbsp;&nbsp;&nbsp;(9.28)% <br>| &nbsp;&nbsp;&nbsp;$9.97<br>| &nbsp;&nbsp;&nbsp;$8.45<br>|
| Net Asset Value | 9.65 | &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;(0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 |

---

GROWTH OF $10,000 INVESTMENT

![](g106148imga701384d3.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) An unmanaged index comprised of issues that meet the following U.S. corporate bond 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.

2025

BlackRock Annual Report to Shareholders

------

Trust Summary

as of December 31, 2025

(continued)

BlackRock Corporate High Yield Fund, Inc. (HYT)

Performance

Returns for the period ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year | 5 Years | 10 Years |
| Trust at NAV<br>(a)(b)<br>| 10.06% <br>| &nbsp;&nbsp;&nbsp;&nbsp;5.13% <br>| &nbsp;&nbsp;&nbsp;&nbsp;7.91% <br>|
| Trust at Market Price<br>(a)(b)<br>| 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index | 8.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares.

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

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?

Positions in high yield bonds made the largest contributions to absolute performance, but holdings in leveraged loans and investment-grade corporates contributed, as well. In

terms of credit tiers, B, BB, and CC rated issues were the leading contributors, respectively. At the sector level, the largest contributions came from information technology,

media & entertainment, and property & casualty insurance.

The Fund's currency risk management strategies detracted modestly, as did its small cash position.

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

Describe recent portfolio activity.

While key positioning themes remained broadly consistent, the investment adviser tactically adjusted sector- and issuer-level positioning to take advantage of market

opportunities. The adviser reduced the Fund's allocations to bank loans and high yield bonds as it identified attractive relative value opportunities in investment-grade

corporates.

Describe portfolio positioning at period end.

The Fund was underweight in BBs and overweight in Bs and select CCCs. The Fund maintained tactical allocations to both loans and investment-grade bonds. Technology,

property & casualty, and media & entertainment were among the top sector overweights.

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.

Trust Summary

------

Trust Summary

as of December 31, 2025

(continued)

BlackRock Corporate High Yield Fund, Inc. (HYT)

Overview of the Trust's Total Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| PORTFOLIO COMPOSITION | PORTFOLIO COMPOSITION |
| Investment Type | Percent of Total<br>Investments<br>(a)<br>|
| Corporate Bonds | 85.8%<br>|
| Floating Rate Loan Interests | 6.7 |
| Preferred Securities | 4.7 |
| Fixed Rate Loan Interests | 1.1 |
| Other\* | 1.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CREDIT QUALITY ALLOCATION | CREDIT QUALITY ALLOCATION |
| Credit Rating<br>(b)<br>| Percent of Total<br>Investments<br>(a)<br>|
| A | 2.2%<br>|
| BBB/Baa | 2.9 |
| BB/Ba | 37.6 |
| B | 44.9 |
| CCC/Caa | 9.7 |
| C | &nbsp;&nbsp;—<br>(c)<br>|
| D | &nbsp;&nbsp;—<br>(c)<br>|
| N/R | 2.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Excludes short-term securities.

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

(c) Rounds to less than 0.1%.

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

2025

BlackRock Annual Report to Shareholders

------

Trust Summary

as of December 31, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BTZ |
| Initial Offering Date | December 27, 2006 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($10.83)<br>(a)<br>| 9.30% |
| Current Monthly Distribution per Common Share<br>(b)<br>| $0.083900 |
| Current Annualized Distribution per Common Share<br>(b)<br>| $1.006800 |
| Leverage as of December 31, 2025<br>(c)<br>| 34% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

Market Price and Net Asset Value Per Share Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/25 | 12/31/24 | Change | High | Low |
| Closing Market Price | &nbsp;&nbsp;$10.83<br>| &nbsp;&nbsp;&nbsp;$10.46<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54% <br>| &nbsp;&nbsp;&nbsp;$11.17<br>| &nbsp;&nbsp;&nbsp;$9.86<br>|
| Net Asset Value | 11.36 | &nbsp;&nbsp;&nbsp;&nbsp;11.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 |

---

GROWTH OF $10,000 INVESTMENT

![](g106148img5265c69a4.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) An index that measures the investment grade, USD-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and

a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.

Trust Summary

------

Trust Summary

as of December 31, 2025

(continued)

BlackRock Credit Allocation Income Trust (BTZ)

Performance

Returns for the period ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year | 5 Years | 10 Years |
| Trust at NAV<br>(a)(b)<br>| 10.52% <br>| &nbsp;&nbsp;&nbsp;&nbsp;2.19% <br>| &nbsp;&nbsp;&nbsp;&nbsp;5.93% <br>|
| Trust at Market Price<br>(a)(b)<br>| 13.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.58 |
| Reference Benchmark<br>(c)<br>| 8.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;4.44 |
| Bloomberg U.S. Credit Index | 7.83 | &nbsp;&nbsp;&nbsp;(0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.15 |
| Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index<br>(d)<br>| 8.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 |
| Bloomberg USD Capital Securities Index<br>(e)<br>| 9.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares.

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

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

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

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

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?

Contributions to the Trust's performance over the period were led by broad U.S. credit exposures, in particular to high yield corporate bonds, investment grade corporate

bonds, collateralized loan obligations ("CLOs"). Exposure to emerging markets debt and Asia investment grade debt also proved additive.

The Trust's positioning with respect to interest rates and equity exposure detracted modestly over the period.

Describe recent portfolio activity.

The Trust increased exposure to emerging markets, Asia investment grade and European investment grade bonds. Allocations to CLOs and European high yield corporate

bonds were trimmed over the period.

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

Describe portfolio positioning at period end.

At period end, the Trust was focused primarily on higher-quality global credit as valuations and relative value dynamics shifted across markets. In particular, the Trust had

exposure in emerging markets, Asia and Europe, where improving fundamentals and attractive spread levels provided compelling carry opportunities with a favorable risk

profile. Conversely, exposure to CLOs and European high yield corporates was more modest as spreads remained tight and volatility persisted, limiting potential upside.

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.

2025

BlackRock Annual Report to Shareholders

------

Trust Summary

as of December 31, 2025

(continued)

BlackRock Credit Allocation Income Trust (BTZ)

Overview of the Trust's Total Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| PORTFOLIO COMPOSITION | PORTFOLIO COMPOSITION |
| Investment Type | Percent of Total<br>Investments<br>(a)<br>|
| Corporate Bonds | 67.5%<br>|
| U.S. Government Sponsored Agency Securities | 9.3 |
| Asset-Backed Securities | 8.5 |
| Preferred Securities | 6.2 |
| Floating Rate Loan Interests | 4.6 |
| Investment Companies | 2.2 |
| Foreign Agency Obligations | 1.7 |
| Other\* | &nbsp;&nbsp;—<br>(b)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CREDIT QUALITY ALLOCATION | CREDIT QUALITY ALLOCATION |
| Credit Rating<br>(c)<br>| Percent of Total<br>Investments<br>(d)<br>|
| AAA/Aaa<br>(e)<br>| 15.2%<br>|
| AA/Aa | 3.4 |
| A | 12.1 |
| BBB/Baa | 28.5 |
| BB/Ba | 19.9 |
| B | 14.3 |
| CCC/Caa | 2.6 |
| C | &nbsp;&nbsp;—<br>(b)<br>|
| N/R | 4.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Excludes short-term securities, short investments and options, if any.

(b) Rounds to less than 0.1%.

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

(d) Excludes short-term securities.

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

\* 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.

Trust Summary

------

Trust Summary

as of December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

Investment Objective

BlackRock Floating Rate Income Trust

'

s (BGT) (the "

Trust

")

primary investment objective is to provide a high level of current income. The Trust's secondary investment

objective is to seek the preservation of capital to the extent consistent with its primary objective of high current income. The Trust seeks to achieve its investment objectives by

investing primarily, under normal market conditions, at least 80% of its assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial

portion of its assets in global floating and variable rate securities including senior secured floating rate loans made to corporate and other business entities. Under normal

market conditions, the Trust expects that the average effective duration of its portfolio will be no more than 1.5 years. The Trust may invest directly in such securities or

synthetically through the use of derivatives.

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

Trust Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BGT |
| Initial Offering Date | August 30, 2004 |
| Current Distribution Rate on Closing Market Price as of December 31, 2025 ($11.33)<br>(a)<br>| 12.74% |
| Current Monthly Distribution per Common Share<br>(b)<br>| $0.120280 |
| Current Annualized Distribution per Common Share<br>(b)<br>| $1.443360 |
| Leverage as of December 31, 2025<br>(c)<br>| 17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

Market Price and Net Asset Value Per Share Summary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 12/31/25 | 12/31/24 | Change | High | Low |
| Closing Market Price | &nbsp;&nbsp;$11.33<br>| &nbsp;&nbsp;&nbsp;$12.86<br>| &nbsp;&nbsp;&nbsp;(11.90)% <br>| &nbsp;&nbsp;&nbsp;$12.93<br>| &nbsp;&nbsp;&nbsp;$10.95<br>|
| Net Asset Value | 11.84 | &nbsp;&nbsp;&nbsp;&nbsp;12.57 | &nbsp;&nbsp;&nbsp;(5.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.62 | &nbsp;&nbsp;&nbsp;&nbsp;11.81 |

---

GROWTH OF $10,000 INVESTMENT

![](g106148imgbcd4db875.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) A market-value weighted index designed to measure the performance of the U.S. leveraged loan market.

2025

BlackRock Annual Report to Shareholders

------

Trust Summary

as of December 31, 2025

(continued)

BlackRock Floating Rate Income Trust (BGT)

Performance

Returns for the period ended December 31, 2025 were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | 1 Year | 5 Years | 10 Years |
| Trust at NAV<br>(a)(b)<br>| 6.14% <br>| &nbsp;&nbsp;&nbsp;&nbsp;7.07% <br>| &nbsp;&nbsp;&nbsp;&nbsp;6.43% <br>|
| Trust at Market Price<br>(a)(b)<br>| &nbsp;&nbsp;(0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;7.00 |
| Morningstar LSTA U.S. Leveraged Loan Index | 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices and reflect the Trust's use of leverage, if any. The performance tables and graph do not reflect the deduction of taxes that a shareholder would pay on Trust distributions or the sale of Trust shares.

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

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?

Describe recent portfolio activity.

Describe portfolio positioning at period end.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| PORTFOLIO COMPOSITION | PORTFOLIO COMPOSITION |
| Investment Type | Percent of Total<br>Investments<br>(a)<br>|
| Floating Rate Loan Interests | 88.6%<br>|
| Investment Companies | 7.0 |
| Corporate Bonds | 2.7 |
| Other\* | 1.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| CREDIT QUALITY ALLOCATION | CREDIT QUALITY ALLOCATION |
| Credit Rating<br>(b)<br>| Percent of Total<br>Investments<br>(a)<br>|
| AA/Aa | 0.1%<br>|
| A | 1.4 |
| BBB/Baa | 9.0 |
| BB/Ba | 27.0 |
| B | 51.1 |
| CCC/Caa | 3.0 |
| C | &nbsp;&nbsp;—<br>(c)<br>|
| N/R | 8.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Excludes short-term securities.

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

(c) Rounds to less than 0.1%.

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

Trust Summary

------

Schedule of Investments

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| 522 Funding CLO Ltd., Series 2017-1A, Class CR, (3-<br>mo. CME Term SOFR + 2.41%), 6.30%, <br>10/20/34<br>(a)(b)<br>| USD | 500 | $500806<br>|
| AIMCO CLO Ltd., Series 2018-BA, Class CRR, (3-mo. <br>CME Term SOFR + 2.40%), 6.29%, 04/16/37<br>(a)(b)<br>|  | 650 | 653131 |
| Apidos CLO XVIII-R<br>(a)(b)<br>|  |  |  |
| Series 2018-18A, Class A1R2, (3-mo. CME Term <br>SOFR + 1.33%), 5.19%, 01/22/38<br>|  | 1295 | 1299241 |
| Series 2018-18A, Class BR2, (3-mo. CME Term <br>SOFR + 1.70%), 5.56%, 01/22/38<br>|  | 777 | 779975 |
| Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3-mo. <br>CME Term SOFR + 1.21%), 5.10%, 10/20/30<br>(a)(b)<br>|  | 142 | 141942 |
| Bain Capital Credit CLO Ltd., Series 2021-3A, Class D, <br>(3-mo. CME Term SOFR + 3.36%), 7.23%, <br>07/24/34<br>(a)(b)<br>|  | 250 | 244751 |
| Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo. <br>CME Term SOFR + 1.70%), 5.58%, 01/20/38<br>(a)(b)<br>|  | 500 | 501882 |
| Birch Grove CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2021-3A, Class D1R, (3-mo. CME Term SOFR <br>+ 2.85%), 6.73%, 01/19/38<br>|  | 250 | 250482 |
| Series 2023-6A, Class A1R, (3-mo. CME Term SOFR <br>+ 1.38%), 5.75%, 07/20/37<br>|  | 1500 | 1505070 |
| Bryant Park Funding Ltd., Series 2024-22A, Class C, <br>(3-mo. CME Term SOFR + 2.60%), 6.50%, <br>04/15/37<br>(a)(b)<br>|  | 1200 | 1206361 |
| Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, <br>(3-mo. CME Term SOFR + 1.07%), 4.95%, <br>07/18/34<br>(a)(b)<br>|  | 2500 | 2498769 |
| Canyon Capital CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2016-1A, Class CR, (3-mo. CME Term SOFR <br>+ 2.16%), 6.07%, 07/15/31<br>|  | 250 | 250710 |
| Series 2021-2A, Class D, (3-mo. CME Term SOFR + <br>3.61%), 7.52%, 04/15/34<br>|  | 500 | 500000 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. <br>CME Term SOFR + 1.02%), 4.90%, 04/20/32<br>(a)(b)<br>|  | 373 | 372762 |
| CarVal CLO VC Ltd., Series 2021-2A, Class D, (3-mo. <br>CME Term SOFR + 3.51%), 7.42%, 10/15/34<br>(a)(b)<br>|  | 250 | 250014 |
| Cedar Funding XIV CLO Ltd., Series 2021-14A, <br>Class B1R, (3-mo. CME Term SOFR + 1.70%), <br>5.60%, 10/15/37<br>(a)(b)<br>|  | 500 | 501573 |
| Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, <br>(3-mo. CME Term SOFR + 1.80%), 5.68%, <br>04/20/35<br>(a)(b)<br>|  | 400 | 400875 |
| CIFC Funding Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2017-1A, Class CRR, (3-mo. CME Term <br>SOFR + 2.45%), 6.32%, 04/21/37<br>|  | 1000 | 1005251 |
| Series 2018-1A, Class A1R, (3-mo. CME Term SOFR <br>+ 1.32%), 5.20%, 01/18/38<br>|  | 1036 | 1039222 |
| Series 2018-1A, Class BR, (3-mo. CME Term SOFR <br>+ 1.70%), 5.58%, 01/18/38<br>|  | 1295 | 1300429 |
| Series 2019-1A, Class D1R2, (3-mo. CME Term <br>SOFR + 3.05%), 6.93%, 10/20/37<br>|  | 500 | 498525 |
| Series 2020-1A, Class DR, (3-mo. CME Term SOFR <br>+ 3.36%), 7.27%, 07/15/36<br>|  | 500 | 500299 |
| Compass Datacenters Issuer III LLC, Series 2025-3A, <br>Class A2, 5.29%, 07/25/50<br>(b)<br>|  | 520 | 523124 |
| Concord Music Royalties LLC, Series 2024-1A, Class A, <br>5.64%, 10/20/74<br>(b)<br>|  | 164 | 165469 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| Consolidated Communications LLC/Fidium Fiber <br>Finance Holdco LLC, Series 2025-4A, Class B, <br>5.77%, 12/20/55<br>(b)<br>| USD | 650 | $653756<br>|
| CWHEQ Revolving Home Equity Loan Trust, <br>Series 2006-I, Class 1A, (1-mo. Term SOFR + <br>0.25%), 4.00%, 01/15/37<br>(a)<br>|  | 660 | 640478 |
| Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3-<br>mo. CME Term SOFR + 3.11%), 7.02%, <br>10/15/30<br>(a)(b)<br>|  | 280 | 280316 |
| Dryden CLO Ltd., Series 2018-64A, Class D, (3-mo. <br>CME Term SOFR + 2.91%), 6.80%, 04/18/31<br>(a)(b)<br>|  | 1250 | 1250896 |
| Dryden Senior Loan Fund, Series 2015-37A, Class AR, <br>(3-mo. CME Term SOFR + 1.36%), 5.27%, <br>01/15/31<br>(a)(b)<br>|  | 48 | 48079 |
| EDvestinU Private Education Loan Issue No. 3 LLC, <br>Series 2021-A, Class B, 3.50%, 11/25/50<br>(b)<br>|  | 110 | 94033 |
| Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. <br>CME Term SOFR + 2.40%), 6.28%, 04/18/37<br>(a)(b)<br>|  | 1300 | 1306168 |
| Elmwood CLO VI Ltd., Series 2020-3A, Class BRR, <br>(3-mo. CME Term SOFR + 1.70%), 5.58%, <br>07/18/37<br>(a)(b)<br>|  | 250 | 250890 |
| GoldenTree Loan Management U.S. CLO Ltd., <br>Series 2021-11A, Class AR, (3-mo. CME Term SOFR <br>+ 1.08%), 4.96%, 10/20/34<br>(a)(b)<br>|  | 470 | 469733 |
| GoodLeap Home Improvement Solutions Trust, <br>Series 2025-3A, Class A, 5.00%, 10/20/49<br>(b)<br>|  | 351 | 352025 |
| GreenSky Home Improvement Issuer Trust<br>(b)<br>|  |  |  |
| Series 2024-2, Class C, 5.55%, 10/27/59 |  | 97 | 97640 |
| Series 2025-2A, Class A4, 4.89%, 06/25/60 |  | 214 | 215937 |
| Huntington Bank Auto Credit-Linked Notes, <br>Series 2024-2, Class B1, 5.44%, 10/20/32<br>(b)<br>|  | 481 | 485768 |
| Lendmark Funding Trust, Series 2025-2A, Class C, <br>5.28%, 10/20/34<br>(b)<br>|  | 1000 | 1007444 |
| Long Beach Mortgage Loan Trust, Series 2006-8, <br>Class 2A4, (1-mo. Term SOFR + 0.59%), 4.33%, <br>09/25/36<br>(a)<br>|  | 5685 | 1420280 |
| Lyra Music Assets Delaware LP, Series 2025-1A, <br>Class A2, 5.60%, 09/20/65<br>(b)<br>|  | 205 | 206388 |
| Madison Park Funding LIX Ltd., Series 2021-59A, <br>Class A1R, (3-mo. CME Term SOFR + 1.50%), <br>5.38%, 04/18/37<br>(a)(b)<br>|  | 1300 | 1303986 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, <br>Class BR2, (3-mo. CME Term SOFR + 1.95%), <br>5.85%, 04/15/37<br>(a)(b)<br>|  | 1000 | 1002848 |
| Navient Private Education Refi Loan Trust<br>(b)<br>|  |  |  |
| Series 2019-D, Class A2A, 3.01%, 12/15/59 |  | 307 | 300070 |
| Series 2019-GA, Class A, 2.40%, 10/15/68 |  | 92 | 89839 |
| Series 2021-CA, Class A, 1.06%, 10/15/69 |  | 527 | 483158 |
| Series 2021-DA, Class C, 3.48%, 04/15/60 |  | 378 | 355236 |
| Series 2021-EA, Class A, 0.97%, 12/16/69 |  | 643 | 579673 |
| Series 2023-A, Class A, 5.51%, 10/15/71 |  | 115 | 118498 |
| Nelnet Student Loan Trust<br>(b)<br>|  |  |  |
| Series 2021-A, Class D, 4.93%, 04/20/62 |  | 460 | 422789 |
| Series 2021-BA, Class B, 2.68%, 04/20/62 |  | 1983 | 1781003 |
| Series 2021-CA, Class AFL, (1-mo. Term SOFR + <br>0.85%), 4.59%, 04/20/62<br>(a)<br>|  | 222 | 221155 |
| Series 2025-BA, Class D, 6.04%, 05/17/55 |  | 549 | 548026 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| Neuberger Berman Loan Advisers CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2019-31A, Class AR2, (3-mo. CME Term <br>SOFR + 1.23%), 5.11%, 01/20/39<br>| USD | 1615 | $1618159<br>|
| Series 2019-34A, Class BR2, (3-mo. CME Term <br>SOFR + 1.65%), 5.53%, 07/20/39<br>|  | 530 | 531761 |
| OCP CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2017-13A, Class AR2, (3-mo. CME Term <br>SOFR + 1.34%), 5.21%, 11/26/37<br>|  | 1000 | 1003825 |
| Series 2024-38A, Class A, (3-mo. CME Term SOFR + <br>1.33%), 5.20%, 01/21/38<br>|  | 1000 | 1003790 |
| Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME <br>Term SOFR + 3.31%), 7.22%, 07/15/34<br>(a)(b)<br>|  | 250 | 246448 |
| Octagon Investment Partners XVII Ltd., Series 2013-1A, <br>Class BR2, (3-mo. CME Term SOFR + 1.66%), <br>5.52%, 01/25/31<br>(a)(b)<br>|  | 354 | 353715 |
| Octagon Investment Partners XXII Ltd., Series 2014-1A, <br>Class DRR, (3-mo. CME Term SOFR + 3.01%), <br>6.87%, 01/22/30<br>(a)(b)<br>|  | 500 | 500408 |
| OHA Credit Funding Ltd., Series 2022-12RA, Class C, <br>(3-mo. CME Term SOFR + 1.80%), 6.13%, <br>07/20/37<br>(a)(b)<br>|  | 1250 | 1253540 |
| OZLM XXI Ltd., Series 2017-21A, Class C, (3-mo. CME <br>Term SOFR + 2.93%), 6.82%, 01/20/31<br>(a)(b)<br>|  | 1000 | 998502 |
| Palmer Square CLO Ltd., Series 2024-4A, Class B, <br>(3-mo. CME Term SOFR + 1.65%), 5.55%, <br>01/15/38<br>(a)(b)<br>|  | 920 | 922858 |
| Palmer Square Loan Funding 2024-3 Ltd., Series 2024-<br>3A, Class A2, (3-mo. CME Term SOFR + 1.65%), <br>5.51%, 08/08/32<br>(a)(b)<br>|  | 250 | 250614 |
| Planet Fitness Master Issuer LLC, Series 2025-1A, <br>Class A2II, 5.65%, 12/06/55<br>(b)<br>|  | 230 | 229914 |
| Point Broadband Funding LLC<br>(b)<br>|  |  |  |
| Series 2025-1A, Class A2, 5.34%, 07/20/55 |  | 1000 | 1007307 |
| Series 2025-1A, Class C, 8.16%, 07/20/55 |  | 750 | 765579 |
| Prodigy Finance DAC, Series 2021-1A, Class C, (1-mo. <br>Term SOFR + 3.86%), 7.59%, 07/25/51<br>(a)(b)<br>|  | 39 | 38679 |
| Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-<br>mo. CME Term SOFR + 1.65%), 5.51%, <br>01/25/38<br>(a)(b)<br>|  | 1700 | 1705323 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, <br>(3-mo. CME Term SOFR + 1.55%), 5.45%, <br>04/15/38<br>(a)(b)<br>|  | 850 | 852205 |
| Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, <br>(3-mo. CME Term SOFR + 1.40%), 5.30%, <br>01/15/38<br>(a)(b)<br>|  | 1709 | 1715918 |
| Romark CLO Ltd., Series 2017-1A, Class B, (3-mo. <br>CME Term SOFR + 2.41%), 6.27%, 10/23/30<br>(a)(b)<br>|  | 500 | 501391 |
| Sandstone Peak II Ltd., Series 2023-1A, Class A1R, <br>(3-mo. CME Term SOFR + 1.41%), 5.29%, <br>07/20/38<br>(a)(b)<br>|  | 1000 | 1003963 |
| Sesac Finance LLC, Series 2025-1, Class A2, 5.50%, <br>07/25/55<br>(b)<br>|  | 345 | 342859 |
| SMB Private Education Loan Trust<br>(b)<br>|  |  |  |
| Series 2019-A, Class A2A, 3.44%, 07/15/36 |  | 451 | 447979 |
| Series 2019-B, Class A2A, 2.84%, 06/15/37 |  | 111 | 108801 |
| Series 2021-A, Class A2B, 1.59%, 01/15/53 |  | 243 | 225292 |
| Series 2021-A, Class B, 2.31%, 01/15/53 |  | 106 | 103825 |
| Series 2021-C, Class C, 3.00%, 01/15/53 |  | 108 | 96276 |
| Series 2021-C, Class D, 3.93%, 01/15/53 |  | 53 | 48531 |
| Series 2021-D, Class A1A, 1.34%, 03/17/53 |  | 657 | 622069 |
| Series 2022-C, Class A1A, 4.48%, 05/16/50 |  | 231 | 230468 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| SMB Private Education Loan Trust<br>(b)<br>(continued)<br>|  |  |  |
| Series 2023-B, Class A1B, (30-day Avg SOFR + <br>1.80%), 5.78%, 10/16/56<br>(a)<br>| USD | 156 | $159075<br>|
| Series 2023-C, Class A1A, 5.67%, 11/15/52 |  | 1054 | 1082590 |
| Sterling COOFS Trust<br>(b)(c)<br>|  |  |  |
| Series 2004-1, Class A, 2.36%, 04/15/29 |  | 700 |  |
| Series 2004-2, Class Note, 2.08%, 03/30/30 |  | 247 |  |
| Structured Asset Securities Corp. Pass-Through <br>Certificates, Series 2002-AL1, Class A2, 3.45%, <br>02/25/32<br>|  | 9 | 7648 |
| Subway Funding LLC, Series 2024-1A, Class A2I, <br>6.03%, 07/30/54<br>(b)<br>|  | 292 | 296064 |
| TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, <br>(3-mo. CME Term SOFR + 1.19%), 5.10%, <br>07/15/30<br>(a)(b)<br>|  | 98 | 98055 |
| Trestles CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2017-1A, Class CRR, (3-mo. CME Term <br>SOFR + 2.10%), 5.96%, 07/25/37<br>|  | 1750 | 1758292 |
| Series 2017-1A, Class D1RR, (3-mo. CME Term <br>SOFR + 3.15%), 7.01%, 07/25/37<br>|  | 250 | 249494 |
| Trimaran CAVU Ltd., Series 2021-2A, Class D1, (3-mo. <br>CME Term SOFR + 3.51%), 7.37%, 10/25/34<br>(a)(b)<br>|  | 500 | 500589 |
| Unique Pub Finance Co. PLC, Series 02, Class N, <br>6.46%, 03/30/32<br>(d)<br>| GBP | 11 | 15197 |
| UPG HI Issuer Trust, Series 2025-2, Class A, 5.00%, <br>09/25/47<br>(b)<br>| USD | 100 | 99957 |
| Upgrade Master Pass-Thru Trust<br>(b)<br>|  |  |  |
| Series 2025-ST4, Class A, 5.50%, 08/16/32 |  | 168 | 168674 |
| Series 2025-ST8, Class D, 5.91%, 12/15/33 |  | 124 | 124212 |
| UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%, <br>01/25/47<br>(b)<br>|  | 304 | 306167 |
| Voya CLO Ltd., Series 2018-2A, Class A2, (3-mo. CME <br>Term SOFR + 1.51%), 5.42%, 07/15/31<br>(a)(b)<br>|  | 1000 | 1001281 |
| Warwick Capital CLO Ltd., Series 2024-5A, Class A1, <br>(3-mo. CME Term SOFR + 1.36%), 5.24%, <br>01/20/38<br>(a)(b)<br>|  | 750 | 752542 |
| Whetstone Park CLO Ltd., Series 2021-1A, Class B1, <br>(3-mo. CME Term SOFR + 1.86%), 5.75%, <br>01/20/35<br>(a)(b)<br>|  | 725 | 726862 |
| Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, <br>(3-mo. CME Term SOFR + 2.90%), 6.77%, <br>10/24/37<br>(a)(b)<br>|  | 500 | 498806 |
| Whitebox CLO III Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2021-3A, Class DR, (3-mo. CME Term SOFR <br>+ 2.85%), 6.75%, 10/15/35<br>|  | 250 | 251243 |
| Series 2021-3A, Class ER, (3-mo. CME Term SOFR <br>+ 5.65%), 9.55%, 10/15/35<br>|  | 250 | 250393 |
| Wireless PropCo Funding LLC, Series 2025-1A, <br>Class B, 4.30%, 06/25/55<br>(b)<br>|  | 725 | 694634 |
| Total Asset-Backed Securities — 8.4%<br>(Cost: $61,870,624) | Total Asset-Backed Securities — 8.4%<br>(Cost: $61,870,624) | Total Asset-Backed Securities — 8.4%<br>(Cost: $61,870,624) | 60648549 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Common Stocks | Common Stocks | Common Stocks |
| Capital Markets — 0.0% | Capital Markets — 0.0% |  |
| Wom New Holdco<br>(c)(e)<br>| 465 | 10695 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% |  |
| Altice France Lux 3<br>(e)<br>| 5668 | $99822<br>|
| Total Common Stocks — 0.0%<br>(Cost: $122,630) | Total Common Stocks — 0.0%<br>(Cost: $122,630) | 110517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| Corporate Bonds | Corporate Bonds | Corporate Bonds | Corporate Bonds |
| Advertising Agencies — 0.5% | Advertising Agencies — 0.5% | Advertising Agencies — 0.5% | Advertising Agencies — 0.5% |
| Clear Channel Outdoor Holdings, Inc.<br>(b)<br>|  |  |  |
| 7.75%, 04/15/28 | USD | 335 | 335247 |
| 7.50%, 06/01/29<br>(f)<br>|  | 579 | 574919 |
| 7.88%, 04/01/30<br>(f)<br>|  | 383 | 403373 |
| 7.13%, 02/15/31 |  | 493 | 516242 |
| 7.50%, 03/15/33 |  | 605 | 639056 |
| CMG Media Corp., 8.88%, 06/18/29<br>(b)<br>|  | 152 | 130577 |
| Lamar Media Corp. |  |  |  |
| 4.00%, 02/15/30 |  | 21 | 20285 |
| 5.38%, 11/01/33<br>(b)<br>|  | 126 | 125174 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<br>(b)<br>|  | 92 | 92157 |
| Omnicom Group, Inc., 5.40%, 10/01/48<br>(b)(f)<br>|  | 500 | 462968 |
| Outfront Media Capital LLC/Outfront Media Capital <br>Corp.<br>(b)<br>|  |  |  |
| 5.00%, 08/15/27 |  | 46 | 46067 |
| 4.25%, 01/15/29 |  | 236 | 229838 |
| 4.63%, 03/15/30<br>(f)<br>|  | 66 | 64426 |
| 7.38%, 02/15/31 |  | 72 | 76209 |
| Stagwell Global LLC, 5.63%, 08/15/29<br>(b)<br>|  | 69 | 67285 |
|  |  |  | 3783823 |
| Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% | Aerospace & Defense — 2.6% |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<br>(b)<br>|  | 253 | 261815 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27 |  | 97 | 97114 |
| 7.25%, 08/15/30 |  | 255 | 269402 |
| 5.13%, 10/01/31 |  | 110 | 110074 |
| Boeing Co. |  |  |  |
| 3.20%, 03/01/29 |  | 1840 | 1783829 |
| 2.95%, 02/01/30 |  | 800 | 757936 |
| 6.53%, 05/01/34 |  | 550 | 608497 |
| Bombardier, Inc.<br>(b)<br>|  |  |  |
| 6.00%, 02/15/28<br>(g)<br>|  | 54 | 54161 |
| 8.75%, 11/15/30 |  | 355 | 383545 |
| 7.25%, 07/01/31 |  | 18 | 19182 |
| 7.00%, 06/01/32 |  | 162 | 171176 |
| 6.75%, 06/15/33 |  | 187 | 197656 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br>02/15/32<br>(b)<br>|  | 701 | 708087 |
| General Electric Co., 6.15%, 08/07/37 |  | 2150 | 2371656 |
| Goat Holdco LLC, 6.75%, 02/01/32<br>(b)<br>|  | 83 | 85246 |
| L3Harris Technologies, Inc. |  |  |  |
| 2.90%, 12/15/29 |  | 1200 | 1139891 |
| 1.80%, 01/15/31 |  | 300 | 264768 |
| Lockheed Martin Corp., 3.80%, 03/01/45 |  | 800 | 641574 |
| Northrop Grumman Corp. |  |  |  |
| 4.70%, 03/15/33 |  | 400 | 403894 |
| 4.75%, 06/01/43 |  | 850 | 783122 |
| RTX Corp. |  |  |  |
| 2.38%, 03/15/32 |  | 1000 | 891040 |
| 5.15%, 02/27/33 |  | 900 | 929521 |
| 4.50%, 06/01/42 |  | 300 | 271188 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) |
| RTX Corp.<br>(continued)<br>|  |  |  |
| 6.40%, 03/15/54 | USD | 700 | $770325<br>|
| TransDigm, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/28 |  | 150 | 152642 |
| 6.38%, 03/01/29 |  | 520 | 536260 |
| 6.63%, 03/01/32 |  | 1223 | 1272432 |
| 6.00%, 01/15/33 |  | 744 | 761462 |
| 6.38%, 05/31/33 |  | 933 | 957376 |
| 6.25%, 01/31/34 |  | 115 | 119333 |
| 6.75%, 01/31/34 |  | 810 | 843764 |
|  |  |  | 18617968 |
| Air Freight & Logistics<br>(b)<br> — 0.0% | Air Freight & Logistics<br>(b)<br> — 0.0% | Air Freight & Logistics<br>(b)<br> — 0.0% | Air Freight & Logistics<br>(b)<br> — 0.0% |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 127 | 132315 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 60 | 63498 |
|  |  |  | 195813 |
| Automobile Components — 0.4% | Automobile Components — 0.4% | Automobile Components — 0.4% | Automobile Components — 0.4% |
| American Axle & Manufacturing, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 10/15/32 |  | 91 | 92680 |
| 7.75%, 10/15/33 |  | 95 | 96765 |
| Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49 |  | 465 | 427818 |
| Clarios Global LP/Clarios U.S. Finance Co.<br>(b)<br>|  |  |  |
| 6.75%, 05/15/28 |  | 525 | 538322 |
| 6.75%, 02/15/30 |  | 190 | 198324 |
| 4.75%, 06/15/31 | EUR | 205 | 244347 |
| 6.75%, 09/15/32 | USD | 409 | 424130 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 |  | 46 | 44539 |
| 4.50%, 02/15/32 |  | 70 | 67194 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 6.63%, 07/15/30 |  | 60 | 61442 |
| 5.25%, 04/30/31 |  | 6 | 5760 |
| 5.63%, 04/30/33 |  | 81 | 76723 |
| IHO Verwaltungs GmbH, (7.00% Cash or 7.75% PIK), <br>7.00%, 11/15/31<br>(d)(h)<br>| EUR | 100 | 126878 |
| Qnity Electronics, Inc.<br>(b)<br>|  |  |  |
| 5.75%, 08/15/32 | USD | 166 | 169726 |
| 6.25%, 08/15/33 |  | 127 | 131642 |
| Schaeffler AG, 4.25%, 04/01/28<br>(d)<br>| EUR | 100 | 119966 |
| Tenneco, Inc., 8.00%, 11/17/28<br>(b)<br>| USD | 183 | 183586 |
| ZF Europe Finance BV, 7.00%, 06/12/30<br>(d)<br>| EUR | 100 | 123806 |
|  |  |  | 3133648 |
| Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% | Automobiles — 1.0% |
| Allison Transmission, Inc., 5.88%, 12/01/33<br>(b)<br>| USD | 95 | 96383 |
| Asbury Automotive Group, Inc., 4.50%, 03/01/28 |  | 10 | 9971 |
| Carvana Co.<br>(b)(h)<br>|  |  |  |
| (11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 |  | 325 | 340754 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 986 | 1112329 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<br>(b)<br>|  | 108 | 115460 |
| Ford Motor Co., 4.75%, 01/15/43 |  | 2000 | 1583856 |
| General Motors Co., 6.25%, 10/02/43 |  | 2506 | 2541149 |
| LCM Investments Holdings II LLC<br>(b)<br>|  |  |  |
| 4.88%, 05/01/29 |  | 28 | 27586 |
| 8.25%, 08/01/31 |  | 238 | 251731 |
| Lithia Motors, Inc., 5.50%, 10/01/30<br>(b)<br>|  | 104 | 104413 |
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30<br>(b)<br>|  | 268 | 268037 |
| Nissan Motor Co. Ltd. |  |  |  |
| 5.25%, 07/17/29<br>(d)<br>| EUR | 100 | 120658 |
| 7.75%, 07/17/32<br>(b)<br>| USD | 200 | 212442 |
| 6.38%, 07/17/33<br>(b)<br>| EUR | 100 | 120526 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Automobiles (continued) | Automobiles (continued) | Automobiles (continued) | Automobiles (continued) |
| Nissan Motor Co. Ltd.<br>(continued)<br>|  |  |  |
| 8.13%, 07/17/35<br>(b)<br>| USD | 362 | $384669<br>|
| RCI Banque SA, (5-year EURIBOR ICE Swap + 2.20%), <br>4.75%, 03/24/37<br>(a)(d)<br>| EUR | 100 | 119769 |
|  |  |  | 7409733 |
| Banks — 1.1% | Banks — 1.1% | Banks — 1.1% | Banks — 1.1% |
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE <br>Swap + 2.45%), 4.63%, 12/11/36<br>(a)(d)<br>|  | 100 | 120567 |
| Al Rajhi Sukuk Ltd., (6 year USD CMT + 1.59%), <br>6.25%<br>(a)(d)(i)<br>| USD | 200 | 202492 |
| Banco Mercantil del Norte SA, (5-year CMT + 4.07%), <br>8.38%<br>(a)(b)(i)<br>|  | 200 | 209400 |
| Bangkok Bank PCL, 5.30%, 09/21/28<br>(b)<br>|  | 200 | 205554 |
| Standard Chartered PLC, (5-year USD SOFR ICE Swap <br>+ 1.97%), 4.87%, 03/15/33<br>(a)(b)<br>|  | 500 | 502405 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<br>(b)<br>|  | 76 | 77970 |
| Wells Fargo & Co.<br>(a)<br>|  |  |  |
| (1-day SOFR + 1.50%), 5.15%, 04/23/31 |  | 2000 | 2064406 |
| (1-day SOFR + 1.78%), 5.50%, 01/23/35 |  | 1290 | 1345948 |
| (1-day SOFR + 2.02%), 5.39%, 04/24/34 |  | 1124 | 1169446 |
| (1-day SOFR + 2.53%), 3.07%, 04/30/41<br>(f)<br>|  | 2250 | 1745079 |
|  |  |  | 7643267 |
| Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% |
| Anheuser-Busch InBev Worldwide, Inc., 4.44%, <br>10/06/48<br>(f)<br>|  | 4600 | 3957362 |
| Keurig Dr. Pepper, Inc., Series 31, 2.25%, 03/15/31 |  | 400 | 356820 |
|  |  |  | 4314182 |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| Amgen, Inc. |  |  |  |
| 5.25%, 03/02/30 |  | 800 | 829781 |
| 4.20%, 03/01/33 |  | 1000 | 977443 |
| 5.25%, 03/02/33 |  | 600 | 621097 |
| 5.60%, 03/02/43 |  | 650 | 653609 |
| 5.65%, 03/02/53 |  | 850 | 832318 |
| Baxalta, Inc., 5.25%, 06/23/45 |  | 500 | 477191 |
| Genmab AS, 7.25%, 12/15/33<br>(b)<br>|  | 261 | 274158 |
|  |  |  | 4665597 |
| Building Materials — 0.5% | Building Materials — 0.5% | Building Materials — 0.5% | Building Materials — 0.5% |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33<br>(b)<br>|  | 133 | 140136 |
| Builders FirstSource, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 03/01/34 |  | 99 | 102359 |
| 6.75%, 05/15/35 |  | 91 | 95142 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<br>(d)<br>| EUR | 100 | 122445 |
| 6.63%, 12/15/30<br>(b)<br>| USD | 702 | 731141 |
| 6.75%, 07/15/31<br>(b)<br>|  | 122 | 128589 |
| Jeld-Wen, Inc.<br>(b)<br>|  |  |  |
| 4.88%, 12/15/27 |  | 130 | 113466 |
| 7.00%, 09/01/32<br>(f)<br>|  | 99 | 68021 |
| New Enterprise Stone & Lime Co., Inc.<br>(b)<br>|  |  |  |
| 5.25%, 07/15/28 |  | 55 | 54954 |
| 9.75%, 07/15/28 |  | 89 | 89667 |
| Quikrete Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 03/01/32 |  | 803 | 835827 |
| 6.75%, 03/01/33 |  | 167 | 174397 |
| Smyrna Ready Mix Concrete LLC<br>(b)<br>|  |  |  |
| 6.00%, 11/01/28 |  | 34 | 34157 |
| 8.88%, 11/15/31 |  | 14 | 14975 |
| Standard Building Solutions, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 08/15/32 |  | 180 | 185315 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Building Materials (continued) | Building Materials (continued) | Building Materials (continued) | Building Materials (continued) |
| Standard Building Solutions, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 6.25%, 08/01/33 | USD | 374 | $382055<br>|
| 5.88%, 03/15/34 |  | 167 | 167488 |
| Standard Industries, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 01/15/28 |  | 3 | 2992 |
| 4.38%, 07/15/30 |  | 170 | 164000 |
| 3.38%, 01/15/31 |  | 28 | 25653 |
| Wilsonart LLC, 11.00%, 08/15/32<br>(b)<br>|  | 194 | 173355 |
|  |  |  | 3806134 |
| Building Products — 0.9% | Building Products — 0.9% | Building Products — 0.9% | Building Products — 0.9% |
| Home Depot, Inc., 5.88%, 12/16/36 |  | 1660 | 1800118 |
| Lowe<br>'<br>s Cos., Inc.<br>|  |  |  |
| 1.70%, 10/15/30 |  | 1600 | 1421122 |
| 5.00%, 04/15/33<br>(f)<br>|  | 1000 | 1024029 |
| 3.70%, 04/15/46 |  | 1000 | 756320 |
| QXO Building Products, Inc., 6.75%, 04/30/32<br>(b)(f)<br>|  | 593 | 619340 |
| White Cap Supply Holdings LLC, 7.38%, 11/15/30<br>(b)<br>|  | 911 | 942360 |
|  |  |  | 6563289 |
| Capital Markets — 0.7% | Capital Markets — 0.7% | Capital Markets — 0.7% | Capital Markets — 0.7% |
| Apollo Debt Solutions BDC |  |  |  |
| 5.88%, 08/30/30 |  | 96 | 97100 |
| 6.70%, 07/29/31 |  | 42 | 44318 |
| 6.55%, 03/15/32 |  | 24 | 24764 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 40 | 39846 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 135 | 136696 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 52 | 53468 |
| FMR LLC, 4.95%, 02/01/33<br>(b)<br>|  | 2300 | 2314991 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<br>(b)<br>|  | 167 | 171696 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 392 | 386612 |
| 9.75%, 01/15/29 |  | 110 | 109663 |
| 4.38%, 02/01/29 |  | 94 | 81102 |
| 10.00%, 11/15/29<br>(b)<br>|  | 119 | 118916 |
| Jane Street Group/JSG Finance, Inc.<br>(b)<br>|  |  |  |
| 6.13%, 11/01/32 |  | 41 | 41720 |
| 6.75%, 05/01/33 |  | 193 | 201453 |
| MDGH GMTN RSC Ltd., 4.38%, 11/22/33<br>(b)<br>|  | 200 | 196750 |
| Osaic Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/01/32 |  | 76 | 79391 |
| 8.00%, 08/01/33 |  | 127 | 132041 |
| Raymond James Financial, Inc., 4.95%, 07/15/46 |  | 400 | 365755 |
| SURA Asset Management SA, 6.35%, 05/13/32<br>(b)<br>|  | 200 | 213266 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br>04/01/32<br>(b)(h)(j)<br>|  | 152 | 138825 |
|  |  |  | 4948373 |
| Chemicals — 1.0% | Chemicals — 1.0% | Chemicals — 1.0% | Chemicals — 1.0% |
| Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), <br>9.25%, 11/01/26<br>(b)(h)<br>|  | 225 | 195985 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br>02/15/31<br>(b)<br>|  | 173 | 182449 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<br>(b)<br>|  | 198 | 190331 |
| Celanese U.S. Holdings LLC |  |  |  |
| 7.00%, 02/15/31 |  | 16 | 16382 |
| 6.75%, 04/15/33<br>(f)<br>|  | 95 | 94502 |
| 7.38%, 02/15/34 |  | 128 | 130044 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 159 | 159386 |
| 5.75%, 11/15/28<br>(b)<br>|  | 501 | 487228 |
| 8.00%, 01/15/33<br>(b)<br>|  | 81 | 78417 |
| Element Solutions, Inc., 3.88%, 09/01/28<br>(b)<br>|  | 466 | 455491 |
| EQUATE Petrochemical Co. KSC, 4.25%, 11/03/26<br>(d)<br>|  | 200 | 199687 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| HB Fuller Co., 4.25%, 10/15/28 | USD | 3 | $2968<br>|
| Herens Holdco SARL, 4.75%, 05/15/28<br>(b)<br>|  | 200 | 173655 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/32<br>(b)<br>|  | 352 | 350640 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<br>(d)<br>| EUR | 100 | 117136 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<br>(b)<br>| USD | 80 | 80802 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<br>(b)<br>|  | 117 | 120471 |
| OCP SA, 7.50%, 05/02/54<br>(b)<br>|  | 200 | 220996 |
| Olympus Water U.S. Holding Corp.<br>(b)<br>|  |  |  |
| 7.25%, 06/15/31 |  | 320 | 327363 |
| 7.25%, 02/15/33 |  | 743 | 746672 |
| Perimeter Holdings LLC, 01/15/34<br>(b)(k)<br>|  | 316 | 313924 |
| Sasol Financing USA LLC, 6.50%, 09/27/28 |  | 200 | 196300 |
| Sherwin-Williams Co., 3.80%, 08/15/49 |  | 350 | 261944 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<br>(b)<br>|  | 192 | 190118 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<br>(b)<br>|  | 248 | 250181 |
| WR Grace Holdings LLC<br>(b)<br>|  |  |  |
| 4.88%, 06/15/27 |  | 76 | 75765 |
| 5.63%, 08/15/29<br>(f)<br>|  | 945 | 899532 |
| 7.38%, 03/01/31 |  | 92 | 94211 |
| 6.63%, 08/15/32 |  | 277 | 280537 |
|  |  |  | 6893117 |
| Commercial Services & Supplies — 1.6% | Commercial Services & Supplies — 1.6% | Commercial Services & Supplies — 1.6% | Commercial Services & Supplies — 1.6% |
| ADT Security Corp.<br>(b)<br>|  |  |  |
| 4.88%, 07/15/32 |  | 25 | 24214 |
| 5.88%, 10/15/33 |  | 272 | 275371 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., <br>7.00%, 05/21/30<br>(b)<br>|  | 452 | 471757 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<br>(b)<br>|  | 1787 | 1883281 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp.<br>(b)<br>|  |  |  |
| 6.00%, 06/01/29<br>(f)<br>|  | 898 | 888708 |
| 6.88%, 06/15/30 |  | 571 | 594512 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28<br>(b)<br>|  | 329 | 324500 |
| BCP V Modular Services Finance II PLC, 4.75%, <br>11/30/28<br>(d)<br>| EUR | 100 | 110974 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<br>(b)<br>| USD | 218 | 222619 |
| Boels Topholding BV, 5.75%, 05/15/30<br>(d)<br>| EUR | 100 | 121515 |
| Brink<br>'<br>s Co., 6.50%, 06/15/29<br>(b)<br>| USD | 85 | 88009 |
| Deluxe Corp., 8.13%, 09/15/29<br>(b)<br>|  | 70 | 73744 |
| FTAI Aviation Investors LLC<br>(b)<br>|  |  |  |
| 5.50%, 05/01/28 |  | 9 | 9008 |
| 7.88%, 12/01/30 |  | 652 | 693339 |
| 7.00%, 05/01/31 |  | 164 | 172706 |
| 7.00%, 06/15/32 |  | 253 | 265967 |
| 5.88%, 04/15/33 |  | 103 | 104667 |
| Garda World Security Corp.<br>(b)<br>|  |  |  |
| 7.75%, 02/15/28 |  | 108 | 110440 |
| 6.00%, 06/01/29 |  | 34 | 33344 |
| 8.25%, 08/01/32 |  | 268 | 272375 |
| 8.38%, 11/15/32 |  | 764 | 778220 |
| Herc Holdings, Inc.<br>(b)<br>|  |  |  |
| 7.00%, 06/15/30 |  | 257 | 270474 |
| 5.75%, 03/15/31 |  | 89 | 90321 |
| 7.25%, 06/15/33 |  | 104 | 110280 |
| 6.00%, 03/15/34 |  | 92 | 93226 |
| Hertz Corp., 12.63%, 07/15/29<br>(b)<br>|  | 81 | 81702 |
| ION Platform Finance SARL, 6.50%, 09/30/30<br>(d)<br>| EUR | 100 | 113724 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<br>(b)<br>| USD | 370 | 381285 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29<br>(b)<br>|  | 283 | 286775 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| Service Corp. International |  |  |  |
| 3.38%, 08/15/30 | USD | 5 | $4676<br>|
| 4.00%, 05/15/31 |  | 20 | 19116 |
| 5.75%, 10/15/32 |  | 377 | 383688 |
| Shift4 Payments, Inc., Series DEC, 5.50%, 05/15/33<br>(d)<br>| EUR | 100 | 120350 |
| Sotheby<br>'<br>s, 7.38%, 10/15/27<br>(b)(f)<br>| USD | 665 | 661108 |
| Trustees of Columbia University in the City of New York, <br>Series 2024, 4.36%, 10/01/35<br>|  | 1000 | 978517 |
| United Rentals North America, Inc., 5.38%, 11/15/33<br>(b)<br>|  | 323 | 322771 |
| Veritiv Operating Co., 10.50%, 11/30/30<br>(b)<br>|  | 91 | 97844 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<br>(b)<br>|  | 333 | 352422 |
|  |  |  | 11887549 |
| Communications Equipment<br>(b)<br> — 0.1% | Communications Equipment<br>(b)<br> — 0.1% | Communications Equipment<br>(b)<br> — 0.1% | Communications Equipment<br>(b)<br> — 0.1% |
| CommScope LLC, 4.75%, 09/01/29<br>(f)<br>|  | 510 | 509281 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 26 | 24885 |
|  |  |  | 534166 |
| Construction & Engineering<br>(b)<br> — 0.2% | Construction & Engineering<br>(b)<br> — 0.2% | Construction & Engineering<br>(b)<br> — 0.2% | Construction & Engineering<br>(b)<br> — 0.2% |
| AECOM, 6.00%, 08/01/33 |  | 363 | 372024 |
| Arcosa, Inc. |  |  |  |
| 4.38%, 04/15/29 |  | 85 | 83553 |
| 6.88%, 08/15/32 |  | 15 | 15812 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30 |  | 675 | 661934 |
| IHS Holding Ltd., 6.25%, 11/29/28 |  | 200 | 198584 |
| Weekley Homes LLC / Weekley Finance Corp., 6.75%, <br>01/15/34<br>|  | 100 | 101253 |
|  |  |  | 1433160 |
| Consumer Discretionary — 0.2% | Consumer Discretionary — 0.2% | Consumer Discretionary — 0.2% | Consumer Discretionary — 0.2% |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br>2.50%), 4.55%, 05/01/30<br>(a)(d)<br>| EUR | 100 | 118564 |
| Clarivate Science Holdings Corp.<br>(b)<br>|  |  |  |
| 3.88%, 07/01/28 | USD | 585 | 567920 |
| 4.88%, 07/01/29<br>(f)<br>|  | 230 | 217467 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<br>(b)<br>|  | 56 | 57699 |
| Williams Scotsman, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 06/15/29 |  | 19 | 19625 |
| 6.63%, 04/15/30 |  | 107 | 110594 |
| 7.38%, 10/01/31 |  | 211 | 220430 |
|  |  |  | 1312299 |
| Consumer Finance — 0.7% | Consumer Finance — 0.7% | Consumer Finance — 0.7% | Consumer Finance — 0.7% |
| Block, Inc. |  |  |  |
| 2.75%, 06/01/26 |  | 248 | 246519 |
| 5.63%, 08/15/30<br>(b)<br>|  | 204 | 208146 |
| 6.50%, 05/15/32 |  | 169 | 175736 |
| 6.00%, 08/15/33<br>(b)<br>|  | 269 | 276158 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<br>(b)<br>|  | 200 | 212570 |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br>8.38%, 06/15/35<br>(a)(b)<br>|  | 22 | 22744 |
| Capital One Financial Corp., (1-day SOFR + 2.60%), <br>5.82%, 02/01/34<br>(a)<br>|  | 440 | 460516 |
| ION Platform Finance U.S., Inc., 7.88%, 09/30/32<br>(b)<br>|  | 608 | 576905 |
| Moody<br>'<br>s Corp., 2.75%, 08/19/41<br>|  | 350 | 250809 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 6 | 6668 |
| 7.88%, 06/15/32 |  | 104 | 108804 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 05/15/29 |  | 34 | 35215 |
| 5.38%, 11/15/29 |  | 133 | 133090 |
| 7.88%, 03/15/30 |  | 188 | 198775 |
| 6.13%, 05/15/30 |  | 196 | 199839 |
| 4.00%, 09/15/30 |  | 71 | 66553 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Finance (continued) | Consumer Finance (continued) | Consumer Finance (continued) | Consumer Finance (continued) |
| OneMain Finance Corp.<br>(continued)<br>|  |  |  |
| 7.50%, 05/15/31 | USD | 65 | $68390<br>|
| 7.13%, 11/15/31 |  | 56 | 58455 |
| 6.75%, 03/15/32 |  | 170 | 174575 |
| 7.13%, 09/15/32 |  | 168 | 174539 |
| 6.50%, 03/15/33 |  | 257 | 259223 |
| Shift4 Payments, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/32 |  | 400 | 412997 |
| 5.50%, 05/15/33 | EUR | 145 | 174507 |
| WEX, Inc., 6.50%, 03/15/33<br>(b)<br>| USD | 263 | 269223 |
|  |  |  | 4770956 |
| Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% | Consumer Staples Distribution & Retail — 0.2% |
| Albertsons Cos, Inc.<br>(b)<br>|  |  |  |
| 5.50%, 03/31/31 |  | 97 | 98023 |
| 6.25%, 03/15/33<br>(f)<br>|  | 90 | 92518 |
| 5.75%, 03/31/34 |  | 168 | 168679 |
| B&M European Value Retail SA, 6.50%, 11/27/31<br>(d)<br>| GBP | 100 | 132654 |
| Bellis Acquisition Co. PLC, 8.00%, 07/01/31<br>(d)<br>| EUR | 100 | 113889 |
| Boots Group Finco LP<br>(b)<br>|  |  |  |
| 5.38%, 08/31/32 |  | 215 | 261090 |
| 7.38%, 08/31/32 | GBP | 100 | 139401 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br>Distribution, Inc., 9.00%, 02/15/29<br>(b)<br>| USD | 86 | 90274 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br>5.64%, 07/01/29<br>(a)(d)<br>| EUR | 100 | 118877 |
| Market Bidco Finco PLC, 6.75%, 01/31/31<br>(d)<br>|  | 100 | 116238 |
| Performance Food Group, Inc.<br>(b)<br>|  |  |  |
| 4.25%, 08/01/29 | USD | 19 | 18576 |
| 6.13%, 09/15/32 |  | 159 | 163914 |
| U.S. Foods, Inc., 7.25%, 01/15/32<br>(b)<br>|  | 134 | 140851 |
| United Natural Foods, Inc., 6.75%, 10/15/28<br>(b)<br>|  | 135 | 135127 |
|  |  |  | 1790111 |
| Containers & Packaging — 1.0% | Containers & Packaging — 1.0% | Containers & Packaging — 1.0% | Containers & Packaging — 1.0% |
| Ardagh Group SA |  |  |  |
| 9.50%, 12/01/30<br>(b)<br>|  | 333 | 361220 |
| (4.50% Cash + 7.50% PIK), 12.00%, 12/01/30<br>(d)(h)<br>| EUR | 200 | 215485 |
| (5.50% Cash + 6.50% PIK), 12.00%, 12/01/30<br>(b)(h)<br>| USD | 402 | 367327 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh <br>Metal Packaging Finance PLC, 6.25%, 01/30/31<br>(b)<br>|  | 200 | 204555 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br>Metal Packaging Finance PLC, 4.00%, 09/01/29<br>(b)(f)<br>|  | 1066 | 1003517 |
| Ball Corp. |  |  |  |
| 4.25%, 07/01/32 | EUR | 100 | 120265 |
| 5.50%, 09/15/33<br>(f)<br>| USD | 89 | 90726 |
| Clydesdale Acquisition Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 04/15/29 |  | 219 | 222821 |
| 6.88%, 01/15/30 |  | 105 | 107625 |
| 6.75%, 04/15/32 |  | 536 | 551155 |
| Crown Americas LLC, 5.88%, 06/01/33<br>(b)<br>|  | 288 | 294566 |
| Fedrigoni SpA, 6.13%, 06/15/31<br>(d)<br>| EUR | 100 | 114528 |
| International Paper Co., 6.00%, 11/15/41 | USD | 870 | 901199 |
| LABL, Inc.<br>(b)<br>|  |  |  |
| 5.88%, 11/01/28 |  | 32 | 20052 |
| 9.50%, 11/01/28 |  | 417 | 263115 |
| 8.63%, 10/01/31 |  | 132 | 70205 |
| Magnera Corp., 7.25%, 11/15/31<br>(b)<br>|  | 75 | 73625 |
| Mauser Packaging Solutions Holding Co.<br>(b)<br>|  |  |  |
| 7.88%, 04/15/30<br>(f)<br>|  | 1820 | 1805641 |
| 9.25%, 04/15/30 |  | 148 | 142080 |
| OI European Group BV, 6.25%, 05/15/28<br>(b)<br>| EUR | 100 | 120901 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Owens-Brockway Glass Container, Inc., 6.63%, <br>05/13/27<br>(b)<br>| USD | 27 | $27096<br>|
| Sealed Air Corp.<br>(b)<br>|  |  |  |
| 4.00%, 12/01/27 |  | 38 | 37803 |
| 5.00%, 04/15/29 |  | 38 | 38250 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br>02/15/31<br>(b)<br>|  | 11 | 11455 |
| Silgan Holdings, Inc., 4.25%, 02/15/31<br>(b)<br>| EUR | 180 | 214391 |
| Trivium Packaging Finance BV, 6.63%, 07/15/30<br>(d)<br>|  | 100 | 123747 |
|  |  |  | 7503350 |
| Distributors<br>(b)<br> — 0.0% | Distributors<br>(b)<br> — 0.0% | Distributors<br>(b)<br> — 0.0% | Distributors<br>(b)<br> — 0.0% |
| Gates Corp., 6.88%, 07/01/29 | USD | 90 | 93463 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 42 | 40480 |
| 6.50%, 07/15/32<br>(f)<br>|  | 77 | 78812 |
|  |  |  | 212755 |
| Diversified REITs — 1.2% | Diversified REITs — 1.2% | Diversified REITs — 1.2% | Diversified REITs — 1.2% |
| American Tower Corp., 2.90%, 01/15/30 |  | 2500 | 2373182 |
| Crown Castle, Inc. |  |  |  |
| 4.90%, 09/01/29 |  | 750 | 761634 |
| 2.10%, 04/01/31 |  | 1000 | 882544 |
| 2.90%, 04/01/41 |  | 350 | 255286 |
| Digital Realty Trust LP, 1.88%, 11/15/29<br>(b)(j)<br>|  | 45 | 45630 |
| Equinix, Inc. |  |  |  |
| 2.50%, 05/15/31 |  | 500 | 452491 |
| 2.95%, 09/15/51 |  | 1200 | 751539 |
| ERP Operating LP, 4.50%, 07/01/44<br>(f)<br>|  | 1155 | 1028426 |
| Iron Mountain Information Management Services, Inc., <br>5.00%, 07/15/32<br>(b)<br>|  | 54 | 51552 |
| Iron Mountain, Inc. |  |  |  |
| 5.25%, 07/15/30<br>(b)<br>|  | 13 | 12843 |
| 5.63%, 07/15/32<br>(b)<br>|  | 62 | 61025 |
| 6.25%, 01/15/33<br>(b)<br>|  | 8 | 8067 |
| 4.75%, 01/15/34<br>(b)<br>| EUR | 300 | 342838 |
| 4.75%, 01/15/34<br>(d)<br>|  | 100 | 114279 |
| Millrose Properties, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 08/01/30 | USD | 294 | 300828 |
| 6.25%, 09/15/32 |  | 166 | 167491 |
| Prologis LP, 4.63%, 01/15/33<br>(f)<br>|  | 1000 | 1009141 |
| SBA Communications Corp., 3.13%, 02/01/29<br>(f)<br>|  | 166 | 158786 |
| Trust 2401, 7.70%, 01/23/32<br>(b)<br>|  | 200 | 221090 |
|  |  |  | 8998672 |
| Diversified Telecommunication Services — 2.9% | Diversified Telecommunication Services — 2.9% | Diversified Telecommunication Services — 2.9% | Diversified Telecommunication Services — 2.9% |
| AT&T, Inc. |  |  |  |
| 5.40%, 02/15/34 |  | 560 | 580639 |
| 6.00%, 08/15/40 |  | 520 | 541606 |
| 6.38%, 03/01/41 |  | 1200 | 1279209 |
| 5.45%, 03/01/47<br>(f)<br>|  | 1500 | 1416199 |
| 3.50%, 09/15/53 |  | 500 | 334612 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br>09/15/29<br>(b)<br>|  | 220 | 233363 |
| Corning, Inc., 4.38%, 11/15/57 |  | 2000 | 1613368 |
| EchoStar Corp. |  |  |  |
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<br>(h)<br>|  | 1279 | 1310127 |
| 10.75%, 11/30/29 |  | 704 | 777934 |
| eircom Finance DAC, 5.00%, 04/30/31<br>(d)<br>| EUR | 100 | 119520 |
| Eutelsat SA, 9.75%, 04/13/29<br>(d)<br>|  | 100 | 125327 |
| Fibercop SpA |  |  |  |
| 4.75%, 06/30/30<br>(d)<br>|  | 100 | 119416 |
| 5.13%, 06/30/32<br>(d)<br>|  | 100 | 119440 |
| 6.00%, 09/30/34<br>(b)<br>| USD | 200 | 189469 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) |
| Frontier Communications Holdings LLC |  |  |  |
| 5.00%, 05/01/28<br>(b)<br>| USD | 293 | $293504<br>|
| 6.75%, 05/01/29<br>(b)<br>|  | 59 | 59447 |
| 5.88%, 11/01/29 |  | 94 | 95146 |
| 6.00%, 01/15/30<br>(b)<br>|  | 130 | 132204 |
| 8.75%, 05/15/30<br>(b)<br>|  | 842 | 879267 |
| 8.63%, 03/15/31<br>(b)<br>|  | 198 | 208332 |
| Iliad Holding SAS |  |  |  |
| 5.38%, 04/15/30<br>(d)<br>| EUR | 100 | 121320 |
| 8.50%, 04/15/31<br>(b)<br>| USD | 200 | 215250 |
| 7.00%, 04/15/32<br>(b)<br>|  | 322 | 331870 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<br>(d)<br>| EUR | 100 | 118948 |
| Level 3 Financing, Inc.<br>(b)<br>|  |  |  |
| 3.63%, 01/15/29 | USD | 33 | 30456 |
| 4.88%, 06/15/29 |  | 650 | 632611 |
| 6.88%, 06/30/33 |  | 1001 | 1024217 |
| 7.00%, 03/31/34 |  | 1107 | 1140843 |
| Lorca Telecom Bondco SA, 5.75%, 04/30/29<br>(d)<br>| EUR | 100 | 122107 |
| Lumen Technologies, Inc.<br>(b)<br>|  |  |  |
| 4.13%, 04/15/30 | USD | 139 | 138258 |
| 10.00%, 10/15/32 |  | 116 | 116397 |
| Sable International Finance Ltd., 7.13%, 10/15/32<br>(b)<br>|  | 260 | 263575 |
| SoftBank Group Corp.<br>(d)<br>|  |  |  |
| 2.88%, 01/06/27 | EUR | 100 | 116954 |
| 3.88%, 07/06/32 |  | 100 | 109871 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 201 | 222651 |
| Verizon Communications, Inc., 3.85%, 11/01/42 |  | 5000 | 4009044 |
| Windstream Services LLC, 7.50%, 10/15/33<br>(b)<br>|  | 211 | 216298 |
| Windstream Services LLC/Windstream Escrow Finance <br>Corp., 8.25%, 10/01/31<br>(b)<br>|  | 699 | 733789 |
| Zayo Group Holdings, Inc.<br>(b)(h)<br>|  |  |  |
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 |  | 526 | 499825 |
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |  | 215 | 197327 |
|  |  |  | 20789740 |
| Electric Utilities — 4.3% | Electric Utilities — 4.3% | Electric Utilities — 4.3% | Electric Utilities — 4.3% |
| AES Andes SA, (5-year CMT + 3.84%), 8.15%, <br>06/10/55<br>(a)(b)<br>|  | 200 | 209428 |
| Alpha Generation LLC, 6.75%, 10/15/32<br>(b)(f)<br>|  | 181 | 187369 |
| American Electric Power Co., Inc., 5.63%, 03/01/33 |  | 3000 | 3150588 |
| Baltimore Gas and Electric Co. |  |  |  |
| 3.50%, 08/15/46 |  | 800 | 592628 |
| 3.75%, 08/15/47 |  | 500 | 381605 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure <br>PLC, 6.38%, 02/15/32<br>(b)<br>|  | 150 | 150247 |
| CenterPoint Energy Houston Electric LLC, Series AI, <br>4.45%, 10/01/32<br>|  | 750 | 746991 |
| Cleveland Electric Illuminating Co., 5.95%, 12/15/36 |  | 434 | 455629 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<br>(b)<br>|  | 200 | 206222 |
| DTE Electric Co., 5.85%, 05/15/55 |  | 600 | 615765 |
| Duke Energy Carolinas LLC |  |  |  |
| 6.10%, 06/01/37 |  | 640 | 689124 |
| 3.70%, 12/01/47 |  | 450 | 339739 |
| Duke Energy Florida LLC, 5.65%, 04/01/40 |  | 770 | 800186 |
| E.ON International Finance BV, 6.65%, 04/30/38<br>(b)<br>|  | 2000 | 2247245 |
| Electricite de France SA, 5.60%, 01/27/40<br>(b)<br>|  | 2800 | 2803424 |
| Eversource Energy, 2.55%, 03/15/31 |  | 350 | 316442 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/50 |  | 2240 | 1544977 |
| Minejesa Capital BV, 5.63%, 08/10/37<br>(b)<br>|  | 200 | 198250 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29<br>(d)<br>|  | 334 | 330699 |
| Ohio Power Co., 4.00%, 06/01/49 |  | 800 | 614655 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Oncor Electric Delivery Co. LLC |  |  |  |
| 4.15%, 06/01/32 | USD | 1000 | $978508<br>|
| 4.55%, 09/15/32 |  | 1000 | 999186 |
| Pacific Gas and Electric Co. |  |  |  |
| 4.95%, 07/01/50 |  | 2510 | 2121533 |
| 6.75%, 01/15/53 |  | 900 | 957174 |
| San Diego Gas & Electric Co. |  |  |  |
| 4.95%, 08/15/28 |  | 1565 | 1603900 |
| Series VVV, 1.70%, 10/01/30 |  | 750 | 669313 |
| SCC Power PLC<br>(b)(h)<br>|  |  |  |
| (4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 |  | 52 | 30532 |
| (4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  | 140 | 34534 |
| Southern California Edison Co., Series 2005-E, 5.35%, <br>07/15/35<br>|  | 1300 | 1306287 |
| Star Energy Geothermal Wayang Windu Ltd., 6.75%, <br>04/24/33<br>(d)<br>|  | 166 | 170827 |
| Virginia Electric and Power Co., 6.35%, 11/30/37<br>(f)<br>|  | 3920 | 4303801 |
| Vistra Operations Co. LLC<br>(b)<br>|  |  |  |
| 7.75%, 10/15/31 |  | 76 | 80497 |
| 6.88%, 04/15/32 |  | 220 | 231752 |
| XPLR Infrastructure Operating Partners LP<br>(b)<br>|  |  |  |
| 8.38%, 01/15/31<br>(f)<br>|  | 387 | 406207 |
| 7.75%, 04/15/34 |  | 358 | 363833 |
|  |  |  | 30839097 |
| Electronic Equipment, Instruments & Components<br>(b)<br> — 0.1% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.1% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.1% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.1% |
| Coherent Corp., 5.00%, 12/15/29<br>(f)<br>|  | 121 | 120590 |
| Sensata Technologies, Inc., 3.75%, 02/15/31 |  | 529 | 496454 |
| WESCO Distribution, Inc. |  |  |  |
| 6.63%, 03/15/32 |  | 89 | 92931 |
| 6.38%, 03/15/33 |  | 50 | 52204 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 77 | 79597 |
|  |  |  | 841776 |
| Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% | Energy Equipment & Services — 0.4% |
| Archrock Partners LP/Archrock Partners Finance Corp., <br>6.63%, 09/01/32<br>(b)<br>|  | 157 | 161923 |
| Enerflex, Inc., 6.88%, 01/15/31<br>(b)<br>|  | 58 | 59302 |
| Halliburton Co., 4.75%, 08/01/43 |  | 500 | 440387 |
| Kodiak Gas Services LLC<br>(b)<br>|  |  |  |
| 7.25%, 02/15/29 |  | 385 | 400535 |
| 6.50%, 10/01/33 |  | 191 | 195052 |
| 6.75%, 10/01/35<br>(f)<br>|  | 143 | 147034 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 45 | 45505 |
| OEG Finance PLC, 7.25%, 09/27/29<br>(d)<br>| EUR | 100 | 122845 |
| Star Holding LLC, 8.75%, 08/01/31<br>(b)<br>| USD | 138 | 132875 |
| Tidewater, Inc., 9.13%, 07/15/30<br>(b)<br>|  | 109 | 116950 |
| USA Compression Partners LP/USA Compression <br>Finance Corp.<br>(b)<br>|  |  |  |
| 7.13%, 03/15/29 |  | 104 | 107652 |
| 6.25%, 10/01/33 |  | 334 | 338005 |
| Weatherford International Ltd., 6.75%, 10/15/33<br>(b)<br>|  | 308 | 315426 |
|  |  |  | 2583491 |
| Entertainment<br>(b)<br> — 0.0% | Entertainment<br>(b)<br> — 0.0% | Entertainment<br>(b)<br> — 0.0% | Entertainment<br>(b)<br> — 0.0% |
| Brightstar Lottery PLC/ Brightstar Global Solutions <br>Corp., 5.75%, 01/15/33<br>|  | 200 | 198567 |
| Scientific Games Holdings LP/Scientific Games <br>U.S. FinCo, Inc., 6.63%, 03/01/30<br>|  | 157 | 139535 |
|  |  |  | 338102 |
| Environmental, Maintenance & Security Service — 0.3% | Environmental, Maintenance & Security Service — 0.3% | Environmental, Maintenance & Security Service — 0.3% | Environmental, Maintenance & Security Service — 0.3% |
| Biffa Group Holdings Ltd., 5.25%, 06/15/31<br>(d)<br>| EUR | 100 | 117180 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) |
| Clean Harbors, Inc., 6.38%, 02/01/31<br>(b)<br>| USD | 6 | $6175<br>|
| GFL Environmental, Inc.<br>(b)<br>|  |  |  |
| 4.00%, 08/01/28 |  | 269 | 265341 |
| 4.75%, 06/15/29 |  | 63 | 62872 |
| 6.75%, 01/15/31 |  | 70 | 73442 |
| Luna 15 SARL<br>(h)<br>|  |  |  |
| (10.50% PIK), 10.50%, 07/01/32<br>(b)<br>| EUR | 135 | 164971 |
| (10.50% PIK), 10.50%, 07/01/32<br>(d)<br>|  | 100 | 122200 |
| Madison IAQ LLC<br>(b)<br>|  |  |  |
| 4.13%, 06/30/28 | USD | 172 | 169008 |
| 5.88%, 06/30/29<br>(f)<br>|  | 351 | 348868 |
| Paprec Holding SA, 4.13%, 07/15/30<br>(d)<br>| EUR | 100 | 118080 |
| Reworld Holding Corp., 4.88%, 12/01/29<br>(b)<br>| USD | 92 | 88429 |
| Waste Management, Inc., 2.95%, 06/01/41 |  | 350 | 265570 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<br>(b)<br>|  | 603 | 620677 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<br>(b)<br>|  | 45 | 47170 |
|  |  |  | 2469983 |
| Financial Services — 7.8% | Financial Services — 7.8% | Financial Services — 7.8% | Financial Services — 7.8% |
| Ally Financial, Inc., Series B, (5-year CMT + 3.87%), <br>4.70%<br>(a)(i)<br>|  | 2500 | 2474593 |
| Azorra Finance Ltd.<br>(b)<br>|  |  |  |
| 7.75%, 04/15/30 |  | 92 | 97175 |
| 7.25%, 01/15/31 |  | 145 | 151936 |
| Bank of America Corp.<br>(a)<br>|  |  |  |
| (1-day SOFR + 1.00%), 5.16%, 01/24/31 |  | 500 | 516177 |
| (1-day SOFR + 1.64%), 5.46%, 05/09/36 |  | 2000 | 2082044 |
| (3-mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29 |  | 4000 | 4018334 |
| Barclays PLC, (1-year CMT + 1.05%), 2.28%, <br>11/24/27<br>(a)(f)<br>|  | 3000 | 2951725 |
| Citigroup, Inc.<br>(a)<br>|  |  |  |
| (1-day SOFR + 1.46%), 4.95%, 05/07/31 |  | 2000 | 2042769 |
| (1-day SOFR + 1.94%), 3.79%, 03/17/33 |  | 2000 | 1906957 |
| (1-day SOFR + 2.34%), 6.27%, 11/17/33 |  | 1567 | 1706106 |
| CrossCountry Intermediate HoldCo LLC<br>(b)<br>|  |  |  |
| 6.50%, 10/01/30 |  | 137 | 139739 |
| 6.75%, 12/01/32 |  | 71 | 72152 |
| Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, <br>01/18/29<br>(a)(f)<br>|  | 850 | 889899 |
| Freedom Mortgage Holdings LLC<br>(b)<br>|  |  |  |
| 9.25%, 02/01/29 |  | 98 | 102787 |
| 6.88%, 05/01/31 |  | 75 | 75045 |
| 9.13%, 05/15/31 |  | 162 | 173997 |
| 8.38%, 04/01/32 |  | 103 | 108424 |
| GGAM Finance Ltd.<br>(b)<br>|  |  |  |
| 8.00%, 06/15/28 |  | 113 | 119664 |
| 6.88%, 04/15/29 |  | 86 | 89198 |
| 5.88%, 03/15/30 |  | 12 | 12165 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<br>(b)<br>|  | 186 | 192125 |
| Goldman Sachs Group, Inc.<br>(a)<br>|  |  |  |
| (1-day SOFR + 1.55%), 5.33%, 07/23/35 |  | 2000 | 2054916 |
| (1-day SOFR + 1.58%), 5.22%, 04/23/31 |  | 2000 | 2065695 |
| (3-mo. CME Term SOFR + 1.56%), 4.22%, <br>05/01/29<br>(f)<br>|  | 4000 | 4008322 |
| HSBC Holdings PLC, 6.10%, 01/14/42 |  | 610 | 655320 |
| JPMorgan Chase & Co.<br>(a)<br>|  |  |  |
| (1-day SOFR + 1.13%), 5.00%, 07/22/30 |  | 3000 | 3079909 |
| (1-day SOFR + 1.18%), 2.55%, 11/08/32 |  | 1000 | 902397 |
| (1-day SOFR + 1.44%), 5.10%, 04/22/31 |  | 3000 | 3097429 |
| (1-day SOFR + 1.62%), 5.34%, 01/23/35 |  | 540 | 559666 |
| (1-day SOFR + 2.08%), 4.91%, 07/25/33 |  | 1381 | 1406837 |
| (3-mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30 |  | 1000 | 984944 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Financial Services (continued) | Financial Services (continued) | Financial Services (continued) | Financial Services (continued) |
| JPMorgan Chase & Co.<br>(a)<br>(continued)<br>|  |  |  |
| (3-mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41 | USD | 800 | $628109<br>|
| Midcap Financial Issuer Trust<br>(b)<br>|  |  |  |
| 6.50%, 05/01/28 |  | 200 | 199650 |
| 5.63%, 01/15/30 |  | 200 | 187332 |
| Morgan Stanley<br>(a)<br>|  |  |  |
| (1-day SOFR + 1.26%), 5.66%, 04/18/30<br>(f)<br>|  | 3000 | 3125477 |
| (1-day SOFR + 1.51%), 5.19%, 04/17/31 |  | 3000 | 3093216 |
| (1-day SOFR + 1.73%), 5.12%, 02/01/29<br>(f)<br>|  | 3000 | 3062500 |
| (1-day SOFR + 1.73%), 5.47%, 01/18/35 |  | 600 | 623685 |
| (1-day SOFR + 1.88%), 5.42%, 07/21/34 |  | 735 | 764632 |
| NatWest Group PLC, (1-year CMT + 2.27%), 5.52%, <br>09/30/28<br>(a)<br>|  | 1000 | 1025447 |
| OneMain Finance Corp., 6.75%, 09/15/33 |  | 247 | 250119 |
| PennyMac Financial Services, Inc.<br>(b)<br>|  |  |  |
| 7.88%, 12/15/29<br>(f)<br>|  | 139 | 147903 |
| 7.13%, 11/15/30 |  | 72 | 75688 |
| 6.88%, 05/15/32 |  | 217 | 227176 |
| 6.75%, 02/15/34 |  | 97 | 100272 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<br>(b)<br>|  | 347 | 369664 |
| PRA Group Europe Holding II SARL, 6.25%, 09/30/32<br>(d)<br>| EUR | 100 | 114582 |
| Rocket Cos., Inc.<br>(b)<br>|  |  |  |
| 6.50%, 08/01/29 | USD | 174 | 179461 |
| 6.13%, 08/01/30 |  | 708 | 731845 |
| 7.13%, 02/01/32<br>(f)<br>|  | 472 | 496543 |
| 6.38%, 08/01/33 |  | 617 | 643296 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br>Inc.<br>(b)<br>|  |  |  |
| 2.88%, 10/15/26<br>(f)<br>|  | 200 | 197083 |
| 3.88%, 03/01/31 |  | 16 | 15194 |
| 4.00%, 10/15/33 |  | 19 | 17653 |
| UBS AG, 5.00%, 07/09/27 |  | 900 | 917610 |
| UWM Holdings LLC<br>(b)<br>|  |  |  |
| 6.63%, 02/01/30 |  | 117 | 118472 |
| 6.25%, 03/15/31 |  | 161 | 160743 |
|  |  |  | 56211798 |
| Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% | Food Products — 0.5% |
| Aramark Services, Inc., 5.00%, 02/01/28<br>(b)<br>|  | 122 | 121982 |
| B&G Foods, Inc., 8.00%, 09/15/28<br>(b)<br>|  | 48 | 47226 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br>8.75%, 10/01/29<br>(b)(h)<br>|  | 636 | 679200 |
| Chobani LLC/Chobani Finance Corp., Inc.<br>(b)<br>|  |  |  |
| 4.63%, 11/15/28 |  | 345 | 345063 |
| 7.63%, 07/01/29 |  | 882 | 920034 |
| Darling Global Finance BV |  |  |  |
| 4.50%, 07/15/32<br>(d)<br>| EUR | 100 | 119056 |
| 4.50%, 07/15/32<br>(b)<br>|  | 100 | 119056 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<br>(b)(f)<br>| USD | 9 | 9147 |
| Fiesta Purchaser, Inc.<br>(b)<br>|  |  |  |
| 7.88%, 03/01/31 |  | 15 | 15644 |
| 9.63%, 09/15/32 |  | 48 | 50305 |
| Kraft Heinz Foods Co. |  |  |  |
| 5.00%, 06/04/42 |  | 500 | 458798 |
| 4.38%, 06/01/46 |  | 200 | 165224 |
| Lamb Weston Holdings, Inc.<br>(b)<br>|  |  |  |
| 4.13%, 01/31/30 |  | 90 | 87058 |
| 4.38%, 01/31/32 |  | 50 | 47634 |
| Post Holdings, Inc.<br>(b)<br>|  |  |  |
| 4.63%, 04/15/30 |  | 67 | 65242 |
| 4.50%, 09/15/31 |  | 9 | 8532 |
| 6.25%, 02/15/32 |  | 64 | 65758 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Food Products (continued) | Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Post Holdings, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 6.38%, 03/01/33 | USD | 62 | $62620<br>|
| 6.25%, 10/15/34 |  | 69 | 69383 |
| 6.50%, 03/15/36 |  | 219 | 219296 |
|  |  |  | 3676258 |
| Ground Transportation — 1.1% | Ground Transportation — 1.1% | Ground Transportation — 1.1% | Ground Transportation — 1.1% |
| Burlington Northern Santa Fe LLC, 5.05%, 03/01/41 |  | 1890 | 1853378 |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<br>(b)<br>|  | 110 | 113438 |
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34<br>(b)(f)<br>|  | 1906 | 1972774 |
| Norfolk Southern Corp. |  |  |  |
| 5.05%, 08/01/30 |  | 1800 | 1865983 |
| 4.55%, 06/01/53 |  | 1000 | 842639 |
| Union Pacific Corp. |  |  |  |
| 3.38%, 02/14/42 |  | 350 | 275246 |
| 3.55%, 05/20/61 |  | 800 | 535959 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, <br>08/01/32<br>(b)<br>|  | 124 | 129866 |
|  |  |  | 7589283 |
| Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% | Health Care Equipment & Supplies — 0.4% |
| Avantor Funding, Inc.<br>(b)<br>|  |  |  |
| 4.63%, 07/15/28 |  | 85 | 84538 |
| 3.88%, 11/01/29 |  | 17 | 16256 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<br>(b)<br>|  | 958 | 999912 |
| Hologic, Inc., 3.25%, 02/15/29<br>(b)<br>|  | 8 | 7885 |
| Insulet Corp., 6.50%, 04/01/33<br>(b)<br>|  | 97 | 101112 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<br>(b)<br>|  | 128 | 136514 |
| Thermo Fisher Scientific, Inc. |  |  |  |
| 5.09%, 08/10/33 |  | 495 | 513798 |
| 2.80%, 10/15/41 |  | 1000 | 740099 |
|  |  |  | 2600114 |
| Health Care Providers & Services — 3.0% | Health Care Providers & Services — 3.0% | Health Care Providers & Services — 3.0% | Health Care Providers & Services — 3.0% |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<br>(b)(f)<br>|  | 64 | 64640 |
| Aetna, Inc., 4.50%, 05/15/42 |  | 575 | 492879 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<br>(b)<br>|  | 153 | 151663 |
| CHS/Community Health Systems, Inc.<br>(b)<br>|  |  |  |
| 6.00%, 01/15/29 |  | 296 | 295916 |
| 5.25%, 05/15/30 |  | 764 | 717543 |
| 4.75%, 02/15/31 |  | 360 | 320719 |
| 10.88%, 01/15/32 |  | 183 | 199734 |
| 9.75%, 01/15/34 |  | 545 | 572429 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<br>(b)<br>|  | 274 | 286550 |
| DaVita, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 09/01/32 |  | 38 | 39557 |
| 6.75%, 07/15/33 |  | 80 | 82952 |
| Elevance Health, Inc. |  |  |  |
| 4.65%, 08/15/44 |  | 1500 | 1322020 |
| 4.38%, 12/01/47 |  | 900 | 747035 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<br>(b)<br>|  | 54 | 55194 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<br>(b)<br>|  | 84 | 78990 |
| HCA, Inc. |  |  |  |
| 5.00%, 03/01/28 |  | 3000 | 3055918 |
| 5.50%, 06/15/47 |  | 1090 | 1030059 |
| 5.70%, 11/15/55 |  | 1510 | 1438928 |
| HealthEquity, Inc., 4.50%, 10/01/29<br>(b)<br>|  | 170 | 167007 |
| IQVIA, Inc., 6.25%, 06/01/32<br>(b)<br>|  | 350 | 365721 |
| LifePoint Health, Inc.<br>(b)<br>|  |  |  |
| 9.88%, 08/15/30 |  | 94 | 101209 |
| 11.00%, 10/15/30 |  | 315 | 345440 |
| 8.38%, 02/15/32 |  | 109 | 118316 |
| 10.00%, 06/01/32<br>(f)<br>|  | 166 | 176306 |
| Medline Borrower LP<br>(b)<br>|  |  |  |
| 3.88%, 04/01/29 |  | 67 | 65413 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Medline Borrower LP<br>(b)<br>(continued)<br>|  |  |  |
| 5.25%, 10/01/29<br>(f)<br>| USD | 828 | $832476<br>|
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br>04/01/29<br>(b)<br>|  | 304 | 314264 |
| Molina Healthcare, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 02/15/31 |  | 174 | 178703 |
| 6.25%, 01/15/33 |  | 2 | 2039 |
| Northwell Healthcare, Inc., 4.26%, 11/01/47<br>(f)<br>|  | 725 | 595284 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<br>(b)<br>|  | 63 | 66150 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<br>(b)<br>|  | 105 | 110126 |
| Star Parent, Inc., 9.00%, 10/01/30<br>(b)<br>|  | 346 | 369254 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<br>(b)(f)<br>|  | 539 | 545181 |
| Sutter Health, Series 2025, 5.54%, 08/15/35 |  | 1750 | 1826547 |
| Tenet Healthcare Corp. |  |  |  |
| 6.75%, 05/15/31 |  | 88 | 91565 |
| 6.00%, 11/15/33<br>(b)<br>|  | 270 | 277990 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<br>(b)<br>|  | 162 | 163201 |
| UnitedHealth Group, Inc. |  |  |  |
| 5.35%, 02/15/33 |  | 340 | 354231 |
| 5.80%, 03/15/36 |  | 1750 | 1867001 |
| 5.70%, 10/15/40 |  | 600 | 621864 |
| 5.63%, 07/15/54 |  | 800 | 784654 |
|  |  |  | 21292668 |
| Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% | Health Care REITs — 0.3% |
| Alexandria Real Estate Equities, Inc. |  |  |  |
| 4.75%, 04/15/35 |  | 140 | 134744 |
| 4.85%, 04/15/49 |  | 550 | 464854 |
| Diversified Healthcare Trust, 7.25%, 10/15/30<br>(b)<br>|  | 80 | 81799 |
| MPT Operating Partnership LP/MPT Finance Corp., <br>8.50%, 02/15/32<br>(b)<br>|  | 537 | 573480 |
| Ventas Realty LP, 3.25%, 10/15/26 |  | 870 | 865172 |
|  |  |  | 2120049 |
| Hotel & Resort REITs — 0.3% | Hotel & Resort REITs — 0.3% | Hotel & Resort REITs — 0.3% | Hotel & Resort REITs — 0.3% |
| Park Intermediate Holdings LLC/PK Domestic Property <br>LLC/PK Finance Co-Issuer, 7.00%, 02/01/30<br>(b)<br>|  | 121 | 124193 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br>10/15/29<br>(b)<br>|  | 65 | 66531 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>(b)<br>|  |  |  |
| 7.25%, 07/15/28 |  | 72 | 74248 |
| 6.50%, 04/01/32 |  | 76 | 78818 |
| 6.50%, 06/15/33 |  | 214 | 222461 |
| Service Properties Trust |  |  |  |
| 0.00%, 09/30/27<br>(b)(l)<br>|  | 157 | 141874 |
| 8.63%, 11/15/31<br>(b)<br>|  | 955 | 1003099 |
| 8.88%, 06/15/32 |  | 253 | 249573 |
| XHR LP, 6.63%, 05/15/30<br>(b)<br>|  | 64 | 66053 |
|  |  |  | 2026850 |
| Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% | Hotels, Restaurants & Leisure — 1.6% |
| Acushnet Co., 5.63%, 12/01/33<br>(b)<br>|  | 63 | 63708 |
| Boyne USA, Inc., 4.75%, 05/15/29<br>(b)<br>|  | 17 | 16768 |
| Burger King (Restaurant Brands International, Inc.)/New <br>Red Finance, Inc.<br>(b)<br>|  |  |  |
| 3.88%, 01/15/28 |  | 39 | 38444 |
| 4.38%, 01/15/28 |  | 144 | 143092 |
| 5.63%, 09/15/29 |  | 33 | 33600 |
| Caesars Entertainment, Inc.<br>(b)<br>|  |  |  |
| 4.63%, 10/15/29<br>(f)<br>|  | 2 | 1918 |
| 7.00%, 02/15/30 |  | 359 | 371801 |
| 6.50%, 02/15/32 |  | 166 | 170054 |
| Carnival Corp.<br>(b)<br>|  |  |  |
| 5.88%, 06/15/31 |  | 107 | 110521 |
| 5.75%, 08/01/32 |  | 109 | 111865 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Carnival Corp.<br>(b)<br>(continued)<br>|  |  |  |
| 6.13%, 02/15/33 | USD | 455 | $469828<br>|
| Carnival PLC, 4.13%, 07/15/31<br>(b)<br>| EUR | 235 | 279624 |
| Churchill Downs, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 01/15/28 | USD | 35 | 34870 |
| 5.75%, 04/01/30 |  | 91 | 91886 |
| 6.75%, 05/01/31 |  | 223 | 231235 |
| Corvias Campus Living - USG LLC, 5.30%, 07/01/50<br>(c)<br>|  | 5475 | 1861675 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br>Finance Co., Inc., 4.63%, 01/15/29<br>(b)<br>|  | 162 | 157340 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br>11/15/29<br>(b)<br>|  | 215 | 217182 |
| Hilton Domestic Operating Co., Inc.<br>(b)<br>|  |  |  |
| 6.13%, 04/01/32 |  | 60 | 62130 |
| 5.88%, 03/15/33 |  | 49 | 50411 |
| 5.75%, 09/15/33 |  | 32 | 32749 |
| 5.50%, 03/31/34 |  | 145 | 145996 |
| Light & Wonder International, Inc.<br>(b)<br>|  |  |  |
| 7.25%, 11/15/29 |  | 96 | 98598 |
| 7.50%, 09/01/31<br>(f)<br>|  | 63 | 65730 |
| 6.25%, 10/01/33 |  | 146 | 147810 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<br>(b)<br>|  | 192 | 200291 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<br>(b)<br>|  | 160 | 114844 |
| Melco Resorts Finance Ltd.<br>(b)<br>|  |  |  |
| 5.75%, 07/21/28 |  | 200 | 199766 |
| 5.38%, 12/04/29 |  | 400 | 395256 |
| 7.63%, 04/17/32 |  | 400 | 420000 |
| Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, <br>02/15/31<br>(b)<br>|  | 200 | 178155 |
| MGM China Holdings Ltd., 5.88%, 05/15/26<br>(d)<br>|  | 450 | 451116 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 88 | 90435 |
| Mohegan Tribal Gaming Authority/MS Digital <br>Entertainment Holdings LLC, 8.25%, 04/15/30<br>(b)<br>|  | 133 | 138639 |
| NCL Corp. Ltd.<br>(b)<br>|  |  |  |
| 5.88%, 01/15/31 |  | 31 | 30883 |
| 6.75%, 02/01/32 |  | 68 | 69627 |
| 6.25%, 09/15/33 |  | 457 | 456808 |
| Premier Entertainment Sub LLC/Premier Entertainment <br>Finance Corp.<br>(b)<br>|  |  |  |
| 5.63%, 09/01/29 |  | 63 | 47723 |
| 5.88%, 09/01/31 |  | 107 | 70887 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br>Finance Corp., 6.63%, 02/01/33<br>(b)<br>|  | 88 | 89966 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender <br>Corp., 6.25%, 10/15/30<br>(b)<br>|  | 84 | 85741 |
| Sabre GLBL, Inc., 10.75%, 11/15/29<br>(b)(f)<br>|  | 66 | 56122 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<br>(b)<br>|  | 155 | 148025 |
| Station Casinos LLC<br>(b)<br>|  |  |  |
| 4.50%, 02/15/28 |  | 7 | 6942 |
| 6.63%, 03/15/32 |  | 81 | 82917 |
| Vail Resorts, Inc.<br>(b)<br>|  |  |  |
| 5.63%, 07/15/30 |  | 113 | 114837 |
| 6.50%, 05/15/32 |  | 172 | 178492 |
| Viking Cruises Ltd.<br>(b)<br>|  |  |  |
| 7.00%, 02/15/29 |  | 34 | 34197 |
| 9.13%, 07/15/31 |  | 195 | 208814 |
| 5.88%, 10/15/33 |  | 322 | 326979 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<br>(b)<br>|  | 111 | 111176 |
| Voyager Parent LLC, 9.25%, 07/01/32<br>(b)<br>|  | 229 | 242997 |
| Warnermedia Holdings, Inc., 5.05%, 03/15/42 |  | 1026 | 722047 |
| Wynn Macau Ltd.<br>(b)<br>|  |  |  |
| 5.63%, 08/26/28 |  | 800 | 798416 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Wynn Macau Ltd.<br>(b)<br>(continued)<br>|  |  |  |
| 5.13%, 12/15/29 | USD | 200 | $198196<br>|
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br>Corp.<br>(b)<br>|  |  |  |
| 5.13%, 10/01/29 |  | 58 | 58344 |
| 7.13%, 02/15/31<br>(f)<br>|  | 112 | 121194 |
| 6.25%, 03/15/33 |  | 242 | 247439 |
|  |  |  | 11706106 |
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| Ashton Woods USA LLC/Ashton Woods Finance Co., <br>6.88%, 08/01/33<br>(b)<br>|  | 83 | 83066 |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 28 | 28067 |
| Century Communities, Inc., 6.63%, 09/15/33<br>(b)<br>|  | 104 | 105165 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<br>(b)<br>|  | 58 | 59691 |
| Empire Communities Corp., 9.75%, 05/01/29<br>(b)<br>|  | 28 | 28881 |
| K Hovnanian Enterprises, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 04/01/31 |  | 176 | 179620 |
| 8.38%, 10/01/33 |  | 194 | 197160 |
| LGI Homes, Inc.<br>(b)<br>|  |  |  |
| 8.75%, 12/15/28 |  | 56 | 58412 |
| 7.00%, 11/15/32 |  | 69 | 65955 |
| Mattamy Group Corp., 6.00%, 12/15/33<br>(b)<br>|  | 41 | 40636 |
| Meritage Homes Corp., 1.75%, 05/15/28<br>(j)<br>|  | 206 | 202600 |
| New Home Co., Inc., 8.50%, 11/01/30<br>(b)<br>|  | 34 | 35015 |
| Newell Brands, Inc., 8.50%, 06/01/28<br>(b)<br>|  | 89 | 93321 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 13 | 12755 |
| 4.38%, 02/01/32 |  | 22 | 20653 |
| Somnigroup International, Inc., 3.88%, 10/15/31<br>(b)<br>|  | 45 | 42061 |
| STL Holding Co. LLC, 8.75%, 02/15/29<br>(b)<br>|  | 76 | 79828 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<br>(b)<br>|  | 62 | 63791 |
|  |  |  | 1396677 |
| 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% |
| Calpine Corp.<br>(b)<br>|  |  |  |
| 4.50%, 02/15/28 |  | 4 | 4003 |
| 5.13%, 03/15/28 |  | 92 | 92103 |
| 5.00%, 02/01/31 |  | 30 | 30468 |
| Clearway Energy Operating LLC, 4.75%, 03/15/28<br>(b)<br>|  | 93 | 92797 |
| Greenko Dutch BV, 3.85%, 03/29/26<br>(d)<br>|  | 173 | 171486 |
| India Cleantech Energy, 4.70%, 08/10/26<br>(b)<br>|  | 190 | 187454 |
| Lightning Power LLC, 7.25%, 08/15/32<br>(b)<br>|  | 49 | 52104 |
| NRG Energy, Inc.<br>(b)<br>|  |  |  |
| 5.75%, 07/15/29 |  | 81 | 80604 |
| 6.00%, 02/01/33 |  | 542 | 552731 |
| 5.75%, 01/15/34 |  | 362 | 365682 |
| 6.25%, 11/01/34 |  | 57 | 58540 |
| 6.00%, 01/15/36 |  | 965 | 977780 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<br>(a)(b)(i)<br>|  | 100 | 102514 |
|  |  |  | 2768266 |
| Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% |
| 3M Co., 3.25%, 08/26/49 |  | 600 | 412543 |
| Amsted Industries, Inc., 6.38%, 03/15/33<br>(b)<br>|  | 66 | 67979 |
| Avient Corp., 6.25%, 11/01/31<br>(b)<br>|  | 94 | 96619 |
| Axon Enterprise, Inc., 6.25%, 03/15/33<br>(b)<br>|  | 52 | 54097 |
| Eaton Corp., 4.15%, 11/02/42 |  | 500 | 432847 |
| Enpro, Inc., 6.13%, 06/01/33<br>(b)<br>|  | 85 | 87711 |
| Maxam Prill SARL, 6.00%, 07/15/30<br>(d)<br>| EUR | 100 | 120068 |
|  |  |  | 1271864 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Insurance — 3.0% | Insurance — 3.0% | Insurance — 3.0% | Insurance — 3.0% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br>Issuer<br>(b)<br>|  |  |  |
| 4.25%, 10/15/27 | USD | 473 | $469993<br>|
| 6.75%, 10/15/27 |  | 69 | 69405 |
| 6.75%, 04/15/28 |  | 71 | 72290 |
| 5.88%, 11/01/29 |  | 1093 | 1092038 |
| 7.00%, 01/15/31 |  | 269 | 279081 |
| 7.38%, 10/01/32 |  | 404 | 418895 |
| AmWINS Group, Inc., 6.38%, 02/15/29<br>(b)<br>|  | 85 | 87415 |
| Amynta Agency Borrower, Inc. and Amynta Warranty <br>Borrower, Inc., 7.50%, 07/15/33<br>(b)<br>|  | 201 | 203351 |
| Aon Global Ltd., 4.60%, 06/14/44 |  | 500 | 437149 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br>2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br>11/01/29<br>(b)<br>|  | 140 | 141398 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<br>(d)<br>| EUR | 200 | 242249 |
| 7.75%, 02/15/31<br>(b)<br>| USD | 893 | 936181 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<br>(b)<br>|  | 936 | 972790 |
| Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, <br>12/31/32<br>(b)<br>|  | 458 | 475226 |
| Berkshire Hathaway Finance Corp., 4.40%, 05/15/42<br>(f)<br>|  | 500 | 459165 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br>2 PLC/Howden U.S. Refinance LLC<br>(b)<br>|  |  |  |
| 7.25%, 02/15/31 |  | 1000 | 1029804 |
| 8.13%, 02/15/32 |  | 586 | 604947 |
| HUB International Ltd.<br>(b)<br>|  |  |  |
| 7.25%, 06/15/30 |  | 1060 | 1112921 |
| 7.38%, 01/31/32 |  | 2399 | 2517880 |
| Jones Deslauriers Insurance Management, Inc.<br>(b)<br>|  |  |  |
| 8.50%, 03/15/30 |  | 353 | 369982 |
| 6.88%, 10/01/33 |  | 211 | 203740 |
| Liberty Mutual Group, Inc., 6.50%, 05/01/42<br>(b)<br>|  | 2000 | 2026639 |
| Marsh & McLennan Cos., Inc., 5.88%, 08/01/33 |  | 1500 | 1622111 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<br>(b)<br>|  | 1564 | 1620692 |
| Progressive Corp., 3.00%, 03/15/32 |  | 750 | 692755 |
| Prudential Financial, Inc. |  |  |  |
| 5.90%, 03/17/36 |  | 500 | 529804 |
| 6.63%, 12/01/37 |  | 1625 | 1851507 |
| Ryan Specialty LLC<br>(b)<br>|  |  |  |
| 4.38%, 02/01/30 |  | 60 | 58886 |
| 5.88%, 08/01/32 |  | 113 | 115460 |
| Teachers Insurance & Annuity Association of America, <br>4.27%, 05/15/47<br>(b)<br>|  | 700 | 574520 |
| USI, Inc., 7.50%, 01/15/32<br>(b)<br>|  | 420 | 440193 |
|  |  |  | 21728467 |
| Interactive Media & Services — 1.4% | Interactive Media & Services — 1.4% | Interactive Media & Services — 1.4% | Interactive Media & Services — 1.4% |
| Alphabet, Inc. |  |  |  |
| 5.35%, 11/15/45 |  | 1440 | 1430904 |
| 5.45%, 11/15/55 |  | 900 | 882870 |
| 5.30%, 05/15/65 |  | 600 | 564290 |
| Beignet Investor LLC, 6.58%, 05/30/49<br>(b)(f)<br>|  | 4306 | 4549268 |
| iliad SA<br>(d)<br>|  |  |  |
| 5.63%, 02/15/30 | EUR | 100 | 126275 |
| 4.25%, 01/09/32 |  | 100 | 118548 |
| ION Platform Finance U.S., Inc.<br>(b)<br>|  |  |  |
| 5.00%, 05/01/28 | USD | 272 | 252486 |
| 9.00%, 08/01/29 |  | 200 | 196908 |
| Meta Platforms, Inc. |  |  |  |
| 5.63%, 11/15/55 |  | 1000 | 959771 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Interactive Media & Services (continued) | Interactive Media & Services (continued) | Interactive Media & Services (continued) | Interactive Media & Services (continued) |
| Meta Platforms, Inc.<br>(continued)<br>|  |  |  |
| 5.55%, 08/15/64 | USD | 700 | $649316<br>|
| Snap, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 03/01/33<br>(f)<br>|  | 288 | 298439 |
| 6.88%, 03/15/34 |  | 144 | 148266 |
|  |  |  | 10177341 |
| Internet Software & Services — 0.7% | Internet Software & Services — 0.7% | Internet Software & Services — 0.7% | Internet Software & Services — 0.7% |
| Amazon.com, Inc. |  |  |  |
| 2.50%, 06/03/50 |  | 1500 | 896518 |
| 3.95%, 04/13/52<br>(f)<br>|  | 3630 | 2832992 |
| Cablevision Lightpath LLC<br>(b)<br>|  |  |  |
| 3.88%, 09/15/27 |  | 220 | 214722 |
| 5.63%, 09/15/28 |  | 200 | 195470 |
| Getty Images, Inc.<br>(b)<br>|  |  |  |
| 11.25%, 02/21/30 |  | 95 | 89079 |
| 10.50%, 11/15/30 |  | 71 | 71587 |
| Match Group Holdings II LLC<br>(b)<br>|  |  |  |
| 4.13%, 08/01/30 |  | 20 | 18930 |
| 3.63%, 10/01/31 |  | 24 | 22022 |
| 6.13%, 09/15/33 |  | 156 | 157868 |
| Rakuten Group, Inc.<br>(b)<br>|  |  |  |
| 11.25%, 02/15/27 |  | 200 | 213840 |
| 9.75%, 04/15/29 |  | 200 | 223692 |
|  |  |  | 4936720 |
| IT Services — 0.8% | IT Services — 0.8% | IT Services — 0.8% | IT Services — 0.8% |
| Amentum Holdings, Inc., 7.25%, 08/01/32<br>(b)(f)<br>|  | 47 | 49542 |
| Atos SE<br>(d)(m)<br>|  |  |  |
| 5.41%, 12/18/26 | EUR | 17 | 19701 |
| 9.73%, 12/18/26 |  | 18 | 24354 |
| CACI International, Inc., 6.38%, 06/15/33<br>(b)<br>| USD | 152 | 157271 |
| Fair Isaac Corp.<br>(b)<br>|  |  |  |
| 4.00%, 06/15/28 |  | 45 | 44381 |
| 6.00%, 05/15/33 |  | 774 | 795012 |
| Fidelity National Information Services, Inc., 4.50%, <br>08/15/46<br>|  | 1000 | 830834 |
| Fiserv, Inc., 4.40%, 07/01/49<br>(f)<br>|  | 500 | 392307 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<br>(b)(f)<br>|  | 274 | 285903 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<br>(b)<br>|  | 78 | 80184 |
| International Business Machines Corp. |  |  |  |
| 4.40%, 07/27/32 |  | 500 | 498776 |
| 4.75%, 02/06/33<br>(f)<br>|  | 550 | 558471 |
| 3.43%, 02/09/52 |  | 750 | 512935 |
| McAfee Corp., 7.38%, 02/15/30<br>(b)<br>|  | 183 | 159590 |
| Oracle Corp., 5.95%, 09/26/55<br>(f)<br>|  | 1000 | 886014 |
| Science Applications International Corp., 5.88%, <br>11/01/33<br>(b)<br>|  | 141 | 142937 |
|  |  |  | 5438212 |
| Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% |
| Deuce Finco PLC, 7.00%, 11/20/31<br>(d)<br>| GBP | 100 | 136138 |
| Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% |
| Chart Industries, Inc.<br>(b)<br>|  |  |  |
| 7.50%, 01/01/30 | USD | 81 | 84422 |
| 9.50%, 01/01/31 |  | 61 | 64747 |
| Esab Corp., 6.25%, 04/15/29<br>(b)<br>|  | 145 | 149091 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<br>(b)(f)<br>|  | 82 | 71340 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br>LLC, 9.00%, 02/15/29<br>(b)(f)<br>|  | 537 | 563168 |
| John Deere Capital Corp., 4.40%, 09/08/31 |  | 445 | 449376 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Machinery (continued) | Machinery (continued) | Machinery (continued) | Machinery (continued) |
| King US Bidco, Inc., (3-mo. EURIBOR + 3.25%), 5.31%, <br>12/01/32<br>(a)(d)<br>| EUR | 100 | $118629<br>|
| Manitowoc Co., Inc., 9.25%, 10/01/31<br>(b)<br>| USD | 72 | 77335 |
| Terex Corp.<br>(b)<br>|  |  |  |
| 5.00%, 05/15/29 |  | 72 | 71755 |
| 6.25%, 10/15/32 |  | 107 | 109777 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<br>(d)<br>| EUR | 303 | 357337 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<br>(b)<br>| USD | 741 | 741174 |
| Vertiv Group Corp., 4.13%, 11/15/28<br>(b)<br>|  | 135 | 133341 |
|  |  |  | 2991492 |
| Media — 2.7% | Media — 2.7% | Media — 2.7% | Media — 2.7% |
| APLD ComputeCo LLC, 9.25%, 12/15/30<br>(b)<br>|  | 123 | 120651 |
| Cable One, Inc.<br>(j)<br>|  |  |  |
| 0.00%, 03/15/26<br>(l)<br>|  | 62 | 61070 |
| 1.13%, 03/15/28 |  | 449 | 365396 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38%, 06/01/29<br>(b)<br>|  | 21 | 20763 |
| 6.38%, 09/01/29<br>(b)<br>|  | 442 | 448076 |
| 4.75%, 03/01/30<br>(b)<br>|  | 62 | 59213 |
| 4.25%, 02/01/31<br>(b)<br>|  | 499 | 458506 |
| 4.75%, 02/01/32<br>(b)<br>|  | 421 | 384770 |
| 4.50%, 05/01/32 |  | 365 | 327601 |
| 4.50%, 06/01/33<br>(b)<br>|  | 439 | 384282 |
| 4.25%, 01/15/34<br>(b)(f)<br>|  | 736 | 625802 |
| Charter Communications Operating LLC/Charter <br>Communications Operating Capital<br>|  |  |  |
| 5.75%, 04/01/48 |  | 1100 | 938284 |
| 5.13%, 07/01/49 |  | 1000 | 782550 |
| Cinemark USA, Inc., 7.00%, 08/01/32<br>(b)<br>|  | 41 | 42546 |
| Cipher Compute LLC, 7.13%, 11/15/30<br>(b)<br>|  | 406 | 413504 |
| Comcast Corp. |  |  |  |
| 6.45%, 03/15/37 |  | 790 | 873081 |
| 3.90%, 03/01/38 |  | 1500 | 1306572 |
| 4.70%, 10/15/48<br>(f)<br>|  | 3000 | 2500923 |
| CSC Holdings LLC<br>(b)<br>|  |  |  |
| 5.50%, 04/15/27 |  | 200 | 171484 |
| 5.38%, 02/01/28 |  | 607 | 440394 |
| 11.25%, 05/15/28 |  | 400 | 318266 |
| Directv Financing LLC, 8.88%, 02/01/30<br>(b)<br>|  | 290 | 293420 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br>Inc.<br>(b)<br>|  |  |  |
| 5.88%, 08/15/27 |  | 332 | 333949 |
| 10.00%, 02/15/31 |  | 232 | 237116 |
| DISH DBS Corp.<br>(b)<br>|  |  |  |
| 5.25%, 12/01/26 |  | 810 | 785495 |
| 5.75%, 12/01/28 |  | 373 | 366194 |
| DISH Network Corp., 11.75%, 11/15/27<br>(b)<br>|  | 910 | 947110 |
| Flash Compute LLC, 7.25%, 12/31/30<br>(b)<br>|  | 338 | 334878 |
| Gray Media, Inc.<br>(b)<br>|  |  |  |
| 10.50%, 07/15/29<br>(f)<br>|  | 79 | 84952 |
| 9.63%, 07/15/32 |  | 342 | 354917 |
| 7.25%, 08/15/33 |  | 302 | 308592 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<br>(b)<br>|  | 10 | 10020 |
| Midcontinent Communications, 8.00%, 08/15/32<br>(b)<br>|  | 65 | 66536 |
| Neptune Bidco U.S., Inc., 10.38%, 05/15/31<br>(b)<br>|  | 112 | 114838 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<br>(b)(f)<br>|  | 439 | 458505 |
| Sirius XM Radio LLC<br>(b)<br>|  |  |  |
| 3.13%, 09/01/26 |  | 21 | 20815 |
| 5.00%, 08/01/27 |  | 216 | 216526 |
| Sunrise FinCo I BV, 4.63%, 05/15/32<br>(d)<br>| EUR | 100 | 118699 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media (continued) | Media (continued) | Media (continued) | Media (continued) |
| TCI Communications, Inc., 7.88%, 02/15/26 | USD | 610 | $612502<br>|
| Univision Communications, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 08/15/28 |  | 424 | 439126 |
| 7.38%, 06/30/30<br>(f)<br>|  | 120 | 121974 |
| 8.50%, 07/31/31 |  | 242 | 252800 |
| 9.38%, 08/01/32 |  | 212 | 227860 |
| Versant Media Group, Inc., 7.25%, 01/30/31<br>(b)<br>|  | 117 | 120708 |
| VZ Secured Financing BV, 5.25%, 01/15/33<br>(d)<br>| EUR | 100 | 115217 |
| Walt Disney Co. |  |  |  |
| 7.63%, 11/30/28 | USD | 385 | 419904 |
| 7.75%, 12/01/45 |  | 500 | 632667 |
| WULF Compute LLC, 7.75%, 10/15/30<br>(b)<br>|  | 507 | 522336 |
| Ziggo BV, 4.88%, 01/15/30<br>(b)<br>|  | 200 | 189046 |
|  |  |  | 19750436 |
| Metals & Mining — 1.0% | Metals & Mining — 1.0% | Metals & Mining — 1.0% | Metals & Mining — 1.0% |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/30<br>(b)<br>|  | 153 | 156453 |
| Arsenal AIC Parent LLC<br>(b)<br>|  |  |  |
| 8.00%, 10/01/30 |  | 161 | 170847 |
| 11.50%, 10/01/31 |  | 649 | 714259 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br>01/31/29<br>(b)<br>|  | 302 | 304191 |
| Carpenter Technology Corp., 5.63%, 03/01/34<br>(b)<br>|  | 167 | 169626 |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/29<br>(b)<br>|  | 272 | 281714 |
| Commercial Metals Co.<br>(b)<br>|  |  |  |
| 5.75%, 11/15/33 |  | 193 | 197349 |
| 6.00%, 12/15/35 |  | 199 | 204006 |
| Constellium SE<br>(b)<br>|  |  |  |
| 3.75%, 04/15/29 |  | 591 | 570674 |
| 6.38%, 08/15/32 |  | 250 | 258005 |
| ERO Copper Corp., 6.50%, 02/15/30<br>(b)<br>|  | 43 | 43134 |
| First Quantum Minerals Ltd.<br>(b)<br>|  |  |  |
| 8.00%, 03/01/33 |  | 200 | 213106 |
| 7.25%, 02/15/34 |  | 200 | 210190 |
| Glencore Funding LLC, 6.14%, 04/01/55<br>(b)<br>|  | 600 | 619165 |
| Kaiser Aluminum Corp.<br>(b)<br>|  |  |  |
| 4.50%, 06/01/31 |  | 331 | 319787 |
| 5.88%, 03/01/34 |  | 250 | 250784 |
| Navoi Mining & Metallurgical Combinat, 6.95%, <br>10/17/31<br>(b)<br>|  | 200 | 213125 |
| New Gold, Inc., 6.88%, 04/01/32<br>(b)<br>|  | 162 | 171921 |
| Novelis Corp.<br>(b)<br>|  |  |  |
| 4.75%, 01/30/30 |  | 95 | 91643 |
| 6.88%, 01/30/30 |  | 256 | 265818 |
| 3.88%, 08/15/31 |  | 175 | 159506 |
| 6.38%, 08/15/33 |  | 338 | 342655 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<br>(d)<br>| EUR | 100 | 114772 |
| Rio Tinto Finance USA PLC, 4.13%, 08/21/42 | USD | 400 | 343821 |
| Samarco Mineracao SA<br>(h)<br>|  |  |  |
| (9.00% Cash or 9.00% PIK), 9.50%, 06/30/31<br>(d)<br>|  | 82 | 83643 |
| (9.00% PIK), 9.50%, 06/30/31<br>(b)<br>|  | 9 | 9095 |
| Steel Dynamics, Inc., 5.75%, 05/15/55 |  | 400 | 398250 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 36 | 36738 |
| Vallourec SACA, 7.50%, 04/15/32<br>(b)<br>|  | 200 | 212356 |
| Vedanta Resources Finance II PLC, 10.88%, <br>09/17/29<br>(b)<br>|  | 200 | 210812 |
| Volcan Cia Minera SAA, 8.50%, 10/28/32<br>(b)<br>|  | 74 | 75934 |
|  |  |  | 7413379 |
| Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.1% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.1% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.1% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.1% |
| Arbor Realty SR, Inc. |  |  |  |
| 8.50%, 12/15/28 |  | 49 | 48804 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Mortgage Real Estate Investment Trusts (REITs) (continued) | Mortgage Real Estate Investment Trusts (REITs) (continued) | Mortgage Real Estate Investment Trusts (REITs) (continued) | Mortgage Real Estate Investment Trusts (REITs) (continued) |
| Arbor Realty SR, Inc.<br>(continued)<br>|  |  |  |
| 7.88%, 07/15/30 | USD | 86 | $82172<br>|
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 149 | 147464 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 94 | 99274 |
| 6.00%, 04/15/30 |  | 48 | 49267 |
| 6.50%, 07/01/30 |  | 67 | 69888 |
| 6.50%, 10/15/30 |  | 198 | 206434 |
|  |  |  | 703303 |
| Multi-Utilities — 0.8% | Multi-Utilities — 0.8% | Multi-Utilities — 0.8% | Multi-Utilities — 0.8% |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br>06/01/30<br>(b)<br>|  | 106 | 112921 |
| KeySpan Gas East Corp., 5.82%, 04/01/41<br>(b)<br>|  | 1010 | 1010089 |
| NiSource, Inc., 1.70%, 02/15/31 |  | 400 | 351004 |
| Piedmont Natural Gas Co., Inc., 5.10%, 02/15/35<br>(f)<br>|  | 4450 | 4516003 |
|  |  |  | 5990017 |
| Oil, Gas & Consumable Fuels — 4.6% | Oil, Gas & Consumable Fuels — 4.6% | Oil, Gas & Consumable Fuels — 4.6% | Oil, Gas & Consumable Fuels — 4.6% |
| Aethon United BR LP/Aethon United Finance Corp., <br>7.50%, 10/01/29<br>(b)<br>|  | 267 | 279730 |
| Antero Midstream Partners LP/Antero Midstream <br>Finance Corp.<br>(b)<br>|  |  |  |
| 5.38%, 06/15/29 |  | 140 | 140004 |
| 6.63%, 02/01/32 |  | 76 | 78666 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br>Corp.<br>(b)<br>|  |  |  |
| 9.00%, 11/01/27 |  | 91 | 115682 |
| 5.88%, 06/30/29 |  | 6 | 6016 |
| 6.63%, 07/15/33 |  | 90 | 93154 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>(b)<br>|  |  |  |
| 7.00%, 07/15/29 |  | 120 | 125150 |
| 7.25%, 07/15/32 |  | 97 | 102943 |
| BP Capital Markets America, Inc., 2.72%, 01/12/32 |  | 620 | 564679 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<br>(b)<br>|  | 11 | 11442 |
| 6.75%, 02/01/30<br>(b)<br>|  | 46 | 48289 |
| 5.85%, 11/15/43 |  | 94 | 88151 |
| 5.60%, 10/15/44 |  | 59 | 53475 |
| Burlington Resources LLC, 5.95%, 10/15/36 |  | 685 | 732978 |
| Caturus Energy LLC, 8.50%, 02/15/30<br>(b)<br>|  | 383 | 398873 |
| Chord Energy Corp., 6.75%, 03/15/33<br>(b)<br>|  | 58 | 59979 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<br>(b)<br>|  | 322 | 334823 |
| Civitas Resources, Inc.<br>(b)<br>|  |  |  |
| 8.38%, 07/01/28 |  | 56 | 57702 |
| 8.75%, 07/01/31 |  | 95 | 98553 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<br>(b)<br>|  | 66 | 63984 |
| CNX Resources Corp., 7.25%, 03/01/32<br>(b)<br>|  | 60 | 62634 |
| Comstock Resources, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 03/01/29 |  | 401 | 401586 |
| 5.88%, 01/15/30 |  | 201 | 195504 |
| ConocoPhillips Co., 3.76%, 03/15/42 |  | 600 | 488667 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br>06/15/31<br>(b)<br>|  | 500 | 494659 |
| Crescent Energy Finance LLC<br>(b)<br>|  |  |  |
| 7.63%, 04/01/32 |  | 135 | 130885 |
| 7.38%, 01/15/33 |  | 244 | 231544 |
| 8.38%, 01/15/34 |  | 72 | 71520 |
| DBR Land Holdings LLC, 6.25%, 12/01/30<br>(b)<br>|  | 104 | 106380 |
| Delek Logistics Partners LP/Delek Logistics Finance <br>Corp., 7.38%, 06/30/33<br>(b)<br>|  | 219 | 223478 |
| Devon Energy Corp., 5.60%, 07/15/41 |  | 300 | 290209 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br>8.50%, 10/01/30<br>(b)<br>| USD | 89 | $94282<br>|
| Ecopetrol SA, 8.88%, 01/13/33 |  | 88 | 93632 |
| EG Global Finance PLC, 12.00%, 11/30/28<br>(b)<br>|  | 209 | 227158 |
| Energy Transfer LP |  |  |  |
| 6.25%, 04/15/49 |  | 540 | 534445 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54<br>(a)<br>|  | 342 | 365070 |
| Series H, (5-year CMT + 5.69%), 6.50%<br>(a)(i)<br>|  | 4275 | 4293827 |
| Enterprise Products Operating LLC, 6.13%, 10/15/39 |  | 1400 | 1507030 |
| EOG Resources, Inc., 5.10%, 01/15/36 |  | 200 | 201936 |
| EQT Corp., 4.50%, 01/15/29 |  | 13 | 13031 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 118 | 118486 |
| 8.00%, 05/15/33 |  | 4 | 4152 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br>07/01/33<br>(b)<br>|  | 66 | 67204 |
| Gran Tierra Energy, Inc., 9.50%, 10/15/29<br>(b)<br>|  | 200 | 139000 |
| Greensaif Pipelines Bidco SARL, 5.85%, 02/23/36<br>(b)<br>|  | 200 | 208786 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<br>(b)<br>|  | 99 | 102235 |
| Harvest Midstream I LP, 7.50%, 05/15/32<br>(b)<br>|  | 58 | 60458 |
| Hess Corp., 4.30%, 04/01/27 |  | 1100 | 1104653 |
| Hess Midstream Operations LP<br>(b)<br>|  |  |  |
| 6.50%, 06/01/29 |  | 118 | 121859 |
| 4.25%, 02/15/30 |  | 67 | 65532 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>(b)<br>|  |  |  |
| 6.25%, 11/01/28 |  | 70 | 70397 |
| 5.75%, 02/01/29 |  | 94 | 93001 |
| 6.00%, 04/15/30 |  | 12 | 11660 |
| 6.25%, 04/15/32 |  | 9 | 8472 |
| 8.38%, 11/01/33 |  | 254 | 259348 |
| 6.88%, 05/15/34 |  | 40 | 37480 |
| 7.25%, 02/15/35 |  | 45 | 42767 |
| Howard Midstream Energy Partners LLC<br>(b)<br>|  |  |  |
| 7.38%, 07/15/32 |  | 27 | 28490 |
| 6.63%, 01/15/34 |  | 182 | 186975 |
| Impulsora Pipeline LLC, 6.05%, 01/01/43<br>(c)<br>|  | 1489 | 1312192 |
| ITT Holdings LLC, 6.50%, 08/01/29<br>(b)(f)<br>|  | 391 | 375224 |
| Kinder Morgan, Inc., 5.05%, 02/15/46 |  | 1400 | 1258716 |
| Kinetik Holdings LP<br>(b)<br>|  |  |  |
| 6.63%, 12/15/28 |  | 36 | 37068 |
| 5.88%, 06/15/30 |  | 11 | 11099 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br>Finance Corp., 6.88%, 12/01/32<br>(b)<br>|  | 78 | 80166 |
| Marathon Petroleum Corp., 6.50%, 03/01/41<br>(f)<br>|  | 1150 | 1223979 |
| Matador Resources Co.<br>(b)<br>|  |  |  |
| 6.88%, 04/15/28<br>(f)<br>|  | 139 | 142042 |
| 6.50%, 04/15/32 |  | 159 | 161252 |
| MC Brazil Downstream Trading SARL, 7.25%, <br>06/30/31<br>(d)<br>|  | 181 | 158807 |
| MPLX LP |  |  |  |
| 4.25%, 12/01/27 |  | 250 | 250660 |
| 4.80%, 02/15/29 |  | 500 | 507468 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 18 | 15476 |
| Nabors Industries, Inc., 7.63%, 11/15/32<br>(b)<br>|  | 76 | 74699 |
| NGL Energy Operating LLC/NGL Energy Finance <br>Corp.<br>(b)<br>|  |  |  |
| 8.13%, 02/15/29 |  | 174 | 180606 |
| 8.38%, 02/15/32 |  | 390 | 403870 |
| Noble Finance II LLC, 8.00%, 04/15/30<br>(b)<br>|  | 69 | 71685 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33<br>(b)<br>|  | 215 | 209336 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<br>(b)<br>|  | 93 | 94772 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br>09/15/30<br>(b)<br>| USD | 112 | $107860<br>|
| Permian Resources Operating LLC<br>(b)<br>|  |  |  |
| 8.00%, 04/15/27 |  | 189 | 191468 |
| 5.88%, 07/01/29 |  | 170 | 170996 |
| 7.00%, 01/15/32<br>(f)<br>|  | 144 | 150096 |
| 6.25%, 02/01/33 |  | 79 | 81036 |
| Petrobras Global Finance BV, 6.75%, 01/27/41 |  | 140 | 141371 |
| Petroleos Mexicanos |  |  |  |
| 8.75%, 06/02/29 |  | 165 | 177040 |
| 5.95%, 01/28/31 |  | 152 | 147121 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br>07/03/36<br>(b)<br>|  | 50 | 52993 |
| Prairie Acquiror LP, 9.00%, 08/01/29<br>(b)<br>|  | 113 | 117455 |
| Raizen Fuels Finance SA, 6.45%, 03/05/34<br>(b)<br>|  | 200 | 164750 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<br>(b)<br>|  | 36 | 35921 |
| Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 |  | 1750 | 1761762 |
| Sunoco LP<br>(b)<br>|  |  |  |
| 5.63%, 03/15/31 |  | 74 | 74542 |
| 6.63%, 08/15/32 |  | 101 | 103809 |
| 6.25%, 07/01/33 |  | 106 | 108578 |
| 5.88%, 03/15/34 |  | 75 | 74993 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br>Corp.<br>(b)<br>|  |  |  |
| 5.50%, 01/15/28 |  | 95 | 95051 |
| 7.38%, 02/15/29 |  | 302 | 312136 |
| 6.00%, 09/01/31 |  | 67 | 66687 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<br>(b)<br>|  | 119 | 117838 |
| TransCanada PipeLines Ltd., 5.60%, 03/31/34 |  | 500 | 519427 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<br>(b)<br>|  | 30 | 30288 |
| Transocean International Ltd.<br>(b)<br>|  |  |  |
| 8.25%, 05/15/29 |  | 59 | 59463 |
| 8.75%, 02/15/30 |  | 18 | 18808 |
| 8.50%, 05/15/31 |  | 110 | 108958 |
| 7.88%, 10/15/32 |  | 109 | 113840 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<br>(b)<br>|  | 45 | 45471 |
| Valaris Ltd., 8.38%, 04/30/30<br>(b)<br>|  | 143 | 148786 |
| Venture Global LNG, Inc.<br>(b)<br>|  |  |  |
| 9.50%, 02/01/29 |  | 1140 | 1181584 |
| 7.00%, 01/15/30 |  | 25 | 24061 |
| 8.38%, 06/01/31 |  | 675 | 671237 |
| 9.88%, 02/01/32 |  | 782 | 807863 |
| Venture Global Plaquemines LNG LLC<br>(b)<br>|  |  |  |
| 6.13%, 12/15/30 |  | 416 | 423631 |
| 7.50%, 05/01/33 |  | 192 | 207456 |
| 6.50%, 01/15/34 |  | 515 | 527484 |
| 7.75%, 05/01/35 |  | 227 | 248554 |
| 6.75%, 01/15/36 |  | 552 | 565408 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33<br>(b)<br>|  | 38 | 38855 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<br>(b)<br>|  | 59 | 58888 |
| 9.75%, 10/15/30 |  | 98 | 102844 |
| 7.88%, 04/15/32<br>(b)(f)<br>|  | 200 | 197057 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<br>(b)<br>|  | 143 | 144347 |
|  |  |  | 33279635 |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| American Airlines Pass-Through Trust |  |  |  |
| Series 2015-2, Class A, 4.00%, 09/22/27 |  | 825 | 810244 |
| Series 2015-2, Class AA, 3.60%, 09/22/27 |  | 825 | 816843 |
| American Airlines, Inc., 8.50%, 05/15/29<br>(b)<br>|  | 225 | 235326 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Passenger Airlines (continued) | Passenger Airlines (continued) | Passenger Airlines (continued) | Passenger Airlines (continued) |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br>5.75%, 04/20/29<br>(b)<br>| USD | 35 | $35642<br>|
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br>09/20/31<br>(b)<br>|  | 179 | 180336 |
| OneSky Flight LLC, 8.88%, 12/15/29<br>(b)<br>|  | 133 | 142328 |
|  |  |  | 2220719 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Opal Bidco SAS |  |  |  |
| 5.50%, 03/31/32<br>(d)<br>| EUR | 100 | 121232 |
| 6.50%, 03/31/32<br>(b)<br>| USD | 400 | 409688 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 51 | 49677 |
|  |  |  | 580597 |
| Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<br>(b)<br>|  | 2377 | 2472120 |
| AbbVie, Inc. |  |  |  |
| 4.30%, 05/14/36 |  | 2670 | 2561761 |
| 4.88%, 11/14/48 |  | 2095 | 1907440 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<br>(b)<br>|  | 105 | 110913 |
| Bausch Health Cos., Inc.<br>(b)<br>|  |  |  |
| 4.88%, 06/01/28 |  | 83 | 74285 |
| 11.00%, 09/30/28 |  | 254 | 263103 |
| Becton Dickinson & Co. |  |  |  |
| 4.30%, 08/22/32 |  | 750 | 737956 |
| 4.69%, 12/15/44 |  | 600 | 531525 |
| Bristol-Myers Squibb Co. |  |  |  |
| 4.50%, 03/01/44 |  | 350 | 309531 |
| 4.35%, 11/15/47 |  | 300 | 253711 |
| CVS Health Corp., 6.00%, 06/01/44 |  | 700 | 703440 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<br>(d)<br>| EUR | 100 | 119281 |
| Grifols SA, 2.25%, 11/15/27<br>(d)<br>|  | 100 | 116947 |
| Gruenenthal GmbH, Series NOV, 4.63%, 11/15/31<br>(d)<br>|  | 100 | 118752 |
| Nidda Healthcare Holding GmbH<br>(d)<br>|  |  |  |
| 7.00%, 02/21/30 |  | 100 | 121990 |
| (3-mo. EURIBOR + 3.25%), 5.28%, 10/15/32<br>(a)<br>|  | 100 | 118581 |
| Option Care Health, Inc., 4.38%, 10/31/29<br>(b)<br>| USD | 76 | 74254 |
| Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.89%, <br>12/31/29<br>(a)(d)<br>| EUR | 42 | 50742 |
| Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 | USD | 500 | 456861 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| 3.15%, 10/01/26 |  | 163 | 160861 |
| 6.00%, 12/01/32 |  | 200 | 209588 |
|  |  |  | 11473642 |
| Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% | Real Estate Management & Development — 0.3% |
| Adler Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br>12/31/28<br>(h)<br>| EUR | 24 | 30989 |
| Alexandrite Lake Lux Holdings SARL, 6.75%, <br>07/30/30<br>(d)<br>|  | 100 | 119547 |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<br>(d)<br>| USD | 200 | 204414 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br>Corp.<br>|  |  |  |
| 7.00%, 04/15/30<br>(b)<br>|  | 33 | 32695 |
| Series AI, 7.00%, 04/15/30 |  | 157 | 156921 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br>Corp., 9.75%, 04/15/30<br>(b)<br>|  | 183 | 198605 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br>09/01/31<br>(b)<br>|  | 213 | 227504 |
| Fantasia Holdings Group Co. Ltd.<br>(d)(e)(n)<br>|  |  |  |
| 11.75%, 04/17/22 |  | 200 | 2000 |
| 10.88%, 01/09/23 |  | 307 | 3070 |
| 11.88%, 06/01/23 |  | 400 | 4000 |
| 9.25%, 07/28/23 |  | 300 | 3000 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) |
| Five Point Operating Co. LP, 8.00%, 10/01/30<br>(b)<br>| USD | 50 | $52239<br>|
| i-595 Express LLC, 3.31%, 12/31/31<br>(c)<br>|  | 557 | 539970 |
| New Immo Holding SA, 4.95%, 11/14/30<br>(d)<br>| EUR | 100 | 118199 |
| Vivion Investments SARL<br>(d)<br>|  |  |  |
| 5.63%, 06/08/30 |  | 100 | 113186 |
| (6.50% Cash and 1.75% PIK), 8.25%, 08/31/28<br>(h)<br>|  | 14 | 16428 |
|  |  |  | 1822767 |
| Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% | Retail REITs — 0.3% |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br>Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<br>(b)<br>| USD | 109 | 107726 |
| Simon Property Group LP, 6.75%, 02/01/40 |  | 1670 | 1919198 |
|  |  |  | 2026924 |
| Semiconductors & Semiconductor Equipment — 1.5% | Semiconductors & Semiconductor Equipment — 1.5% | Semiconductors & Semiconductor Equipment — 1.5% | Semiconductors & Semiconductor Equipment — 1.5% |
| Amkor Technology, Inc., 5.88%, 10/01/33<br>(b)<br>|  | 46 | 46949 |
| Broadcom, Inc. |  |  |  |
| 4.75%, 04/15/29 |  | 2500 | 2546922 |
| 4.15%, 04/15/32<br>(b)<br>|  | 1500 | 1466766 |
| 3.47%, 04/15/34 |  | 700 | 638290 |
| 3.50%, 02/15/41 |  | 700 | 569439 |
| 3.75%, 02/15/51 |  | 950 | 716199 |
| Intel Corp. |  |  |  |
| 5.13%, 02/10/30 |  | 750 | 768809 |
| 2.00%, 08/12/31<br>(f)<br>|  | 1000 | 876956 |
| KLA Corp., 5.00%, 03/15/49 |  | 500 | 460285 |
| QUALCOMM, Inc. |  |  |  |
| 4.25%, 05/20/32 |  | 445 | 444447 |
| 5.40%, 05/20/33 |  | 250 | 264732 |
| 4.30%, 05/20/47 |  | 2380 | 1998307 |
|  |  |  | 10798101 |
| Software — 2.1% | Software — 2.1% | Software — 2.1% | Software — 2.1% |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<br>(b)(f)<br>|  | 1889 | 1883315 |
| Camelot Finance SA, 4.50%, 11/01/26<br>(b)<br>|  | 35 | 34762 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<br>(b)<br>|  | 461 | 474818 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br>Co., Inc., 8.00%, 06/15/29<br>(b)<br>|  | 127 | 110379 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br>06/15/29<br>(b)<br>|  | 95 | 80542 |
| Cloud Software Group, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 03/31/29 |  | 1085 | 1099200 |
| 9.00%, 09/30/29<br>(f)<br>|  | 1628 | 1695579 |
| 8.25%, 06/30/32 |  | 120 | 125405 |
| CoreLogic, Inc., 4.50%, 05/01/28<br>(b)<br>|  | 592 | 579962 |
| CoreWeave, Inc., 9.25%, 06/01/30<br>(b)(f)<br>|  | 265 | 246390 |
| Electronic Arts, Inc., 2.95%, 02/15/51<br>(f)<br>|  | 93 | 85784 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<br>(b)<br>|  | 144 | 146830 |
| IPD 3 BV, Series NOV, 5.50%, 06/15/31<br>(d)<br>| EUR | 100 | 118257 |
| Microsoft Corp. |  |  |  |
| 2.53%, 06/01/50 | USD | 1600 | 976878 |
| 2.92%, 03/17/52<br>(f)<br>|  | 3250 | 2128870 |
| Oracle Corp. |  |  |  |
| 3.60%, 04/01/40<br>(f)<br>|  | 3025 | 2243454 |
| 3.60%, 04/01/50 |  | 400 | 249164 |
| 3.95%, 03/25/51 |  | 600 | 394776 |
| 6.13%, 08/03/65 |  | 600 | 531356 |
| Playtika Holding Corp., 4.25%, 03/15/29<br>(b)<br>|  | 7 | 6277 |
| Sabre GLBL, Inc., 10.75%, 03/15/30<br>(b)(f)<br>|  | 186 | 152920 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<br>(b)<br>|  | 240 | 249699 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 | USD | 73 | $70516<br>|
| 3.88%, 03/15/31 |  | 73 | 69768 |
| UKG, Inc., 6.88%, 02/01/31<br>(b)<br>|  | 877 | 900866 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br>3.88%, 02/01/29<br>(b)<br>|  | 147 | 138724 |
|  |  |  | 14794491 |
| Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% | Specialty Retail — 0.1% |
| Advance Auto Parts, Inc., 7.00%, 08/01/30<br>(b)<br>|  | 101 | 101535 |
| Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), 5.31%, <br>01/15/32<br>(a)(d)<br>| EUR | 100 | 118420 |
| Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, <br>01/15/31<br>(b)<br>| USD | 102 | 105054 |
| Staples, Inc., 10.75%, 09/01/29<br>(b)<br>|  | 103 | 102400 |
|  |  |  | 427409 |
| Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% |
| Apple, Inc. |  |  |  |
| 4.38%, 05/13/45 |  | 1000 | 891473 |
| 3.75%, 09/12/47 |  | 700 | 552954 |
| 2.65%, 02/08/51<br>(f)<br>|  | 2280 | 1409433 |
| Seagate Data Storage Technology Pte Ltd.<br>(b)<br>|  |  |  |
| 8.25%, 12/15/29 |  | 174 | 184516 |
| 8.50%, 07/15/31 |  | 111 | 118011 |
| Seagate Data Storage Technology Pte. Ltd., 5.88%, <br>07/15/30<br>(b)<br>|  | 74 | 76284 |
|  |  |  | 3232671 |
| Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% | Textiles, Apparel & Luxury Goods — 0.2% |
| Beach Acquisition Bidco LLC<br>(b)<br>|  |  |  |
| 5.25%, 07/15/32 | EUR | 270 | 323032 |
| (10.00% Cash or 10.75% PIK), 10.00%, 07/15/33<br>(h)<br>| USD | 653 | 720770 |
| Levi Strauss & Co.<br>(b)<br>|  |  |  |
| 4.00%, 08/15/30 | EUR | 100 | 119345 |
| 3.50%, 03/01/31 | USD | 11 | 10243 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br>5.78%, 07/01/29<br>(a)(d)<br>| EUR | 100 | 118481 |
|  |  |  | 1291871 |
| Tobacco — 1.0% | Tobacco — 1.0% | Tobacco — 1.0% | Tobacco — 1.0% |
| Altria Group, Inc. |  |  |  |
| 2.45%, 02/04/32 | USD | 200 | 176856 |
| 5.38%, 01/31/44 |  | 2000 | 1931821 |
| BAT Capital Corp. |  |  |  |
| 3.22%, 09/06/26 |  | 394 | 392000 |
| 7.08%, 08/02/43 |  | 500 | 561609 |
| 4.54%, 08/15/47 |  | 1500 | 1244290 |
| 7.08%, 08/02/53 |  | 450 | 510195 |
| Philip Morris International, Inc., 5.38%, 02/15/33 |  | 1000 | 1045688 |
| Reynolds American, Inc., 7.00%, 08/04/41 |  | 1000 | 1046029 |
|  |  |  | 6908488 |
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| FedEx Corp., 4.10%, 02/01/45 |  | 1250 | 968139 |
| Ocado Group PLC, 11.00%, 06/15/30<br>(d)<br>| GBP | 100 | 135959 |
|  |  |  | 1104098 |
| Utilities — 0.1% | Utilities — 0.1% | Utilities — 0.1% | Utilities — 0.1% |
| TransAlta Corp., 5.88%, 02/01/34 | USD | 126 | 126871 |
| VoltaGrid LLC, 7.38%, 11/01/30<br>(b)<br>|  | 806 | 798541 |
|  |  |  | 925412 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Water Utilities — 0.2% | Water Utilities — 0.2% | Water Utilities — 0.2% | Water Utilities — 0.2% |
| American Water Capital Corp., 4.45%, 06/01/32 | USD | 1350 | $1350734<br>|
| Wireless Telecommunication Services — 1.7% | Wireless Telecommunication Services — 1.7% | Wireless Telecommunication Services — 1.7% | Wireless Telecommunication Services — 1.7% |
| Altice France SA<br>(b)<br>|  |  |  |
| 6.88%, 10/15/30 |  | 38 | 36998 |
| 6.50%, 10/15/31 |  | 55 | 51751 |
| 6.50%, 04/15/32 |  | 488 | 467894 |
| 6.88%, 07/15/32 |  | 416 | 398957 |
| Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, <br>08/01/32<br>(b)<br>|  | 645 | 669594 |
| Level 3 Financing, Inc., 8.50%, 01/15/36<br>(b)<br>|  | 797 | 816114 |
| Liberty Costa Rica Senior Secured Finance, 10.88%, <br>01/15/31<br>(b)<br>|  | 200 | 209626 |
| Rogers Communications, Inc., 7.50%, 08/15/38 |  | 2325 | 2680895 |
| Telecom Argentina SA, 9.25%, 05/28/33<br>(b)<br>|  | 22 | 23207 |
| T-Mobile USA, Inc. |  |  |  |
| 3.88%, 04/15/30 |  | 2000 | 1966750 |
| 2.55%, 02/15/31 |  | 500 | 456792 |
| 3.30%, 02/15/51 |  | 500 | 334238 |
| 5.80%, 09/15/62 |  | 500 | 492132 |
| Turkcell Iletisim Hizmetleri A/S, 7.65%, 01/24/32<br>(b)<br>|  | 200 | 212104 |
| Veon Midco BV, 3.38%, 11/25/27<br>(b)<br>|  | 200 | 189062 |
| Verizon Communications, Inc., 5.75%, 11/30/45 |  | 1460 | 1449572 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.25%, 01/31/31<br>(b)<br>|  | 600 | 547206 |
| 4.50%, 07/15/31<br>(d)<br>| GBP | 100 | 119437 |
| 6.75%, 01/15/33<br>(b)<br>| USD | 200 | 198207 |
| Vodafone Group PLC, 4.88%, 06/19/49 |  | 700 | 608017 |
| WOM Mobile SA, (12.50% PIK), 11.00%, 04/01/31<br>(b)(h)<br>|  | 10 | 10292 |
| Zegona Finance PLC, 6.75%, 07/15/29<br>(d)<br>| EUR | 90 | 111147 |
|  |  |  | 12049992 |
| Total Corporate Bonds — 64.5%<br>(Cost: $462,867,267) | Total Corporate Bonds — 64.5%<br>(Cost: $462,867,267) | Total Corporate Bonds — 64.5%<br>(Cost: $462,867,267) | 464493140 |
| Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests |
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br>12/09/31<br>| USD | 891 | 885938 |
| Software — 0.2% | Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 1267 | 1225342 |
| Total Fixed Rate Loan Interests — 0.3%<br>(Cost: $2,157,705) | Total Fixed Rate Loan Interests — 0.3%<br>(Cost: $2,157,705) | Total Fixed Rate Loan Interests — 0.3%<br>(Cost: $2,157,705) | 2111280 |
| Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) |
| Advertising Agencies — 0.1% | Advertising Agencies — 0.1% | Advertising Agencies — 0.1% | Advertising Agencies — 0.1% |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br>7.83%, 08/23/28<br>|  | 293 | 293529 |
| Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 5.10%), <br>9.03%, 04/11/29<br>|  | 207 | 204611 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br>8.93%, 02/15/29<br>|  | 44 | 40583 |
|  |  |  | 538723 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% |
| Kaman Corp. |  |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32<br>| USD |  | $353<br>|
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 2.50%), 6.38%, 02/26/32<br>|  | 39 | 39104 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan <br>B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.17%, 12/01/32<br>|  | 95 | 95161 |
| Signia Aerospace LLC, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.75%), 6.57%, <br>12/11/31<br>|  | 78 | 78623 |
|  |  |  | 213241 |
| Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% |
| Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>01/28/32<br>|  | 182 | 182231 |
| Tenneco, Inc. |  |  |  |
| 2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% <br>Floor + 4.85%), 8.74%, 11/17/28<br>|  | 15 | 14806 |
| 2022 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 5.10%), 8.99%, 11/17/28<br>|  | 92 | 90295 |
|  |  |  | 287332 |
| Biotechnology — 0.0% | Biotechnology — 0.0% | Biotechnology — 0.0% | Biotechnology — 0.0% |
| Parexel International Corporation, 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.42%, 12/12/31<br>|  | 92 | 92024 |
| Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% | Building Products — 0.1% |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>09/08/32<br>|  | 25 | 25617 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30<br>|  | 58 | 55830 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 10/19/29<br>|  | 280 | 280904 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31<br>|  | 81 | 78266 |
|  |  |  | 440617 |
| Capital Markets — 0.0% | Capital Markets — 0.0% | Capital Markets — 0.0% | Capital Markets — 0.0% |
| Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>07/30/31<br>|  | 27 | 26971 |
| Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.85%, <br>09/13/32<br>|  | 155 | 155986 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.22%, 10/16/31<br>(c)<br>|  | 75 | 76131 |
|  |  |  | 259088 |
| Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% | Chemicals — 0.1% |
| Advancion Holdings LLC, 2020 2nd Lien Term Loan, <br>(1-mo. CME Term SOFR + 7.85%), 11.57%, 11/24/28<br>|  | 64 | 57509 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.75%), 7.61%, <br>10/04/29<br>|  | 253 | 242540 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28<br>|  | 182 | 158984 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| Olympus Water U.S. Holding Corp., 2025 USD Term <br>Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br>3.25%), 6.92%, 11/03/32<br>| USD | 123 | $122155<br>|
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.35%), 8.29%, <br>04/08/31<br>|  | 18 | 13019 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.69%, <br>08/19/32<br>|  | 85 | 84708 |
|  |  |  | 678915 |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>08/12/32<br>|  | 70 | 70075 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 08/20/32<br>|  | 269 | 270439 |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.75%), 8.57%, <br>02/23/29<br>|  | 208 | 196620 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.50% and 3.75% PIK), <br>9.09%, 07/31/30<br>(h)<br>|  | 139 | 132950 |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.42%, 10/07/32<br>|  | 55 | 51202 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.36%), 8.04%, <br>12/17/28<br>(e)(n)<br>|  | 47 | 5682 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/31<br>|  | 118 | 117880 |
|  |  |  | 844848 |
| Communications Equipment — 0.0% | Communications Equipment — 0.0% | Communications Equipment — 0.0% | Communications Equipment — 0.0% |
| COMMSCOPE, 2024 Term Loan, (1-mo. CME Term <br>SOFR at 2.00% Floor + 4.75%), 8.47%, 12/17/29<br>|  | 73 | 73520 |
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 4.50%), <br>8.35%, 08/01/30<br>|  | 567 | 515469 |
| Consumer Discretionary — 0.0% | Consumer Discretionary — 0.0% | Consumer Discretionary — 0.0% | Consumer Discretionary — 0.0% |
| Camelot U.S. Acquisition LLC, 2025 Incremental Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.25%), 6.97%, 01/31/31<br>|  | 143 | 143090 |
| Jupiter Buyer, Inc., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.25%), 7.92%, <br>11/01/31<br>|  | 38 | 38106 |
|  |  |  | 181196 |
| Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% |
| Boots Group Finco LP, USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.21%, <br>08/30/32<br>|  | 477 | 479185 |
| Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, <br>12/16/32<br>|  | 85 | 85757 |
|  |  |  | 564942 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Containers & Packaging — 0.0% | Containers & Packaging — 0.0% | Containers & Packaging — 0.0% | Containers & Packaging — 0.0% |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 5.10%), 8.94%, <br>10/30/28<br>| USD | 141 | $88895<br>|
| Mauser Packaging Solutions Holding Co., 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.23%, 04/15/30<br>|  | 131 | 128135 |
| Potters Industries LLC, 2025 Repriced Term Loan B, <br>(1-mo. CEM Term SOFR at 0.00% Floor + 2.50%), <br>6.17%, 12/09/32<br>(c)<br>|  | 52 | 52195 |
|  |  |  | 269225 |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |
| Delta Topco, Inc., 2024 2nd Lien Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 5.25%), 9.04%, <br>11/29/30<br>|  | 32 | 31480 |
| Frontier Communications Holdings LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.24%, 07/01/31<br>|  | 41 | 40527 |
| Lumen Technologies, Inc., 2024 Term Loan A, (1-mo. <br>CME Term SOFR at 2.00% Floor + 6.00%), 9.72%, <br>06/01/28<br>|  | 42 | 41937 |
| Windstream Services LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.85%), 8.57%, <br>10/01/31<br>(c)<br>|  | 128 | 128660 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.00% and <br>0.50% PIK), 7.33%, 03/11/30<br>(h)<br>|  | 608 | 575918 |
|  |  |  | 818522 |
| Electronic Equipment, Instruments & Components — 0.0% | Electronic Equipment, Instruments & Components — 0.0% | Electronic Equipment, Instruments & Components — 0.0% | Electronic Equipment, Instruments & Components — 0.0% |
| Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.37%, 12/02/31<br>|  | 163 | 164083 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.49%, 10/01/32<br>|  | 71 | 70875 |
|  |  |  | 234958 |
| Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% |
| Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.22%, <br>07/31/31<br>|  | 41 | 40077 |
| Financial Services — 0.0% | Financial Services — 0.0% | Financial Services — 0.0% | Financial Services — 0.0% |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.43%, <br>10/08/32<br>|  | 45 | 45183 |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Bausch & Lomb Corp. |  |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28<br>|  | 126 | 126098 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 01/15/31<br>|  | 242 | 243652 |
|  |  |  | 369750 |
| Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% | Health Care Providers & Services — 0.1% |
| LifePoint Health, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.75%), 7.65%, 05/19/31<br>|  | 163 | 163140 |
| 2024 Incremental Term Loan B1, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.33%, 05/19/31<br>|  | 83 | 82420 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| 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. CME <br>Term SOFR at 1.00% Floor + 6.60% and 4.00% PIK), <br>14.53%, 01/28/28<br>(h)<br>| USD | 132 | $94201<br>|
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 4.00%), 7.67%, 09/27/30<br>|  | 351 | 351614 |
|  |  |  | 691375 |
| Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.44%, 11/01/29<br>|  | 57 | 56079 |
| Sabre GLBL, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>|  | 45 | 39588 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>(c)<br>|  | 27 | 23439 |
|  |  |  | 119106 |
| Household Durables — 0.0% | Household Durables — 0.0% | Household Durables — 0.0% | Household Durables — 0.0% |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>01/20/32<br>|  | 61 | 60782 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-<br>mo. CME Term SOFR at 1.00% Floor + 4.61%), <br>8.33%, 12/19/29<br>|  | 27 | 27152 |
|  |  |  | 87934 |
| Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% |
| Titan Acquisition Ltd., 2025 Add on Delayed Draw Term <br>Loan, 02/15/29<br>|  | 65 | 65416 |
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br>B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.92%, 02/15/31<br>|  | 90 | 90063 |
| Asurion LLC, 2025 Term Loan B13, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.97%, 09/19/30<br>|  | 88 | 88111 |
| Hyperion Insurance Group Ltd., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.49%, 04/18/30<br>|  | 17 | 16945 |
| Jones DesLauriers Insurance Management Inc., <br>2025 Repriced Term Loan B, 12/10/32<br>(o)<br>|  | 117 | 116865 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.72%, 07/02/31<br>|  | 22 | 21917 |
| Truist Insurance Holdings LLC, 2nd Lien Term Loan, <br>(3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.42%, 05/06/32<br>|  | 410 | 414381 |
|  |  |  | 748282 |
| Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% |
| MH Sub I LLC, 2023 Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 4.25%), 7.97%, 05/03/28<br>|  | 47 | 43493 |
| Internet Software & Services — 0.0% | Internet Software & Services — 0.0% | Internet Software & Services — 0.0% | Internet Software & Services — 0.0% |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>08/31/28<br>|  | 28 | 28047 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 03/15/30<br>|  | 167 | 165128 |
|  |  |  | 193175 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% | IT Services — 0.1% |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>09/29/31<br>| USD | 14 | $14082<br>|
| Finastra USA, Inc. |  |  |  |
| 2025 2nd Lien Term Loan, (3-mo. CME Term SOFR <br>at 0.00% Floor + 7.00%), 10.72%, 09/15/33<br>|  | 96 | 93920 |
| 2025 USD Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 4.00%), 7.72%, 09/15/32<br>|  | 288 | 281392 |
| Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, <br>06/27/31<br>|  | 61 | 61040 |
|  |  |  | 450434 |
| Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.26%), 6.93%, <br>07/22/30<br>|  | 98 | 97989 |
| Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% | Machinery — 0.1% |
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, <br>06/23/30<br>(o)<br>|  | 19 | 19054 |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, <br>(3-mo. CME Term SOFR at 2.00% Floor + 6.00%), <br>9.86%, 12/21/29<br>|  | 60 | 60274 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.53%, 02/15/29<br>|  | 474 | 477410 |
|  |  |  | 556738 |
| Media — 0.2% | Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Altice France SA, 2025 USD Term Loan B14, (3-mo. <br>CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, <br>05/31/31<br>|  | 227 | 226981 |
| CMG Media Corp., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.60%), 7.27%, 06/18/29<br>|  | 117 | 109222 |
| Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>7.15%, 01/31/32<br>|  | 57 | 56051 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br>1.50%), 8.25%, 04/15/27<br>|  | 320 | 278909 |
| Directv Financing LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.75% Floor + 5.50%), 9.34%, <br>02/17/31<br>|  | 373 | 372061 |
| Gray Media, Inc. |  |  |  |
| 2021 Term Loan D, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.11%), 6.99%, 12/01/28<br>|  | 64 | 63707 |
| 2024 Term Loan B, (1-mo. CME Term SOFR + <br>5.25%), 9.12%, 06/04/29<br>|  |  | 551 |
| OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>06/25/31<br>|  | 7 | 6649 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 5.23% and 1.50% <br>PIK), 8.83%, 09/25/29<br>(h)<br>|  | 344 | 262894 |
| Versant Media Group, Inc., Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.16%, <br>01/30/31<br>|  | 66 | 65959 |
|  |  |  | 1442984 |
| Metals & Mining — 0.0% | Metals & Mining — 0.0% | Metals & Mining — 0.0% | Metals & Mining — 0.0% |
| BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. <br>CEM Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/11/30<br>|  | 229 | 226328 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% | Oil, Gas & Consumable Fuels — 0.0% |
| Stakeholder Midstream LLC, Term Loan, (6-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br>01/02/31<br>| USD | 145 | $145090<br>|
| Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% |
| ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, <br>12/15/32<br>(c)<br>|  | 53 | 53265 |
| Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% |
| Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.50% Floor + 3.50%), <br>7.22%, 08/01/32<br>|  | 222 | 224111 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br>7.47%, 04/23/31<br>|  | 92 | 91244 |
|  |  |  | 315355 |
| Software — 0.2% | Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Ascend Learning LLC, 2025 Repriced Term Loan B, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.72%, 12/11/28<br>|  | 21 | 20902 |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>02/15/29<br>|  | 358 | 358847 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>07/30/31<br>|  | 169 | 168297 |
| Boxer Parent Company Inc., 2024 2nd Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 5.75%), <br>9.47%, 07/30/32<br>|  | 115 | 110486 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br>07/06/29<br>|  | 55 | 46472 |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 3.61%), 7.33%, 06/02/28<br>|  | 84 | 83569 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31<br>|  | 44 | 44023 |
| Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1-<br>mo. CME Term SOFR at 0.50% Floor + 4.75%), <br>8.47%, 11/22/32<br>|  | 111 | 111728 |
| RealPage, Inc. |  |  |  |
| 1st Lien Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.26%), 6.93%, 04/24/28<br>|  | 211 | 210372 |
| 2024 Incremental Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.75%), 7.42%, 04/24/28<br>|  | 83 | 83553 |
| Sabre GLBL, Inc.<br>(c)<br>|  |  |  |
| 2025 11th Amendment Term Loan B2, (1-mo. CME <br>Term SOFR at 0.50% Floor + 6.35%), 10.07%, <br>07/30/29<br>|  | 19 | 16865 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.35%), 10.07%, 07/30/29<br>|  | 8 | 7168 |
|  |  |  | 1262282 |
| Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% |
| Cubic Corp. |  |  |  |
| 2025 Second Out Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29<br>|  | 85 | 43105 |
| 2025 Second Out Term Loan C, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29<br>|  | 12 | 6252 |
|  |  |  | 49357 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |
| Digicel International Finance Ltd., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.25%), <br>9.02%, 08/06/32<br>| USD | 168 | $167400<br>|
| Level 3 Financing, Inc., 2025 Repriced Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 03/29/32<br>|  | 457 | 458028 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>10/06/32<br>(c)<br>|  | 126 | 126315 |
|  |  |  | 751743 |
| Total Floating Rate Loan Interests — 1.9%<br>(Cost: $13,988,993) | Total Floating Rate Loan Interests — 1.9%<br>(Cost: $13,988,993) | Total Floating Rate Loan Interests — 1.9%<br>(Cost: $13,988,993) | 13767976 |
| Foreign Agency Obligations | Foreign Agency Obligations | Foreign Agency Obligations | Foreign Agency Obligations |
| Argentina — 0.0% | Argentina — 0.0% | Argentina — 0.0% |  |
| Argentine Republic Government International Bonds, <br>1.75%, 07/09/27<br>(m)<br>|  | 90 | 77021 |
| Barbados — 0.0% | Barbados — 0.0% | Barbados — 0.0% |  |
| Barbados Government International Bonds, 8.00%, <br>06/26/35<br>(b)<br>|  | 149 | 157055 |
| Benin — 0.0% | Benin — 0.0% | Benin — 0.0% |  |
| Benin Government International Bonds, 7.96%, <br>02/13/38<br>(b)<br>|  | 200 | 207812 |
| Bulgaria — 0.0% | Bulgaria — 0.0% | Bulgaria — 0.0% |  |
| Bulgaria Government International Bonds, Series 13Y, <br>5.00%, 03/05/37<br>(d)<br>|  | 92 | 91356 |
| Canada — 0.9% | Canada — 0.9% | Canada — 0.9% |  |
| CDP Financial, Inc., 5.60%, 11/25/39<br>(b)(f)<br>|  | 5890 | 6304423 |
| Cayman Islands — 0.0% | Cayman Islands — 0.0% | Cayman Islands — 0.0% |  |
| Kyrgyz Republic International Bonds, 7.75%, <br>06/03/30<br>(b)<br>|  | 200 | 205750 |
| Chile — 0.0% | Chile — 0.0% | Chile — 0.0% |  |
| Chile Government International Bonds, 4.34%, <br>03/07/42<br>|  | 200 | 178600 |
| Colombia — 0.0% | Colombia — 0.0% | Colombia — 0.0% |  |
| Colombia Government International Bonds, 8.00%, <br>04/20/33<br>|  | 200 | 215000 |
| Costa Rica — 0.1% | Costa Rica — 0.1% | Costa Rica — 0.1% |  |
| Costa Rica Government International Bonds, 7.30%, <br>11/13/54<br>(b)<br>|  | 200 | 224100 |
| Dominican Republic — 0.1% | Dominican Republic — 0.1% | Dominican Republic — 0.1% |  |
| Dominican Republic International Bonds<br>(b)<br>|  |  |  |
| 4.50%, 01/30/30 |  | 226 | 221049 |
| 7.05%, 02/03/31 |  | 150 | 161091 |
|  |  |  | 382140 |
| Ecuador — 0.0% | Ecuador — 0.0% | Ecuador — 0.0% |  |
| Ecuador Government International Bonds, 6.90%, <br>07/31/30<br>(b)(m)<br>|  | 80 | 78637 |
| Egypt — 0.1% | Egypt — 0.1% | Egypt — 0.1% |  |
| Egypt Government International Bonds |  |  |  |
| 7.63%, 05/29/32<br>(d)<br>|  | 200 | 212452 |
| 7.50%, 02/16/61<br>(b)<br>|  | 219 | 190924 |
|  |  |  | 403376 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Gabon — 0.0% | Gabon — 0.0% | Gabon — 0.0% |  |
| Gabon Government International Bonds, Series 4Y, <br>9.50%, 02/18/29<br>(d)<br>| USD | 200 | $173126<br>|
| Guatemala — 0.1% | Guatemala — 0.1% | Guatemala — 0.1% |  |
| Guatemala Government Bonds<br>(b)<br>|  |  |  |
| 5.38%, 04/24/32 |  | 200 | 201600 |
| 6.60%, 06/13/36 |  | 200 | 214754 |
|  |  |  | 416354 |
| Hungary — 0.1% | Hungary — 0.1% | Hungary — 0.1% |  |
| Hungary Government International Bonds, 5.25%, <br>06/16/29<br>(b)<br>|  | 200 | 203775 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<br>(d)<br>| EUR | 100 | 125803 |
|  |  |  | 329578 |
| Indonesia — 0.0% | Indonesia — 0.0% | Indonesia — 0.0% |  |
| Indonesia Government International Bonds, 3.88%, <br>01/15/33<br>|  | 100 | 118498 |
| Ivory Coast — 0.1% | Ivory Coast — 0.1% | Ivory Coast — 0.1% |  |
| Ivory Coast Government International Bonds |  |  |  |
| 5.88%, 10/17/31<br>(d)<br>|  | 192 | 227330 |
| 8.08%, 04/01/36<br>(b)<br>| USD | 200 | 216013 |
|  |  |  | 443343 |
| Kenya — 0.0% | Kenya — 0.0% | Kenya — 0.0% |  |
| Republic of Kenya Government International Bonds, <br>9.75%, 02/16/31<br>(b)<br>|  | 200 | 218500 |
| Latvia — 0.0% | Latvia — 0.0% | Latvia — 0.0% |  |
| Latvia Government International Bonds, 5.13%, <br>07/30/34<br>(b)<br>|  | 200 | 204668 |
| Mexico — 0.0% | Mexico — 0.0% | Mexico — 0.0% |  |
| Mexico Government International Bonds, 5.13%, <br>03/19/38<br>| EUR | 100 | 116969 |
| Morocco — 0.0% | Morocco — 0.0% | Morocco — 0.0% |  |
| Morocco Government International Bonds, 2.38%, <br>12/15/27<br>(b)<br>| USD | 200 | 192000 |
| Nigeria — 0.1% | Nigeria — 0.1% | Nigeria — 0.1% |  |
| Nigeria Government International Bonds, 10.38%, <br>12/09/34<br>(b)<br>|  | 200 | 236989 |
| Oman — 0.0% | Oman — 0.0% | Oman — 0.0% |  |
| Oman Government International Bonds, 6.75%, <br>01/17/48<br>(d)<br>|  | 200 | 220562 |
| Panama — 0.1% | Panama — 0.1% | Panama — 0.1% |  |
| Panama Government International Bonds |  |  |  |
| 7.50%, 03/01/31 |  | 200 | 221700 |
| 6.40%, 02/14/35 |  | 200 | 210633 |
|  |  |  | 432333 |
| Paraguay — 0.0% | Paraguay — 0.0% | Paraguay — 0.0% |  |
| Paraguay Government International Bonds, 2.74%, <br>01/29/33<br>(d)<br>|  | 200 | 178800 |
| Peru — 0.1% | Peru — 0.1% | Peru — 0.1% |  |
| Peru Government International Bonds |  |  |  |
| 2.78%, 01/23/31 |  | 151 | 139750 |
| 1.86%, 12/01/32 |  | 98 | 80973 |
|  |  |  | 220723 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Poland — 0.0% | Poland — 0.0% | Poland — 0.0% |  |
| Republic of Poland Government International Bonds |  |  |  |
| Series 10Y, 4.88%, 10/04/33 | USD | 37 | $37516<br>|
| Series 30Y, 5.50%, 04/04/53 |  | 119 | 113556 |
|  |  |  | 151072 |
| Romania — 0.1% | Romania — 0.1% | Romania — 0.1% |  |
| Romanian Government International Bonds |  |  |  |
| 5.25%, 11/25/27<br>(b)<br>|  | 50 | 50797 |
| 2.12%, 07/16/31<br>(d)<br>| EUR | 179 | 184526 |
| 6.25%, 09/10/34<br>(b)<br>|  | 145 | 179032 |
| 6.75%, 07/11/39<br>(b)<br>|  | 65 | 79466 |
| 6.50%, 10/07/45<br>(b)<br>|  | 80 | 93395 |
|  |  |  | 587216 |
| Serbia — 0.0% | Serbia — 0.0% | Serbia — 0.0% |  |
| Serbia International Bonds, 6.00%, 06/12/34<br>(b)<br>| USD | 200 | 206500 |
| South Africa — 0.1% | South Africa — 0.1% | South Africa — 0.1% |  |
| Republic of South Africa Government International <br>Bonds<br>|  |  |  |
| 7.95%, 11/19/54<br>(b)<br>|  | 200 | 215000 |
| Series 30Y, 5.75%, 09/30/49 |  | 252 | 212625 |
|  |  |  | 427625 |
| Trinidad And Tobago — 0.0% | Trinidad And Tobago — 0.0% | Trinidad And Tobago — 0.0% |  |
| Trinidad & Tobago Government International Bonds, <br>6.40%, 06/26/34<br>(b)<br>|  | 200 | 201400 |
| Turkey — 0.0% | Turkey — 0.0% | Turkey — 0.0% |  |
| Turkiye Government International Bonds, Series 7Y, <br>7.13%, 02/12/32<br>|  | 200 | 211800 |
| Uruguay — 0.0% | Uruguay — 0.0% | Uruguay — 0.0% |  |
| Oriental Republic of Uruguay, 5.25%, 09/10/60 |  | 127 | 118865 |
| Uzbekistan — 0.0% | Uzbekistan — 0.0% | Uzbekistan — 0.0% |  |
| Republic of Uzbekistan International Bonds, 5.38%, <br>05/29/27<br>(b)<br>| EUR | 100 | 120074 |
| Total Foreign Agency Obligations — 2.0%<br>(Cost: $13,180,672) | Total Foreign Agency Obligations — 2.0%<br>(Cost: $13,180,672) | Total Foreign Agency Obligations — 2.0%<br>(Cost: $13,180,672) | 14052265 |
| Municipal Bonds | Municipal Bonds | Municipal Bonds | Municipal Bonds |
| Arizona — 0.1% | Arizona — 0.1% | Arizona — 0.1% |  |
| Maricopa County Industrial Development Authority, RB, <br>7.38%, 10/01/29<br>(b)<br>| USD | 890 | 933633 |
| California — 1.6% | California — 1.6% | California — 1.6% |  |
| City of Los Angeles California, GO, Series A, <br>Sustainability Bonds, 5.00%, 09/01/42<br>|  | 2000 | 1968821 |
| Golden State Tobacco Securitization Corp., Refunding <br>RB<br>|  |  |  |
| Class B, (SAP), 3.29%, 06/01/42 |  | 2610 | 2043315 |
| Series A-1, 3.71%, 06/01/41 |  | 1000 | 777447 |
| Oxnard Union High School District, Refunding GO, <br>(BAM), 3.18%, 08/01/43<br>|  | 1600 | 1248907 |
| Regents of the University of California Medical Center <br>Pooled Revenue, RB, BAB, Series H, 6.55%, <br>05/15/48<br>|  | 2500 | 2670438 |
| State of California, GO, BAB, 7.55%, 04/01/39 |  | 1500 | 1820366 |
| State of California, Refunding GO, 5.13%, 03/01/38 |  | 1000 | 1015674 |
|  |  |  | 11544968 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Florida — 0.2% | Florida — 0.2% | Florida — 0.2% |  |
| State Board of Administration Finance Corp., RB, <br>Series A, 5.53%, 07/01/34<br>| USD | 1500 | $1577164<br>|
| Georgia — 0.2% | Georgia — 0.2% | Georgia — 0.2% |  |
| Municipal Electric Authority of Georgia, Refunding RB, <br>BAB, 6.64%, 04/01/57<br>|  | 987 | 1067390 |
| Hawaii — 0.2% | Hawaii — 0.2% | Hawaii — 0.2% |  |
| City & County Honolulu HI Wastewater System <br>Revenue, Refunding RB, Series A, 2.62%, 07/01/45<br>|  | 1000 | 687527 |
| State of Hawaii, GO, Series GK, 6.15%, 10/01/38 |  | 1000 | 1075690 |
|  |  |  | 1763217 |
| Illinois — 0.3% | Illinois — 0.3% | Illinois — 0.3% |  |
| State of Illinois, GO, 5.10%, 06/01/33 |  | 1745 | 1788498 |
| Massachusetts — 0.6% | Massachusetts — 0.6% | Massachusetts — 0.6% |  |
| Massachusetts Educational Financing Authority, RB, <br>Series A, 6.17%, 07/01/50<br>|  | 2500 | 2547942 |
| Massachusetts Educational Financing Authority, <br>Refunding RB, Series A, 6.35%, 07/01/49<br>|  | 1355 | 1401530 |
| University of Massachusetts Building Authority, <br>Refunding RB, Series 3, 3.43%, 11/01/40<br>|  | 500 | 426671 |
|  |  |  | 4376143 |
| New Jersey — 0.3% | New Jersey — 0.3% | New Jersey — 0.3% |  |
| New Jersey Turnpike Authority, RB, BAB, Series A, <br>7.10%, 01/01/41<br>|  | 1750 | 2044699 |
| New York — 0.6% | New York — 0.6% | New York — 0.6% |  |
| City of New York, GO |  |  |  |
| Series H, 6.29%, 02/01/45 |  | 600 | 630451 |
| Series D-1, Sustainability Bonds, 5.09%, 10/01/49 |  | 1000 | 940810 |
| New York City Municipal Water Finance Authority, <br>Refunding RB, BAB, 6.01%, 06/15/42<br>|  | 1000 | 1035586 |
| New York State Dormitory Authority, RB, BAB, Series F, <br>5.63%, 03/15/39<br>|  | 1100 | 1130639 |
| United Nations Development Corp., Refunding RB, <br>Series A, 6.54%, 08/01/55<br>|  | 850 | 907008 |
|  |  |  | 4644494 |
| Texas — 0.4% | Texas — 0.4% | Texas — 0.4% |  |
| Dallas Fort Worth International Airport, Refunding RB, <br>2.84%, 11/01/46<br>|  | 2000 | 1448132 |
| Texas Natural Gas Securitization Finance Corp., RB, <br>Series 2023-1, Class A2, 5.17%, 04/01/41<br>|  | 1500 | 1529775 |
|  |  |  | 2977907 |
| Total Municipal Bonds — 4.5%<br>(Cost: $32,056,589) | Total Municipal Bonds — 4.5%<br>(Cost: $32,056,589) | Total Municipal Bonds — 4.5%<br>(Cost: $32,056,589) | 32718113 |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities |
| Collateralized Mortgage Obligations — 9.3% | Collateralized Mortgage Obligations — 9.3% | Collateralized Mortgage Obligations — 9.3% | Collateralized Mortgage Obligations — 9.3% |
| A&D Mortgage Trust, Series 2024-NQM5, Class A1, <br>5.70%, 11/25/69<br>(b)<br>|  | 1280 | 1288727 |
| ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, <br>10/25/64<br>(b)<br>|  | 398 | 399855 |
| Alternative Loan Trust |  |  |  |
| Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 |  | 294 | 261640 |
| Series 2006-OA21, Class A1, (1-mo. Term SOFR + <br>0.30%), 4.04%, 03/20/47<br>(a)<br>|  | 289 | 253913 |
| Series 2007-OA10, Class 2A1, (1-mo. Term SOFR + <br>0.61%), 4.35%, 09/25/47<br>(a)<br>|  | 3454 | 498081 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) |
| Angel Oak Mortgage Trust, Series 2024-10, Class A1, <br>5.35%, 10/25/69<br>(b)<br>| USD | 1481 | $1488307<br>|
| Banc of America Funding Trust, Series 2007-2, <br>Class 1A2, 6.00%, 03/25/37<br>|  | 177 | 136634 |
| Barclays Mortgage Loan Trust, Series 2025-NQM3, <br>Class A1, 5.64%, 05/25/65<br>(a)(b)<br>|  | 908 | 914168 |
| Bravo Residential Funding Trust<br>(b)<br>|  |  |  |
| Series 2021-NQM1, Class A1, 0.94%, 02/25/49<br>(a)<br>|  | 426 | 392174 |
| Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 354 | 353519 |
| Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 896 | 899033 |
| Series 2025-NQM1, Class A1, 5.60%, 12/25/64 |  | 1103 | 1112581 |
| Chase Home Lending Mortgage Trust, Series 2019-<br>ATR1, Class A12, 6.50%, 04/25/49<br>(a)(b)<br>|  | 390 | 394446 |
| CIM Trust<br>(b)<br>|  |  |  |
| Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 880 | 879667 |
| Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 824 | 827530 |
| COLT Mortgage Loan Trust<br>(b)<br>|  |  |  |
| Series 2023-2, Class A1, 6.60%, 07/25/68 |  | 794 | 798306 |
| Series 2023-3, Class M1, 7.80%, 09/25/68<br>(a)<br>|  | 800 | 810462 |
| Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 1041 | 1046387 |
| Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1244 | 1253743 |
| Series 2024-INV4, Class A1, 5.61%, 05/25/69 |  | 1080 | 1089802 |
| Series 2025-11, Class M1, 5.95%, 11/25/70<br>(a)<br>|  | 2500 | 2506386 |
| CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, <br>05/25/67<br>(a)(b)<br>|  | 2191 | 2189900 |
| Deephaven Residential Mortgage Trust, Series 2022-2, <br>Class A1, 4.30%, 03/25/67<br>(a)(b)<br>|  | 198 | 193390 |
| Ellington Financial Mortgage Trust<br>(a)(b)<br>|  |  |  |
| Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 1500 | 1496779 |
| Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 158 | 134749 |
| Flagstar Mortgage Trust, Series 2021-4, Class A1, <br>2.50%, 06/01/51<br>(a)(b)<br>|  | 2150 | 1800495 |
| GCAT Trust<br>(a)(b)<br>|  |  |  |
| Series 2022-NQM3, Class A1, 4.35%, 04/25/67 |  | 953 | 950068 |
| Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 802 | 806653 |
| GS Mortgage-Backed Securities Corp. Trust, <br>Series 2022-PJ2, Class A4, 2.50%, 06/25/52<br>(a)(b)<br>|  | 902 | 753682 |
| GS Mortgage-Backed Securities Trust, Series 2021-PJ2, <br>Class A2, 2.50%, 11/25/51<br>(a)(b)<br>|  | 797 | 666125 |
| GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, <br>6.00%, 07/25/37<br>|  | 71 | 43852 |
| Homes Trust<br>(b)<br>|  |  |  |
| Series 2024-NQM2, Class A1, 5.72%, 10/25/69 |  | 483 | 487114 |
| Series 2025-NQM5, Class M1, 5.80%, 09/25/70<br>(a)<br>|  | 697 | 697577 |
| JP Morgan Mortgage Trust |  |  |  |
| Series 2006-S3, Class 1A12, 6.50%, 08/25/36 |  | 42 | 13493 |
| Series 2022-DSC1, Class A1, 4.75%, 01/25/63<br>(a)(b)<br>|  | 362 | 357165 |
| Series 2022-INV3, Class A3B, 3.00%, 09/25/52<br>(a)(b)<br>|  | 633 | 552972 |
| Series 2023-DSC1, Class A1, 4.63%, 07/25/63<br>(a)(b)<br>|  | 262 | 258754 |
| Series 2024-INV1, Class A3, 5.50%, 04/25/55<br>(a)(b)<br>|  | 1459 | 1471300 |
| Mello Mortgage Capital Acceptance, Series 2022-INV2, <br>Class A3, 3.00%, 04/25/52<br>(a)(b)<br>|  | 683 | 596171 |
| Merrill Lynch Mortgage Investors Trust, Series 2006-A3, <br>Class 3A1, 5.79%, 05/25/36<br>(a)<br>|  | 107 | 68475 |
| MFA Trust<br>(b)<br>|  |  |  |
| Series 2021-NQM1, Class M1, 2.31%, 04/25/65<br>(a)<br>|  | 2750 | 2373689 |
| Series 2023-NQM1, Class A1, 5.75%, 11/25/67 |  | 638 | 636318 |
| Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1063 | 1068880 |
| Mill City Mortgage Trust, Series 2023-NQM2, Class A1, <br>6.24%, 12/25/67<br>(b)<br>|  | 1291 | 1291733 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) |
| OBX Trust<br>(b)<br>|  |  |  |
| Series 2022-INC3, Class A1, 3.00%, 02/25/52<br>(a)<br>| USD | 587 | $512184<br>|
| Series 2023-NQM1, Class A1, 6.12%, 11/25/62<br>(a)<br>|  | 498 | 496577 |
| Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 969 | 973907 |
| Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 748 | 751998 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/64<br>(a)<br>|  | 946 | 954252 |
| Series 2024-NQM2, Class M1, 6.86%, 12/25/63<br>(a)<br>|  | 1500 | 1518352 |
| PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, <br>10/25/59<br>(a)(b)<br>|  | 1656 | 1669997 |
| PRKCM Trust<br>(b)<br>|  |  |  |
| Series 2023-AFC2, Class A1, 6.48%, 06/25/58 |  | 814 | 814823 |
| Series 2023-AFC3, Class A1, 6.58%, 09/25/58 |  | 1115 | 1121517 |
| Provident Funding Mortgage Trust, Series 2024-1, <br>Class A1, 5.50%, 12/25/54<br>(a)(b)<br>|  | 1312 | 1325562 |
| Radian Mortgage Capital Trust, Series 2024-J2, <br>Class A4, 5.50%, 03/25/55<br>(a)(b)<br>|  | 512 | 516659 |
| RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, <br>02/25/52<br>(a)(b)<br>|  | 878 | 768693 |
| Santander Mortgage Asset Receivable Trust, <br>Series 2025-NQM6, Class A1, 5.14%, 11/25/65<br>(a)(b)<br>|  | 2343 | 2349851 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, <br>5.50%, 10/25/54<br>(a)(b)<br>|  | 771 | 775788 |
| SG Residential Mortgage Trust, Series 2022-2, <br>Class A1, 5.35%, 08/25/62<br>(b)<br>|  | 544 | 543804 |
| Spruce Hill Mortgage Loan Trust, Series 2022-SH1, <br>Class A1A, 4.10%, 07/25/57<br>(b)<br>|  | 567 | 563830 |
| STAR Trust, Series 2021-1, Class M1, 2.36%, <br>05/25/65<br>(a)(b)<br>|  | 2050 | 1849162 |
| Starwood Mortgage Residential Trust, Series 2020-3, <br>Class M1, 3.54%, 04/25/65<br>(a)(b)<br>|  | 2000 | 1815661 |
| Towd Point Mortgage Trust, Series 2017-4, Class A1, <br>2.75%, 06/25/57<br>(a)(b)<br>|  | 39 | 37923 |
| Verus Securitization Trust<br>(b)<br>|  |  |  |
| Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 2304 | 2218499 |
| Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 686 | 683649 |
| Series 2023-5, Class A1, 6.48%, 06/25/68 |  | 699 | 701793 |
| Series 2024-8, Class A1, 5.36%, 10/25/69<br>(a)<br>|  | 1426 | 1433462 |
| Series 2024-R1, Class A1, 5.22%, 09/25/69<br>(a)<br>|  | 1442 | 1443302 |
| Series 2025-11, Class A1, 4.91%, 11/25/70<br>(a)<br>|  | 1713 | 1714303 |
| Series 2025-11, Class M1, 5.66%, 11/25/70<br>(a)<br>|  | 1600 | 1595734 |
| Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58<br>(b)<br>|  | 1018 | 1022117 |
|  |  |  | 66688094 |
| Commercial Mortgage-Backed Securities — 3.2% | Commercial Mortgage-Backed Securities — 3.2% | Commercial Mortgage-Backed Securities — 3.2% | Commercial Mortgage-Backed Securities — 3.2% |
| 3650R Commercial Mortgage Trust, Series 2021-PF1, <br>Class A5, 2.52%, 11/15/54<br>|  | 1250 | 1111227 |
| Bank, Series 2021-BN35, Class C, 2.90%, 06/15/64<br>(a)<br>|  | 672 | 572010 |
| Bayview Commercial Asset Trust, Series 2007-2A, <br>Class A1, (1-mo. Term SOFR + 0.52%), 4.25%, <br>07/25/37<br>(a)(b)<br>|  | 447 | 418580 |
| BBCMS Mortgage Trust, Series 2025-C35, Class D, <br>4.50%, 07/15/58<br>(b)<br>|  | 330 | 273073 |
| BFLD Commercial Mortgage Trust, Series 2024-UNIV, <br>Class D, (1-mo. Term SOFR + 2.69%), 6.44%, <br>11/15/41<br>(a)(b)<br>|  | 630 | 632341 |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, <br>Class A, (1-mo. Term SOFR + 1.85%), 5.60%, <br>08/15/42<br>(a)(b)<br>|  | 506 | 507902 |
| BPR Commercial Mortgage Trust, Series 2024-PARK, <br>Class D, 7.00%, 11/05/39<br>(a)(b)<br>|  | 200 | 208064 |
| BRCK Trust<br>(a)(b)<br>|  |  |  |
| Series 2025-830B, Class E, 7.51%, 12/10/42 |  | 235 | 234779 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) |
| BRCK Trust<br>(a)(b)<br>(continued)<br>|  |  |  |
| Series 2025-830B, Class F, 8.40%, 12/10/42 | USD | 120 | $120026<br>|
| BX Commercial Mortgage Trust<br>(a)(b)<br>|  |  |  |
| Series 2021-CIP, Class A, (1-mo. Term SOFR + <br>1.04%), 4.79%, 12/15/38<br>|  | 532 | 532261 |
| Series 2021-XL2, Class A, (1-mo. Term SOFR + <br>0.80%), 4.55%, 10/15/38<br>|  | 123 | 122706 |
| Series 2022-LP2, Class A, (1-mo. Term SOFR + <br>1.01%), 4.76%, 02/15/39<br>|  | 260 | 259855 |
| Series 2024-MF, Class C, (1-mo. Term SOFR + <br>1.94%), 5.69%, 02/15/39<br>|  | 452 | 452139 |
| Series 2024-XL4, Class C, (1-mo. Term SOFR + <br>2.19%), 5.94%, 02/15/39<br>|  | 93 | 93033 |
| BX Trust<br>(a)(b)<br>|  |  |  |
| Series 2021-LBA, Class AJV, (1-mo. Term SOFR + <br>0.91%), 4.67%, 02/15/36<br>|  | 1690 | 1687925 |
| Series 2022 VAMF, Class A, (1-mo. Term SOFR + <br>0.85%), 4.60%, 01/15/39<br>|  | 1300 | 1299210 |
| Series 2024-BIO, Class C, (1-mo. Term SOFR + <br>2.64%), 6.39%, 02/15/41<br>|  | 240 | 237603 |
| Series 2024-CNYN, Class C, (1-mo. Term SOFR + <br>1.94%), 5.69%, 04/15/41<br>|  | 577 | 578396 |
| Series 2024-PAT, Class B, (1-mo. Term SOFR + <br>3.04%), 6.79%, 03/15/41<br>|  | 170 | 170690 |
| Cantor Commercial Real Estate Lending, Series 2019-<br>CF2, Class A5, 2.87%, 11/15/52<br>|  | 550 | 520815 |
| Century Plaza Towers, Series 2019-CPT, Class C, <br>3.00%, 11/13/39<br>(a)(b)<br>|  | 250 | 225854 |
| CHI Commercial Mortgage Trust, Series 2025-110W, <br>Class D, 6.63%, 12/13/40<br>(a)(b)<br>|  | 110 | 110392 |
| Commercial Mortgage Trust<br>(b)<br>|  |  |  |
| Series 2025-167G, Class A, 5.50%, 08/10/40 |  | 309 | 309911 |
| Series 2025-167G, Class B, 5.93%, 08/10/40 |  | 341 | 341919 |
| Series 2025-SBX, Class B, 5.55%, 08/10/41<br>(a)<br>|  | 722 | 724846 |
| CONE Trust, Series 2024-DFW1, Class D, (1-mo. Term <br>SOFR + 3.04%), 6.79%, 08/15/41<br>(a)(b)<br>|  | 660 | 659530 |
| CSMC<br>(a)(b)<br>|  |  |  |
| Series 2020-FACT, Class D, (1-mo. Term SOFR + <br>4.32%), 8.08%, 10/15/37<br>|  | 900 | 842724 |
| Series 2021-BHAR, Class C, (1-mo. Term SOFR + <br>2.11%), 5.87%, 11/15/38<br>|  | 300 | 296616 |
| DC Trust<br>(a)(b)<br>|  |  |  |
| Series 2024-HLTN, Class C, 7.04%, 04/13/40 |  | 220 | 220460 |
| Series 2025-LXP, Class B, (1-mo. Term SOFR + <br>1.84%), 5.58%, 08/15/37<br>|  | 220 | 220409 |
| Series 2025-LXP, Class C, (1-mo. Term SOFR + <br>2.24%), 5.98%, 08/15/37<br>|  | 236 | 236512 |
| GS Mortgage Securities Corp. Trust<br>(a)(b)<br>|  |  |  |
| Series 2025-800D, Class A, (1-mo. Term SOFR + <br>2.65%), 6.38%, 11/25/41<br>|  | 216 | 216289 |
| Series 2025-800D, Class B, (1-mo. Term SOFR + <br>3.45%), 7.18%, 11/25/41<br>|  | 400 | 399955 |
| GS Mortgage Securities Trust, Series 2019-GC38, <br>Class AAB, 3.84%, 02/10/52<br>|  | 577 | 575117 |
| Hilton USA Trust, Series 2025-NVIL, Class B, (1-mo. <br>Term SOFR + 2.19%), 5.94%, 07/15/42<br>(a)(b)<br>|  | 218 | 218947 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, <br>Class C, (1-mo. Term SOFR + 2.39%), 6.14%, <br>06/15/39<br>(a)(b)<br>|  | 800 | 801979 |
| LQR Trust, Series 2025-CALI, Class E, (1-mo. Term <br>SOFR + 3.95%), 7.68%, 01/15/43<br>(a)<br>|  | 436 | 435998 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) | Commercial Mortgage-Backed Securities (continued) |
| MIC Trust, Series 2023-MIC, Class B, 9.53%, <br>12/05/38<br>(a)(b)<br>| USD | 234 | $254298<br>|
| Morgan Stanley Bank of America Merrill Lynch Trust, <br>Series 2015-C22, Class A4, 3.31%, 04/15/48<br>|  | 172 | 169847 |
| PENN Commercial Mortgage Trust, Series 2025-P11, <br>Class A, 5.34%, 08/10/42<br>(b)<br>|  | 314 | 321645 |
| SELF Commercial Mortgage Trust, Series 2024-STRG, <br>Class D, (1-mo. Term SOFR + 2.94%), 6.69%, <br>11/15/34<br>(a)(b)<br>|  | 270 | 270674 |
| UBS Commercial Mortgage Trust, Series 2019-C18, <br>Class A4, 3.04%, 12/15/52<br>|  | 1200 | 1131749 |
| VEGAS, Series 2024-GCS, Class D, 6.22%, <br>07/10/36<br>(a)(b)<br>|  | 650 | 643340 |
| VRTX Trust, Series 2025-HQ, Class B, 5.49%, <br>08/05/42<br>(a)(b)<br>|  | 730 | 737801 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| Series 2016-LC25, Class A4, 3.64%, 12/15/59 |  | 1700 | 1685686 |
| Series 2024-BPRC, Class D, 7.08%, 07/15/43<br>(b)<br>|  | 250 | 251969 |
| Series 2025-5C3, Class A3, 6.10%, 01/15/58 |  | 611 | 646966 |
|  |  |  | 22984068 |
| Total Non-Agency Mortgage-Backed Securities — 12.5%<br>(Cost: $91,929,482) | Total Non-Agency Mortgage-Backed Securities — 12.5%<br>(Cost: $91,929,482) | Total Non-Agency Mortgage-Backed Securities — 12.5%<br>(Cost: $91,929,482) | 89672162 |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| Capital Trusts — 6.9%<br>(a) | Capital Trusts — 6.9%<br>(a) | Capital Trusts — 6.9%<br>(a) | Capital Trusts — 6.9%<br>(a) |
| Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% |  |
| General Motors Financial Co., Inc., Series C, 5.70%<br>(i)<br>|  | 2500 | 2510204 |
| Banks<br>(i)<br> — 3.8% | Banks<br>(i)<br> — 3.8% | Banks<br>(i)<br> — 3.8% |  |
| Bank of America Corp.<br>(f)<br>|  |  |  |
| 6.63% |  | 7650 | 7970925 |
| Series FF, 5.88% |  | 3500 | 3559857 |
| Barclays PLC |  |  |  |
| 4.38% |  | 310 | 299909 |
| 9.63% |  | 640 | 724989 |
| Citigroup, Inc. |  |  |  |
| Series BB, 7.20% |  | 2500 | 2595322 |
| Series FF, 6.95% |  | 2500 | 2577438 |
| HSBC Holdings PLC |  |  |  |
| 4.70% |  | 275 | 261214 |
| 6.00%<br>(f)<br>|  | 235 | 236948 |
| 6.50%<br>(f)<br>|  | 1090 | 1111338 |
| ING Groep NV, Series NC10, 4.25% |  | 1500 | 1346330 |
| Krung Thai Bank PCL, 4.40%<br>(d)<br>|  | 252 | 250992 |
| Lloyds Banking Group PLC, 6.75% |  | 595 | 599952 |
| NatWest Group PLC, 8.13% |  | 225 | 253157 |
| PNC Financial Services Group, Inc., Series W, 6.25%<br>(f)<br>|  | 3584 | 3700071 |
| U.S. Bancorp, Series J, 5.30%<br>(f)<br>|  | 1900 | 1904285 |
|  |  |  | 27392727 |
| Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% |  |
| State Street Corp., 4.98%, 06/01/77 |  | 1485 | 1326791 |
| Electric Utilities — 0.9% | Electric Utilities — 0.9% | Electric Utilities — 0.9% |  |
| NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79 |  | 4750 | 4796365 |
| PG&E Corp., 7.38%, 03/15/55 |  | 1723 | 1794489 |
|  |  |  | 6590854 |
| Financial Services<br>(i)<br> — 1.3% | Financial Services<br>(i)<br> — 1.3% | Financial Services<br>(i)<br> — 1.3% |  |
| Bank of New York Mellon Corp., Series F, 4.63% |  | 2750 | 2732184 |
| Goldman Sachs Group, Inc., Series W, 7.50% |  | 2500 | 2661723 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Financial Services (continued) | Financial Services (continued) | Financial Services (continued) |  |
| UBS Group AG<br>(b)<br>|  |  |  |
| 4.88% | USD | 2000 | $1981532<br>|
| Series NC10, 9.25% |  | 1200 | 1407308 |
| Series NC5, 9.25% |  | 200 | 219450 |
|  |  |  | 9002197 |
| Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% |  |
| CVS Health Corp. |  |  |  |
| 6.75%, 12/10/54 |  | 320 | 334198 |
| 7.00%, 03/10/55 |  | 1305 | 1369008 |
|  |  |  | 1703206 |
| Independent Power and Renewable Electricity Producers<br>(b)(i)<br> — 0.1% | Independent Power and Renewable Electricity Producers<br>(b)(i)<br> — 0.1% | Independent Power and Renewable Electricity Producers<br>(b)(i)<br> — 0.1% |  |
| NRG Energy, Inc., 10.25% |  | 340 | 371226 |
| Vistra Corp., 7.00% |  | 141 | 143462 |
|  |  |  | 514688 |
| Utilities — 0.0% | Utilities — 0.0% | Utilities — 0.0% |  |
| Electricite de France SA, 3.38%<br>(d)(i)<br>| EUR | 200 | 224453 |
|  |  |  | 49265120 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Preferred Stocks — 0.0%<br>(e) | Preferred Stocks — 0.0%<br>(e) | Preferred Stocks — 0.0%<br>(e) |
| Financial Services — 0.0% | Financial Services — 0.0% |  |
| Federal National Mortgage Association, Series S, <br>8.25%<br>(a)(i)<br>| 10000 | 152300 |
| IT Services<br>(c)<br> — 0.0% | IT Services<br>(c)<br> — 0.0% |  |
| Veritas Newco |  |  |
| Series G | 428 | 10058 |
| Series G-1 | 296 | 6808 |
|  |  | 16866 |
|  |  | 169166 |
| Trust Preferred — 0.1% | Trust Preferred — 0.1% | Trust Preferred — 0.1% |
| Financial Services — 0.1% | Financial Services — 0.1% |  |
| Citigroup Capital XIII, 10.47%, 10/30/40<br>(a)<br>| 29583 | 893406 |
|  |  | 893406 |
| Total Preferred Securities — 7.0%<br>(Cost: $48,391,955) | Total Preferred Securities — 7.0%<br>(Cost: $48,391,955) | 50327692 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities |
| Agency Obligations — 1.0% | Agency Obligations — 1.0% | Agency Obligations — 1.0% |  |
| Ginnie Mae Mortgage-Backed Securities<br>(f)<br>|  |  |  |
| 5.50%, 07/20/55 | USD | 1160 | 1183453 |
| 6.00%, 07/20/55 |  | 758 | 787621 |
| Resolution Funding Corp. Principal Strip, 0.00%, <br>04/15/30<br>(l)<br>|  | 6055 | 5125815 |
|  |  |  | 7096889 |
| Collateralized Mortgage Obligations — 5.6% | Collateralized Mortgage Obligations — 5.6% | Collateralized Mortgage Obligations — 5.6% |  |
| Fannie Mae REMICS |  |  |  |
| Series 2015-47, Class GL, 3.50%, 07/25/45 |  | 1636 | 1503158 |
| Series 2022-25, Class KL, 4.00%, 05/25/52 |  | 14500 | 13420250 |
| Series 2025-2, Class FG, (30-day Avg SOFR + <br>1.45%), 5.32%, 02/25/55<br>(a)<br>|  | 313 | 315456 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) | Collateralized Mortgage Obligations (continued) |  |
| Fannie Mae REMICS<br>(continued)<br>|  |  |  |
| Series 2025-24, Class PZ, 5.00%, 03/25/55 | USD | 5191 | $4994019<br>|
| Series 2025-35, Class FJ, (30-day Avg SOFR + <br>1.60%), 5.47%, 05/25/55<br>(a)<br>|  | 431 | 436010 |
| Series 5471, Class FM, (30-day Avg SOFR + 1.40%), <br>5.27%, 11/25/54<br>(a)<br>|  | 1267 | 1276556 |
| Series 5499, Class FW, (30-day Avg SOFR + 1.40%), <br>5.27%, 02/25/55<br>(a)<br>|  | 3711 | 3739596 |
| Freddie Mac REMICS |  |  |  |
| Series 4350, Class DY, 4.00%, 06/15/44 |  | 1255 | 1227099 |
| Series 4398, Class ZX, 4.00%, 09/15/54 |  | 12027 | 11114327 |
| Series 4549, Class TZ, 4.00%, 11/15/45 |  | 2475 | 2414809 |
|  |  |  | 40441280 |
| Interest Only Collateralized Mortgage Obligations — 1.7% | Interest Only Collateralized Mortgage Obligations — 1.7% | Interest Only Collateralized Mortgage Obligations — 1.7% |  |
| Fannie Mae REMICS |  |  |  |
| Series 2012-47, Class NI, 4.50%, 04/25/42 |  | 545 | 70759 |
| Series 5112, Class KI, 3.50%, 06/25/51 |  | 13571 | 2532371 |
| Ginnie Mae |  |  |  |
| Series 2009-116, Class KS, (1-mo. Term SOFR + <br>6.36%), 2.62%, 12/16/39<br>(a)<br>|  | 460 | 46363 |
| Series 2019-151, Class IA, 3.50%, 12/20/49 |  | 25701 | 4781169 |
| Series 2020-151, Class MI, 2.50%, 10/20/50 |  | 15157 | 2180400 |
| Series 2021-175, Class IE, 4.00%, 09/20/47 |  | 12367 | 2570730 |
|  |  |  | 12181792 |
| Mortgage-Backed Securities — 8.6% | Mortgage-Backed Securities — 8.6% | Mortgage-Backed Securities — 8.6% |  |
| Fannie Mae Mortgage-Backed Securities, 4.00%, <br>04/01/56<br>(f)<br>|  | 760 | 722606 |
| Freddie Mac Mortgage-Backed Securities<br>(f)<br>|  |  |  |
| 4.00%, 05/01/39 |  | 3503 | 3447716 |
| 4.50%, 03/01/47 |  | 434 | 437541 |
| Ginnie Mae Mortgage-Backed Securities |  |  |  |
| 5.50%, 08/15/33 |  | 17 | 17399 |
| 6.00%, 11/20/55 |  | 1433 | 1471622 |
| 6.50%, 11/20/55 |  | 485 | 507011 |
| Uniform Mortgage-Backed Securities<br>(f)<br>|  |  |  |
| 1.50%, 05/01/31 |  | 3866 | 3671041 |
| 5.00%, 08/01/34 - 11/01/45 |  | 20916 | 21337894 |
| 4.50%, 06/01/37 - 06/01/44 |  | 10784 | 10830209 |
| 5.50%, 12/01/37 - 08/01/54 |  | 7476 | 7666631 |
| 6.00%, 12/01/38 - 08/01/55 |  | 1578 | 1628402 |
| 3.50%, 09/01/42 - 04/01/53 |  | 2365 | 2206799 |
| 3.00%, 02/01/52 |  | 1691 | 1496612 |
| 4.00%, 05/01/52 - 09/01/52 |  | 3301 | 3167762 |
| 6.50%, 10/01/53 |  | 3059 | 3181177 |
|  |  |  | 61790422 |
| Total U.S. Government Sponsored Agency Securities — 16.9%<br>(Cost: $122,935,770) | Total U.S. Government Sponsored Agency Securities — 16.9%<br>(Cost: $122,935,770) | Total U.S. Government Sponsored Agency Securities — 16.9%<br>(Cost: $122,935,770) | 121510383 |
| U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations |
| U.S. Treasury Bonds<br>(f)<br>|  |  |  |
| 4.13%, 08/15/44 |  | 30400 | 27900313 |
| 3.00%, 11/15/45 |  | 54500 | 41643535 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| U.S. Treasury Obligations (continued) | U.S. Treasury Obligations (continued) | U.S. Treasury Obligations (continued) | U.S. Treasury Obligations (continued) |
| U.S. Treasury Bonds<br>(f)<br>(continued)<br>|  |  |  |
| 3.13%, 05/15/48 | USD | 1900 | $1443035<br>|
| 4.63%, 05/15/54 |  | 63500 | 61155957 |
| 4.75%, 05/15/55 |  | 70000 | 68785937 |
| Total U.S. Treasury Obligations — 27.9%<br>(Cost: $203,818,628) | Total U.S. Treasury Obligations — 27.9%<br>(Cost: $203,818,628) | Total U.S. Treasury Obligations — 27.9%<br>(Cost: $203,818,628) | 200928777 |
| Total Long-Term Investments — 145.9%<br>(Cost: $1,053,320,315) | Total Long-Term Investments — 145.9%<br>(Cost: $1,053,320,315) | Total Long-Term Investments — 145.9%<br>(Cost: $1,053,320,315) | 1050340854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Short-Term Securities | Short-Term Securities | Short-Term Securities |
| Money Market Funds — 0.1% | Money Market Funds — 0.1% |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br>3.65%<br>(p)(q)<br>| 1210830 | 1210830 |
| Total Short-Term Securities — 0.1%<br>(Cost: $1,210,830) | Total Short-Term Securities — 0.1%<br>(Cost: $1,210,830) | 1210830 |
| Total Investments — 146.0%<br>(Cost: $1,054,531,145) | Total Investments — 146.0%<br>(Cost: $1,054,531,145) | 1051551684 |
| Liabilities in Excess of Other Assets — (46.0)% | Liabilities in Excess of Other Assets — (46.0)% | (331544370)<br>|
| Net Assets — 100.0% | Net Assets — 100.0% | $720007314<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(k) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Zero-coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Issuer filed for bankruptcy and/or is in default.

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

&nbsp;&nbsp;&nbsp;&nbsp;(p) Affiliate of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of

1940, as amended, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>12/31/24<br>| Purchases<br>at Cost<br>| Proceeds<br>from Sales<br>| Net<br>Realized<br>Gain (Loss)<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>| Value at<br>12/31/25<br>| Shares<br>Held at<br>12/31/25<br>| Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $4465196<br>| $—<br>| $(3,254,366)<br>(a)<br>| &nbsp;&nbsp;$—<br>| $—<br>| $1210830<br>| 1210830 | $239454<br>| $—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Represents net amount purchased (sold).

Reverse Repurchase Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| U.S. Bancorp Investments, Inc. | 3.56%<br>(b)<br>| 04/07/25 | Open | &nbsp;&nbsp;$551375<br>| &nbsp;&nbsp;$568539<br>| Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.70<br>(b)<br>| 05/19/25 | Open | &nbsp;&nbsp;112416 | &nbsp;&nbsp;115450 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.70<br>(b)<br>| 05/19/25 | Open | &nbsp;&nbsp;373125 | &nbsp;&nbsp;383193 | Corporate Bonds | Open/Demand |
| HSBC Bank PLC | 3.70<br>(b)<br>| 06/16/25 | Open | &nbsp;&nbsp;3869257 | &nbsp;&nbsp;3960271 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.62<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;101400 | &nbsp;&nbsp;103310 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.65<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;132678 | &nbsp;&nbsp;135194 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.67<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;3065440 | &nbsp;&nbsp;3123865 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 3.70<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;207080 | &nbsp;&nbsp;211055 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.70<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;1178205 | &nbsp;&nbsp;1200822 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 3.64<br>(b)<br>| 08/05/25 | Open | &nbsp;&nbsp;572986 | &nbsp;&nbsp;582780 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.60<br>(b)<br>| 08/07/25 | Open | &nbsp;&nbsp;98840 | &nbsp;&nbsp;100489 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 0.25<br>(b)<br>| 08/19/25 | Open | &nbsp;&nbsp;72675 | &nbsp;&nbsp;72869 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;(0.75)<br>(b)<br>| 08/26/25 | Open | &nbsp;&nbsp;53300 | &nbsp;&nbsp;53300 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.25<br>(b)<br>| 09/23/25 | Open | &nbsp;&nbsp;50000 | &nbsp;&nbsp;50494 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.64<br>(b)<br>| 10/01/25 | Open | &nbsp;&nbsp;471344 | &nbsp;&nbsp;476128 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.65<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;599267 | &nbsp;&nbsp;605019 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.67<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;995000 | &nbsp;&nbsp;1004599 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.97<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;1498625 | &nbsp;&nbsp;1513067 | U.S. Treasury Obligations | Open/Demand |
| BNP Paribas SA | 3.97<br>(b)<br>| 10/08/25 | Open | &nbsp;&nbsp;43123125 | &nbsp;&nbsp;43495182 | U.S. Treasury Obligations | Open/Demand |
| Morgan Stanley & Co. LLC | 3.25<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;441488 | &nbsp;&nbsp;444149 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 11/12/25 | Open | &nbsp;&nbsp;4355438 | &nbsp;&nbsp;4379755 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.75<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;1387950 | &nbsp;&nbsp;1395507 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 11/14/25 | Open | &nbsp;&nbsp;4228700 | &nbsp;&nbsp;4251366 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 11/19/25 | Open | &nbsp;&nbsp;2208250 | &nbsp;&nbsp;2218853 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.00<br>(b)<br>| 11/20/25 | Open | &nbsp;&nbsp;145750 | &nbsp;&nbsp;146303 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 1.85<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;310084 | &nbsp;&nbsp;310825 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.65<br>(b)<br>| 11/24/25 | Open | &nbsp;&nbsp;196100 | &nbsp;&nbsp;196907 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.70<br>(b)<br>| 11/26/25 | Open | &nbsp;&nbsp;1406578 | &nbsp;&nbsp;1406578 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.67<br>(b)<br>| 12/02/25 | Open | &nbsp;&nbsp;314746 | &nbsp;&nbsp;315774 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.57<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;17220 | &nbsp;&nbsp;34440 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.82<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;26838 | &nbsp;&nbsp;53675 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;3335840 | &nbsp;&nbsp;3343565 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1368785 | &nbsp;&nbsp;1371955 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1237660 | &nbsp;&nbsp;1240526 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;320042 | &nbsp;&nbsp;320783 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;421866 | &nbsp;&nbsp;422843 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;447083 | &nbsp;&nbsp;448118 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;11584663 | &nbsp;&nbsp;11611491 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;118156 | &nbsp;&nbsp;118429 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| HSBC Securities (USA), Inc. | 3.97% <br>| 12/10/25 | 01/14/26 | &nbsp;&nbsp;$3535493<br>| &nbsp;&nbsp;$3543681<br>| &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;192886 | &nbsp;&nbsp;193333 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;241568 | &nbsp;&nbsp;242127 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;527923 | &nbsp;&nbsp;529146 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1617594 | &nbsp;&nbsp;1621340 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;696227 | &nbsp;&nbsp;697840 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;6623189 | &nbsp;&nbsp;6638527 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;124639 | &nbsp;&nbsp;124927 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1439654 | &nbsp;&nbsp;1442988 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;146776 | &nbsp;&nbsp;147116 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1280409 | &nbsp;&nbsp;1283374 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1144632 | &nbsp;&nbsp;1147283 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1457353 | &nbsp;&nbsp;1460728 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1070437 | &nbsp;&nbsp;1072916 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;640883 | &nbsp;&nbsp;642367 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;791821 | &nbsp;&nbsp;793655 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1200049 | &nbsp;&nbsp;1202828 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;787849 | &nbsp;&nbsp;789673 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;970809 | &nbsp;&nbsp;973057 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1788369 | &nbsp;&nbsp;1792511 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;3728471 | &nbsp;&nbsp;3737106 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;2012761 | &nbsp;&nbsp;2017422 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;333820 | &nbsp;&nbsp;334593 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;187375 | &nbsp;&nbsp;187809 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;157983 | &nbsp;&nbsp;158349 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;818459 | &nbsp;&nbsp;820354 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;858997 | &nbsp;&nbsp;860986 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;3087352 | &nbsp;&nbsp;3094502 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;1418098 | &nbsp;&nbsp;1421382 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;430382 | &nbsp;&nbsp;431379 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 3.97 | 12/10/25 | 01/14/26 | &nbsp;&nbsp;712690 | &nbsp;&nbsp;714340 | &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| HSBC Securities (USA), Inc. | 3.97% <br>| 12/10/25 | 01/14/26 | &nbsp;&nbsp;$762185<br>| &nbsp;&nbsp;$763950<br>| &nbsp;&nbsp;U.S. Government Sponsored <br>Agency Securities<br>| Up to 30 Days |
| J.P. Morgan Securities LLC | 3.55 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;258226 | &nbsp;&nbsp;258736 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.60 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;115560 | &nbsp;&nbsp;115791 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.65 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;147250 | &nbsp;&nbsp;147549 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.68 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;838750 | &nbsp;&nbsp;840465 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;2727038 | &nbsp;&nbsp;2732719 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.20 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;48840 | &nbsp;&nbsp;48927 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;165888 | &nbsp;&nbsp;166201 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;85054 | &nbsp;&nbsp;85214 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;516520 | &nbsp;&nbsp;517496 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.50 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;92263 | &nbsp;&nbsp;92442 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.55 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1430918 | &nbsp;&nbsp;1433740 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;988969 | &nbsp;&nbsp;990947 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;141406 | &nbsp;&nbsp;141689 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;115023 | &nbsp;&nbsp;115253 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1443 | &nbsp;&nbsp;1445 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;475640 | &nbsp;&nbsp;476591 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;306078 | &nbsp;&nbsp;306690 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;69086 | &nbsp;&nbsp;69224 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;70425 | &nbsp;&nbsp;70566 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;50479 | &nbsp;&nbsp;50580 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;111719 | &nbsp;&nbsp;111942 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;494594 | &nbsp;&nbsp;495583 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;277294 | &nbsp;&nbsp;277856 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2063750 | &nbsp;&nbsp;2067935 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;628245 | &nbsp;&nbsp;629519 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;120143 | &nbsp;&nbsp;120386 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;38011 | &nbsp;&nbsp;38088 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2803560 | &nbsp;&nbsp;2809323 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;424080 | &nbsp;&nbsp;424952 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;60445 | &nbsp;&nbsp;60569 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;434970 | &nbsp;&nbsp;435864 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2962500 | &nbsp;&nbsp;2968590 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;839299 | &nbsp;&nbsp;841024 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;256320 | &nbsp;&nbsp;256847 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;706910 | &nbsp;&nbsp;708363 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;3820000 | &nbsp;&nbsp;3827852 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;386325 | &nbsp;&nbsp;387119 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1667813 | &nbsp;&nbsp;1671241 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;148250 | &nbsp;&nbsp;148555 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1631625 | &nbsp;&nbsp;1634979 | Capital Trusts | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;227160 | &nbsp;&nbsp;227627 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;7054 | &nbsp;&nbsp;7068 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;438750 | &nbsp;&nbsp;439652 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;214748 | &nbsp;&nbsp;215195 | Corporate Bonds | 31 - 90 Days |
| Barclays Bank PLC | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1338750 | &nbsp;&nbsp;1340697 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;560063 | &nbsp;&nbsp;560877 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 1.50 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;88583 | &nbsp;&nbsp;88634 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.70 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;80430 | &nbsp;&nbsp;80546 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;4306000 | &nbsp;&nbsp;4312263 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.60 | 12/19/25 | 03/04/26 | &nbsp;&nbsp;63793 | &nbsp;&nbsp;63875 | Corporate Bonds | 31 - 90 Days |
| Morgan Stanley & Co. LLC | 0.00<br>(b)<br>| 12/19/25 | Open | &nbsp;&nbsp;54203 | &nbsp;&nbsp;54203 | Corporate Bonds | Open/Demand |
| Barclays Bank PLC | 3.70 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;830000 | &nbsp;&nbsp;830768 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.70 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;968750 | &nbsp;&nbsp;969646 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.70 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;1038171 | &nbsp;&nbsp;1039131 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.70 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;1145688 | &nbsp;&nbsp;1146747 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.70 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;221464 | &nbsp;&nbsp;221669 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.70 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;120488 | &nbsp;&nbsp;120599 | Capital Trusts | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;3724896 | &nbsp;&nbsp;3728379 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;2970000 | &nbsp;&nbsp;2972777 | Corporate Bonds | Up to 30 Days |
| Barclays Bank PLC | 3.74 | 12/23/25 | 01/16/26 | &nbsp;&nbsp;2385000 | &nbsp;&nbsp;2387230 | Corporate Bonds | Up to 30 Days |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| Barclays Bank PLC | 3.74% <br>| 12/23/25 | 01/16/26 | &nbsp;&nbsp;$3041250<br>| &nbsp;&nbsp;$3044094<br>| Foreign Agency Obligations | Up to 30 Days |
| Fixed Income Clearing Corporation - <br>Morgan Stanley<br>| 3.96 | 12/31/25 | 01/02/26 | &nbsp;&nbsp;28614000 | &nbsp;&nbsp;28617148 | U.S. Treasury Obligations | Up to 30 Days |
| Fixed Income Clearing Corporation - <br>Morgan Stanley<br>| 3.96 | 12/31/25 | 01/02/26 | &nbsp;&nbsp;62150625 | &nbsp;&nbsp;62157462 | U.S. Treasury Obligations | Up to 30 Days |
| Fixed Income Clearing Corporation - <br>Morgan Stanley<br>| 3.96 | 12/31/25 | 01/02/26 | &nbsp;&nbsp;69506995 | &nbsp;&nbsp;69530052 | U.S. Treasury Obligations | Up to 30 Days |
|  |  |  |  | &nbsp;&nbsp;$344404078<br>| &nbsp;&nbsp;$345404248<br>|  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>| &nbsp;&nbsp;&nbsp;Expiration<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>| &nbsp;&nbsp;&nbsp;Value/<br>Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Long Contracts<br>|  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$14617<br>| &nbsp;&nbsp;&nbsp;&nbsp;$23755<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp;(21961)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;59296 | &nbsp;&nbsp;&nbsp;&nbsp;59361 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;51920 | &nbsp;&nbsp;&nbsp;&nbsp;(24850)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;36305 |
| Short Contracts<br>|  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;24728 | &nbsp;&nbsp;&nbsp;&nbsp;34523 |
| U.S. Long Bond | &nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;13062 | &nbsp;&nbsp;&nbsp;&nbsp;88966 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;123489 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$159794<br>|

---

Forward Foreign Currency Exchange Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Counterparty | Settlement Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| EUR | 53876 | USD | 63083 | Barclays Bank PLC | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$264<br>|
| EUR | 132347 | USD | 153620 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996 |
| USD | 437970 | EUR | 370168 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 |
| USD | 119263 | EUR | 101000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| USD | 9835218 | EUR | 8326000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17510 |
| USD | 207743 | EUR | 176000 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
| USD | 4719 | EUR | 4000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| USD | 31493 | GBP | 23323 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21692 |
| USD | 120407 | EUR | 103021 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(726)<br>|
| USD | 121181 | EUR | 103683 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731)<br>|
| USD | 153855 | EUR | 131625 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(911)<br>|
| USD | 214401 | EUR | 183443 | UBS AG | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1293)<br>|
| USD | 116493 | EUR | 99679 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711)<br>|
| USD | 127364 | EUR | 108982 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(778)<br>|
| USD | 523708 | EUR | 448123 | Wells Fargo Bank N.A. | 01/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3201)<br>|
| USD | 654461 | GBP | 489000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4566)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12917)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8775<br>|

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

Centrally Cleared Credit Default Swaps — Buy Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Paid<br>by the Trust<br>| &nbsp;&nbsp;Payment<br>Frequency<br>| &nbsp;&nbsp;Termination<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000) | &nbsp;&nbsp;&nbsp;Notional<br>Amount (000) | Value | &nbsp;&nbsp;Upfront<br>Premium<br>Paid<br>&nbsp;&nbsp;&nbsp;&nbsp;(Received)<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| CDX.NA.HY.45.V1 | 5.00% <br>| &nbsp;&nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;12/20/30 | USD | 7800 | &nbsp;&nbsp;&nbsp;$(606975)<br>| &nbsp;&nbsp;&nbsp;$(571056)<br>| &nbsp;&nbsp;&nbsp;$(35919)<br>|
| CDX.NA.IG.45.V1 | 1.00 | &nbsp;&nbsp;&nbsp;Quarterly | &nbsp;&nbsp;&nbsp;12/20/30 | USD | 16025 | &nbsp;&nbsp;&nbsp;(368156)<br>| &nbsp;&nbsp;&nbsp;(351001)<br>| &nbsp;&nbsp;&nbsp;(17155)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;$(975131)<br>| &nbsp;&nbsp;&nbsp;$(922057)<br>| &nbsp;&nbsp;&nbsp;$(53074)<br>|

---

OTC Credit Default Swaps — Sell Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Received<br>by the Trust<br>| &nbsp;&nbsp;Payment<br>Frequency<br>| Counterparty | Termination<br>Date<br>| Credit<br>Rating<br>(a)<br>| Notional<br>Amount (000)<br>(b) | Notional<br>Amount (000)<br>(b) | Value | Upfront<br>Premium<br>Paid<br>(Received)<br>| Unrealized<br>Appreciation<br>(Depreciation)<br>|
| CMA CGM SA | 5.00% <br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| 06/20/27 | BB+ | EUR | 20 | $1426<br>| $1485<br>| $(59)<br>|
| Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | NR | EUR | 5 | 322 | (436)<br>| 758 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | NR | EUR | 3 | 194 | (245)<br>| 439 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | NR | EUR | 9 | 546 | (689)<br>| 1235 |
| Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | NR | EUR | 3 | 158 | (205)<br>| 363 |
| Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | NR | EUR | 6 | 331 | (460)<br>| 791 |
| Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. <br>International PLC<br>| 12/20/27 | NR | EUR | 4 | 240 | (321)<br>| 561 |
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 18 | 2820 | 2306 | 514 |
| Faurecia SE | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB- | EUR | 13 | 1777 | 1255 | 522 |
|  |  |  |  |  |  |  |  | $7814<br>| $2690<br>| $5124<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | <br>Premiums<br>Paid<br>| &nbsp;&nbsp;<br>Premiums<br>Received<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>| &nbsp;&nbsp;Unrealized<br>Depreciation<br>|
| Centrally Cleared Swaps<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$(922057)<br>| &nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$(53074)<br>|
| OTC Swaps | &nbsp;&nbsp;5046 | &nbsp;&nbsp;&nbsp;(2356)<br>| &nbsp;&nbsp;&nbsp;5183 | &nbsp;&nbsp;&nbsp;(59)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Derivative Financial Instruments Categorized by Risk Exposure

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized appreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$206605<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$206605<br>|
| Forward foreign currency exchange contracts<br>Unrealized appreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;21692 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;21692 |
| Swaps — OTC<br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;10229 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;10229 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$10229<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$21692<br>| &nbsp;&nbsp;$206605<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$238526<br>|
| Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized depreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$46811<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$46811<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Forward foreign currency exchange contracts<br>Unrealized depreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$12917<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$12917<br>|
| Swaps — centrally cleared<br>Unrealized depreciation on centrally cleared swaps<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;53074 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;53074 |
| Swaps — OTC<br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;2415 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;2415 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$55489<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$12917<br>| &nbsp;&nbsp;$46811<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$115217<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(4196017)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(4196017)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(514746)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(514746)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;(380403)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(380403)<br>|
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(380403)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(514746)<br>| &nbsp;&nbsp;$(4196017)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(5091166)<br>|
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1443262<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1443262<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(141584)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(141584)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;242221 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;242221 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$242221<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(141584)<br>| &nbsp;&nbsp;$1443262<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1543899<br>|

---

Average Quarterly Balances of Outstanding Derivative Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp;$131833768<br>|
| Average notional value of contracts — short | &nbsp;&nbsp;78784770 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp;9595254 |
| Average amounts sold — in USD | &nbsp;&nbsp;143945 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp;26930000 |
| Average notional value — sell protection | &nbsp;&nbsp;107602 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp;$65031<br>| &nbsp;&nbsp;&nbsp;&nbsp;$106942<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;21692 | &nbsp;&nbsp;&nbsp;&nbsp;12917 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
| Swaps — centrally cleared | &nbsp;&nbsp;$2144<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>|
| Swaps — OTC<br>(a)<br>| &nbsp;&nbsp;10229 | &nbsp;&nbsp;&nbsp;&nbsp;2415 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;99096 | &nbsp;&nbsp;&nbsp;&nbsp;122274 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp;(67175)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(106942)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp;$31921<br>| &nbsp;&nbsp;&nbsp;&nbsp;$15332<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Received<br>(b)<br>| Cash<br>Collateral<br>Received<br>(b)<br>| Net Amount<br>of Derivative<br>Assets<br>(c)(d)<br>|
| Bank of America N.A. | &nbsp;&nbsp;$758<br>| &nbsp;&nbsp;$(436)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$322<br>|
| Barclays Bank PLC | &nbsp;&nbsp;1938 | &nbsp;&nbsp;(934)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1004 |
| BNP Paribas SA | &nbsp;&nbsp;2820 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;2820 |
| Citibank N.A. | &nbsp;&nbsp;363 | &nbsp;&nbsp;(205)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;158 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;4049 | &nbsp;&nbsp;(460)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;3589 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;19723 | &nbsp;&nbsp;(4946)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;14777 |
| Natwest Markets PLC | &nbsp;&nbsp;211 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;211 |
| Standard Chartered Bank | &nbsp;&nbsp;63 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;63 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp;1996 | &nbsp;&nbsp;(1996)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$31921<br>| &nbsp;&nbsp;$(8977)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$22944<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Bank of America N.A. | &nbsp;&nbsp;$436<br>| &nbsp;&nbsp;$(436)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Barclays Bank PLC | &nbsp;&nbsp;934 | &nbsp;&nbsp;(934)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Citibank N.A. | &nbsp;&nbsp;205 | &nbsp;&nbsp;(205)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;460 | &nbsp;&nbsp;(460)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;4946 | &nbsp;&nbsp;(4946)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| UBS AG | &nbsp;&nbsp;3661 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;3661 |
| Wells Fargo Bank N.A. | &nbsp;&nbsp;4690 | &nbsp;&nbsp;(1996)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;2694 |
|  | &nbsp;&nbsp;$15332<br>| &nbsp;&nbsp;$(8977)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$6355<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

(e) Net amount represents the net amount payable due to 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 at the measurement date. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments<br>|  |  |  |  |
| Long-Term Investments<br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$60648549<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$60648549<br>|
| Common Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;99822 | &nbsp;&nbsp;&nbsp;&nbsp;10695 | &nbsp;&nbsp;&nbsp;&nbsp;110517 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Corporate Bonds | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$460779303<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3713837<br>| &nbsp;&nbsp;&nbsp;&nbsp;$464493140<br>|
| Fixed Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2111280 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2111280 |
| Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13283938 | &nbsp;&nbsp;&nbsp;&nbsp;484038 | &nbsp;&nbsp;&nbsp;&nbsp;13767976 |
| Foreign Agency Obligations | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14052265 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14052265 |
| Municipal Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32718113 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;32718113 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;89672162 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;89672162 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49265120 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49265120 |
| Preferred Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;152300 | &nbsp;&nbsp;&nbsp;&nbsp;16866 | &nbsp;&nbsp;&nbsp;&nbsp;169166 |
| Trust Preferred | &nbsp;&nbsp;893406 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;893406 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;121510383 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;121510383 |
| U.S. Treasury Obligations | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;200928777 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;200928777 |
| Short-Term Securities<br>|  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;1210830 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1210830 |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1124 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(392)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(392)<br>|
|  | &nbsp;&nbsp;$2104236<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1045222744<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4225436<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1051552416<br>|
| Derivative Financial Instruments<br>(b)<br>|  |  |  |  |
| Assets<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5183<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5183<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21692 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21692 |
| Interest Rate Contracts | &nbsp;&nbsp;206605 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;206605 |
| Liabilities<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(53133)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(53133)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12917)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12917)<br>|
| Interest Rate Contracts | &nbsp;&nbsp;(46811)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(46811)<br>|
|  | &nbsp;&nbsp;$159794<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(39175)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$120619<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes.

As of period end, reverse repurchase agreements of $345,404,248 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.

Schedule of Investments

------

Schedule of Investments

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Arcano Euro CLO II DAC, Series 2X, Class D, (3-mo. <br>EURIBOR + 3.30%), 0.00%, 07/25/39<br>(a)(b)<br>| EUR | 100 | $118027<br>|
| Arini European CLO V DAC, Series 5X, Class D, (3-mo. <br>EURIBOR + 2.80%), 4.83%, 01/15/39<br>(a)(b)<br>|  | 100 | 117984 |
| Aurium CLO VII DAC, Series 7X, Class DR, (3-mo. <br>EURIBOR + 3.15%), 5.28%, 10/15/38<br>(a)(b)<br>|  | 100 | 117824 |
| Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. <br>EURIBOR + 2.80%), 4.81%, 04/15/38<br>(a)(b)<br>|  | 100 | 116892 |
| Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. <br>EURIBOR + 3.05%), 5.08%, 01/15/38<br>(a)(b)<br>|  | 110 | 129332 |
| CIFC European Funding CLO I DAC, Series 1X, <br>Class DR, (3-mo. EURIBOR + 3.20%), 5.21%, <br>07/15/32<br>(a)(b)<br>|  | 100 | 117790 |
| CIFC European Funding CLO II DAC, Series 2X, <br>Class DR, (3-mo. EURIBOR + 3.00%), 5.03%, <br>10/15/39<br>(a)(b)<br>|  | 100 | 118022 |
| Contego CLO V DAC, Series 5X, Class DR, (3-mo. <br>EURIBOR + 3.10%), 5.13%, 10/15/37<br>(a)(b)<br>|  | 100 | 116860 |
| CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, <br>(3-mo. EURIBOR + 3.15%), 5.25%, 12/15/34<br>(a)(b)<br>|  | 100 | 117525 |
| Fidelity Grand Harbour CLO DAC, Series 2023-1X, <br>Class DR, (3-mo. EURIBOR + 2.70%), 4.76%, <br>02/15/38<br>(a)(b)<br>|  | 100 | 116917 |
| Greene King Finance PLC<br>(b)<br>|  |  |  |
| Series 06, Class B2, (1-day SONIA GBP 2.20%), <br>5.98%, 03/15/36<br>(a)<br>| GBP | 100 | 122842 |
| Series B1, (1-day SONIA GBP 1.92%), 5.70%, <br>12/15/34<br>|  | 100 | 123857 |
| Hambridge Euro CLO 1 DAC, Series 1X, Class D, (3-mo. <br>EURIBOR + 3.30%), 5.34%, 10/20/38<br>(a)(b)<br>| EUR | 100 | 118366 |
| Henley CLO XI DAC, Series 11X, Class D, (3-mo. <br>EURIBOR + 2.60%), 4.67%, 04/25/39<br>(a)(b)<br>|  | 100 | 117299 |
| Rockfield Park CLO DAC, Series 1X, Class C, (3-mo. <br>EURIBOR + 3.00%), 5.02%, 07/16/34<br>(a)(b)<br>|  | 100 | 117892 |
| Rockford Tower Europe CLO DAC, Series 2025-1X, <br>Class D, (3-mo. EURIBOR + 3.00%), 5.07%, <br>10/25/37<br>(a)(b)<br>|  | 100 | 116756 |
| Signal Harmonic CLO I DAC, Series 1X, Class DR, (3-mo. <br>EURIBOR + 3.50%), 5.42%, 07/15/38<br>(a)(b)<br>|  | 100 | 118178 |
| Silver Point Euro CLO 1 DAC, Series 1X, Class D, (3-mo. <br>EURIBOR + 3.00%), 5.10%, 01/15/39<br>(a)(b)<br>|  | 100 | 117766 |
| Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. <br>EURIBOR + 3.25%), 5.25%, 04/20/37<br>(a)(b)<br>|  | 110 | 130283 |
| Sona Fios CLO V DAC, Series 5X, Class D, (3-mo. <br>EURIBOR + 3.30%), 5.33%, 08/25/38<br>(a)(b)<br>|  | 100 | 118148 |
| Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, <br>03/30/32<br>(a)<br>| GBP | 99 | 139302 |
| Total Asset-Backed Securities — 0.2%<br>(Cost: $2,359,910) | Total Asset-Backed Securities — 0.2%<br>(Cost: $2,359,910) | Total Asset-Backed Securities — 0.2%<br>(Cost: $2,359,910) | 2527862 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Common Stocks | Common Stocks | Common Stocks |
| Electrical Equipment — 0.0% | Electrical Equipment — 0.0% |  |
| SunPower Corp.<br>(c)(d)<br>| 1025 |  |
| Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% |  |
| Nine Energy Service, Inc.<br>(d)<br>| 2390 | 826 |

---

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% |  |
| Quorum Restructuring Equity<br>(c)(d)<br>| 19441 | $9721<br>|
| Metals & Mining — 0.2% | Metals & Mining — 0.2% |  |
| Constellium SE, Class A<br>(d)<br>| 159448 | 3005595 |
| Oil, Gas & Consumable Fuels — 0.3% | Oil, Gas & Consumable Fuels — 0.3% |  |
| Energy Transfer LP | 223894 | 3692012 |
| Enterprise Products Partners LP | 48797 | 1564432 |
|  |  | 5256444 |
| Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% |  |
| ADLER Group SA<br>(c)(d)<br>| 83768 | 1 |
| Semiconductors & Semiconductor Equipment — 0.0% | Semiconductors & Semiconductor Equipment — 0.0% |  |
| Maxeon Solar Technologies Ltd.<br>(d)<br>| 1 | 3 |
| Specialized REITs — 0.3% | Specialized REITs — 0.3% |  |
| VICI Properties, Inc. | 148425 | 4173711 |
| Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% |  |
| Altice France Lux 3<br>(d)<br>| 56189 | 989575 |
| Total Common Stocks — 0.8%<br>(Cost: $12,813,269) | Total Common Stocks — 0.8%<br>(Cost: $12,813,269) | 13435876 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| Corporate Bonds | Corporate Bonds | Corporate Bonds | Corporate Bonds |
| Advertising Agencies — 2.3% | Advertising Agencies — 2.3% | Advertising Agencies — 2.3% | Advertising Agencies — 2.3% |
| Clear Channel Outdoor Holdings, Inc.<br>(e)<br>|  |  |  |
| 7.75%, 04/15/28 | USD | 1262 | 1262931 |
| 7.50%, 06/01/29 |  | 7830 | 7774809 |
| 7.88%, 04/01/30 |  | 6875 | 7240702 |
| 7.13%, 02/15/31 |  | 4559 | 4773927 |
| 7.50%, 03/15/33 |  | 5577 | 5890936 |
| CMG Media Corp., 8.88%, 06/18/29<br>(e)<br>|  | 1123 | 964724 |
| Lamar Media Corp., 5.38%, 11/01/33<br>(e)<br>|  | 1138 | 1130543 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<br>(e)<br>|  | 1889 | 1892228 |
| Outfront Media Capital LLC/Outfront Media Capital <br>Corp.<br>(e)<br>|  |  |  |
| 5.00%, 08/15/27 |  | 500 | 500723 |
| 4.25%, 01/15/29 |  | 910 | 886238 |
| 4.63%, 03/15/30 |  | 1550 | 1513029 |
| 7.38%, 02/15/31 |  | 1309 | 1385524 |
| Stagwell Global LLC, 5.63%, 08/15/29<br>(e)<br>|  | 553 | 539257 |
| Summer BC Holdco B SARL, 5.88%, 02/15/30<br>(a)<br>| EUR | 100 | 108300 |
|  |  |  | 35863871 |
| Aerospace & Defense — 2.9% | Aerospace & Defense — 2.9% | Aerospace & Defense — 2.9% | Aerospace & Defense — 2.9% |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<br>(e)<br>| USD | 469 | 485340 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27 |  | 886 | 887038 |
| 7.25%, 08/15/30 |  | 2612 | 2759518 |
| 5.13%, 10/01/31 |  | 1063 | 1063713 |
| Bombardier, Inc.<br>(e)<br>|  |  |  |
| 6.00%, 02/15/28<br>(f)<br>|  | 964 | 966880 |
| 8.75%, 11/15/30 |  | 712 | 769250 |
| 7.25%, 07/01/31 |  | 186 | 198211 |
| 7.00%, 06/01/32 |  | 1497 | 1581792 |
| 6.75%, 06/15/33 |  | 1847 | 1952253 |
| Czechoslovak Group A/S, 5.25%, 01/10/31<br>(a)<br>| EUR | 125 | 152042 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br>02/15/32<br>(e)<br>| USD | 6646 | 6713191 |
| Goat Holdco LLC, 6.75%, 02/01/32<br>(e)<br>|  | 945 | 970576 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) |
| TransDigm, Inc.<br>(e)<br>|  |  |  |
| 6.63%, 03/01/32 | USD | 9978 | $10381301<br>|
| 6.00%, 01/15/33 |  | 179 | 183201 |
| 6.38%, 05/31/33 |  | 7863 | 8068437 |
| 6.25%, 01/31/34 |  | 1066 | 1106168 |
| 6.75%, 01/31/34 |  | 7521 | 7834507 |
|  |  |  | 46073418 |
| Air Freight & Logistics<br>(e)<br> — 0.1% | Air Freight & Logistics<br>(e)<br> — 0.1% | Air Freight & Logistics<br>(e)<br> — 0.1% | Air Freight & Logistics<br>(e)<br> — 0.1% |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 1223 | 1274186 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 423 | 447659 |
|  |  |  | 1721845 |
| Automobile Components — 1.7% | Automobile Components — 1.7% | Automobile Components — 1.7% | Automobile Components — 1.7% |
| American Axle & Manufacturing, Inc.<br>(e)<br>|  |  |  |
| 6.38%, 10/15/32 |  | 820 | 835136 |
| 7.75%, 10/15/33 |  | 857 | 872922 |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| 6.75%, 05/15/28<br>(e)<br>|  | 7384 | 7571369 |
| 6.75%, 02/15/30<br>(e)<br>|  | 1960 | 2045868 |
| 4.75%, 06/15/31<br>(e)<br>| EUR | 1555 | 1853457 |
| 4.75%, 06/15/31<br>(a)<br>|  | 110 | 131113 |
| 6.75%, 09/15/32<br>(e)<br>| USD | 3610 | 3743543 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 |  | 481 | 465726 |
| 4.50%, 02/15/32 |  | 733 | 703612 |
| Forvia SE, 5.50%, 06/15/31<br>(a)<br>| EUR | 115 | 139825 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br>05/31/32<br>(e)<br>| USD | 766 | 814157 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 6.63%, 07/15/30 |  | 653 | 668695 |
| 5.25%, 04/30/31 |  | 75 | 72006 |
| 5.63%, 04/30/33 |  | 311 | 294579 |
| IHO Verwaltungs GmbH<br>(a)(g)<br>|  |  |  |
| (7.00% Cash or 7.75% PIK), 7.00%, 11/15/31 | EUR | 100 | 126878 |
| (8.75% Cash or 9.50% PIK), 8.75%, 05/15/28 |  | 116 | 142450 |
| Mahle GmbH, 6.50%, 05/02/31<br>(a)<br>|  | 206 | 251725 |
| Qnity Electronics, Inc.<br>(e)<br>|  |  |  |
| 5.75%, 08/15/32 | USD | 1533 | 1567410 |
| 6.25%, 08/15/33 |  | 1190 | 1233496 |
| Schaeffler AG<br>(a)<br>|  |  |  |
| 4.25%, 04/01/28 | EUR | 100 | 119966 |
| 5.38%, 04/01/31 |  | 100 | 123906 |
| Tenneco, Inc., 8.00%, 11/17/28<br>(e)<br>| USD | 2029 | 2035492 |
| ZF Europe Finance BV, 7.00%, 06/12/30<br>(a)<br>| EUR | 100 | 123806 |
| ZF Finance GmbH<br>(a)<br>|  |  |  |
| 2.00%, 05/06/27 |  | 200 | 230939 |
| 2.75%, 05/25/27 |  | 100 | 116744 |
|  |  |  | 26284820 |
| Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% |
| Allison Transmission, Inc., 5.88%, 12/01/33<br>(e)<br>| USD | 837 | 849189 |
| Asbury Automotive Group, Inc., 5.00%, 02/15/32<br>(e)<br>|  | 306 | 297370 |
| Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29<br>(a)<br>| GBP | 104 | 127610 |
| Carvana Co.<br>(e)(g)<br>|  |  |  |
| (11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 | USD | 3641 | 3816470 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 7575 | 8547541 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<br>(e)<br>|  | 1059 | 1132146 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, <br>08/15/29<br>(e)<br>|  | 639 | 667593 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<br>(e)<br>|  | 775 | 797469 |
| Ken Garff Automotive LLC, 4.88%, 09/15/28<br>(e)<br>|  | 381 | 379867 |
| LCM Investments Holdings II LLC<br>(e)<br>|  |  |  |
| 4.88%, 05/01/29 |  | 542 | 533985 |
| 8.25%, 08/01/31 |  | 1197 | 1266059 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Automobiles (continued) | Automobiles (continued) | Automobiles (continued) | Automobiles (continued) |
| Lithia Motors, Inc., 5.50%, 10/01/30<br>(e)<br>| USD | 948 | $951765<br>|
| Nissan Motor Acceptance Co. LLC, 6.13%, 09/30/30<br>(e)<br>|  | 2430 | 2430339 |
| Nissan Motor Co. Ltd. |  |  |  |
| 5.25%, 07/17/29<br>(a)<br>| EUR | 109 | 131517 |
| 7.75%, 07/17/32<br>(e)<br>| USD | 1126 | 1196049 |
| 6.38%, 07/17/33<br>(e)<br>| EUR | 795 | 958179 |
| 6.38%, 07/17/33<br>(a)<br>|  | 100 | 120526 |
| 8.13%, 07/17/35<br>(e)<br>| USD | 3545 | 3766996 |
| RCI Banque SA<br>(a)(b)<br>|  |  |  |
| (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br>03/24/37<br>| EUR | 100 | 119769 |
| (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br>10/09/34<br>|  | 100 | 123859 |
| Renault SA, 3.88%, 09/30/30<br>(a)<br>|  | 100 | 118373 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, <br>10.00%, 01/15/31<br>(e)<br>| USD | 1269 | 1247502 |
|  |  |  | 29580173 |
| Banks — 0.6% | Banks — 0.6% | Banks — 0.6% | Banks — 0.6% |
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap <br>+ 2.45%), 4.63%, 12/11/36<br>(a)(b)<br>| EUR | 100 | 120567 |
| Banca Monte dei Paschi di Siena SpA, (5-year EURIBOR <br>ICE Swap + 2.15%), 4.38%, 10/02/35<br>(a)(b)<br>|  | 200 | 238474 |
| Banco Bilbao Vizcaya Argentaria SA, (5-year EUR Swap + <br>4.27%), 6.88%<br>(a)(b)(h)<br>|  | 200 | 254453 |
| Banco Espirito Santo SA<br>(d)(i)<br>|  |  |  |
| 4.75%, 01/15/22<br>(b)<br>|  | 1900 | 491234 |
| 4.00%, 01/21/22 |  | 1100 | 284398 |
| CaixaBank SA, (5-year EURIBOR ICE Swap + 3.94%), <br>6.25%<br>(a)(b)(h)<br>|  | 200 | 247077 |
| Eurobank Ergasias Services and Holdings SA, (5-year <br>EURIBOR ICE Swap + 2.00%), 4.25%, 04/30/35<br>(a)(b)<br>|  | 100 | 117450 |
| First-Citizens Bank & Trust Co., 6.00%, 04/01/36 | USD | 3261 | 3379100 |
| National Bank of Greece SA, (5-year EURIBOR ICE Swap <br>+ 3.15%), 5.88%, 06/28/35<br>(a)(b)<br>| EUR | 175 | 219732 |
| Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, <br>07/31/84<br>(b)<br>| USD | 2046 | 2149161 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<br>(e)<br>|  | 1235 | 1267016 |
|  |  |  | 8768662 |
| Biotechnology<br>(e)<br> — 0.2% | Biotechnology<br>(e)<br> — 0.2% | Biotechnology<br>(e)<br> — 0.2% | Biotechnology<br>(e)<br> — 0.2% |
| Genmab AS |  |  |  |
| 6.25%, 12/15/32 |  | 931 | 954132 |
| 7.25%, 12/15/33 |  | 2288 | 2403342 |
|  |  |  | 3357474 |
| Building Materials — 3.0% | Building Materials — 3.0% | Building Materials — 3.0% | Building Materials — 3.0% |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33<br>(e)<br>|  | 1222 | 1287565 |
| Builders FirstSource, Inc.<br>(e)<br>|  |  |  |
| 6.38%, 03/01/34 |  | 819 | 846790 |
| 6.75%, 05/15/35 |  | 2262 | 2364954 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<br>(a)<br>| EUR | 200 | 244890 |
| 6.63%, 12/15/30<br>(e)<br>| USD | 13402 | 13958345 |
| 6.75%, 07/15/31<br>(e)<br>|  | 1027 | 1082470 |
| HT Troplast GmbH, 9.38%, 07/15/28<br>(a)<br>| EUR | 124 | 151116 |
| Jeld-Wen, Inc.<br>(e)<br>|  |  |  |
| 4.88%, 12/15/27 | USD | 2376 | 2073801 |
| 7.00%, 09/01/32 |  | 918 | 630739 |
| New Enterprise Stone & Lime Co., Inc.<br>(e)<br>|  |  |  |
| 5.25%, 07/15/28 |  | 435 | 434636 |
| 9.75%, 07/15/28 |  | 1074 | 1082055 |
| Quikrete Holdings, Inc.<br>(e)<br>|  |  |  |
| 6.38%, 03/01/32 |  | 6577 | 6845868 |
| 6.75%, 03/01/33 |  | 1920 | 2005039 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Building Materials (continued) | Building Materials (continued) | Building Materials (continued) | Building Materials (continued) |
| Smyrna Ready Mix Concrete LLC<br>(e)<br>|  |  |  |
| 6.00%, 11/01/28 | USD | 1644 | $1651599<br>|
| 8.88%, 11/15/31 |  | 302 | 323029 |
| Standard Building Solutions, Inc.<br>(e)<br>|  |  |  |
| 6.50%, 08/15/32 |  | 2288 | 2355555 |
| 6.25%, 08/01/33 |  | 3437 | 3511022 |
| 5.88%, 03/15/34 |  | 1477 | 1481318 |
| Standard Industries, Inc., 3.38%, 01/15/31<br>(e)<br>|  | 4044 | 3705012 |
| Wilsonart LLC, 11.00%, 08/15/32<br>(e)<br>|  | 1810 | 1617384 |
|  |  |  | 47653187 |
| Building Products<br>(e)<br> — 0.9% | Building Products<br>(e)<br> — 0.9% | Building Products<br>(e)<br> — 0.9% | Building Products<br>(e)<br> — 0.9% |
| QXO Building Products, Inc., 6.75%, 04/30/32 |  | 5352 | 5589729 |
| White Cap Supply Holdings LLC, 7.38%, 11/15/30 |  | 8092 | 8370553 |
|  |  |  | 13960282 |
| Capital Markets — 1.2% | Capital Markets — 1.2% | Capital Markets — 1.2% | Capital Markets — 1.2% |
| Apollo Debt Solutions BDC |  |  |  |
| 5.88%, 08/30/30 |  | 894 | 904241 |
| 6.70%, 07/29/31 |  | 296 | 312336 |
| 6.55%, 03/15/32 |  | 207 | 213592 |
| ARES Strategic Income Fund<br>(e)<br>|  |  |  |
| 5.80%, 09/09/30 |  | 1005 | 1014731 |
| 5.15%, 01/15/31 |  | 973 | 954828 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 315 | 313784 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 955 | 966998 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 433 | 445225 |
| Compass Group Diversified Holdings LLC, 5.25%, <br>04/15/29<br>(e)<br>|  | 1162 | 1077940 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<br>(e)<br>|  | 1667 | 1713874 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 4260 | 4201447 |
| 9.75%, 01/15/29 |  | 876 | 873319 |
| 4.38%, 02/01/29 |  | 1179 | 1017230 |
| 10.00%, 11/15/29<br>(e)<br>|  | 1258 | 1257113 |
| Jane Street Group/JSG Finance, Inc.<br>(e)<br>|  |  |  |
| 6.13%, 11/01/32 |  | 416 | 423305 |
| 6.75%, 05/01/33 |  | 1815 | 1894490 |
| Lehman Brothers Holdings, Inc.<br>(d)(i)<br>|  |  |  |
| 5.38%, 10/17/17 | EUR | 350 | 1111 |
| 4.75%, 01/16/18 |  | 1890 | 5997 |
| Osaic Holdings, Inc.<br>(e)<br>|  |  |  |
| 6.75%, 08/01/32 | USD | 697 | 728100 |
| 8.00%, 08/01/33 |  | 1169 | 1215405 |
|  |  |  | 19535066 |
| Chemicals — 3.3% | Chemicals — 3.3% | Chemicals — 3.3% | Chemicals — 3.3% |
| Advancion Sciences, Inc., (9.25% Cash or 10.00% PIK), <br>9.25%, 11/01/26<br>(e)(g)<br>|  | 1720 | 1501072 |
| Celanese U.S. Holdings LLC |  |  |  |
| 7.00%, 02/15/31 |  | 133 | 136174 |
| 6.75%, 04/15/33 |  | 990 | 984806 |
| 7.38%, 02/15/34 |  | 1128 | 1146015 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 1878 | 1882560 |
| 5.75%, 11/15/28<br>(e)<br>|  | 3730 | 3627463 |
| 8.00%, 01/15/33<br>(e)<br>|  | 739 | 715435 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<br>(a)<br>| EUR | 100 | 117518 |
| Herens Holdco SARL, 4.75%, 05/15/28<br>(e)<br>| USD | 2679 | 2326115 |
| Ingevity Corp., 3.88%, 11/01/28<br>(e)<br>|  | 494 | 481015 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/32<br>(e)<br>|  | 2691 | 2680603 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<br>(a)<br>| EUR | 100 | 117136 |
| Kronos International, Inc., 9.50%, 03/15/29<br>(a)<br>|  | 270 | 294565 |
| Lune Holdings SARL, 5.63%, 11/15/28<br>(a)<br>|  | 125 | 16893 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| Mativ Holdings, Inc., 8.00%, 10/01/29<br>(e)<br>| USD | 823 | $831251<br>|
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<br>(e)<br>|  | 775 | 797995 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 5.38%, 10/01/29<br>(a)<br>| EUR | 100 | 109043 |
| 6.25%, 10/01/29<br>(e)<br>| USD | 400 | 389233 |
| 7.25%, 06/15/31<br>(e)<br>|  | 3549 | 3630655 |
| 6.13%, 02/15/33<br>(a)<br>| EUR | 100 | 116595 |
| 7.25%, 02/15/33<br>(e)<br>| USD | 6967 | 7001428 |
| Perimeter Holdings LLC, 01/15/34<br>(e)(j)<br>|  | 2795 | 2776634 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<br>(e)<br>|  | 3950 | 3911277 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<br>(e)<br>|  | 2248 | 2267769 |
| WR Grace Holdings LLC<br>(e)<br>|  |  |  |
| 4.88%, 06/15/27 |  | 162 | 161500 |
| 5.63%, 08/15/29 |  | 8156 | 7763580 |
| 7.38%, 03/01/31 |  | 3278 | 3356780 |
| 6.63%, 08/15/32 |  | 3208 | 3248965 |
|  |  |  | 52390075 |
| Commercial Services & Supplies — 5.7% | Commercial Services & Supplies — 5.7% | Commercial Services & Supplies — 5.7% | Commercial Services & Supplies — 5.7% |
| ADT Security Corp.<br>(e)<br>|  |  |  |
| 4.88%, 07/15/32 |  | 617 | 597612 |
| 5.88%, 10/15/33 |  | 2463 | 2493525 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |  |
| 5.38%, 05/21/30<br>(a)<br>| EUR | 100 | 121210 |
| 7.00%, 05/21/30<br>(e)<br>| USD | 2596 | 2709473 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<br>(e)<br>|  | 10478 | 11042541 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp.<br>(e)<br>|  |  |  |
| 6.00%, 06/01/29 |  | 6537 | 6469358 |
| 6.88%, 06/15/30 |  | 4000 | 4164705 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp./Atlas Luxco 4 SARL<br>|  |  |  |
| 4.63%, 06/01/28<br>(e)<br>|  | 5240 | 5165223 |
| 4.88%, 06/01/28<br>(a)<br>| GBP | 300 | 393693 |
| BCP V Modular Services Finance II PLC<br>(a)<br>|  |  |  |
| 4.75%, 11/30/28 | EUR | 200 | 221947 |
| 6.13%, 11/30/28 | GBP | 100 | 126529 |
| 6.50%, 07/10/31 | EUR | 100 | 109569 |
| Boels Topholding BV<br>(a)<br>|  |  |  |
| 6.25%, 02/15/29 |  | 107 | 129702 |
| 5.75%, 05/15/30 |  | 100 | 121515 |
| Brink<br>'<br>s Co., 6.75%, 06/15/32<br>(e)<br>| USD | 724 | 754434 |
| Deluxe Corp., 8.13%, 09/15/29<br>(e)<br>|  | 639 | 673173 |
| EC Finance PLC, 3.25%, 10/15/26<br>(a)<br>| EUR | 109 | 126752 |
| FTAI Aviation Investors LLC<br>(e)<br>|  |  |  |
| 5.50%, 05/01/28 | USD | 4130 | 4133614 |
| 7.88%, 12/01/30 |  | 3338 | 3549643 |
| 7.00%, 05/01/31 |  | 4570 | 4812612 |
| 7.00%, 06/15/32 |  | 2193 | 2305398 |
| 5.88%, 04/15/33 |  | 1813 | 1842338 |
| Garda World Security Corp.<br>(e)<br>|  |  |  |
| 7.75%, 02/15/28 |  | 2366 | 2419465 |
| 6.00%, 06/01/29 |  | 302 | 296169 |
| 8.25%, 08/01/32 |  | 2749 | 2793875 |
| 8.38%, 11/15/32 |  | 6756 | 6881749 |
| Herc Holdings, Inc.<br>(e)<br>|  |  |  |
| 7.00%, 06/15/30 |  | 2120 | 2231148 |
| 5.75%, 03/15/31 |  | 779 | 790563 |
| 7.25%, 06/15/33 |  | 1076 | 1140973 |
| 6.00%, 03/15/34 |  | 805 | 815728 |
| Hertz Corp., 12.63%, 07/15/29<br>(e)<br>|  | 760 | 766585 |
| ION Platform Finance SARL<br>(a)<br>|  |  |  |
| 7.88%, 05/01/29 | EUR | 237 | 282680 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| ION Platform Finance SARL<br>(a)<br>(continued)<br>|  |  |  |
| 6.50%, 09/30/30 | EUR | 100 | $113724<br>|
| Kapla Holding SAS<br>(a)<br>|  |  |  |
| 5.00%, 04/30/31 |  | 100 | 119178 |
| (3-mo. EURIBOR + 3.50%), 5.60%, 07/31/30<br>(b)<br>|  | 100 | 118780 |
| Loxam SAS<br>(a)<br>|  |  |  |
| 6.38%, 05/15/28 |  | 115 | 139320 |
| 6.38%, 05/31/29 |  | 91 | 110533 |
| 4.25%, 02/15/31 |  | 100 | 117567 |
| Pachelbel Bidco SpA<br>(a)<br>|  |  |  |
| 7.13%, 05/17/31 |  | 100 | 125504 |
| (3-mo. EURIBOR + 4.25%), 6.32%, 05/17/31<br>(b)<br>|  | 100 | 118833 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<br>(e)<br>| USD | 3259 | 3358399 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29<br>(e)<br>|  | 2558 | 2592118 |
| Shift4 Payments, Inc., Series DEC, 5.50%, 05/15/33<br>(a)<br>| EUR | 100 | 120350 |
| Sotheby<br>'<br>s, 7.38%, 10/15/27<br>(e)<br>| USD | 5001 | 4971732 |
| Sotheby<br>'<br>s/Bidfair Holdings, Inc., 5.88%, 06/01/29<br>(e)<br>|  | 978 | 909925 |
| United Rentals North America, Inc., 5.38%, 11/15/33<br>(e)<br>|  | 2834 | 2831994 |
| Verisure Holding AB, 7.13%, 02/01/28<br>(a)<br>| EUR | 100 | 120637 |
| Veritiv Operating Co., 10.50%, 11/30/30<br>(e)<br>| USD | 819 | 880599 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<br>(e)<br>|  | 2092 | 2214016 |
|  |  |  | 89446710 |
| Communications Equipment<br>(e)<br> — 0.3% | Communications Equipment<br>(e)<br> — 0.3% | Communications Equipment<br>(e)<br> — 0.3% | Communications Equipment<br>(e)<br> — 0.3% |
| CommScope LLC, 4.75%, 09/01/29 |  | 4757 | 4750293 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 528 | 505362 |
|  |  |  | 5255655 |
| Construction & Engineering — 0.6% | Construction & Engineering — 0.6% | Construction & Engineering — 0.6% | Construction & Engineering — 0.6% |
| AECOM, 6.00%, 08/01/33<br>(e)<br>|  | 3386 | 3470176 |
| Arcosa, Inc., 6.88%, 08/15/32<br>(e)<br>|  | 144 | 151795 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<br>(e)<br>|  | 4619 | 4529587 |
| Heathrow Finance PLC, 6.63%, 03/01/31<br>(a)<br>| GBP | 100 | 135539 |
| Weekley Homes LLC / Weekley Finance Corp., 6.75%, <br>01/15/34<br>(e)<br>| USD | 884 | 895076 |
|  |  |  | 9182173 |
| Consumer Discretionary — 0.8% | Consumer Discretionary — 0.8% | Consumer Discretionary — 0.8% | Consumer Discretionary — 0.8% |
| Amber Finco PLC, 6.63%, 07/15/29<br>(a)<br>| EUR | 165 | 203622 |
| APCOA Group GmbH, 6.00%, 04/15/31<br>(a)<br>|  | 150 | 179414 |
| APi Group DE, Inc., 4.75%, 10/15/29<br>(e)<br>| USD | 1283 | 1257019 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br>2.50%), 4.55%, 05/01/30<br>(a)(b)<br>| EUR | 100 | 118564 |
| Clarivate Science Holdings Corp., 4.88%, 07/01/29<br>(e)<br>| USD | 4464 | 4220761 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<br>(e)<br>|  | 2198 | 2264689 |
| Williams Scotsman, Inc.<br>(e)<br>|  |  |  |
| 6.63%, 06/15/29 |  | 200 | 206575 |
| 6.63%, 04/15/30 |  | 1207 | 1247542 |
| 7.38%, 10/01/31 |  | 2841 | 2967972 |
|  |  |  | 12666158 |
| Consumer Finance — 2.5% | Consumer Finance — 2.5% | Consumer Finance — 2.5% | Consumer Finance — 2.5% |
| Block, Inc.<br>(e)<br>|  |  |  |
| 5.63%, 08/15/30 |  | 1889 | 1927388 |
| 6.00%, 08/15/33 |  | 2591 | 2659944 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<br>(e)(f)<br>|  | 5245 | 5574648 |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br>8.38%, 06/15/35<br>(b)(e)<br>|  | 224 | 231580 |
| ION Platform Finance U.S., Inc., 7.88%, 09/30/32<br>(e)<br>|  | 6686 | 6344060 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 37 | 41119 |
| 7.88%, 06/15/32 |  | 742 | 776274 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 05/15/29 |  | 996 | 1031601 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Finance (continued) | Consumer Finance (continued) | Consumer Finance (continued) | Consumer Finance (continued) |
| OneMain Finance Corp.<br>(continued)<br>|  |  |  |
| 5.38%, 11/15/29 | USD | 1200 | $1200811<br>|
| 7.88%, 03/15/30 |  | 1538 | 1626146 |
| 6.13%, 05/15/30 |  | 1803 | 1838315 |
| 4.00%, 09/15/30 |  | 451 | 422749 |
| 7.50%, 05/15/31 |  | 575 | 604986 |
| 7.13%, 11/15/31 |  | 527 | 550103 |
| 6.75%, 03/15/32 |  | 1693 | 1738567 |
| 7.13%, 09/15/32 |  | 1146 | 1190603 |
| 6.50%, 03/15/33 |  | 2346 | 2366295 |
| Shift4 Payments, Inc. |  |  |  |
| 6.75%, 08/15/32<br>(e)<br>|  | 4172 | 4307557 |
| 5.50%, 05/15/33<br>(e)<br>| EUR | 1445 | 1739053 |
| 5.50%, 05/15/33<br>(a)<br>|  | 100 | 120350 |
| WEX, Inc., 6.50%, 03/15/33<br>(e)<br>| USD | 2219 | 2271504 |
| Worldline SA/France<br>(a)<br>|  |  |  |
| 0.00%, 07/30/26<br>(k)<br>| EUR | 10 | 11332 |
| 0.88%, 06/30/27 |  | 100 | 106539 |
|  |  |  | 38681524 |
| Consumer Staples Distribution & Retail — 0.6% | Consumer Staples Distribution & Retail — 0.6% | Consumer Staples Distribution & Retail — 0.6% | Consumer Staples Distribution & Retail — 0.6% |
| Albertsons Cos, Inc.<br>(e)<br>|  |  |  |
| 5.50%, 03/31/31 | USD | 864 | 873109 |
| 6.25%, 03/15/33 |  | 749 | 769958 |
| 5.75%, 03/31/34 |  | 1496 | 1502051 |
| B&M European Value Retail SA, 6.50%, 11/27/31<br>(a)<br>| GBP | 100 | 132654 |
| Bellis Acquisition Co. PLC<br>(a)<br>|  |  |  |
| 8.13%, 05/14/30 |  | 128 | 160474 |
| 8.00%, 07/01/31 | EUR | 200 | 227778 |
| Boots Group Finco LP |  |  |  |
| 5.38%, 08/31/32<br>(e)<br>|  | 1980 | 2404456 |
| 5.38%, 08/31/32<br>(a)<br>|  | 100 | 121437 |
| 7.38%, 08/31/32<br>(e)<br>| GBP | 865 | 1205821 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br>Distribution, Inc., 9.00%, 02/15/29<br>(e)<br>| USD | 850 | 892244 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 5.64%, <br>07/01/29<br>(a)(b)<br>| EUR | 200 | 237753 |
| Market Bidco Finco PLC, 6.75%, 01/31/31<br>(a)<br>|  | 105 | 122050 |
| Performance Food Group, Inc., 4.25%, 08/01/29<br>(e)<br>| USD | 45 | 43996 |
| United Natural Foods, Inc., 6.75%, 10/15/28<br>(e)<br>|  | 1122 | 1123055 |
|  |  |  | 9816836 |
| Containers & Packaging — 3.9% | Containers & Packaging — 3.9% | Containers & Packaging — 3.9% | Containers & Packaging — 3.9% |
| Ahlstrom Holding 3 OY, 3.63%, 02/04/28<br>(a)<br>| EUR | 109 | 126797 |
| Ardagh Group SA |  |  |  |
| 9.50%, 12/01/30<br>(e)<br>| USD | 2688 | 2914798 |
| 9.50%, 12/01/30 |  | 136 | 147622 |
| (4.50% Cash + 7.50% PIK), 12.00%, 12/01/30<br>(a)(g)<br>| EUR | 1470 | 1583811 |
| (5.50% Cash + 6.50% PIK), 12.00%, 12/01/30<br>(e)(g)<br>| USD | 3678 | 3360772 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh Metal <br>Packaging Finance PLC, 6.25%, 01/30/31<br>(e)<br>|  | 1655 | 1692693 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br>Packaging Finance PLC<br>|  |  |  |
| 3.25%, 09/01/28<br>(e)<br>|  | 1508 | 1449917 |
| 3.00%, 09/01/29<br>(a)<br>| EUR | 464 | 518487 |
| 4.00%, 09/01/29<br>(e)<br>| USD | 6715 | 6321405 |
| Ball Corp. |  |  |  |
| 4.25%, 07/01/32 | EUR | 775 | 932056 |
| 5.50%, 09/15/33 | USD | 845 | 861387 |
| Clydesdale Acquisition Holdings, Inc.<br>(e)<br>|  |  |  |
| 6.63%, 04/15/29 |  | 2900 | 2950602 |
| 6.88%, 01/15/30 |  | 1840 | 1886000 |
| 6.75%, 04/15/32 |  | 4391 | 4515153 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Crown Americas LLC, 5.88%, 06/01/33<br>(e)<br>| USD | 2925 | $2991687<br>|
| Fedrigoni SpA, 6.13%, 06/15/31<br>(a)<br>| EUR | 100 | 114528 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<br>(a)(d)(i)<br>|  | 100 | 55234 |
| LABL, Inc.<br>(e)<br>|  |  |  |
| 5.88%, 11/01/28 | USD | 376 | 235614 |
| 9.50%, 11/01/28 |  | 2653 | 1673966 |
| 8.63%, 10/01/31 |  | 1593 | 847249 |
| Magnera Corp., 7.25%, 11/15/31<br>(e)<br>|  | 688 | 675382 |
| Mauser Packaging Solutions Holding Co.<br>(e)<br>|  |  |  |
| 7.88%, 04/15/30 |  | 17423 | 17285539 |
| 9.25%, 04/15/30 |  | 1237 | 1187520 |
| OI European Group BV |  |  |  |
| 6.25%, 05/15/28<br>(e)<br>| EUR | 394 | 476350 |
| 6.25%, 05/15/28<br>(a)<br>|  | 100 | 120901 |
| 5.25%, 06/01/29<br>(a)<br>|  | 100 | 121242 |
| Owens-Brockway Glass Container, Inc., 6.63%, <br>05/13/27<br>(e)<br>| USD | 211 | 211749 |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32<br>(a)<br>| EUR | 115 | 131191 |
| Sealed Air Corp.<br>(e)<br>|  |  |  |
| 4.00%, 12/01/27 | USD | 404 | 401906 |
| 6.50%, 07/15/32 |  | 400 | 414951 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br>02/15/31<br>(e)<br>|  | 87 | 90597 |
| Silgan Holdings, Inc., 4.25%, 02/15/31<br>(e)<br>| EUR | 1670 | 1989070 |
| Trivium Packaging Finance BV |  |  |  |
| 6.63%, 07/15/30<br>(a)<br>|  | 500 | 618734 |
| 6.63%, 07/15/30<br>(e)<br>|  | 445 | 550673 |
| 8.25%, 07/15/30<br>(e)<br>| USD | 896 | 960499 |
| 12.25%, 01/15/31<br>(e)<br>|  | 553 | 600025 |
|  |  |  | 61016107 |
| Distributors<br>(e)<br> — 0.2% | Distributors<br>(e)<br> — 0.2% | Distributors<br>(e)<br> — 0.2% | Distributors<br>(e)<br> — 0.2% |
| Gates Corp., 6.88%, 07/01/29 |  | 1519 | 1577451 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 290 | 279502 |
| 6.50%, 07/15/32 |  | 1678 | 1717488 |
|  |  |  | 3574441 |
| Diversified Consumer Services — 0.0% | Diversified Consumer Services — 0.0% | Diversified Consumer Services — 0.0% | Diversified Consumer Services — 0.0% |
| La Financiere Atalian SAS, (3.50% Cash and 5.00% PIK), <br>8.50%, 06/30/28<br>(g)<br>| EUR | 155 | 51726 |
| Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% | Diversified REITs — 0.7% |
| Digital Realty Trust LP, 1.88%, 11/15/29<br>(e)(l)<br>| USD | 422 | 427908 |
| Iron Mountain Information Management Services, Inc., <br>5.00%, 07/15/32<br>(e)<br>|  | 585 | 558479 |
| Iron Mountain, Inc. |  |  |  |
| 5.25%, 07/15/30<br>(e)<br>|  | 122 | 120525 |
| 5.63%, 07/15/32<br>(e)<br>|  | 3252 | 3200854 |
| 6.25%, 01/15/33<br>(e)<br>|  | 677 | 682664 |
| 4.75%, 01/15/34<br>(e)<br>| EUR | 1800 | 2057027 |
| 4.75%, 01/15/34<br>(a)<br>|  | 100 | 114279 |
| Millrose Properties, Inc.<br>(e)<br>|  |  |  |
| 6.38%, 08/01/30 | USD | 2738 | 2801587 |
| 6.25%, 09/15/32 |  | 1518 | 1531637 |
|  |  |  | 11494960 |
| Diversified Telecommunication Services — 6.1% | Diversified Telecommunication Services — 6.1% | Diversified Telecommunication Services — 6.1% | Diversified Telecommunication Services — 6.1% |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br>09/15/29<br>(e)<br>|  | 800 | 848591 |
| EchoStar Corp. |  |  |  |
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<br>(g)<br>|  | 11397 | 11676178 |
| 10.75%, 11/30/29 |  | 4613 | 5101595 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) |
| eircom Finance DAC, 5.00%, 04/30/31<br>(a)<br>| EUR | 160 | $191232<br>|
| Eutelsat SA<br>(a)<br>|  |  |  |
| 1.50%, 10/13/28 |  | 100 | 112347 |
| 9.75%, 04/13/29 |  | 100 | 125327 |
| Fibercop SpA |  |  |  |
| 4.75%, 06/30/30<br>(a)<br>|  | 102 | 121804 |
| 5.13%, 06/30/32<br>(a)<br>|  | 100 | 119440 |
| 6.00%, 09/30/34<br>(e)<br>| USD | 2917 | 2763404 |
| 7.20%, 07/18/36<br>(e)<br>|  | 1468 | 1461027 |
| Series 2033, 6.38%, 11/15/33<br>(e)<br>|  | 803 | 795723 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<br>(e)<br>|  | 251 | 251811 |
| 5.00%, 05/01/28<br>(e)<br>|  | 345 | 345593 |
| 6.75%, 05/01/29<br>(e)<br>|  | 611 | 615627 |
| 5.88%, 11/01/29 |  | 910 | 920573 |
| 6.00%, 01/15/30<br>(e)<br>|  | 1055 | 1072891 |
| 8.75%, 05/15/30<br>(e)<br>|  | 11428 | 11933808 |
| 8.63%, 03/15/31<br>(e)<br>|  | 1334 | 1403612 |
| Iliad Holding SAS |  |  |  |
| 7.00%, 10/15/28<br>(e)<br>|  | 828 | 838295 |
| 5.38%, 04/15/30<br>(a)<br>| EUR | 169 | 205030 |
| 6.88%, 04/15/31<br>(a)<br>|  | 101 | 126612 |
| 8.50%, 04/15/31<br>(e)<br>| USD | 2225 | 2394654 |
| 7.00%, 04/15/32<br>(e)<br>|  | 2781 | 2866246 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<br>(a)<br>| EUR | 100 | 118948 |
| Level 3 Financing, Inc.<br>(e)<br>|  |  |  |
| 3.63%, 01/15/29 | USD | 343 | 316558 |
| 4.88%, 06/15/29 |  | 4905 | 4770112 |
| 6.88%, 06/30/33 |  | 10535 | 10779892 |
| 7.00%, 03/31/34 |  | 10182 | 10493284 |
| Lorca Telecom Bondco SA, 4.00%, 09/18/27<br>(a)<br>| EUR | 26 | 30447 |
| Lumen Technologies, Inc.<br>(e)<br>|  |  |  |
| 4.13%, 04/15/30 | USD | 841 | 835004 |
| 10.00%, 10/15/32 |  | 1154 | 1160297 |
| Sable International Finance Ltd., 7.13%, 10/15/32<br>(e)<br>|  | 2418 | 2451247 |
| SES SA, 4.13%, 06/24/30<br>(a)<br>| EUR | 100 | 117591 |
| SoftBank Group Corp.<br>(a)<br>|  |  |  |
| 5.38%, 01/08/29 |  | 148 | 178040 |
| 5.25%, 10/10/29 |  | 100 | 119305 |
| 5.88%, 07/10/31 |  | 100 | 120086 |
| 3.88%, 07/06/32 |  | 190 | 208754 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 2045 | 2265281 |
| Windstream Services LLC, 7.50%, 10/15/33<br>(e)<br>|  | 1911 | 1958981 |
| Windstream Services LLC/Windstream Escrow Finance <br>Corp., 8.25%, 10/01/31<br>(e)<br>|  | 6717 | 7051302 |
| Zayo Group Holdings, Inc.<br>(e)(g)<br>|  |  |  |
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 |  | 5261 | 4998260 |
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |  | 1400 | 1284122 |
|  |  |  | 95548931 |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| Alpha Generation LLC, 6.75%, 10/15/32<br>(e)<br>|  | 1671 | 1729802 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure <br>PLC<br>|  |  |  |
| 5.63%, 02/15/32<br>(a)<br>| EUR | 106 | 127252 |
| 6.38%, 02/15/32<br>(e)<br>| USD | 988 | 989629 |
| ContourGlobal Power Holdings SA |  |  |  |
| 5.00%, 02/28/30<br>(a)<br>| EUR | 100 | 120320 |
| 6.75%, 02/28/30<br>(e)<br>| USD | 2413 | 2488068 |
| EDP SA, (5-year EUR Swap + 2.38%), 1.88%, <br>08/02/81<br>(a)(b)<br>| EUR | 200 | 233428 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| NextEra Energy Capital Holdings, Inc., (5-year CMT + <br>2.46%), 6.75%, 06/15/54<br>(b)<br>| USD | 757 | $808162<br>|
| Public Power Corp. SA<br>(a)<br>|  |  |  |
| 4.25%, 10/31/30 | EUR | 100 | 119104 |
| 4.63%, 10/31/31 |  | 100 | 120274 |
| Vistra Operations Co. LLC<br>(e)<br>|  |  |  |
| 7.75%, 10/15/31 | USD | 1331 | 1409765 |
| 6.88%, 04/15/32 |  | 1756 | 1849806 |
| XPLR Infrastructure Operating Partners LP<br>(e)<br>|  |  |  |
| 8.38%, 01/15/31 |  | 4433 | 4653014 |
| 7.75%, 04/15/34 |  | 3379 | 3434052 |
|  |  |  | 18082676 |
| Electronic Equipment, Instruments & Components<br>(e)<br> — 0.3% | Electronic Equipment, Instruments & Components<br>(e)<br> — 0.3% | Electronic Equipment, Instruments & Components<br>(e)<br> — 0.3% | Electronic Equipment, Instruments & Components<br>(e)<br> — 0.3% |
| Sensata Technologies, Inc., 6.63%, 07/15/32 |  | 1981 | 2074250 |
| WESCO Distribution, Inc. |  |  |  |
| 6.63%, 03/15/32 |  | 800 | 835331 |
| 6.38%, 03/15/33 |  | 1031 | 1076451 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 591 | 610931 |
|  |  |  | 4596963 |
| Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% | Energy Equipment & Services — 1.3% |
| Archrock Partners LP/Archrock Partners Finance Corp.<br>(e)<br>|  |  |  |
| 6.25%, 04/01/28 |  | 560 | 563214 |
| 6.63%, 09/01/32 |  | 2256 | 2326737 |
| Enerflex, Inc., 6.88%, 01/15/31<br>(e)<br>|  | 508 | 519401 |
| Kodiak Gas Services LLC<br>(e)<br>|  |  |  |
| 7.25%, 02/15/29 |  | 2606 | 2711157 |
| 6.50%, 10/01/33 |  | 1706 | 1742189 |
| 6.75%, 10/01/35 |  | 1321 | 1358264 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 369 | 373142 |
| OEG Finance PLC, 7.25%, 09/27/29<br>(a)<br>| EUR | 200 | 245690 |
| Star Holding LLC, 8.75%, 08/01/31<br>(e)<br>| USD | 1289 | 1241126 |
| Tidewater, Inc., 9.13%, 07/15/30<br>(e)<br>|  | 1127 | 1209202 |
| USA Compression Partners LP/USA Compression <br>Finance Corp.<br>(e)<br>|  |  |  |
| 7.13%, 03/15/29 |  | 1563 | 1617879 |
| 6.25%, 10/01/33 |  | 3055 | 3091630 |
| Weatherford International Ltd., 6.75%, 10/15/33<br>(e)<br>|  | 2961 | 3032396 |
|  |  |  | 20032027 |
| Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% | Entertainment — 0.3% |
| Allwyn Entertainment Financing U.K. PLC, 7.25%, <br>04/30/30<br>(a)<br>| EUR | 90 | 111057 |
| Brightstar Lottery PLC/ Brightstar Global Solutions Corp., <br>5.75%, 01/15/33<br>(e)<br>| USD | 1199 | 1190409 |
| Cirsa Finance International SARL, (3-mo. EURIBOR + <br>3.00%), 5.10%, 10/15/32<br>(a)(b)<br>| EUR | 100 | 118563 |
| Entain PLC, 4.88%, 11/30/31<br>(a)<br>|  | 100 | 118302 |
| Flutter Treasury DAC, 4.00%, 06/04/31<br>(a)<br>|  | 101 | 118392 |
| Lottomatica Group SpA<br>(a)<br>|  |  |  |
| 4.88%, 01/31/31 |  | 100 | 121027 |
| (3-mo. EURIBOR + 3.25%), 5.31%, 06/01/31<br>(b)<br>|  | 100 | 118238 |
| Motion Bondco DAC, 6.63%, 11/15/27<br>(e)<br>| USD | 687 | 667065 |
| Scientific Games Holdings LP/Scientific Games <br>U.S. FinCo, Inc., 6.63%, 03/01/30<br>(e)<br>|  | 1917 | 1703754 |
|  |  |  | 4266807 |
| Environmental, Maintenance & Security Service — 0.9% | Environmental, Maintenance & Security Service — 0.9% | Environmental, Maintenance & Security Service — 0.9% | Environmental, Maintenance & Security Service — 0.9% |
| Biffa Group Holdings Ltd.<br>(a)<br>|  |  |  |
| 5.25%, 06/15/31 | EUR | 100 | 117180 |
| 7.38%, 06/15/31 | GBP | 100 | 135957 |
| GFL Environmental, Inc., 6.75%, 01/15/31<br>(e)<br>| USD | 109 | 114360 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) |
| Luna 15 SARL<br>(g)<br>|  |  |  |
| (10.50% PIK), 10.50%, 07/01/32<br>(e)<br>| EUR | 585 | $714872<br>|
| (10.50% PIK), 10.50%, 07/01/32<br>(a)<br>|  | 100 | 122200 |
| Madison IAQ LLC, 5.88%, 06/30/29<br>(e)<br>| USD | 3815 | 3791823 |
| Paprec Holding SA, 4.13%, 07/15/30<br>(a)<br>| EUR | 100 | 118081 |
| Reworld Holding Corp., 4.88%, 12/01/29<br>(e)<br>| USD | 2689 | 2584612 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<br>(e)<br>|  | 5533 | 5695203 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<br>(e)<br>|  | 752 | 788264 |
|  |  |  | 14182552 |
| Financial Services — 3.1% | Financial Services — 3.1% | Financial Services — 3.1% | Financial Services — 3.1% |
| Azorra Finance Ltd.<br>(e)<br>|  |  |  |
| 7.75%, 04/15/30 |  | 2259 | 2386069 |
| 7.25%, 01/15/31 |  | 621 | 650704 |
| Bracken MidCo1 PLC, (6.75% Cash or 7.50% PIK), <br>6.75%, 11/01/27<br>(a)(g)<br>| GBP | 100 | 133531 |
| CrossCountry Intermediate HoldCo LLC<br>(e)<br>|  |  |  |
| 6.50%, 10/01/30 | USD | 1244 | 1268875 |
| 6.75%, 12/01/32 |  | 619 | 629045 |
| Deutsche Bank AG, (5-year EURIBOR ICE Swap + <br>5.26%), 8.13%<br>(a)(b)(h)<br>| EUR | 200 | 255423 |
| Encore Issuances SA, (1-mo. EURIBOR + 3.00%), 4.93%, <br>08/14/26<br>(b)<br>|  | 32 | 37754 |
| Freedom Mortgage Holdings LLC<br>(e)<br>|  |  |  |
| 9.25%, 02/01/29 | USD | 862 | 904107 |
| 6.88%, 05/01/31 |  | 658 | 658395 |
| 9.13%, 05/15/31 |  | 1491 | 1601419 |
| 8.38%, 04/01/32 |  | 1008 | 1061086 |
| Garfunkelux Holdco 3 SA, 9.00%, 09/01/28<br>(a)<br>| EUR | 185 | 208286 |
| GGAM Finance Ltd.<br>(e)<br>|  |  |  |
| 8.00%, 06/15/28 | USD | 442 | 468064 |
| 6.88%, 04/15/29 |  | 1248 | 1294408 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<br>(e)<br>|  | 1913 | 1975995 |
| Intrum Investments And Financing AB, 8.00%, 09/11/27<br>(a)<br>| EUR | 103 | 122633 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.63%, <br>10/15/31<br>(e)<br>| USD | 209 | 205671 |
| Lehman Brothers Holdings, Inc.<br>(d)(i)<br>|  |  |  |
| 1.00%, 02/05/18 | EUR | 3950 | 12534 |
| 1.00%, 09/22/18 | USD | 430 | 43 |
| 1.00%, 12/31/49 |  | 1535 | 154 |
| Midcap Financial Issuer Trust<br>(e)<br>|  |  |  |
| 6.50%, 05/01/28 |  | 1978 | 1974537 |
| 5.63%, 01/15/30 |  | 1400 | 1311323 |
| OneMain Finance Corp., 6.75%, 09/15/33 |  | 2180 | 2207530 |
| PennyMac Financial Services, Inc.<br>(e)<br>|  |  |  |
| 7.88%, 12/15/29 |  | 981 | 1043831 |
| 7.13%, 11/15/30 |  | 777 | 816805 |
| 6.88%, 05/15/32 |  | 1584 | 1658281 |
| 6.75%, 02/15/34 |  | 902 | 932422 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<br>(e)<br>|  | 2683 | 2858237 |
| PRA Group Europe Holding II SARL, 6.25%, 09/30/32<br>(a)<br>| EUR | 154 | 176456 |
| ProGroup AG<br>(a)<br>|  |  |  |
| 5.13%, 04/15/29 |  | 100 | 120680 |
| 5.38%, 04/15/31 |  | 100 | 120130 |
| Rocket Cos., Inc.<br>(e)<br>|  |  |  |
| 6.50%, 08/01/29 | USD | 2646 | 2729052 |
| 6.13%, 08/01/30 |  | 6075 | 6279601 |
| 7.13%, 02/01/32 |  | 3608 | 3795612 |
| 6.38%, 08/01/33 |  | 5000 | 5213095 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<br>(e)<br>|  |  |  |
| 3.88%, 03/01/31 |  | 225 | 213659 |
| 4.00%, 10/15/33 |  | 142 | 131932 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Financial Services (continued) | Financial Services (continued) | Financial Services (continued) | Financial Services (continued) |
| Stena International SA, 7.25%, 01/15/31<br>(e)<br>| USD | 200 | $203881<br>|
| Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, <br>01/14/31<br>(g)<br>| EUR | 549 | 115594 |
| UWM Holdings LLC<br>(e)<br>|  |  |  |
| 6.63%, 02/01/30 | USD | 1662 | 1682906 |
| 6.25%, 03/15/31 |  | 1536 | 1533551 |
|  |  |  | 48993311 |
| Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% | Food Products — 1.2% |
| B&G Foods, Inc., 8.00%, 09/15/28<br>(e)<br>|  | 452 | 444709 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br>8.75%, 10/01/29<br>(e)(g)<br>|  | 7388 | 7885959 |
| Chobani LLC/Chobani Finance Corp., Inc., 7.63%, <br>07/01/29<br>(e)<br>|  | 5460 | 5695446 |
| Darling Global Finance BV |  |  |  |
| 4.50%, 07/15/32<br>(e)<br>| EUR | 990 | 1178654 |
| 4.50%, 07/15/32<br>(a)<br>|  | 100 | 119056 |
| Fiesta Purchaser, Inc.<br>(e)<br>|  |  |  |
| 7.88%, 03/01/31 | USD | 104 | 108462 |
| 9.63%, 09/15/32 |  | 450 | 471607 |
| Froneri Lux FinCo SARL, 4.75%, 08/01/32<br>(a)<br>| EUR | 100 | 118403 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 5.85%, <br>12/15/29<br>(a)(b)<br>|  | 104 | 124198 |
| Post Holdings, Inc.<br>(e)<br>|  |  |  |
| 4.50%, 09/15/31 | USD | 215 | 203830 |
| 6.38%, 03/01/33 |  | 331 | 334310 |
| 6.25%, 10/15/34 |  | 94 | 94522 |
| 6.50%, 03/15/36 |  | 1699 | 1701296 |
| Premier Foods Finance PLC, 3.50%, 10/15/26<br>(a)<br>| GBP | 100 | 133240 |
| Simmons Foods, Inc./Simmons Prepared Foods, <br>Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, <br>03/01/29<br>(e)<br>| USD | 393 | 378632 |
| Tereos Finance Groupe I SA, 7.25%, 04/15/28<br>(a)<br>| EUR | 100 | 118767 |
|  |  |  | 19111091 |
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, <br>08/01/32<br>(e)<br>| USD | 1136 | 1189741 |
| Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% |
| Avantor Funding, Inc., 3.88%, 07/15/28<br>(a)<br>| EUR | 100 | 117328 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<br>(e)<br>| USD | 6265 | 6539094 |
| Hologic, Inc., 3.25%, 02/15/29<br>(e)<br>|  | 79 | 77860 |
| Insulet Corp., 6.50%, 04/01/33<br>(e)<br>|  | 1080 | 1125778 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<br>(e)<br>|  | 899 | 958794 |
|  |  |  | 8818854 |
| Health Care Providers & Services — 3.9% | Health Care Providers & Services — 3.9% | Health Care Providers & Services — 3.9% | Health Care Providers & Services — 3.9% |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<br>(e)<br>|  | 1017 | 1027174 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<br>(e)<br>|  | 2104 | 2085633 |
| CHS/Community Health Systems, Inc.<br>(e)<br>|  |  |  |
| 6.00%, 01/15/29 |  | 2190 | 2189376 |
| 5.25%, 05/15/30 |  | 4839 | 4544753 |
| 4.75%, 02/15/31 |  | 3310 | 2948831 |
| 10.88%, 01/15/32 |  | 1570 | 1713561 |
| 9.75%, 01/15/34 |  | 4962 | 5211731 |
| Clariane SE, 7.88%, 06/27/30<br>(a)<br>| EUR | 100 | 119732 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<br>(e)<br>| USD | 2252 | 2355151 |
| DaVita, Inc.<br>(e)<br>|  |  |  |
| 6.88%, 09/01/32 |  | 287 | 298757 |
| 6.75%, 07/15/33 |  | 209 | 216711 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<br>(a)<br>| EUR | 118 | 147771 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<br>(e)<br>| USD | 423 | 432351 |
| Gruppo San Donato SPA, 6.50%, 10/31/31<br>(a)<br>| EUR | 100 | 119613 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<br>(e)<br>| USD | 1616 | $1519612<br>|
| IQVIA, Inc. |  |  |  |
| 1.75%, 03/15/26<br>(a)<br>| EUR | 330 | 387087 |
| 6.25%, 06/01/32<br>(e)<br>| USD | 3144 | 3285223 |
| LifePoint Health, Inc.<br>(e)<br>|  |  |  |
| 9.88%, 08/15/30 |  | 231 | 248716 |
| 11.00%, 10/15/30 |  | 1726 | 1892792 |
| 8.38%, 02/15/32 |  | 3458 | 3753534 |
| 10.00%, 06/01/32 |  | 1578 | 1675969 |
| Medline Borrower LP, 5.25%, 10/01/29<br>(e)<br>|  | 7075 | 7113247 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br>04/01/29<br>(e)<br>|  | 111 | 114747 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32<br>(a)<br>| EUR | 100 | 119304 |
| Molina Healthcare, Inc.<br>(e)<br>|  |  |  |
| 6.50%, 02/15/31 | USD | 1921 | 1972925 |
| 6.25%, 01/15/33 |  | 631 | 643282 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<br>(e)<br>|  | 390 | 409500 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<br>(e)<br>|  | 996 | 1044626 |
| Star Parent, Inc., 9.00%, 10/01/30<br>(e)<br>|  | 4127 | 4404368 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<br>(e)<br>|  | 6052 | 6121406 |
| Tenet Healthcare Corp., 6.00%, 11/15/33<br>(e)<br>|  | 1112 | 1144909 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<br>(e)<br>|  | 2284 | 2300935 |
|  |  |  | 61563327 |
| Health Care REITs — 0.5% | Health Care REITs — 0.5% | Health Care REITs — 0.5% | Health Care REITs — 0.5% |
| Diversified Healthcare Trust, 7.25%, 10/15/30<br>(e)<br>|  | 729 | 745394 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| 7.00%, 02/15/32<br>(e)<br>| EUR | 1425 | 1740212 |
| 7.00%, 02/15/32<br>(a)<br>|  | 152 | 185623 |
| 8.50%, 02/15/32<br>(e)<br>| USD | 4784 | 5108993 |
|  |  |  | 7780222 |
| Hotel & Resort REITs — 1.3% | Hotel & Resort REITs — 1.3% | Hotel & Resort REITs — 1.3% | Hotel & Resort REITs — 1.3% |
| Park Intermediate Holdings LLC/PK Domestic Property <br>LLC/PK Finance Co-Issuer, 7.00%, 02/01/30<br>(e)<br>|  | 1878 | 1927560 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br>10/15/29<br>(e)<br>|  | 606 | 620270 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>(e)<br>|  |  |  |
| 6.50%, 04/01/32 |  | 4515 | 4682441 |
| 6.50%, 06/15/33 |  | 1478 | 1536436 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<br>(e)<br>|  | 749 | 710414 |
| Service Properties Trust |  |  |  |
| 0.00%, 09/30/27<br>(e)(k)<br>|  | 1434 | 1295843 |
| 8.63%, 11/15/31<br>(e)<br>|  | 6051 | 6355765 |
| 8.88%, 06/15/32 |  | 3191 | 3147771 |
| XHR LP, 6.63%, 05/15/30<br>(e)<br>|  | 592 | 610994 |
|  |  |  | 20887494 |
| Hotels, Restaurants & Leisure — 6.3% | Hotels, Restaurants & Leisure — 6.3% | Hotels, Restaurants & Leisure — 6.3% | Hotels, Restaurants & Leisure — 6.3% |
| Acushnet Co., 5.63%, 12/01/33<br>(e)<br>|  | 557 | 563258 |
| Banijay Entertainment SAS, 7.00%, 05/01/29<br>(a)<br>| EUR | 113 | 137748 |
| Boyne USA, Inc., 4.75%, 05/15/29<br>(e)<br>| USD | 1615 | 1592915 |
| Burger King (Restaurant Brands International, Inc.)/New <br>Red Finance, Inc., 5.63%, 09/15/29<br>(e)<br>|  | 630 | 641457 |
| Caesars Entertainment, Inc.<br>(e)<br>|  |  |  |
| 4.63%, 10/15/29 |  | 456 | 437413 |
| 7.00%, 02/15/30 |  | 6340 | 6566065 |
| 6.50%, 02/15/32 |  | 3143 | 3219765 |
| Carnival Corp.<br>(e)<br>|  |  |  |
| 5.88%, 06/15/31 |  | 1206 | 1245682 |
| 5.75%, 08/01/32 |  | 1146 | 1176118 |
| 6.13%, 02/15/33 |  | 3766 | 3888734 |
| Carnival PLC, 4.13%, 07/15/31<br>(e)<br>| EUR | 2155 | 2564213 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Churchill Downs, Inc.<br>(e)<br>|  |  |  |
| 5.75%, 04/01/30 | USD | 565 | $570503<br>|
| 6.75%, 05/01/31 |  | 10273 | 10652351 |
| Cirsa Finance International SARL, 6.50%, 03/15/29<br>(a)<br>| EUR | 100 | 122162 |
| Essendi SA<br>(a)<br>|  |  |  |
| 5.50%, 11/15/31 |  | 108 | 130117 |
| (3-mo. EURIBOR + 3.75%), 5.81%, 05/15/32<br>(b)<br>|  | 100 | 119025 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance <br>Co., Inc.<br>(e)<br>|  |  |  |
| 4.63%, 01/15/29 | USD | 4391 | 4264684 |
| 6.75%, 01/15/30 |  | 671 | 637970 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br>11/15/29<br>(e)<br>|  | 1987 | 2007167 |
| Hilton Domestic Operating Co., Inc.<br>(e)<br>|  |  |  |
| 5.75%, 09/15/33 |  | 798 | 816685 |
| 5.50%, 03/31/34 |  | 1282 | 1290805 |
| Light & Wonder International, Inc.<br>(e)<br>|  |  |  |
| 7.25%, 11/15/29 |  | 241 | 247523 |
| 7.50%, 09/01/31 |  | 474 | 494538 |
| 6.25%, 10/01/33 |  | 1325 | 1341427 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<br>(e)<br>|  | 1781 | 1857904 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<br>(e)<br>|  | 1446 | 1037898 |
| Melco Resorts Finance Ltd.<br>(e)<br>|  |  |  |
| 5.63%, 07/17/27 |  | 200 | 199812 |
| 5.75%, 07/21/28 |  | 600 | 599298 |
| 5.38%, 12/04/29 |  | 2083 | 2058296 |
| 7.63%, 04/17/32 |  | 1534 | 1610700 |
| 6.50%, 09/24/33 |  | 270 | 270351 |
| Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, <br>02/15/31<br>(e)<br>|  | 2000 | 1781552 |
| MGM China Holdings Ltd., 7.13%, 06/26/31<br>(e)<br>|  | 474 | 501255 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 1648 | 1693600 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance <br>Corp., 4.88%, 05/01/29<br>(e)<br>|  | 578 | 568540 |
| Mohegan Tribal Gaming Authority/MS Digital <br>Entertainment Holdings LLC, 8.25%, 04/15/30<br>(e)<br>|  | 1384 | 1442684 |
| Motion Finco SARL, 7.38%, 06/15/30<br>(a)<br>| EUR | 100 | 106661 |
| NCL Corp. Ltd.<br>(e)<br>|  |  |  |
| 5.88%, 01/15/31 | USD | 330 | 328751 |
| 6.75%, 02/01/32 |  | 746 | 763846 |
| 6.25%, 09/15/33 |  | 4192 | 4190235 |
| Pinewood Finco PLC<br>(a)<br>|  |  |  |
| 3.63%, 11/15/27 | GBP | 100 | 131470 |
| 6.00%, 03/27/30 |  | 181 | 245352 |
| Premier Entertainment Sub LLC/Premier Entertainment <br>Finance Corp.<br>(e)<br>|  |  |  |
| 5.63%, 09/01/29 | USD | 1188 | 899910 |
| 5.88%, 09/01/31 |  | 262 | 173575 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance <br>Corp., 6.63%, 02/01/33<br>(e)<br>|  | 903 | 923177 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender <br>Corp., 6.25%, 10/15/30<br>(e)<br>|  | 807 | 823728 |
| Sabre GLBL, Inc., 10.75%, 11/15/29<br>(e)<br>|  | 503 | 427715 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<br>(e)<br>|  | 1076 | 1027580 |
| Station Casinos LLC<br>(e)<br>|  |  |  |
| 4.63%, 12/01/31 |  | 2187 | 2073398 |
| 6.63%, 03/15/32 |  | 755 | 772866 |
| Stonegate Pub Co. Financing PLC, (3-mo. EURIBOR + <br>6.63%), 8.69%, 07/31/29<br>(a)(b)<br>| EUR | 100 | 114544 |
| TUI AG, 5.88%, 03/15/29<br>(a)<br>|  | 120 | 145891 |
| TUI Cruises GmbH, 5.00%, 05/15/30<br>(a)<br>|  | 106 | 127820 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Vail Resorts, Inc., 5.63%, 07/15/30<br>(e)<br>| USD | 1122 | $1140244<br>|
| Viking Cruises Ltd.<br>(e)<br>|  |  |  |
| 7.00%, 02/15/29 |  | 269 | 270559 |
| 9.13%, 07/15/31 |  | 3246 | 3475947 |
| 5.88%, 10/15/33 |  | 2923 | 2968198 |
| Voyager Parent LLC, 9.25%, 07/01/32<br>(e)<br>|  | 1652 | 1752972 |
| Warnermedia Holdings, Inc., 5.05%, 03/15/42 |  | 10217 | 7190214 |
| Wynn Macau Ltd.<br>(e)<br>|  |  |  |
| 5.50%, 10/01/27 |  | 200 | 199568 |
| 5.63%, 08/26/28 |  | 5107 | 5096888 |
| 4.50%, 03/07/29<br>(l)<br>|  | 200 | 204193 |
| 5.13%, 12/15/29 |  | 1358 | 1345751 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<br>(e)<br>|  |  |  |
| 5.13%, 10/01/29 |  | 1064 | 1070304 |
| 7.13%, 02/15/31 |  | 2105 | 2277795 |
| 6.25%, 03/15/33 |  | 252 | 257664 |
|  |  |  | 98877031 |
| Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% |
| Ashton Woods USA LLC/Ashton Woods Finance Co.<br>(e)<br>|  |  |  |
| 4.63%, 04/01/30 |  | 636 | 607373 |
| 6.88%, 08/01/33 |  | 758 | 758603 |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 306 | 306727 |
| Brookfield Residential Properties, Inc./Brookfield <br>Residential U.S. LLC, 5.00%, 06/15/29<br>(e)<br>|  | 1154 | 1116282 |
| Century Communities, Inc., 6.63%, 09/15/33<br>(e)<br>|  | 947 | 957605 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<br>(e)<br>|  | 607 | 624702 |
| Empire Communities Corp., 9.75%, 05/01/29<br>(e)<br>|  | 257 | 265087 |
| K Hovnanian Enterprises, Inc.<br>(e)<br>|  |  |  |
| 8.00%, 04/01/31 |  | 1637 | 1670668 |
| 8.38%, 10/01/33 |  | 1785 | 1814077 |
| LGI Homes, Inc.<br>(e)<br>|  |  |  |
| 8.75%, 12/15/28 |  | 453 | 472510 |
| 7.00%, 11/15/32 |  | 1305 | 1247413 |
| Mattamy Group Corp., 6.00%, 12/15/33<br>(e)<br>|  | 356 | 352837 |
| Meritage Homes Corp., 1.75%, 05/15/28<br>(l)<br>|  | 2135 | 2099763 |
| New Home Co., Inc.<br>(e)<br>|  |  |  |
| 9.25%, 10/01/29 |  | 1145 | 1194997 |
| 8.50%, 11/01/30 |  | 301 | 309986 |
| Newell Brands, Inc., 8.50%, 06/01/28<br>(e)<br>|  | 1366 | 1432323 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 229 | 224685 |
| 4.38%, 02/01/32 |  | 1696 | 1592122 |
| Somnigroup International, Inc., 3.88%, 10/15/31<br>(e)<br>|  | 1434 | 1340346 |
| STL Holding Co. LLC, 8.75%, 02/15/29<br>(e)<br>|  | 618 | 649129 |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<br>(e)<br>|  | 421 | 433163 |
|  |  |  | 19470398 |
| Independent Power and Renewable Electricity Producers<br>(e)<br> — 1.7% | Independent Power and Renewable Electricity Producers<br>(e)<br> — 1.7% | Independent Power and Renewable Electricity Producers<br>(e)<br> — 1.7% | Independent Power and Renewable Electricity Producers<br>(e)<br> — 1.7% |
| Calpine Corp. |  |  |  |
| 4.50%, 02/15/28 |  | 41 | 41027 |
| 4.63%, 02/01/29 |  | 2297 | 2288400 |
| Lightning Power LLC, 7.25%, 08/15/32 |  | 609 | 647581 |
| NRG Energy, Inc. |  |  |  |
| 5.75%, 07/15/29 |  | 1231 | 1224974 |
| 6.00%, 02/01/33 |  | 3898 | 3975177 |
| 5.75%, 01/15/34 |  | 3288 | 3321439 |
| 6.25%, 11/01/34 |  | 2648 | 2719536 |
| 6.00%, 01/15/36 |  | 8769 | 8885131 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| 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) |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<br>(b)(h)<br>| USD | 994 | $1018991<br>|
| XPLR Infrastructure LP, 2.50%, 06/15/26<br>(l)<br>|  | 3214 | 3153898 |
|  |  |  | 27276154 |
| Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% | Industrial Conglomerates — 0.2% |
| Amsted Industries, Inc., 6.38%, 03/15/33<br>(e)<br>|  | 1134 | 1168004 |
| Avient Corp., 6.25%, 11/01/31<br>(e)<br>|  | 927 | 952824 |
| Axon Enterprise, Inc., 6.25%, 03/15/33<br>(e)<br>|  | 630 | 655406 |
| Enpro, Inc., 6.13%, 06/01/33<br>(e)<br>|  | 876 | 903941 |
| Maxam Prill SARL, 6.00%, 07/15/30<br>(a)<br>| EUR | 154 | 184905 |
|  |  |  | 3865080 |
| Insurance — 7.4% | Insurance — 7.4% | Insurance — 7.4% | Insurance — 7.4% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br>Issuer<br>(e)<br>|  |  |  |
| 6.75%, 10/15/27 | USD | 974 | 979721 |
| 6.75%, 04/15/28 |  | 1904 | 1938606 |
| 5.88%, 11/01/29 |  | 4674 | 4669888 |
| 7.00%, 01/15/31 |  | 4658 | 4832560 |
| 7.38%, 10/01/32 |  | 6696 | 6942875 |
| AmWINS Group, Inc., 4.88%, 06/30/29<br>(e)<br>|  | 878 | 863465 |
| Amynta Agency Borrower, Inc. and Amynta Warranty <br>Borrower, Inc., 7.50%, 07/15/33<br>(e)<br>|  | 1855 | 1876698 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br>2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br>11/01/29<br>(e)<br>|  | 1293 | 1305910 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<br>(a)<br>| EUR | 1289 | 1561296 |
| 7.75%, 02/15/31<br>(e)<br>| USD | 6809 | 7138248 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<br>(e)<br>|  | 7036 | 7312550 |
| Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, <br>12/31/32<br>(e)<br>|  | 4075 | 4228266 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br>2 PLC/Howden U.S. Refinance LLC<br>(e)<br>|  |  |  |
| 7.25%, 02/15/31 |  | 8035 | 8274476 |
| 8.13%, 02/15/32 |  | 4075 | 4206753 |
| HUB International Ltd.<br>(e)<br>|  |  |  |
| 7.25%, 06/15/30 |  | 17374 | 18241399 |
| 7.38%, 01/31/32 |  | 20334 | 21341631 |
| Jones Deslauriers Insurance Management, Inc.<br>(e)<br>|  |  |  |
| 8.50%, 03/15/30 |  | 2854 | 2991300 |
| 6.88%, 10/01/33 |  | 1923 | 1856834 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<br>(e)<br>|  | 13111 | 13586248 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<br>(a)<br>| EUR | 100 | 123135 |
| USI, Inc., 7.50%, 01/15/32<br>(e)<br>| USD | 2719 | 2849727 |
|  |  |  | 117121586 |
| Interactive Media & Services — 3.3% | Interactive Media & Services — 3.3% | Interactive Media & Services — 3.3% | Interactive Media & Services — 3.3% |
| Beignet Investor LLC, 6.58%, 05/30/49<br>(e)<br>|  | 39424 | 41651264 |
| iliad SA<br>(a)<br>|  |  |  |
| 5.38%, 02/15/29 | EUR | 100 | 123626 |
| 5.63%, 02/15/30 |  | 100 | 126275 |
| 4.25%, 01/09/32 |  | 100 | 118548 |
| ION Platform Finance U.S., Inc.<br>(e)<br>|  |  |  |
| 4.63%, 05/01/28 | USD | 400 | 370087 |
| 5.00%, 05/01/28 |  | 2232 | 2071868 |
| 8.75%, 05/01/29 |  | 782 | 792253 |
| 9.50%, 05/30/29 |  | 757 | 766613 |
| 9.00%, 08/01/29 |  | 776 | 764003 |
| Snap, Inc.<br>(e)<br>|  |  |  |
| 6.88%, 03/01/33 |  | 3239 | 3356398 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Interactive Media & Services (continued) | Interactive Media & Services (continued) | Interactive Media & Services (continued) | Interactive Media & Services (continued) |
| Snap, Inc.<br>(e)<br>(continued)<br>|  |  |  |
| 6.88%, 03/15/34 | USD | 1419 | $1461034<br>|
| United Group BV, 6.25%, 01/31/32<br>(a)<br>| EUR | 100 | 117966 |
|  |  |  | 51719935 |
| Internet Software & Services — 0.8% | Internet Software & Services — 0.8% | Internet Software & Services — 0.8% | Internet Software & Services — 0.8% |
| ANGI Group LLC, 3.88%, 08/15/28<br>(e)<br>| USD | 509 | 470138 |
| Cablevision Lightpath LLC<br>(e)<br>|  |  |  |
| 3.88%, 09/15/27 |  | 600 | 585604 |
| 5.63%, 09/15/28 |  | 1201 | 1173798 |
| Engineering - Ingegneria Informatica - SpA, 11.13%, <br>05/15/28<br>(a)<br>| EUR | 122 | 151767 |
| Getty Images, Inc.<br>(e)<br>|  |  |  |
| 11.25%, 02/21/30 | USD | 931 | 872975 |
| 10.50%, 11/15/30 |  | 631 | 636214 |
| Match Group Holdings II LLC<br>(e)<br>|  |  |  |
| 4.63%, 06/01/28 |  | 2149 | 2129773 |
| 4.13%, 08/01/30 |  | 872 | 825358 |
| 3.63%, 10/01/31 |  | 723 | 663419 |
| 6.13%, 09/15/33 |  | 1472 | 1489627 |
| Rakuten Group, Inc.<br>(e)<br>|  |  |  |
| 11.25%, 02/15/27 |  | 1108 | 1184674 |
| 9.75%, 04/15/29 |  | 2200 | 2460613 |
|  |  |  | 12643960 |
| IT Services — 1.0% | IT Services — 1.0% | IT Services — 1.0% | IT Services — 1.0% |
| Almaviva-The Italian Innovation Co. SpA, 5.00%, <br>10/30/30<br>(a)<br>| EUR | 162 | 191961 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<br>(e)<br>| USD | 438 | 461689 |
| Atos SE<br>(a)(m)<br>|  |  |  |
| 5.41%, 12/18/26 | EUR | 117 | 135685 |
| 1.04%, 12/18/32 |  | 152 | 116724 |
| 9.73%, 12/18/26 |  | 197 | 265942 |
| CACI International, Inc., 6.38%, 06/15/33<br>(e)<br>| USD | 1615 | 1671006 |
| Cedacri SpA, (3-mo. EURIBOR + 5.50%), 7.56%, <br>05/15/28<br>(a)(b)<br>| EUR | 100 | 118834 |
| Fair Isaac Corp., 6.00%, 05/15/33<br>(e)<br>| USD | 6109 | 6274841 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<br>(e)<br>|  | 2157 | 2250700 |
| KBR, Inc., 4.75%, 09/30/28<br>(e)<br>|  | 1213 | 1188740 |
| McAfee Corp., 7.38%, 02/15/30<br>(e)<br>|  | 1585 | 1382243 |
| Science Applications International Corp., 5.88%, <br>11/01/33<br>(e)<br>|  | 1280 | 1297587 |
|  |  |  | 15355952 |
| Leisure Products<br>(a)<br> — 0.0% | Leisure Products<br>(a)<br> — 0.0% | Leisure Products<br>(a)<br> — 0.0% | Leisure Products<br>(a)<br> — 0.0% |
| Deuce Finco PLC, 7.00%, 11/20/31 | GBP | 100 | 136138 |
| Dometic Group AB, 5.00%, 09/11/30 | EUR | 100 | 119625 |
| Pinnacle Bidco PLC |  |  |  |
| 8.25%, 10/11/28 |  | 100 | 122988 |
| 10.00%, 10/11/28 | GBP | 100 | 141871 |
|  |  |  | 520622 |
| Machinery — 1.3% | Machinery — 1.3% | Machinery — 1.3% | Machinery — 1.3% |
| Chart Industries, Inc.<br>(e)<br>|  |  |  |
| 7.50%, 01/01/30 | USD | 2959 | 3084004 |
| 9.50%, 01/01/31 |  | 537 | 569990 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<br>(e)<br>|  | 646 | 562020 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br>LLC, 9.00%, 02/15/29<br>(e)<br>|  | 4449 | 4665798 |
| IMA Industria Macchine Automatiche SpA<br>(a)<br>|  |  |  |
| 3.75%, 01/15/28 | EUR | 100 | 117667 |
| (3-mo. EURIBOR + 3.75%), 5.78%, 04/15/29<br>(b)<br>|  | 200 | 237744 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Machinery (continued) | Machinery (continued) | Machinery (continued) | Machinery (continued) |
| King US Bidco, Inc., (3-mo. EURIBOR + 3.25%), 5.31%, <br>12/01/32<br>(a)(b)<br>| EUR | 100 | $118629<br>|
| Manitowoc Co., Inc., 9.25%, 10/01/31<br>(e)<br>| USD | 668 | 717499 |
| Terex Corp.<br>(e)<br>|  |  |  |
| 5.00%, 05/15/29 |  | 130 | 129558 |
| 6.25%, 10/15/32 |  | 773 | 793060 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<br>(a)<br>| EUR | 992 | 1169894 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<br>(e)<br>| USD | 8479 | 8480992 |
|  |  |  | 20646855 |
| Media — 7.2% | Media — 7.2% | Media — 7.2% | Media — 7.2% |
| Allwyn Entertainment Financing U.K. PLC, 4.13%, <br>02/15/31<br>(a)<br>| EUR | 100 | 115757 |
| APLD ComputeCo LLC, 9.25%, 12/15/30<br>(e)<br>| USD | 1091 | 1070162 |
| Cable One, Inc.<br>(l)<br>|  |  |  |
| 0.00%, 03/15/26<br>(k)<br>|  | 475 | 467875 |
| 1.13%, 03/15/28 |  | 2038 | 1658524 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38%, 06/01/29<br>(e)<br>|  | 91 | 89974 |
| 4.75%, 03/01/30<br>(e)<br>|  | 553 | 528142 |
| 4.25%, 02/01/31<br>(e)<br>|  | 6573 | 6039602 |
| 4.75%, 02/01/32<br>(e)<br>|  | 8206 | 7499809 |
| 4.50%, 05/01/32 |  | 6412 | 5755009 |
| 4.50%, 06/01/33<br>(e)<br>|  | 6779 | 5934056 |
| 4.25%, 01/15/34<br>(e)<br>|  | 1938 | 1647832 |
| Cinemark USA, Inc., 7.00%, 08/01/32<br>(e)<br>|  | 383 | 397440 |
| Cipher Compute LLC, 7.13%, 11/15/30<br>(e)<br>|  | 2599 | 2647037 |
| CSC Holdings LLC<br>(e)<br>|  |  |  |
| 5.50%, 04/15/27 |  | 1606 | 1377015 |
| 5.38%, 02/01/28 |  | 2028 | 1471366 |
| 11.25%, 05/15/28 |  | 5767 | 4588602 |
| 11.75%, 01/31/29 |  | 2065 | 1534186 |
| Directv Financing LLC, 8.88%, 02/01/30<br>(e)<br>|  | 2632 | 2663042 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br>Inc.<br>(e)<br>|  |  |  |
| 5.88%, 08/15/27 |  | 2201 | 2213920 |
| 10.00%, 02/15/31 |  | 2174 | 2221941 |
| DISH DBS Corp.<br>(e)<br>|  |  |  |
| 5.25%, 12/01/26 |  | 4217 | 4089425 |
| 5.75%, 12/01/28 |  | 5745 | 5640168 |
| DISH Network Corp., 11.75%, 11/15/27<br>(e)<br>|  | 7733 | 8048352 |
| Flash Compute LLC, 7.25%, 12/31/30<br>(e)<br>|  | 2984 | 2956436 |
| Gray Media, Inc.<br>(e)<br>|  |  |  |
| 10.50%, 07/15/29 |  | 1453 | 1562470 |
| 9.63%, 07/15/32 |  | 3118 | 3235762 |
| 7.25%, 08/15/33 |  | 3030 | 3096141 |
| LCPR Senior Secured Financing DAC, 6.75%, 10/15/27<br>(e)<br>|  | 2930 | 2047923 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<br>(e)<br>|  | 57 | 57116 |
| Midcontinent Communications, 8.00%, 08/15/32<br>(e)<br>|  | 884 | 904884 |
| Neptune Bidco U.S., Inc., 10.38%, 05/15/31<br>(e)<br>|  | 327 | 335287 |
| Odeon Finco PLC, 12.75%, 11/01/27<br>(e)<br>|  | 1503 | 1549689 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<br>(e)<br>|  | 3592 | 3751593 |
| Sirius XM Radio LLC<br>(e)<br>|  |  |  |
| 5.00%, 08/01/27 |  | 5912 | 5926396 |
| 4.00%, 07/15/28 |  | 381 | 372453 |
| Sunrise FinCo I BV |  |  |  |
| 4.88%, 07/15/31<br>(e)<br>|  | 1470 | 1400175 |
| 4.63%, 05/15/32<br>(a)<br>| EUR | 100 | 118699 |
| Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29<br>(a)(g)<br>|  | 114 | 88110 |
| Telenet Finance Luxembourg Notes SARL, 5.50%, <br>03/01/28<br>(e)<br>| USD | 2000 | 1987298 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media (continued) | Media (continued) | Media (continued) | Media (continued) |
| Univision Communications, Inc.<br>(e)<br>|  |  |  |
| 8.00%, 08/15/28 | USD | 3418 | $3539937<br>|
| 8.50%, 07/31/31 |  | 1521 | 1588881 |
| 9.38%, 08/01/32 |  | 2071 | 2225938 |
| Versant Media Group, Inc., 7.25%, 01/30/31<br>(e)<br>|  | 1037 | 1069862 |
| Virgin Media O2 Vendor Financing Notes V DAC, 7.88%, <br>03/15/32<br>(a)<br>| GBP | 100 | 135216 |
| Virgin Media Secured Finance PLC<br>(a)<br>|  |  |  |
| 4.25%, 01/15/30 |  | 100 | 123528 |
| 4.13%, 08/15/30 |  | 100 | 120787 |
| VZ Secured Financing BV, 5.25%, 01/15/33<br>(a)<br>| EUR | 300 | 345650 |
| WULF Compute LLC, 7.75%, 10/15/30<br>(e)<br>| USD | 4589 | 4727810 |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<br>(e)<br>|  | 650 | 580295 |
| Ziggo BV, 4.88%, 01/15/30<br>(e)<br>|  | 1165 | 1101194 |
|  |  |  | 112648766 |
| Metals & Mining — 3.6% | Metals & Mining — 3.6% | Metals & Mining — 3.6% | Metals & Mining — 3.6% |
| Aris Mining Corp., 8.00%, 10/31/29<br>(e)<br>|  | 362 | 377722 |
| Arsenal AIC Parent LLC<br>(e)<br>|  |  |  |
| 8.00%, 10/01/30 |  | 1197 | 1270210 |
| 11.50%, 10/01/31 |  | 4744 | 5221023 |
| Carpenter Technology Corp., 5.63%, 03/01/34<br>(e)<br>|  | 1479 | 1502257 |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/29<br>(e)<br>|  | 2230 | 2309637 |
| Commercial Metals Co.<br>(e)<br>|  |  |  |
| 5.75%, 11/15/33 |  | 1708 | 1746485 |
| 6.00%, 12/15/35 |  | 1760 | 1804274 |
| Constellium SE<br>(e)<br>|  |  |  |
| 5.63%, 06/15/28 |  | 4620 | 4619337 |
| 3.75%, 04/15/29 |  | 2133 | 2059642 |
| 6.38%, 08/15/32 |  | 1341 | 1383940 |
| ERO Copper Corp., 6.50%, 02/15/30<br>(e)<br>|  | 1818 | 1823681 |
| First Quantum Minerals Ltd.<br>(e)<br>|  |  |  |
| 9.38%, 03/01/29 |  | 3448 | 3630744 |
| 8.00%, 03/01/33 |  | 865 | 921683 |
| 7.25%, 02/15/34 |  | 1022 | 1074071 |
| Kaiser Aluminum Corp.<br>(e)<br>|  |  |  |
| 4.50%, 06/01/31 |  | 4136 | 3995889 |
| 5.88%, 03/01/34 |  | 2220 | 2226964 |
| New Gold, Inc., 6.88%, 04/01/32<br>(e)<br>|  | 2700 | 2865353 |
| Novelis Corp.<br>(e)<br>|  |  |  |
| 4.75%, 01/30/30 |  | 5807 | 5601781 |
| 6.88%, 01/30/30 |  | 1944 | 2018554 |
| 3.88%, 08/15/31 |  | 4389 | 4000411 |
| 6.38%, 08/15/33 |  | 3681 | 3731692 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<br>(a)<br>| EUR | 1029 | 1181005 |
| Vallourec SACA, 7.50%, 04/15/32<br>(e)<br>| USD | 1440 | 1528967 |
|  |  |  | 56895322 |
| Mortgage Real Estate Investment Trusts (REITs)<br>(e)<br> — 0.4% | Mortgage Real Estate Investment Trusts (REITs)<br>(e)<br> — 0.4% | Mortgage Real Estate Investment Trusts (REITs)<br>(e)<br> — 0.4% | Mortgage Real Estate Investment Trusts (REITs)<br>(e)<br> — 0.4% |
| Arbor Realty SR, Inc. |  |  |  |
| 8.50%, 12/15/28 |  | 434 | 432265 |
| 7.88%, 07/15/30 |  | 792 | 756744 |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 1284 | 1270766 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 879 | 928314 |
| 6.00%, 04/15/30 |  | 442 | 453670 |
| 6.50%, 07/01/30 |  | 633 | 660287 |
| 6.50%, 10/15/30 |  | 1964 | 2047655 |
|  |  |  | 6549701 |
| Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br>06/01/30<br>(e)<br>|  | 672 | 715876 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels — 8.4% | Oil, Gas & Consumable Fuels — 8.4% | Oil, Gas & Consumable Fuels — 8.4% | Oil, Gas & Consumable Fuels — 8.4% |
| Aethon United BR LP/Aethon United Finance Corp., <br>7.50%, 10/01/29<br>(e)<br>| USD | 1728 | $1810384<br>|
| Antero Midstream Partners LP/Antero Midstream Finance <br>Corp., 6.63%, 02/01/32<br>(e)<br>|  | 1514 | 1567117 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br>Corp.<br>(e)<br>|  |  |  |
| 9.00%, 11/01/27 |  | 963 | 1224199 |
| 5.88%, 06/30/29 |  | 1254 | 1257289 |
| 6.63%, 07/15/33 |  | 930 | 962591 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>(e)<br>|  |  |  |
| 7.00%, 07/15/29 |  | 1140 | 1188921 |
| 7.25%, 07/15/32 |  | 918 | 974248 |
| Breakwater Energy Holdings SARL |  |  |  |
| 9.25%, 11/15/30<br>(e)<br>|  | 500 | 523577 |
| 9.25%, 11/15/30 |  | 250 | 261789 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<br>(e)<br>|  | 103 | 107142 |
| 6.75%, 02/01/30<br>(e)<br>|  | 386 | 405204 |
| 5.85%, 11/15/43 |  | 816 | 765226 |
| 5.60%, 10/15/44 |  | 553 | 501213 |
| Caturus Energy LLC, 8.50%, 02/15/30<br>(e)<br>|  | 3430 | 3572153 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<br>(a)<br>| GBP | 224 | 315919 |
| Chord Energy Corp., 6.75%, 03/15/33<br>(e)<br>| USD | 601 | 621504 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<br>(e)<br>|  | 2678 | 2784649 |
| Civitas Resources, Inc.<br>(e)<br>|  |  |  |
| 8.38%, 07/01/28 |  | 1478 | 1522921 |
| 8.75%, 07/01/31 |  | 649 | 673273 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<br>(e)<br>|  | 520 | 504112 |
| CNX Resources Corp., 7.25%, 03/01/32<br>(e)<br>|  | 479 | 500028 |
| Comstock Resources, Inc.<br>(e)<br>|  |  |  |
| 6.75%, 03/01/29 |  | 4687 | 4694462 |
| 5.88%, 01/15/30 |  | 59 | 57387 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br>06/15/31<br>(e)<br>|  | 6898 | 6824320 |
| Crescent Energy Finance LLC<br>(e)<br>|  |  |  |
| 7.63%, 04/01/32 |  | 2163 | 2097076 |
| 7.38%, 01/15/33 |  | 1402 | 1330430 |
| 8.38%, 01/15/34 |  | 1176 | 1168168 |
| DBR Land Holdings LLC, 6.25%, 12/01/30<br>(e)<br>|  | 907 | 927752 |
| Delek Logistics Partners LP/Delek Logistics Finance <br>Corp., 7.38%, 06/30/33<br>(e)<br>|  | 1599 | 1631698 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br>8.50%, 10/01/30<br>(e)<br>|  | 772 | 817813 |
| EG Global Finance PLC, 12.00%, 11/30/28<br>(e)<br>|  | 1943 | 2111812 |
| Enbridge, Inc.<br>(b)<br>|  |  |  |
| (5-year CMT + 2.97%), 7.20%, 06/27/54 |  | 810 | 857705 |
| (5-year CMT + 3.12%), 7.38%, 03/15/55 |  | 1104 | 1168623 |
| Energean PLC, 5.63%, 05/12/31<br>(a)<br>| EUR | 107 | 125746 |
| Energy Transfer LP<br>(b)<br>|  |  |  |
| (5-year CMT + 2.83%), 7.13%, 10/01/54 | USD | 1564 | 1604714 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54 |  | 2594 | 2768978 |
| Series H, (5-year CMT + 5.69%), 6.50%<br>(h)<br>|  | 2085 | 2094182 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 559 | 561301 |
| 8.00%, 05/15/33 |  | 232 | 240840 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br>07/01/33<br>(e)<br>|  | 685 | 697496 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<br>(e)<br>|  | 773 | 798262 |
| Harvest Midstream I LP, 7.50%, 05/15/32<br>(e)<br>|  | 502 | 523277 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>(e)<br>|  |  |  |
| 6.25%, 11/01/28 |  | 427 | 429424 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>(e)<br>(continued)<br>|  |  |  |
| 5.75%, 02/01/29 | USD | 957 | $946828<br>|
| 6.00%, 04/15/30 |  | 130 | 126321 |
| 6.25%, 04/15/32 |  | 95 | 89431 |
| 8.38%, 11/01/33 |  | 1617 | 1651046 |
| 6.88%, 05/15/34 |  | 964 | 903278 |
| 7.25%, 02/15/35 |  | 408 | 387752 |
| Howard Midstream Energy Partners LLC<br>(e)<br>|  |  |  |
| 7.38%, 07/15/32 |  | 673 | 710132 |
| 6.63%, 01/15/34 |  | 1684 | 1730031 |
| Ithaca Energy North Sea PLC, 5.50%, 10/01/31<br>(a)<br>| EUR | 100 | 118123 |
| ITT Holdings LLC, 6.50%, 08/01/29<br>(e)<br>| USD | 2641 | 2534440 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br>Finance Corp., 6.88%, 12/01/32<br>(e)<br>|  | 740 | 760552 |
| Matador Resources Co., 6.50%, 04/15/32<br>(e)<br>|  | 1546 | 1567899 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 141 | 121228 |
| Nabors Industries, Inc., 7.63%, 11/15/32<br>(e)<br>|  | 672 | 660493 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.<br>(e)<br>|  |  |  |
| 8.13%, 02/15/29 |  | 1248 | 1295379 |
| 8.38%, 02/15/32 |  | 3074 | 3183327 |
| Noble Finance II LLC, 8.00%, 04/15/30<br>(e)<br>|  | 776 | 806197 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33<br>(e)<br>|  | 1963 | 1911284 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<br>(e)<br>|  | 873 | 889634 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br>09/15/30<br>(e)<br>|  | 809 | 779098 |
| Permian Resources Operating LLC, 6.25%, 02/01/33<br>(e)<br>|  | 1946 | 1996141 |
| Prairie Acquiror LP, 9.00%, 08/01/29<br>(e)<br>|  | 984 | 1022792 |
| Sunoco LP<br>(e)<br>|  |  |  |
| 5.63%, 03/15/31 |  | 675 | 679946 |
| 6.63%, 08/15/32 |  | 987 | 1014455 |
| 6.25%, 07/01/33 |  | 1079 | 1105239 |
| 5.88%, 03/15/34 |  | 685 | 684939 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br>Corp.<br>(e)<br>|  |  |  |
| 5.50%, 01/15/28 |  | 1497 | 1497807 |
| 7.38%, 02/15/29 |  | 2434 | 2515692 |
| 6.00%, 09/01/31 |  | 522 | 519559 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<br>(e)<br>|  | 1102 | 1091235 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<br>(e)<br>|  | 305 | 307924 |
| Transocean International Ltd.<br>(e)<br>|  |  |  |
| 8.25%, 05/15/29 |  | 690 | 695419 |
| 8.75%, 02/15/30 |  | 374 | 391057 |
| 8.50%, 05/15/31 |  | 861 | 852843 |
| 7.88%, 10/15/32 |  | 1004 | 1048579 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<br>(e)<br>|  | 127 | 129800 |
| Valaris Ltd., 8.38%, 04/30/30<br>(e)<br>|  | 1187 | 1235031 |
| Venture Global LNG, Inc.<br>(e)<br>|  |  |  |
| 9.50%, 02/01/29 |  | 7898 | 8186095 |
| 7.00%, 01/15/30 |  | 169 | 162651 |
| 8.38%, 06/01/31 |  | 3754 | 3733075 |
| 9.88%, 02/01/32 |  | 2652 | 2739708 |
| Venture Global Plaquemines LNG LLC<br>(e)<br>|  |  |  |
| 6.13%, 12/15/30 |  | 3746 | 3814718 |
| 7.50%, 05/01/33 |  | 1676 | 1810920 |
| 6.50%, 01/15/34 |  | 4778 | 4893819 |
| 7.75%, 05/01/35 |  | 2783 | 3047255 |
| 6.75%, 01/15/36 |  | 5096 | 5219784 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<br>(e)<br>|  | 386 | 385269 |
| 9.75%, 10/15/30 |  | 764 | 801761 |
| 7.88%, 04/15/32<br>(e)<br>|  | 1302 | 1282840 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<br>(e)<br>| USD | 1669 | $1684727<br>|
| Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE <br>Swap + 3.94%), 6.12%<br>(a)(b)(h)<br>| EUR | 176 | 211005 |
|  |  |  | 131509483 |
| Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% |
| American Airlines, Inc., 8.50%, 05/15/29<br>(e)<br>| USD | 1813 | 1896202 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, <br>04/20/29<br>(e)<br>|  | 283 | 287681 |
| Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap + <br>2.86%), 5.25%, 01/15/55<br>(a)(b)<br>| EUR | 100 | 121961 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br>09/20/31<br>(e)<br>| USD | 2141 | 2156974 |
| OneSky Flight LLC, 8.88%, 12/15/29<br>(e)<br>|  | 1239 | 1325897 |
|  |  |  | 5788715 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Opal Bidco SAS |  |  |  |
| 5.50%, 03/31/32<br>(a)<br>| EUR | 100 | 121232 |
| 6.50%, 03/31/32<br>(e)<br>| USD | 1524 | 1560909 |
|  |  |  | 1682141 |
| Pharmaceuticals — 2.1% | Pharmaceuticals — 2.1% | Pharmaceuticals — 2.1% | Pharmaceuticals — 2.1% |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<br>(e)<br>|  | 22427 | 23324459 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<br>(e)<br>|  | 964 | 1018283 |
| Bausch Health Cos., Inc.<br>(e)<br>|  |  |  |
| 4.88%, 06/01/28 |  | 221 | 197795 |
| 11.00%, 09/30/28 |  | 2529 | 2619639 |
| Dolcetto Holdco SpA, 5.63%, 07/14/32<br>(a)<br>| EUR | 100 | 119281 |
| Grifols SA |  |  |  |
| 2.25%, 11/15/27<br>(a)<br>|  | 1374 | 1606845 |
| 4.75%, 10/15/28<br>(e)<br>| USD | 200 | 197519 |
| 7.13%, 05/01/30<br>(a)<br>| EUR | 141 | 173847 |
| Gruenenthal GmbH, 4.63%, 11/15/31<br>(a)<br>|  | 136 | 161503 |
| Nidda Healthcare Holding GmbH<br>(a)<br>|  |  |  |
| 7.00%, 02/21/30 |  | 215 | 262278 |
| (3-mo. EURIBOR + 3.25%), 5.28%, 10/15/32<br>(b)<br>|  | 169 | 200402 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br>4.13%, 04/30/28<br>(e)<br>| USD | 646 | 629485 |
| Rossini SARL<br>(a)<br>|  |  |  |
| 6.75%, 12/31/29 | EUR | 121 | 149409 |
| (3-mo. EURIBOR + 3.88%), 5.89%, 12/31/29<br>(b)<br>|  | 73 | 87276 |
| Teva Pharmaceutical Finance Netherlands II BV, 7.88%, <br>09/15/31<br>|  | 100 | 140583 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| 3.15%, 10/01/26 | USD | 674 | 665154 |
| 6.75%, 03/01/28 |  | 800 | 830760 |
| 6.00%, 12/01/32 |  | 495 | 518730 |
|  |  |  | 32903248 |
| 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 Financing SARL, Series 1L, (8.25% PIK), 8.25%, <br>12/31/28<br>(g)<br>| EUR | 293 | 377132 |
| Alexandrite Lake Lux Holdings SARL, 6.75%, 07/30/30<br>(a)<br>|  | 112 | 133893 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br>Corp.<br>|  |  |  |
| 7.00%, 04/15/30<br>(e)<br>| USD | 124 | 123014 |
| Series AI, 7.00%, 04/15/30 |  | 1009 | 1004456 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br>Corp., 9.75%, 04/15/30<br>(e)<br>|  | 725 | 786822 |
| Aroundtown Finance SARL<br>(b)(h)<br>|  |  |  |
| (5-year CMT + 3.16%), 7.88% |  | 150 | 150758 |
| (5-year EURIBOR ICE Swap + 3.43%), 5.25%<br>(a)<br>| EUR | 275 | 315014 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br>09/01/31<br>(e)<br>| USD | 1566 | $1672635<br>|
| DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, <br>12/31/27<br>(a)(m)<br>| EUR | 88 | 97299 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<br>(e)<br>| USD | 456 | 476420 |
| Grand City Properties SA, (5-year EUR Swap + 2.18%), <br>1.50%<br>(a)(b)(h)<br>| EUR | 100 | 115691 |
| Howard Hughes Corp., 4.38%, 02/01/31<br>(e)<br>| USD | 2103 | 2002251 |
| New Immo Holding SA<br>(a)<br>|  |  |  |
| 3.25%, 07/23/27 | EUR | 200 | 234520 |
| 5.88%, 04/17/28 |  | 100 | 121563 |
| 4.95%, 11/14/30 |  | 100 | 118199 |
| Vivion Investments SARL<br>(a)<br>|  |  |  |
| 5.63%, 06/08/30 |  | 100 | 113186 |
| (6.50% Cash and 1.75% PIK), 8.25%, 08/31/28<br>(g)<br>|  | 25 | 29734 |
| (6.50% PIK), 6.50%, 02/28/29<br>(g)<br>|  | 151 | 176941 |
|  |  |  | 8049528 |
| Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% | Retail REITs — 0.1% |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br>Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<br>(e)<br>| USD | 1801 | 1779950 |
| Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% | Semiconductors & Semiconductor Equipment — 0.2% |
| Amkor Technology, Inc., 5.88%, 10/01/33<br>(e)<br>|  | 416 | 424581 |
| Kioxia Holdings Corp., 6.63%, 07/24/33 |  | 800 | 831901 |
| ON Semiconductor Corp., 0.50%, 03/01/29<br>(l)<br>|  | 1259 | 1191014 |
|  |  |  | 2447496 |
| Software — 4.7% | Software — 4.7% | Software — 4.7% | Software — 4.7% |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<br>(e)<br>|  | 15521 | 15474289 |
| Camelot Finance SA, 4.50%, 11/01/26<br>(e)<br>|  | 87 | 86408 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<br>(e)<br>|  | 3359 | 3459682 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br>Co., Inc., 8.00%, 06/15/29<br>(e)<br>|  | 274 | 238140 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29<br>(e)<br>|  | 2127 | 1803294 |
| Cloud Software Group, Inc.<br>(e)<br>|  |  |  |
| 6.50%, 03/31/29 |  | 8672 | 8785498 |
| 9.00%, 09/30/29 |  | 12148 | 12652268 |
| 8.25%, 06/30/32 |  | 2396 | 2503916 |
| CoreLogic, Inc., 4.50%, 05/01/28<br>(e)<br>|  | 2658 | 2603950 |
| CoreWeave, Inc., 9.25%, 06/01/30<br>(e)<br>|  | 1852 | 1721939 |
| Electronic Arts, Inc., 2.95%, 02/15/51 |  | 859 | 792349 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<br>(e)<br>|  | 2289 | 2333981 |
| IPD 3 BV, 5.50%, 06/15/31<br>(a)<br>| EUR | 200 | 237735 |
| Playtika Holding Corp., 4.25%, 03/15/29<br>(e)<br>| USD | 421 | 377537 |
| Sabre GLBL, Inc., 10.75%, 03/15/30<br>(e)<br>|  | 1401 | 1152085 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<br>(e)<br>|  | 2713 | 2822643 |
| TeamSystem SpA<br>(a)(b)<br>|  |  |  |
| (3-mo. EURIBOR + 3.25%), 5.28%, 07/01/32 | EUR | 114 | 134695 |
| (3-mo. EURIBOR + 3.50%), 5.53%, 07/31/31 |  | 113 | 133707 |
| UKG, Inc., 6.88%, 02/01/31<br>(e)<br>| USD | 11548 | 11862256 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br>3.88%, 02/01/29<br>(e)<br>|  | 5203 | 4910063 |
|  |  |  | 74086435 |
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| Advance Auto Parts, Inc., 7.00%, 08/01/30<br>(e)<br>|  | 924 | 928893 |
| Afflelou SAS, 6.00%, 07/25/29<br>(a)<br>| EUR | 152 | 185828 |
| Bubbles Bidco SpA<br>(a)<br>|  |  |  |
| 6.50%, 09/30/31 |  | 123 | 148296 |
| (3-mo. EURIBOR + 4.25%), 6.27%, 09/30/31<br>(b)<br>|  | 120 | 142214 |
| Duomo Bidco SpA, (3-mo. EURIBOR + 3.25%), 5.31%, <br>01/15/32<br>(a)(b)<br>|  | 100 | 118420 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, <br>01/15/31<br>(e)<br>| USD | 898 | $924884<br>|
| Goldstory SAS, 6.75%, 02/01/30<br>(a)<br>| EUR | 100 | 121907 |
| PetSmart LLC/PetSmart Finance Corp., 7.50%, <br>09/15/32<br>(e)<br>| USD | 250 | 254421 |
| Staples, Inc., 10.75%, 09/01/29<br>(e)<br>|  | 915 | 909675 |
| Suburban Propane Partners LP/Suburban Energy Finance <br>Corp., 5.00%, 06/01/31<br>(e)<br>|  | 418 | 401292 |
|  |  |  | 4135830 |
| Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% | Technology Hardware, Storage & Peripherals — 0.1% |
| Seagate Data Storage Technology Pte. Ltd., 5.88%, <br>07/15/30<br>(e)<br>|  | 853 | 879329 |
| Textiles, Apparel & Luxury Goods — 0.6% | Textiles, Apparel & Luxury Goods — 0.6% | Textiles, Apparel & Luxury Goods — 0.6% | Textiles, Apparel & Luxury Goods — 0.6% |
| Beach Acquisition Bidco LLC |  |  |  |
| 5.25%, 07/15/32<br>(e)<br>| EUR | 2056 | 2459830 |
| 5.25%, 07/15/32<br>(a)<br>|  | 100 | 119642 |
| (10.00% Cash or 10.75% PIK), 10.00%, 07/15/33<br>(e)(g)<br>| USD | 4182 | 4616020 |
| Crocs, Inc.<br>(e)<br>|  |  |  |
| 4.25%, 03/15/29 |  | 217 | 210006 |
| 4.13%, 08/15/31 |  | 282 | 260517 |
| European TopSoho SARL, 4.00%, 09/21/21<br>(a)(d)(i)<br>| EUR | 200 | 190386 |
| Levi Strauss & Co., 4.00%, 08/15/30<br>(e)<br>|  | 665 | 793644 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 5.78%, <br>07/01/29<br>(a)(b)<br>|  | 200 | 236961 |
|  |  |  | 8887006 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |
| Edge Finco PLC, 8.13%, 08/15/31<br>(a)<br>| GBP | 206 | 295037 |
| Mobico Group PLC<br>(a)<br>|  |  |  |
| 4.88%, 09/26/31 | EUR | 110 | 102327 |
| (5-year UK Government Bond + 4.14%), 4.25%<br>(b)(h)<br>| GBP | 154 | 122156 |
| Ocado Group PLC, 11.00%, 06/15/30<br>(a)<br>|  | 100 | 135959 |
| SGL Group ApS, (3-mo. EURIBOR + 4.75%), 6.77%, <br>04/22/30<br>(b)<br>| EUR | 193 | 218831 |
|  |  |  | 874310 |
| Utilities — 0.5% | Utilities — 0.5% | Utilities — 0.5% | Utilities — 0.5% |
| TransAlta Corp., 5.88%, 02/01/34 | USD | 1108 | 1115656 |
| VoltaGrid LLC, 7.38%, 11/01/30<br>(e)<br>|  | 7386 | 7317648 |
|  |  |  | 8433304 |
| Wireless Telecommunication Services — 1.9% | Wireless Telecommunication Services — 1.9% | Wireless Telecommunication Services — 1.9% | Wireless Telecommunication Services — 1.9% |
| Altice France SA |  |  |  |
| 4.75%, 10/15/30<br>(a)<br>| EUR | 154 | 170194 |
| 6.88%, 10/15/30<br>(e)<br>| USD | 360 | 349271 |
| 6.50%, 10/15/31<br>(e)<br>|  | 2040 | 1937168 |
| 6.50%, 04/15/32<br>(e)<br>|  | 5518 | 5289445 |
| 5.63%, 07/15/32<br>(a)<br>| EUR | 47 | 52556 |
| 6.88%, 07/15/32<br>(e)<br>| USD | 2381 | 2283407 |
| Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, <br>08/01/32<br>(e)<br>|  | 4709 | 4888554 |
| Level 3 Financing, Inc., 8.50%, 01/15/36<br>(e)<br>|  | 7055 | 7224197 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.00%, 01/31/29<br>(a)<br>| GBP | 200 | 255179 |
| 4.25%, 01/31/31<br>(e)<br>| USD | 4972 | 4534512 |
| 4.50%, 07/15/31<br>(a)<br>| GBP | 201 | 240068 |
| 4.75%, 07/15/31<br>(e)<br>| USD | 1000 | 923213 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) |
| Vmed O2 U.K. Financing I PLC<br>(continued)<br>|  |  |  |
| 5.63%, 04/15/32<br>(a)<br>| EUR | 100 | $118158<br>|
| 7.75%, 04/15/32<br>(e)<br>| USD | 400 | 416840 |
| 6.75%, 01/15/33<br>(e)<br>|  | 1359 | 1346817 |
| Zegona Finance PLC, 6.75%, 07/15/29<br>(a)<br>| EUR | 239 | 295652 |
|  |  |  | 30325231 |
| Total Corporate Bonds — 108.5%<br>(Cost: $1,658,572,700) | Total Corporate Bonds — 108.5%<br>(Cost: $1,658,572,700) | Total Corporate Bonds — 108.5%<br>(Cost: $1,658,572,700) | 1707518403 |
| Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests |
| IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br>12/09/31<br>| USD | 8477 | 8434257 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 3043 | 3029945 |
|  |  |  | 11464202 |
| Software — 0.7% | Software — 0.7% | Software — 0.7% | Software — 0.7% |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 10598 | 10247440 |
| Total Fixed Rate Loan Interests — 1.4%<br>(Cost: $22,124,542) | Total Fixed Rate Loan Interests — 1.4%<br>(Cost: $22,124,542) | Total Fixed Rate Loan Interests — 1.4%<br>(Cost: $22,124,542) | 21711642 |
| Floating Rate Loan Interests<br>(b) | Floating Rate Loan Interests<br>(b) | Floating Rate Loan Interests<br>(b) | Floating Rate Loan Interests<br>(b) |
| Advertising Agencies — 0.4% | Advertising Agencies — 0.4% | Advertising Agencies — 0.4% | Advertising Agencies — 0.4% |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br>7.83%, 08/23/28<br>|  | 4263 | 4265485 |
| Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 5.10%), 9.03%, <br>04/11/29<br>|  | 1696 | 1675110 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br>8.93%, 02/15/29<br>|  | 449 | 417215 |
|  |  |  | 6357810 |
| Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% |
| Kaman Corp. |  |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32<br>|  | 16 | 16328 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 2.50%), 6.38%, 02/26/32<br>|  | 1796 | 1802177 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.17%, 12/01/32<br>|  | 855 | 858591 |
| Signia Aerospace LLC, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.75%), 6.57%, 12/11/31<br>|  | 737 | 736596 |
|  |  |  | 3413692 |
| Automobile Components — 0.2% | Automobile Components — 0.2% | Automobile Components — 0.2% | Automobile Components — 0.2% |
| Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.47%, 01/28/32<br>|  | 2211 | 2219017 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Automobile Components (continued) | Automobile Components (continued) | Automobile Components (continued) | Automobile Components (continued) |
| Tenneco, Inc. |  |  |  |
| 2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% <br>Floor + 4.85%), 8.74%, 11/17/28<br>| USD | 163 | $159365<br>|
| 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 5.10%), 8.99%, 11/17/28<br>|  | 1015 | 996560 |
|  |  |  | 3374942 |
| Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% | Biotechnology — 0.1% |
| Parexel International Corporation, 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.42%, 12/12/31<br>|  | 828 | 830626 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.47%, 09/08/32<br>|  | 238 | 238648 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30<br>|  | 529 | 510171 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br>10/19/29<br>|  | 2791 | 2801947 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31<br>|  | 811 | 784962 |
|  |  |  | 4335728 |
| Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% | Capital Markets — 0.2% |
| Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>07/30/31<br>|  | 241 | 242744 |
| Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.85%, 09/13/32<br>|  | 1600 | 1610176 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, <br>10/16/31<br>(c)<br>|  | 700 | 704197 |
|  |  |  | 2557117 |
| Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% | Chemicals — 0.4% |
| Advancion Holdings LLC, 2020 2nd Lien Term Loan, (1-<br>mo. CME Term SOFR + 7.85%), 11.57%, 11/24/28<br>|  | 443 | 395688 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.75%), 7.61%, 10/04/29<br>|  | 2192 | 2102886 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28<br>|  | 1486 | 1297182 |
| Olympus Water U.S. Holding Corp., 2025 USD Term Loan <br>B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.92%, 11/03/32<br>|  | 1134 | 1126210 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.35%), 8.29%, 04/08/31<br>|  | 669 | 492781 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.69%, 08/19/32<br>|  | 779 | 778315 |
|  |  |  | 6193062 |
| Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% |
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 08/12/32<br>|  | 648 | 648694 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 08/20/32<br>|  | 2816 | 2829067 |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.75%), 8.57%, <br>02/23/29<br>|  | 1751 | 1656362 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.50% and 3.75% PIK), 9.09%, <br>07/31/30<br>(g)<br>|  | 481 | 459634 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, <br>02/01/29<br>| USD | 799 | $800603<br>|
| ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, <br>10/07/32<br>|  | 502 | 469924 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.36%), 8.04%, <br>12/17/28<br>(d)(i)<br>|  | 672 | 80642 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>01/30/31<br>|  | 1232 | 1232965 |
|  |  |  | 8177891 |
| Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% | Communications Equipment — 0.1% |
| COMMSCOPE, 2024 Term Loan, (1-mo. CME Term <br>SOFR at 2.00% Floor + 4.75%), 8.47%, 12/17/29<br>|  | 1104 | 1104649 |
| Radiate Holdco LLC |  |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br>SOFR at 1.00% Floor + 4.00%), 7.72%, 06/26/29<br>|  | 23 | 22592 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 1.00% <br>Floor + 4.00%), 7.72%, 06/26/29<br>|  | 23 | 22592 |
|  |  |  | 1149833 |
| Construction & Engineering — 0.3% | Construction & Engineering — 0.3% | Construction & Engineering — 0.3% | Construction & Engineering — 0.3% |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 4.50%), 8.35%, <br>08/01/30<br>|  | 4515 | 4104295 |
| Consumer Discretionary — 0.1% | Consumer Discretionary — 0.1% | Consumer Discretionary — 0.1% | Consumer Discretionary — 0.1% |
| Camelot U.S. Acquisition LLC, 2025 Incremental Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.25%), 6.97%, 01/31/31<br>|  | 1464 | 1464922 |
| Jupiter Buyer, Inc., 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.92%, 11/01/31<br>|  | 349 | 351902 |
|  |  |  | 1816824 |
| Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% | Consumer Staples Distribution & Retail — 0.3% |
| Boots Group Finco LP, USD Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.21%, 08/30/32<br>|  | 4390 | 4410106 |
| Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, <br>12/16/32<br>|  | 768 | 772689 |
|  |  |  | 5182795 |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 5.10%), 8.94%, 10/30/28<br>|  | 2771 | 1745536 |
| Mauser Packaging Solutions Holding Co., 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.23%, 04/15/30<br>|  | 1179 | 1153215 |
| Potters Industries LLC, 2025 Repriced Term Loan B, (1-<br>mo. CEM Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>12/09/32<br>(c)<br>|  | 462 | 463733 |
|  |  |  | 3362484 |
| Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% | Diversified Telecommunication Services — 0.5% |
| Delta Topco, Inc., 2024 2nd Lien Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 5.25%), 9.04%, 11/29/30<br>|  | 299 | 294141 |
| Frontier Communications Holdings LLC, 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.24%, 07/01/31<br>|  | 374 | 373643 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) |
| Lumen Technologies, Inc., 2024 Term Loan A, (1-mo. <br>CME Term SOFR at 2.00% Floor + 6.00%), 9.72%, <br>06/01/28<br>| USD | 408 | $409203<br>|
| Windstream Services LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.85%), 8.57%, <br>10/01/31<br>(c)<br>|  | 1193 | 1195948 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00% and 0.50% <br>PIK), 7.33%, 03/11/30<br>(g)<br>|  | 5074 | 4801536 |
|  |  |  | 7074471 |
| Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% | Electronic Equipment, Instruments & Components — 0.2% |
| Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.37%, 12/02/31<br>|  | 1513 | 1520698 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR <br>at 0.00% Floor + 2.50%), 6.49%, 10/01/32<br>|  | 654 | 656069 |
|  |  |  | 2176767 |
| Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% |
| Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.22%, <br>07/31/31<br>|  | 361 | 354325 |
| Financial Services — 0.0% | Financial Services — 0.0% | Financial Services — 0.0% | Financial Services — 0.0% |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.43%, 10/08/32<br>|  | 454 | 455843 |
| Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% | Health Care Equipment & Supplies — 0.2% |
| Bausch & Lomb Corp. |  |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 4.00%), 7.72%, 09/29/28<br>|  | 1048 | 1047880 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.25%), 7.97%, 01/15/31<br>|  | 2353 | 2373928 |
|  |  |  | 3421808 |
| Health Care Providers & Services — 0.4% | Health Care Providers & Services — 0.4% | Health Care Providers & Services — 0.4% | Health Care Providers & Services — 0.4% |
| LifePoint Health, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.75%), 7.65%, 05/19/31<br>|  | 1713 | 1717385 |
| 2024 Incremental Term Loan B1, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.33%, 05/19/31<br>|  | 752 | 752665 |
| Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term <br>SOFR at 1.00% Floor + 6.60% and 4.00% PIK), <br>14.53%, 01/28/28<br>(g)<br>|  | 1662 | 1184140 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 4.00%), 7.67%, 09/27/30<br>|  | 2927 | 2929631 |
|  |  |  | 6583821 |
| Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.75%), 8.44%, <br>11/01/29<br>|  | 532 | 521244 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Sabre GLBL, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br>Floor + 6.10%), 9.82%, 11/15/29<br>| USD | 319 | $280318<br>|
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% <br>Floor + 6.10%), 9.82%, 11/15/29<br>(c)<br>|  | 166 | 148209 |
|  |  |  | 949771 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>01/20/32<br>|  | 468 | 469299 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br>CME Term SOFR at 1.00% Floor + 4.61%), 8.33%, <br>12/19/29<br>|  | 201 | 199022 |
|  |  |  | 668321 |
| Insurance — 0.4% | Insurance — 0.4% | Insurance — 0.4% | Insurance — 0.4% |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, <br>(6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.92%, 02/15/31<br>|  | 1083 | 1080014 |
| Asurion LLC, 2025 Term Loan B13, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.97%, 09/19/30<br>|  | 917 | 916693 |
| Hyperion Insurance Group Ltd., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.49%, <br>04/18/30<br>|  | 167 | 167457 |
| Jones DesLauriers Insurance Management Inc., <br>2025 Repriced Term Loan B, 12/10/32<br>(n)<br>|  | 1055 | 1055020 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-<br>mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, <br>07/02/31<br>|  | 199 | 199243 |
| Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 4.75%), 8.42%, <br>05/06/32<br>|  | 3327 | 3362642 |
|  |  |  | 6781069 |
| Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% |
| MH Sub I LLC, 2023 Term Loan, (1-mo. CME Term SOFR <br>at 0.50% Floor + 4.25%), 7.97%, 05/03/28<br>|  | 467 | 432840 |
| Internet Software & Services — 0.1% | Internet Software & Services — 0.1% | Internet Software & Services — 0.1% | Internet Software & Services — 0.1% |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, 08/31/28<br>|  | 287 | 288484 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 03/15/30<br>|  | 1615 | 1597559 |
|  |  |  | 1886043 |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/29/31<br>|  | 208 | 207831 |
| Finastra USA, Inc. |  |  |  |
| 2025 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 7.00%), 10.72%, 09/15/33<br>|  | 886 | 866800 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| IT Services (continued) | IT Services (continued) | IT Services (continued) | IT Services (continued) |
| Finastra USA, Inc.<br>(continued)<br>|  |  |  |
| 2025 USD Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 4.00%), 7.72%, 09/15/32<br>| USD | 2655 | $2595267<br>|
| Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, <br>06/27/31<br>|  | 575 | 574811 |
|  |  |  | 4244709 |
| Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30<br>|  | 901 | 898794 |
| Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% | Machinery — 0.4% |
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, <br>06/23/30<br>(n)<br>|  | 163 | 163458 |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-<br>mo. CME Term SOFR at 2.00% Floor + 6.00%), 9.86%, <br>12/21/29<br>|  | 468 | 474844 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.53%, 02/15/29<br>|  | 6160 | 6199452 |
|  |  |  | 6837754 |
| Media — 0.7% | Media — 0.7% | Media — 0.7% | Media — 0.7% |
| Altice France SA, 2025 USD Term Loan B14, (3-mo. CME <br>Term SOFR at 0.00% Floor + 6.88%), 10.86%, <br>05/31/31<br>|  | 1499 | 1497176 |
| CMG Media Corp., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.60%), 7.27%, 06/18/29<br>|  | 881 | 819511 |
| Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 7.15%, <br>01/31/32<br>|  | 594 | 582022 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), <br>8.25%, 04/15/27<br>|  | 2235 | 1948938 |
| Directv Financing LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.75% Floor + 5.50%), 9.34%, 02/17/31<br>|  | 3289 | 3280098 |
| Gray Media, Inc. |  |  |  |
| 2021 Term Loan D, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.11%), 6.99%, 12/01/28<br>|  | 700 | 700094 |
| 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), <br>9.12%, 06/04/29<br>|  | 5 | 4824 |
| OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>06/25/31<br>|  | 61 | 61437 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), <br>8.83%, 09/25/29<br>(g)<br>|  | 2049 | 1567299 |
| Versant Media Group, Inc., Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.16%, 01/30/31<br>|  | 601 | 600627 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. <br>CME Term SOFR + 3.36%), 7.11%, 01/31/29<br>|  | 200 | 200250 |
|  |  |  | 11262276 |
| Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% |
| BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. CEM <br>Term SOFR at 0.00% Floor + 3.50%), 7.17%, 12/11/30<br>|  | 2054 | 2030030 |
| Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% |
| Stakeholder Midstream LLC, Term Loan, (6-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 8.04%, 01/02/31<br>|  | 1333 | 1336831 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% |
| ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.95%, <br>12/15/32<br>(c)<br>| USD | 476 | $478380<br>|
| Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% | Pharmaceuticals — 0.2% |
| Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.50%), 7.22%, <br>08/01/32<br>|  | 2044 | 2059206 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br>7.47%, 04/23/31<br>|  | 1034 | 1025096 |
|  |  |  | 3084302 |
| Software — 0.8% | Software — 0.8% | Software — 0.8% | Software — 0.8% |
| Ascend Learning LLC, 2025 Repriced Term Loan B, (1-<br>mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, <br>12/11/28<br>|  | 192 | 192288 |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>02/15/29<br>|  | 3601 | 3605170 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>07/30/31<br>|  | 1805 | 1799048 |
| Boxer Parent Company Inc., 2024 2nd Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 5.75%), <br>9.47%, 07/30/32<br>|  | 1053 | 1011670 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 6.92%, 07/06/29<br>|  | 369 | 311302 |
| CoreLogic, Inc. |  |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br>6.61%), 10.33%, 06/04/29<br>|  | 1107 | 1113678 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br>3.61%), 7.33%, 06/02/28<br>|  | 2435 | 2434187 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31<br>|  | 394 | 395198 |
| Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1-mo. <br>CME Term SOFR at 0.50% Floor + 4.75%), 8.47%, <br>11/22/32<br>|  | 1354 | 1362882 |
| RealPage, Inc., 2024 Incremental Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.75%), 7.42%, 04/24/28<br>|  | 783 | 784797 |
| Sabre GLBL, Inc.<br>(c)<br>|  |  |  |
| 2025 11th Amendment Term Loan B2, (1-mo. CME <br>Term SOFR at 0.50% Floor + 6.35%), 10.07%, <br>07/30/29<br>|  | 120 | 106635 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br>Floor + 6.35%), 10.07%, 07/30/29<br>|  | 57 | 50758 |
|  |  |  | 13167613 |
| Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% |
| Cubic Corp. |  |  |  |
| 2025 Second Out Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29<br>|  | 725 | 366878 |
| 2025 Second Out Term Loan C, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29<br>|  | 105 | 53108 |
|  |  |  | 419986 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% |
| Digicel International Finance Ltd., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.25%), <br>9.02%, 08/06/32<br>| USD | 1555 | $1549448<br>|
| Level 3 Financing, Inc., 2025 Repriced Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 03/29/32<br>|  | 5171 | 5182635 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>10/06/32<br>(c)<br>|  | 1157 | 1159893 |
|  |  |  | 7891976 |
| Total Floating Rate Loan Interests — 8.5%<br>(Cost: $135,670,639) | Total Floating Rate Loan Interests — 8.5%<br>(Cost: $135,670,639) | Total Floating Rate Loan Interests — 8.5%<br>(Cost: $135,670,639) | 133294829 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Investment Companies | Investment Companies | Investment Companies |
| Fixed Income Funds — 1.1% | Fixed Income Funds — 1.1% |  |
| iShares Broad USD High Yield Corporate Bond ETF<br>(f)(o)<br>| 488154 | 18254519 |
| Total Investment Companies — 1.1%<br>(Cost: $17,754,161) | Total Investment Companies — 1.1%<br>(Cost: $17,754,161) | 18254519 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| Capital Trusts — 5.4% | Capital Trusts — 5.4% | Capital Trusts — 5.4% | Capital Trusts — 5.4% |
| Automobiles<br>(a)(b)(h)<br> — 0.0% | Automobiles<br>(a)(b)(h)<br> — 0.0% | Automobiles<br>(a)(b)(h)<br> — 0.0% |  |
| Volkswagen International Finance NV |  |  |  |
| 5.49% | EUR | 100 | 121282 |
| 5.99% |  | 100 | 121609 |
|  |  |  | 242891 |
| Banks<br>(h)<br> — 2.0% | Banks<br>(h)<br> — 2.0% | Banks<br>(h)<br> — 2.0% |  |
| Bank of America Corp.<br>(b)<br>|  |  |  |
| 6.25% | USD | 2625 | 2666228 |
| 6.63% |  | 6140 | 6397579 |
| Barclays PLC<br>(b)<br>|  |  |  |
| 4.38% |  | 2490 | 2408947 |
| 7.63% |  | 1000 | 1066972 |
| 8.00% |  | 400 | 426788 |
| 9.63% |  | 3745 | 4242321 |
| CaixaBank SA, 7.50%<br>(a)(b)<br>| EUR | 200 | 259944 |
| Citigroup, Inc. |  |  |  |
| 6.63%<br>(b)<br>| USD | 1320 | 1341479 |
| Series CC, 7.13%<br>(b)<br>|  | 3685 | 3799117 |
| Series DD, 7.00%<br>(b)<br>|  | 860 | 907015 |
| Series EE, 6.75%<br>(b)<br>|  | 2126 | 2164117 |
| Series FF, 6.95%<br>(b)<br>|  | 856 | 882515 |
| Series GG, 6.88% |  | 1020 | 1059887 |
| NatWest Group PLC, 8.13%<br>(b)<br>|  | 1115 | 1254532 |
| PNC Financial Services Group, Inc., Series W, 6.25%<br>(b)<br>|  | 644 | 664857 |
| Wells Fargo & Co., 6.85%<br>(b)<br>|  | 876 | 915432 |
|  |  |  | 30457730 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Building Products — 0.0% | Building Products — 0.0% | Building Products — 0.0% |  |
| Nationwide Building Society, 7.50%<br>(a)(b)(h)<br>| GBP | 235 | $329707<br>|
| Capital Markets<br>(b)<br> — 0.1% | Capital Markets<br>(b)<br> — 0.1% | Capital Markets<br>(b)<br> — 0.1% |  |
| Apollo Global Management, Inc., 6.00%, 12/15/54 | USD | 1767 | 1744927 |
| Deutsche Bank AG, 6.75%<br>(a)(h)<br>| EUR | 200 | 240034 |
|  |  |  | 1984961 |
| Diversified Telecommunication Services<br>(a)(b)(h)<br> — 0.0% | Diversified Telecommunication Services<br>(a)(b)(h)<br> — 0.0% | Diversified Telecommunication Services<br>(a)(b)(h)<br> — 0.0% |  |
| Telefonica Europe BV |  |  |  |
| 6.14% |  | 200 | 250796 |
| 6.75% |  | 100 | 129850 |
|  |  |  | 380646 |
| Electric Utilities<br>(b)<br> — 0.3% | Electric Utilities<br>(b)<br> — 0.3% | Electric Utilities<br>(b)<br> — 0.3% |  |
| AES Corp., 7.60%, 01/15/55 | USD | 1441 | 1467526 |
| CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 |  | 482 | 514043 |
| Dominion Energy, Inc., 6.63%, 05/15/55 |  | 335 | 345203 |
| Duke Energy Corp., 6.45%, 09/01/54 |  | 916 | 961414 |
| EDP SA, 4.75%, 05/29/54<br>(a)<br>| EUR | 100 | 121192 |
| Electricite de France SA, 4.38%<br>(a)(h)<br>|  | 100 | 116289 |
| NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/55 | USD | 1275 | 1316115 |
|  |  |  | 4841782 |
| Financial Services<br>(b)<br> — 1.2% | Financial Services<br>(b)<br> — 1.2% | Financial Services<br>(b)<br> — 1.2% |  |
| Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54 |  | 1200 | 1251604 |
| Brookfield Finance, Inc., 6.30%, 01/15/55 |  | 2930 | 2903186 |
| Corebridge Financial, Inc., 6.38%, 09/15/54 |  | 1221 | 1230331 |
| Deutsche Bank AG<br>(a)(h)<br>|  |  |  |
| 7.13% | EUR | 200 | 248664 |
| 7.38% |  | 200 | 252997 |
| Goldman Sachs Group, Inc., 6.85%<br>(h)<br>| USD | 1950 | 2027833 |
| Societe Generale SA, 8.13%<br>(e)(h)<br>|  | 482 | 507518 |
| UBS Group AG<br>(e)(h)<br>|  |  |  |
| 6.60% |  | 800 | 812450 |
| 6.85% |  | 200 | 204505 |
| 7.00% |  | 2600 | 2654795 |
| 7.13% |  | 1000 | 1024765 |
| 7.75% |  | 2000 | 2156064 |
| Series NC10, 9.25% |  | 2000 | 2345514 |
| Series NC5, 9.25% |  | 800 | 877799 |
|  |  |  | 18498025 |
| Independent Power and Renewable Electricity Producers<br>(b)(e)(h)<br> — <br>0.5% | Independent Power and Renewable Electricity Producers<br>(b)(e)(h)<br> — <br>0.5% | Independent Power and Renewable Electricity Producers<br>(b)(e)(h)<br> — <br>0.5% |  |
| NRG Energy, Inc., 10.25% |  | 2614 | 2854072 |
| Vistra Corp., 7.00% |  | 4073 | 4144130 |
|  |  |  | 6998202 |
| Insurance<br>(a)(b)(h)<br> — 0.0% | Insurance<br>(a)(b)(h)<br> — 0.0% | Insurance<br>(a)(b)(h)<br> — 0.0% |  |
| BNP Paribas Cardif SA, 6.00% | EUR | 200 | 236425 |
| NN Group NV, 5.75% |  | 200 | 239297 |
|  |  |  | 475722 |
| Internet Software & Services — 0.0% | Internet Software & Services — 0.0% | Internet Software & Services — 0.0% |  |
| Rakuten Group, Inc., 8.13%<br>(b)(e)(h)<br>| USD | 505 | 520136 |
| Metals & Mining — 0.0% | Metals & Mining — 0.0% | Metals & Mining — 0.0% |  |
| Prysmian SpA, 5.25%<br>(a)(b)(h)<br>| EUR | 150 | 183479 |
| Multi-Utilities<br>(b)<br> — 0.1% | Multi-Utilities<br>(b)<br> — 0.1% | Multi-Utilities<br>(b)<br> — 0.1% |  |
| AltaGas Ltd., 7.20%, 10/15/54<br>(e)<br>| USD | 1135 | 1176702 |
| Centrica PLC, 6.50%, 05/21/55<br>(a)<br>| GBP | 100 | 138840 |
|  |  |  | 1315542 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% |  |
| Energy Transfer LP, Series G, 7.13%<br>(b)(h)<br>| USD | 1280 | $1310660<br>|
| Eni SpA, 4.50%<br>(a)(h)<br>| EUR | 100 | 119341 |
| Sunoco LP, 7.88%<br>(b)(e)(h)<br>| USD | 8323 | 8550010 |
| Var Energi ASA, 7.86%, 11/15/83<br>(a)(b)<br>| EUR | 100 | 129030 |
| Venture Global LNG, Inc., 9.00%<br>(b)(e)(h)<br>| USD | 8019 | 6332850 |
|  |  |  | 16441891 |
| Passenger Airlines — 0.0% | Passenger Airlines — 0.0% | Passenger Airlines — 0.0% |  |
| Air France-KLM, 5.75%<br>(a)(b)(h)<br>| EUR | 100 | 119045 |
| Pharmaceuticals<br>(a)(b)<br> — 0.0% | Pharmaceuticals<br>(a)(b)<br> — 0.0% | Pharmaceuticals<br>(a)(b)<br> — 0.0% |  |
| Bayer AG |  |  |  |
| Series NC5, 6.63%, 09/25/83 |  | 100 | 124728 |
| Series NC8, 7.00%, 09/25/83 |  | 100 | 129125 |
|  |  |  | 253853 |
| Real Estate Management & Development<br>(a)(b)(h)<br> — 0.0% | Real Estate Management & Development<br>(a)(b)(h)<br> — 0.0% | Real Estate Management & Development<br>(a)(b)(h)<br> — 0.0% |  |
| Heimstaden Bostad AB, 2.63% |  | 375 | 428059 |
| Vivion Investments SARL, 8.13% |  | 100 | 108773 |
|  |  |  | 536832 |
| Specialty Retail — 0.0% | Specialty Retail — 0.0% | Specialty Retail — 0.0% |  |
| Unibail-Rodamco-Westfield SE, 4.75%<br>(a)(b)(h)<br>|  | 200 | 239283 |
| Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% |  |
| Poste Italiane SpA, 2.63%<br>(a)(h)<br>|  | 100 | 112687 |
| Utilities<br>(a)<br> — 0.1% | Utilities<br>(a)<br> — 0.1% | Utilities<br>(a)<br> — 0.1% |  |
| Electricite de France SA<br>(b)(h)<br>|  |  |  |
| 3.00% |  | 200 | 231828 |
| 3.38% |  | 200 | 224453 |
| 5.13% |  | 200 | 241368 |
| Enel SpA, 4.25%<br>(h)<br>|  | 125 | 148724 |
| Orsted A/S, 2.50%, 12/31/99<br>(b)<br>| GBP | 100 | 103370 |
| Veolia Environnement SA, 4.32%<br>(b)(h)<br>| EUR | 100 | 116943 |
|  |  |  | 1066686 |
|  |  |  | 84999100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Preferred Stocks — 0.6%<br>(d) | Preferred Stocks — 0.6%<br>(d) | Preferred Stocks — 0.6%<br>(d) |
| Financial Services — 0.1% | Financial Services — 0.1% |  |
| Shift4 Payments, Inc., 6.00% | 6896 | 551749 |
| Insurance — 0.4% | Insurance — 0.4% |  |
| Alliant Cali, Inc., (Acquired 09/25/24, Cost: $5,947,430), <br>12/31/79<br>(c)(p)<br>| 6038 | 6405714 |
| IT Services<br>(c)<br> — 0.0% | IT Services<br>(c)<br> — 0.0% |  |
| Veritas Newco |  |  |
| Series G | 374 | 8789 |
| Series G-1 | 258 | 5934 |
|  |  | 14723 |

---

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| Semiconductors & Semiconductor Equipment — 0.1% | Semiconductors & Semiconductor Equipment — 0.1% |  |
| Microchip Technology, Inc., 7.50% | 32100 | $1870788<br>|
|  |  | 8842974 |
| Total Preferred Securities — 6.0%<br>(Cost: $91,572,390) | Total Preferred Securities — 6.0%<br>(Cost: $91,572,390) | 93842074 |
| Total Long-Term Investments — 126.5%<br>(Cost: $1,940,867,611) | Total Long-Term Investments — 126.5%<br>(Cost: $1,940,867,611) | 1990585205 |
| Short-Term Securities | Short-Term Securities | Short-Term Securities |
| Money Market Funds — 0.1% | Money Market Funds — 0.1% |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br>3.65%<br>(o)(q)<br>| 646102 | 646102 |
| Total Short-Term Securities — 0.1%<br>(Cost: $646,102) | Total Short-Term Securities — 0.1%<br>(Cost: $646,102) | 646102 |
| Total Investments — 126.6%<br>(Cost: $1,941,513,713) | Total Investments — 126.6%<br>(Cost: $1,941,513,713) | 1991231307 |
| Liabilities in Excess of Other Assets — (26.6)% | Liabilities in Excess of Other Assets — (26.6)% | (417881411)<br>|
| Net Assets — 100.0% | Net Assets — 100.0% | $1573349896<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Issuer filed for bankruptcy and/or is in default.

&nbsp;&nbsp;&nbsp;&nbsp;(j) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Zero-coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(o) Affiliate of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(p) Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $6,405,714, representing 0.4% of its net assets as of period end, and an original cost of $5,947,430.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of

1940, as amended, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>12/31/24<br>| Purchases<br>at Cost<br>| Proceeds<br>from Sales<br>| Net<br>Realized<br>Gain (Loss)<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>| Value at<br>12/31/25<br>| Shares<br>Held at<br>12/31/25<br>| Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $—<br>| $646,102<br>(a)<br>| &nbsp;&nbsp;$—<br>| $—<br>| $—<br>| $646102<br>| 646102 | $66027<br>| $—<br>|
| iShares Broad USD High Yield Corporate Bond ETF | 32859136 |  | &nbsp;&nbsp;(14863087)<br>| (58113)<br>| 316583 | 18254519 | 488154 | 1411237 |  |
|  |  |  |  | $(58113)<br>| $316583<br>| $18900621<br>|  | $1477264<br>| $—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>| &nbsp;&nbsp;&nbsp;Expiration<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>| &nbsp;&nbsp;&nbsp;Value/<br>Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Short Contracts<br>|  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$25648<br>| &nbsp;&nbsp;&nbsp;&nbsp;$36214<br>|
| U.S. Long Bond | &nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;16761 | &nbsp;&nbsp;&nbsp;&nbsp;111208 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$147422<br>|

---

Forward Foreign Currency Exchange Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Counterparty | Settlement Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| USD | 65643099 | EUR | 55561000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$127641<br>|
| USD | 710577 | EUR | 602000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 |
| USD | 1646387 | EUR | 1391760 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276 |
| USD | 120444 | EUR | 102000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| USD | 74519 | EUR | 63000 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134039 |
| EUR | 500000 | USD | 591129 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1549)<br>|
| USD | 6014588 | GBP | 4494000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41992)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43541)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90498<br>|

---

Centrally Cleared Credit Default Swaps — Sell Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Received<br>by the Trust<br>| &nbsp;&nbsp;&nbsp;Payment<br>Frequency<br>| &nbsp;&nbsp;&nbsp;Termination<br>Date<br>| &nbsp;&nbsp;&nbsp;Credit<br>Rating<br>(a)<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>(b) | &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>(b) | Value | &nbsp;&nbsp;Upfront<br>Premium<br>Paid<br>(Received)<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>(Depreciation)<br>|
| CDX.NA.HY.45.V1 | 5.00% <br>| Quarterly | 12/20/30 | B- | USD | 21251 | &nbsp;&nbsp;&nbsp;$1653719<br>| &nbsp;&nbsp;&nbsp;$1546978<br>| &nbsp;&nbsp;&nbsp;$106741<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

OTC Credit Default Swaps — Sell Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Received<br>by the Trust<br>| &nbsp;&nbsp;Payment<br>Frequency<br>| Counterparty | Termination<br>Date<br>| Credit<br>Rating<br>(a)<br>| Notional<br>Amount (000)<br>(b) | Notional<br>Amount (000)<br>(b) | Value | Upfront<br>Premium<br>Paid<br>(Received)<br>| Unrealized<br>Appreciation<br>(Depreciation)<br>|
| CMA CGM SA | 5.00% <br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| 06/20/27 | BB+ | EUR | 125 | $8911<br>| $9282<br>| $(371)<br>|
| Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | NR | EUR | 35 | 2101 | (2836)<br>| 4937 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | NR | EUR | 21 | 1263 | (1596)<br>| 2859 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | NR | EUR | 60 | 3549 | (4486)<br>| 8035 |
| Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | NR | EUR | 17 | 1030 | (1331)<br>| 2361 |
| Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | NR | EUR | 36 | 2154 | (2994)<br>| 5148 |
| Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. <br>International PLC<br>| 12/20/27 | NR | EUR | 26 | 1562 | (2089)<br>| 3651 |
| Altice France SA | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC+ | EUR | 31 | 1460 | 1329 | 131 |
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 109 | 17081 | 13126 | 3955 |
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B- | EUR | 140 | 21938 | 17938 | 4000 |
| iTraxx.XO.42.V3 20-35% | 5.00 | Quarterly | Goldman Sachs International | 12/20/29 | B- | EUR | 76 | 11909 | 11991 | (82)<br>|
| Zegona Finance PLC | 5.00 | Quarterly | BNP Paribas SA | 06/20/30 | BB | EUR | 32 | 6132 | 5083 | 1049 |
| Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 32 | 6086 | 3980 | 2106 |
| Faurecia SE | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/30 | BB- | EUR | 139 | 18998 | 13422 | 5576 |
|  |  |  |  |  |  |  |  | $104174<br>| $60819<br>| $43355<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

OTC Total Return Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| Rate/Reference | Frequency | Rate/Reference | Frequency | Counterparty | Effective<br>Date<br>| Termination<br>Date<br>| Notional<br>Amount (000) | Notional<br>Amount (000) | Value | Upfront<br>Premium<br>Paid<br>(Received)<br>| Unrealized<br>Appreciation<br>(Depreciation)<br>|
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx $ Liquid <br>High Yield Index<br>| Quarterly | JPMorgan Chase <br>Bank N.A.<br>| N/A | 03/20/26 | USD | 631 | $36506<br>| $(5939)<br>| $42445<br>|
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx $ Liquid <br>High Yield Index<br>| Quarterly | JPMorgan Chase <br>Bank N.A.<br>| N/A | 03/20/26 | USD | 904 | 53952 | (9378)<br>| 63330 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx $ Liquid <br>High Yield Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 03/20/26 | USD | 693 | 55295 | (3514)<br>| 58809 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx $ Liquid <br>High Yield Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 03/20/26 | USD | 693 | 51812 | (3684)<br>| 55496 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 03/20/26 | USD | 1875 | 77416 | (17649)<br>| 95065 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 03/20/26 | USD | 3750 | 151305 | (35747)<br>| 187052 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx $ Liquid <br>High Yield Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 06/20/26 | USD | 3272 | 87728 | (29711)<br>| 117439 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx $ Liquid <br>High Yield Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 06/20/26 | USD | 4576 | 97262 | (42679)<br>| 139941 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx $ Liquid <br>High Yield Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 06/20/26 | USD | 2290 | 41999 | (22478)<br>| 64477 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx $ Liquid <br>High Yield Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 06/20/26 | USD | 262 | 5436 | (2606)<br>| 8042 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 06/20/26 | USD | 19659 | 365237 | (183357)<br>| 548594 |
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx $ Liquid <br>High Yield Index<br>| Quarterly | Morgan Stanley & Co. <br>International PLC<br>| N/A | 09/20/26 | USD | 693 | 3578 | (6485)<br>| 10063 |
|  |  |  |  |  |  |  |  |  | $1027526<br>| $(363227)<br>| $1390753<br>|

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | <br>Premiums<br>Paid<br>| &nbsp;&nbsp;<br>Premiums<br>Received<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>| &nbsp;&nbsp;Unrealized<br>Depreciation<br>|
| Centrally Cleared Swaps<br>(a)<br>| &nbsp;&nbsp;$1546978<br>| &nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$106741<br>| &nbsp;&nbsp;&nbsp;$—<br>|
| OTC Swaps | &nbsp;&nbsp;76151 | &nbsp;&nbsp;&nbsp;(378559)<br>| &nbsp;&nbsp;&nbsp;1434561 | &nbsp;&nbsp;&nbsp;(453)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Derivative Financial Instruments Categorized by Risk Exposure

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized appreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$147422<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$147422<br>|
| Forward foreign currency exchange contracts<br>Unrealized appreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;134039 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;134039 |
| Swaps — centrally cleared<br>Unrealized appreciation on centrally cleared swaps<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;106741 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;106741 |
| Swaps — OTC<br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;119959 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1390753 | &nbsp;&nbsp;— | &nbsp;&nbsp;1510712 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$226700<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$134039<br>| &nbsp;&nbsp;$1538175<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1898914<br>|
| Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts<br>Unrealized depreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$43541<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$43541<br>|
| Swaps — OTC<br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;15785 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;363227 | &nbsp;&nbsp;— | &nbsp;&nbsp;379012 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$15785<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$43541<br>| &nbsp;&nbsp;$363227<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$422553<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$361422<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$361422<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(4151481)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(4151481)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;1749891 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;186742 | &nbsp;&nbsp;— | &nbsp;&nbsp;1936633 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1749891<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(4151481)<br>| &nbsp;&nbsp;$548164<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(1853426)<br>|
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$115507<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$115507<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(600238)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(600238)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;(287768)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;764349 | &nbsp;&nbsp;— | &nbsp;&nbsp;476581 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(287768)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(600238)<br>| &nbsp;&nbsp;$879856<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(8150)<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — short | &nbsp;&nbsp;$10958504<br>|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp;64220511 |
| Average amounts sold — in USD | &nbsp;&nbsp;210883 |
| Credit default swaps: |  |
| Average notional value — sell protection | &nbsp;&nbsp;34933648 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp;39298000 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp;$73531<br>| &nbsp;&nbsp;&nbsp;&nbsp;$38<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;134039 | &nbsp;&nbsp;&nbsp;&nbsp;43541 |
| Swaps — centrally cleared | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6942 |
| Swaps — OTC<br>(a)<br>| &nbsp;&nbsp;1510712 | &nbsp;&nbsp;&nbsp;&nbsp;379012 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;1718282 | &nbsp;&nbsp;&nbsp;&nbsp;429533 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp;(73531)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(6980)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp;$1644751<br>| &nbsp;&nbsp;&nbsp;&nbsp;$422553<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Received<br>(b)<br>| Cash<br>Collateral<br>Received<br>(b)<br>| Net Amount<br>of Derivative<br>Assets<br>(c)(d)<br>|
| Bank of America N.A. | &nbsp;&nbsp;$4937<br>| &nbsp;&nbsp;$(2836)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$2101<br>|
| Barclays Bank PLC | &nbsp;&nbsp;10894 | &nbsp;&nbsp;(6082)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;4812 |
| BNP Paribas SA | &nbsp;&nbsp;172792 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;172792 |
| Citibank N.A. | &nbsp;&nbsp;2361 | &nbsp;&nbsp;(1331)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1030 |
| Deutsche Bank AG | &nbsp;&nbsp;6807 | &nbsp;&nbsp;(6807)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Goldman Sachs International | &nbsp;&nbsp;11991 | &nbsp;&nbsp;(82)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;11909 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;136657 | &nbsp;&nbsp;(18311)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;118346 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;1298080 | &nbsp;&nbsp;(350370)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(880000)<br>| &nbsp;&nbsp;67710 |
| Natwest Markets PLC | &nbsp;&nbsp;232 | &nbsp;&nbsp;(232)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$1644751<br>| &nbsp;&nbsp;$(386051)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(880000)<br>| &nbsp;&nbsp;$378700<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Bank of America N.A. | &nbsp;&nbsp;$2836<br>| &nbsp;&nbsp;$(2836)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Barclays Bank PLC | &nbsp;&nbsp;6082 | &nbsp;&nbsp;(6082)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Citibank N.A. | &nbsp;&nbsp;1331 | &nbsp;&nbsp;(1331)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Deutsche Bank AG | &nbsp;&nbsp;41992 | &nbsp;&nbsp;(6807)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;35185 |
| Goldman Sachs International | &nbsp;&nbsp;82 | &nbsp;&nbsp;(82)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp;18311 | &nbsp;&nbsp;(18311)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;$350370<br>| &nbsp;&nbsp;$(350370)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Natwest Markets PLC | &nbsp;&nbsp;1549 | &nbsp;&nbsp;(232)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1317 |
|  | &nbsp;&nbsp;$422553<br>| &nbsp;&nbsp;$(386051)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$36502<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

(e) Net amount represents the net amount payable due to 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 at the measurement date. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments<br>|  |  |  |  |
| Long-Term Investments<br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2527862<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2527862<br>|
| Common Stocks<br>|  |  |  |  |
| Electrical Equipment | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Energy Equipment & Services | &nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;826 |
| Health Care Providers & Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9721 | &nbsp;&nbsp;&nbsp;&nbsp;9721 |
| Metals & Mining | &nbsp;&nbsp;3005595 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3005595 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;5256444 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5256444 |
| Real Estate Management & Development | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Specialized REITs | &nbsp;&nbsp;4173711 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4173711 |
| Wireless Telecommunication Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;989575 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;989575 |
| Corporate Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1707518403 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1707518403 |
| Fixed Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21711642 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21711642 |
| Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;128987076 | &nbsp;&nbsp;&nbsp;&nbsp;4307753 | &nbsp;&nbsp;&nbsp;&nbsp;133294829 |
| Investment Companies | &nbsp;&nbsp;18254519 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18254519 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84999100 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84999100 |
| Preferred Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2422537 | &nbsp;&nbsp;&nbsp;&nbsp;6420437 | &nbsp;&nbsp;&nbsp;&nbsp;8842974 |
| Short-Term Securities<br>|  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;646102 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;646102 |
| Unfunded Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10202 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10202 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3214)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3214)<br>|
|  | &nbsp;&nbsp;$31337200<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1949163183<br>| &nbsp;&nbsp;&nbsp;&nbsp;$10737912<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1991238295<br>|
| Derivative Financial Instruments<br>(a)<br>|  |  |  |  |
| Assets<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$150549<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$150549<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;134039 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;134039 |
| Interest Rate Contracts | &nbsp;&nbsp;147422 | &nbsp;&nbsp;&nbsp;&nbsp;1390753 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1538175 |
| Liabilities<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(453)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(453)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(43541)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(43541)<br>|
|  | &nbsp;&nbsp;$147422<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1631347<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1778769<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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.

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Corporate High Yield Fund, Inc. (HYT)

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 $444,000,000 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Common* <br>Stocks<br>| *Corporate* <br>Bonds<br>| *Fixed* <br>*Rate Loan* <br>Interests<br>| *Floating* <br>*Rate Loan* <br>Interests<br>| *Preferred* <br>Stocks<br>| Warrants | *Total*  |
| Assets |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;$1 | $56972 | $14380073 | $7404381 | $16440550 | $30 | $38282007 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;— |  |  |  |  |  |  |
| Transfers out of Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;— | (56972)<br>| (8992000)<br>| (469913)<br>|  |  | (9518885)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;— |  | 4535 | 17027 |  |  | 21562 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;— |  | 39646 | (118241)<br>| (1397111)<br>|  | (1475706)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp;9721 |  | 50940 | (159239)<br>| 1166279 | (30)<br>| 1067671 |
| Purchases | &nbsp;&nbsp;&nbsp;— |  | 471557 | 3546248 |  |  | 4017805 |
| Sales | &nbsp;&nbsp;&nbsp;— |  | (5954751)<br>| (5912510)<br>| (9789281)<br>|  | (21656542)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;$9722 | $— | $— | $4307753 | $6420437 | $— | $10737912 |
| Net change in unrealized appreciation (depreciation) on investments still held at December 31, <br>2025<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;$9721 | $— | $(719)<br>| $654 | $(3673161)<br>| $— | $(3663506)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) As of December 31, 2024, the Fund used significant unobservable inputs in determining the value of certain investments. As of December 31, 2025, the Fund 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.

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

(c) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.

Schedule of Investments

------

Schedule of Investments

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| 1988 CLO Ltd., Series 2023-2A, Class A1R, (3-mo. <br>CME Term SOFR + 1.20%), 5.10%, 04/15/38<br>(a)(b)<br>| USD | 2000 | $1999793<br>|
| 522 Funding CLO Ltd., Series 2019-5A, Class AR, (3-<br>mo. CME Term SOFR + 1.33%), 5.23%, <br>04/15/35<br>(a)(b)<br>|  | 2500 | 2500002 |
| 720 East CLO IV Ltd., Series 2024-1A, Class A1, (3-mo. <br>CME Term SOFR + 1.60%), 5.50%, 04/15/37<br>(a)(b)<br>|  | 2000 | 2007150 |
| AB BSL CLO Ltd., Series 2021-3A, Class A1R, (3-mo. <br>CME Term SOFR + 1.25%), 5.13%, 04/20/38<br>(a)(b)<br>|  | 1500 | 1503602 |
| AGL CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2022-20A, Class A1R, (3-mo. CME Term <br>SOFR + 1.37%), 5.25%, 10/20/37<br>|  | 1000 | 1003715 |
| Series 2024-34A, Class A1, (3-mo. CME Term SOFR <br>+ 1.34%), 5.20%, 01/22/38<br>|  | 1000 | 1003349 |
| Anchorage Capital CLO Ltd., Series 2025-32A, Class D, <br>(3-mo. CME Term SOFR + 3.95%), 8.07%, <br>07/15/37<br>(a)(b)<br>|  | 1000 | 1009824 |
| Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. <br>CME Term SOFR + 1.39%), 5.25%, 10/22/34<br>(a)(b)<br>|  | 3000 | 3003001 |
| ARES Loan Funding V Ltd., Series 2024-ALF5A, <br>Class A1, (3-mo. CME Term SOFR + 1.50%), 5.36%, <br>07/27/37<br>(a)(b)<br>|  | 1000 | 1003284 |
| ARES XXXIX CLO Ltd., Series 2016-39A, Class AR3, <br>(3-mo. CME Term SOFR + 1.42%), 5.30%, <br>07/18/37<br>(a)(b)<br>|  | 1000 | 1003647 |
| Atlas Senior Loan Fund XII Ltd., Series 2018-12A, <br>Class A1, (3-mo. CME Term SOFR + 1.44%), 5.31%, <br>10/24/31<br>(a)(b)<br>|  | 20 | 19954 |
| Ballyrock CLO Ltd., Series 2024-22A, Class A2, (3-mo. <br>CME Term SOFR + 1.95%), 5.85%, 04/15/37<br>(a)(b)<br>|  | 1000 | 1004208 |
| Benefit Street Partners CLO XVI Ltd., Series 2018-16A, <br>Class A1R2, (3-mo. CME Term SOFR + 1.32%), <br>5.20%, 01/17/38<br>(a)(b)<br>|  | 1000 | 1003450 |
| Benefit Street Partners CLO XXIX Ltd., Series 2022-<br>29A, Class AR, (3-mo. CME Term SOFR + 1.18%), <br>5.04%, 01/25/38<br>(a)(b)<br>|  | 1000 | 999527 |
| Birch Grove CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 19A, Class A1RR, (3-mo. CME Term SOFR + <br>1.59%), 5.47%, 07/17/37<br>|  | 1000 | 1003745 |
| Series 2021-3A, Class BR, (3-mo. CME Term SOFR <br>+ 1.60%), 5.48%, 01/19/38<br>|  | 1000 | 1001876 |
| Series 2025-12A, Class A1, (3-mo. CME Term SOFR <br>+ 1.17%), 5.03%, 04/22/38<br>|  | 1250 | 1249029 |
| Bryant Park Funding Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2023-21A, Class AR, (3-mo. CME Term SOFR <br>+ 1.27%), 5.18%, 10/18/38<br>|  | 1000 | 1002210 |
| Series 2024-22A, Class C, (3-mo. CME Term SOFR + <br>2.60%), 6.50%, 04/15/37<br>|  | 1500 | 1507951 |
| Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, <br>(3-mo. CME Term SOFR + 1.07%), 4.95%, <br>07/18/34<br>(a)(b)<br>|  | 1000 | 999508 |
| Carlyle U.S. CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2017-3A, Class A1R2, (3-mo. CME Term <br>SOFR + 1.40%), 5.27%, 10/21/37<br>|  | 1500 | 1506127 |
| Series 2019-2A, Class AR2, (3-mo. CME Term SOFR <br>+ 1.36%), 5.26%, 10/15/37<br>|  | 2000 | 2007194 |
| Series 2021-11A, Class A1R, (3-mo. CME Term <br>SOFR + 1.41%), 5.27%, 07/25/37<br>|  | 2000 | 2006990 |
| CarVal CLO I Ltd., Series 2018-1A, Class D, (3-mo. <br>CME Term SOFR + 3.15%), 7.05%, 07/16/31<br>(a)(b)<br>|  | 500 | 500198 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| CIFC Funding Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2014-2RA, Class AR, (3-mo. CME Term SOFR <br>+ 1.36%), 5.23%, 10/24/37<br>| USD | 1000 | $1003001<br>|
| Series 2015-4A, Class A1A2, (3-mo. CME Term <br>SOFR + 1.33%), 5.22%, 04/20/34<br>|  | 1000 | 1001712 |
| Series 2019-5A, Class BR2, (3-mo. CME Term SOFR <br>+ 1.65%), 5.74%, 10/15/38<br>|  | 1000 | 1005033 |
| Series 2020-2A, Class AR, (3-mo. CME Term SOFR <br>+ 1.43%), 5.32%, 10/20/34<br>|  | 1200 | 1200365 |
| Series 2024-1A, Class A, (3-mo. CME Term SOFR + <br>1.50%), 5.38%, 04/18/37<br>|  | 1500 | 1504871 |
| Clover CLO LLC, Series 2018-1A, Class A1RR, (3-mo. <br>CME Term SOFR + 1.53%), 5.41%, 04/20/37<br>(a)(b)<br>|  | 3500 | 3511756 |
| Diameter Capital CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2021-1A, Class A1R, (3-mo. CME Term SOFR <br>+ 1.39%), 5.29%, 10/15/37<br>|  | 2800 | 2810421 |
| Series 2025-10A, Class A, (3-mo. CME Term SOFR + <br>1.31%), 5.19%, 04/20/38<br>|  | 1500 | 1504626 |
| Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. <br>CME Term SOFR + 2.40%), 6.28%, 04/18/37<br>(a)(b)<br>|  | 1000 | 1004745 |
| Elmwood CLO 29 Ltd., Series 2024-5A, Class AR1, <br>(3-mo. CME Term SOFR + 1.52%), 5.40%, <br>04/20/37<br>(a)(b)<br>|  | 1000 | 1003445 |
| Elmwood CLO 37 Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2024-13A, Class C, (3-mo. CME Term SOFR + <br>1.70%), 5.58%, 01/17/38<br>|  | 1000 | 1001224 |
| Series 2024-13A, Class D1, (3-mo. CME Term SOFR <br>+ 2.60%), 6.48%, 01/17/38<br>|  | 1000 | 1005931 |
| Elmwood CLO 38 Ltd., Series 2025-1A, Class A, (3-mo. <br>CME Term SOFR + 1.15%), 5.01%, 04/22/38<br>(a)(b)<br>|  | 1000 | 998915 |
| Elmwood CLO II Ltd., Series 2019-2A, Class A1RR, <br>(3-mo. CME Term SOFR + 1.35%), 5.23%, <br>10/20/37<br>(a)(b)<br>|  | 2000 | 2006931 |
| Elmwood CLO VII Ltd., Series 2020-4A, Class A1RR, <br>(3-mo. CME Term SOFR + 1.36%), 5.24%, <br>10/17/37<br>(a)(b)<br>|  | 2000 | 2007112 |
| Elmwood CLO XI Ltd., Series 2021-4A, Class BR, (3-<br>mo. CME Term SOFR + 1.55%), 5.43%, <br>01/20/38<br>(a)(b)<br>|  | 1250 | 1253127 |
| Elmwood CLO XII Ltd., Series 2021-5A, Class BR, (3-<br>mo. CME Term SOFR + 1.70%), 5.60%, <br>10/15/37<br>(a)(b)<br>|  | 2000 | 2007330 |
| GoldenTree Loan Management U.S. CLO Ltd., <br>Series 2025-24A, Class A, (3-mo. CME Term SOFR + <br>1.15%), 5.03%, 10/20/38<br>(a)(b)<br>|  | 1000 | 998766 |
| Golub Capital Partners CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2019-41A, Class AR2, (3-mo. CME Term <br>SOFR + 1.33%), 5.21%, 07/20/38<br>|  | 1000 | 1003463 |
| Series 2019-43A, Class A1R, (3-mo. CME Term <br>SOFR + 1.34%), 5.22%, 10/20/37<br>|  | 1500 | 1505770 |
| Series 2020-48A, Class A1R, (3-mo. CME Term <br>SOFR + 1.31%), 5.19%, 04/17/38<br>|  | 1500 | 1504943 |
| Series 2021-58A, Class A1R, (3-mo. CME Term <br>SOFR + 1.28%), 5.51%, 10/25/37<br>|  | 1000 | 1002504 |
| Series 2024-76A, Class A1, (3-mo. CME Term SOFR <br>+ 1.37%), 5.23%, 10/25/37<br>|  | 1500 | 1505457 |
| HalseyPoint CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2021-4A, Class A, (3-mo. CME Term SOFR + <br>1.48%), 5.37%, 04/20/34<br>|  | 2000 | 2001056 |
| Series 2021-5A, Class A1A, (3-mo. CME Term SOFR <br>+ 1.47%), 5.31%, 01/30/35<br>|  | 1000 | 1000683 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| Kennedy Lewis CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2024-17A, Class A1, (3-mo. CME Term SOFR <br>+ 1.40%), 5.26%, 10/22/37<br>| USD | 3000 | $3011572<br>|
| Series 7A, Class BR, (3-mo. CME Term SOFR + <br>2.20%), 6.06%, 04/22/37<br>|  | 1000 | 1002052 |
| Series 8A, Class A1R2, (3-mo. CME Term SOFR + <br>1.38%), 5.26%, 01/20/38<br>|  | 2750 | 2759946 |
| Series 9A, Class AR, (3-mo. CME Term SOFR + <br>1.35%), 5.23%, 01/20/38<br>|  | 1000 | 1003358 |
| Madison Park Funding L Ltd., Series 2021-50A, Class A, <br>(3-mo. CME Term SOFR + 1.40%), 5.29%, <br>04/19/34<br>(a)(b)<br>|  | 2520 | 2520861 |
| Madison Park Funding LIX Ltd., Series 2021-59A, <br>Class A1R, (3-mo. CME Term SOFR + 1.50%), <br>5.38%, 04/18/37<br>(a)(b)<br>|  | 1000 | 1003066 |
| Madison Park Funding LVIII Ltd., Series 2024-58A, <br>Class B, (3-mo. CME Term SOFR + 1.95%), 5.81%, <br>04/25/37<br>(a)(b)<br>|  | 1000 | 1002840 |
| Madison Park Funding LXXI Ltd., Series 2025-71A, <br>Class A1, (3-mo. CME Term SOFR + 1.14%), 5.00%, <br>04/23/38<br>(a)(b)<br>|  | 2500 | 2496682 |
| Marathon CLO Ltd., Series 2020-15ARRR, Class C1R3, <br>(3-mo. CME Term SOFR + 3.20%), 7.05%, <br>08/15/37<br>(a)(b)<br>|  | 1500 | 1507532 |
| Neuberger Berman Loan Advisers CLO Ltd., <br>Series 2021-46A, Class BR, (3-mo. CME Term SOFR <br>+ 1.50%), 5.38%, 01/20/37<br>(a)(b)<br>|  | 1450 | 1452378 |
| New Mountain CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series CLO-3A, Class A1R, (3-mo. CME Term SOFR <br>+ 1.33%), 5.21%, 10/20/38<br>|  | 1500 | 1504168 |
| Series CLO-5A, Class AR, (3-mo. CME Term SOFR + <br>1.25%), 5.13%, 07/20/36<br>|  | 2500 | 2504899 |
| Series CLO-7A, Class A1, (3-mo. CME Term SOFR + <br>1.20%), 5.08%, 03/31/38<br>|  | 1500 | 1499840 |
| OCP CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2015-10A, Class AR3, (3-mo. CME Term <br>SOFR + 1.31%), 5.17%, 01/26/38<br>|  | 1000 | 1003521 |
| Series 2020-19A, Class A1R2, (3-mo. CME Term <br>SOFR + 1.18%), 5.06%, 04/20/38<br>|  | 2000 | 1998502 |
| Octagon Investment Partners 26 Ltd., Series 2016-1A, <br>Class DR, (3-mo. CME Term SOFR + 3.11%), 7.02%, <br>07/15/30<br>(a)(b)<br>|  | 500 | 501454 |
| Octagon Investment Partners 34 Ltd., Series 2017-1A, <br>Class B1, (3-mo. CME Term SOFR + 1.66%), 5.55%, <br>01/20/30<br>(a)(b)<br>|  | 942 | 942539 |
| Octagon Investment Partners XVII Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2013-1A, Class BR2, (3-mo. CME Term SOFR <br>+ 1.66%), 5.52%, 01/25/31<br>|  | 707 | 707429 |
| Series 2013-1A, Class CR2, (3-mo. CME Term SOFR <br>+ 1.96%), 5.82%, 01/25/31<br>|  | 1000 | 1002435 |
| OHA Credit Funding Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2019-3A, Class AR2, (3-mo. CME Term SOFR <br>+ 1.32%), 5.20%, 01/20/38<br>|  | 1750 | 1755494 |
| Series 2020-5AR, Class AR, (3-mo. CME Term SOFR <br>+ 1.35%), 5.23%, 10/18/37<br>|  | 1000 | 1003421 |
| Series 2020-7A, Class A1R2, (3-mo. CME Term <br>SOFR + 1.28%), 5.16%, 07/19/38<br>|  | 1000 | 1002738 |
| OHA Credit Partners XII Ltd., Series 2015-12AR, <br>Class D1R2, (3-mo. CME Term SOFR + 3.50%), <br>7.36%, 04/23/37<br>(a)(b)<br>|  | 600 | 600212 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| OHA Credit Partners XVI, Series 2021-16A, Class AR, <br>(3-mo. CME Term SOFR + 1.35%), 5.23%, <br>10/18/37<br>(a)(b)<br>| USD | 750 | $752621<br>|
| Palmer Square CLO Ltd., Series 2021-4A, Class BR, <br>(3-mo. CME Term SOFR + 1.70%), 5.60%, <br>07/15/38<br>(a)(b)<br>|  | 2500 | 2509942 |
| Post CLO Ltd., Series 2024-1, Class A1, (3-mo. CME <br>Term SOFR + 1.60%), 5.48%, 04/20/37<br>(a)(b)<br>|  | 2000 | 2007046 |
| Rad CLO Ltd., Series 2024-25A, Class A1, (3-mo. CME <br>Term SOFR + 1.46%), 5.34%, 07/20/37<br>(a)(b)<br>|  | 1500 | 1504970 |
| Regatta VI Funding Ltd., Series 2016-1A, Class A1R3, <br>(3-mo. CME Term SOFR + 1.25%), 5.21%, <br>10/20/38<br>(a)(b)<br>|  | 2000 | 2004938 |
| Regatta XI Funding Ltd., Series 2018-1A, Class AR, <br>(3-mo. CME Term SOFR + 1.40%), 5.28%, <br>07/17/37<br>(a)(b)<br>|  | 3000 | 3009768 |
| Regatta XII Funding Ltd., Series 2019-1A, Class ARR, <br>(3-mo. CME Term SOFR + 1.39%), 5.29%, <br>10/15/37<br>(a)(b)<br>|  | 1500 | 1505870 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, <br>(3-mo. CME Term SOFR + 1.55%), 5.45%, <br>04/15/38<br>(a)(b)<br>|  | 1000 | 1002594 |
| Regatta XXIV Funding Ltd., Series 2021-5A, Class AR, <br>(3-mo. CME Term SOFR + 1.32%), 5.20%, <br>01/20/38<br>(a)(b)<br>|  | 2000 | 2006390 |
| Regatta XXVII Funding Ltd., Series 2024-1A, Class A1, <br>(3-mo. CME Term SOFR + 1.53%), 5.39%, <br>04/26/37<br>(a)(b)<br>|  | 2000 | 2007077 |
| Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, <br>(3-mo. CME Term SOFR + 1.55%), 5.41%, <br>04/25/37<br>(a)(b)<br>|  | 1500 | 1503752 |
| Rockford Tower CLO Ltd., Series 2017-3A, Class A, <br>(3-mo. CME Term SOFR + 1.45%), 5.34%, <br>10/20/30<br>(a)(b)<br>|  | 199 | 198663 |
| RR Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2018-5A, Class CR, (3-mo. CME Term SOFR <br>+ 3.60%), 7.50%, 07/15/39<br>|  | 650 | 650524 |
| Series 2022-21A, Class A1AR, (3-mo. CME Term <br>SOFR + 1.40%), 5.30%, 07/15/39<br>|  | 1000 | 1003282 |
| Series 2024-29RA, Class A2R, (3-mo. CME Term <br>SOFR + 1.70%), 5.60%, 07/15/39<br>|  | 2000 | 2007569 |
| Signal Peak CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2020-8A, Class A1R, (3-mo. CME Term SOFR <br>+ 1.39%), 5.27%, 10/20/37<br>|  | 6000 | 6021762 |
| Series 2024-14A, Class A, (3-mo. CME Term SOFR + <br>1.30%), 5.16%, 01/22/38<br>|  | 2000 | 2006578 |
| Silver Point CLO Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2024-4A, Class A1, (3-mo. CME Term SOFR + <br>1.63%), 5.53%, 04/15/37<br>|  | 1000 | 1003277 |
| Series 2025-9A, Class A1, (3-mo. CME Term SOFR + <br>1.52%), 5.81%, 03/31/38<br>|  | 1500 | 1504992 |
| Sixth Street CLO XII Ltd., Series 2018-12A, Class BR2, <br>(3-mo. CME Term SOFR + 1.60%), 5.37%, <br>01/17/39<br>(a)(b)<br>|  | 1000 | 1002422 |
| Sixth Street CLO XIV Ltd., Series 2019-14A, Class BR2, <br>(3-mo. CME Term SOFR + 1.50%), 5.37%, <br>01/20/38<br>(a)(b)<br>|  | 1750 | 1754341 |
| Symphony CLO 36 Ltd., Series 2017-2A, Class A, (3-<br>mo. CME Term SOFR + 1.41%), 5.31%, <br>01/16/31<br>(a)(b)<br>|  | 57 | 57026 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) | Asset-Backed Securities (continued) |
| TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. <br>CME Term SOFR + 1.38%), 5.29%, 01/15/34<br>(a)(b)<br>| USD | 2000 | $2000621<br>|
| Trestles CLO VII Ltd., Series 2024-7A, Class A1, (3-mo. <br>CME Term SOFR + 1.38%), 5.24%, 10/25/37<br>(a)(b)<br>|  | 1388 | 1392657 |
| Trimaran CAVU Ltd.<br>(a)(b)<br>|  |  |  |
| Series 2021-2A, Class B1, (3-mo. CME Term SOFR + <br>2.01%), 5.87%, 10/25/34<br>|  | 1500 | 1500181 |
| Series 2022-2A, Class AR, (3-mo. CME Term SOFR <br>+ 1.24%), 5.12%, 03/27/38<br>|  | 1000 | 1001520 |
| Warwick Capital CLO Ltd., Series 2024-4A, Class A1, <br>(3-mo. CME Term SOFR + 1.40%), 5.28%, <br>07/20/37<br>(a)(b)<br>|  | 1000 | 1003828 |
| Whitebox CLO II Ltd., Series 2020-2A, Class A1R2, <br>(3-mo. CME Term SOFR + 1.38%), 5.25%, <br>10/24/37<br>(a)(b)<br>|  | 1500 | 1505305 |
| Total Asset-Backed Securities — 13.9%<br>(Cost: $146,587,488) | Total Asset-Backed Securities — 13.9%<br>(Cost: $146,587,488) | Total Asset-Backed Securities — 13.9%<br>(Cost: $146,587,488) | 147418976 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Common Stocks | Common Stocks | Common Stocks |
| Entertainment — 0.0% | Entertainment — 0.0% |  |
| Learfield Communications LLC, (Acquired 09/06/23, <br>Cost: $5,212)<br>(c)(d)(e)<br>| 415 | 46480 |
| Financial Services — 0.0% | Financial Services — 0.0% |  |
| Aimbridge Acquisition Co., Inc.<br>(c)(d)<br>| 667 | 44870 |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc.<br>(d)<br>| 99 | 82 |
| Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% |  |
| Fortrex Equity<br>(c)(d)<br>| 895 | 24165 |
| IT Services — 0.0% | IT Services — 0.0% |  |
| Travelport LLC<br>(c)(d)<br>| 25 | 73467 |
| Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% |  |
| TMK Hawk Midco Corp.<br>(c)(d)<br>| 934 | 6542 |
| Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% |  |
| Altice France Lux 3<br>(d)<br>| 13720 | 241631 |
| Total Common Stocks — 0.0%<br>(Cost: $439,472) | Total Common Stocks — 0.0%<br>(Cost: $439,472) | 437237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| Corporate Bonds | Corporate Bonds | Corporate Bonds | Corporate Bonds |
| Advertising Agencies<br>(b)<br> — 0.8% | Advertising Agencies<br>(b)<br> — 0.8% | Advertising Agencies<br>(b)<br> — 0.8% | Advertising Agencies<br>(b)<br> — 0.8% |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |
| 7.75%, 04/15/28 | USD | 1401 | 1402034 |
| 7.50%, 06/01/29<br>(f)<br>|  | 380 | 377322 |
| 7.88%, 04/01/30<br>(f)<br>|  | 901 | 948927 |
| 7.13%, 02/15/31 |  | 1124 | 1176989 |
| 7.50%, 03/15/33 |  | 1306 | 1379516 |
| CMG Media Corp., 8.88%, 06/18/29 |  | 54 | 46389 |
| Lamar Media Corp., 5.38%, 11/01/33 |  | 269 | 267237 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29 |  | 54 | 54092 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Advertising Agencies (continued) | Advertising Agencies (continued) | Advertising Agencies (continued) | Advertising Agencies (continued) |
| Omnicom Group, Inc., 5.40%, 10/01/48<br>(f)<br>| USD | 2215 | $2050948<br>|
| Outfront Media Capital LLC/Outfront Media Capital <br>Corp.<br>|  |  |  |
| 5.00%, 08/15/27 |  | 119 | 119172 |
| 4.25%, 01/15/29<br>(f)<br>|  | 373 | 363260 |
| 4.63%, 03/15/30<br>(f)<br>|  | 176 | 171802 |
| 7.38%, 02/15/31 |  | 359 | 379987 |
| Stagwell Global LLC, 5.63%, 08/15/29 |  | 209 | 203806 |
|  |  |  | 8941481 |
| Aerospace & Defense — 3.5% | Aerospace & Defense — 3.5% | Aerospace & Defense — 3.5% | Aerospace & Defense — 3.5% |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<br>(b)<br>|  | 350 | 362194 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27 |  | 253 | 253297 |
| 7.25%, 08/15/30 |  | 657 | 694105 |
| 5.13%, 10/01/31 |  | 656 | 656440 |
| Boeing Co.<br>(f)<br>|  |  |  |
| 5.15%, 05/01/30 |  | 6775 | 6961381 |
| 7.01%, 05/01/64 |  | 2285 | 2596332 |
| Bombardier, Inc.<br>(b)<br>|  |  |  |
| 8.75%, 11/15/30 |  | 576 | 622315 |
| 7.25%, 07/01/31 |  | 165 | 175832 |
| 7.00%, 06/01/32<br>(f)<br>|  | 362 | 382504 |
| 6.75%, 06/15/33 |  | 436 | 460846 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br>02/15/32<br>(b)<br>|  | 1270 | 1282840 |
| General Dynamics Corp., 4.25%, 04/01/50<br>(f)<br>|  | 1260 | 1062790 |
| Goat Holdco LLC, 6.75%, 02/01/32<br>(b)<br>|  | 452 | 464233 |
| Moog, Inc., 4.25%, 12/15/27<br>(b)<br>|  | 320 | 316933 |
| Northrop Grumman Corp.<br>(f)<br>|  |  |  |
| 4.03%, 10/15/47 |  | 2400 | 1927792 |
| 5.25%, 05/01/50 |  | 3050 | 2878280 |
| RTX Corp.<br>(f)<br>|  |  |  |
| 4.63%, 11/16/48 |  | 2805 | 2443530 |
| 3.13%, 07/01/50 |  | 3545 | 2385819 |
| 6.40%, 03/15/54 |  | 1100 | 1210511 |
| TransDigm, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/28 |  | 1695 | 1724859 |
| 6.38%, 03/01/29 |  | 2462 | 2538984 |
| 6.63%, 03/01/32 |  | 1240 | 1290120 |
| 6.00%, 01/15/33 |  | 1068 | 1093066 |
| 6.38%, 05/31/33 |  | 876 | 898887 |
| 6.25%, 01/31/34 |  | 250 | 259420 |
| 6.75%, 01/31/34 |  | 1763 | 1836489 |
|  |  |  | 36779799 |
| Air Freight & Logistics<br>(b)<br> — 0.0% | Air Freight & Logistics<br>(b)<br> — 0.0% | Air Freight & Logistics<br>(b)<br> — 0.0% | Air Freight & Logistics<br>(b)<br> — 0.0% |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 311 | 324016 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 152 | 160861 |
|  |  |  | 484877 |
| Automobile Components — 0.6% | Automobile Components — 0.6% | Automobile Components — 0.6% | Automobile Components — 0.6% |
| American Axle & Manufacturing, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 10/15/32 |  | 195 | 198599 |
| 7.75%, 10/15/33 |  | 203 | 206771 |
| Clarios Global LP/Clarios U.S. Finance Co.<br>(b)<br>|  |  |  |
| 6.75%, 05/15/28 |  | 1071 | 1098177 |
| 6.75%, 02/15/30 |  | 475 | 495810 |
| 4.75%, 06/15/31 | EUR | 250 | 297983 |
| 6.75%, 09/15/32 | USD | 879 | 911516 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 |  | 117 | 113285 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Automobile Components (continued) | Automobile Components (continued) | Automobile Components (continued) | Automobile Components (continued) |
| Dana, Inc.<br>(continued)<br>|  |  |  |
| 4.50%, 02/15/32 | USD | 178 | $170864<br>|
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br>05/31/32<br>(b)<br>|  | 109 | 115853 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 5.00%, 07/15/29<br>(f)<br>|  | 207 | 204527 |
| 6.63%, 07/15/30 |  | 213 | 218119 |
| 5.25%, 04/30/31 |  | 18 | 17281 |
| 5.63%, 04/30/33 |  | 53 | 50202 |
| Motherson Global Investments BV, 5.63%, 07/11/29<br>(g)<br>|  | 275 | 280302 |
| Qnity Electronics, Inc.<br>(b)<br>|  |  |  |
| 5.75%, 08/15/32 |  | 360 | 368081 |
| 6.25%, 08/15/33 |  | 279 | 289198 |
| SK On Co. Ltd., 5.38%, 05/11/26<br>(g)<br>|  | 200 | 200776 |
| Tenneco, Inc., 8.00%, 11/17/28<br>(b)<br>|  | 683 | 685186 |
|  |  |  | 5922530 |
| Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% | Automobiles — 1.9% |
| Allison Transmission, Inc., 5.88%, 12/01/33<br>(b)<br>|  | 206 | 209000 |
| Asbury Automotive Group, Inc. |  |  |  |
| 4.50%, 03/01/28 |  | 221 | 220365 |
| 5.00%, 02/15/32<br>(b)<br>|  | 100 | 97180 |
| Carvana Co.<br>(b)(h)<br>|  |  |  |
| (11.00% Cash or 13.00% PIK), 9.00%, 06/01/30 |  | 1010 | 1059071 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 1999 | 2255306 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<br>(b)<br>|  | 264 | 282235 |
| Ford Motor Co. |  |  |  |
| 3.25%, 02/12/32 |  | 171 | 150680 |
| 6.10%, 08/19/32 |  | 3129 | 3224013 |
| General Motors Co.<br>(f)<br>|  |  |  |
| 6.25%, 10/02/43 |  | 940 | 953184 |
| 5.95%, 04/01/49 |  | 3455 | 3353103 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd., 11.50%, <br>08/15/29<br>(b)<br>|  | 200 | 209439 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<br>(b)<br>|  | 90 | 92609 |
| Hyundai Capital America<br>(g)<br>|  |  |  |
| 5.50%, 03/30/26 |  | 200 | 200645 |
| 2.38%, 10/15/27 |  | 200 | 194040 |
| Hyundai Capital Services, Inc., 5.13%, 02/05/29<br>(g)<br>|  | 225 | 229592 |
| Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 |  | 500 | 494123 |
| LCM Investments Holdings II LLC<br>(b)(f)<br>|  |  |  |
| 4.88%, 05/01/29 |  | 406 | 399996 |
| 8.25%, 08/01/31 |  | 320 | 338462 |
| Lithia Motors, Inc., 5.50%, 10/01/30<br>(b)<br>|  | 223 | 223886 |
| Nissan Motor Acceptance Co. LLC |  |  |  |
| 6.95%, 09/15/26<br>(b)(f)<br>|  | 3265 | 3300933 |
| 6.95%, 09/15/26<br>(g)<br>|  | 75 | 75825 |
| 7.05%, 09/15/28 |  | 150 | 155135 |
| 6.13%, 09/30/30<br>(b)<br>|  | 575 | 575080 |
| Nissan Motor Co. Ltd. |  |  |  |
| 4.81%, 09/17/30 |  | 200 | 188500 |
| 7.75%, 07/17/32<br>(b)<br>|  | 266 | 282548 |
| 6.38%, 07/17/33<br>(b)<br>| EUR | 190 | 228999 |
| 8.13%, 07/17/35<br>(b)<br>| USD | 789 | 838409 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, <br>10.00%, 01/15/31<br>(b)<br>|  | 301 | 295901 |
| TML Holdings Pte. Ltd., 4.35%, 06/09/26<br>(g)<br>|  | 200 | 198900 |
|  |  |  | 20327159 |
| Banks — 5.7% | Banks — 5.7% | Banks — 5.7% | Banks — 5.7% |
| ABQ Finance Ltd., 4.95%, 03/25/30<br>(g)<br>|  | 250 | 255220 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Banks (continued) | Banks (continued) | Banks (continued) | Banks (continued) |
| Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27<br>(g)<br>| USD | 212 | $210279<br>|
| Agricultural Bank of China Ltd., 1.25%, 01/19/26<br>(g)<br>|  | 200 | 199720 |
| Al Rajhi Sukuk Ltd., (5-year CMT + 2.00%), 5.65%, <br>03/16/36<br>(a)(g)<br>|  | 200 | 201578 |
| ANB Tier 1 Sukuk Co. Ltd., (5-year CMT + 2.60%), <br>6.40%<br>(a)(g)(i)<br>|  | 200 | 201752 |
| Australia & New Zealand Banking Group Ltd.<br>(a)<br>|  |  |  |
| (1-day SOFR + 0.68%), 4.64%, 07/16/27<br>(g)<br>|  | 200 | 200994 |
| (5-year CMT + 1.70%), 2.57%, 11/25/35<br>(b)(f)<br>|  | 5445 | 4896476 |
| Bangkok Bank PCL<br>(g)<br>|  |  |  |
| 4.45%, 09/19/28 |  | 200 | 201538 |
| (5-year CMT + 1.90%), 3.73%, 09/25/34<br>(a)<br>|  | 200 | 189762 |
| Bank Mandiri Persero Tbk PT, 5.50%, 04/04/26<br>(g)<br>|  | 200 | 200622 |
| Bank Negara Indonesia Persero Tbk PT, 3.75%, <br>03/30/26<br>(g)<br>|  | 200 | 198250 |
| Bank of China Ltd., 1.40%, 04/28/26<br>(g)<br>|  | 200 | 198196 |
| Bank of East Asia Ltd.<br>(a)(g)<br>|  |  |  |
| (1-year CMT + 2.30%), 6.63%, 03/13/27 |  | 250 | 250915 |
| (5-year CMT + 2.30%), 4.88%, 04/22/32 |  | 750 | 749475 |
| BPCE SA, (1-day SOFR + 2.61%), 6.92%, 01/14/46<br>(a)(b)<br>|  | 3095 | 3302099 |
| BSF Finance, (5-year CMT + 2.00%), 5.76%, <br>09/03/35<br>(a)(g)<br>|  | 400 | 399540 |
| China CITIC Bank International Ltd., (5-year CMT + <br>1.65%), 6.00%, 12/05/33<br>(a)(g)<br>|  | 250 | 261137 |
| First Abu Dhabi Bank PJSC, 5.00%, 02/28/29<br>(g)<br>|  | 200 | 205188 |
| Intesa Sanpaolo SpA, 5.71%, 01/15/26<br>(b)<br>|  | 9840 | 9844739 |
| Kasikornbank PCL/Hong Kong, (5-year CMT + 1.70%), <br>3.34%, 10/02/31<br>(a)(g)<br>|  | 468 | 462080 |
| KeyCorp, (1-day SOFR Index + 2.42%), 6.40%, <br>03/06/35<br>(a)<br>|  | 1995 | 2166960 |
| KODIT Global Co. Ltd., Series 2023-1, 4.95%, <br>05/25/26<br>(g)<br>|  | 200 | 200504 |
| Kookmin Bank, 5.25%, 05/08/29<br>(g)<br>|  | 200 | 207310 |
| Macquarie Bank Ltd., 6.80%, 01/18/33<br>(b)(f)<br>|  | 5110 | 5583886 |
| Metropolitan Bank & Trust Co.<br>(g)<br>|  |  |  |
| 5.38%, 03/06/29 |  | 320 | 329500 |
| 5.50%, 03/06/34 |  | 275 | 286172 |
| Nanyang Commercial Bank Ltd., (5-year CMT + 2.10%), <br>6.00%, 08/06/34<br>(a)(g)<br>|  | 250 | 257523 |
| NongHyup Bank, 4.00%, 01/06/26<br>(g)<br>|  | 200 | 199960 |
| Philippine National Bank, 4.85%, 10/23/29<br>(g)<br>|  | 200 | 202500 |
| Riyad Sukuk Ltd., (5-year CMT + 2.25%), 6.21%, <br>07/14/35<br>(a)(g)<br>|  | 400 | 408800 |
| Saudi Awwal Bank, (5-year CMT + 2.20%), 5.95%, <br>09/04/35<br>(a)(g)<br>|  | 200 | 202500 |
| Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26<br>(g)<br>|  | 200 | 199840 |
| Standard Chartered PLC<br>(a)(g)<br>|  |  |  |
| (1-day SOFR + 1.68%), 5.49%, 05/13/31 |  | 400 | 408180 |
| (1-year CMT + 2.10%), 6.10%, 01/11/35 |  | 200 | 213968 |
| Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, <br>07/31/84<br>(a)<br>|  | 8570 | 9002108 |
| Truist Financial Corp., (1-day SOFR + 2.05%), 6.05%, <br>06/08/27<br>(a)<br>|  | 9310 | 9384911 |
| United Overseas Bank Ltd., 1.25%, 04/14/26<br>(g)<br>|  | 200 | 198412 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<br>(b)<br>|  | 192 | 196977 |
| Wells Fargo & Co.<br>(f)<br>|  |  |  |
| 5.61%, 01/15/44 |  | 4119 | 4081107 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Banks (continued) | Banks (continued) | Banks (continued) | Banks (continued) |
| Wells Fargo & Co.<br>(f)<br>(continued)<br>|  |  |  |
| (1-day SOFR + 1.51%), 3.53%, 03/24/28<br>(a)<br>| USD | 4075 | $4048508<br>|
| Westpac Banking Corp., (1-day SOFR + 0.81%), 4.77%, <br>04/16/29<br>(a)<br>|  | 200 | 201481 |
|  |  |  | 60610667 |
| Beverages<br>(f)<br> — 1.0% | Beverages<br>(f)<br> — 1.0% | Beverages<br>(f)<br> — 1.0% | Beverages<br>(f)<br> — 1.0% |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br>Worldwide, Inc., 4.90%, 02/01/46<br>|  | 5712 | 5282968 |
| Anheuser-Busch InBev Worldwide, Inc., 5.55%, <br>01/23/49<br>|  | 5000 | 4989055 |
|  |  |  | 10272023 |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| Baxalta, Inc., 5.25%, 06/23/45<br>(f)<br>|  | 6000 | 5726296 |
| Genmab AS<br>(b)<br>|  |  |  |
| 6.25%, 12/15/32 |  | 228 | 233665 |
| 7.25%, 12/15/33 |  | 561 | 589281 |
|  |  |  | 6549242 |
| Building Materials<br>(b)<br> — 1.2% | Building Materials<br>(b)<br> — 1.2% | Building Materials<br>(b)<br> — 1.2% | Building Materials<br>(b)<br> — 1.2% |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/33 |  | 286 | 301345 |
| Builders FirstSource, Inc. |  |  |  |
| 6.38%, 03/01/34 |  | 209 | 216092 |
| 6.75%, 05/15/35 |  | 224 | 234195 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.63%, 12/15/30 |  | 4324 | 4503498 |
| 6.75%, 07/15/31 |  | 321 | 338338 |
| Jeld-Wen, Inc. |  |  |  |
| 4.88%, 12/15/27 |  | 345 | 301120 |
| 7.00%, 09/01/32<br>(f)<br>|  | 255 | 175205 |
| New Enterprise Stone & Lime Co., Inc. |  |  |  |
| 5.25%, 07/15/28 |  | 163 | 162864 |
| 9.75%, 07/15/28 |  | 93 | 93697 |
| Quikrete Holdings, Inc. |  |  |  |
| 6.38%, 03/01/32 |  | 1724 | 1794477 |
| 6.75%, 03/01/33 |  | 395 | 412495 |
| Smyrna Ready Mix Concrete LLC |  |  |  |
| 6.00%, 11/01/28 |  | 245 | 246132 |
| 8.88%, 11/15/31 |  | 6 | 6418 |
| Standard Building Solutions, Inc. |  |  |  |
| 6.50%, 08/15/32 |  | 861 | 886422 |
| 6.25%, 08/01/33 |  | 807 | 824380 |
| 5.88%, 03/15/34 |  | 358 | 359047 |
| Standard Industries, Inc. |  |  |  |
| 4.38%, 07/15/30 |  | 1443 | 1392070 |
| 3.38%, 01/15/31 |  | 393 | 360057 |
| Wilsonart LLC, 11.00%, 08/15/32 |  | 426 | 380666 |
|  |  |  | 12988518 |
| Building Products<br>(b)<br> — 0.3% | Building Products<br>(b)<br> — 0.3% | Building Products<br>(b)<br> — 0.3% | Building Products<br>(b)<br> — 0.3% |
| QXO Building Products, Inc., 6.75%, 04/30/32 |  | 1156 | 1207348 |
| White Cap Supply Holdings LLC, 7.38%, 11/15/30 |  | 1983 | 2051262 |
|  |  |  | 3258610 |
| Capital Markets — 1.3% | Capital Markets — 1.3% | Capital Markets — 1.3% | Capital Markets — 1.3% |
| ARES Strategic Income Fund, 5.45%, 09/09/28<br>(b)(f)<br>|  | 4275 | 4310734 |
| Blue Owl Capital Corp., 6.20%, 07/15/30<br>(f)<br>|  | 703 | 711832 |
| CFAMC II Co. Ltd., 4.63%, 06/03/26<br>(g)<br>|  | 200 | 200004 |
| China Ping An Insurance Overseas Holdings Ltd., <br>6.13%, 05/16/34<br>(g)<br>|  | 200 | 215004 |
| Compass Group Diversified Holdings LLC, 5.25%, <br>04/15/29<br>(b)<br>|  | 460 | 426784 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Focus Financial Partners LLC, 6.75%, 09/15/31<br>(b)<br>| USD | 336 | $345448<br>|
| Gaci First Investment Co., 5.25%, 10/13/32<br>(g)<br>|  | 200 | 205750 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 2670 | 2633301 |
| 9.75%, 01/15/29 |  | 274 | 273162 |
| 4.38%, 02/01/29<br>(f)<br>|  | 252 | 217423 |
| 10.00%, 11/15/29<br>(b)<br>|  | 110 | 109922 |
| Jane Street Group/JSG Finance, Inc.<br>(b)<br>|  |  |  |
| 6.13%, 11/01/32 |  | 100 | 101756 |
| 6.75%, 05/01/33 |  | 441 | 460314 |
| Nomura Holdings, Inc., (5-year CMT + 1.30%), 5.04%, <br>06/10/36<br>(a)<br>|  | 400 | 395290 |
| Osaic Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/01/32 |  | 164 | 171318 |
| 8.00%, 08/01/33 |  | 272 | 282797 |
| State Street Corp., (1-day SOFR + 1.72%), 5.82%, <br>11/04/28<br>(a)(f)<br>|  | 2925 | 3023782 |
|  |  |  | 14084621 |
| Chemicals — 2.9% | Chemicals — 2.9% | Chemicals — 2.9% | Chemicals — 2.9% |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br>02/15/31<br>(b)<br>|  | 534 | 563165 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<br>(b)<br>|  | 940 | 903589 |
| Celanese U.S. Holdings LLC |  |  |  |
| 7.00%, 02/15/31 |  | 33 | 33788 |
| 6.75%, 04/15/33<br>(f)<br>|  | 241 | 239736 |
| 7.38%, 02/15/34 |  | 274 | 278376 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 484 | 485175 |
| 5.75%, 11/15/28<br>(b)<br>|  | 1070 | 1040586 |
| 8.00%, 01/15/33<br>(b)<br>|  | 190 | 183941 |
| DuPont de Nemours, Inc., 5.42%, 11/15/48<br>(f)<br>|  | 7500 | 7132263 |
| Element Solutions, Inc., 3.88%, 09/01/28<br>(b)<br>|  | 3039 | 2970464 |
| GC Treasury Center Co. Ltd., 2.98%, 03/18/31<br>(g)<br>|  | 200 | 181656 |
| Herens Holdco SARL, 4.75%, 05/15/28<br>(b)<br>|  | 200 | 173655 |
| Ingevity Corp., 3.88%, 11/01/28<br>(b)<br>|  | 100 | 97371 |
| Inversion Escrow Issuer LLC, 6.75%, 08/01/32<br>(b)<br>|  | 400 | 398455 |
| Kraton Corp., 5.00%, 07/15/27 |  | 200 | 202902 |
| LG Chem Ltd., 2.38%, 07/07/31<br>(g)<br>|  | 200 | 178000 |
| LYB Finance Co. BV, 8.10%, 03/15/27<br>(b)<br>|  | 6000 | 6257434 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<br>(b)<br>|  | 126 | 127263 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<br>(b)<br>|  | 274 | 282130 |
| Olympus Water U.S. Holding Corp.<br>(b)<br>|  |  |  |
| 6.25%, 10/01/29<br>(f)<br>|  | 200 | 194617 |
| 7.25%, 06/15/31 |  | 970 | 992318 |
| 7.25%, 02/15/33 |  | 1596 | 1603887 |
| Perimeter Holdings LLC, 01/15/34<br>(b)(j)<br>|  | 676 | 671558 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<br>(b)<br>|  | 1061 | 1050599 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/33<br>(b)<br>|  | 533 | 537687 |
| WR Grace Holdings LLC<br>(b)<br>|  |  |  |
| 4.88%, 06/15/27 |  | 198 | 197389 |
| 5.63%, 08/15/29<br>(f)<br>|  | 2729 | 2597696 |
| 7.38%, 03/01/31 |  | 297 | 304138 |
| 6.63%, 08/15/32 |  | 616 | 623866 |
|  |  |  | 30503704 |
| Commercial Services & Supplies — 2.6% | Commercial Services & Supplies — 2.6% | Commercial Services & Supplies — 2.6% | Commercial Services & Supplies — 2.6% |
| ADT Security Corp.<br>(b)<br>|  |  |  |
| 4.88%, 07/15/32 |  | 413 | 400022 |
| 5.88%, 10/15/33 |  | 583 | 590225 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., <br>7.00%, 05/21/30<br>(b)<br>|  | 617 | 643970 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<br>(b)<br>| USD | 3021 | $3183768<br>|
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp.<br>(b)<br>|  |  |  |
| 6.00%, 06/01/29<br>(f)<br>|  | 800 | 791722 |
| 6.88%, 06/15/30 |  | 1102 | 1147376 |
| Allied Universal Holdco LLC/Allied Universal Finance <br>Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28<br>(b)<br>|  | 2672 | 2631933 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<br>(b)<br>|  | 1030 | 1051826 |
| Brink<br>'<br>s Co.<br>(b)<br>|  |  |  |
| 6.50%, 06/15/29 |  | 225 | 232964 |
| 6.75%, 06/15/32 |  | 340 | 354292 |
| Deluxe Corp., 8.13%, 09/15/29<br>(b)<br>|  | 164 | 172771 |
| FTAI Aviation Investors LLC<br>(b)<br>|  |  |  |
| 5.50%, 05/01/28 |  | 1350 | 1351181 |
| 7.88%, 12/01/30 |  | 909 | 966634 |
| 7.00%, 05/01/31 |  | 1515 | 1595428 |
| 7.00%, 06/15/32<br>(f)<br>|  | 799 | 839951 |
| 5.88%, 04/15/33 |  | 585 | 594466 |
| Garda World Security Corp.<br>(b)<br>|  |  |  |
| 7.75%, 02/15/28 |  | 606 | 619694 |
| 6.00%, 06/01/29 |  | 89 | 87282 |
| 8.25%, 08/01/32 |  | 765 | 777488 |
| 8.38%, 11/15/32 |  | 1252 | 1275304 |
| Herc Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 06/15/29<br>(f)<br>|  | 199 | 206582 |
| 7.00%, 06/15/30 |  | 503 | 529372 |
| 5.75%, 03/15/31 |  | 189 | 191805 |
| 7.25%, 06/15/33 |  | 255 | 270398 |
| 6.00%, 03/15/34 |  | 195 | 197599 |
| Hertz Corp., 12.63%, 07/15/29<br>(b)<br>|  | 191 | 192655 |
| Prime Security Services Borrower LLC/Prime Finance, <br>Inc., 5.75%, 04/15/26<br>(b)<br>|  | 2 | 2001 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<br>(b)<br>|  | 788 | 812034 |
| Sabre Financial Borrower LLC, 11.13%, 06/15/29<br>(b)<br>|  | 599 | 606989 |
| Service Corp. International |  |  |  |
| 5.13%, 06/01/29 |  | 468 | 471089 |
| 3.38%, 08/15/30 |  | 1331 | 1244616 |
| 4.00%, 05/15/31 |  | 364 | 347914 |
| 5.75%, 10/15/32 |  | 1280 | 1302707 |
| Sotheby<br>'<br>s/Bidfair Holdings, Inc., 5.88%, 06/01/29<br>(b)<br>|  | 682 | 634528 |
| United Rentals North America, Inc., 5.38%, 11/15/33<br>(b)<br>|  | 696 | 695507 |
| Veritiv Operating Co., 10.50%, 11/30/30<br>(b)<br>|  | 216 | 232246 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<br>(b)<br>|  | 720 | 761994 |
|  |  |  | 28008333 |
| Communications Equipment<br>(b)<br> — 0.1% | Communications Equipment<br>(b)<br> — 0.1% | Communications Equipment<br>(b)<br> — 0.1% | Communications Equipment<br>(b)<br> — 0.1% |
| CommScope LLC, 4.75%, 09/01/29<br>(f)<br>|  | 983 | 981614 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 227 | 217267 |
|  |  |  | 1198881 |
| Construction & Engineering — 0.4% | Construction & Engineering — 0.4% | Construction & Engineering — 0.4% | Construction & Engineering — 0.4% |
| AECOM, 6.00%, 08/01/33<br>(b)<br>|  | 906 | 928523 |
| Arcosa, Inc., 6.88%, 08/15/32<br>(b)<br>|  | 76 | 80114 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<br>(b)<br>|  | 1967 | 1928923 |
| Dycom Industries, Inc., 4.50%, 04/15/29<br>(b)<br>|  | 26 | 25683 |
| Hanwha Futureproof Corp., 4.75%, 04/30/28 |  | 375 | 381964 |
| IRB Infrastructure Developers Ltd., 7.11%, 03/11/32<br>(g)<br>|  | 200 | 206750 |
| Signature Aviation U.S. Holdings, Inc., 4.00%, <br>03/01/28<br>(b)<br>|  | 541 | 497720 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Construction & Engineering (continued) | Construction & Engineering (continued) | Construction & Engineering (continued) | Construction & Engineering (continued) |
| Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31<br>(g)<br>| USD | 200 | $181432<br>|
| Weekley Homes LLC / Weekley Finance Corp., 6.75%, <br>01/15/34<br>(b)<br>|  | 214 | 216681 |
|  |  |  | 4447790 |
| Consumer Discretionary<br>(b)<br> — 0.4% | Consumer Discretionary<br>(b)<br> — 0.4% | Consumer Discretionary<br>(b)<br> — 0.4% | Consumer Discretionary<br>(b)<br> — 0.4% |
| Clarivate Science Holdings Corp. |  |  |  |
| 3.88%, 07/01/28 |  | 1831 | 1777541 |
| 4.88%, 07/01/29<br>(f)<br>|  | 1060 | 1002241 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31 |  | 310 | 319406 |
| Williams Scotsman, Inc. |  |  |  |
| 4.63%, 08/15/28 |  | 269 | 268175 |
| 6.63%, 06/15/29 |  | 35 | 36151 |
| 6.63%, 04/15/30 |  | 409 | 422738 |
| 7.38%, 10/01/31 |  | 436 | 455486 |
|  |  |  | 4281738 |
| Consumer Finance — 1.9% | Consumer Finance — 1.9% | Consumer Finance — 1.9% | Consumer Finance — 1.9% |
| Block, Inc. |  |  |  |
| 2.75%, 06/01/26 |  | 694 | 689856 |
| 5.63%, 08/15/30<br>(b)<br>|  | 443 | 452003 |
| 6.50%, 05/15/32 |  | 2803 | 2914728 |
| 6.00%, 08/15/33<br>(b)<br>|  | 555 | 569768 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<br>(b)(k)<br>|  | 1170 | 1243535 |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br>8.38%, 06/15/35<br>(a)(b)<br>|  | 54 | 55827 |
| Global Payments, Inc., 5.95%, 08/15/52<br>(f)<br>|  | 4547 | 4343527 |
| Hyundai Card Co. Ltd., 5.75%, 04/24/29<br>(g)<br>|  | 345 | 357534 |
| ION Platform Finance U.S., Inc., 7.88%, 09/30/32<br>(b)<br>|  | 1398 | 1326503 |
| Muthoot Finance Ltd.<br>(g)<br>|  |  |  |
| 7.13%, 02/14/28 |  | 475 | 485984 |
| 6.38%, 03/02/30 |  | 825 | 838664 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 83 | 92239 |
| 7.88%, 06/15/32 |  | 183 | 191453 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 05/15/29 |  | 429 | 444334 |
| 5.38%, 11/15/29 |  | 1224 | 1224827 |
| 7.88%, 03/15/30 |  | 388 | 410237 |
| 6.13%, 05/15/30 |  | 422 | 430266 |
| 4.00%, 09/15/30 |  | 109 | 102172 |
| 7.50%, 05/15/31 |  | 115 | 120997 |
| 7.13%, 11/15/31 |  | 139 | 145093 |
| 6.75%, 03/15/32<br>(f)<br>|  | 423 | 434385 |
| 7.13%, 09/15/32 |  | 281 | 291937 |
| 6.50%, 03/15/33 |  | 550 | 554758 |
| Shift4 Payments, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 08/15/32 |  | 1341 | 1384572 |
| 5.50%, 05/15/33 | EUR | 350 | 421224 |
| WEX, Inc., 6.50%, 03/15/33<br>(b)<br>| USD | 452 | 462695 |
|  |  |  | 19989118 |
| Consumer Staples Distribution & Retail — 1.1% | Consumer Staples Distribution & Retail — 1.1% | Consumer Staples Distribution & Retail — 1.1% | Consumer Staples Distribution & Retail — 1.1% |
| Albertsons Cos, Inc.<br>(b)<br>|  |  |  |
| 5.50%, 03/31/31 |  | 212 | 214235 |
| 6.25%, 03/15/33<br>(f)<br>|  | 240 | 246715 |
| 5.75%, 03/31/34 |  | 366 | 367480 |
| Boots Group Finco LP<br>(b)<br>|  |  |  |
| 5.38%, 08/31/32 | EUR | 465 | 564683 |
| 7.38%, 08/31/32 | GBP | 205 | 285773 |
| CK Hutchison International 21 Ltd., 2.50%, 04/15/31<br>(g)<br>| USD | 200 | 182776 |
| CK Hutchison International 23 Ltd.<br>(g)<br>|  |  |  |
| 4.75%, 04/21/28 |  | 400 | 406084 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) | Consumer Staples Distribution & Retail (continued) |
| CK Hutchison International 23 Ltd.<br>(g)<br>(continued)<br>|  |  |  |
| 4.88%, 04/21/33 | USD | 400 | $405084<br>|
| CK Hutchison International 24 Ltd., 5.50%, 04/26/34<br>(g)<br>|  | 200 | 209526 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br>Distribution, Inc., 9.00%, 02/15/29<br>(b)<br>|  | 214 | 224636 |
| Performance Food Group, Inc.<br>(b)<br>|  |  |  |
| 4.25%, 08/01/29 |  | 851 | 832008 |
| 6.13%, 09/15/32 |  | 712 | 734006 |
| U.S. Foods, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 09/15/28 |  | 132 | 136551 |
| 4.75%, 02/15/29 |  | 595 | 591659 |
| 7.25%, 01/15/32 |  | 338 | 355280 |
| United Natural Foods, Inc., 6.75%, 10/15/28<br>(b)<br>|  | 336 | 336316 |
| Walmart, Inc., 5.25%, 09/01/35<br>(f)<br>|  | 5150 | 5448730 |
|  |  |  | 11541542 |
| Containers & Packaging — 3.1% | Containers & Packaging — 3.1% | Containers & Packaging — 3.1% | Containers & Packaging — 3.1% |
| Ardagh Group SA |  |  |  |
| 9.50%, 12/01/30<br>(b)<br>|  | 661 | 717039 |
| (4.50% Cash + 7.50% PIK), 12.00%, 12/01/30<br>(g)(h)<br>| EUR | 304 | 327536 |
| (5.50% Cash + 6.50% PIK), 12.00%, 12/01/30<br>(b)(h)<br>| USD | 900 | 822375 |
| Ardagh Metal Packaging Finance USA LLC / Ardagh <br>Metal Packaging Finance PLC, 6.25%, 01/30/31<br>(b)<br>|  | 406 | 415247 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br>Metal Packaging Finance PLC<br>(b)<br>|  |  |  |
| 3.25%, 09/01/28 |  | 200 | 192297 |
| 4.00%, 09/01/29<br>(f)<br>|  | 2600 | 2447603 |
| Ball Corp. |  |  |  |
| 3.13%, 09/15/31<br>(f)<br>|  | 234 | 215354 |
| 4.25%, 07/01/32 | EUR | 185 | 222491 |
| 5.50%, 09/15/33<br>(f)<br>| USD | 255 | 259945 |
| Clydesdale Acquisition Holdings, Inc.<br>(b)<br>|  |  |  |
| 6.63%, 04/15/29 |  | 287 | 292008 |
| 6.88%, 01/15/30 |  | 666 | 682650 |
| 6.75%, 04/15/32 |  | 839 | 862722 |
| Crown Americas LLC, 5.88%, 06/01/33<br>(b)<br>|  | 753 | 770168 |
| Crown Americas LLC/Crown Americas Capital Corp. V, <br>4.25%, 09/30/26<br>|  | 224 | 223171 |
| International Paper Co.<br>(f)<br>|  |  |  |
| 8.70%, 06/15/38 |  | 4000 | 5000168 |
| 7.30%, 11/15/39 |  | 10000 | 11663802 |
| LABL, Inc.<br>(b)<br>|  |  |  |
| 5.88%, 11/01/28 |  | 428 | 268199 |
| 9.50%, 11/01/28 |  | 771 | 486479 |
| 8.63%, 10/01/31 |  | 433 | 230294 |
| Magnera Corp., 7.25%, 11/15/31<br>(b)<br>|  | 183 | 179644 |
| Mauser Packaging Solutions Holding Co.<br>(b)<br>|  |  |  |
| 7.88%, 04/15/30 |  | 5124 | 5083573 |
| 9.25%, 04/15/30 |  | 207 | 198720 |
| OI European Group BV, 6.25%, 05/15/28<br>(b)<br>| EUR | 175 | 211577 |
| Owens-Brockway Glass Container, Inc., 6.63%, <br>05/13/27<br>(b)<br>| USD | 59 | 59209 |
| Sealed Air Corp.<br>(b)<br>|  |  |  |
| 4.00%, 12/01/27 |  | 205 | 203937 |
| 5.00%, 04/15/29 |  | 86 | 86566 |
| 6.50%, 07/15/32 |  | 89 | 92327 |
| Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, <br>02/01/28<br>(b)<br>|  | 121 | 123010 |
| Silgan Holdings, Inc., 4.25%, 02/15/31<br>(b)<br>| EUR | 390 | 464513 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Trivium Packaging Finance BV<br>(b)<br>|  |  |  |
| 6.63%, 07/15/30 | EUR | 110 | $136121<br>|
| 8.25%, 07/15/30 | USD | 180 | 192957 |
| 12.25%, 01/15/31 |  | 200 | 217007 |
|  |  |  | 33348709 |
| Distributors<br>(b)<br> — 0.1% | Distributors<br>(b)<br> — 0.1% | Distributors<br>(b)<br> — 0.1% | Distributors<br>(b)<br> — 0.1% |
| American Builders & Contractors Supply Co., Inc., <br>3.88%, 11/15/29<br>|  | 6 | 5782 |
| Gates Corp., 6.88%, 07/01/29 |  | 419 | 435123 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 97 | 93489 |
| 6.50%, 07/15/32<br>(f)<br>|  | 497 | 508696 |
|  |  |  | 1043090 |
| Diversified REITs — 2.2% | Diversified REITs — 2.2% | Diversified REITs — 2.2% | Diversified REITs — 2.2% |
| American Tower Corp., 3.60%, 01/15/28 |  | 4000 | 3962382 |
| Crown Castle, Inc.<br>(f)<br>|  |  |  |
| 3.65%, 09/01/27 |  | 8000 | 7936341 |
| 4.15%, 07/01/50 |  | 820 | 637573 |
| GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |  | 725 | 655950 |
| Iron Mountain Information Management Services, Inc., <br>5.00%, 07/15/32<br>(b)<br>|  | 403 | 384730 |
| Iron Mountain, Inc.<br>(b)<br>|  |  |  |
| 4.88%, 09/15/27<br>(f)<br>|  | 606 | 605384 |
| 5.25%, 07/15/30 |  | 32 | 31613 |
| 5.63%, 07/15/32 |  | 493 | 485246 |
| 6.25%, 01/15/33 |  | 326 | 328728 |
| 4.75%, 01/15/34 | EUR | 700 | 799955 |
| Millrose Properties, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 08/01/30 | USD | 704 | 720350 |
| 6.25%, 09/15/32 |  | 357 | 360207 |
| SBA Communications Corp., 3.13%, 02/01/29<br>(f)<br>|  | 3003 | 2872505 |
| VICI Properties LP, 5.13%, 05/15/32 |  | 3155 | 3176827 |
|  |  |  | 22957791 |
| Diversified Telecommunication Services — 7.5% | Diversified Telecommunication Services — 7.5% | Diversified Telecommunication Services — 7.5% | Diversified Telecommunication Services — 7.5% |
| AT&T, Inc. |  |  |  |
| 4.65%, 06/01/44 |  | 28 | 24242 |
| 4.35%, 06/15/45 |  | 95 | 78384 |
| 3.50%, 09/15/53<br>(f)<br>|  | 15960 | 10680818 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br>09/15/29<br>(b)<br>|  | 317 | 336254 |
| EchoStar Corp. |  |  |  |
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<br>(h)<br>|  | 2631 | 2695165 |
| 10.75%, 11/30/29 |  | 1571 | 1736914 |
| Fibercop SpA, 6.00%, 09/30/34<br>(b)<br>|  | 600 | 568407 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<br>(b)<br>|  | 68 | 68220 |
| 5.00%, 05/01/28<br>(b)<br>|  | 640 | 641101 |
| 6.75%, 05/01/29<br>(b)<br>|  | 146 | 147106 |
| 5.88%, 11/01/29 |  | 268 | 271025 |
| 6.00%, 01/15/30<br>(b)<br>|  | 358 | 364071 |
| 8.75%, 05/15/30<br>(b)<br>|  | 2617 | 2732830 |
| 8.63%, 03/15/31<br>(b)<br>|  | 395 | 415612 |
| Globe Telecom, Inc., (5-year CMT + 5.53%), <br>4.20%<br>(a)(g)(i)<br>|  | 700 | 695226 |
| HKT Capital No. 4 Ltd., 3.00%, 07/14/26<br>(g)<br>|  | 200 | 198738 |
| Iliad Holding SAS<br>(b)<br>|  |  |  |
| 7.00%, 10/15/28 |  | 735 | 744139 |
| 8.50%, 04/15/31 |  | 925 | 995530 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) | Diversified Telecommunication Services (continued) |
| Iliad Holding SAS<br>(b)<br>(continued)<br>|  |  |  |
| 7.00%, 04/15/32 | USD | 364 | $375158<br>|
| Level 3 Financing, Inc.<br>(b)<br>|  |  |  |
| 3.63%, 01/15/29 |  | 80 | 73833 |
| 4.88%, 06/15/29 |  | 1402 | 1363931 |
| 6.88%, 06/30/33 |  | 2536 | 2595545 |
| 7.00%, 03/31/34 |  | 2404 | 2477495 |
| Lumen Technologies, Inc.<br>(b)<br>|  |  |  |
| 4.13%, 04/15/29 |  | 368 | 364907 |
| 4.13%, 04/15/30 |  | 369 | 366024 |
| 10.00%, 10/15/32 |  | 283 | 284052 |
| NTT Finance Corp., 3.68%, 07/16/33<br>(g)<br>| EUR | 175 | 206797 |
| Sable International Finance Ltd., 7.13%, 10/15/32<br>(b)<br>| USD | 639 | 647786 |
| Sprint Capital Corp. |  |  |  |
| 6.88%, 11/15/28 |  | 3063 | 3286994 |
| 8.75%, 03/15/32 |  | 2041 | 2468296 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 |  | 478 | 529489 |
| Telefonica Emisiones SA, 5.21%, 03/08/47<br>(f)<br>|  | 5000 | 4402013 |
| Verizon Communications, Inc.<br>(f)<br>|  |  |  |
| 6.40%, 09/15/33 |  | 9475 | 10439903 |
| 6.55%, 09/15/43 |  | 13225 | 14527425 |
| 5.01%, 04/15/49 |  | 6998 | 6281657 |
| Windstream Services LLC, 7.50%, 10/15/33<br>(b)<br>|  | 452 | 463349 |
| Windstream Services LLC/Windstream Escrow Finance <br>Corp., 8.25%, 10/01/31<br>(b)<br>|  | 1183 | 1241877 |
| Zayo Group Holdings, Inc.<br>(b)(h)<br>|  |  |  |
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 |  | 3122 | 2965557 |
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 |  | 423 | 387927 |
|  |  |  | 79143797 |
| Electric Utilities — 3.6% | Electric Utilities — 3.6% | Electric Utilities — 3.6% | Electric Utilities — 3.6% |
| Alpha Generation LLC, 6.75%, 10/15/32<br>(b)(f)<br>|  | 336 | 347824 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure <br>PLC, 6.38%, 02/15/32<br>(b)<br>|  | 286 | 286472 |
| China Huaneng Group Hong Kong Treasury <br>Management Holding Ltd., 1.60%, 01/20/26<br>(g)<br>|  | 200 | 199800 |
| Chugoku Electric Power Co., Inc., 5.74%, 01/14/35<br>(g)<br>|  | 200 | 209503 |
| Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27<br>(g)<br>|  | 200 | 203000 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<br>(b)<br>|  | 600 | 618666 |
| Emera, Inc., Series 16-A, (3-mo. SOFR US + 5.7%), <br>6.75%, 06/15/76<br>(a)<br>|  | 7500 | 7534327 |
| FirstEnergy Corp., 2.65%, 03/01/30 |  | 73 | 68064 |
| Hokkaido Electric Power Co., Inc., 4.59%, 09/04/30<br>(g)<br>|  | 400 | 402062 |
| Minejesa Capital BV, 4.63%, 08/10/30<br>(g)<br>|  | 144 | 143165 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 350 | 347349 |
| NextEra Energy Capital Holdings, Inc., (3-mo. SOFR US <br>+ 2.67%), 4.80%, 12/01/77<br>(a)(f)<br>|  | 5000 | 4914528 |
| Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42<br>(f)<br>|  | 2750 | 2682389 |
| Pacific Gas and Electric Co., 4.20%, 06/01/41<br>(f)<br>|  | 2310 | 1924501 |
| Pattern Energy Operations LP/Pattern Energy <br>Operations, Inc., 4.50%, 08/15/28<br>(b)<br>|  | 150 | 147943 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik <br>Negara<br>(g)<br>|  |  |  |
| 3.00%, 06/30/30 |  | 350 | 327827 |
| 1.88%, 11/05/31 | EUR | 200 | 209921 |
| PG&E Corp., 5.25%, 07/01/30 | USD | 226 | 224399 |
| Progress Energy, Inc., 7.00%, 10/30/31<br>(f)<br>|  | 12000 | 13466884 |
| Star Energy Geothermal Darajat II/Star Energy <br>Geothermal Salak, 4.85%, 10/14/38<br>(g)<br>|  | 200 | 194000 |
| State Grid Overseas Investment BVI Ltd., 3.50%, <br>05/04/27<br>(g)<br>|  | 200 | 199280 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Three Gorges Finance I Cayman Islands Ltd., 3.15%, <br>06/02/26<br>(g)<br>| USD | 200 | $199170<br>|
| Vistra Operations Co. LLC<br>(b)<br>|  |  |  |
| 5.63%, 02/15/27 |  | 812 | 812353 |
| 5.00%, 07/31/27 |  | 23 | 23053 |
| 7.75%, 10/15/31 |  | 718 | 760489 |
| 6.88%, 04/15/32 |  | 420 | 442436 |
| XPLR Infrastructure Operating Partners LP<br>(b)<br>|  |  |  |
| 8.38%, 01/15/31<br>(f)<br>|  | 654 | 686459 |
| 7.75%, 04/15/34 |  | 738 | 750024 |
|  |  |  | 38325888 |
| Electronic Equipment, Instruments & Components<br>(b)<br> — 0.5% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.5% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.5% | Electronic Equipment, Instruments & Components<br>(b)<br> — 0.5% |
| Coherent Corp., 5.00%, 12/15/29<br>(f)<br>|  | 487 | 485352 |
| Sensata Technologies, Inc. |  |  |  |
| 4.38%, 02/15/30 |  | 2150 | 2099905 |
| 3.75%, 02/15/31<br>(f)<br>|  | 416 | 390406 |
| 6.63%, 07/15/32 |  | 612 | 640808 |
| WESCO Distribution, Inc. |  |  |  |
| 7.25%, 06/15/28 |  | 1043 | 1058138 |
| 6.63%, 03/15/32 |  | 172 | 179597 |
| 6.38%, 03/15/33 |  | 346 | 361253 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 166 | 171598 |
|  |  |  | 5387057 |
| Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% | Energy Equipment & Services — 0.5% |
| Archrock Partners LP/Archrock Partners Finance <br>Corp.<br>(b)<br>|  |  |  |
| 6.25%, 04/01/28 |  | 21 | 21120 |
| 6.63%, 09/01/32 |  | 672 | 693071 |
| Enerflex, Inc., 6.88%, 01/15/31<br>(b)<br>|  | 123 | 125760 |
| Kodiak Gas Services LLC<br>(b)<br>|  |  |  |
| 7.25%, 02/15/29<br>(f)<br>|  | 757 | 787546 |
| 6.50%, 10/01/33 |  | 408 | 416655 |
| 6.75%, 10/01/35<br>(f)<br>|  | 308 | 316688 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 101 | 102134 |
| Star Holding LLC, 8.75%, 08/01/31<br>(b)<br>|  | 366 | 352407 |
| Tidewater, Inc., 9.13%, 07/15/30<br>(b)<br>|  | 266 | 285402 |
| USA Compression Partners LP/USA Compression <br>Finance Corp.<br>(b)<br>|  |  |  |
| 7.13%, 03/15/29 |  | 526 | 544469 |
| 6.25%, 10/01/33 |  | 724 | 732681 |
| Weatherford International Ltd., 6.75%, 10/15/33<br>(b)<br>|  | 671 | 687179 |
|  |  |  | 5065112 |
| Entertainment<br>(b)<br> — 0.1% | Entertainment<br>(b)<br> — 0.1% | Entertainment<br>(b)<br> — 0.1% | Entertainment<br>(b)<br> — 0.1% |
| Brightstar Lottery PLC/ Brightstar Global Solutions <br>Corp., 5.75%, 01/15/33<br>|  | 290 | 287922 |
| Flutter Treasury DAC, 6.38%, 04/29/29 |  | 224 | 231236 |
| Motion Bondco DAC, 6.63%, 11/15/27 |  | 204 | 198080 |
| Scientific Games Holdings LP/Scientific Games <br>U.S. FinCo, Inc., 6.63%, 03/01/30<br>|  | 336 | 298624 |
|  |  |  | 1015862 |
| Environmental, Maintenance & Security Service<br>(b)<br> — 0.5% | Environmental, Maintenance & Security Service<br>(b)<br> — 0.5% | Environmental, Maintenance & Security Service<br>(b)<br> — 0.5% | Environmental, Maintenance & Security Service<br>(b)<br> — 0.5% |
| Clean Harbors, Inc. |  |  |  |
| 5.13%, 07/15/29 |  | 1142 | 1143118 |
| 6.38%, 02/01/31 |  | 100 | 102912 |
| GFL Environmental, Inc. |  |  |  |
| 4.00%, 08/01/28 |  | 36 | 35510 |
| 4.75%, 06/15/29 |  | 379 | 378229 |
| 4.38%, 08/15/29 |  | 629 | 618513 |
| 6.75%, 01/15/31 |  | 653 | 685109 |
| Luna 15 SARL, (10.50% PIK), 10.50%, 07/01/32<br>(h)<br>| EUR | 140 | 171081 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) |
| Madison IAQ LLC, 5.88%, 06/30/29<br>(f)<br>| USD | 939 | $933295<br>|
| Reworld Holding Corp., 4.88%, 12/01/29 |  | 142 | 136488 |
| Waste Pro USA, Inc., 7.00%, 02/01/33 |  | 1318 | 1356638 |
| Wrangler Holdco Corp., 6.63%, 04/01/32 |  | 211 | 221175 |
|  |  |  | 5782068 |
| Financial Services — 6.4% | Financial Services — 6.4% | Financial Services — 6.4% | Financial Services — 6.4% |
| Azorra Finance Ltd.<br>(b)<br>|  |  |  |
| 7.75%, 04/15/30 |  | 223 | 235544 |
| 7.25%, 01/15/31 |  | 147 | 154031 |
| Bank of America Corp.<br>(a)(f)<br>|  |  |  |
| (1-day SOFR + 1.83%), 4.57%, 04/27/33 |  | 9380 | 9357017 |
| (1-day SOFR + 1.99%), 6.20%, 11/10/28 |  | 3090 | 3210855 |
| BOC Aviation Ltd., 1.75%, 01/21/26<br>(g)<br>|  | 200 | 199778 |
| BOC Aviation USA Corp., 5.25%, 01/14/30<br>(g)<br>|  | 200 | 207058 |
| China Cinda 2020 I Management Ltd.<br>(g)<br>|  |  |  |
| 3.25%, 01/28/27 |  | 200 | 197946 |
| 3.00%, 03/18/27 |  | 200 | 197078 |
| CITIC Ltd., 3.70%, 06/14/26<br>(g)<br>|  | 200 | 199428 |
| Citigroup, Inc.<br>(f)<br>|  |  |  |
| 6.68%, 09/13/43 |  | 4125 | 4585793 |
| (1-day SOFR + 2.66%), 6.17%, 05/25/34<br>(a)<br>|  | 2740 | 2909840 |
| CMB International Leasing Management Ltd., (1-day <br>SOFR + 0.76%), 4.57%, 06/04/27<br>(a)(g)<br>|  | 200 | 200268 |
| CrossCountry Intermediate HoldCo LLC<br>(b)<br>|  |  |  |
| 6.50%, 10/01/30 |  | 294 | 299879 |
| 6.75%, 12/01/32 |  | 152 | 154467 |
| CS Treasury Management Services P Ltd., 9.00%<br>(b)(i)<br>|  | 107 | 102589 |
| Deutsche Bank AG, (1-day SOFR + 2.51%), 6.82%, <br>11/20/29<br>(a)<br>|  | 3975 | 4238511 |
| Far East Horizon Ltd.<br>(g)<br>|  |  |  |
| 6.63%, 04/16/27 |  | 290 | 296073 |
| 5.88%, 03/05/28 |  | 200 | 202938 |
| Freedom Mortgage Holdings LLC<br>(b)<br>|  |  |  |
| 9.25%, 02/01/29 |  | 235 | 246479 |
| 6.88%, 05/01/31 |  | 160 | 160096 |
| 9.13%, 05/15/31 |  | 407 | 437141 |
| 8.38%, 04/01/32 |  | 245 | 257903 |
| GGAM Finance Ltd.<br>(b)<br>|  |  |  |
| 8.00%, 06/15/28 |  | 202 | 213912 |
| 6.88%, 04/15/29 |  | 462 | 479180 |
| 5.88%, 03/15/30 |  | 286 | 289933 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<br>(b)<br>|  | 542 | 559848 |
| Goldman Sachs Group, Inc., (1-day SOFR + 1.85%), <br>3.62%, 03/15/28<br>(a)<br>|  | 1830 | 1819839 |
| Golub Capital Private Credit Fund, 5.45%, 08/15/28<br>(f)<br>|  | 7840 | 7888773 |
| HSBC Holdings PLC, (1-day SOFR + 1.57%), 5.40%, <br>05/13/31<br>(a)<br>|  | 400 | 408082 |
| JIC Zhixin Ltd., 3.50%, 11/24/27<br>(g)<br>|  | 200 | 199000 |
| JPMorgan Chase & Co., (1-day SOFR + 2.58%), 5.72%, <br>09/14/33<br>(a)(f)<br>|  | 11000 | 11629135 |
| Manappuram Finance Ltd., 7.38%, 05/12/28<br>(g)<br>|  | 200 | 203500 |
| Midcap Financial Issuer Trust<br>(b)<br>|  |  |  |
| 6.50%, 05/01/28 |  | 200 | 199650 |
| 5.63%, 01/15/30 |  | 600 | 561996 |
| Mitsubishi UFJ Financial Group, Inc., (1-day SOFR + <br>1.48%), 5.42%, 04/24/31<br>(a)<br>|  | 400 | 407173 |
| Mizuho Financial Group, Inc., (1-day SOFR + 1.25%), <br>5.26%, 07/08/31<br>(a)<br>|  | 275 | 277980 |
| Muangthai Capital PCL, 7.55%, 07/21/30<br>(g)<br>|  | 475 | 491179 |
| OneMain Finance Corp., 6.75%, 09/15/33 |  | 528 | 534668 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Financial Services (continued) | Financial Services (continued) | Financial Services (continued) | Financial Services (continued) |
| PennyMac Financial Services, Inc.<br>(b)<br>|  |  |  |
| 7.88%, 12/15/29<br>(f)<br>| USD | 301 | $320278<br>|
| 7.13%, 11/15/30 |  | 307 | 322727 |
| 6.88%, 05/15/32 |  | 262 | 274286 |
| 6.75%, 02/15/34 |  | 212 | 219150 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<br>(b)<br>|  | 631 | 672213 |
| Piramal Capital & Housing Finance Ltd., 7.80%, <br>01/29/28<br>(g)<br>|  | 200 | 204125 |
| Power Finance Corp. Ltd., 3.75%, 12/06/27<br>(g)<br>|  | 200 | 197798 |
| Rocket Cos., Inc.<br>(b)<br>|  |  |  |
| 6.50%, 08/01/29 |  | 682 | 703406 |
| 6.13%, 08/01/30 |  | 1844 | 1906104 |
| 6.38%, 08/01/33 |  | 1292 | 1347064 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br>Inc.<br>(b)<br>|  |  |  |
| 2.88%, 10/15/26<br>(f)<br>|  | 121 | 119235 |
| 3.88%, 03/01/31 |  | 157 | 149086 |
| 4.00%, 10/15/33 |  | 45 | 41809 |
| Sammaan Capital Ltd., 7.50%, 10/16/30<br>(g)<br>|  | 275 | 270961 |
| UniCredit SpA, (5-year CMT + 4.75%), 5.46%, <br>06/30/35<br>(a)(b)<br>|  | 6135 | 6253493 |
| UWM Holdings LLC<br>(b)<br>|  |  |  |
| 6.63%, 02/01/30 |  | 560 | 567044 |
| 6.25%, 03/15/31 |  | 345 | 344450 |
|  |  |  | 68127789 |
| Food Products — 1.7% | Food Products — 1.7% | Food Products — 1.7% | Food Products — 1.7% |
| Aramark Services, Inc., 5.00%, 02/01/28<br>(b)<br>|  | 225 | 224967 |
| B&G Foods, Inc., 8.00%, 09/15/28<br>(b)<br>|  | 127 | 124951 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br>8.75%, 10/01/29<br>(b)(h)<br>|  | 1987 | 2121484 |
| Chobani LLC/Chobani Finance Corp., Inc.<br>(b)<br>|  |  |  |
| 4.63%, 11/15/28 |  | 640 | 640118 |
| 7.63%, 07/01/29 |  | 1660 | 1731583 |
| Darling Global Finance BV, 4.50%, 07/15/32<br>(b)<br>| EUR | 235 | 279781 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<br>(b)(f)<br>| USD | 391 | 397385 |
| Fiesta Purchaser, Inc.<br>(b)<br>|  |  |  |
| 7.88%, 03/01/31 |  | 28 | 29201 |
| 9.63%, 09/15/32 |  | 119 | 124714 |
| General Mills, Inc., 4.20%, 04/17/28<br>(f)<br>|  | 620 | 622017 |
| Kraft Heinz Foods Co. |  |  |  |
| 4.25%, 03/01/31 |  | 68 | 67245 |
| 5.00%, 07/15/35 |  | 214 | 213124 |
| 7.13%, 08/01/39<br>(b)(f)<br>|  | 4415 | 4994738 |
| 4.63%, 10/01/39 |  | 100 | 91327 |
| 5.00%, 06/04/42 |  | 12 | 11011 |
| 4.38%, 06/01/46 |  | 158 | 130527 |
| 5.50%, 06/01/50<br>(f)<br>|  | 2825 | 2642908 |
| Lamb Weston Holdings, Inc.<br>(b)<br>|  |  |  |
| 4.88%, 05/15/28 |  | 460 | 458828 |
| 4.13%, 01/31/30<br>(f)<br>|  | 515 | 498168 |
| 4.38%, 01/31/32 |  | 643 | 612571 |
| Post Holdings, Inc.<br>(b)<br>|  |  |  |
| 4.63%, 04/15/30<br>(f)<br>|  | 434 | 422614 |
| 4.50%, 09/15/31 |  | 72 | 68259 |
| 6.25%, 02/15/32 |  | 158 | 162341 |
| 6.38%, 03/01/33 |  | 113 | 114130 |
| 6.25%, 10/15/34 |  | 139 | 139772 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Food Products (continued) | Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Post Holdings, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 6.50%, 03/15/36 | USD | 466 | $466630<br>|
| Simmons Foods, Inc./Simmons Prepared Foods, <br>Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, <br>03/01/29<br>(b)<br>|  | 275 | 264946 |
|  |  |  | 17655340 |
| Ground Transportation — 1.8% | Ground Transportation — 1.8% | Ground Transportation — 1.8% | Ground Transportation — 1.8% |
| BNSF Funding Trust I, (3-mo. SOFR US + 2.61%), <br>6.61%, 12/15/55<br>(a)(f)<br>|  | 6125 | 6127946 |
| CSX Corp., 3.80%, 04/15/50<br>(f)<br>|  | 770 | 585375 |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<br>(b)<br>|  | 625 | 644533 |
| Norfolk Southern Corp., 6.00%, 03/15/2105<br>(f)<br>|  | 12700 | 11912998 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, <br>08/01/32<br>(b)<br>|  | 289 | 302672 |
|  |  |  | 19573524 |
| Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% | Health Care Equipment & Supplies — 0.6% |
| Avantor Funding, Inc.<br>(b)<br>|  |  |  |
| 4.63%, 07/15/28<br>(f)<br>|  | 2191 | 2179095 |
| 3.88%, 11/01/29 |  | 395 | 377721 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<br>(b)<br>|  | 1975 | 2061406 |
| Hologic, Inc., 3.25%, 02/15/29<br>(b)<br>|  | 18 | 17740 |
| Insulet Corp., 6.50%, 04/01/33<br>(b)<br>|  | 314 | 327310 |
| Medtronic, Inc., 4.63%, 03/15/45<br>(f)<br>|  | 647 | 592139 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<br>(b)<br>|  | 288 | 307156 |
|  |  |  | 5862567 |
| Health Care Providers & Services — 4.3% | Health Care Providers & Services — 4.3% | Health Care Providers & Services — 4.3% | Health Care Providers & Services — 4.3% |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<br>(b)(f)<br>|  | 117 | 118170 |
| Aetna, Inc., 3.88%, 08/15/47 |  | 3500 | 2620683 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<br>(b)<br>|  | 609 | 603684 |
| Charles River Laboratories International, Inc., 4.00%, <br>03/15/31<br>(b)<br>|  | 68 | 64430 |
| CHS/Community Health Systems, Inc.<br>(b)<br>|  |  |  |
| 6.00%, 01/15/29<br>(f)<br>|  | 1167 | 1166668 |
| 5.25%, 05/15/30<br>(f)<br>|  | 852 | 800192 |
| 4.75%, 02/15/31 |  | 642 | 571948 |
| 10.88%, 01/15/32 |  | 437 | 476959 |
| 9.75%, 01/15/34 |  | 1206 | 1266696 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<br>(b)<br>|  | 433 | 452833 |
| DaVita, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 09/01/32 |  | 129 | 134285 |
| 6.75%, 07/15/33 |  | 75 | 77767 |
| Elevance Health, Inc., 4.55%, 03/01/48<br>(f)<br>|  | 5000 | 4252251 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<br>(b)(f)<br>|  | 88 | 89945 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<br>(b)<br>|  | 186 | 174906 |
| HCA, Inc. |  |  |  |
| 5.38%, 09/01/26 |  | 359 | 359775 |
| 5.63%, 09/01/28 |  | 833 | 858636 |
| 5.25%, 06/15/49 |  | 3500 | 3163204 |
| HealthEquity, Inc., 4.50%, 10/01/29<br>(b)<br>|  | 1134 | 1114036 |
| IQVIA, Inc.<br>(b)<br>|  |  |  |
| 5.00%, 10/15/26 |  | 354 | 353799 |
| 5.00%, 05/15/27 |  | 200 | 199945 |
| 6.25%, 06/01/32 |  | 1163 | 1215240 |
| LifePoint Health, Inc.<br>(b)<br>|  |  |  |
| 9.88%, 08/15/30 |  | 184 | 198112 |
| 11.00%, 10/15/30<br>(f)<br>|  | 698 | 765451 |
| 8.38%, 02/15/32 |  | 92 | 99863 |
| 10.00%, 06/01/32<br>(f)<br>|  | 446 | 473689 |
| Medline Borrower LP<br>(b)<br>|  |  |  |
| 3.88%, 04/01/29 |  | 362 | 353424 |
| 5.25%, 10/01/29 |  | 3037 | 3053418 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) | Health Care Providers & Services (continued) |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br>04/01/29<br>(b)<br>| USD | 915 | $945892<br>|
| Molina Healthcare, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 02/15/31 |  | 474 | 486812 |
| 6.25%, 01/15/33 |  | 163 | 166173 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<br>(b)<br>|  | 150 | 157500 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<br>(b)<br>|  | 279 | 292621 |
| Star Parent, Inc., 9.00%, 10/01/30<br>(b)<br>|  | 559 | 596569 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<br>(b)(f)<br>|  | 1151 | 1164200 |
| Teleflex, Inc., 4.25%, 06/01/28<br>(b)(f)<br>|  | 637 | 627207 |
| Tenet Healthcare Corp. |  |  |  |
| 6.13%, 06/15/30 |  | 243 | 248660 |
| 6.75%, 05/15/31<br>(f)<br>|  | 3342 | 3477381 |
| 6.00%, 11/15/33<br>(b)<br>|  | 710 | 731012 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<br>(b)(f)<br>|  | 360 | 362669 |
| UnitedHealth Group, Inc., 6.88%, 02/15/38<br>(f)<br>|  | 10000 | 11562175 |
|  |  |  | 45898880 |
| Health Care REITs<br>(b)<br> — 0.1% | Health Care REITs<br>(b)<br> — 0.1% | Health Care REITs<br>(b)<br> — 0.1% | Health Care REITs<br>(b)<br> — 0.1% |
| Diversified Healthcare Trust, 7.25%, 10/15/30 |  | 173 | 176890 |
| MPT Operating Partnership LP/MPT Finance Corp., <br>8.50%, 02/15/32<br>|  | 1071 | 1143757 |
|  |  |  | 1320647 |
| Hotel & Resort REITs — 0.6% | Hotel & Resort REITs — 0.6% | Hotel & Resort REITs — 0.6% | Hotel & Resort REITs — 0.6% |
| Park Intermediate Holdings LLC/PK Domestic Property <br>LLC/PK Finance Co-Issuer, 7.00%, 02/01/30<br>(b)<br>|  | 315 | 323313 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br>10/15/29<br>(b)<br>|  | 159 | 162744 |
| RHP Hotel Properties LP/RHP Finance Corp.<br>(b)<br>|  |  |  |
| 4.50%, 02/15/29<br>(f)<br>|  | 1704 | 1687030 |
| 6.50%, 04/01/32<br>(f)<br>|  | 1044 | 1082717 |
| 6.50%, 06/15/33 |  | 352 | 365917 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<br>(b)<br>|  | 199 | 188748 |
| Service Properties Trust |  |  |  |
| 0.00%, 09/30/27<br>(b)(l)<br>|  | 340 | 307243 |
| 8.63%, 11/15/31<br>(b)<br>|  | 1619 | 1700543 |
| 8.88%, 06/15/32<br>(f)<br>|  | 625 | 616533 |
| XHR LP, 6.63%, 05/15/30<br>(b)<br>|  | 154 | 158941 |
|  |  |  | 6593729 |
| Hotels, Restaurants & Leisure — 3.6% | Hotels, Restaurants & Leisure — 3.6% | Hotels, Restaurants & Leisure — 3.6% | Hotels, Restaurants & Leisure — 3.6% |
| Acushnet Co., 5.63%, 12/01/33<br>(b)<br>|  | 137 | 138539 |
| Boyne USA, Inc., 4.75%, 05/15/29<br>(b)<br>|  | 611 | 602645 |
| Burger King (Restaurant Brands International, Inc.)/New <br>Red Finance, Inc.<br>(b)<br>|  |  |  |
| 3.88%, 01/15/28 |  | 1128 | 1111928 |
| 4.38%, 01/15/28 |  | 2509 | 2493180 |
| 5.63%, 09/15/29 |  | 166 | 169019 |
| 4.00%, 10/15/30 |  | 176 | 167623 |
| Caesars Entertainment, Inc.<br>(b)<br>|  |  |  |
| 4.63%, 10/15/29<br>(f)<br>|  | 110 | 105516 |
| 7.00%, 02/15/30<br>(f)<br>|  | 2677 | 2772454 |
| 6.50%, 02/15/32 |  | 812 | 831832 |
| Carnival Corp.<br>(b)<br>|  |  |  |
| 5.88%, 06/15/31 |  | 350 | 361516 |
| 5.75%, 08/01/32 |  | 602 | 617821 |
| 6.13%, 02/15/33 |  | 933 | 963406 |
| Carnival PLC, 4.13%, 07/15/31<br>(b)<br>| EUR | 510 | 606844 |
| Champion Path Holdings Ltd.<br>(g)<br>|  |  |  |
| 4.50%, 01/27/26 | USD | 500 | 497755 |
| 4.85%, 01/27/28 |  | 500 | 487655 |
| Churchill Downs, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 01/15/28 |  | 730 | 727286 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Churchill Downs, Inc.<br>(b)<br>(continued)<br>|  |  |  |
| 5.75%, 04/01/30 | USD | 1506 | $1520667<br>|
| 6.75%, 05/01/31 |  | 560 | 580679 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br>Finance Co., Inc.<br>(b)<br>|  |  |  |
| 4.63%, 01/15/29 |  | 821 | 797382 |
| 6.75%, 01/15/30<br>(f)<br>|  | 228 | 216777 |
| Fortune Star BVI Ltd., 6.80%, 09/09/29<br>(g)<br>|  | 200 | 197000 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br>11/15/29<br>(b)<br>|  | 512 | 517197 |
| Haidilao International Holding Ltd., 2.15%, 01/14/26<br>(g)<br>|  | 200 | 199880 |
| Hilton Domestic Operating Co., Inc.<br>(b)<br>|  |  |  |
| 6.13%, 04/01/32 |  | 324 | 335505 |
| 5.88%, 03/15/33 |  | 882 | 907389 |
| 5.75%, 09/15/33 |  | 195 | 199566 |
| 5.50%, 03/31/34 |  | 311 | 313136 |
| Las Vegas Sands Corp. |  |  |  |
| 3.50%, 08/18/26 |  | 96 | 95549 |
| 3.90%, 08/08/29 |  | 88 | 85771 |
| Light & Wonder International, Inc.<br>(b)<br>|  |  |  |
| 7.25%, 11/15/29 |  | 218 | 223900 |
| 7.50%, 09/01/31<br>(f)<br>|  | 309 | 322389 |
| 6.25%, 10/01/33 |  | 314 | 317893 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<br>(b)<br>|  | 417 | 435006 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<br>(b)<br>|  | 390 | 279931 |
| McDonald<br>'<br>s Corp., 4.20%, 04/01/50<br>|  | 480 | 386786 |
| Melco Resorts Finance Ltd. |  |  |  |
| 5.75%, 07/21/28<br>(g)<br>|  | 300 | 299649 |
| 5.38%, 12/04/29<br>(b)<br>|  | 586 | 579050 |
| 7.63%, 04/17/32<br>(b)<br>|  | 576 | 604800 |
| 7.63%, 04/17/32<br>(g)<br>|  | 200 | 210000 |
| Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, <br>02/15/31<br>(b)<br>|  | 600 | 534466 |
| MGM China Holdings Ltd. |  |  |  |
| 5.88%, 05/15/26<br>(g)<br>|  | 200 | 200496 |
| 7.13%, 06/26/31<br>(b)<br>|  | 200 | 211500 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 591 | 607353 |
| Midwest Gaming Borrower LLC/Midwest Gaming <br>Finance Corp., 4.88%, 05/01/29<br>(b)<br>|  | 313 | 307877 |
| Mohegan Tribal Gaming Authority/MS Digital <br>Entertainment Holdings LLC, 8.25%, 04/15/30<br>(b)<br>|  | 333 | 347120 |
| NCL Corp. Ltd.<br>(b)<br>|  |  |  |
| 5.88%, 01/15/31 |  | 181 | 180315 |
| 6.75%, 02/01/32 |  | 191 | 195569 |
| 6.25%, 09/15/33 |  | 989 | 988584 |
| Premier Entertainment Sub LLC/Premier Entertainment <br>Finance Corp.<br>(b)<br>|  |  |  |
| 5.63%, 09/01/29 |  | 242 | 183315 |
| 5.88%, 09/01/31 |  | 310 | 205375 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br>Finance Corp., 6.63%, 02/01/33<br>(b)<br>|  | 221 | 225938 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender <br>Corp., 6.25%, 10/15/30<br>(b)<br>|  | 181 | 184752 |
| Sabre GLBL, Inc., 10.75%, 11/15/29<br>(b)(f)<br>|  | 142 | 120747 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/30<br>(b)<br>|  | 388 | 370540 |
| Station Casinos LLC<br>(b)<br>|  |  |  |
| 4.63%, 12/01/31 |  | 976 | 925302 |
| 6.63%, 03/15/32 |  | 146 | 149455 |
| Studio City Co. Ltd., 7.00%, 02/15/27<br>(g)<br>|  | 200 | 200200 |
| Studio City Finance Ltd.<br>(g)<br>|  |  |  |
| 6.50%, 01/15/28 |  | 300 | 300040 |
| 5.00%, 01/15/29 |  | 530 | 510242 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Sunny Express Enterprises Corp., 2.95%, 03/01/27<br>(g)<br>| USD | 200 | $197478<br>|
| Vail Resorts, Inc.<br>(b)<br>|  |  |  |
| 5.63%, 07/15/30 |  | 265 | 269309 |
| 6.50%, 05/15/32 |  | 518 | 537553 |
| Viking Cruises Ltd.<br>(b)<br>|  |  |  |
| 7.00%, 02/15/29 |  | 74 | 74429 |
| 9.13%, 07/15/31 |  | 1253 | 1341763 |
| 5.88%, 10/15/33 |  | 691 | 701685 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<br>(b)<br>|  | 283 | 283449 |
| Voyager Parent LLC, 9.25%, 07/01/32<br>(b)<br>|  | 396 | 420204 |
| Warnermedia Holdings, Inc., 5.05%, 03/15/42 |  | 154 | 108378 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., <br>5.25%, 05/15/27<br>(b)<br>|  | 3 | 3012 |
| Wynn Macau Ltd. |  |  |  |
| 5.63%, 08/26/28<br>(b)<br>|  | 1701 | 1697632 |
| 5.13%, 12/15/29<br>(b)<br>|  | 614 | 608462 |
| 6.75%, 02/15/34<br>(g)<br>|  | 350 | 354921 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br>Corp.<br>(b)<br>|  |  |  |
| 5.13%, 10/01/29 |  | 1236 | 1243323 |
| 7.13%, 02/15/31<br>(f)<br>|  | 663 | 717424 |
| 6.25%, 03/15/33 |  | 248 | 253574 |
|  |  |  | 38042703 |
| Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% | Household Durables — 0.7% |
| Ashton Woods USA LLC/Ashton Woods Finance Co., <br>6.88%, 08/01/33<br>(b)<br>|  | 178 | 178142 |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 72 | 72171 |
| Brookfield Residential Properties, Inc./Brookfield <br>Residential U.S. LLC, 4.88%, 02/15/30<br>(b)<br>|  | 699 | 651086 |
| Century Communities, Inc., 6.63%, 09/15/33<br>(b)<br>|  | 222 | 224486 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<br>(b)<br>|  | 168 | 172899 |
| Empire Communities Corp., 9.75%, 05/01/29<br>(b)<br>|  | 73 | 75297 |
| K Hovnanian Enterprises, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 04/01/31 |  | 383 | 390877 |
| 8.38%, 10/01/33 |  | 418 | 424809 |
| Lennar Corp., 5.25%, 06/01/26<br>(f)<br>|  | 890 | 890686 |
| LGI Homes, Inc.<br>(b)<br>|  |  |  |
| 8.75%, 12/15/28 |  | 183 | 190882 |
| 7.00%, 11/15/32 |  | 334 | 319261 |
| Mattamy Group Corp.<br>(b)<br>|  |  |  |
| 4.63%, 03/01/30 |  | 427 | 414532 |
| 6.00%, 12/15/33 |  | 87 | 86227 |
| Meritage Homes Corp., 1.75%, 05/15/28<br>(m)<br>|  | 545 | 536005 |
| New Home Co., Inc.<br>(b)<br>|  |  |  |
| 9.25%, 10/01/29 |  | 324 | 338148 |
| 8.50%, 11/01/30 |  | 73 | 75179 |
| Newell Brands, Inc., 8.50%, 06/01/28<br>(b)<br>|  | 224 | 234876 |
| PulteGroup, Inc. |  |  |  |
| 5.00%, 01/15/27 |  | 55 | 55406 |
| 7.88%, 06/15/32 |  | 56 | 65645 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 45 | 44152 |
| 4.00%, 04/01/31 |  | 250 | 235216 |
| 4.38%, 02/01/32 |  | 187 | 175547 |
| Sekisui House Ltd., 5.10%, 10/23/34<br>(g)<br>|  | 200 | 202546 |
| Somnigroup International, Inc.<br>(b)<br>|  |  |  |
| 4.00%, 04/15/29 |  | 563 | 548522 |
| 3.88%, 10/15/31 |  | 9 | 8412 |
| STL Holding Co. LLC, 8.75%, 02/15/29<br>(b)<br>|  | 171 | 179613 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| Taylor Morrison Communities, Inc., 5.75%, 11/15/32<br>(b)<br>| USD | 269 | $276772<br>|
| Toll Brothers Finance Corp., 4.35%, 02/15/28 |  | 35 | 35114 |
|  |  |  | 7102508 |
| Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% |
| Central Garden & Pet Co., 4.13%, 10/15/30<br>(f)<br>|  | 159 | 152390 |
| Independent Power and Renewable Electricity Producers — 1.3% | Independent Power and Renewable Electricity Producers — 1.3% | Independent Power and Renewable Electricity Producers — 1.3% | Independent Power and Renewable Electricity Producers — 1.3% |
| Alexander Funding Trust II, 7.47%, 07/31/28<br>(b)<br>|  | 520 | 554009 |
| Calpine Corp.<br>(b)<br>|  |  |  |
| 4.50%, 02/15/28 |  | 10 | 10007 |
| 5.13%, 03/15/28 |  | 2807 | 2810147 |
| 5.00%, 02/01/31 |  | 100 | 101560 |
| Clearway Energy Operating LLC<br>(b)<br>|  |  |  |
| 4.75%, 03/15/28 |  | 592 | 590710 |
| 3.75%, 01/15/32 |  | 255 | 231776 |
| Greenko Dutch BV, 3.85%, 03/29/26<br>(g)<br>|  | 697 | 691090 |
| India Green Power Holdings, 4.00%, 02/22/27<br>(g)<br>|  | 607 | 591454 |
| JERA Co., Inc., 3.67%, 04/14/27<br>(g)<br>|  | 200 | 198731 |
| Lightning Power LLC, 7.25%, 08/15/32<br>(b)<br>|  | 13 | 13824 |
| NRG Energy, Inc.<br>(b)<br>|  |  |  |
| 5.75%, 07/15/29 |  | 555 | 552283 |
| 6.00%, 02/01/33 |  | 1028 | 1048353 |
| 5.75%, 01/15/34 |  | 778 | 785912 |
| 6.25%, 11/01/34 |  | 1193 | 1225229 |
| 6.00%, 01/15/36 |  | 2075 | 2102480 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<br>(g)<br>|  | 200 | 198712 |
| ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other <br>9 Subsidiaries, 4.50%, 07/14/28<br>(g)<br>|  | 550 | 527656 |
| San Miguel Global Power Holdings Corp.<br>(a)(g)(i)<br>|  |  |  |
| (1-year CMT + 6.40%), 8.13% |  | 200 | 202312 |
| (5-year CMT + 7.73%), 8.75% |  | 200 | 205875 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<br>(a)(b)(i)<br>|  | 247 | 253210 |
| XPLR Infrastructure LP, 2.50%, 06/15/26<br>(b)(m)<br>|  | 840 | 824292 |
|  |  |  | 13719622 |
| Industrial Conglomerates<br>(b)<br> — 0.1% | Industrial Conglomerates<br>(b)<br> — 0.1% | Industrial Conglomerates<br>(b)<br> — 0.1% | Industrial Conglomerates<br>(b)<br> — 0.1% |
| Amsted Industries, Inc., 6.38%, 03/15/33 |  | 165 | 169948 |
| Avient Corp., 6.25%, 11/01/31 |  | 204 | 209683 |
| Axon Enterprise, Inc., 6.25%, 03/15/33 |  | 94 | 97791 |
| Enpro, Inc., 6.13%, 06/01/33 |  | 208 | 214634 |
|  |  |  | 692056 |
| Insurance — 6.6% | Insurance — 6.6% | Insurance — 6.6% | Insurance — 6.6% |
| AIA Group Ltd., (5-year CMT + 1.76%), 2.70%<br>(a)(g)(i)<br>|  | 200 | 198625 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br>Issuer<br>(b)<br>|  |  |  |
| 4.25%, 10/15/27 |  | 26 | 25835 |
| 6.75%, 10/15/27<br>(f)<br>|  | 222 | 223304 |
| 6.75%, 04/15/28 |  | 356 | 362470 |
| 5.88%, 11/01/29 |  | 2 | 1998 |
| 7.00%, 01/15/31 |  | 1283 | 1331081 |
| 7.38%, 10/01/32 |  | 1033 | 1071086 |
| Allstate Corp., Series B, (3-mo. CME Term SOFR + <br>3.20%), 7.05%, 08/15/53<br>(a)<br>|  | 5000 | 5001040 |
| AmWINS Group, Inc.<br>(b)<br>|  |  |  |
| 6.38%, 02/15/29 |  | 330 | 339376 |
| 4.88%, 06/30/29 |  | 380 | 373709 |
| Amynta Agency Borrower, Inc. and Amynta Warranty <br>Borrower, Inc., 7.50%, 07/15/33<br>(b)<br>|  | 439 | 444135 |
| Aon Global Ltd., 4.25%, 12/12/42<br>(f)<br>|  | 6500 | 5460790 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br>2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br>11/01/29<br>(b)<br>|  | 333 | 336325 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Insurance (continued) | Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<br>(b)<br>| USD | 2052 | $2151224<br>|
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<br>(b)<br>|  | 1967 | 2044313 |
| Asurion LLC and Asurion Co-Issuer, Inc., 8.00%, <br>12/31/32<br>(b)<br>|  | 979 | 1015822 |
| Farmers Exchange Capital II, (3-mo. CME Term SOFR + <br>4.01%), 6.15%, 11/01/53<br>(a)(b)(f)<br>|  | 4890 | 4806141 |
| Fubon Life Singapore Pte. Ltd., 5.45%, 12/10/35<br>(g)<br>|  | 400 | 406468 |
| FWD Group Holdings Ltd., 7.64%, 07/02/31<br>(g)<br>|  | 400 | 443996 |
| Guoren Property & Casualty Insurance Co. Ltd., 3.35%, <br>06/01/26<br>(g)<br>|  | 200 | 198146 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance <br>2 PLC/Howden U.S. Refinance LLC<br>(b)<br>|  |  |  |
| 7.25%, 02/15/31 |  | 2166 | 2230556 |
| 8.13%, 02/15/32 |  | 1360 | 1403971 |
| HUB International Ltd.<br>(b)<br>|  |  |  |
| 7.25%, 06/15/30 |  | 4769 | 5007093 |
| 7.38%, 01/31/32 |  | 5400 | 5667592 |
| Jones Deslauriers Insurance Management, Inc.<br>(b)<br>|  |  |  |
| 8.50%, 03/15/30 |  | 816 | 855256 |
| 6.88%, 10/01/33 |  | 456 | 440310 |
| Meiji Yasuda Life Insurance Co.<br>(a)(g)<br>|  |  |  |
| (5-year CMT + 2.91%), 6.10%, 06/11/55 |  | 600 | 622477 |
| (5-year CMT + 3.03%), 5.80%, 09/11/54 |  | 350 | 356252 |
| Nanshan Life Pte. Ltd.<br>(g)<br>|  |  |  |
| 5.45%, 09/11/34 |  | 200 | 198196 |
| (5-year CMT + 1.85%), 5.88%, 03/17/41<br>(a)<br>|  | 200 | 201096 |
| Nippon Life Insurance Co., (5-year CMT + 3.19%), <br>6.50%, 04/30/55<br>(a)(b)(f)<br>|  | 7195 | 7747497 |
| Northwestern Mutual Life Insurance Co., 6.06%, <br>03/30/40<br>(b)(f)<br>|  | 12000 | 12752293 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<br>(b)<br>|  | 3541 | 3669354 |
| RLGH Finance Bermuda Ltd., 6.75%, 07/02/35<br>(g)<br>|  | 275 | 291880 |
| Ryan Specialty LLC<br>(b)<br>|  |  |  |
| 4.38%, 02/01/30 |  | 226 | 221805 |
| 5.88%, 08/01/32 |  | 373 | 381119 |
| Tongyang Life Insurance Co. Ltd., (5-year CMT + <br>2.40%), 6.25%, 05/07/35<br>(a)(g)<br>|  | 400 | 414208 |
| USI, Inc., 7.50%, 01/15/32<br>(b)<br>|  | 851 | 891915 |
|  |  |  | 69588754 |
| Interactive Media & Services — 2.3% | Interactive Media & Services — 2.3% | Interactive Media & Services — 2.3% | Interactive Media & Services — 2.3% |
| Baidu, Inc., 1.63%, 02/23/27 |  | 200 | 194734 |
| Beignet Investor LLC, 6.58%, 05/30/49<br>(b)(f)<br>|  | 15385 | 16254178 |
| ION Platform Finance U.S., Inc.<br>(b)<br>|  |  |  |
| 4.63%, 05/01/28 |  | 205 | 189670 |
| 5.00%, 05/01/28 |  | 724 | 672057 |
| 8.75%, 05/01/29 |  | 219 | 221871 |
| 9.50%, 05/30/29 |  | 400 | 405079 |
| 9.00%, 08/01/29 |  | 200 | 196908 |
| Netflix, Inc. |  |  |  |
| 5.88%, 11/15/28<br>(f)<br>|  | 1698 | 1785241 |
| 5.38%, 11/15/29<br>(b)(f)<br>|  | 2007 | 2092120 |
| 4.88%, 06/15/30<br>(b)<br>|  | 461 | 472629 |
| Prosus NV, 4.34%, 07/15/35<br>(g)<br>| EUR | 150 | 176721 |
| Snap, Inc.<br>(b)<br>|  |  |  |
| 6.88%, 03/01/33<br>(f)<br>| USD | 503 | 521231 |
| 6.88%, 03/15/34 |  | 348 | 358309 |
| Tencent Holdings Ltd.<br>(g)<br>|  |  |  |
| 3.60%, 01/19/28 |  | 200 | 199098 |
| 3.68%, 04/22/41<br>(f)<br>|  | 200 | 169430 |
|  |  |  | 23909276 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Internet Software & Services — 0.6% | Internet Software & Services — 0.6% | Internet Software & Services — 0.6% | Internet Software & Services — 0.6% |
| Alibaba Group Holding Ltd., 2.70%, 02/09/41 | USD | 200 | $147186<br>|
| ANGI Group LLC, 3.88%, 08/15/28<br>(b)<br>|  | 309 | 285408 |
| Booking Holdings, Inc., 3.55%, 03/15/28<br>(f)<br>|  | 3375 | 3347654 |
| Cablevision Lightpath LLC<br>(b)<br>|  |  |  |
| 3.88%, 09/15/27 |  | 368 | 359170 |
| 5.63%, 09/15/28 |  | 540 | 527769 |
| Getty Images, Inc.<br>(b)<br>|  |  |  |
| 11.25%, 02/21/30 |  | 57 | 53447 |
| 10.50%, 11/15/30 |  | 154 | 155273 |
| Match Group Holdings II LLC<br>(b)<br>|  |  |  |
| 4.13%, 08/01/30 |  | 383 | 362514 |
| 3.63%, 10/01/31<br>(f)<br>|  | 279 | 256008 |
| 6.13%, 09/15/33 |  | 444 | 449317 |
| Rakuten Group, Inc. |  |  |  |
| 9.75%, 04/15/29<br>(b)<br>|  | 522 | 583836 |
| 9.75%, 04/15/29<br>(g)<br>|  | 200 | 223692 |
|  |  |  | 6751274 |
| IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% |
| Amentum Holdings, Inc., 7.25%, 08/01/32<br>(b)(f)<br>|  | 122 | 128598 |
| CACI International, Inc., 6.38%, 06/15/33<br>(b)<br>|  | 440 | 455259 |
| Fair Isaac Corp.<br>(b)<br>|  |  |  |
| 4.00%, 06/15/28 |  | 393 | 387597 |
| 6.00%, 05/15/33 |  | 1569 | 1611594 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<br>(b)(f)<br>|  | 570 | 594761 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<br>(b)<br>|  | 196 | 201487 |
| KBR, Inc., 4.75%, 09/30/28<br>(b)<br>|  | 93 | 91140 |
| McAfee Corp., 7.38%, 02/15/30<br>(b)(f)<br>|  | 324 | 282553 |
| Science Applications International Corp., 5.88%, <br>11/01/33<br>(b)<br>|  | 303 | 307163 |
| Wipro IT Services LLC, 1.50%, 06/23/26<br>(g)<br>|  | 200 | 197416 |
|  |  |  | 4257568 |
| Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% |
| Mattel, Inc., 3.75%, 04/01/29<br>(b)<br>|  | 122 | 118909 |
| Machinery — 0.7% | Machinery — 0.7% | Machinery — 0.7% | Machinery — 0.7% |
| BWX Technologies, Inc., 4.13%, 06/30/28<br>(b)<br>|  | 70 | 68921 |
| Chart Industries, Inc.<br>(b)<br>|  |  |  |
| 7.50%, 01/01/30 |  | 594 | 619094 |
| 9.50%, 01/01/31 |  | 93 | 98713 |
| Esab Corp., 6.25%, 04/15/29<br>(b)<br>|  | 405 | 416428 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<br>(b)(f)<br>|  | 200 | 174000 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br>LLC, 9.00%, 02/15/29<br>(b)(f)<br>|  | 736 | 771865 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<br>(b)<br>|  | 177 | 190116 |
| Regal Rexnord Corp., 6.40%, 04/15/33<br>(f)<br>|  | 510 | 548574 |
| Terex Corp.<br>(b)<br>|  |  |  |
| 5.00%, 05/15/29 |  | 399 | 397643 |
| 6.25%, 10/15/32<br>(f)<br>|  | 467 | 479119 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<br>(b)<br>|  | 3002 | 3002705 |
| Vertiv Group Corp., 4.13%, 11/15/28<br>(b)<br>|  | 1040 | 1027218 |
|  |  |  | 7794396 |
| Media — 6.1% | Media — 6.1% | Media — 6.1% | Media — 6.1% |
| APLD ComputeCo LLC, 9.25%, 12/15/30<br>(b)<br>|  | 268 | 262881 |
| Cable One, Inc.<br>(m)<br>|  |  |  |
| 0.00%, 03/15/26<br>(l)<br>|  | 136 | 133960 |
| 1.13%, 03/15/28 |  | 79 | 64290 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38%, 06/01/29<br>(b)<br>|  | 131 | 129522 |
| 6.38%, 09/01/29<br>(b)<br>|  | 7991 | 8100843 |
| 4.75%, 03/01/30<br>(b)<br>|  | 160 | 152808 |
| 4.50%, 08/15/30<br>(b)(f)<br>|  | 113 | 106391 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media (continued) | Media (continued) | Media (continued) | Media (continued) |
| CCO Holdings LLC/CCO Holdings Capital <br>Corp.<br>(continued)<br>|  |  |  |
| 4.25%, 02/01/31<br>(b)<br>| USD | 1809 | $1662200<br>|
| 4.75%, 02/01/32<br>(b)<br>|  | 810 | 740293 |
| 4.50%, 05/01/32 |  | 785 | 704567 |
| 4.50%, 06/01/33<br>(b)<br>|  | 805 | 704664 |
| 4.25%, 01/15/34<br>(b)(f)<br>|  | 1252 | 1064543 |
| Charter Communications Operating LLC/Charter <br>Communications Operating Capital<br>|  |  |  |
| 6.38%, 10/23/35 |  | 479 | 494355 |
| 6.48%, 10/23/45<br>(f)<br>|  | 9584 | 9010554 |
| 5.38%, 05/01/47 |  | 1500 | 1235617 |
| 6.83%, 10/23/55 |  | 3540 | 3397867 |
| Cinemark USA, Inc., 7.00%, 08/01/32<br>(b)<br>|  | 109 | 113109 |
| Cipher Compute LLC, 7.13%, 11/15/30<br>(b)<br>|  | 723 | 736363 |
| Cox Communications, Inc., 8.38%, 03/01/39<br>(b)<br>|  | 5000 | 5829172 |
| CSC Holdings LLC<br>(b)<br>|  |  |  |
| 5.50%, 04/15/27 |  | 202 | 173199 |
| 5.38%, 02/01/28 |  | 877 | 636286 |
| 11.25%, 05/15/28 |  | 1489 | 1184746 |
| 11.75%, 01/31/29 |  | 634 | 471029 |
| Directv Financing LLC, 8.88%, 02/01/30<br>(b)<br>|  | 625 | 632371 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br>Inc.<br>(b)<br>|  |  |  |
| 5.88%, 08/15/27 |  | 533 | 536129 |
| 10.00%, 02/15/31 |  | 1537 | 1570894 |
| Discovery Communications LLC, 4.88%, 04/01/43 |  | 4000 | 2657720 |
| DISH DBS Corp.<br>(b)<br>|  |  |  |
| 5.25%, 12/01/26 |  | 1441 | 1397406 |
| 5.75%, 12/01/28 |  | 907 | 890449 |
| DISH Network Corp., 11.75%, 11/15/27<br>(b)<br>|  | 2210 | 2300124 |
| Flash Compute LLC, 7.25%, 12/31/30<br>(b)<br>|  | 723 | 716321 |
| Gray Media, Inc.<br>(b)<br>|  |  |  |
| 10.50%, 07/15/29<br>(f)<br>|  | 102 | 109685 |
| 9.63%, 07/15/32 |  | 741 | 768986 |
| 7.25%, 08/15/33 |  | 680 | 694844 |
| LCPR Senior Secured Financing DAC, 6.75%, <br>10/15/27<br>(b)<br>|  | 593 | 414477 |
| Live Nation Entertainment, Inc.<br>(b)<br>|  |  |  |
| 4.75%, 10/15/27<br>(f)<br>|  | 425 | 425866 |
| 3.75%, 01/15/28 |  | 155 | 152380 |
| Midcontinent Communications, 8.00%, 08/15/32<br>(b)<br>|  | 130 | 133071 |
| Neptune Bidco U.S., Inc., 10.38%, 05/15/31<br>(b)<br>|  | 571 | 585470 |
| Paramount Global, 5.85%, 09/01/43 |  | 1300 | 1070315 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<br>(b)<br>|  | 875 | 913876 |
| Sirius XM Radio LLC<br>(b)<br>|  |  |  |
| 3.13%, 09/01/26 |  | 53 | 52534 |
| 5.00%, 08/01/27 |  | 684 | 685666 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<br>(b)<br>|  | 768 | 731520 |
| Telenet Finance Luxembourg Notes SARL, 5.50%, <br>03/01/28<br>(b)<br>|  | 1000 | 993649 |
| Time Warner Cable LLC, 6.55%, 05/01/37 |  | 3519 | 3590994 |
| Univision Communications, Inc.<br>(b)<br>|  |  |  |
| 8.00%, 08/15/28 |  | 1110 | 1149599 |
| 8.50%, 07/31/31 |  | 413 | 431432 |
| 9.38%, 08/01/32 |  | 461 | 495489 |
| Versant Media Group, Inc., 7.25%, 01/30/31<br>(b)<br>|  | 255 | 263081 |
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, <br>07/15/28<br>(b)<br>|  | 1452 | 1424580 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media (continued) | Media (continued) | Media (continued) | Media (continued) |
| WULF Compute LLC, 7.75%, 10/15/30<br>(b)<br>| USD | 1103 | $1136364<br>|
| Ziggo BV, 4.88%, 01/15/30<br>(b)<br>|  | 200 | 189046 |
|  |  |  | 64223597 |
| Metals & Mining — 2.3% | Metals & Mining — 2.3% | Metals & Mining — 2.3% | Metals & Mining — 2.3% |
| ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28<br>(g)<br>|  | 306 | 311930 |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/30<br>(b)<br>|  | 724 | 740341 |
| Arsenal AIC Parent LLC<br>(b)<br>|  |  |  |
| 8.00%, 10/01/30 |  | 268 | 284391 |
| 11.50%, 10/01/31 |  | 1244 | 1369088 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br>01/31/29<br>(b)<br>|  | 2424 | 2441584 |
| Carpenter Technology Corp., 5.63%, 03/01/34<br>(b)<br>|  | 363 | 368708 |
| Chinalco Capital Holdings Ltd., 2.13%, 06/03/26<br>(g)<br>|  | 200 | 198396 |
| Cleveland-Cliffs, Inc., 6.88%, 11/01/29<br>(b)<br>|  | 486 | 503356 |
| Commercial Metals Co.<br>(b)<br>|  |  |  |
| 5.75%, 11/15/33 |  | 418 | 427418 |
| 6.00%, 12/15/35 |  | 431 | 441842 |
| Constellium SE<br>(b)<br>|  |  |  |
| 3.75%, 04/15/29 |  | 1731 | 1671467 |
| 6.38%, 08/15/32 |  | 446 | 460281 |
| ERO Copper Corp., 6.50%, 02/15/30<br>(b)<br>|  | 90 | 90281 |
| First Quantum Minerals Ltd.<br>(b)<br>|  |  |  |
| 9.38%, 03/01/29 |  | 916 | 964548 |
| 8.00%, 03/01/33 |  | 259 | 275972 |
| 7.25%, 02/15/34 |  | 240 | 252228 |
| JSW Steel Ltd., 3.95%, 04/05/27<br>(g)<br>|  | 500 | 492812 |
| Kaiser Aluminum Corp.<br>(b)<br>|  |  |  |
| 4.50%, 06/01/31 |  | 1099 | 1061770 |
| 5.88%, 03/01/34 |  | 544 | 545707 |
| New Gold, Inc., 6.88%, 04/01/32<br>(b)<br>|  | 409 | 434048 |
| Novelis Corp.<br>(b)<br>|  |  |  |
| 4.75%, 01/30/30<br>(f)<br>|  | 2401 | 2316149 |
| 6.88%, 01/30/30 |  | 597 | 619896 |
| 3.88%, 08/15/31 |  | 1056 | 962505 |
| 6.38%, 08/15/33 |  | 869 | 880967 |
| Periama Holdings LLC, 5.95%, 04/19/26<br>(g)<br>|  | 200 | 200450 |
| Southern Copper Corp., 5.88%, 04/23/45<br>(f)<br>|  | 3870 | 3963577 |
| Steel Dynamics, Inc., 3.25%, 10/15/50 |  | 1145 | 784579 |
| Vallourec SACA, 7.50%, 04/15/32<br>(b)<br>|  | 404 | 428960 |
| Vedanta Resources Finance II PLC<br>(g)<br>|  |  |  |
| 10.88%, 09/17/29 |  | 300 | 316219 |
| 11.25%, 12/03/31 |  | 200 | 214813 |
|  |  |  | 24024283 |
| Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% | Mortgage Real Estate Investment Trusts (REITs)<br>(b)<br> — 0.2% |
| Arbor Realty SR, Inc. |  |  |  |
| 8.50%, 12/15/28 |  | 105 | 104580 |
| 7.88%, 07/15/30 |  | 188 | 179631 |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 368 | 364207 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 250 | 264026 |
| 6.00%, 04/15/30 |  | 116 | 119063 |
| 6.50%, 07/01/30 |  | 217 | 226354 |
| 6.50%, 10/15/30 |  | 314 | 327375 |
|  |  |  | 1585236 |
| Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% | Multi-Utilities — 0.0% |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br>06/01/30<br>(b)<br>|  | 161 | 171512 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels — 10.7% | Oil, Gas & Consumable Fuels — 10.7% | Oil, Gas & Consumable Fuels — 10.7% | Oil, Gas & Consumable Fuels — 10.7% |
| Aethon United BR LP/Aethon United Finance Corp., <br>7.50%, 10/01/29<br>(b)<br>| USD | 508 | $532219<br>|
| Antero Midstream Partners LP/Antero Midstream <br>Finance Corp.<br>(b)<br>|  |  |  |
| 5.75%, 01/15/28 |  | 127 | 127243 |
| 5.38%, 06/15/29 |  | 1095 | 1095028 |
| 6.63%, 02/01/32 |  | 417 | 431630 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br>Corp.<br>(b)<br>|  |  |  |
| 9.00%, 11/01/27 |  | 161 | 204669 |
| 6.63%, 07/15/33 |  | 221 | 228745 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<br>(b)<br>|  |  |  |
| 7.00%, 07/15/29 |  | 321 | 334775 |
| 7.25%, 07/15/32 |  | 258 | 273808 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<br>(b)<br>|  | 29 | 30166 |
| 6.75%, 02/01/30<br>(b)<br>|  | 116 | 121771 |
| 5.85%, 11/15/43 |  | 383 | 359169 |
| 5.60%, 10/15/44 |  | 191 | 173114 |
| Caturus Energy LLC, 8.50%, 02/15/30<br>(b)<br>|  | 837 | 871689 |
| Chord Energy Corp., 6.75%, 03/15/33<br>(b)<br>|  | 147 | 152015 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<br>(b)<br>|  | 733 | 762191 |
| Civitas Resources, Inc.<br>(b)<br>|  |  |  |
| 8.38%, 07/01/28 |  | 187 | 192683 |
| 8.75%, 07/01/31 |  | 487 | 505214 |
| CNOOC Finance 2014 ULC, Series 2014, 4.88%, <br>04/30/44<br>|  | 250 | 245540 |
| CNX Resources Corp., 7.25%, 03/01/32<br>(b)<br>|  | 152 | 158673 |
| Comstock Resources, Inc.<br>(b)<br>|  |  |  |
| 6.75%, 03/01/29 |  | 649 | 649608 |
| 5.88%, 01/15/30 |  | 783 | 761589 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br>06/15/31<br>(b)<br>|  | 2468 | 2441638 |
| Crescent Energy Finance LLC<br>(b)<br>|  |  |  |
| 7.63%, 04/01/32<br>(f)<br>|  | 118 | 114404 |
| 7.38%, 01/15/33 |  | 361 | 342572 |
| 8.38%, 01/15/34 |  | 54 | 53640 |
| DBR Land Holdings LLC, 6.25%, 12/01/30<br>(b)<br>|  | 223 | 228102 |
| Delek Logistics Partners LP/Delek Logistics Finance <br>Corp., 7.38%, 06/30/33<br>(b)<br>|  | 378 | 385730 |
| Devon Energy Corp. |  |  |  |
| 5.25%, 10/15/27 |  | 130 | 129991 |
| 5.88%, 06/15/28 |  | 204 | 204005 |
| 4.50%, 01/15/30 |  | 117 | 117334 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br>8.50%, 10/01/30<br>(b)<br>|  | 73 | 77332 |
| Diamondback Energy, Inc. |  |  |  |
| 3.50%, 12/01/29<br>(f)<br>|  | 692 | 671294 |
| 6.25%, 03/15/33 |  | 2880 | 3103075 |
| EG Global Finance PLC, 12.00%, 11/30/28<br>(b)<br>|  | 418 | 454317 |
| Enbridge, Inc. |  |  |  |
| 6.70%, 11/15/53<br>(f)<br>|  | 5595 | 6142518 |
| (3-mo. CME Term SOFR + 3.90%), 6.25%, <br>03/01/78<br>(a)<br>|  | 5000 | 5056745 |
| Series 2016-A, (3-mo. CME Term SOFR + 4.15%), <br>6.00%, 01/15/77<br>(a)<br>|  | 5880 | 5889467 |
| Energy Transfer LP |  |  |  |
| 5.50%, 06/01/27<br>(f)<br>|  | 406 | 412557 |
| 7.38%, 02/01/31<br>(b)<br>|  | 417 | 433247 |
| 6.13%, 12/15/45<br>(f)<br>|  | 3579 | 3513202 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Energy Transfer LP<br>(continued)<br>|  |  |  |
| Series B, (3-mo. SOFR US + 4.42%), 6.63%<br>(a)(i)<br>| USD | 5000 | $4974648<br>|
| Series H, (5-year CMT + 5.69%), 6.50%<br>(a)(i)<br>|  | 121 | 121533 |
| Enterprise Products Operating LLC |  |  |  |
| 4.90%, 05/15/46<br>(f)<br>|  | 5375 | 4859899 |
| Series E, (3-mo. CME Term SOFR + 3.29%), 5.25%, <br>08/16/77<br>(a)<br>|  | 4800 | 4791784 |
| EQT Corp. |  |  |  |
| 6.38%, 04/01/29<br>(f)<br>|  | 481 | 497730 |
| 7.50%, 06/01/30 |  | 141 | 155096 |
| 4.75%, 01/15/31 |  | 802 | 807264 |
| Exxon Mobil Corp., 3.45%, 04/15/51<br>(f)<br>|  | 3890 | 2789569 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 393 | 394618 |
| 8.00%, 05/15/33 |  | 11 | 11419 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br>07/01/33<br>(b)<br>|  | 162 | 164955 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<br>(b)<br>|  | 243 | 250941 |
| Harvest Midstream I LP, 7.50%, 05/15/32<br>(b)<br>|  | 158 | 164697 |
| Hess Midstream Operations LP<br>(b)<br>|  |  |  |
| 6.50%, 06/01/29 |  | 393 | 405851 |
| 4.25%, 02/15/30 |  | 144 | 140844 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<br>(b)<br>|  |  |  |
| 6.25%, 11/01/28 |  | 238 | 239351 |
| 5.75%, 02/01/29 |  | 199 | 196885 |
| 6.00%, 04/15/30 |  | 32 | 31095 |
| 6.25%, 04/15/32 |  | 20 | 18828 |
| 8.38%, 11/01/33 |  | 287 | 293043 |
| 6.88%, 05/15/34 |  | 321 | 300780 |
| 7.25%, 02/15/35 |  | 108 | 102640 |
| Howard Midstream Energy Partners LLC<br>(b)<br>|  |  |  |
| 7.38%, 07/15/32 |  | 37 | 39041 |
| 6.63%, 01/15/34<br>(f)<br>|  | 396 | 406824 |
| ITT Holdings LLC, 6.50%, 08/01/29<br>(b)(f)<br>|  | 995 | 954853 |
| Kinder Morgan, Inc. |  |  |  |
| 7.80%, 08/01/31 |  | 197 | 228105 |
| 7.75%, 01/15/32<br>(f)<br>|  | 4586 | 5319389 |
| Kinetik Holdings LP<br>(b)<br>|  |  |  |
| 6.63%, 12/15/28 |  | 83 | 85463 |
| 5.88%, 06/15/30 |  | 18 | 18161 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br>Finance Corp., 6.88%, 12/01/32<br>(b)<br>|  | 187 | 192194 |
| Marathon Petroleum Corp., 5.13%, 12/15/26<br>(f)<br>|  | 937 | 943967 |
| Matador Resources Co.<br>(b)<br>|  |  |  |
| 6.88%, 04/15/28 |  | 274 | 279997 |
| 6.50%, 04/15/32 |  | 437 | 443190 |
| Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<br>(g)<br>|  | 400 | 401228 |
| MPLX LP |  |  |  |
| 5.20%, 03/01/47<br>(f)<br>|  | 3500 | 3127620 |
| 4.70%, 04/15/48<br>(f)<br>|  | 5000 | 4155613 |
| 5.50%, 02/15/49<br>(f)<br>|  | 2640 | 2424321 |
| 5.65%, 03/01/53 |  | 885 | 820701 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 47 | 40409 |
| Nabors Industries, Inc., 7.63%, 11/15/32<br>(b)<br>|  | 165 | 162175 |
| NGL Energy Operating LLC/NGL Energy Finance <br>Corp.<br>(b)<br>|  |  |  |
| 8.13%, 02/15/29<br>(f)<br>|  | 508 | 527286 |
| 8.38%, 02/15/32 |  | 671 | 694864 |
| NGPL PipeCo LLC, 7.77%, 12/15/37<br>(b)<br>|  | 1117 | 1296544 |
| Noble Finance II LLC, 8.00%, 04/15/30<br>(b)<br>|  | 93 | 96619 |
| Northern Oil & Gas, Inc., 7.88%, 10/15/33<br>(b)<br>|  | 484 | 471249 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<br>(b)<br>|  | 244 | 248649 |
| NuStar Logistics LP, 6.00%, 06/01/26 |  | 163 | 163332 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Occidental Petroleum Corp., 6.20%, 03/15/40 | USD | 568 | $576778<br>|
| ONEOK, Inc., 4.85%, 07/15/26 |  | 35 | 35066 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br>09/15/30<br>(b)<br>|  | 211 | 203201 |
| Permian Resources Operating LLC<br>(b)<br>|  |  |  |
| 8.00%, 04/15/27 |  | 444 | 449799 |
| 5.88%, 07/01/29 |  | 1002 | 1007873 |
| 7.00%, 01/15/32<br>(f)<br>|  | 321 | 334590 |
| 6.25%, 02/01/33 |  | 781 | 801123 |
| Pertamina Hulu Energi PT, 5.25%, 05/21/30<br>(g)<br>|  | 300 | 305906 |
| Pertamina Persero PT<br>(g)<br>|  |  |  |
| 1.40%, 02/09/26 |  | 250 | 249183 |
| 2.30%, 02/09/31 |  | 200 | 177625 |
| Petroleos Mexicanos, 6.70%, 02/16/32 |  | 695 | 693005 |
| Petronas Capital Ltd.<br>(g)<br>|  |  |  |
| 2.48%, 01/28/32 |  | 200 | 179518 |
| 4.50%, 03/18/45 |  | 200 | 178308 |
| Plains All American Pipeline LP, Series B, (3-mo. CME <br>Term SOFR + 4.37%), 8.22%<br>(a)(i)<br>|  | 2215 | 2221284 |
| Prairie Acquiror LP, 9.00%, 08/01/29<br>(b)<br>|  | 269 | 279605 |
| Reliance Industries Ltd., 3.67%, 11/30/27<br>(g)<br>|  | 300 | 297282 |
| Rockies Express Pipeline LLC, 6.88%, 04/15/40<br>(b)<br>|  | 580 | 599585 |
| Sabine Pass Liquefaction LLC, 5.88%, 06/30/26<br>(f)<br>|  | 493 | 493698 |
| Sinopec Group Overseas Development 2018 Ltd., <br>2.30%, 01/08/31<br>(g)<br>|  | 500 | 466935 |
| Sunoco LP<br>(b)<br>|  |  |  |
| 5.63%, 03/15/31 |  | 159 | 160165 |
| 6.63%, 08/15/32 |  | 297 | 305262 |
| 6.25%, 07/01/33 |  | 337 | 345195 |
| 5.88%, 03/15/34 |  | 161 | 160986 |
| Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 |  | 317 | 317774 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br>Corp.<br>(b)<br>|  |  |  |
| 5.50%, 01/15/28 |  | 255 | 255137 |
| 7.38%, 02/15/29 |  | 672 | 694554 |
| 6.00%, 09/01/31 |  | 182 | 181149 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<br>(b)<br>|  | 398 | 394112 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<br>(b)<br>|  | 75 | 75719 |
| Transocean International Ltd.<br>(b)<br>|  |  |  |
| 8.25%, 05/15/29 |  | 137 | 138076 |
| 8.75%, 02/15/30 |  | 180 | 188083 |
| 8.50%, 05/15/31 |  | 203 | 201077 |
| 7.88%, 10/15/32 |  | 219 | 228724 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<br>(b)<br>|  | 94 | 95903 |
| Valaris Ltd., 8.38%, 04/30/30<br>(b)<br>|  | 244 | 253873 |
| Venture Global LNG, Inc.<br>(b)<br>|  |  |  |
| 9.50%, 02/01/29 |  | 1853 | 1920592 |
| 7.00%, 01/15/30 |  | 40 | 38497 |
| 8.38%, 06/01/31 |  | 685 | 681182 |
| 9.88%, 02/01/32 |  | 1037 | 1071296 |
| Venture Global Plaquemines LNG LLC<br>(b)<br>|  |  |  |
| 6.13%, 12/15/30 |  | 890 | 906327 |
| 7.50%, 05/01/33 |  | 384 | 414912 |
| 6.50%, 01/15/34 |  | 1123 | 1150222 |
| 7.75%, 05/01/35 |  | 266 | 291258 |
| 6.75%, 01/15/36 |  | 1205 | 1234270 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<br>(b)<br>|  | 154 | 153708 |
| 9.75%, 10/15/30<br>(f)<br>|  | 76 | 79756 |
| 7.88%, 04/15/32<br>(b)(f)<br>|  | 173 | 170454 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<br>(b)<br>|  | 396 | 399732 |
| Williams Cos., Inc.<br>(f)<br>|  |  |  |
| 8.75%, 03/15/32 |  | 2478 | 3006279 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) | Oil, Gas & Consumable Fuels (continued) |
| Williams Cos., Inc.<br>(f)<br>(continued)<br>|  |  |  |
| 5.10%, 09/15/45 | USD | 5075 | $4657615<br>|
| Woodside Finance Ltd., 3.70%, 09/15/26<br>(g)<br>|  | 200 | 199234 |
|  |  |  | 113159460 |
| Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% | Passenger Airlines — 0.4% |
| American Airlines, Inc., 8.50%, 05/15/29<br>(b)(f)<br>|  | 372 | 389072 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., <br>5.75%, 04/20/29<br>(b)<br>|  | 58 | 59064 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br>09/20/31<br>(b)<br>|  | 441 | 444290 |
| OneSky Flight LLC, 8.88%, 12/15/29<br>(b)<br>|  | 264 | 282516 |
| Singapore Airlines Ltd., 3.00%, 07/20/26<br>(g)<br>|  | 200 | 198752 |
| Turkish Airlines Pass-Through Trust, Series 2015-1, <br>Class A, 4.20%, 03/15/27<br>(b)<br>|  | 641 | 626976 |
| United Airlines Pass-Through Trust, Series 2020-1, <br>Class A, 5.88%, 10/15/27<br>(f)<br>|  | 2309 | 2367185 |
|  |  |  | 4367855 |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| Opal Bidco SAS, 6.50%, 03/31/32<br>(b)<br>|  | 417 | 427099 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 106 | 103251 |
|  |  |  | 530350 |
| Pharmaceuticals — 4.6% | Pharmaceuticals — 4.6% | Pharmaceuticals — 4.6% | Pharmaceuticals — 4.6% |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<br>(b)<br>|  | 5253 | 5463209 |
| AbbVie, Inc.<br>(f)<br>|  |  |  |
| 4.75%, 03/15/45 |  | 5485 | 4993949 |
| 4.70%, 05/14/45 |  | 3255 | 2943588 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<br>(b)<br>|  | 226 | 238726 |
| Bausch Health Cos., Inc.<br>(b)<br>|  |  |  |
| 4.88%, 06/01/28 |  | 179 | 160205 |
| 11.00%, 09/30/28 |  | 842 | 872177 |
| Bayer U.S. Finance LLC, 6.88%, 11/21/53<br>(b)<br>|  | 715 | 771803 |
| CVS Health Corp.<br>(f)<br>|  |  |  |
| 5.13%, 07/20/45 |  | 3879 | 3501987 |
| 5.05%, 03/25/48 |  | 8205 | 7233117 |
| Eli Lilly & Co., 5.65%, 10/15/65 |  | 4735 | 4771041 |
| Merck & Co., Inc., 6.50%, 12/01/33<br>(f)<br>|  | 6420 | 7257437 |
| Option Care Health, Inc., 4.38%, 10/31/29<br>(b)<br>|  | 461 | 450411 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br>4.13%, 04/30/28<br>(b)<br>|  | 1000 | 974435 |
| PRA Health Sciences, Inc., 2.88%, 07/15/26<br>(b)(f)<br>|  | 707 | 701253 |
| Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30<br>(f)<br>|  | 8270 | 7556484 |
| Teva Pharmaceutical Finance Netherlands III BV, <br>3.15%, 10/01/26<br>|  | 679 | 670088 |
|  |  |  | 48559910 |
| Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% | Real Estate Management & Development — 0.7% |
| Aldar Properties PJSC, (5-year CMT + 2.04%), 6.62%, <br>04/15/55<br>(a)(g)<br>|  | 250 | 261027 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br>Corp.<br>|  |  |  |
| 7.00%, 04/15/30<br>(b)<br>|  | 114 | 113228 |
| Series AI, 7.00%, 04/15/30 |  | 320 | 318622 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br>Corp., 9.75%, 04/15/30<br>(b)<br>|  | 171 | 185582 |
| AYC Finance Ltd., 3.90%<br>(g)(i)<br>|  | 300 | 198858 |
| China Overseas Finance Cayman VII Ltd., 4.75%, <br>04/26/28<br>(g)<br>|  | 200 | 201720 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br>09/01/31<br>(b)<br>|  | 216 | 230708 |
| Fantasia Holdings Group Co. Ltd., 7.95%, <br>07/05/22<br>(d)(g)(n)<br>|  | 1050 | 10500 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) | Real Estate Management & Development (continued) |
| Five Point Operating Co. LP, 8.00%, 10/01/30<br>(b)<br>| USD | 109 | $113881<br>|
| Howard Hughes Corp., 4.13%, 02/01/29<br>(b)<br>|  | 176 | 171030 |
| New Metro Global Ltd., 4.50%, 05/02/26<br>(g)<br>|  | 349 | 328076 |
| Northwest Florida Timber Finance LLC, 4.75%, <br>03/04/29<br>(b)<br>|  | 4485 | 4365940 |
| Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26<br>(g)<br>|  | 200 | 195926 |
| Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30<br>(g)<br>|  | 200 | 187386 |
| Yango Justice International Ltd.<br>(d)(g)(n)<br>|  |  |  |
| 8.25%, 11/25/23 |  | 200 | 250 |
| 7.50%, 04/15/24 |  | 200 | 250 |
|  |  |  | 6882984 |
| Retail REITs — 0.0% | Retail REITs — 0.0% | Retail REITs — 0.0% | Retail REITs — 0.0% |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR <br>Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27<br>(b)<br>|  | 505 | 499098 |
| Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% | Semiconductors & Semiconductor Equipment — 2.2% |
| Amkor Technology, Inc., 5.88%, 10/01/33<br>(b)<br>|  | 98 | 100022 |
| Broadcom, Inc., 5.00%, 04/15/30<br>(f)<br>|  | 10970 | 11291489 |
| Entegris, Inc., 4.75%, 04/15/29<br>(b)<br>|  | 2 | 2004 |
| Kioxia Holdings Corp., 6.63%, 07/24/33 |  | 349 | 362917 |
| Lam Research Corp., 4.88%, 03/15/49<br>(f)<br>|  | 875 | 800178 |
| NVIDIA Corp.<br>(f)<br>|  |  |  |
| 3.50%, 04/01/50 |  | 2785 | 2061034 |
| 3.70%, 04/01/60 |  | 1760 | 1285340 |
| NXP BV/NXP Funding LLC/NXP USA, Inc.<br>(f)<br>|  |  |  |
| 4.40%, 06/01/27 |  | 750 | 753383 |
| 3.40%, 05/01/30 |  | 1755 | 1691293 |
| QUALCOMM, Inc.<br>(f)<br>|  |  |  |
| 4.30%, 05/20/47 |  | 3500 | 2938687 |
| 6.00%, 05/20/53 |  | 1993 | 2097587 |
| TSMC Global Ltd., 2.25%, 04/23/31<br>(g)<br>|  | 250 | 226788 |
|  |  |  | 23610722 |
| Software — 2.3% | Software — 2.3% | Software — 2.3% | Software — 2.3% |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<br>(b)<br>|  | 3919 | 3907206 |
| Camelot Finance SA, 4.50%, 11/01/26<br>(b)<br>|  | 189 | 187713 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<br>(b)<br>|  | 923 | 950666 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br>Co., Inc., 8.00%, 06/15/29<br>(b)<br>|  | 101 | 87781 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br>06/15/29<br>(b)<br>|  | 302 | 256039 |
| Cloud Software Group, Inc.<br>(b)<br>|  |  |  |
| 6.50%, 03/31/29 |  | 1674 | 1695909 |
| 9.00%, 09/30/29<br>(f)<br>|  | 3888 | 4049392 |
| 8.25%, 06/30/32 |  | 944 | 986518 |
| CoreLogic, Inc., 4.50%, 05/01/28<br>(b)<br>|  | 1488 | 1457742 |
| CoreWeave, Inc., 9.25%, 06/01/30<br>(b)(f)<br>|  | 438 | 407240 |
| Elastic NV, 4.13%, 07/15/29<br>(b)<br>|  | 718 | 695359 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<br>(b)<br>|  | 661 | 673989 |
| Oracle Corp. |  |  |  |
| 3.95%, 03/25/51<br>(f)<br>|  | 4425 | 2911471 |
| 5.55%, 02/06/53 |  | 1280 | 1062246 |
| Playtika Holding Corp., 4.25%, 03/15/29<br>(b)<br>|  | 114 | 102231 |
| PTC, Inc., 4.00%, 02/15/28<br>(b)<br>|  | 365 | 359515 |
| Sabre GLBL, Inc., 10.75%, 03/15/30<br>(b)(f)<br>|  | 376 | 309262 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<br>(b)<br>|  | 1008 | 1048737 |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 |  | 259 | 250188 |
| 3.88%, 03/15/31 |  | 558 | 533294 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| UKG, Inc., 6.88%, 02/01/31<br>(b)<br>| USD | 1949 | $2002038<br>|
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br>3.88%, 02/01/29<br>(b)<br>|  | 345 | 325576 |
|  |  |  | 24260112 |
| Specialty Retail<br>(b)<br> — 0.1% | Specialty Retail<br>(b)<br> — 0.1% | Specialty Retail<br>(b)<br> — 0.1% | Specialty Retail<br>(b)<br> — 0.1% |
| Advance Auto Parts, Inc., 7.00%, 08/01/30 |  | 217 | 218149 |
| Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, <br>01/15/31<br>|  | 220 | 226586 |
| Staples, Inc., 10.75%, 09/01/29 |  | 210 | 208778 |
| Suburban Propane Partners LP/Suburban Energy <br>Finance Corp., 5.00%, 06/01/31<br>|  | 237 | 227527 |
|  |  |  | 881040 |
| Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% | Technology Hardware, Storage & Peripherals — 0.3% |
| Dell International LLC/EMC Corp., 8.35%, 07/15/46<br>(f)<br>|  | 1005 | 1274864 |
| Seagate Data Storage Technology Pte Ltd.<br>(b)<br>|  |  |  |
| 8.25%, 12/15/29 |  | 589 | 624597 |
| 8.50%, 07/15/31 |  | 701 | 745277 |
| Seagate Data Storage Technology Pte. Ltd., 5.88%, <br>07/15/30<br>(b)<br>|  | 324 | 334001 |
|  |  |  | 2978739 |
| Textiles, Apparel & Luxury Goods<br>(b)<br> — 0.3% | Textiles, Apparel & Luxury Goods<br>(b)<br> — 0.3% | Textiles, Apparel & Luxury Goods<br>(b)<br> — 0.3% | Textiles, Apparel & Luxury Goods<br>(b)<br> — 0.3% |
| Beach Acquisition Bidco LLC |  |  |  |
| 5.25%, 07/15/32 | EUR | 592 | 708278 |
| (10.00% Cash or 10.75% PIK), 10.00%, 07/15/33<br>(h)<br>| USD | 1071 | 1182151 |
| Crocs, Inc., 4.13%, 08/15/31 |  | 244 | 225412 |
| Levi Strauss & Co. |  |  |  |
| 4.00%, 08/15/30 | EUR | 155 | 184985 |
| 3.50%, 03/01/31 | USD | 462 | 430225 |
|  |  |  | 2731051 |
| Tobacco<br>(f)<br> — 2.1% | Tobacco<br>(f)<br> — 2.1% | Tobacco<br>(f)<br> — 2.1% | Tobacco<br>(f)<br> — 2.1% |
| Altria Group, Inc., 10.20%, 02/06/39 |  | 13392 | 18699386 |
| BAT Capital Corp., 4.54%, 08/15/47 |  | 1999 | 1658224 |
| Reynolds American, Inc., 5.85%, 08/15/45 |  | 2335 | 2297262 |
|  |  |  | 22654872 |
| Transportation Infrastructure — 0.5% | Transportation Infrastructure — 0.5% | Transportation Infrastructure — 0.5% | Transportation Infrastructure — 0.5% |
| FedEx Corp., 5.25%, 05/15/50<br>(f)<br>|  | 6000 | 5528108 |
| SF Holding Investment 2021 Ltd., 2.38%, 11/17/26<br>(g)<br>|  | 200 | 197000 |
|  |  |  | 5725108 |
| Utilities — 0.2% | Utilities — 0.2% | Utilities — 0.2% | Utilities — 0.2% |
| TransAlta Corp., 5.88%, 02/01/34 |  | 269 | 270859 |
| VoltaGrid LLC, 7.38%, 11/01/30<br>(b)<br>|  | 1670 | 1654545 |
|  |  |  | 1925404 |
| Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% |
| Altice France SA<br>(b)<br>|  |  |  |
| 6.88%, 10/15/30 |  | 83 | 80444 |
| 6.50%, 10/15/31 |  | 1463 | 1389296 |
| 6.50%, 04/15/32 |  | 672 | 643992 |
| 6.88%, 07/15/32 |  | 386 | 370170 |
| Digicel International Finance Ltd./Difl U.S. LLC, 8.63%, <br>08/01/32<br>(b)<br>|  | 1261 | 1309082 |
| Level 3 Financing, Inc., 8.50%, 01/15/36<br>(b)<br>|  | 1705 | 1745890 |
| T-Mobile USA, Inc. |  |  |  |
| 4.75%, 02/01/28 |  | 1013 | 1013397 |
| 2.63%, 02/15/29 |  | 438 | 418065 |
| 3.38%, 04/15/29 |  | 676 | 658844 |
| 2.88%, 02/15/31 |  | 235 | 218120 |
| 3.50%, 04/15/31<br>(f)<br>|  | 990 | 946499 |
| 5.05%, 07/15/33<br>(f)<br>|  | 2000 | 2040903 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) |
| Vmed O2 U.K. Financing I PLC<br>(b)<br>|  |  |  |
| 4.25%, 01/31/31 | USD | 400 | $364804<br>|
| 4.75%, 07/15/31 |  | 200 | 184643 |
| 6.75%, 01/15/33 |  | 332 | 329024 |
|  |  |  | 11713173 |
| Total Corporate Bonds — 110.4%<br>(Cost: $1,166,732,896) | Total Corporate Bonds — 110.4%<br>(Cost: $1,166,732,896) | Total Corporate Bonds — 110.4%<br>(Cost: $1,166,732,896) | 1169906445 |
| Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests |
| Distributors — 0.0% | Distributors — 0.0% | Distributors — 0.0% | Distributors — 0.0% |
| TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, <br>12/15/31<br>(c)(h)<br>|  | 2 |  |
| IT Services — 0.0% | IT Services — 0.0% | IT Services — 0.0% | IT Services — 0.0% |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br>12/09/31<br>|  | 256 | 254437 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 23 | 22901 |
|  |  |  | 277338 |
| Software — 0.0% | Software — 0.0% | Software — 0.0% | Software — 0.0% |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 145 | 140197 |
| Total Fixed Rate Loan Interests — 0.0%<br>(Cost: $425,801) | Total Fixed Rate Loan Interests — 0.0%<br>(Cost: $425,801) | Total Fixed Rate Loan Interests — 0.0%<br>(Cost: $425,801) | 417535 |
| Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) |
| Advertising Agencies — 0.0% | Advertising Agencies — 0.0% | Advertising Agencies — 0.0% | Advertising Agencies — 0.0% |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br>7.83%, 08/23/28<br>|  | 84 | 83562 |
| Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>09/24/32<br>|  | 98 | 98245 |
| Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>02/07/31<br>|  | 62 | 62678 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br>8.93%, 02/15/29<br>|  | 37 | 34104 |
|  |  |  | 278589 |
| Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% | Aerospace & Defense — 0.2% |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>10/31/30<br>|  | 139 | 139941 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-<br>mo. CME Term SOFR + 4.18%), 8.37%, 08/03/29<br>|  | 158 | 157963 |
| Dynasty Acquisition Co., Inc. |  |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>|  | 323 | 324066 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 10/31/31<br>|  | 123 | 123616 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.47%, 01/27/32<br>|  | 65 | 65436 |
| Kaman Corp. |  |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.43%, 02/26/32<br>|  | 1 | 795 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 2.50%), 6.38%, 02/26/32<br>|  | 88 | 88022 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan <br>B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.17%, 12/01/32<br>| USD | 89 | $89280<br>|
| TransDigm, Inc. |  |  |  |
| 2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 02/28/31<br>|  | 682 | 683869 |
| 2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 01/19/32<br>|  | 252 | 252747 |
| 2025 Term Loan K, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 03/22/30<br>|  | 40 | 40488 |
| 2025 Term Loan M, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 08/19/32<br>|  | 416 | 417605 |
|  |  |  | 2383828 |
| Air Freight & Logistics — 0.0% | Air Freight & Logistics — 0.0% | Air Freight & Logistics — 0.0% | Air Freight & Logistics — 0.0% |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.67%, 03/18/30<br>|  | 181 | 181232 |
| Stonepeak Nile Parent LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.25%), 6.16%, <br>04/09/32<br>|  | 68 | 67963 |
|  |  |  | 249195 |
| Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% | Automobile Components — 0.1% |
| Allison Transmission, Inc., 2025 Incremental Term Loan <br>B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.45%, 11/05/32<br>|  | 123 | 123513 |
| Clarios Global LP |  |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 05/06/30<br>|  | 502 | 501557 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.47%, 01/28/32<br>|  | 222 | 223277 |
| Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.00%), 5.84%, <br>01/30/32<br>|  | 13 | 12907 |
| RealTruck Group, Inc. |  |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR at <br>0.75% Floor + 3.86%), 7.58%, 01/31/28<br>|  | 26 | 19798 |
| 2023 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.75% Floor + 5.11%), 8.83%, 01/31/28<br>|  | 77 | 59701 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 5.10%), 8.99%, 11/17/28<br>|  | 201 | 197304 |
|  |  |  | 1138057 |
| Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% | Beverages — 0.1% |
| Naked Juice LLC |  |  |  |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br>1.00% Floor + 5.50%), 9.17%, 01/24/29<br>|  | 252 | 250317 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.35%), 7.02%, 01/24/29<br>|  | 115 | 76016 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.77%, 01/24/30<br>|  | 85 | 21580 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.25%), 5.92%, <br>03/31/28<br>|  | 119 | 119509 |
| Sazerac Co., Inc., Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.50%, 07/09/32<br>|  | 151 | 150768 |
|  |  |  | 618190 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Biotechnology — 0.0% | Biotechnology — 0.0% | Biotechnology — 0.0% | Biotechnology — 0.0% |
| Parexel International Corporation, 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.47%, 12/12/31<br>| USD | 414 | $415214<br>|
| Building Materials — 0.0% | Building Materials — 0.0% | Building Materials — 0.0% | Building Materials — 0.0% |
| CP Iris HoldCo I, Inc. |  |  |  |
| 2025 Delayed Draw Term Loan, 0.00%, 10/27/32 |  | 5 | 5174 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.00%), 7.72%, 10/27/32<br>|  | 184 | 182203 |
|  |  |  | 187377 |
| Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% | Building Products — 0.3% |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>09/08/32<br>|  | 482 | 482474 |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30<br>|  | 143 | 137650 |
| EMRLD Borrower LP |  |  |  |
| 2024 Term Loan B, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.12%, 08/04/31<br>|  | 234 | 234009 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.07%, 05/31/30<br>|  | 408 | 409161 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.67%, 06/17/31<br>|  | 63 | 62125 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 6.00%), 9.72%, 03/08/29<br>|  | 50 | 43925 |
| Quikrete Holdings, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 03/19/29<br>|  | 177 | 177785 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 02/10/32<br>|  | 95 | 95553 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 04/14/31<br>|  | 196 | 196776 |
| QXO Building Products, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>04/30/32<br>|  | 62 | 62482 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 1.75%), 5.48%, <br>09/22/28<br>|  | 23 | 23535 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 10/19/29<br>|  | 539 | 540916 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 7.92%, 08/05/31<br>|  | 414 | 400640 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.11%), 5.83%, 10/04/28<br>|  | 97 | 97000 |
|  |  |  | 2964031 |
| Capital Markets — 0.3% | Capital Markets — 0.3% | Capital Markets — 0.3% | Capital Markets — 0.3% |
| Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>07/30/31<br>|  | 53 | 52944 |
| Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.69%, <br>11/01/30<br>|  | 80 | 79972 |
| Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>08/09/30<br>|  | 81 | 81850 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/24/32<br>| USD | 170 | $169703<br>|
| Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.22%, 11/01/32<br>(c)<br>|  | 225 | 225059 |
| Citadel Securities LP, 2024 First Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>10/31/31<br>|  | 213 | 214085 |
| CPI Holdco B LLC, 2025 Add-on Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>05/19/31<br>|  | 451 | 452121 |
| Edelman Financial Engines Center LLC, 2024 Term <br>Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.00%), 6.72%, 04/07/28<br>|  | 191 | 191621 |
| Focus Financial Partners LLC, 2025 Incremental Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.22%, 09/15/31<br>|  | 298 | 298069 |
| Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.85%, <br>09/13/32<br>|  | 105 | 105668 |
| GTCR Everest Borrower LLC, Add on Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.42%, 09/05/31<br>|  | 65 | 64891 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.50%), 7.17%, <br>01/31/30<br>|  | 44 | 44570 |
| Hudson River Trading LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.49%, <br>03/18/30<br>|  | 105 | 105234 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.82%, <br>12/15/31<br>|  | 450 | 447801 |
| Osaic Holdings, Inc., 2025 Term Loan, (6-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.60%, <br>07/30/32<br>|  | 279 | 279993 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.22%, 10/16/31<br>(c)<br>|  | 21 | 21078 |
|  |  |  | 2834659 |
| Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% | Chemicals — 0.3% |
| Advancion Holdings LLC, 2020 USD Term Loan, (1-mo. <br>CME Term SOFR + 4.10%), 7.82%, 11/24/27<br>|  | 72 | 65603 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br>Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + <br>1.75%), 5.42%, 12/20/29<br>|  | 189 | 189289 |
| Chemours Co., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.22%, 10/15/32<br>|  | 311 | 307039 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.75%, <br>11/01/30<br>|  | 229 | 229136 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.75%), 7.61%, <br>10/04/29<br>|  | 63 | 60095 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.84%, 06/12/31<br>|  | 167 | 167264 |
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>12/18/30<br>|  | 197 | 197738 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.17%, 03/29/32<br>|  | 79 | 77701 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.86%), 5.58%, 02/15/30<br>| USD | 120 | $119652<br>|
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 02/18/30<br>|  | 71 | 56894 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br>7.97%, 10/07/31<br>|  | 74 | 49315 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28<br>|  | 174 | 151767 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>11/26/31<br>(c)<br>|  | 102 | 102692 |
| Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 7.04%, <br>04/03/28<br>|  | 172 | 171951 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.00%), 6.67%, 06/20/31<br>|  | 334 | 331260 |
| 2025 USD Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 11/03/32<br>|  | 208 | 206571 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.35%), 8.29%, <br>04/08/31<br>|  | 206 | 151837 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.87%, <br>10/09/31<br>|  | 69 | 69736 |
| Qnity Electronics, Inc., Term Loan B, (6-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.80%, 11/01/32<br>|  | 329 | 330234 |
| Solstice Advanced Materials, Inc., Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, <br>10/29/32<br>|  | 115 | 115504 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.75% Floor + 3.00%), 6.86%, <br>08/02/30<br>|  | 267 | 265022 |
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.69%, <br>08/19/32<br>|  | 111 | 110618 |
|  |  |  | 3526918 |
| Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% | Commercial Services & Supplies — 0.5% |
| Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.87%, <br>05/21/31<br>|  | 243 | 243911 |
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>08/12/32<br>|  | 358 | 358692 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 08/20/32<br>|  | 679 | 681711 |
| Anticimex International AB, 2025 USD Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.90%), <br>7.31%, 11/17/31<br>|  | 65 | 65292 |
| Aramark Services, Inc., 2025 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>06/22/30<br>|  | 257 | 257641 |
| Belron Finance LLC, 2025 Repriced Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>6.12%, 10/16/31<br>|  | 483 | 485323 |
| Bright Horizons Family Solutions LLC, 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br>5.47%, 08/23/32<br>|  | 177 | 178031 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| CHG Healthcare Services, Inc., 2025 Term Loan B1, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.71%, 09/29/28<br>| USD | 180 | $180333<br>|
| Creative Artists Agency LLC, 2025 Repriced Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 10/01/31<br>|  | 464 | 466068 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.84%, <br>08/01/29<br>|  | 198 | 198841 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.50% and 3.75% PIK), <br>9.09%, 07/31/30<br>(h)<br>|  | 86 | 82043 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, <br>02/01/29<br>|  | 265 | 265723 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.47%, 06/02/31<br>|  | 131 | 130923 |
| Herc Holdings, Inc., Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.52%, <br>06/02/32<br>|  | 40 | 40142 |
| Hertz Corp. |  |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.61%), 7.33%, 06/30/28<br>|  | 152 | 127471 |
| 2021 Term Loan C, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.61%), 7.33%, 06/30/28<br>|  | 30 | 25156 |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.42%, 10/07/32<br>|  | 450 | 421231 |
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan <br>B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br>7.86%, 08/11/28<br>|  | 26 | 21842 |
| Mavis Tire Express Services Topco Corp., <br>2025 Repriced Term Loan, (1-mo. CME Term SOFR <br>at 0.75% Floor + 3.00%), 6.72%, 05/04/28<br>|  | 437 | 438699 |
| Packers Holdings LLC, 2025 Takeback Term Loan, (1-<br>mo. CME Term SOFR at 1.00% Floor + 6.50%), <br>10.32%, 03/10/31<br>|  | 21 | 19998 |
| PG Investment Co. 59 SARL, 2025 Repriced Term Loan <br>B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.92%, 03/26/31<br>|  | 51 | 50891 |
| Prime Security Services Borrower LLC |  |  |  |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 6.13%, 10/13/30<br>|  | 97 | 97421 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.58%, 03/07/32<br>|  | 364 | 362946 |
| TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.90%, 12/30/32<br>(c)<br>|  | 103 | 101584 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.36%), 8.04%, <br>12/17/28<br>(d)(n)<br>|  | 113 | 13509 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/31<br>|  | 259 | 259482 |
|  |  |  | 5574904 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Communications Equipment — 0.0% | Communications Equipment — 0.0% | Communications Equipment — 0.0% | Communications Equipment — 0.0% |
| Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.48%, <br>10/24/30<br>| USD | 200 | $200182<br>|
| Orbcomm, Inc., Term Loan B, (1-mo. CME Term SOFR <br>at 0.75% Floor + 4.51%), 8.20%, 09/01/28<br>|  | 75 | 70984 |
|  |  |  | 271166 |
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.22%, 09/23/31<br>|  | 439 | 441570 |
| Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.75%, 09/29/32<br>|  | 61 | 61051 |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 4.50%), <br>8.35%, 08/01/30<br>|  | 333 | 303120 |
| Brown Group Holding LLC, 2022 Incremental Term Loan <br>B2, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.56%, 07/01/31<br>|  | 183 | 183538 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>11/03/31<br>|  | 43 | 42836 |
| Legence Holdings LLC, 2025 Repriced Term Loan B, <br>(1-mo. CME Term SOFR at 0.75% Floor + 2.25%), <br>5.97%, 12/16/31<br>|  | 95 | 95436 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>01/25/31<br>|  | 257 | 258359 |
|  |  |  | 1385910 |
| Consumer Discretionary — 0.1% | Consumer Discretionary — 0.1% | Consumer Discretionary — 0.1% | Consumer Discretionary — 0.1% |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/03/29<br>|  | 358 | 358659 |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.47%, 01/31/31<br>|  | 108 | 106658 |
| Element Materials Technology Group U.S. Holdings, <br>Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR <br>at 0.50% Floor + 3.68%), 7.35%, 07/06/29<br>|  | 83 | 83159 |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.54%, 02/21/31<br>(c)<br>|  | 87 | 87599 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.45%, <br>12/31/32<br>|  | 84 | 84195 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/19/31<br>|  | 74 | 74613 |
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR <br>at 0.75% Floor + 4.10%), 7.82%, 11/02/27<br>|  | 43 | 42187 |
|  |  |  | 837070 |
| Consumer Finance — 0.2% | Consumer Finance — 0.2% | Consumer Finance — 0.2% | Consumer Finance — 0.2% |
| Boost Newco Borrower LLC, 2025 USD Term Loan B2, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.67%, 01/31/31<br>|  | 551 | 551788 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br>6.67%, 04/01/32<br>|  | 190 | 190491 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 04/28/28<br>|  | 304 | 303958 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Consumer Finance (continued) | Consumer Finance (continued) | Consumer Finance (continued) | Consumer Finance (continued) |
| Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>06/30/32<br>| USD | 77 | $77208<br>|
| Trans Union LLC |  |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 06/24/31<br>|  | 202 | 202851 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 06/24/31<br>|  | 126 | 126084 |
| WEX, Inc. |  |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 03/31/28<br>|  | 45 | 44639 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 03/05/32<br>|  | 79 | 79334 |
|  |  |  | 1576353 |
| Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% | Consumer Staples Distribution & Retail — 0.1% |
| Boots Group Finco LP, USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.21%, <br>08/30/32<br>|  | 168 | 168770 |
| Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.93%, <br>12/30/32<br>|  | 116 | 116821 |
| Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, <br>12/16/32<br>|  | 147 | 147887 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>10/03/31<br>|  | 163 | 164474 |
|  |  |  | 597952 |
| Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% | Containers & Packaging — 0.2% |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.85%), 5.57%, <br>09/07/27<br>|  | 279 | 280218 |
| Charter Next Generation, Inc., 2024 Term Loan B1, (1-<br>mo. CME Term SOFR at 0.75% Floor + 2.75%), <br>6.50%, 11/29/30<br>|  | 474 | 474455 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.97%, 04/01/32<br>|  | 237 | 236500 |
| Term Loan B, (1-mo. CME Term SOFR + 3.18%), <br>6.89%, 04/13/29<br>|  | 25 | 25004 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 5.10%), 8.94%, <br>10/30/28<br>|  | 231 | 145847 |
| Mauser Packaging Solutions Holding Co., 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.23%, 04/15/30<br>|  | 135 | 132048 |
| Potters Industries LLC, 2025 Repriced Term Loan B, <br>(1-mo. CEM Term SOFR at 0.00% Floor + 2.50%), <br>6.17%, 12/09/32<br>(c)<br>|  | 114 | 114428 |
| Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>02/01/29<br>|  | 122 | 123035 |
| Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. <br>CME Term SOFR at 0.75% Floor + 4.00%), 7.89%, <br>09/15/28<br>|  | 26 | 25883 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Ring Container Technologies Group LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.50%), 6.22%, 09/15/32<br>| USD | 69 | $68984<br>|
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.75%), 7.42%, <br>09/15/28<br>|  | 127 | 121821 |
|  |  |  | 1748223 |
| Distributors — 0.2% | Distributors — 0.2% | Distributors — 0.2% | Distributors — 0.2% |
| American Builders & Contractors Supply Co., Inc., <br>2024 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 01/31/31<br>|  | 203 | 203508 |
| Core & Main LP |  |  |  |
| 2024 Term Loan D, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.69%, 07/27/28<br>|  | 466 | 467338 |
| 2024 Term Loan E, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.69%, 02/09/31<br>|  | 91 | 91379 |
| Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>07/02/31<br>|  | 180 | 179502 |
| Fluid-Flow Products, Inc., 2025 Term Loan B, <br>03/31/28<br>(o)<br>|  | 57 | 57349 |
| Gates Corp. |  |  |  |
| 2022 Term Loan B4, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 11/16/29<br>|  | 45 | 44935 |
| 2024 Term Loan B5, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 06/04/31<br>|  | 323 | 323954 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.01%), 7.83%, 10/28/27<br>|  | 64 | 55520 |
| Resideo Funding, Inc., 2025 Incremental Term Loan, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.72%, 08/13/32<br>|  | 140 | 139825 |
|  |  |  | 1563310 |
| Diversified REITs — 0.0% | Diversified REITs — 0.0% | Diversified REITs — 0.0% | Diversified REITs — 0.0% |
| Iron Mountain, Inc., 2023 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>01/31/31<br>|  | 60 | 59773 |
| Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% | Diversified Telecommunication Services — 0.1% |
| Altice Financing SA, USD 2017 1st Lien Term Loan, <br>(Prime + 1.75%), 8.50%, 01/31/26<br>(c)<br>|  | 242 | 239428 |
| Lumen Technologies, Inc. |  |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br>SOFR at 2.00% Floor + 2.46%), 6.18%, 04/16/29<br>|  | 134 | 133171 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br>SOFR at 2.00% Floor + 2.46%), 6.18%, 04/15/30<br>|  | 176 | 174919 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% <br>Floor + 6.00%), 9.72%, 06/01/28<br>|  | 11 | 10956 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.00% and <br>0.50% PIK), 7.33%, 03/11/30<br>(h)<br>|  | 520 | 491800 |
|  |  |  | 1050274 |
| Electric Utilities — 0.0% | Electric Utilities — 0.0% | Electric Utilities — 0.0% | Electric Utilities — 0.0% |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. <br>CME Term SOFR at 1.00% Floor + 2.00%), 5.82%, <br>12/15/27<br>|  | 128 | 128662 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Talen Energy Supply LLC, 2024-1 Incremental Term <br>Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.35%, 12/15/31<br>| USD | 86 | $86435<br>|
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 12/20/30<br>|  | 212 | 212663 |
|  |  |  | 427760 |
| Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% | Electronic Equipment, Instruments & Components — 0.1% |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.48%, 06/20/31<br>(c)<br>|  | 55 | 55436 |
| Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 07/02/29<br>|  | 127 | 126512 |
| Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>3.50%), 7.37%, 12/02/31<br>|  | 91 | 91808 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.49%, 10/01/32<br>|  | 118 | 118125 |
| Project Aurora U.S. Finco, Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.60%, <br>09/30/32<br>|  | 33 | 33124 |
| Sanmina Corp., Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.92%, 10/27/32<br>(c)<br>|  | 132 | 132165 |
|  |  |  | 557170 |
| Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% | Energy Equipment & Services — 0.0% |
| Deep Blue Operating I LLC, Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.59%, <br>10/01/32<br>|  | 40 | 40092 |
| Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.69%, <br>09/22/32<br>|  | 37 | 37185 |
|  |  |  | 77277 |
| Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% | Entertainment — 0.1% |
| Bally<br>'<br>s Corp., 2021 Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.51%), 7.37%, 10/02/28<br>|  | 87 | 86048 |
| Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME <br>Term SOFR at 0.50% Floor + 1.75%), 5.42%, <br>09/30/31<br>|  | 342 | 342366 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.53%, <br>03/04/32<br>|  | 262 | 261973 |
| GVC Holdings Gibraltar Ltd., 2025 Term Loan <br>B5 (2032), (3-mo. CME Term SOFR at 0.00% Floor + <br>2.25%), 5.92%, 07/31/32<br>|  | 48 | 47466 |
| Live Nation Entertainment, Inc., 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.73%, 10/21/32<br>|  | 218 | 218000 |
|  |  |  | 955853 |
| Environmental, Maintenance & Security Service — 0.2% | Environmental, Maintenance & Security Service — 0.2% | Environmental, Maintenance & Security Service — 0.2% | Environmental, Maintenance & Security Service — 0.2% |
| Action Environmental Group, Inc., 2023 Term Loan B, <br>(3-mo. CME Term SOFR + 3.25%), 6.92%, 10/24/30<br>|  | 110 | 109885 |
| Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.50%), 5.22%, 10/08/32<br>|  | 95 | 95791 |
| Filtration Group Corp., 2025 USD Term Loan, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>10/21/28<br>|  | 404 | 405773 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.27%, 03/03/32<br>|  | 332 | 333164 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.75%), 7.48%, <br>10/17/30<br>| USD | 85 | $85464<br>|
| Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR <br>at 0.50% Floor + 2.50%), 6.70%, 06/21/28<br>|  | 441 | 443120 |
| Reworld Holding Corp. |  |  |  |
| 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.25%), 5.98%, 01/15/31<br>|  | 52 | 52000 |
| 2025 1st Lien Term Loan C, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.25%), 5.98%, 01/15/31<br>|  | 19 | 18862 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.25%), 5.98%, 01/15/31<br>|  | 116 | 116074 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 2.25%), 5.98%, 11/30/28<br>|  | 65 | 64984 |
|  |  |  | 1725117 |
| Financial Services — 0.0% | Financial Services — 0.0% | Financial Services — 0.0% | Financial Services — 0.0% |
| Apex Group Treasury LLC, 2025 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.39%, 02/27/32<br>|  | 267 | 250169 |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.43%, <br>10/08/32<br>|  | 134 | 134544 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.42%, 11/05/28<br>|  | 52 | 52728 |
|  |  |  | 437441 |
| Food Products — 0.1% | Food Products — 0.1% | Food Products — 0.1% | Food Products — 0.1% |
| Aramark Services, Inc., 2025 Repriced Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 04/06/28<br>|  | 113 | 113085 |
| Chobani LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 5.97%, 10/28/32<br>|  | 588 | 590352 |
| Froneri U.S., Inc. |  |  |  |
| 2024 USD Term Loan B4, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.45%, 09/30/31<br>|  | 437 | 436822 |
| 2025 USD Term Loan B6, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.12%, 09/30/32<br>|  | 130 | 129951 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. <br>CME Term SOFR at 2.00% Floor + 6.50%), 10.34%, <br>03/29/30<br>|  | 16 | 16465 |
| Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.83%, 02/19/32<br>|  | 8 | 8006 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>01/29/32<br>|  | 131 | 131250 |
|  |  |  | 1425931 |
| Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% | Ground Transportation — 0.1% |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br>04/10/31<br>|  | 601 | 601358 |
| Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% | Health Care Equipment & Supplies — 0.1% |
| Bausch & Lomb Corp. |  |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.72%, 09/29/28<br>|  | 109 | 109480 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) |
| Bausch & Lomb Corp.<br>(continued)<br>|  |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 01/15/31<br>| USD | 260 | $261840<br>|
| QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 4.00%), 7.72%, 08/20/32<br>|  | 130 | 129588 |
|  |  |  | 500908 |
| Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% | Health Care Providers & Services — 0.2% |
| AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.25%), 5.97%, <br>09/20/32<br>|  | 24 | 24420 |
| Concentra Health Services, Inc., 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.00%), 5.72%, 07/26/31<br>|  | 84 | 84765 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>11/01/28<br>|  | 241 | 242296 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 2.00%), <br>5.67%, 07/03/28<br>|  | 55 | 55745 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.65%, 05/19/31<br>|  | 149 | 149370 |
| Medical Solutions Holdings, Inc., 2021 1st Lien Term <br>Loan, (3-mo. CME Term SOFR at 0.50% Floor + <br>3.60%), 7.44%, 11/01/28<br>|  | 100 | 21002 |
| Medline Borrower LP |  |  |  |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 10/23/30<br>|  | 85 | 84948 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 10/23/28<br>|  | 199 | 198965 |
| Sotera Health Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.34%, <br>05/30/31<br>|  | 273 | 273926 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 4.00%), 7.67%, 09/27/30<br>|  | 111 | 111496 |
| Surgery Center Holdings, Inc., 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 12/19/30<br>|  | 218 | 219059 |
| Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, <br>06/30/28<br>|  | 60 | 59849 |
|  |  |  | 1525841 |
| Hotel & Resort REITs — 0.0% | Hotel & Resort REITs — 0.0% | Hotel & Resort REITs — 0.0% | Hotel & Resort REITs — 0.0% |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 05/20/30<br>|  | 78 | 78139 |
| Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% | Hotels, Restaurants & Leisure — 0.5% |
| Aimbridge Acquisition Co., Inc. |  |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME <br>Term SOFR at 1.00% Floor + 1.61% and 6.00% <br>PIK), 11.35%, 03/11/30<br>(h)<br>|  | 28 | 27408 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR <br>at 1.00% Floor + 5.61%), 9.35%, 03/11/30<br>|  | 30 | 29668 |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>05/31/30<br>(c)<br>|  | 161 | 161647 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Burger King (Restaurant Brands International Inc.)/New <br>Red Finance, Inc., 2024 Term Loan B6, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>09/20/30<br>| USD | 280 | $279708<br>|
| Caesars Entertainment, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br>2.25%), 5.97%, 02/06/31<br>|  | 534 | 528643 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br>5.97%, 02/06/30<br>|  | 114 | 112726 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.72%, 03/24/32<br>|  | 473 | 474723 |
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.25%), 6.97%, <br>01/27/29<br>|  | 655 | 654527 |
| Flutter Financing BV |  |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.42%, 11/30/30<br>|  | 454 | 452982 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.50% Floor + 2.00%), 5.67%, 06/04/32<br>|  | 128 | 128243 |
| Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 1.75%), 5.47%, <br>09/22/32<br>|  | 431 | 433082 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.44%, 11/01/29<br>|  | 117 | 114314 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 05/27/32<br>|  | 122 | 123150 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan <br>B4, (1-mo. CME Term SOFR at 0.00% Floor + <br>1.75%), 5.48%, 11/08/30<br>|  | 330 | 332174 |
| IRB Holding Corp., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>12/16/30<br>|  | 232 | 232905 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>5.99%, 04/14/29<br>|  | 196 | 196818 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>11/12/29<br>|  | 262 | 232393 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.25%), 7.92%, <br>08/01/30<br>|  | 60 | 55204 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>05/03/29<br>|  | 129 | 130118 |
| Sabre GLBL, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>|  | 73 | 63995 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.82%, 11/15/29<br>(c)<br>|  | 39 | 34537 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br>B3, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.00%), 5.72%, 12/04/31<br>|  | 54 | 53982 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.72%, 05/01/31<br>|  | 54 | 53033 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>03/14/31<br>| USD | 339 | $339854<br>|
| Voyager Parent LLC, Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.75%), 8.42%, 07/01/32<br>|  | 160 | 159517 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.22%, <br>08/03/28<br>|  | 106 | 106243 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 05/24/30<br>|  | 156 | 156699 |
|  |  |  | 5668293 |
| Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% | Household Durables — 0.1% |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.86%, 07/31/28<br>|  | 300 | 300096 |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>01/20/32<br>|  | 286 | 287610 |
| Somnigroup International, Inc., Term Loan B, (1-mo. <br>SOFR at 0.00% Floor + 2.25%), 5.91%, 10/24/31<br>|  | 71 | 71501 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-<br>mo. CME Term SOFR at 1.00% Floor + 4.61%), <br>8.33%, 12/19/29<br>|  | 31 | 30246 |
| Weber-Stephen Products LLC, 2025 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.74%, 10/01/32<br>|  | 206 | 206103 |
|  |  |  | 895556 |
| Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 03/04/32<br>|  | 36 | 35860 |
| 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% |
| Calpine Construction Finance Co. LP, 2025 Repriced <br>Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 07/31/30<br>|  | 290 | 290400 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/31/31<br>|  | 104 | 103589 |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.59%, 04/16/31<br>|  | 463 | 464376 |
| Talen Energy Supply LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>11/25/32<br>|  | 146 | 145909 |
|  |  |  | 1004274 |
| Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% |
| CoorsTek, Inc., Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.00%), 6.86%, 10/28/32<br>|  | 69 | 69475 |
| Insurance — 0.6% | Insurance — 0.6% | Insurance — 0.6% | Insurance — 0.6% |
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 09/19/31<br>|  | 1026 | 1028514 |
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.75% Floor + 2.25%), 5.97%, <br>01/30/32<br>|  | 449 | 450584 |
| Amynta Agency Borrower, Inc., 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.47%, 12/29/31<br>|  | 304 | 304830 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Insurance (continued) | Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br>B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.92%, 02/15/31<br>| USD | 301 | $299820<br>|
| Asurion LLC |  |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.36%), 9.08%, 01/31/28<br>|  | 175 | 174153 |
| 2021 Second Lien Term Loan B4, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.36%), 9.08%, 01/20/29<br>|  | 44 | 43120 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.35%), 8.07%, 08/19/28<br>|  | 133 | 132771 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 09/19/30<br>|  | 60 | 59595 |
| 2025 Term Loan B13, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 7.97%, 09/19/30<br>|  | 416 | 415864 |
| Baldwin Insurance Group Holdings LLC, 2025 Term <br>Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.25%, 05/26/31<br>|  | 125 | 124678 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 6.12%, <br>06/20/30<br>|  | 545 | 548057 |
| Hyperion Refinance SARL, 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.47%, 02/15/31<br>|  | 281 | 281359 |
| Jones DesLauriers Insurance Management Inc., <br>2025 Repriced Term Loan B, 12/10/32<br>(o)<br>|  | 147 | 146860 |
| Jones Deslauriers Insurance Management, Inc., <br>2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.59%, 03/15/30<br>|  | 141 | 140865 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.72%, 07/02/31<br>|  | 58 | 57843 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>09/15/31<br>|  | 304 | 303875 |
| Sedgwick Claims Management Services, Inc., <br>2023 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 07/31/31<br>|  | 503 | 504326 |
| Truist Insurance Holdings LLC |  |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.42%, 05/06/31<br>|  | 471 | 471101 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 4.75%), 8.42%, 05/06/32<br>|  | 56 | 56926 |
| USI, Inc. |  |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.92%, 09/29/30<br>|  | 258 | 258105 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.92%, 11/21/29<br>|  | 424 | 424777 |
|  |  |  | 6228023 |
| Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% | Interactive Media & Services — 0.0% |
| MH Sub I LLC |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br>Floor + 4.25%), 7.97%, 05/03/28<br>|  | 93 | 85799 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br>0.50% Floor + 4.25%), 7.97%, 12/31/31<br>|  | 78 | 66851 |
|  |  |  | 152650 |
| Internet Software & Services — 0.2% | Internet Software & Services — 0.2% | Internet Software & Services — 0.2% | Internet Software & Services — 0.2% |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.50%), 8.34%, <br>08/15/29<br>|  | 155 | 125333 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Internet Software & Services (continued) | Internet Software & Services (continued) | Internet Software & Services (continued) | Internet Software & Services (continued) |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.75% Floor + 2.25%), 6.09%, <br>11/08/32<br>| USD | 174 | $174411<br>|
| Gen Digital, Inc. |  |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 09/12/29<br>|  | 438 | 438671 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 04/16/32<br>|  | 72 | 71676 |
| Go Daddy Operating Co. LLC |  |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 05/30/31<br>|  | 131 | 131363 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br>0.00% Floor + 1.75%), 5.47%, 11/09/29<br>|  | 212 | 212043 |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, <br>08/31/28<br>|  | 476 | 477457 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 03/15/30<br>|  | 267 | 264597 |
|  |  |  | 1895551 |
| IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% | IT Services — 0.3% |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>09/29/31<br>|  | 178 | 178120 |
| Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR <br>at 0.00% Floor + 2.75%), 6.42%, 03/26/32<br>|  | 130 | 130394 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, <br>06/17/30<br>|  | 152 | 152354 |
| Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.77%, 12/09/31<br>|  | 173 | 172477 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.84%, 03/01/31<br>(c)<br>|  | 337 | 336579 |
| Finastra USA, Inc., 2025 USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>09/15/32<br>|  | 532 | 520030 |
| Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, <br>06/27/31<br>|  | 74 | 74157 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, <br>03/01/29<br>|  | 227 | 208782 |
| Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at <br>0.75% Floor + 3.85%), 7.69%, 02/01/28<br>|  | 241 | 222965 |
| Ping Identity Corporation, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.62%, <br>11/15/32<br>|  | 72 | 72090 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.01%), 7.85%, <br>06/02/28<br>|  | 226 | 217893 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| IT Services (continued) | IT Services (continued) | IT Services (continued) | IT Services (continued) |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br>06/28/30<br>(c)<br>| USD | 131 | $130616<br>|
| X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% <br>Floor + 6.75%), 10.45%, 10/26/29<br>|  | 477 | 468023 |
|  |  |  | 2884480 |
| Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% | Leisure Products — 0.0% |
| Bombardier Recreational Products, Inc., 2024 Term <br>Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.25%), 5.97%, 01/22/31<br>|  | 73 | 73021 |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.26%), 6.93%, <br>07/22/30<br>|  | 175 | 174355 |
|  |  |  | 247376 |
| Machinery — 0.3% | Machinery — 0.3% | Machinery — 0.3% | Machinery — 0.3% |
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, <br>(3-mo. CME Term SOFR at 0.75% Floor + 2.75%), <br>6.42%, 06/23/30<br>|  | 137 | 137737 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.48%, <br>03/15/30<br>|  | 60 | 60224 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.50%), 6.17%, <br>05/14/28<br>(c)<br>|  | 54 | 53677 |
| Generac Power Systems, Inc., 2024 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.62%, 07/03/31<br>|  | 40 | 39599 |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, <br>(3-mo. CME Term SOFR at 2.00% Floor + 6.00%), <br>9.86%, 12/21/29<br>|  | 145 | 147010 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.53%, 02/15/29<br>|  | 546 | 549556 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.42%, <br>11/22/29<br>|  | 104 | 104601 |
| INNIO Group Holding GmbH, 2025 Term Loan B2, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>6.13%, 11/02/28<br>|  | 106 | 106265 |
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.23%, 09/26/31<br>|  | 72 | 72427 |
| SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.75%), 6.47%, 04/05/29<br>|  | 377 | 377841 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br>(6-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.95%, 04/30/30<br>|  | 447 | 449861 |
| Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.61%, 08/12/32<br>|  | 529 | 531004 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.87%, <br>01/27/31<br>|  | 293 | 293630 |
|  |  |  | 2923432 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Media — 0.3% | Media — 0.3% | Media — 0.3% | Media — 0.3% |
| Altice France SA, 2025 USD Term Loan B14, (3-mo. <br>CME Term SOFR at 0.00% Floor + 6.88%), 10.86%, <br>05/31/31<br>| USD | 219 | $219149<br>|
| Charter Communications Operating LLC |  |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.99%, 12/07/30<br>|  | 153 | 153273 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.24%, 12/15/31<br>|  | 149 | 148734 |
| Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.50%), 8.34%, <br>12/02/31<br>|  | 134 | 131778 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + <br>1.50%), 8.25%, 04/15/27<br>|  | 427 | 372743 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.75% Floor + 5.26%), 9.10%, 08/02/27<br>|  | 16 | 15696 |
| ECL Entertainment LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>08/30/30<br>|  | 93 | 92174 |
| Gray Media, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR + 5.25%), 9.12%, 06/04/29<br>|  | 1 | 899 |
| Learfield Communications LLC, 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 06/30/28<br>|  | 122 | 121903 |
| NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.50%), 8.22%, 10/17/31<br>|  | 178 | 162480 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 5.23% and 1.50% <br>PIK), 8.83%, 09/25/29<br>(h)<br>|  | 944 | 722222 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.93%, 04/04/29<br>|  | 98 | 96101 |
| Sunrise Financing Partnership, Term Loan AAA1, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.43%, <br>02/16/32<br>|  | 60 | 60182 |
| Telenet Financing USD LLC, 2020 USD Term Loan AR, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.11%), <br>5.86%, 04/30/28<br>|  | 45 | 44966 |
| UFC Holdings LLC, 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.87%, 11/21/31<br>|  | 476 | 477766 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.36%), <br>7.11%, 01/31/29<br>|  | 225 | 225281 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.57%, <br>01/24/31<br>|  | 438 | 438959 |
|  |  |  | 3484306 |
| Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% | Metals & Mining — 0.1% |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 05/13/29<br>|  | 14 | 13569 |
| BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. <br>CEM Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/11/30<br>|  | 297 | 293534 |
| Covia Holdings LLC, 2025 Repriced Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.71%, 02/26/32<br>|  | 169 | 167952 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Metals & Mining (continued) | Metals & Mining (continued) | Metals & Mining (continued) | Metals & Mining (continued) |
| Element Solutions, Inc., 2025 Add-on Term Loan B, <br>12/18/30<br>(o)<br>| USD | 59 | $59270<br>|
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br>03/11/32<br>|  | 349 | 350523 |
|  |  |  | 884848 |
| Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% |
| Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>11/22/32<br>|  | 62 | 62005 |
| Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR at <br>0.00% Floor + 1.75%), 5.41%, 07/30/32<br>|  | 255 | 255141 |
| EG America LLC, 2025 USD Repriced Term Loan, (3-<br>mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.32%, 02/07/28<br>|  | 46 | 46550 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br>7.12%, 12/21/28<br>|  | 285 | 285584 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.94%, 10/04/30<br>|  | 32 | 32410 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.74%, 02/11/30<br>|  | 112 | 112223 |
| M6 ETX Holdings II Midco LLC, 2025 1st Lien Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.20%, 04/01/32<br>|  | 79 | 78867 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.59%, 04/07/32<br>|  | 44 | 44354 |
| Oryx Midstream Services Permian Basin LLC, <br>2025 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.25%), 5.98%, 10/05/28<br>|  | 356 | 357078 |
| Stakeholder Midstream LLC, Term Loan, (6-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 8.04%, <br>01/02/31<br>|  | 90 | 90056 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan <br>B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.98%, 06/16/32<br>|  | 36 | 36106 |
|  |  |  | 1400374 |
| Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% | Passenger Airlines — 0.1% |
| AAdvantage Loyalty IP Ltd. |  |  |  |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.13%, 04/20/28<br>|  | 154 | 154648 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 7.13%, 05/28/32<br>|  | 92 | 91941 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 03/21/31<br>|  | 210 | 211561 |
| American Airlines, Inc. |  |  |  |
| Series AA, 2017 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.85%), 5.69%, <br>01/29/27<br>|  | 106 | 105653 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.26%, 06/04/29<br>|  | 165 | 164744 |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 6.00%, 02/15/28<br>|  | 159 | 159287 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Passenger Airlines (continued) | Passenger Airlines (continued) | Passenger Airlines (continued) | Passenger Airlines (continued) |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.75%), 8.44%, <br>08/27/29<br>| USD | 150 | $143741<br>|
| United Airlines, Inc., 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>02/22/31<br>|  | 147 | 147222 |
|  |  |  | 1178797 |
| Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% | Personal Care Products — 0.0% |
| ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.95%, <br>12/15/32<br>(c)<br>|  | 35 | 35175 |
| Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% | Pharmaceuticals — 0.1% |
| Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.50% Floor + 3.50%), <br>7.22%, 08/01/32<br>|  | 293 | 295464 |
| Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, <br>10/31/32<br>|  | 85 | 84936 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br>7.47%, 04/23/31<br>|  | 70 | 69001 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br>Term SOFR at 0.75% Floor + 4.10%), 7.77%, <br>10/01/27<br>|  | 79 | 77914 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>5.97%, 05/05/28<br>|  | 275 | 275918 |
| Option Care Health, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>09/22/32<br>|  | 211 | 211588 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.25%), 5.97%, <br>05/19/31<br>|  | 49 | 47492 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>04/20/29<br>|  | 80 | 80767 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 2.00%), <br>5.67%, 07/03/28<br>|  | 14 | 13889 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 08/01/31<br>|  | 56 | 55630 |
|  |  |  | 1212599 |
| Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% | Real Estate Management & Development — 0.0% |
| Cushman & Wakefield U.S. Borrower LLC, 2025 Term <br>Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.75%), 6.47%, 01/31/30<br>|  | 63 | 63037 |
| Semiconductors & Semiconductor Equipment — 0.0% | Semiconductors & Semiconductor Equipment — 0.0% | Semiconductors & Semiconductor Equipment — 0.0% | Semiconductors & Semiconductor Equipment — 0.0% |
| Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 07/06/29<br>|  | 57 | 56806 |
| MKS, Inc., 2025 USD Repriced Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, <br>08/17/29<br>|  | 301 | 302132 |
|  |  |  | 358938 |
| Software — 1.0% | Software — 1.0% | Software — 1.0% | Software — 1.0% |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>02/24/31<br>|  | 504 | 506159 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>02/15/29<br>| USD | 345 | $345019<br>|
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>11/25/31<br>|  | 201 | 201377 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>07/30/31<br>|  | 451 | 449092 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, <br>01/23/32<br>|  | 437 | 437778 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br>07/06/29<br>|  | 381 | 322056 |
| Clearwater Analytics LLC, 2025 Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 6.21%, <br>04/21/32<br>|  | 131 | 130428 |
| Cloud Software Group, Inc. |  |  |  |
| 2025 Term Loan B (2031), (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.92%, 03/21/31<br>|  | 367 | 367583 |
| 2025 Term Loan B (2032), (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.92%, 08/13/32<br>|  | 617 | 617903 |
| Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 3.85%), 7.57%, 10/08/28<br>|  | 63 | 60384 |
| CoreLogic, Inc. |  |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br>6.61%), 10.33%, 06/04/29<br>|  | 90 | 90525 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br>3.61%), 7.33%, 06/02/28<br>|  | 264 | 264380 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.75%), 6.62%, 05/01/31<br>|  | 414 | 396680 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31<br>|  | 49 | 49076 |
| Dayforce, Inc., 2025 Term Loan, 08/20/32<br>(o)<br>|  | 390 | 388608 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.25%), 7.92%, <br>06/26/31<br>(c)<br>|  | 87 | 84965 |
| Ellucian Holdings, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.75%), 6.47%, 10/08/29<br>|  | 438 | 440483 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br>at 0.50% Floor + 4.75%), 8.47%, 11/22/32<br>|  | 71 | 71466 |
| Epicor Software Corp., 2024 Term Loan F, (1-mo. CME <br>Term SOFR at 0.75% Floor + 2.50%), 6.22%, <br>05/30/31<br>|  | 428 | 429067 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/32<br>|  | 596 | 594673 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, <br>03/20/32<br>|  | 457 | 456813 |
| Mitchell International, Inc. |  |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 3.25%), 6.97%, 06/17/31<br>|  | 286 | 286855 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br>at 0.50% Floor + 5.25%), 8.97%, 06/17/32<br>|  | 46 | 45494 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.25%), 8.09%, 07/01/31<br>|  | 74 | 73700 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/17/27<br>|  | 41 | 39471 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) | Software (continued) |
| PointClickCare Technologies, Inc., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.42%, 11/03/31<br>| USD | 129 | $129578<br>|
| Project Boost Purchaser LLC, 2025 Refinancing Term <br>Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.75%), 6.61%, 07/16/31<br>|  | 296 | 296211 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.26%), 6.93%, 04/24/28<br>|  | 227 | 226910 |
| Sabre GLBL, Inc.<br>(c)<br>|  |  |  |
| 2025 11th Amendment Term Loan B2, (1-mo. CME <br>Term SOFR at 0.50% Floor + 6.35%), 10.07%, <br>07/30/29<br>|  | 28 | 24849 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br>0.50% Floor + 6.35%), 10.07%, 07/30/29<br>|  | 13 | 11588 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>05/09/31<br>|  | 502 | 504319 |
| UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 2.50%), 6.34%, 02/10/31<br>|  | 542 | 542089 |
| VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 6.09%, 04/12/31<br>|  | 390 | 391078 |
| Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>10/22/29<br>(c)<br>|  | 84 | 84384 |
| X.AI LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% <br>Floor + 7.25%), 10.85%, 06/28/30<br>|  | 288 | 283508 |
| Zelis Payments Buyer, Inc. |  |  |  |
| 5th Amendment Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 3.25%), 6.97%, 11/26/31<br>|  | 299 | 296364 |
| Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.75%), 6.47%, 09/28/29<br>|  | 159 | 157466 |
|  |  |  | 10098379 |
| Specialty Retail — 0.0% | Specialty Retail — 0.0% | Specialty Retail — 0.0% | Specialty Retail — 0.0% |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.31%, 04/23/31<br>|  | 129 | 128700 |
| Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 5.92%, <br>09/29/32<br>|  | 48 | 48040 |
| Restoration Hardware, Inc. |  |  |  |
| 2022 Incremental Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 3.35%), 7.07%, 10/20/28<br>|  | 38 | 37446 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 2.61%), 6.33%, 10/20/28<br>|  | 88 | 87251 |
|  |  |  | 301437 |
| Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% | Technology Hardware, Storage & Peripherals — 0.0% |
| Cubic Corp. |  |  |  |
| 2025 Second Out Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.51%), 8.37%, 05/25/29<br>|  | 469 | 237336 |
| 2025 Second Out Term Loan C, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.25%), 8.37%, 05/25/29<br>|  | 50 | 25447 |
|  |  |  | 262783 |

---

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Textiles, Apparel & Luxury Goods — 0.0% | Textiles, Apparel & Luxury Goods — 0.0% | Textiles, Apparel & Luxury Goods — 0.0% | Textiles, Apparel & Luxury Goods — 0.0% |
| ABG Intermediate Holdings 2 LLC |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 5.97%, 12/21/28<br>| USD | 175 | $175212<br>|
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 5.97%, 02/13/32<br>|  | 89 | 89176 |
| Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br>09/12/32<br>|  | 46 | 46316 |
|  |  |  | 310704 |
| Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 1.00% Floor + 2.00% and 3.25% <br>PIK), 8.97%, 07/02/29<br>(h)<br>|  | 73 | 29822 |
| Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term <br>SOFR at 0.75% Floor + 6.35%), 10.07%, 12/15/26<br>|  | 119 | 117805 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 2.00% Floor + 8.00%), 11.89%, <br>08/20/29<br>|  | 54 | 20489 |
|  |  |  | 138294 |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |
| Digicel International Finance Ltd., 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 5.25%), <br>9.02%, 08/06/32<br>|  | 79 | 78718 |
| Level 3 Financing, Inc., 2025 Repriced Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br>6.97%, 03/29/32<br>|  | 475 | 476069 |
| Windstream Services LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>10/06/32<br>(c)<br>|  | 173 | 173433 |
|  |  |  | 728220 |
| Total Floating Rate Loan Interests — 7.6%<br>(Cost: $80,728,168) | Total Floating Rate Loan Interests — 7.6%<br>(Cost: $80,728,168) | Total Floating Rate Loan Interests — 7.6%<br>(Cost: $80,728,168) | 80066471 |
| Foreign Agency Obligations | Foreign Agency Obligations | Foreign Agency Obligations | Foreign Agency Obligations |
| Brazil — 0.5% | Brazil — 0.5% | Brazil — 0.5% |  |
| Brazilian Government International Bonds, 5.00%, <br>01/27/45<br>|  | 6525 | 5243359 |
| China — 0.1% | China — 0.1% | China — 0.1% |  |
| China Development Bank/Hong Kong, 2.00%, <br>02/16/27<br>(g)<br>|  | 200 | 196158 |
| Export-Import Bank of China, 3.38%, 03/14/27<br>(g)<br>|  | 200 | 199068 |
|  |  |  | 395226 |
| Hong Kong — 0.0% | Hong Kong — 0.0% | Hong Kong — 0.0% |  |
| Airport Authority, 3.25%, 01/12/52 |  | 200 | 150920 |
| India — 0.0% | India — 0.0% | India — 0.0% |  |
| Export-Import Bank of India, 3.88%, 02/01/28<br>(g)<br>|  | 200 | 198800 |
| Indonesia — 0.2% | Indonesia — 0.2% | Indonesia — 0.2% |  |
| Indonesia Government International Bonds |  |  |  |
| 4.65%, 09/20/32 |  | 250 | 251563 |
| 4.85%, 01/11/33 |  | 200 | 202125 |
| 5.25%, 01/17/42<br>(g)<br>|  | 200 | 200650 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Indonesia (continued) | Indonesia (continued) | Indonesia (continued) |  |
| Indonesia Government International Bonds<br>(continued)<br>|  |  |  |
| 4.75%, 07/18/47<br>(g)<br>| USD | 200 | $187125<br>|
| 3.70%, 10/30/49 |  | 200 | 152750 |
| 3.50%, 02/14/50<br>(f)<br>|  | 200 | 146150 |
| Perusahaan Penerbit SBSN Indonesia III<br>(g)<br>|  |  |  |
| 1.50%, 06/09/26 |  | 200 | 197750 |
| 4.40%, 06/06/27 |  | 200 | 201000 |
|  |  |  | 1539113 |
| Mexico — 1.5% | Mexico — 1.5% | Mexico — 1.5% |  |
| Eagle Funding Luxco SARL, 5.50%, 08/17/30<br>(b)(f)<br>|  | 11150 | 11339550 |
| Mexico Government International Bonds, 4.75%, <br>03/08/44<br>(f)<br>|  | 5800 | 4776300 |
|  |  |  | 16115850 |
| Pakistan — 0.1% | Pakistan — 0.1% | Pakistan — 0.1% |  |
| Pakistan Government International Bonds<br>(g)<br>|  |  |  |
| 6.00%, 04/08/26 |  | 450 | 448596 |
| 7.38%, 04/08/31 |  | 200 | 199250 |
|  |  |  | 647846 |
| Philippines — 0.0% | Philippines — 0.0% | Philippines — 0.0% |  |
| Philippines Government International Bonds |  |  |  |
| 3.70%, 03/01/41 |  | 300 | 250500 |
| 2.65%, 12/10/45 |  | 200 | 132575 |
|  |  |  | 383075 |
| Republic of Korea — 0.0% | Republic of Korea — 0.0% | Republic of Korea — 0.0% |  |
| Korea National Oil Corp., 4.88%, 04/03/29 |  | 200 | 204234 |
| Saudi Arabia — 0.0% | Saudi Arabia — 0.0% | Saudi Arabia — 0.0% |  |
| Saudi Government International Bonds, 4.50%, <br>10/26/46<br>(g)<br>|  | 200 | 171000 |
| South Korea — 0.1% | South Korea — 0.1% | South Korea — 0.1% |  |
| Export-Import Bank of Korea, 1.63%, 01/18/27 |  | 200 | 195514 |
| Korea Development Bank, 4.38%, 02/15/33 |  | 200 | 200280 |
| Korea Expressway Corp., 1.13%, 05/17/26 |  | 200 | 197778 |
|  |  |  | 593572 |
| United Arab Emirates — 0.0% | United Arab Emirates — 0.0% | United Arab Emirates — 0.0% |  |
| Sharjah Sukuk Program Ltd., 6.09%, 03/19/34<br>(g)<br>|  | 250 | 262780 |
| Uruguay — 0.3% | Uruguay — 0.3% | Uruguay — 0.3% |  |
| Uruguay Government International Bonds, 5.10%, <br>06/18/50<br>(f)<br>|  | 3500 | 3305750 |
| Total Foreign Agency Obligations — 2.8%<br>(Cost: $30,711,902) | Total Foreign Agency Obligations — 2.8%<br>(Cost: $30,711,902) | Total Foreign Agency Obligations — 2.8%<br>(Cost: $30,711,902) | 29211525 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Investment Companies | Investment Companies | Investment Companies |
| Equity Funds — 3.6% | Equity Funds — 3.6% |  |
| Hearthside Equity | 1014 | 15294 |
| Invesco Senior Loan ETF | 170000 | 3570000 |

---

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| Equity Funds (continued) | Equity Funds (continued) |  |
| iShares MSCI Emerging Markets ETF<br>(p)<br>| 143716 | $7862702<br>|
| VanEck J.P. Morgan EM Local Currency Bond ETF | 1025002 | 26465552 |
|  |  | 37913548 |
| Total Investment Companies — 3.6%<br>(Cost: $37,164,266) | Total Investment Companies — 3.6%<br>(Cost: $37,164,266) | 37913548 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| Capital Trusts — 10.2% | Capital Trusts — 10.2% | Capital Trusts — 10.2% | Capital Trusts — 10.2% |
| Automobiles — 0.2% | Automobiles — 0.2% | Automobiles — 0.2% |  |
| General Motors Financial Co., Inc., Series C, 5.70%<br>(a)(i)<br>| USD | 2565 | 2575469 |
| Banks — 4.3% | Banks — 4.3% | Banks — 4.3% |  |
| Bank of America Corp., 6.25%<br>(a)(f)(i)<br>|  | 10000 | 10157060 |
| Barclays PLC<br>(a)(i)<br>|  |  |  |
| 4.38% |  | 1630 | 1576941 |
| 9.63% |  | 3340 | 3783539 |
| Citigroup, Inc.<br>(a)(i)<br>|  |  |  |
| Series BB, 7.20% |  | 6750 | 7007368 |
| Series EE, 6.75% |  | 3200 | 3257373 |
| HDFC Bank Ltd., 3.70%<br>(a)(g)(i)<br>|  | 200 | 196688 |
| HSBC Holdings PLC, 7.05%<br>(a)(i)<br>|  | 400 | 415814 |
| Industrial & Commercial Bank of China Ltd., <br>3.20%<br>(a)(g)(i)<br>|  | 300 | 297546 |
| JPMorgan Chase & Co., 8.75%, 09/01/30<br>(f)<br>|  | 2000 | 2354763 |
| Kasikornbank PCL, 4.00%<br>(a)(g)(i)<br>|  | 300 | 294900 |
| Macquarie Bank Ltd., 6.13%<br>(a)(b)(f)(i)<br>|  | 1885 | 1910924 |
| Mitsubishi UFJ Financial Group, Inc.<br>(a)(i)<br>|  |  |  |
| 6.35% |  | 400 | 407738 |
| 8.20% |  | 425 | 466383 |
| Nordea Bank Abp, 6.63%<br>(a)(b)(f)(i)<br>|  | 5540 | 5586154 |
| PNC Financial Services Group, Inc.<br>(a)(i)<br>|  |  |  |
| Series V, 6.20%<br>(f)<br>|  | 5529 | 5619974 |
| Series W, 6.25% |  | 1250 | 1290483 |
| Standard Chartered PLC<br>(a)(g)(i)<br>|  |  |  |
| 7.63% |  | 200 | 212858 |
| 7.88% |  | 400 | 427992 |
|  |  |  | 45264498 |
| Electric Utilities<br>(a)<br> — 1.0% | Electric Utilities<br>(a)<br> — 1.0% | Electric Utilities<br>(a)<br> — 1.0% |  |
| Dominion Energy, Inc., Series B, 7.00%, 06/01/54 |  | 1810 | 1959779 |
| PPL Capital Funding, Inc., Series A, 6.61%, 03/30/67<br>(f)<br>|  | 8300 | 8111292 |
|  |  |  | 10071071 |
| Financial Services<br>(a)(i)<br> — 1.8% | Financial Services<br>(a)(i)<br> — 1.8% | Financial Services<br>(a)(i)<br> — 1.8% |  |
| Goldman Sachs Group, Inc., 6.85%<br>(f)<br>|  | 7278 | 7568497 |
| Nomura Holdings, Inc., 7.00% |  | 375 | 384957 |
| Royal Capital BV, 5.00%<br>(g)<br>|  | 200 | 199600 |
| Sumitomo Mitsui Financial Group, Inc., 6.45% |  | 300 | 305420 |
| UBS Group AG<br>(b)<br>|  |  |  |
| 7.75% |  | 4845 | 5223065 |
| Series NC10, 9.25% |  | 4807 | 5637443 |
|  |  |  | 19318982 |
| 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%<br>(a)(b)(i)<br>|  | 1349 | 1372559 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

(Percentages shown are based on Net Assets)

---

| | | | |
|:---|:---|:---|:---|
| Security |  | Par<br>(000)<br>| Value |
| Insurance — 1.9% | Insurance — 1.9% | Insurance — 1.9% |  |
| ACE Capital Trust II, 9.70%, 04/01/30<br>(f)<br>| USD | 7000 | $8386268<br>|
| Dai-ichi Life Insurance Co. Ltd., 6.20%<br>(a)(g)(i)<br>|  | 200 | 208920 |
| Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, <br>04/01/27<br>|  | 5000 | 4895345 |
| FWD Group Holdings Ltd.<br>(g)<br>|  |  |  |
| 5.25%, 09/22/30 |  | 475 | 477361 |
| 5.84%, 09/22/35 |  | 475 | 480386 |
| Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52<br>(a)(g)<br>|  | 200 | 202812 |
| MetLife, Inc., 6.40%, 12/15/66<br>(f)<br>|  | 5000 | 5245936 |
|  |  |  | 19897028 |
| Oil, Gas & Consumable Fuels<br>(a)<br> — 0.3% | Oil, Gas & Consumable Fuels<br>(a)<br> — 0.3% | Oil, Gas & Consumable Fuels<br>(a)<br> — 0.3% |  |
| Enterprise Products Operating LLC, 6.83%, 06/01/67<br>(f)<br>|  | 2500 | 2481260 |
| Venture Global LNG, Inc., 9.00%<br>(b)(i)<br>|  | 1216 | 960313 |
|  |  |  | 3441573 |
| Passenger Airlines<br>(a)(g)(i)<br> — 0.0% | Passenger Airlines<br>(a)(g)(i)<br> — 0.0% | Passenger Airlines<br>(a)(g)(i)<br> — 0.0% |  |
| Airport Authority |  |  |  |
| 2.10% |  | 200 | 198300 |
| 2.40% |  | 200 | 192250 |
|  |  |  | 390550 |
| Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% | Transportation Infrastructure — 0.1% |  |
| MTR Corp. CI Ltd., 5.63%<br>(a)(g)(i)<br>|  | 600 | 632400 |
| Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% | Wireless Telecommunication Services — 0.5% |  |
| Vodafone Group PLC, 7.00%, 04/04/79<br>(a)<br>|  | 4745 | 5026437 |
|  |  |  | 107990567 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Preferred Stocks — 0.0%<br>(d) | Preferred Stocks — 0.0%<br>(d) | Preferred Stocks — 0.0%<br>(d) |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc., 07/21/30 | 22 | 3966 |
| IT Services<br>(c)<br> — 0.0% | IT Services<br>(c)<br> — 0.0% |  |
| Veritas Newco |  |  |
| Series G | 311 | 7294 |
| Series G-1 | 214 | 4929 |
|  |  | 12223 |
|  |  | 16189 |
| Total Preferred Securities — 10.2%<br>(Cost: $103,780,345) | Total Preferred Securities — 10.2%<br>(Cost: $103,780,345) | 108006756 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | Par<br>(000)<br>|  |
| U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities | U.S. Government Sponsored Agency Securities |
| Mortgage-Backed Securities — 15.1% | Mortgage-Backed Securities — 15.1% | Mortgage-Backed Securities — 15.1% |  |
| Uniform Mortgage-Backed Securities, 6.00%, <br>01/15/55<br>(q)<br>| USD | 156425 | 160605844 |
| Total U.S. Government Sponsored Agency Securities — 15.1%<br>(Cost: $160,078,990) | Total U.S. Government Sponsored Agency Securities — 15.1%<br>(Cost: $160,078,990) | Total U.S. Government Sponsored Agency Securities — 15.1%<br>(Cost: $160,078,990) | 160605844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| Warrants | Warrants | Warrants |
| Financial Services — 0.0% | Financial Services — 0.0% |  |
| Service King (Carnelian Point), (Exercisable 01/14/23, <br>1 Share for 1 Warrant, Expires 06/30/27, Strike Price <br>USD 10.00)<br>(d)<br>| 321 | $—<br>|
| Total Warrants — 0.0%<br>(Cost: $—) | Total Warrants — 0.0%<br>(Cost: $—) |  |
| Total Long-Term Investments — 163.6%<br>(Cost: $1,726,649,328) | Total Long-Term Investments — 163.6%<br>(Cost: $1,726,649,328) | 1733984337 |
| Short-Term Securities | Short-Term Securities | Short-Term Securities |
| Money Market Funds — 0.3% | Money Market Funds — 0.3% |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br>3.65%<br>(p)(r)<br>| 2595886 | 2595886 |
| Total Short-Term Securities — 0.3%<br>(Cost: $2,595,886) | Total Short-Term Securities — 0.3%<br>(Cost: $2,595,886) | 2595886 |
| Total Investments — 163.9%<br>(Cost: $1,729,245,214) | Total Investments — 163.9%<br>(Cost: $1,729,245,214) | 1736580223 |
| Liabilities in Excess of Other Assets — (63.9)% | Liabilities in Excess of Other Assets — (63.9)% | (676769488)<br>|
| Net Assets — 100.0% | Net Assets — 100.0% | $1059810735<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $46,480, representing less than 0.05% of its net assets as of period end, and an original cost of $5,212.

&nbsp;&nbsp;&nbsp;&nbsp;(f) All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) Perpetual security with no stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(j) When-issued security.

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

&nbsp;&nbsp;&nbsp;&nbsp;(l) Zero-coupon bond.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Convertible security.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Issuer filed for bankruptcy and/or is in default.

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

&nbsp;&nbsp;&nbsp;&nbsp;(p) Affiliate of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(q) Represents or includes a TBA transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(r) Annualized 7-day yield as of period end.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of

1940, as amended, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>12/31/24<br>| Purchases<br>at Cost<br>| Proceeds<br>from Sales<br>| Net<br>Realized<br>Gain (Loss)<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>| Value at<br>12/31/25<br>| Shares<br>Held at<br>12/31/25<br>| Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $6317936<br>| $—<br>| $(3,722,050)<br>(a)<br>| &nbsp;&nbsp;$—<br>| $—<br>| $2595886<br>| 2595886 | $261232<br>| $—<br>|
| iShares MSCI Emerging Markets ETF |  | 18511886 | (10897642)<br>| &nbsp;&nbsp;180184 | 68274 | 7862702 | 143716 | 109693 |  |
|  |  |  |  | &nbsp;&nbsp;$180184<br>| $68274<br>| $10458588<br>|  | $370925<br>| $—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Represents net amount purchased (sold).

Reverse Repurchase Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| Goldman Sachs & Co. LLC | 3.60%<br>(b)<br>| 05/19/25 | Open | &nbsp;&nbsp;$475150<br>| &nbsp;&nbsp;$487672<br>| Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.70<br>(b)<br>| 05/19/25 | Open | &nbsp;&nbsp;780000 | &nbsp;&nbsp;801047 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 3.70<br>(b)<br>| 05/19/25 | Open | &nbsp;&nbsp;1912500 | &nbsp;&nbsp;1964106 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.60<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;185319 | &nbsp;&nbsp;188865 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.60<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;372683 | &nbsp;&nbsp;379814 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.65<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;354414 | &nbsp;&nbsp;361135 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.65<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;92950 | &nbsp;&nbsp;94713 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.68<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;1434884 | &nbsp;&nbsp;1462297 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.70<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;4706250 | &nbsp;&nbsp;4796590 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.70<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;561488 | &nbsp;&nbsp;572266 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.70<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;784065 | &nbsp;&nbsp;799116 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.71<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;320314 | &nbsp;&nbsp;326477 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.72<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;929419 | &nbsp;&nbsp;947344 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.72<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;1003275 | &nbsp;&nbsp;1022625 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;550703 | &nbsp;&nbsp;561374 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;369985 | &nbsp;&nbsp;377155 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;4070250 | &nbsp;&nbsp;4149124 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;8852375 | &nbsp;&nbsp;9023917 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;318623 | &nbsp;&nbsp;324797 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;1501520 | &nbsp;&nbsp;1530617 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;957870 | &nbsp;&nbsp;976432 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;1473658 | &nbsp;&nbsp;1502214 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;210875 | &nbsp;&nbsp;214961 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.74<br>(b)<br>| 07/21/25 | Open | &nbsp;&nbsp;556579 | &nbsp;&nbsp;567364 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 0.25<br>(b)<br>| 08/19/25 | Open | &nbsp;&nbsp;184365 | &nbsp;&nbsp;184858 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;(0.75)<br>(b)<br>| 08/26/25 | Open | &nbsp;&nbsp;130000 | &nbsp;&nbsp;130000 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.25<br>(b)<br>| 09/23/25 | Open | &nbsp;&nbsp;91406 | &nbsp;&nbsp;92310 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.60<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;3156423 | &nbsp;&nbsp;3186338 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.65 | 10/06/25 | Open | &nbsp;&nbsp;736036 | &nbsp;&nbsp;743101 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.67<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;1262800 | &nbsp;&nbsp;1274982 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.67 | 10/06/25 | Open | &nbsp;&nbsp;1111000 | &nbsp;&nbsp;1121718 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;188385 | &nbsp;&nbsp;190225 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;742446 | &nbsp;&nbsp;749698 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;534225 | &nbsp;&nbsp;539443 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;176500 | &nbsp;&nbsp;178224 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;739459 | &nbsp;&nbsp;746682 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;835331 | &nbsp;&nbsp;843491 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;202410 | &nbsp;&nbsp;204392 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;475731 | &nbsp;&nbsp;480390 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;368335 | &nbsp;&nbsp;371942 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;186891 | &nbsp;&nbsp;188721 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;440625 | &nbsp;&nbsp;444940 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;5351948 | &nbsp;&nbsp;5404353 | Capital Trusts | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;556278 | &nbsp;&nbsp;561725 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;146280 | &nbsp;&nbsp;147712 | Corporate Bonds | Open/Demand |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| Nomura Securities International, Inc. | 3.73%<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;$380370<br>| &nbsp;&nbsp;$384095<br>| Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;1171500 | &nbsp;&nbsp;1182971 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.80<br>(b)<br>| 10/06/25 | Open | &nbsp;&nbsp;10840306 | &nbsp;&nbsp;10944358 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 3.72<br>(b)<br>| 10/07/25 | Open | &nbsp;&nbsp;325200 | &nbsp;&nbsp;328338 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;4497719 | &nbsp;&nbsp;4540619 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;2352900 | &nbsp;&nbsp;2375343 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1845113 | &nbsp;&nbsp;1862712 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;542588 | &nbsp;&nbsp;547763 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;4856500 | &nbsp;&nbsp;4902823 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;778750 | &nbsp;&nbsp;786178 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;4081250 | &nbsp;&nbsp;4120178 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1611694 | &nbsp;&nbsp;1627067 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;602175 | &nbsp;&nbsp;607919 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;5918281 | &nbsp;&nbsp;5974650 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;5147785 | &nbsp;&nbsp;5196886 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;2950594 | &nbsp;&nbsp;2978737 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1908000 | &nbsp;&nbsp;1926199 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;3394125 | &nbsp;&nbsp;3426499 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1433906 | &nbsp;&nbsp;1447583 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;912038 | &nbsp;&nbsp;920737 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;5572500 | &nbsp;&nbsp;5625652 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;2626250 | &nbsp;&nbsp;2651300 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;4669088 | &nbsp;&nbsp;4713623 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;566934 | &nbsp;&nbsp;572341 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;581350 | &nbsp;&nbsp;586895 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;2224088 | &nbsp;&nbsp;2245302 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;3010000 | &nbsp;&nbsp;3038710 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;862188 | &nbsp;&nbsp;870411 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;643560 | &nbsp;&nbsp;649698 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;7078050 | &nbsp;&nbsp;7145563 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;912404 | &nbsp;&nbsp;921107 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;3969686 | &nbsp;&nbsp;4007550 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;3845781 | &nbsp;&nbsp;3882464 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;2267500 | &nbsp;&nbsp;2289128 | Capital Trusts | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;624225 | &nbsp;&nbsp;630179 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;3498473 | &nbsp;&nbsp;3531842 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;4449844 | &nbsp;&nbsp;4492288 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;2868285 | &nbsp;&nbsp;2895644 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;4700513 | &nbsp;&nbsp;4745348 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;7143213 | &nbsp;&nbsp;7211347 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;3180938 | &nbsp;&nbsp;3211278 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;4797188 | &nbsp;&nbsp;4842945 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;2829050 | &nbsp;&nbsp;2856034 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1265044 | &nbsp;&nbsp;1277110 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 10/09/25 | Open | &nbsp;&nbsp;1639588 | &nbsp;&nbsp;1655227 | Corporate Bonds | Open/Demand |
| Barclays Capital, Inc. | 3.74<br>(b)<br>| 10/21/25 | Open | &nbsp;&nbsp;2164094 | &nbsp;&nbsp;2181514 | Corporate Bonds | Open/Demand |
| Barclays Capital, Inc. | 3.74<br>(b)<br>| 10/21/25 | Open | &nbsp;&nbsp;4895000 | &nbsp;&nbsp;4934402 | Corporate Bonds | Open/Demand |
| Barclays Capital, Inc. | 3.74<br>(b)<br>| 10/21/25 | Open | &nbsp;&nbsp;1637858 | &nbsp;&nbsp;1651041 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 3.75<br>(b)<br>| 10/21/25 | Open | &nbsp;&nbsp;2659031 | &nbsp;&nbsp;2680488 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 3.71<br>(b)<br>| 10/23/25 | Open | &nbsp;&nbsp;364893 | &nbsp;&nbsp;367722 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.25<br>(b)<br>| 10/31/25 | Open | &nbsp;&nbsp;289750 | &nbsp;&nbsp;291497 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.67<br>(b)<br>| 11/13/25 | Open | &nbsp;&nbsp;75430 | &nbsp;&nbsp;75832 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 2.75<br>(b)<br>| 11/18/25 | Open | &nbsp;&nbsp;146000 | &nbsp;&nbsp;146535 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 11/19/25 | Open | &nbsp;&nbsp;274185 | &nbsp;&nbsp;275488 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.00<br>(b)<br>| 11/20/25 | Open | &nbsp;&nbsp;126074 | &nbsp;&nbsp;126552 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 1.85<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;524018 | &nbsp;&nbsp;525271 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.73<br>(b)<br>| 11/21/25 | Open | &nbsp;&nbsp;83270 | &nbsp;&nbsp;83647 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 3.65<br>(b)<br>| 11/24/25 | Open | &nbsp;&nbsp;324120 | &nbsp;&nbsp;325454 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.67 | 12/02/25 | Open | &nbsp;&nbsp;1393876 | &nbsp;&nbsp;1398429 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.82<br>(b)<br>| 12/02/25 | Open | &nbsp;&nbsp;620165 | &nbsp;&nbsp;622269 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.57<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;25420 | &nbsp;&nbsp;25420 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 3.82<br>(b)<br>| 12/08/25 | Open | &nbsp;&nbsp;40666 | &nbsp;&nbsp;40667 | Corporate Bonds | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| HSBC Securities (USA), Inc. | 3.77%<br>(b)<br>| 12/10/25 | Open | &nbsp;&nbsp;$13985438<br>| &nbsp;&nbsp;$14019795<br>| Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 12/10/25 | Open | &nbsp;&nbsp;8067500 | &nbsp;&nbsp;8087319 | Capital Trusts | Open/Demand |
| HSBC Securities (USA), Inc. | 3.77<br>(b)<br>| 12/10/25 | Open | &nbsp;&nbsp;4813088 | &nbsp;&nbsp;4824912 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.80<br>(b)<br>| 12/10/25 | Open | &nbsp;&nbsp;381150 | &nbsp;&nbsp;382093 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 3.80<br>(b)<br>| 12/11/25 | Open | &nbsp;&nbsp;401850 | &nbsp;&nbsp;402799 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.55 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;687326 | &nbsp;&nbsp;688682 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.60 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;257603 | &nbsp;&nbsp;258118 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.65 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;184063 | &nbsp;&nbsp;184436 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.65 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;2703063 | &nbsp;&nbsp;2708544 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;5888738 | &nbsp;&nbsp;5901006 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;2610938 | &nbsp;&nbsp;2616377 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;1458191 | &nbsp;&nbsp;1461229 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/12/25 | 01/30/26 | &nbsp;&nbsp;2010439 | &nbsp;&nbsp;2014627 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.20 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;130240 | &nbsp;&nbsp;130472 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;45209 | &nbsp;&nbsp;45294 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.40 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;764525 | &nbsp;&nbsp;765969 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.45 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;240090 | &nbsp;&nbsp;240550 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.50 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;154474 | &nbsp;&nbsp;154774 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.50 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;371338 | &nbsp;&nbsp;372060 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.50 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;4075249 | &nbsp;&nbsp;4083173 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;247586 | &nbsp;&nbsp;248081 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;249078 | &nbsp;&nbsp;249576 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2317500 | &nbsp;&nbsp;2322135 | Capital Trusts | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;262500 | &nbsp;&nbsp;263025 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;884000 | &nbsp;&nbsp;885768 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;398750 | &nbsp;&nbsp;399548 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;3221788 | &nbsp;&nbsp;3228231 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;731053 | &nbsp;&nbsp;732515 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;240625 | &nbsp;&nbsp;241106 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;197944 | &nbsp;&nbsp;198340 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;80654 | &nbsp;&nbsp;80815 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;721926 | &nbsp;&nbsp;723370 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.60 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;187800 | &nbsp;&nbsp;188176 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1262138 | &nbsp;&nbsp;1264697 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;167265 | &nbsp;&nbsp;167604 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;98668 | &nbsp;&nbsp;98868 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1662421 | &nbsp;&nbsp;1665792 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1512720 | &nbsp;&nbsp;1515787 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.65 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1708774 | &nbsp;&nbsp;1712239 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;596160 | &nbsp;&nbsp;597385 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;744623 | &nbsp;&nbsp;746153 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;5220000 | &nbsp;&nbsp;5230730 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;5191485 | &nbsp;&nbsp;5202156 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;390145 | &nbsp;&nbsp;390947 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;110880 | &nbsp;&nbsp;111108 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;396741 | &nbsp;&nbsp;397557 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;89691 | &nbsp;&nbsp;89876 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;361925 | &nbsp;&nbsp;362669 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1276520 | &nbsp;&nbsp;1279144 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;4087500 | &nbsp;&nbsp;4095902 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;642675 | &nbsp;&nbsp;643996 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;81638 | &nbsp;&nbsp;81805 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1431911 | &nbsp;&nbsp;1434855 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1972500 | &nbsp;&nbsp;1976555 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;1664250 | &nbsp;&nbsp;1667671 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2799300 | &nbsp;&nbsp;2805054 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;6759375 | &nbsp;&nbsp;6773269 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;306446 | &nbsp;&nbsp;307076 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.70 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;88058 | &nbsp;&nbsp;88239 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.73 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;5137500 | &nbsp;&nbsp;5148146 | Capital Trusts | 31 - 90 Days |
| BofA Securities, Inc. | 3.73 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;2853750 | &nbsp;&nbsp;2859664 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.73 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;11220000 | &nbsp;&nbsp;11243250 | Corporate Bonds | 31 - 90 Days |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

Reverse Repurchase Agreements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Interest<br>Rate<br>| &nbsp;&nbsp;Trade<br>Date<br>| &nbsp;&nbsp;Maturity<br>Date<br>(a)<br>| Face Value | &nbsp;&nbsp;Face Value<br>Including<br>Accrued Interest<br>| &nbsp;&nbsp;Type of Non-Cash Underlying <br>Collateral<br>| &nbsp;&nbsp;Remaining<br>Contractual Maturity<br>of the Agreements<br>(a)<br>|
| BofA Securities, Inc. | 3.74% <br>| 12/12/25 | 03/04/26 | &nbsp;&nbsp;$5287500<br>| &nbsp;&nbsp;$5298486<br>| Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;6953738 | &nbsp;&nbsp;6968224 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;4237700 | &nbsp;&nbsp;4246529 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;10043500 | &nbsp;&nbsp;10064424 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;5425543 | &nbsp;&nbsp;5436846 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;7393438 | &nbsp;&nbsp;7408841 | Corporate Bonds | 31 - 90 Days |
| BofA Securities, Inc. | 3.75 | 12/12/25 | 03/04/26 | &nbsp;&nbsp;446738 | &nbsp;&nbsp;447668 | Corporate Bonds | 31 - 90 Days |
| Nomura Securities International, Inc. | 3.70<br>(b)<br>| 12/12/25 | Open | &nbsp;&nbsp;213953 | &nbsp;&nbsp;214392 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.70 | 12/17/25 | 01/30/26 | &nbsp;&nbsp;2388750 | &nbsp;&nbsp;2392433 | Capital Trusts | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.72 | 12/17/25 | 01/30/26 | &nbsp;&nbsp;2261531 | &nbsp;&nbsp;2265037 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75 | 12/17/25 | 01/30/26 | &nbsp;&nbsp;6816620 | &nbsp;&nbsp;6827271 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 3.75<br>(b)<br>| 12/17/25 | 01/30/26 | &nbsp;&nbsp;3333750 | &nbsp;&nbsp;3338959 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 3.40 | 12/17/25 | 03/04/26 | &nbsp;&nbsp;593000 | &nbsp;&nbsp;593840 | Corporate Bonds | 31 - 90 Days |
| HSBC Securities (USA), Inc. | 3.77 | 12/17/25 | Open | &nbsp;&nbsp;7857500 | &nbsp;&nbsp;7869843 | Corporate Bonds | Open/Demand |
| Barclays Capital, Inc. | 2.25 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;151482 | &nbsp;&nbsp;151614 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.00 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;129439 | &nbsp;&nbsp;129590 | Foreign Agency Obligations | Up to 30 Days |
| Barclays Capital, Inc. | 3.25 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;168004 | &nbsp;&nbsp;168216 | Foreign Agency Obligations | Up to 30 Days |
| Barclays Capital, Inc. | 3.62 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;3528027 | &nbsp;&nbsp;3532994 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.70 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;4745150 | &nbsp;&nbsp;4751978 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.70 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;4512500 | &nbsp;&nbsp;4518993 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;5311641 | &nbsp;&nbsp;5319367 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;709665 | &nbsp;&nbsp;710697 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1597436 | &nbsp;&nbsp;1599759 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;5767500 | &nbsp;&nbsp;5775889 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;667231 | &nbsp;&nbsp;668202 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;3130319 | &nbsp;&nbsp;3134872 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;388745 | &nbsp;&nbsp;389310 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;5805000 | &nbsp;&nbsp;5813443 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1922500 | &nbsp;&nbsp;1925296 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;3055238 | &nbsp;&nbsp;3059681 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;474386 | &nbsp;&nbsp;475076 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1969369 | &nbsp;&nbsp;1972233 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;10723175 | &nbsp;&nbsp;10738771 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;694213 | &nbsp;&nbsp;695222 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;10747980 | &nbsp;&nbsp;10763612 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;18263317 | &nbsp;&nbsp;18290177 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;11012500 | &nbsp;&nbsp;11028517 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;12165000 | &nbsp;&nbsp;12182693 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;5064031 | &nbsp;&nbsp;5071396 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;1990625 | &nbsp;&nbsp;1993520 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;12929000 | &nbsp;&nbsp;12947805 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;5957048 | &nbsp;&nbsp;5965712 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;2654925 | &nbsp;&nbsp;2658786 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;2427813 | &nbsp;&nbsp;2431344 | Corporate Bonds | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;2328125 | &nbsp;&nbsp;2331511 | Capital Trusts | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/18/25 | 01/16/26 | &nbsp;&nbsp;11461750 | &nbsp;&nbsp;11478420 | Corporate Bonds | Up to 30 Days |
| BNP Paribas SA | 3.60<br>(b)<br>| 12/19/25 | Open | &nbsp;&nbsp;102765 | &nbsp;&nbsp;102899 | Corporate Bonds | Open/Demand |
| Morgan Stanley & Co. LLC | 0.00<br>(b)<br>| 12/19/25 | Open | &nbsp;&nbsp;139613 | &nbsp;&nbsp;139613 | Corporate Bonds | Open/Demand |
| J.P. Morgan Securities LLC | 3.80 | 12/22/25 | 01/30/26 | &nbsp;&nbsp;4461452 | &nbsp;&nbsp;4465690 | Foreign Agency Obligations | Up to 30 Days |
| Barclays Capital, Inc. | 3.74 | 12/31/25 | 01/16/26 | &nbsp;&nbsp;4725000 | &nbsp;&nbsp;4725491 | Corporate Bonds | Up to 30 Days |
| TD Securities (USA) LLC | 3.82 | 12/31/25 | Open | &nbsp;&nbsp;187396 | &nbsp;&nbsp;187396 | Corporate Bonds | Open |
|  |  |  |  | &nbsp;&nbsp;$541541803<br>| &nbsp;&nbsp;$544329823<br>|  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>| &nbsp;&nbsp;&nbsp;Expiration<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>| &nbsp;&nbsp;&nbsp;Value/<br>Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Long Contracts<br>|  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$3148<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(20390)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;36538 | &nbsp;&nbsp;&nbsp;&nbsp;31006 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;103402 | &nbsp;&nbsp;&nbsp;&nbsp;(75373)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(64757)<br>|
| Short Contracts<br>|  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;104549 | &nbsp;&nbsp;&nbsp;&nbsp;241943 |
| U.S. Long Bond | &nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;92244 | &nbsp;&nbsp;&nbsp;&nbsp;623846 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;18054 | &nbsp;&nbsp;&nbsp;&nbsp;240190 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1105979 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$1041222<br>|

---

Forward Foreign Currency Exchange Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Counterparty | Settlement Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| USD | 500592 | EUR | 424000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$627<br>|
| USD | 5828042 | EUR | 4942000 | Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 |
| USD | 274502 | GBP | 205000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1777)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(531)<br>|

---

Centrally Cleared Credit Default Swaps — Sell Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Received<br>by the Trust<br>| &nbsp;&nbsp;&nbsp;Payment<br>Frequency<br>| &nbsp;&nbsp;&nbsp;Termination<br>Date<br>| &nbsp;&nbsp;&nbsp;Credit<br>Rating<br>(a)<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>(b) | &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>(b) | Value | &nbsp;&nbsp;Upfront<br>Premium<br>Paid<br>(Received)<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>(Depreciation)<br>|
| CDX.NA.HY.44.V1 | 5.00% <br>| Quarterly | 06/20/30 | B- | USD | 48925 | &nbsp;&nbsp;&nbsp;$3957292<br>| &nbsp;&nbsp;&nbsp;$2491721<br>| &nbsp;&nbsp;&nbsp;$1465571<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | <br>Premiums<br>Paid<br>| &nbsp;&nbsp;<br>Premiums<br>Received<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>| &nbsp;&nbsp;Unrealized<br>Depreciation<br>|
| Centrally Cleared Swaps<br>(a)<br>| &nbsp;&nbsp;$2491721<br>| &nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$1465571<br>| &nbsp;&nbsp;&nbsp;$—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Derivative Financial Instruments Categorized by Risk Exposure

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized appreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1136985<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1136985<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Forward foreign currency exchange contracts<br>Unrealized appreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1246<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1246<br>|
| Swaps — centrally cleared<br>Unrealized appreciation on centrally cleared swaps<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;1465571 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1465571 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1465571<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1246<br>| &nbsp;&nbsp;$1136985<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$2603802<br>|
| Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized depreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$95763<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$95763<br>|
| Forward foreign currency exchange contracts<br>Unrealized depreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1777 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1777 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1777<br>| &nbsp;&nbsp;$95763<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$97540<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(54647)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1105499<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1050852<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(261321)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(261321)<br>|
| Options purchased<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(205938)<br>| &nbsp;&nbsp;(242126)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(1690073)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(2138137)<br>|
| Options written | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;170212 | &nbsp;&nbsp;— | &nbsp;&nbsp;829772 | &nbsp;&nbsp;— | &nbsp;&nbsp;999984 |
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;1660218 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1660218 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1454280<br>| &nbsp;&nbsp;$(126561)<br>| &nbsp;&nbsp;$(261321)<br>| &nbsp;&nbsp;$245198<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1311596<br>|
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(1989025)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(1989025)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(35181)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(35181)<br>|
| Options purchased<br>(b)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;926790 | &nbsp;&nbsp;— | &nbsp;&nbsp;926790 |
| Options written | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(478459)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(478459)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;5537435 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;5537435 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$5537435<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(35181)<br>| &nbsp;&nbsp;$(1540694)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$3961560<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp;$187335457<br>|
| Average notional value of contracts — short | &nbsp;&nbsp;208516789 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp;4728782 |
| Average amounts sold — in USD | &nbsp;&nbsp;33263 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp;101330 |
| Average value of option contracts written | &nbsp;&nbsp;35131 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp;13612500 |
| Average notional value — sell protection | &nbsp;&nbsp;55475000 |

---

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

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

Derivative Financial Instruments — Offsetting as of Period End

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp;$402375<br>| &nbsp;&nbsp;&nbsp;&nbsp;$135487<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp;1777 |
| Swaps — centrally cleared | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8438 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;403621 | &nbsp;&nbsp;&nbsp;&nbsp;145702 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp;(402375)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(143925)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp;$1246<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1777<br>|

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Received<br>(b)<br>| Cash<br>Collateral<br>Received<br>(b)<br>| Net Amount<br>of Derivative<br>Assets<br>(c)(d)<br>|
| Deutsche Bank AG | &nbsp;&nbsp;$627<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$627<br>|
| Toronto-Dominion Bank | &nbsp;&nbsp;619 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;619 |
|  | &nbsp;&nbsp;$1246<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1246<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Goldman Sachs International | &nbsp;&nbsp;$1777<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$1777<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

(e) Net amount represents the net amount payable due to 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 at the measurement date. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments<br>|  |  |  |  |
| Long-Term Investments<br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$147418976<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$147418976<br>|
| Common Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;241713 | &nbsp;&nbsp;&nbsp;&nbsp;195524 | &nbsp;&nbsp;&nbsp;&nbsp;437237 |
| Corporate Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1169906445 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1169906445 |
| Fixed Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;417535 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;417535 |
| Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;77855552 | &nbsp;&nbsp;&nbsp;&nbsp;2210919 | &nbsp;&nbsp;&nbsp;&nbsp;80066471 |
| Foreign Agency Obligations | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29211525 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;29211525 |
| Investment Companies<br>|  |  |  |  |
| Equity Funds | &nbsp;&nbsp;37898254 | &nbsp;&nbsp;&nbsp;&nbsp;15294 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;37913548 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;107990567 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;107990567 |
| Preferred Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp;12223 | &nbsp;&nbsp;&nbsp;&nbsp;16189 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Credit Allocation Income Trust (BTZ)

Fair Value Hierarchy as of Period End (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$160605844<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$160605844<br>|
| Warrants | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Short-Term Securities<br>|  |  |  |  |
| Money Market Funds | &nbsp;&nbsp;2595886 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2595886 |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;2337 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(576)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(576)<br>|
|  | &nbsp;&nbsp;$40494140<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1693669136<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2418708<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1736581984<br>|
| Derivative Financial Instruments<br>(b)<br>|  |  |  |  |
| Assets<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1465571<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1465571<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1246 |
| Interest Rate Contracts | &nbsp;&nbsp;1136985 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1136985 |
| Liabilities<br>|  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1777)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1777)<br>|
| Interest Rate Contracts | &nbsp;&nbsp;(95763)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(95763)<br>|
|  | &nbsp;&nbsp;$1041222<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1465040<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2506262<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes.

As of period end, reverse repurchase agreements of $544,329,823 are categorized as Level 2 within the fair value hierarchy.

See notes to financial statements.

Schedule of Investments

------

Schedule of Investments

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Bryant Park Funding Ltd., Series 2024-23A, Class D1, (3-<br>mo. CME Term SOFR + 3.85%), 7.70%, 05/15/37<br>(a)(b)<br>| 1000 | $1000821<br>|
| Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-<br>mo. CME Term SOFR + 4.25%), 8.13%, 04/20/37<br>(a)(b)<br>| 1880 | 1885809 |
| Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo. <br>CME Term SOFR + 2.65%), 6.56%, 01/05/38<br>(a)(b)<br>| 1000 | 1002413 |
| Total Asset-Backed Securities — 1.1%<br>(Cost: $3,880,000) | Total Asset-Backed Securities — 1.1%<br>(Cost: $3,880,000) | 3889043 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Common Stocks | Common Stocks | Common Stocks |
| Automobile Components — 0.0% | Automobile Components — 0.0% |  |
| Lear Corp. | 178 | 20399 |
| Entertainment — 0.1% | Entertainment — 0.1% |  |
| Learfield Communications LLC, (Acquired 09/06/23, Cost: <br>$22,770)<br>(c)(d)(e)<br>| 1812 | 202944 |
| Financial Services — 0.1% | Financial Services — 0.1% |  |
| Aimbridge Acquisition Co., Inc.<br>(c)(d)<br>| 4388 | 295094 |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc.<br>(d)<br>| 902 | 752 |
| Hotels, Restaurants & Leisure — 0.0% | Hotels, Restaurants & Leisure — 0.0% |  |
| Fortrex Equity<br>(c)(d)<br>| 3954 | 106758 |
| Household Products — 0.0% | Household Products — 0.0% |  |
| Berkline Benchcraft Equity LLC<br>(c)(d)<br>| 6155 |  |
| Industrial Conglomerates<br>(d)<br> — 0.0% | Industrial Conglomerates<br>(d)<br> — 0.0% |  |
| Ameriforge Group, Inc.<br>(c)<br>| 832 |  |
| SVP Singer | 10903 | 42249 |
|  |  | 42249 |
| IT Services — 0.2% | IT Services — 0.2% |  |
| Travelport LLC<br>(c)(d)<br>| 165 | 484882 |
| Trading Companies & Distributors — 0.0% | Trading Companies & Distributors — 0.0% |  |
| TMK Hawk Midco Corp.<br>(c)(d)<br>| 14592 | 102141 |
| Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% |  |
| Incora Top Holdco LLC<br>(c)(d)<br>| 13193 | 75068 |
| Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% |  |
| Altice France Lux 3<br>(d)<br>| 6289 | 110759 |
| Total Common Stocks — 0.4%<br>(Cost: $2,215,292) | Total Common Stocks — 0.4%<br>(Cost: $2,215,292) | 1441046 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Par<br>(000)<br>|  |
| Corporate Bonds | Corporate Bonds | Corporate Bonds |
| Chemicals<br>(b)<br> — 0.1% | Chemicals<br>(b)<br> — 0.1% | Chemicals<br>(b)<br> — 0.1% |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, <br>07/01/28<br>| $7 | 7010 |
| WR Grace Holdings LLC, 5.63%, 08/15/29 | 409 | 389321 |
|  |  | 396331 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Construction & Engineering — 0.1% | Construction & Engineering — 0.1% | Construction & Engineering — 0.1% |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<br>(b)<br>| $154 | $151019<br>|
| Diversified Telecommunication Services<br>(b)(f)<br> — 0.0% | Diversified Telecommunication Services<br>(b)(f)<br> — 0.0% | Diversified Telecommunication Services<br>(b)(f)<br> — 0.0% |
| Zayo Group Holdings, Inc. |  |  |
| (5.75% Cash and 0.50% PIK), 9.25%, 03/09/30 | 27 | 25093 |
| (7.13% Cash and 1.88% PIK), 13.75%, 09/09/30 | 126 | 115855 |
|  |  | 140948 |
| Electric Utilities — 0.0% | Electric Utilities — 0.0% | Electric Utilities — 0.0% |
| Texas Competitive Electric Holdings Co. LLC, 1.00%, <br>11/10/21<br>(c)(d)(g)<br>| 1050 |  |
| Environmental, Maintenance & Security Service — 0.2% | Environmental, Maintenance & Security Service — 0.2% | Environmental, Maintenance & Security Service — 0.2% |
| Madison IAQ LLC, 5.88%, 06/30/29<br>(b)<br>| 742 | 737492 |
| Food Products — 0.1% | Food Products — 0.1% | Food Products — 0.1% |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br>8.75%, 10/01/29<br>(b)(f)<br>| 319 | 340181 |
| Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% | Hotels, Restaurants & Leisure — 0.1% |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance <br>Co., Inc., 6.75%, 01/15/30<br>(b)<br>| 395 | 375556 |
| Household Durables — 0.0% | Household Durables — 0.0% | Household Durables — 0.0% |
| SWF Holdings I Corp., 6.50%, 10/06/29<br>(b)<br>| 193 | 79061 |
| Household Products — 0.0% | Household Products — 0.0% | Household Products — 0.0% |
| Berkline Benchcraft LLC, (4.50% PIK), 4.50%, <br>05/03/12<br>(c)(d)(f)(g)<br>| 400 |  |
| Insurance — 0.1% | Insurance — 0.1% | Insurance — 0.1% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br>Issuer, 6.75%, 10/15/27<br>(b)<br>| 220 | 221292 |
| Interactive Media & Services — 1.6% | Interactive Media & Services — 1.6% | Interactive Media & Services — 1.6% |
| Beignet Investor LLC, 6.58%, 05/30/49<br>(b)<br>| 5307 | 5606930 |
| Internet Software & Services<br>(b)<br> — 0.2% | Internet Software & Services<br>(b)<br> — 0.2% | Internet Software & Services<br>(b)<br> — 0.2% |
| Getty Images, Inc., 11.25%, 02/21/30 | 283 | 265362 |
| Uber Technologies, Inc., 4.50%, 08/15/29 | 235 | 235029 |
|  |  | 500391 |
| Machinery<br>(b)<br> — 0.2% | Machinery<br>(b)<br> — 0.2% | Machinery<br>(b)<br> — 0.2% |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br>LLC, 9.00%, 02/15/29<br>| 216 | 226525 |
| Vertiv Group Corp., 4.13%, 11/15/28 | 556 | 549167 |
|  |  | 775692 |
| Media — 0.1% | Media — 0.1% | Media — 0.1% |
| Odeon Finco PLC, 12.75%, 11/01/27<br>(b)<br>| 374 | 385618 |
| Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% | Oil, Gas & Consumable Fuels — 0.1% |
| EG Global Finance PLC, 12.00%, 11/30/28<br>(b)<br>| 285 | 309761 |
| Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% | Pharmaceuticals — 0.3% |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<br>(b)<br>| 1040 | 1081618 |
| Software<br>(b)<br> — 0.1% | Software<br>(b)<br> — 0.1% | Software<br>(b)<br> — 0.1% |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., <br>Inc., 8.00%, 06/15/29<br>| 118 | 102557 |
| Cloud Software Group, Inc., 9.00%, 09/30/29 | 379 | 394732 |
|  |  | 497289 |
| Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% | Transportation Infrastructure — 0.0% |
| Incora Top Holdco LLC, 6.00%, 01/31/33<br>(c)<br>| 277 | 63085 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% | Wireless Telecommunication Services — 0.0% |
| Ligado Networks LLC, (15.50% PIK), 15.50%, <br>11/01/23<br>(b)(d)(f)(g)<br>| $245 | $61329<br>|
| Total Corporate Bonds — 3.3%<br>(Cost: $11,528,433) | Total Corporate Bonds — 3.3%<br>(Cost: $11,528,433) | 11723593 |
| Fixed Rate Loan Interests | Fixed Rate Loan Interests | Fixed Rate Loan Interests |
| Distributors — 0.0% | Distributors — 0.0% | Distributors — 0.0% |
| TMK Hawk Parent Corp., 2024 PIK Term Loan, 11.00%, <br>12/15/31<br>(c)(f)<br>| 39 |  |
| IT Services — 0.4% | IT Services — 0.4% | IT Services — 0.4% |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br>12/09/31<br>| 1134 | 1128629 |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 | 123 | 122472 |
|  |  | 1251101 |
| Software — 0.2% | Software — 0.2% | Software — 0.2% |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | 715 | 691457 |
| Total Fixed Rate Loan Interests — 0.6%<br>(Cost: $2,009,463) | Total Fixed Rate Loan Interests — 0.6%<br>(Cost: $2,009,463) | 1942558 |
| Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) | Floating Rate Loan Interests<br>(a) |
| Advertising Agencies — 0.4% | Advertising Agencies — 0.4% | Advertising Agencies — 0.4% |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br>7.83%, 08/23/28<br>| 439 | 439110 |
| Outfront Media Capital LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>09/24/32<br>| 532 | 533330 |
| Planet U.S. Buyer LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.82%, 02/07/31<br>| 287 | 288537 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 5.26%), 8.93%, <br>02/15/29<br>| 171 | 159460 |
|  |  | 1420437 |
| Aerospace & Defense — 3.0% | Aerospace & Defense — 3.0% | Aerospace & Defense — 3.0% |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, 10/31/30<br>| 754 | 757586 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. <br>CME Term SOFR + 4.18%), 8.37%, 08/03/29<br>| 774 | 776224 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.72%, 10/31/31<br>| 1660 | 1665328 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.72%, 10/31/31<br>| 629 | 631166 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.47%, 01/27/32<br>| 345 | 345355 |
| Kaman Corp. |  |  |
| 2025 Delayed Draw Term Loan, (3-mo. CME Term SOFR <br>at 0.50% Floor + 2.50%), 6.43%, 02/26/32<br>| 4 | 3774 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 2.50%), 6.38%, 02/26/32<br>| 415 | 416639 |
| Propulsion BC Finco SARL, 2025 Repriced Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.17%, 12/01/32<br>| 460 | 462445 |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 02/28/31<br>| 2823 | 2832725 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Aerospace & Defense (continued) | Aerospace & Defense (continued) | Aerospace & Defense (continued) |
| TransDigm, Inc.<br>(continued)<br>|  |  |
| 2024 Term Loan L, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 01/19/32<br>| 577 | $578839<br>|
| 2025 Term Loan K, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.97%, 03/22/30<br>| 72 | 72088 |
| 2025 Term Loan M, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.50%), 6.22%, 08/19/32<br>| 2178 | 2186166 |
|  |  | 10728335 |
| Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.67%, 03/18/30<br>| 1277 | 1279653 |
| Stonepeak Nile Parent LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.25%), 6.16%, <br>04/09/32<br>| 370 | 369800 |
|  |  | 1649453 |
| Automobile Components — 1.6% | Automobile Components — 1.6% | Automobile Components — 1.6% |
| Allison Transmission, Inc., 2025 Incremental Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.45%, 11/05/32<br>| 742 | 745094 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.22%, 05/06/30<br>| 2504 | 2504560 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.47%, 01/28/32<br>| 1020 | 1024269 |
| Garrett LX I SARL, 2025 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.84%, 01/30/32<br>| 66 | 65637 |
| RealTruck Group, Inc. |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% <br>Floor + 3.86%), 7.58%, 01/31/28<br>| 150 | 114389 |
| 2023 Incremental Term Loan, (1-mo. CME Term SOFR at <br>0.75% Floor + 5.11%), 8.83%, 01/31/28<br>| 395 | 304548 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR <br>at 0.50% Floor + 5.10%), 8.99%, 11/17/28<br>| 971 | 953143 |
|  |  | 5711640 |
| Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% |
| Naked Juice LLC |  |  |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br>1.00% Floor + 5.50%), 9.17%, 01/24/29<br>| 957 | 949914 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.35%), 7.02%, 01/24/29<br>| 601 | 395113 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 6.10%), 9.77%, 01/24/30<br>| 414 | 105234 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.25%), 5.92%, 03/31/28<br>| 564 | 565505 |
| Sazerac Co., Inc., Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.50%, 07/09/32<br>| 539 | 539523 |
|  |  | 2555289 |
| Biotechnology — 0.6% | Biotechnology — 0.6% | Biotechnology — 0.6% |
| Parexel International Corporation, 2025 Repriced Term Loan <br>B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.47%, 12/12/31<br>| 2168 | 2173853 |
| Building Materials — 0.3% | Building Materials — 0.3% | Building Materials — 0.3% |
| CP Iris HoldCo I, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.72%, 10/27/32<br>| 1010 | 1001572 |
| Building Products — 4.0% | Building Products — 4.0% | Building Products — 4.0% |
| Chariot Buyer LLC, 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.47%, 09/08/32<br>| 2134 | 2136814 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Building Products (continued) | Building Products (continued) | Building Products (continued) |
| CP Atlas Buyer, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.25%), 8.97%, 07/08/30<br>| 851 | $821087<br>|
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.12%, 08/04/31<br>| 1244 | 1245316 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.25%), 6.07%, 05/31/30<br>| 1961 | 1964503 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.67%, 06/17/31<br>| 312 | 307126 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 6.00%), 9.72%, 03/08/29<br>| 308 | 272094 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.97%, 03/19/29<br>| 722 | 724743 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.97%, 02/10/32<br>| 1529 | 1533817 |
| QXO Building Products, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>04/30/32<br>| 302 | 302566 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 1.75%), 5.48%, 09/22/28<br>| 316 | 316836 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br>10/19/29<br>| 2517 | 2526581 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 4.25%), 7.92%, 08/05/31<br>| 2068 | 2001165 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.11%), 5.83%, 10/04/28<br>| 68 | 68438 |
|  |  | 14221086 |
| Capital Markets — 4.0% | Capital Markets — 4.0% | Capital Markets — 4.0% |
| Acuren Delaware Holdco, Inc., 2025 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>07/30/31<br>| 285 | 285698 |
| Allspring Buyer LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.69%, 11/01/30<br>| 437 | 438848 |
| Aretec Group, Inc., 2025 Repriced Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 08/09/30<br>| 369 | 370718 |
| Ascensus Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/24/32<br>| 920 | 918390 |
| Chicago U.S. Midco III LP, Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.22%, 11/01/32<br>(c)<br>| 1206 | 1207527 |
| Citadel Securities LP, 2024 First Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>10/31/31<br>| 921 | 925229 |
| CPI Holdco B LLC, 2025 Add-on Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.67%, 05/19/31<br>| 2412 | 2416416 |
| Edelman Financial Engines Center LLC, 2024 Term Loan, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br>6.72%, 04/07/28<br>| 893 | 897078 |
| Focus Financial Partners LLC, 2025 Incremental Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 09/15/31<br>| 1558 | 1560541 |
| Gryphon Acquire NewCo LLC, Term Loan B, (6-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.85%, 09/13/32<br>| 531 | 534377 |
| GTCR Everest Borrower LLC, Add on Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, <br>09/05/31<br>| 341 | 342421 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.50%), 7.17%, 01/31/30<br>| 208 | 207915 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Hudson River Trading LLC, 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.49%, 03/18/30<br>| 319 | $320367<br>|
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.82%, 12/15/31<br>| 2343 | 2330023 |
| Osaic Holdings, Inc., 2025 Term Loan, (6-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.60%, 07/30/32<br>| 1337 | 1341760 |
| Summit Acquisition, Inc., 2025 Add-on Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.22%, <br>10/16/31<br>(c)<br>| 79 | 79295 |
|  |  | 14176603 |
| Chemicals — 4.9% | Chemicals — 4.9% | Chemicals — 4.9% |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br>Loan B7, (3-mo. CME Term SOFR at 0.50% Floor + <br>1.75%), 5.42%, 12/20/29<br>| 668 | 669024 |
| Chemours Co., 2025 Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 3.50%), 7.22%, 10/15/32<br>| 1553 | 1531739 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.75%, 11/01/30<br>| 1223 | 1226293 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.75%), 7.61%, 10/04/29<br>| 342 | 328115 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.84%, 06/12/31<br>| 1092 | 1092968 |
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 12/18/30<br>| 968 | 972324 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 3.50%), 7.17%, 03/29/32<br>| 350 | 346212 |
| HB Fuller Co., 2025 Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 1.86%), 5.58%, 02/15/30<br>| 176 | 175756 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br>02/18/30<br>| 408 | 328724 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 4.25%), 7.97%, <br>10/07/31<br>| 354 | 234739 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.03%), 7.70%, 07/03/28<br>| 840 | 733115 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 11/26/31<br>(c)<br>| 585 | 586478 |
| Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 7.04%, 04/03/28<br>| 750 | 749233 |
| Olympus Water U.S. Holding Corp. |  |  |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% <br>Floor + 3.00%), 6.67%, 06/20/31<br>| 1647 | 1630757 |
| 2025 USD Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 11/03/32<br>| 1131 | 1123230 |
| Oxea Corp., 2017 USD Term Loan B2, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.35%), 8.29%, 04/08/31<br>| 990 | 728999 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.87%, 10/09/31<br>| 344 | 345561 |
| Qnity Electronics, Inc., Term Loan B, (6-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.80%, 11/01/32<br>| 1677 | 1683289 |
| Solstice Advanced Materials, Inc., Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.59%, <br>10/29/32<br>| 607 | 609659 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.75% Floor + 3.00%), 6.86%, 08/02/30<br>| 1445 | $1432154<br>|
| WR Grace Holdings LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.69%, 08/19/32<br>| 886 | 884947 |
|  |  | 17413316 |
| Commercial Services & Supplies — 7.3% | Commercial Services & Supplies — 7.3% | Commercial Services & Supplies — 7.3% |
| Aggreko Holdings, Inc., 2025 USD Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.87%, 05/21/31<br>| 1211 | 1217097 |
| AlixPartners LLP, 2025 USD Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 08/12/32<br>| 1796 | 1797959 |
| Allied Universal Holdco LLC, 2025 USD Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br>08/20/32<br>| 2975 | 2988309 |
| Anticimex International AB, 2025 USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.90%), 7.31%, <br>11/17/31<br>| 329 | 330299 |
| Aramark Services, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 06/22/30<br>| 707 | 708976 |
| Belron Finance LLC, 2025 Repriced Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.25%), 6.12%, <br>10/16/31<br>| 2176 | 2186500 |
| Bright Horizons Family Solutions LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br>5.47%, 08/23/32<br>| 800 | 803575 |
| CHG Healthcare Services, Inc., 2025 Term Loan B1, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.71%, <br>09/29/28<br>| 612 | 614676 |
| Creative Artists Agency LLC, 2025 Repriced Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 10/01/31<br>| 2064 | 2070773 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.84%, 08/01/29<br>| 960 | 963717 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.50% and 3.75% PIK), 9.09%, <br>07/31/30<br>(f)<br>| 299 | 286154 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.75%, <br>02/01/29<br>| 1365 | 1368644 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>06/02/31<br>| 389 | 389559 |
| Herc Holdings, Inc., Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.52%, 06/02/32<br>| 200 | 200708 |
| Hertz Corp. |  |  |
| 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.61%), 7.33%, 06/30/28<br>| 695 | 582300 |
| 2021 Term Loan C, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.61%), 7.33%, 06/30/28<br>| 137 | 114912 |
| Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term <br>SOFR + 4.51%), 8.33%, 03/06/28<br>| 469 | 125348 |
| ION Platform Finance U.S., Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.75%), 7.42%, <br>10/07/32<br>| 2396 | 2242824 |
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br>7.86%, 08/11/28<br>| 133 | 110018 |
| Mavis Tire Express Services Topco Corp., 2025 Repriced <br>Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + <br>3.00%), 6.72%, 05/04/28<br>| 2136 | 2143061 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) | Commercial Services & Supplies (continued) |
| Packers Holdings LLC, 2025 Takeback Term Loan, (1-mo. <br>CME Term SOFR at 1.00% Floor + 6.50%), 10.32%, <br>03/10/31<br>| 92 | $88348<br>|
| PG Investment Co. 59 SARL, 2025 Repriced Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.92%, 03/26/31<br>| 370 | 370599 |
| Prime Security Services Borrower LLC |  |  |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 6.13%, 10/13/30<br>| 394 | 394111 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 1.75%), 5.58%, 03/07/32<br>| 1795 | 1789241 |
| TRQ Sales LLC, Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.90%, 12/30/32<br>(c)<br>| 533 | 525671 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.36%), 8.04%, <br>12/17/28<br>(d)(g)<br>| 423 | 50783 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>01/30/31<br>| 1328 | 1329097 |
|  |  | 25793259 |
| Communications Equipment — 0.4% | Communications Equipment — 0.4% | Communications Equipment — 0.4% |
| Ciena Corp., 2025 Repriced Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.48%, 10/24/30<br>| 844 | 845785 |
| Orbcomm, Inc., Term Loan B, (1-mo. CME Term SOFR at <br>0.75% Floor + 4.51%), 8.20%, 09/01/28<br>| 353 | 335489 |
| Radiate Holdco LLC |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR <br>at 1.00% Floor + 4.00%), 7.72%, 06/26/29<br>| 22 | 21424 |
| 2025 Term Loan, (1-mo. CME Term SOFR at 1.00% Floor <br>+ 4.00%), 7.72%, 06/26/29<br>| 43 | 42849 |
|  |  | 1245547 |
| Construction & Engineering — 2.1% | Construction & Engineering — 2.1% | Construction & Engineering — 2.1% |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.50%), 6.22%, 09/23/31<br>| 2147 | 2157120 |
| Blackfin Pipeline LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.75%, 09/29/32<br>| 332 | 332275 |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 4.50%), 8.35%, <br>08/01/30<br>| 1803 | 1639548 |
| Brown Group Holding LLC |  |  |
| 2022 Incremental Term Loan B2, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.75%), 6.56%, 07/01/31<br>| 865 | 868544 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.50%), 6.22%, 07/01/31<br>| 883 | 886787 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.22%, 11/03/31<br>| 196 | 197245 |
| Legence Holdings LLC, 2025 Repriced Term Loan B, (1-mo. <br>CME Term SOFR at 0.75% Floor + 2.25%), 5.97%, <br>12/16/31<br>| 477 | 480420 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 01/25/31<br>| 927 | 930370 |
|  |  | 7492309 |
| Consumer Discretionary — 1.2% | Consumer Discretionary — 1.2% | Consumer Discretionary — 1.2% |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/03/29<br>| 1843 | 1848690 |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>01/31/31<br>| 598 | 589752 |
| Element Materials Technology Group U.S. Holdings, Inc., <br>2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% <br>Floor + 3.68%), 7.35%, 07/06/29<br>| 308 | 309547 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Consumer Discretionary (continued) | Consumer Discretionary (continued) | Consumer Discretionary (continued) |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.54%, <br>02/21/31<br>(c)<br>| 437 | $439084<br>|
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.45%, 12/31/32<br>| 405 | 406116 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/19/31<br>| 346 | 347078 |
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR at <br>0.75% Floor + 4.10%), 7.82%, 11/02/27<br>| 180 | 176437 |
|  |  | 4116704 |
| Consumer Finance — 2.2% | Consumer Finance — 2.2% | Consumer Finance — 2.2% |
| Boost Newco Borrower LLC, 2025 USD Term Loan B2, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.00%), 5.67%, <br>01/31/31<br>| 2363 | 2364380 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.67%, <br>04/01/32<br>| 1012 | 1014093 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 04/28/28<br>| 1464 | 1464864 |
| Shift4 Payments LLC, 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.17%, 06/30/32<br>| 425 | 427149 |
| Trans Union LLC |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 06/24/31<br>| 1217 | 1219216 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 06/24/31<br>| 702 | 703318 |
| WEX, Inc. |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 03/31/28<br>| 223 | 223197 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 1.75%), 5.47%, 03/05/32<br>| 293 | 292544 |
|  |  | 7708761 |
| Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% | Consumer Staples Distribution & Retail — 0.8% |
| Boots Group Finco LP, USD Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.50%), 7.21%, 08/30/32<br>| 845 | 848870 |
| Lavender US HoldCo 1, Inc., USD Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.93%, 12/30/32<br>| 612 | 616333 |
| Pye-Barker Fire & Safety LLC, 2025 Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.20%, <br>12/16/32<br>| 794 | 798066 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 10/03/31<br>| 576 | 580144 |
|  |  | 2843413 |
| Containers & Packaging — 2.6% | Containers & Packaging — 2.6% | Containers & Packaging — 2.6% |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.85%), 5.57%, 09/07/27<br>| 1247 | 1250454 |
| Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo. <br>CME Term SOFR at 0.75% Floor + 2.75%), 6.50%, <br>11/29/30<br>| 2349 | 2351843 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 3.25%), 6.97%, 04/01/32<br>| 1053 | 1051995 |
| Term Loan B, (1-mo. CME Term SOFR + 3.18%), 6.89%, <br>04/13/29<br>| 140 | 140024 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 5.10%), 8.94%, 10/30/28<br>| 1193 | 751585 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Containers & Packaging (continued) | Containers & Packaging (continued) | Containers & Packaging (continued) |
| Mauser Packaging Solutions Holding Co., 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.23%, 04/15/30<br>| 725 | $709144<br>|
| Potters Industries LLC, 2025 Repriced Term Loan B, (1-mo. <br>CEM Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>12/09/32<br>(c)<br>| 596 | 598235 |
| Pregis TopCo LLC, 2025 Refinancing Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.00%), 7.72%, <br>02/01/29<br>| 1035 | 1043173 |
| Proampac PG Borrower LLC, 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.75% Floor + 4.00%), 7.89%, 09/15/28<br>| 130 | 130408 |
| Ring Container Technologies Group LLC, 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), <br>6.22%, 09/15/32<br>| 373 | 373912 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.75%), 7.42%, 09/15/28<br>| 703 | 673855 |
|  |  | 9074628 |
| Distributors — 2.0% | Distributors — 2.0% | Distributors — 2.0% |
| American Builders & Contractors Supply Co., Inc., <br>2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 01/31/31<br>| 983 | 985980 |
| Core & Main LP |  |  |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.00%), 5.69%, 07/27/28<br>| 2110 | 2114479 |
| 2024 Term Loan E, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.00%), 5.69%, 02/09/31<br>| 479 | 479497 |
| Dealer Tire Financial LLC, 2024 Term Loan B4, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 07/02/31<br>| 806 | 805035 |
| Fluid-Flow Products, Inc., 2025 Term Loan B, 03/31/28<br>(h)<br>| 253 | 253824 |
| Gates Corp. |  |  |
| 2022 Term Loan B4, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 11/16/29<br>| 214 | 214689 |
| 2024 Term Loan B5, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 06/04/31<br>| 1208 | 1210083 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.01%), 7.83%, 10/28/27<br>| 258 | 224099 |
| Resideo Funding, Inc., 2025 Incremental Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>08/13/32<br>| 740 | 740925 |
|  |  | 7028611 |
| Diversified Telecommunication Services — 1.5% | Diversified Telecommunication Services — 1.5% | Diversified Telecommunication Services — 1.5% |
| Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime <br>+ 1.75%), 8.50%, 01/31/26<br>(c)<br>| 920 | 908774 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term SOFR <br>at 2.00% Floor + 2.46%), 6.18%, 04/16/29<br>| 761 | 755662 |
| 2024 Extended Term Loan B2, (1-mo. CME Term SOFR <br>at 2.00% Floor + 2.46%), 6.18%, 04/15/30<br>| 891 | 884576 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% <br>Floor + 6.00%), 9.72%, 06/01/28<br>| 72 | 72531 |
| Zayo Group Holdings, Inc., 2025 USD Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00% and 0.50% <br>PIK), 7.33%, 03/11/30<br>(f)<br>| 2986 | 2826180 |
|  |  | 5447723 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Electric Utilities — 0.7% | Electric Utilities — 0.7% | Electric Utilities — 0.7% |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. <br>CME Term SOFR at 1.00% Floor + 2.00%), 5.82%, <br>12/15/27<br>| $786 | $788206<br>|
| Talen Energy Supply LLC, 2024-1 Incremental Term Loan, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.35%, 12/15/31<br>| 418 | 419259 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>12/20/30<br>| 1069 | 1074347 |
|  |  | 2281812 |
| Electronic Equipment, Instruments & Components — 0.8% | Electronic Equipment, Instruments & Components — 0.8% | Electronic Equipment, Instruments & Components — 0.8% |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 1.75%), 5.48%, 06/20/31<br>(c)<br>| 272 | 273219 |
| Coherent Corp., 2025 Term Loan B2, (1-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.47%, 07/02/29<br>| 548 | 548935 |
| Lsf12 Crown U.S. Commercial Bidco LLC, 2025 Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br>7.37%, 12/02/31<br>| 457 | 459042 |
| Pinnacle Buyer LLC, Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.49%, 10/01/32<br>| 628 | 630000 |
| Project Aurora U.S. Finco, Inc., USD Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.60%, <br>09/30/32<br>| 172 | 172645 |
| Sanmina Corp., Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.92%, 10/27/32<br>(c)<br>| 749 | 749936 |
|  |  | 2833777 |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Deep Blue Operating I LLC, Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.75%), 6.59%, 10/01/32<br>| 233 | 233534 |
| Meade Pipeline Co. LLC, Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.69%, 09/22/32<br>| 189 | 189945 |
|  |  | 423479 |
| Entertainment — 1.4% | Entertainment — 1.4% | Entertainment — 1.4% |
| Bally<br>'<br>s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR <br>at 0.50% Floor + 3.51%), 7.37%, 10/02/28<br>| 460 | 452718 |
| Delta 2 Lux SARL, 2024 Term Loan B1, (3-mo. CME Term <br>SOFR at 0.50% Floor + 1.75%), 5.42%, 09/30/31<br>| 1777 | 1781715 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.53%, 03/04/32<br>| 1407 | 1406505 |
| GVC Holdings Gibraltar Ltd., 2025 Term Loan B5 (2032), <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.92%, 07/31/32<br>| 238 | 236339 |
| Live Nation Entertainment, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>10/21/32<br>| 1167 | 1167000 |
|  |  | 5044277 |
| Environmental, Maintenance & Security Service — 2.6% | Environmental, Maintenance & Security Service — 2.6% | Environmental, Maintenance & Security Service — 2.6% |
| Action Environmental Group, Inc., 2023 Term Loan B, (3-<br>mo. CME Term SOFR + 3.25%), 6.92%, 10/24/30<br>| 560 | 560259 |
| Clean Harbors, Inc., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.50%), 5.22%, 10/08/32<br>| 391 | 394257 |
| Filtration Group Corp., 2025 USD Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.75%), 6.47%, 10/21/28<br>| 2046 | 2055582 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.50%), 6.27%, 03/03/32<br>| 1773 | 1778876 |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 3.75%), 7.48%, 10/17/30<br>| 426 | 426199 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) | Environmental, Maintenance & Security Service (continued) |
| Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR at <br>0.50% Floor + 2.50%), 6.70%, 06/21/28<br>| 2224 | $2233414<br>|
| Reworld Holding Corp. |  |  |
| 2025 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.25%), 5.98%, 01/15/31<br>| 262 | 262000 |
| 2025 1st Lien Term Loan C, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.25%), 5.98%, 01/15/31<br>| 119 | 118720 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br>Floor + 2.25%), 5.98%, 01/15/31<br>| 730 | 730583 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.25%), 5.98%, 11/30/28<br>| 547 | 547057 |
|  |  | 9106947 |
| Financial Services — 0.6% | Financial Services — 0.6% | Financial Services — 0.6% |
| Apex Group Treasury LLC, 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.39%, <br>02/27/32<br>| 1392 | 1306167 |
| Orion U.S. Finco, Inc., 1st Lien Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.43%, 10/08/32<br>| 658 | 660671 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.42%, <br>11/05/28<br>| 289 | 290355 |
|  |  | 2257193 |
| Food Products — 1.9% | Food Products — 1.9% | Food Products — 1.9% |
| Chobani LLC, 2025 Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 5.97%, 10/28/32<br>| 3156 | 3168607 |
| Froneri U.S., Inc. |  |  |
| 2024 USD Term Loan B4, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.45%, 09/30/31<br>| 2286 | 2284005 |
| 2025 USD Term Loan B6, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.12%, 09/30/32<br>| 236 | 235910 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (3-mo. CME <br>Term SOFR at 2.00% Floor + 6.50%), 10.34%, 03/29/30<br>| 92 | 92803 |
| Savor Acquisition, Inc., Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.83%, 02/19/32<br>| 44 | 44036 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.17%, 01/29/32<br>| 712 | 714323 |
| Wellness Pet LLC |  |  |
| 2025 First Out Exchange Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.95%), 7.62%, 12/31/29<br>| 159 | 96310 |
| 2025 Second Out Exchange Term Loan, (3-mo. CME <br>Term SOFR at 0.75% Floor + 4.01%), 7.68%, <br>12/31/29<br>| 89 | 9767 |
|  |  | 6645761 |
| Ground Transportation — 0.7% | Ground Transportation — 0.7% | Ground Transportation — 0.7% |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.42%, 04/10/31<br>| 2491 | 2490516 |
| Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% | Health Care Equipment & Supplies — 0.7% |
| Bausch & Lomb Corp. |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.00%), 7.72%, 09/29/28<br>| 567 | 566950 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.25%), 7.97%, 01/15/31<br>| 1304 | 1315984 |
| QuidelOrtho Corp., Term Loan, (1-mo. CME Term SOFR at <br>0.00% Floor + 4.00%), 7.72%, 08/20/32<br>| 678 | 676880 |
|  |  | 2559814 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Health Care Providers & Services — 2.2% | Health Care Providers & Services — 2.2% | Health Care Providers & Services — 2.2% |
| AHP Health Partners, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.25%), 5.97%, 09/20/32<br>| $143 | $143030<br>|
| Concentra Health Services, Inc., 2025 Repriced Term Loan <br>B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br>5.72%, 07/26/31<br>| 426 | 428856 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.22%, 11/01/28<br>| 1337 | 1343529 |
| EyeCare Partners LLC, 2024 Third Out Term Loan C, <br>0.00%, 11/30/28<br>(d)(g)<br>| 32 | 5537 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, <br>07/03/28<br>| 341 | 343704 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.75%), 7.65%, <br>05/19/31<br>| 770 | 771758 |
| Medical Solutions Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 3.60%), 7.44%, 11/01/28<br>| 547 | 115469 |
| 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br>0.50% Floor + 7.10%), 10.94%, 11/01/29<br>| 377 | 76531 |
| Medline Borrower LP |  |  |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR <br>at 0.50% Floor + 1.75%), 5.47%, 10/23/30<br>| 458 | 459891 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 10/23/28<br>| 935 | 937686 |
| Sotera Health Holdings LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.34%, <br>05/30/31<br>| 1294 | 1299201 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 4.00%), 7.67%, 09/27/30<br>| 628 | 628295 |
| Surgery Center Holdings, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>12/19/30<br>| 946 | 948531 |
| Team Health Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.50%), 8.34%, 06/30/28<br>| 342 | 343136 |
|  |  | 7845154 |
| Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% | Hotel & Resort REITs — 0.1% |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>05/20/30<br>| 297 | 296928 |
| Hotels, Restaurants & Leisure — 7.0% | Hotels, Restaurants & Leisure — 7.0% | Hotels, Restaurants & Leisure — 7.0% |
| Aimbridge Acquisition Co., Inc. |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME Term <br>SOFR at 1.00% Floor + 1.61% and 6.00% PIK), <br>11.35%, 03/11/30<br>(f)<br>| 128 | 126608 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at <br>1.00% Floor + 5.61%), 9.35%, 03/11/30<br>| 137 | 137051 |
| Alterra Mountain Co., 2025 Term Loan B8, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.50%), 6.22%, 05/31/30<br>(c)<br>| 636 | 638824 |
| Burger King (Restaurant Brands International Inc.)/New Red <br>Finance, Inc., 2024 Term Loan B6, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 09/20/30<br>| 1242 | 1242216 |
| Caesars Entertainment, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), <br>5.97%, 02/06/31<br>| 1999 | 1978508 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), 5.97%, <br>02/06/30<br>| 797 | 789943 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 3.00%), 6.72%, 03/24/32<br>| 2153 | $2162740<br>|
| Fertitta Entertainment LLC, 2022 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 3.25%), 6.97%, 01/27/29<br>| 2617 | 2615267 |
| Flutter Financing BV |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.42%, 11/30/30<br>| 2399 | 2395399 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br>Floor + 2.00%), 5.67%, 06/04/32<br>| 718 | 718004 |
| Four Seasons Hotels Ltd., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 1.75%), 5.47%, 09/22/32<br>| 1914 | 1924188 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 4.75%), 8.44%, <br>11/01/29<br>| 508 | 498237 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br>05/27/32<br>| 595 | 598729 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.48%, 11/08/30<br>| 485 | 487735 |
| IRB Holding Corp., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.22%, 12/16/30<br>| 1155 | 1157319 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>5.99%, 04/14/29<br>| 684 | 685737 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.50%), 7.17%, 11/12/29<br>| 1345 | 1191290 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 4.25%), 7.92%, 08/01/30<br>| 364 | 335867 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.22%, 05/03/29<br>| 713 | 716488 |
| Sabre GLBL, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br>Floor + 6.10%), 9.82%, 11/15/29<br>| 318 | 279412 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% <br>Floor + 6.10%), 9.82%, 11/15/29<br>(c)<br>| 162 | 143880 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br>5.72%, 12/04/31<br>| 330 | 327749 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.72%, <br>05/01/31<br>| 205 | 202233 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.72%, 03/14/31<br>| 1228 | 1231355 |
| Voyager Parent LLC, Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 4.75%), 8.42%, 07/01/32<br>| 747 | 746739 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.22%, 08/03/28<br>| 588 | 589209 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.47%, <br>05/24/30<br>| 828 | 828890 |
|  |  | 24749617 |
| Household Durables — 1.2% | Household Durables — 1.2% | Household Durables — 1.2% |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (3-<br>mo. CME Term SOFR at 0.50% Floor + 3.00%), 6.86%, <br>07/31/28<br>| 1419 | 1421990 |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, 01/20/32<br>| 1435 | 1440014 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Household Durables (continued) | Household Durables (continued) | Household Durables (continued) |
| Somnigroup International, Inc., Term Loan B, (1-mo. SOFR <br>at 0.00% Floor + 2.25%), 5.91%, 10/24/31<br>| 254 | $255377<br>|
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br>CME Term SOFR at 1.00% Floor + 4.61%), 8.33%, <br>12/19/29<br>| 105 | 103438 |
| Weber-Stephen Products LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.75%), 7.74%, <br>10/01/32<br>| 1029 | 1029515 |
|  |  | 4250334 |
| Household Products — 0.2% | Household Products — 0.2% | Household Products — 0.2% |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br>5.47%, 03/04/32<br>| 696 | 699373 |
| Independent Power and Renewable Electricity Producers — 1.4% | Independent Power and Renewable Electricity Producers — 1.4% | Independent Power and Renewable Electricity Producers — 1.4% |
| Calpine Construction Finance Co. LP, 2025 Repriced Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>1.75%), 5.47%, 07/31/30<br>| 1565 | 1565945 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.47%, 01/31/31<br>| 487 | 487131 |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.59%, 04/16/31<br>| 1981 | 1985498 |
| Talen Energy Supply LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.67%, 11/25/32<br>| 715 | 714557 |
|  |  | 4753131 |
| Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% | Industrial Conglomerates — 0.1% |
| CoorsTek, Inc., Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 3.00%), 6.86%, 10/28/32<br>| 375 | 377580 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. <br>CME Term SOFR + 7.50%), 11.43%, 12/31/29<br>| 153 | 122746 |
|  |  | 500326 |
| Insurance — 8.8% | Insurance — 8.8% | Insurance — 8.8% |
| Alliant Holdings Intermediate LLC, 2025 Term Loan B, (1-<br>mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.22%, <br>09/19/31<br>| 4777 | 4786542 |
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.75% Floor + 2.25%), 5.97%, 01/30/32<br>| 1783 | 1787447 |
| Amynta Agency Borrower, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.47%, <br>12/29/31<br>| 1644 | 1646895 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, <br>(6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.92%, 02/15/31<br>| 1772 | 1766381 |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR at <br>0.00% Floor + 5.36%), 9.08%, 01/31/28<br>| 689 | 685369 |
| 2021 Second Lien Term Loan B4, (1-mo. CME Term <br>SOFR at 0.00% Floor + 5.36%), 9.08%, 01/20/29<br>| 654 | 640920 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.35%), 8.07%, 08/19/28<br>| 978 | 979491 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.25%), 7.97%, 09/19/30<br>| 603 | 602780 |
| 2025 Term Loan B13, (1-mo. CME Term SOFR at 0.00% <br>Floor + 4.25%), 7.97%, 09/19/30<br>| 1144 | 1143149 |
| Baldwin Insurance Group Holdings LLC, 2025 Term Loan <br>B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.25%, 05/26/31<br>| 688 | 685730 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 6.12%, 06/20/30<br>| 2869 | 2882007 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Insurance (continued) | Insurance (continued) | Insurance (continued) |
| Hyperion Refinance SARL, 2025 USD Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 2.75%), 6.47%, <br>02/15/31<br>| 1210 | $1212232<br>|
| Jones DesLauriers Insurance Management Inc., <br>2025 Repriced Term Loan B, 12/10/32<br>(h)<br>| 786 | 786081 |
| Jones Deslauriers Insurance Management, Inc., 2025 Term <br>Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br>2.75%), 6.59%, 03/15/30<br>| 752 | 752090 |
| OneDigital Borrower LLC, 2025 Repriced Term Loan, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, <br>07/02/31<br>| 155 | 155409 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/15/31<br>| 1296 | 1296684 |
| Sedgwick Claims Management Services, Inc., 2023 Term <br>Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.50%), 6.22%, 07/31/31<br>| 2614 | 2621427 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.75%), 6.42%, 05/06/31<br>| 2508 | 2508650 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% <br>Floor + 4.75%), 8.42%, 05/06/32<br>| 325 | 328786 |
| USI, Inc. |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.92%, 09/29/30<br>| 1215 | 1216843 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 5.92%, 11/21/29<br>| 2449 | 2454131 |
|  |  | 30939044 |
| Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% | Interactive Media & Services — 0.2% |
| MH Sub I LLC |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br>+ 4.25%), 7.97%, 05/03/28<br>| 441 | 408750 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% <br>Floor + 4.25%), 7.97%, 12/31/31<br>| 366 | 312185 |
|  |  | 720935 |
| Internet Software & Services — 2.6% | Internet Software & Services — 2.6% | Internet Software & Services — 2.6% |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.50%), 8.34%, 08/15/29<br>| 768 | 619897 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.75% Floor + 2.25%), 6.09%, 11/08/32<br>| 915 | 916774 |
| Gen Digital, Inc. |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 09/12/29<br>| 2021 | 2023050 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 04/16/32<br>| 201 | 201090 |
| Go Daddy Operating Co. LLC |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 05/30/31<br>| 714 | 715179 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% <br>Floor + 1.75%), 5.47%, 11/09/29<br>| 1025 | 1026250 |
| Proofpoint, Inc., 2025 Repriced Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.00%), 6.67%, 08/31/28<br>| 2346 | 2356033 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br>8.47%, 03/15/30<br>| 1355 | 1340410 |
|  |  | 9198683 |
| IT Services — 4.1% | IT Services — 4.1% | IT Services — 4.1% |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 09/29/31<br>| 860 | 861046 |
| Avalara, Inc., 2025 Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.42%, 03/26/32<br>| 80 | 79888 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| IT Services (continued) | IT Services (continued) | IT Services (continued) |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.42%, 06/17/30<br>| 817 | $815557<br>|
| Clover Holdings 2 LLC, Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.77%, 12/09/31<br>| 1655 | 1653804 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.84%, 03/01/31<br>(c)<br>| 1139 | 1137207 |
| Finastra USA, Inc., 2025 USD Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 7.72%, 09/15/32<br>| 2649 | 2589397 |
| Fortress Intermediate 3, Inc., 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.78%, <br>06/27/31<br>| 384 | 383844 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.00%), 6.72%, <br>03/01/29<br>| 1188 | 1092612 |
| Peraton Corp., Term Loan B, (3-mo. CME Term SOFR at <br>0.75% Floor + 3.85%), 7.69%, 02/01/28<br>| 1185 | 1098288 |
| Ping Identity Corporation, 2025 Term Loan, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.75%), 6.62%, 11/15/32<br>| 396 | 396495 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 4.01%), 7.85%, 06/02/28<br>| 1094 | 1053697 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 2.25%), 5.92%, 06/28/30<br>(c)<br>| 708 | 706105 |
| X Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% <br>Floor + 6.75%), 10.45%, 10/26/29<br>| 2754 | 2702910 |
|  |  | 14570850 |
| Leisure Products — 0.4% | Leisure Products — 0.4% | Leisure Products — 0.4% |
| Bombardier Recreational Products, Inc., 2024 Term Loan <br>B4, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.97%, 01/22/31<br>| 396 | 397117 |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 3.26%), 6.93%, 07/22/30<br>| 860 | 857837 |
|  |  | 1254954 |
| Machinery — 3.9% | Machinery — 3.9% | Machinery — 3.9% |
| Arcline FM Holdings LLC, 2025 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.75% Floor + 2.75%), 6.42%, <br>06/23/30<br>| 596 | 597884 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.50% Floor + 2.50%), 6.48%, 03/15/30<br>| 322 | 322858 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.50%), 6.17%, 05/14/28<br>(c)<br>| 185 | 185498 |
| Generac Power Systems, Inc., 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 1.75%), 5.62%, <br>07/03/31<br>| 198 | 197994 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 3.75%), <br>7.53%, 02/15/29<br>| 2648 | 2664932 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 2.75%), 6.42%, 11/22/29<br>| 574 | 576831 |
| INNIO Group Holding GmbH, 2025 Term Loan B2, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.25%), 6.13%, <br>11/02/28<br>| 608 | 609520 |
| Madison Safety & Flow LLC, 2025 1st Lien Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.23%, 09/26/31<br>| 342 | 343691 |
| SPX Flow, Inc., 2025 Term Loan, (1-mo. CME Term SOFR <br>at 0.50% Floor + 2.75%), 6.47%, 04/05/29<br>| 1814 | 1817657 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Machinery (continued) | Machinery (continued) | Machinery (continued) |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br>(6-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.95%, 04/30/30<br>| 2312 | $2324731<br>|
| Vertiv Group Corp., 2025 Term Loan, (1-mo. CME Term <br>SOFR at 0.00% Floor + 1.75%), 5.61%, 08/12/32<br>| 2530 | 2541234 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.87%, 01/27/31<br>| 1486 | 1487990 |
|  |  | 13670820 |
| Media — 4.1% | Media — 4.1% | Media — 4.1% |
| Altice France SA, 2025 USD Term Loan B14, (3-mo. CME <br>Term SOFR at 0.00% Floor + 6.88%), 10.86%, 05/31/31<br>| 1070 | 1068279 |
| Charter Communications Operating LLC |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.00%), 5.99%, 12/07/30<br>| 842 | 840557 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% <br>Floor + 2.25%), 6.24%, 12/15/31<br>| 586 | 586512 |
| Crown Finance U.S., Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 4.50%), 8.34%, 12/02/31<br>| 654 | 644280 |
| CSC Holdings LLC, 2019 Term Loan B5, (Prime + 1.50%), <br>8.25%, 04/15/27<br>| 2114 | 1843333 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br>SOFR at 0.75% Floor + 5.26%), 9.10%, 08/02/27<br>| 65 | 64795 |
| ECL Entertainment LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 08/30/30<br>| 646 | 643936 |
| Gray Media, Inc., 2024 Term Loan B, (1-mo. CME Term <br>SOFR + 5.25%), 9.12%, 06/04/29<br>| 3 | 2997 |
| Learfield Communications LLC, 2024 Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 4.75%), 8.47%, <br>06/30/28<br>| 384 | 384475 |
| NEP Group, Inc., 2025 Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 4.50%), 8.22%, 10/17/31<br>| 961 | 877210 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME <br>Term SOFR at 0.00% Floor + 5.23% and 1.50% PIK), <br>8.83%, 09/25/29<br>(f)<br>| 1941 | 1484632 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br>(3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br>6.93%, 04/04/29<br>| 494 | 484252 |
| Sunrise Financing Partnership, Term Loan AAA1, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.43%, <br>02/16/32<br>| 358 | 359088 |
| Telenet Financing USD LLC, 2020 USD Term Loan AR, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.11%), <br>5.86%, 04/30/28<br>| 235 | 234824 |
| UFC Holdings LLC, 2025 Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.00%), 5.87%, 11/21/31<br>| 2384 | 2393374 |
| Virgin Media Bristol LLC |  |  |
| 2020 USD Term Loan Q, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.36%), 7.11%, 01/31/29<br>| 278 | 278348 |
| 2023 USD Term Loan Y, (6-mo. CME Term SOFR at <br>0.00% Floor + 3.28%), 7.05%, 03/31/31<br>| 609 | 602694 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.57%, 01/24/31<br>| 1828 | 1832474 |
|  |  | 14626060 |
| Metals & Mining — 1.3% | Metals & Mining — 1.3% | Metals & Mining — 1.3% |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% <br>Floor + 1.75%), 5.47%, 05/13/29<br>| 68 | 68269 |
| BradyPlus Holdings LLC, 2025 Term Loan B, (3-mo. CEM <br>Term SOFR at 0.00% Floor + 3.50%), 7.17%, 12/11/30<br>| 1746 | 1725624 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Metals & Mining (continued) | Metals & Mining (continued) | Metals & Mining (continued) |
| Covia Holdings LLC, 2025 Repriced Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.75%), 6.71%, <br>02/26/32<br>| 977 | $968476<br>|
| Element Solutions, Inc., 2025 Add-on Term Loan B, <br>12/18/30<br>(h)<br>| 320 | 321466 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.42%, 03/11/32<br>| 1547 | 1552460 |
|  |  | 4636295 |
| Oil, Gas & Consumable Fuels — 2.0% | Oil, Gas & Consumable Fuels — 2.0% | Oil, Gas & Consumable Fuels — 2.0% |
| Buckeye Partners LP, 2025 Term Loan B7, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 11/22/32<br>| 337 | 338303 |
| Colossus Acquireco LLC, Term Loan B, (3-mo. SOFR at <br>0.00% Floor + 1.75%), 5.41%, 07/30/32<br>| 1284 | 1282527 |
| EG America LLC, 2025 USD Repriced Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.32%, <br>02/07/28<br>| 223 | 223835 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 3.25%), 7.12%, <br>12/21/28<br>| 1390 | 1393835 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.94%, <br>10/04/30<br>| 163 | 162926 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.00%), 5.74%, 02/11/30<br>| 476 | 476700 |
| M6 ETX Holdings II Midco LLC, 2025 1st Lien Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.20%, 04/01/32<br>| 353 | 354900 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.59%, 04/07/32<br>| 216 | 217737 |
| Oryx Midstream Services Permian Basin LLC, 2025 Term <br>Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br>2.25%), 5.98%, 10/05/28<br>| 1851 | 1858516 |
| Stakeholder Midstream LLC, Term Loan, (6-mo. CME Term <br>SOFR at 0.00% Floor + 4.00%), 8.04%, 01/02/31<br>| 514 | 515341 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br>5.98%, 06/16/32<br>| 178 | 178527 |
|  |  | 7003147 |
| Passenger Airlines — 1.3% | Passenger Airlines — 1.3% | Passenger Airlines — 1.3% |
| AAdvantage Loyalty IP Ltd. |  |  |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor <br>+ 2.25%), 6.13%, 04/20/28<br>| 561 | 562212 |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br>Floor + 3.25%), 7.13%, 05/28/32<br>| 453 | 454708 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.00%), 5.72%, 03/21/31<br>| 1049 | 1054646 |
| American Airlines, Inc. |  |  |
| Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 1.85%), 5.69%, 01/29/27<br>| 164 | 163622 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 6.26%, 06/04/29<br>| 904 | 904417 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.50% Floor + 4.75%), 8.44%, 08/27/29<br>| 676 | 645897 |
| United Airlines, Inc., 2024 1st Lien Term Loan B, (1-mo. <br>CME Term SOFR at 0.00% Floor + 2.00%), 5.73%, <br>02/22/31<br>| 723 | 725359 |
|  |  | 4510861 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Personal Care Products — 0.1% | Personal Care Products — 0.1% | Personal Care Products — 0.1% |
| ACP Tara Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 3.25%), 6.95%, 12/15/32<br>(c)<br>| $186 | $186930<br>|
| Pharmaceuticals — 1.7% | Pharmaceuticals — 1.7% | Pharmaceuticals — 1.7% |
| Amneal Pharmaceuticals LLC, 2025 Term Loan B, (1-mo. <br>CME Term SOFR at 0.50% Floor + 3.50%), 7.22%, <br>08/01/32<br>| 1492 | 1503452 |
| Elanco Animal Health, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.62%, 10/31/32<br>| 265 | 265525 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br>7.47%, 04/23/31<br>| 393 | 389409 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term <br>SOFR at 0.75% Floor + 4.10%), 7.77%, 10/01/27<br>| 429 | 420840 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B2, <br>(1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br>5.97%, 05/05/28<br>| 1092 | 1095463 |
| Option Care Health, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 1.75%), 5.47%, 09/22/32<br>| 1103 | 1107882 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME Term <br>SOFR at 0.50% Floor + 2.25%), 5.97%, 05/19/31<br>| 264 | 253834 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 04/20/29<br>| 515 | 517065 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo. <br>CME Term SOFR at 0.50% Floor + 2.00%), 5.67%, <br>07/03/28<br>| 85 | 85634 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 1.75%), 5.47%, 08/01/31<br>| 219 | 219201 |
|  |  | 5858305 |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| Cushman & Wakefield U.S. Borrower LLC, 2025 Term Loan <br>B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), <br>6.47%, 01/31/30<br>| 339 | 340742 |
| Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% | Semiconductors & Semiconductor Equipment — 0.4% |
| Entegris, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR <br>at 0.00% Floor + 1.75%), 5.47%, 07/06/29<br>| 271 | 272197 |
| MKS, Inc., 2025 USD Repriced Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, 08/17/29<br>| 1009 | 1013027 |
|  |  | 1285224 |
| Software — 13.5% | Software — 13.5% | Software — 13.5% |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.17%, <br>02/24/31<br>| 2333 | 2345322 |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.75%), 6.47%, 02/15/29<br>| 1859 | 1861056 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 3.00%), 6.72%, 11/25/31<br>| 1021 | 1022939 |
| Boxer Parent Co., Inc., 2025 USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.00%), 6.82%, <br>07/30/31<br>| 2195 | 2187326 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br>Term SOFR at 0.50% Floor + 2.00%), 5.72%, 01/23/32<br>| 1588 | 1592041 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 6.92%, 07/06/29<br>| 1985 | 1676611 |
| Clearwater Analytics LLC, 2025 Term Loan B, (6-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 6.21%, 04/21/32<br>| 691 | 689975 |
| Cloud Software Group, Inc. |  |  |
| 2025 Term Loan B (2031), (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 03/21/31<br>| 1860 | 1861745 |

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) |
| Cloud Software Group, Inc.<br>(continued)<br>|  |  |
| 2025 Term Loan B (2032), (3-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.92%, 08/13/32<br>| $2585 | $2586738<br>|
| Cloudera, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 3.85%), 7.57%, 10/08/28<br>| 471 | 448833 |
| CoreLogic, Inc. |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), <br>10.33%, 06/04/29<br>| 333 | 335344 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br>3.61%), 7.33%, 06/02/28<br>| 1172 | 1171910 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.75%), 6.62%, 05/01/31<br>| 1421 | 1363026 |
| Darktrace PLC, 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.00% Floor + 3.25%), 7.19%, 10/09/31<br>| 158 | 158082 |
| Dayforce, Inc., 2025 Term Loan, 08/20/32<br>(h)<br>| 2050 | 2042681 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br>Term SOFR at 0.00% Floor + 4.25%), 7.92%, 06/26/31<br>(c)<br>| 432 | 423313 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br>0.50% Floor + 2.75%), 6.47%, 10/08/29<br>| 2015 | 2025423 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 4.75%), 8.47%, 11/22/32<br>| 352 | 354309 |
| Epicor Software Corp., 2024 Term Loan F, (1-mo. CME <br>Term SOFR at 0.75% Floor + 2.50%), 6.22%, 05/30/31<br>| 1797 | 1801638 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br>(1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br>6.22%, 01/30/32<br>| 3276 | 3265318 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term <br>SOFR at 0.00% Floor + 3.00%), 6.72%, 03/20/32<br>| 2223 | 2223171 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 3.25%), 6.97%, 06/17/31<br>| 1427 | 1430601 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br>0.50% Floor + 5.25%), 8.97%, 06/17/32<br>| 329 | 325381 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at <br>0.00% Floor + 4.25%), 8.09%, 07/01/31<br>| 414 | 410975 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.50%), 7.17%, <br>12/17/27<br>| 197 | 188061 |
| PointClickCare Technologies, Inc., 2025 Term Loan B, (3-<br>mo. CME Term SOFR at 0.00% Floor + 2.75%), 6.42%, <br>11/03/31<br>| 485 | 484797 |
| Project Boost Purchaser LLC, 2025 Refinancing Term Loan, <br>(3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br>6.61%, 07/16/31<br>| 1593 | 1596291 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br>SOFR at 0.50% Floor + 3.26%), 6.93%, 04/24/28<br>| 1171 | 1169029 |
| Sabre GLBL, Inc.<br>(c)<br>|  |  |
| 2025 11th Amendment Term Loan B2, (1-mo. CME Term <br>SOFR at 0.50% Floor + 6.35%), 10.07%, 07/30/29<br>| 116 | 103521 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br>Floor + 6.35%), 10.07%, 07/30/29<br>| 57 | 50593 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 05/09/31<br>| 2420 | 2433066 |
| UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at <br>0.00% Floor + 2.50%), 6.34%, 02/10/31<br>| 2645 | 2645867 |
| VS Buyer LLC, 2025 Term Loan B, (3-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 6.09%, 04/12/31<br>| 1624 | 1628035 |
| Waystar Technologies, Inc., 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 2.00%), 5.72%, 10/22/29<br>(c)<br>| 458 | 460417 |

---

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Software (continued) | Software (continued) | Software (continued) |
| X.AI LLC, Term Loan, (6-mo. CME Term SOFR at 0.00% <br>Floor + 7.25%), 10.85%, 06/28/30<br>| 1561 | $1538618<br>|
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, (1-mo. CME Term SOFR at <br>0.00% Floor + 3.25%), 6.97%, 11/26/31<br>| 1183 | 1172698 |
| Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br>2.75%), 6.47%, 09/28/29<br>| 705 | 697551 |
|  |  | 47772302 |
| Specialty Retail — 0.3% | Specialty Retail — 0.3% | Specialty Retail — 0.3% |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 2.50%), 6.31%, <br>04/23/31<br>| 545 | 545115 |
| Peer USA LLC, 2025 USD Term Loan B, (3-mo. CME Term <br>SOFR at 0.00% Floor + 2.25%), 5.92%, 09/29/32<br>| 240 | 240199 |
| Restoration Hardware, Inc., 2022 Incremental Term Loan, <br>(1-mo. CME Term SOFR at 0.50% Floor + 3.35%), <br>7.07%, 10/20/28<br>| 202 | 200165 |
| Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. <br>CME Term SOFR + 7.61%), 11.29%, 06/29/28<br>| 189 | 177291 |
|  |  | 1162770 |
| Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% | Technology Hardware, Storage & Peripherals — 0.4% |
| Cubic Corp. |  |  |
| 2025 Second Out Term Loan B, (3-mo. CME Term SOFR <br>at 0.75% Floor + 4.51%), 8.37%, 05/25/29<br>| 2142 | 1084380 |
| 2025 Second Out Term Loan C, (3-mo. CME Term SOFR <br>at 0.75% Floor + 4.25%), 8.37%, 05/25/29<br>| 311 | 157381 |
|  |  | 1241761 |
| Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% | Textiles, Apparel & Luxury Goods — 0.4% |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br>0.00% Floor + 2.25%), 5.97%, 12/21/28<br>| 862 | 861967 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR <br>at 0.00% Floor + 2.25%), 5.97%, 02/13/32<br>| 456 | 456152 |
| Beach Acquisition Bidco LLC, USD Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 3.25%), 6.92%, <br>09/12/32<br>| 220 | 221514 |
|  |  | 1539633 |
| Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% | Trading Companies & Distributors — 0.1% |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME <br>Term SOFR at 1.00% Floor + 2.00% and 3.25% PIK), <br>8.97%, 07/02/29<br>(f)<br>| 1143 | 465601 |
| Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% | Transportation Infrastructure — 0.2% |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR <br>at 0.75% Floor + 6.35%), 10.07%, 12/15/26<br>| 508 | 504195 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term <br>SOFR at 2.00% Floor + 8.00%), 11.89%, 08/20/29<br>| 671 | 255052 |
|  |  | 759247 |
| Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% | Wireless Telecommunication Services — 1.1% |
| Digicel International Finance Ltd., 2025 Term Loan B, (3-mo. <br>CME Term SOFR at 0.00% Floor + 5.25%), 9.02%, <br>08/06/32<br>| 497 | 495226 |

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

(Percentages shown are based on Net Assets)

---

| | | |
|:---|:---|:---|
| Security | Par<br>(000)<br>| Value |
| Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) | Wireless Telecommunication Services (continued) |
| Level 3 Financing, Inc., 2025 Repriced Term Loan B4, (1-<br>mo. CME Term SOFR at 0.00% Floor + 3.25%), 6.97%, <br>03/29/32<br>| 2331 | $2336245<br>|
| Windstream Services LLC, 2025 Term Loan B, (1-mo. CME <br>Term SOFR at 0.00% Floor + 4.00%), 7.72%, 10/06/32<br>(c)<br>| 920 | 922300 |
|  |  | 3753771 |
| Total Floating Rate Loan Interests — 108.8%<br>(Cost: $388,273,648) | Total Floating Rate Loan Interests — 108.8%<br>(Cost: $388,273,648) | 384038913 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Investment Companies | Investment Companies | Investment Companies |
| Equity Funds — 5.2% | Equity Funds — 5.2% |  |
| Hearthside Equity | 5718 | 86245 |
| Invesco Senior Loan ETF | 640400 | 13448400 |
| SPDR Blackstone Senior Loan ETF | 120000 | 4952400 |
|  |  | 18487045 |
| Fixed Income Funds<br>(i)<br> — 3.4% | Fixed Income Funds<br>(i)<br> — 3.4% |  |
| iShares 0-5 Year High Yield Corporate Bond ETF | 5000 | 214350 |
| iShares Broad USD High Yield Corporate Bond ETF | 240000 | 8974800 |
| iShares iBoxx $ High Yield Corporate Bond ETF | 33000 | 2660790 |
|  |  | 11849940 |
| Total Investment Companies — 8.6%<br>(Cost: $30,143,316) | Total Investment Companies — 8.6%<br>(Cost: $30,143,316) | 30336985 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Benefical<br>Interest (000)<br>|
| Other Interests | Other Interests |
| Capital Markets — 0.0% | Capital Markets — 0.0% |
| Millennium Lender Claim Trust<br>(c)(j)<br>| $991 |
| Industrial Conglomerates — 0.0% | Industrial Conglomerates — 0.0% |
| Millennium Corp.<br>(c)(j)<br>| 930 |
| Total Other Interests — 0.0%<br>(Cost: $—) | Total Other Interests — 0.0%<br>(Cost: $—) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>Shares<br>|  |
| Preferred Securities | Preferred Securities | Preferred Securities |
| Preferred Stocks — 0.0%<br>(d) | Preferred Stocks — 0.0%<br>(d) | Preferred Stocks — 0.0%<br>(d) |
| Ground Transportation — 0.0% | Ground Transportation — 0.0% |  |
| Sirva BGRS Holdings, Inc., 07/21/30 | 207 | 36167 |

---

---

| | | |
|:---|:---|:---|
| Security | <br>Shares<br>| Value |
| IT Services<br>(c)<br> — 0.0% | IT Services<br>(c)<br> — 0.0% |  |
| Veritas Newco |  |  |
| Series G | 1121 | $26346<br>|
| Series G-1 | 774 | 17805 |
|  |  | 44151 |
|  |  | 80318 |
| Total Preferred Securities — 0.0%<br>(Cost: $184,682) | Total Preferred Securities — 0.0%<br>(Cost: $184,682) | 80318 |
| Warrants | Warrants | Warrants |
| Financial Services — 0.0% | Financial Services — 0.0% |  |
| Service King (Carnelian Point), (Exercisable 01/14/23, <br>1 Share for 1 Warrant, Expires 06/30/27, Strike Price <br>USD 10.00)<br>(d)<br>| 1675 |  |
| Total Warrants — 0.0%<br>(Cost: $—) | Total Warrants — 0.0%<br>(Cost: $—) |  |
| Total Investments — 122.8%<br>(Cost: $438,234,834) | Total Investments — 122.8%<br>(Cost: $438,234,834) | 433452456 |
| Liabilities in Excess of Other Assets — (22.8)% | Liabilities in Excess of Other Assets — (22.8)% | (80398046)<br>|
| Net Assets — 100.0% | Net Assets — 100.0% | $353054410<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

(d) Non-income producing security.

(e) Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $202,944, representing 0.1% of its net assets as of period end, and an original cost of $22,770.

(f) 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.

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

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

(i) Affiliate of the Trust.

(j) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of

1940, as amended, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliated Issuer | Value at<br>12/31/24<br>| Purchases<br>at Cost<br>| Proceeds<br>from Sales<br>| Net<br>Realized<br>Gain (Loss)<br>| Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>| Value at<br>12/31/25<br>| Shares<br>Held at<br>12/31/25<br>| Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares<br>(a)<br>| &nbsp;&nbsp;$—<br>| $67722798<br>| $(67722798)<br>| $—<br>| $—<br>| $—<br>|  | $21677<br>| $—<br>|
| iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp;213050 |  |  |  | 1300 | 214350 | 5000 | 15061 |  |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;— | 8864310 |  |  | 110490 | 8974800 | 240000 | 512275 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp;2202200 | 6688650 | (6304122)<br>| 8922 | 65140 | 2660790 | 33000 | 299534 |  |
|  |  |  |  | $8922<br>| $176930<br>| $11849940<br>|  | $848547<br>| $—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts<br>| &nbsp;&nbsp;&nbsp;Expiration<br>Date<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>| &nbsp;&nbsp;&nbsp;Value/<br>Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| Short Contracts<br>|  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;$1955<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2495<br>|
| U.S. Long Bond | &nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp;8547 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$11042<br>|

---

Forward Foreign Currency Exchange Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Currency Purchased | Currency Purchased | Currency Sold | Currency Sold | Counterparty | Settlement Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized<br>Appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)<br>|
| USD | 24091 | GBP | 18000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(167)<br>|

---

Centrally Cleared Credit Default Swaps — Sell Protection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing<br>Rate Received<br>by the Trust<br>| &nbsp;&nbsp;&nbsp;Payment<br>Frequency<br>| &nbsp;&nbsp;&nbsp;Termination<br>Date<br>| &nbsp;&nbsp;&nbsp;Credit<br>Rating<br>(a)<br>| &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>(b) | &nbsp;&nbsp;&nbsp;Notional<br>Amount (000)<br>(b) | Value | &nbsp;&nbsp;Upfront<br>Premium<br>Paid<br>(Received)<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>(Depreciation)<br>|
| CDX.NA.HY.43.V1 | 5.00% <br>| Quarterly | 12/20/29 | B- | USD | 3200 | &nbsp;&nbsp;&nbsp;$248120<br>| &nbsp;&nbsp;&nbsp;$218125<br>| &nbsp;&nbsp;&nbsp;$29995<br>|
| CDX.NA.HY.44.V1 | 5.00 | Quarterly | 06/20/30 | B- | USD | 300 | &nbsp;&nbsp;&nbsp;24265 | &nbsp;&nbsp;&nbsp;14733 | &nbsp;&nbsp;&nbsp;9532 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;$272385<br>| &nbsp;&nbsp;&nbsp;$232858<br>| &nbsp;&nbsp;&nbsp;$39527<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

OTC Total Return Swaps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Trust | Paid by the Trust | Received by the Trust | Received by the Trust |  |  |  |  |  |  |  |  |
| Rate/Reference | Frequency | Rate/Reference | Frequency | Counterparty | Effective<br>Date<br>| Termination<br>Date<br>| Notional<br>Amount (000) | Notional<br>Amount (000) | Value | Upfront<br>Premium<br>Paid<br>(Received)<br>| Unrealized<br>Appreciation<br>(Depreciation)<br>|
| 1-day SOFR, 3.87% | Quarterly | Markit iBoxx USD <br>Liquid Leveraged <br>Loan Index<br>| Quarterly | Barclays Bank PLC | N/A | 06/20/26 | USD | 5000 | $72675<br>| $(54056)<br>| $126731<br>|

---

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | <br>Premiums<br>Paid<br>| &nbsp;&nbsp;<br>Premiums<br>Received<br>| &nbsp;&nbsp;Unrealized<br>Appreciation<br>| &nbsp;&nbsp;Unrealized<br>Depreciation<br>|
| Centrally Cleared Swaps<br>(a)<br>| &nbsp;&nbsp;$232858<br>| &nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;$39527<br>| &nbsp;&nbsp;&nbsp;$—<br>|
| OTC Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(54056)<br>| &nbsp;&nbsp;&nbsp;126731 | &nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

Derivative Financial Instruments Categorized by Risk Exposure

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Assets — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Futures contracts<br>Unrealized appreciation on futures contracts<br>(a)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$11042<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$11042<br>|
| Swaps — centrally cleared<br>Unrealized appreciation on centrally cleared swaps<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;39527 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;39527 |
| Swaps — OTC<br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;126731 | &nbsp;&nbsp;— | &nbsp;&nbsp;126731 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$39527<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$137773<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$177300<br>|
| Liabilities — Derivative Financial Instruments |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts<br>Unrealized depreciation on forward foreign currency exchange <br>contracts<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$167<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$167<br>|
| Swaps — OTC<br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;54056 | &nbsp;&nbsp;— | &nbsp;&nbsp;54056 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$167<br>| &nbsp;&nbsp;$54056<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$54223<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts<br>| Credit<br>Contracts<br>| Equity<br>Contracts<br>| Foreign<br>Currency<br>Exchange<br>Contracts<br>| Interest<br>Rate<br>Contracts<br>| Other<br>Contracts<br>| Total |
| Net Realized Gain (Loss) from: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$23456<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$23456<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(1316)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(1316)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;136053 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;57198 | &nbsp;&nbsp;— | &nbsp;&nbsp;193251 |
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$136053<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(1316)<br>| &nbsp;&nbsp;$80654<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$215391<br>|
| Net Change in Unrealized Appreciation (Depreciation) on: |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$11042<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$11042<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(433)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(433)<br>|
| Swaps | &nbsp;&nbsp;— | &nbsp;&nbsp;58819 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(102558)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(43739)<br>|
|  | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$58819<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(433)<br>| &nbsp;&nbsp;$(91516)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$(33130)<br>|

---

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — short | &nbsp;&nbsp;$748902<br>|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp;24032 |
| Credit default swaps: |  |
| Average notional value — sell protection | &nbsp;&nbsp;3825000 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp;5000000 |

---

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Assets | Liabilities |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp;$5157<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| Swaps — centrally cleared | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1633 |
| Swaps — OTC<br>(a)<br>| &nbsp;&nbsp;126731 | &nbsp;&nbsp;&nbsp;&nbsp;54056 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;131888 | &nbsp;&nbsp;&nbsp;&nbsp;55856 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp;(5157)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1633)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp;$126731<br>| &nbsp;&nbsp;&nbsp;&nbsp;$54223<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Assets<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Received<br>(b)<br>| Cash<br>Collateral<br>Received<br>(b)<br>| Net Amount<br>of Derivative<br>Assets<br>(c)(d)<br>|
| Barclays Bank PLC | &nbsp;&nbsp;$126731<br>| &nbsp;&nbsp;$(54056)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$72675<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty<br>| Derivatives<br>Available<br>for Offset<br>(a)<br>| Non-Cash<br>Collateral<br>Pledged<br>(b)<br>| Cash<br>Collateral<br>Pledged<br>(b)<br>| Net Amount<br>of Derivative<br>Liabilities<br>(c)(e)<br>|
| Barclays Bank PLC | &nbsp;&nbsp;$54056<br>| &nbsp;&nbsp;$(54056)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| HSBC Bank PLC | &nbsp;&nbsp;167 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;167 |
|  | &nbsp;&nbsp;$54223<br>| &nbsp;&nbsp;$(54056)<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$167<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

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

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

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

2025

BlackRock Annual Report to Shareholders

------

Schedule of Investments

(continued)

December 31, 2025

BlackRock Floating Rate Income Trust (BGT)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments at the measurement date. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| Assets |  |  |  |  |
| Investments<br>|  |  |  |  |
| Long-Term Investments<br>|  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3889043<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3889043<br>|
| Common Stocks<br>|  |  |  |  |
| Automobile Components | &nbsp;&nbsp;20399 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20399 |
| Entertainment | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;202944 | &nbsp;&nbsp;&nbsp;&nbsp;202944 |
| Financial Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;295094 | &nbsp;&nbsp;&nbsp;&nbsp;295094 |
| Ground Transportation | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;752 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;106758 | &nbsp;&nbsp;&nbsp;&nbsp;106758 |
| Household Products | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Industrial Conglomerates | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42249 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42249 |
| IT Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;484882 | &nbsp;&nbsp;&nbsp;&nbsp;484882 |
| Trading Companies & Distributors | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;102141 | &nbsp;&nbsp;&nbsp;&nbsp;102141 |
| Transportation Infrastructure | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;75068 | &nbsp;&nbsp;&nbsp;&nbsp;75068 |
| Wireless Telecommunication Services | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;110759 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;110759 |
| Corporate Bonds | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11660508 | &nbsp;&nbsp;&nbsp;&nbsp;63085 | &nbsp;&nbsp;&nbsp;&nbsp;11723593 |
| Fixed Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1942558 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1942558 |
| Floating Rate Loan Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;373712106 | &nbsp;&nbsp;&nbsp;&nbsp;10326807 | &nbsp;&nbsp;&nbsp;&nbsp;384038913 |
| Investment Companies<br>|  |  |  |  |
| Equity Funds | &nbsp;&nbsp;18400800 | &nbsp;&nbsp;&nbsp;&nbsp;86245 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18487045 |
| Fixed Income Funds | &nbsp;&nbsp;11849940 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11849940 |
| Other Interests | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36167 | &nbsp;&nbsp;&nbsp;&nbsp;44151 | &nbsp;&nbsp;&nbsp;&nbsp;80318 |
| Warrants | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6352 | &nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;6576 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<br>(a)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2803)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2803)<br>|
|  | &nbsp;&nbsp;$30271139<br>| &nbsp;&nbsp;&nbsp;&nbsp;$391483936<br>| &nbsp;&nbsp;&nbsp;&nbsp;$11701154<br>| &nbsp;&nbsp;&nbsp;&nbsp;$433456229<br>|
| Derivative Financial Instruments<br>(b)<br>|  |  |  |  |
| Assets<br>|  |  |  |  |
| Credit Contracts | &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$39527<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$39527<br>|
| Interest Rate Contracts | &nbsp;&nbsp;11042 | &nbsp;&nbsp;&nbsp;&nbsp;126731 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;137773 |
| Liabilities<br>|  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(167)<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(167)<br>|
|  | &nbsp;&nbsp;$11042<br>| &nbsp;&nbsp;&nbsp;&nbsp;$166091<br>| &nbsp;&nbsp;&nbsp;&nbsp;$—<br>| &nbsp;&nbsp;&nbsp;&nbsp;$177133<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings

payable of $71,000,000 are categorized as Level 2 within the fair value hierarchy.

Schedule of Investments

------

Schedule of Investments

(continued)

December 31, 2025

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Common* <br>Stocks<br>| *Corporate* <br>Bonds<br>| *Fixed* <br>*Rate Loan* <br>Interests<br>| *Floating* <br>*Rate Loan* <br>Interests<br>| *Other* <br>Interests<br>| *Preferred* <br>Stocks<br>| *Unfunded* <br>*Floating* <br>*Rate Loan* <br>Interests<br>| *Total*  |
| Assets |  |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp;$994251 | $138839 | $1620655 | $15206471 | $— <br>(a)<br>| &nbsp;&nbsp;$37905 | $— | $17998121 |
| Transfers into Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;— |  | 18456 | 712145 |  | &nbsp;&nbsp;— |  | 730601 |
| Transfers out of Level 3<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;— |  | (1140000)<br>| (5801994)<br>|  | &nbsp;&nbsp;— |  | (6941994)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp;— | 7579 | 357 | 30238 |  | &nbsp;&nbsp;— |  | 38174 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;222028 | (85)<br>| 1851 | (110879)<br>|  | &nbsp;&nbsp;— |  | 112915 |
| Net change in unrealized appreciation (depreciation)<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;(871543)<br>| (68714)<br>| (18108)<br>| (39003)<br>|  | &nbsp;&nbsp;6246 | 224 | (990898)<br>|
| Purchases | &nbsp;&nbsp;&nbsp;1578719 | 139455 | 6210 | 9170471 |  | &nbsp;&nbsp;— |  | 10894855 |
| Sales | &nbsp;&nbsp;&nbsp;(656568)<br>| (153989)<br>| (489421)<br>| (8840642)<br>|  | &nbsp;&nbsp;— |  | (10140620)<br>|
| Closing balance, as of December 31, 2025 | &nbsp;&nbsp;&nbsp;$1266887 | $63085 | $— | $10326807 | $— <br>(a)<br>| &nbsp;&nbsp;$44151 | $224 | $11701154 |
| Net change in unrealized appreciation (depreciation) on investments still held at <br>December 31, 2025<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;$(871543)<br>| $(83344)<br>| $(22577)<br>| $62089 | $— | &nbsp;&nbsp;$6246 | $224 | $(908905)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Rounds to less than $1.

(b) As of December 31, 2024, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2025, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

(c) As of December 31, 2024, the Trust used significant unobservable inputs in determining the value of certain investments. As of December 31, 2025, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

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

(e) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2025 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.

2025

BlackRock Annual Report to Shareholders

------

Statements of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<br>(a)<br>| BTZ | BGT |
| ASSETS |  |  |  |  |
| Investments, at value — unaffiliated<br>(b)<br>| $1050340854 | $1972330686 | $1726121635 | $421602516 |
| Investments, at value — affiliated<br>(c)<br>| 1210830 | 18900621 | 10458588 | 11849940 |
| Cash | 25749 | 381807 |  |  |
| Cash pledged: |  |  |  |  |
| Collateral — reverse repurchase agreements | 2040000 |  | 56000 |  |
| Collateral — exchange-traded options written |  |  | 1628000 |  |
| Futures contracts | 905415 | 1117000 | 5331000 | 78000 |
| Centrally cleared swaps | 596000 | 1687000 | 3627000 | 242000 |
| Foreign currency, at value<br>(d)<br>| 382073 | 67434 | 135788 | 2653 |
| Receivables: |  |  |  |  |
| Investments sold | 305745 | 2999282 | 341618 | 730648 |
| Reverse repurchase agreements | 7114709 |  | 187396 |  |
| Dividends — unaffiliated | 14346 | 234564 |  |  |
| Dividends — affiliated | 2364 | 223 | 5103 | 1862 |
| Interest — unaffiliated | 14780346 | 32819241 | 22944302 | 2751518 |
| Variation margin on futures contracts | 65031 | 73531 | 402375 | 5157 |
| Variation margin on centrally cleared swaps | 2144 |  |  |  |
| Swap premiums paid | 5046 | 76151 |  |  |
| Unrealized appreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts | 21692 | 134039 | 1246 |  |
| OTC swaps | 5183 | 1434561 |  | 126731 |
| Unfunded floating rate loan interests | 1124 | 10202 | 2337 | 6576 |
| Deferred offering costs | 147962 | 224130 |  | 118233 |
| Prepaid expenses | 151 | 325 | 682 | 72 |
| Total assets | 1077966764 | 2032490797 | 1771243070 | 437515906 |
| LIABILITIES |  |  |  |  |
| Bank overdraft |  |  | 91179 | 446221 |
| Cash received: |  |  |  |  |
| Collateral — reverse repurchase agreements | 73000 |  |  |  |
| Collateral — OTC derivatives |  | 880000 |  |  |
| Collateral — TBA commitments |  |  | 550000 |  |
| Reverse repurchase agreements, at value | 345404248 |  | 544329823 |  |
| Payables: |  |  |  |  |
| Investments purchased | 1107237 | 9400720 | 163569892 | 11964511 |
| Reverse repurchase agreements | 7142146 |  | 482043 |  |
| Accounting services fees | 47696 | 69251 | 58922 | 21731 |
| Bank borrowings |  | 444000000 |  | 71000000 |
| Custodian fees | 19191 | 16241 | 27185 | 9481 |
| Income dividend distributions | 165542 | 569733 | 388461 | 97884 |
| Interest expense |  | 1811546 |  | 315062 |
| Investment advisory fees | 481267 | 1011861 | 845521 | 263706 |
| Offering costs | 34967 |  |  |  |
| Trustees<br>'<br> and Officer<br>'<br>s fees<br>| 256718 | 692736 | 791903 | 182137 |
| Other accrued expenses | 675 | 58650 | 1441 | 1851 |
| Principal payups | 3001738 |  |  |  |
| Professional fees | 82697 | 146957 | 57189 | 87850 |
| Proxy fees |  |  | 67446 |  |
| Transfer agent fees | 19662 | 50459 | 25052 | 12403 |
| Variation margin on futures contracts | 106942 | 38 | 135487 |  |
| Variation margin on centrally cleared swaps |  | 6942 | 8438 | 1633 |
| Swap premiums received | 2356 | 378559 |  | 54056 |

---

Financial Statements

------

Statements of Assets and Liabilities

(continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<br>(a)<br>| BTZ | BGT |
| Unrealized depreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts | $12917 | $43541 | $1777 | $167 |
| OTC swaps | 59 | 453 |  |  |
| Unfunded floating rate loan interests | 392 | 3214 | 576 | 2803 |
| Total liabilities | 357959450 | 459140901 | 711432335 | 84461496 |
| Commitments and contingent liabilities |  |  |  |  |
| NET ASSETS | $720007314 | $1573349896 | $1059810735 | $353054410 |
| NET ASSETS CONSIST OF |  |  |  |  |
| Paid-in capital<br>(e)(f)(g)<br>| $865559647 | $1787878412 | $1137936567 | $398118747 |
| Accumulated loss | (145552333) | (214528516) | (78125832) | (45064337) |
| NET ASSETS | $720007314 | $1573349896 | $1059810735 | $353054410 |
| Net asset value | $9.97 | $9.65 | $11.36 | $11.84 |
| (a)<br> Consolidated Statement of Assets and Liabilities. | (a)<br> Consolidated Statement of Assets and Liabilities. | (a)<br> Consolidated Statement of Assets and Liabilities. | (a)<br> Consolidated Statement of Assets and Liabilities. | (a)<br> Consolidated Statement of Assets and Liabilities. |
| (b)<br> Investments, at cost<br>—<br>unaffiliated<br>| $1053320315 | $1923113450 | $1718854900 | $426665782 |
| (c)<br> Investments, at cost<br>—<br>affiliated<br>| $1210830 | $18400263 | $10390314 | $11569052 |
| (d)<br> Foreign currency, at cost<br>| $399901 | $67310 | $135815 | $2586 |
| (e)<br> Shares outstanding<br>| 72224224 | 163047980 | 93324457 | 29824720 |
| (f)<br> Shares authorized<br>| Unlimited | 250 million | Unlimited | Unlimited |
| (g)<br> Par value<br>| $0.001 | $0.10 | $0.001 | $0.001 |

---

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Statements of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<br>(a)<br>| BTZ | BGT |
| INVESTMENT INCOME |  |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp;$83517<br>| &nbsp;&nbsp;&nbsp;$2160907<br>| &nbsp;&nbsp;&nbsp;$1167084<br>| &nbsp;&nbsp;&nbsp;$1299628<br>|
| Dividends — affiliated | &nbsp;&nbsp;239454 | &nbsp;&nbsp;&nbsp;1477264 | &nbsp;&nbsp;&nbsp;370925 | &nbsp;&nbsp;&nbsp;848547 |
| Interest — unaffiliated | &nbsp;&nbsp;56484849 | &nbsp;&nbsp;&nbsp;142983411 | &nbsp;&nbsp;&nbsp;99035552 | &nbsp;&nbsp;&nbsp;28553800 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp;272360 | &nbsp;&nbsp;&nbsp;2491627 | &nbsp;&nbsp;&nbsp;603271 | &nbsp;&nbsp;&nbsp;358704 |
| Other income — unaffiliated | &nbsp;&nbsp;5357 | &nbsp;&nbsp;&nbsp;82986 | &nbsp;&nbsp;&nbsp;282542 | &nbsp;&nbsp;&nbsp;187169 |
| Total investment income | &nbsp;&nbsp;57085537 | &nbsp;&nbsp;&nbsp;149196195 | &nbsp;&nbsp;&nbsp;101459374 | &nbsp;&nbsp;&nbsp;31247848 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp;5108958 | &nbsp;&nbsp;&nbsp;11887495 | &nbsp;&nbsp;&nbsp;10002211 | &nbsp;&nbsp;&nbsp;3069536 |
| Accounting services | &nbsp;&nbsp;139514 | &nbsp;&nbsp;&nbsp;208518 | &nbsp;&nbsp;&nbsp;180543 | &nbsp;&nbsp;&nbsp;65456 |
| Professional | &nbsp;&nbsp;130134 | &nbsp;&nbsp;&nbsp;251592 | &nbsp;&nbsp;&nbsp;120102 | &nbsp;&nbsp;&nbsp;104720 |
| Transfer agent | &nbsp;&nbsp;83801 | &nbsp;&nbsp;&nbsp;156742 | &nbsp;&nbsp;&nbsp;106421 | &nbsp;&nbsp;&nbsp;50030 |
| Offering | &nbsp;&nbsp;76501 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Trustees and Officer | &nbsp;&nbsp;64591 | &nbsp;&nbsp;&nbsp;174773 | &nbsp;&nbsp;&nbsp;145969 | &nbsp;&nbsp;&nbsp;43555 |
| Custodian | &nbsp;&nbsp;53523 | &nbsp;&nbsp;&nbsp;52982 | &nbsp;&nbsp;&nbsp;75782 | &nbsp;&nbsp;&nbsp;27850 |
| Registration | &nbsp;&nbsp;19553 | &nbsp;&nbsp;&nbsp;77902 | &nbsp;&nbsp;&nbsp;33299 | &nbsp;&nbsp;&nbsp;15404 |
| Printing and postage | &nbsp;&nbsp;7569 | &nbsp;&nbsp;&nbsp;12346 | &nbsp;&nbsp;&nbsp;31610 | &nbsp;&nbsp;&nbsp;4103 |
| Miscellaneous | &nbsp;&nbsp;27364 | &nbsp;&nbsp;&nbsp;56225 | &nbsp;&nbsp;&nbsp;34253 | &nbsp;&nbsp;&nbsp;12371 |
| Total expenses excluding interest expense | &nbsp;&nbsp;5711508 | &nbsp;&nbsp;&nbsp;12878575 | &nbsp;&nbsp;&nbsp;10730190 | &nbsp;&nbsp;&nbsp;3393025 |
| Interest expense and fees — unaffiliated | &nbsp;&nbsp;15830558 | &nbsp;&nbsp;&nbsp;23146019 | &nbsp;&nbsp;&nbsp;24820552 | &nbsp;&nbsp;&nbsp;3710068 |
| Total expenses | &nbsp;&nbsp;21542066 | &nbsp;&nbsp;&nbsp;36024594 | &nbsp;&nbsp;&nbsp;35550742 | &nbsp;&nbsp;&nbsp;7103093 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp;(4477)<br>| &nbsp;&nbsp;&nbsp;(132583)<br>| &nbsp;&nbsp;&nbsp;(15692)<br>| &nbsp;&nbsp;&nbsp;(96530)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp;21537589 | &nbsp;&nbsp;&nbsp;35892011 | &nbsp;&nbsp;&nbsp;35535050 | &nbsp;&nbsp;&nbsp;7006563 |
| Net investment income | &nbsp;&nbsp;35547948 | &nbsp;&nbsp;&nbsp;113304184 | &nbsp;&nbsp;&nbsp;65924324 | &nbsp;&nbsp;&nbsp;24241285 |
| REALIZED AND UNREALIZED GAIN (LOSS) |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp;921986 | &nbsp;&nbsp;&nbsp;10934973 | &nbsp;&nbsp;&nbsp;4587392 | &nbsp;&nbsp;&nbsp;(4816686)<br>|
| Investments — affiliated | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(58113)<br>| &nbsp;&nbsp;&nbsp;180184 | &nbsp;&nbsp;&nbsp;8922 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;(514746)<br>| &nbsp;&nbsp;&nbsp;(4151481)<br>| &nbsp;&nbsp;&nbsp;(261321)<br>| &nbsp;&nbsp;&nbsp;(1316)<br>|
| Foreign currency transactions | &nbsp;&nbsp;(15134)<br>| &nbsp;&nbsp;&nbsp;(363858)<br>| &nbsp;&nbsp;&nbsp;51894 | &nbsp;&nbsp;&nbsp;67 |
| Futures contracts | &nbsp;&nbsp;(4196017)<br>| &nbsp;&nbsp;&nbsp;361422 | &nbsp;&nbsp;&nbsp;1050852 | &nbsp;&nbsp;&nbsp;23456 |
| Options written | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;999984 | &nbsp;&nbsp;&nbsp;— |
| Swaps | &nbsp;&nbsp;(380403)<br>| &nbsp;&nbsp;&nbsp;1936633 | &nbsp;&nbsp;&nbsp;1660218 | &nbsp;&nbsp;&nbsp;193251 |
|  | &nbsp;&nbsp;(4184314)<br>| &nbsp;&nbsp;&nbsp;8659576 | &nbsp;&nbsp;&nbsp;8269203 | &nbsp;&nbsp;&nbsp;(4592306)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp;19387707 | &nbsp;&nbsp;&nbsp;23547253 | &nbsp;&nbsp;&nbsp;24980420 | &nbsp;&nbsp;&nbsp;(367593)<br>|
| Investments — affiliated | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;316583 | &nbsp;&nbsp;&nbsp;68274 | &nbsp;&nbsp;&nbsp;176930 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;(141584)<br>| &nbsp;&nbsp;&nbsp;(600238)<br>| &nbsp;&nbsp;&nbsp;(35181)<br>| &nbsp;&nbsp;&nbsp;(433)<br>|
| Foreign currency translations | &nbsp;&nbsp;9634 | &nbsp;&nbsp;&nbsp;32806 | &nbsp;&nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;183 |
| Futures contracts | &nbsp;&nbsp;1443262 | &nbsp;&nbsp;&nbsp;115507 | &nbsp;&nbsp;&nbsp;(1989025)<br>| &nbsp;&nbsp;&nbsp;11042 |
| Options written | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(478459)<br>| &nbsp;&nbsp;&nbsp;— |
| Swaps | &nbsp;&nbsp;242221 | &nbsp;&nbsp;&nbsp;476581 | &nbsp;&nbsp;&nbsp;5537435 | &nbsp;&nbsp;&nbsp;(43739)<br>|
| Unfunded floating rate loan interests | &nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;11186 | &nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;2852 |
|  | &nbsp;&nbsp;20942524 | &nbsp;&nbsp;&nbsp;23899678 | &nbsp;&nbsp;&nbsp;28085655 | &nbsp;&nbsp;&nbsp;(220758)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;16758210 | &nbsp;&nbsp;&nbsp;32559254 | &nbsp;&nbsp;&nbsp;36354858 | &nbsp;&nbsp;&nbsp;(4813064)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp;$52306158<br>| &nbsp;&nbsp;&nbsp;$145863438<br>| &nbsp;&nbsp;&nbsp;$102279182<br>| &nbsp;&nbsp;&nbsp;$19428221<br>|
| (a)<br> Consolidated Statement of Operations. | (a)<br> Consolidated Statement of Operations. | (a)<br> Consolidated Statement of Operations. | (a)<br> Consolidated Statement of Operations. | (a)<br> Consolidated Statement of Operations. |

---

See notes to financial statements.

Financial Statements

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | BHK | HYT<br>(a) | HYT<br>(a) |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
| INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |
| OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$35547948<br>| &nbsp;&nbsp;&nbsp;$30991491<br>| &nbsp;&nbsp;&nbsp;$113304184<br>| &nbsp;&nbsp;&nbsp;$108305520<br>|
| Net realized gain (loss) | &nbsp;&nbsp;(4184314)<br>| &nbsp;&nbsp;&nbsp;(31564588)<br>| &nbsp;&nbsp;&nbsp;8659576 | &nbsp;&nbsp;&nbsp;(7309115)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;20942524 | &nbsp;&nbsp;&nbsp;10094872 | &nbsp;&nbsp;&nbsp;23899678 | &nbsp;&nbsp;&nbsp;26090798 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;52306158 | &nbsp;&nbsp;&nbsp;9521775 | &nbsp;&nbsp;&nbsp;145863438 | &nbsp;&nbsp;&nbsp;127087203 |
| DISTRIBUTIONS TO <br>SHAREHOLDERS<br>(b)<br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp;(35510779)<br>| &nbsp;&nbsp;&nbsp;(31728469)<br>| &nbsp;&nbsp;&nbsp;(115506088)<br>| &nbsp;&nbsp;&nbsp;(113650697)<br>|
| Return of capital | &nbsp;&nbsp;(21053491)<br>| &nbsp;&nbsp;&nbsp;(16662102)<br>| &nbsp;&nbsp;&nbsp;(33990930)<br>| &nbsp;&nbsp;&nbsp;(22803870)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp;(56564270)<br>| &nbsp;&nbsp;&nbsp;(48390571)<br>| &nbsp;&nbsp;&nbsp;(149497018)<br>| &nbsp;&nbsp;&nbsp;(136454567)<br>|
| CAPITAL SHARE TRANSACTIONS |  |  |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;84830682 | &nbsp;&nbsp;&nbsp;95831907 |
| Proceeds from rights offering <br>(Note 11)<br>| &nbsp;&nbsp;166476836 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Reinvestment of distributions | &nbsp;&nbsp;495710 | &nbsp;&nbsp;&nbsp;1179065 | &nbsp;&nbsp;&nbsp;6559791 | &nbsp;&nbsp;&nbsp;10528206 |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp;166972546 | &nbsp;&nbsp;&nbsp;1179065 | &nbsp;&nbsp;&nbsp;91390473 | &nbsp;&nbsp;&nbsp;106360113 |
| NET ASSETS |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp;162714434 | &nbsp;&nbsp;&nbsp;(37689731)<br>| &nbsp;&nbsp;&nbsp;87756893 | &nbsp;&nbsp;&nbsp;96992749 |
| Beginning of year | &nbsp;&nbsp;557292880 | &nbsp;&nbsp;&nbsp;594982611 | &nbsp;&nbsp;&nbsp;1485593003 | &nbsp;&nbsp;&nbsp;1388600254 |
| End of year | &nbsp;&nbsp;$720007314<br>| &nbsp;&nbsp;&nbsp;$557292880<br>| &nbsp;&nbsp;&nbsp;$1573349896<br>| &nbsp;&nbsp;&nbsp;$1485593003<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Consolidated Statements of Changes in Net Assets.

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

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Statements of Changes in Net Assets

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BTZ | BTZ | BGT | BGT |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 |
| INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |
| OPERATIONS |  |  |  |  |
| Net investment income | &nbsp;&nbsp;$65924324<br>| &nbsp;&nbsp;&nbsp;$64589850<br>| &nbsp;&nbsp;&nbsp;$24241285<br>| &nbsp;&nbsp;&nbsp;$25830434<br>|
| Net realized gain (loss) | &nbsp;&nbsp;8269203 | &nbsp;&nbsp;&nbsp;(4234815)<br>| &nbsp;&nbsp;&nbsp;(4592306)<br>| &nbsp;&nbsp;&nbsp;(3367523)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;28085655 | &nbsp;&nbsp;&nbsp;3002423 | &nbsp;&nbsp;&nbsp;(220758)<br>| &nbsp;&nbsp;&nbsp;2583268 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;102279182 | &nbsp;&nbsp;&nbsp;63357458 | &nbsp;&nbsp;&nbsp;19428221 | &nbsp;&nbsp;&nbsp;25046179 |
| DISTRIBUTIONS TO <br>SHAREHOLDERS<br>(a)<br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp;(67754878)<br>| &nbsp;&nbsp;&nbsp;(62856630)<br>| &nbsp;&nbsp;&nbsp;(24276229)<br>| &nbsp;&nbsp;&nbsp;(26212029)<br>|
| Return of capital | &nbsp;&nbsp;(26204185)<br>| &nbsp;&nbsp;&nbsp;(31102433)<br>| &nbsp;&nbsp;&nbsp;(16110907)<br>| &nbsp;&nbsp;&nbsp;(7131653)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp;(93959063)<br>| &nbsp;&nbsp;&nbsp;(93959063)<br>| &nbsp;&nbsp;&nbsp;(40387136)<br>| &nbsp;&nbsp;&nbsp;(33343682)<br>|
| CAPITAL SHARE TRANSACTIONS |  |  |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;52361205 | &nbsp;&nbsp;&nbsp;40437940 |
| Reinvestment of distributions | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;858415 | &nbsp;&nbsp;&nbsp;832604 |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;53219620 | &nbsp;&nbsp;&nbsp;41270544 |
| NET ASSETS |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp;8320119 | &nbsp;&nbsp;&nbsp;(30601605)<br>| &nbsp;&nbsp;&nbsp;32260705 | &nbsp;&nbsp;&nbsp;32973041 |
| Beginning of year | &nbsp;&nbsp;1051490616 | &nbsp;&nbsp;&nbsp;1082092221 | &nbsp;&nbsp;&nbsp;320793705 | &nbsp;&nbsp;&nbsp;287820664 |
| End of year | &nbsp;&nbsp;$1059810735<br>| &nbsp;&nbsp;&nbsp;$1051490616<br>| &nbsp;&nbsp;&nbsp;$353054410<br>| &nbsp;&nbsp;&nbsp;$320793705<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

See notes to financial statements.

Financial Statements

------

Statements of Cash Flows

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<br>(a)<br>| BTZ | BGT |
| CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES |  |  |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;$52306158<br>| &nbsp;&nbsp;$145863438<br>| &nbsp;&nbsp;$102279182<br>| &nbsp;&nbsp;$19428221<br>|
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) <br>operating activities:<br>|  |  |  |  |
| Proceeds from sales of long-term investments and principal paydowns/payups | &nbsp;&nbsp;339331950 | &nbsp;&nbsp;1076269129 | &nbsp;&nbsp;2299045204 | &nbsp;&nbsp;160202946 |
| Purchases of long-term investments | &nbsp;&nbsp;(464376320)<br>| &nbsp;&nbsp;(1154312859)<br>| &nbsp;&nbsp;(2286222385)<br>| &nbsp;&nbsp;(207361951)<br>|
| Net proceeds from sales (purchases) of short-term securities | &nbsp;&nbsp;3254366 | &nbsp;&nbsp;(418476)<br>| &nbsp;&nbsp;3744035 | &nbsp;&nbsp;(61979)<br>|
| Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp;(3099832)<br>| &nbsp;&nbsp;(9007521)<br>| &nbsp;&nbsp;(1642145)<br>| &nbsp;&nbsp;(584446)<br>|
| Paid-in-kind income | &nbsp;&nbsp;(283663)<br>| &nbsp;&nbsp;(2491627)<br>| &nbsp;&nbsp;(601890)<br>| &nbsp;&nbsp;(343118)<br>|
| Premiums paid on closing options written | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(63211)<br>| &nbsp;&nbsp;— |
| Premiums received from options written | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;233423 | &nbsp;&nbsp;— |
| Net realized (gain) loss on investments and options written | &nbsp;&nbsp;(917306)<br>| &nbsp;&nbsp;(9987955)<br>| &nbsp;&nbsp;(5570309)<br>| &nbsp;&nbsp;4830597 |
| Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency <br>translations, unfunded floating rate loan interests and forwards<br>| &nbsp;&nbsp;(19250654)<br>| &nbsp;&nbsp;(24058454)<br>| &nbsp;&nbsp;(24535985)<br>| &nbsp;&nbsp;290619 |
| (Increase) Decrease in Assets |  |  |  |  |
| Receivables |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp;1517 | &nbsp;&nbsp;6291 | &nbsp;&nbsp;6257 | &nbsp;&nbsp;(8)<br>|
| Dividends — unaffiliated | &nbsp;&nbsp;(14346)<br>| &nbsp;&nbsp;(159317)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Interest — unaffiliated | &nbsp;&nbsp;(4806697)<br>| &nbsp;&nbsp;(1656201)<br>| &nbsp;&nbsp;(196398)<br>| &nbsp;&nbsp;65481 |
| Variation margin on futures contracts | &nbsp;&nbsp;221720 | &nbsp;&nbsp;(70567)<br>| &nbsp;&nbsp;66563 | &nbsp;&nbsp;(5157)<br>|
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;(2144)<br>| &nbsp;&nbsp;42675 | &nbsp;&nbsp;— | &nbsp;&nbsp;3526 |
| Swap premiums paid | &nbsp;&nbsp;(330)<br>| &nbsp;&nbsp;(26996)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Prepaid expenses | &nbsp;&nbsp;4880 | &nbsp;&nbsp;12051 | &nbsp;&nbsp;9000 | &nbsp;&nbsp;2429 |
| Deferred offering costs. | &nbsp;&nbsp;(147962)<br>| &nbsp;&nbsp;(74479)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;24137 |
| Increase (Decrease) in Liabilities |  |  |  |  |
| Cash received |  |  |  |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp;59000 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Collateral — OTC derivatives | &nbsp;&nbsp;— | &nbsp;&nbsp;880000 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Collateral — TBA commitments | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;550000 | &nbsp;&nbsp;— |
| Payables |  |  |  |  |
| Accounting services fees | &nbsp;&nbsp;(1648)<br>| &nbsp;&nbsp;(13165)<br>| &nbsp;&nbsp;(16935)<br>| &nbsp;&nbsp;(5203)<br>|
| Custodian fees | &nbsp;&nbsp;(4120)<br>| &nbsp;&nbsp;(5232)<br>| &nbsp;&nbsp;(4986)<br>| &nbsp;&nbsp;(2239)<br>|
| Interest expense | &nbsp;&nbsp;(1190002)<br>| &nbsp;&nbsp;(190637)<br>| &nbsp;&nbsp;1090865 | &nbsp;&nbsp;(15641)<br>|
| Investment advisory fees | &nbsp;&nbsp;87196 | &nbsp;&nbsp;64570 | &nbsp;&nbsp;6358 | &nbsp;&nbsp;23294 |
| Trustees<br>'<br> and Officer<br>'<br>s fees<br>| &nbsp;&nbsp;33484 | &nbsp;&nbsp;66251 | &nbsp;&nbsp;29598 | &nbsp;&nbsp;3612 |
| Other accrued expenses | &nbsp;&nbsp;(8657)<br>| &nbsp;&nbsp;(5544)<br>| &nbsp;&nbsp;(1290)<br>| &nbsp;&nbsp;(8092)<br>|
| Professional fees | &nbsp;&nbsp;(18256)<br>| &nbsp;&nbsp;45160 | &nbsp;&nbsp;(26201)<br>| &nbsp;&nbsp;(19464)<br>|
| Transfer agent fees | &nbsp;&nbsp;3274 | &nbsp;&nbsp;24110 | &nbsp;&nbsp;2808 | &nbsp;&nbsp;2944 |
| Variation margin on futures contracts | &nbsp;&nbsp;(263865)<br>| &nbsp;&nbsp;38 | &nbsp;&nbsp;(119148)<br>| &nbsp;&nbsp;— |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;(16307)<br>| &nbsp;&nbsp;6942 | &nbsp;&nbsp;(23107)<br>| &nbsp;&nbsp;1633 |
| Swap premiums received | &nbsp;&nbsp;(1660)<br>| &nbsp;&nbsp;(199736)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(18949)<br>|
| Other liabilities | &nbsp;&nbsp;(627077)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Net cash provided by (used for) operating activities | &nbsp;&nbsp;(99727301)<br>| &nbsp;&nbsp;20601889 | &nbsp;&nbsp;88039303 | &nbsp;&nbsp;(23546808)<br>|
| CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES |  |  |  |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp;(55903018)<br>| &nbsp;&nbsp;(142367494)<br>| &nbsp;&nbsp;(93570602)<br>| &nbsp;&nbsp;(39430837)<br>|
| Payments for offering costs | &nbsp;&nbsp;34967 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Payments for bank borrowings | &nbsp;&nbsp;— | &nbsp;&nbsp;(611000000)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(117000000)<br>|
| Proceeds from bank borrowings | &nbsp;&nbsp;— | &nbsp;&nbsp;648000000 | &nbsp;&nbsp;— | &nbsp;&nbsp;126000000 |
| Increase (decrease) in bank overdraft | &nbsp;&nbsp;(132109)<br>| &nbsp;&nbsp;(920425)<br>| &nbsp;&nbsp;91179 | &nbsp;&nbsp;446221 |
| Proceeds from issuance of capital shares | &nbsp;&nbsp;— | &nbsp;&nbsp;84830682 | &nbsp;&nbsp;— | &nbsp;&nbsp;52998059 |
| Proceeds from rights offering | &nbsp;&nbsp;166476836 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Net borrowing of reverse repurchase agreements | &nbsp;&nbsp;(17663178)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;7485296 | &nbsp;&nbsp;— |
| Net cash provided by (used for) for financing activities | &nbsp;&nbsp;92813498 | &nbsp;&nbsp;(21457237)<br>| &nbsp;&nbsp;(85994127)<br>| &nbsp;&nbsp;23013443 |
| CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS |  |  |  |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp;2691 | &nbsp;&nbsp;(548)<br>| &nbsp;&nbsp;(2)<br>| &nbsp;&nbsp;183 |

---

2025

BlackRock Annual Report to Shareholders

------

Statements of Cash Flows

(continued)

Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<br>(a)<br>| BTZ | BGT |
| CASH AND FOREIGN CURRENCY |  |  |  |  |
| Net increase (decrease) in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp;$(6911112)<br>| &nbsp;&nbsp;$(855896)<br>| &nbsp;&nbsp;$2045174<br>| &nbsp;&nbsp;$(533182)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of year | &nbsp;&nbsp;10860349 | &nbsp;&nbsp;4109137 | &nbsp;&nbsp;8732614 | &nbsp;&nbsp;855835 |
| Restricted and unrestricted cash and foreign currency at end of year | &nbsp;&nbsp;$3949237<br>| &nbsp;&nbsp;$3253241<br>| &nbsp;&nbsp;$10777788<br>| &nbsp;&nbsp;$322653<br>|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |  |  |
| Cash paid during the year for interest expense | &nbsp;&nbsp;$17020560<br>| &nbsp;&nbsp;$23336656<br>| &nbsp;&nbsp;$23729687<br>| &nbsp;&nbsp;$3725709<br>|
| NON-CASH FINANCING ACTIVITIES |  |  |  |  |
| Reinvestment of distributions | &nbsp;&nbsp;$495710<br>| &nbsp;&nbsp;$6559791<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$858415<br>|
| RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY <br>AT<br>THE END OF<br>YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES<br>|  |  |  |  |
| Cash | &nbsp;&nbsp;$25749<br>| &nbsp;&nbsp;$381807<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Cash pledged |  |  |  |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp;2040000 | &nbsp;&nbsp;— | &nbsp;&nbsp;56000 | &nbsp;&nbsp;— |
| Collateral — exchange-traded options written | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1628000 | &nbsp;&nbsp;— |
| Futures contracts | &nbsp;&nbsp;905415 | &nbsp;&nbsp;1117000 | &nbsp;&nbsp;5331000 | &nbsp;&nbsp;78000 |
| Centrally cleared swaps | &nbsp;&nbsp;596000 | &nbsp;&nbsp;1687000 | &nbsp;&nbsp;3627000 | &nbsp;&nbsp;242000 |
| Foreign currency at value | &nbsp;&nbsp;382073 | &nbsp;&nbsp;67434 | &nbsp;&nbsp;135788 | &nbsp;&nbsp;2653 |
|  | &nbsp;&nbsp;$3949237<br>| &nbsp;&nbsp;$3253241<br>| &nbsp;&nbsp;$10777788<br>| &nbsp;&nbsp;$322653<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Consolidated Statement of Cash Flows.

See notes to financial statements.

Financial Statements

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BHK | BHK | BHK | BHK | BHK |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Net asset value, beginning of year | &nbsp;&nbsp;$10.30<br>| &nbsp;&nbsp;&nbsp;$11.02<br>| &nbsp;&nbsp;&nbsp;$10.89<br>| &nbsp;&nbsp;&nbsp;$15.47<br>| &nbsp;&nbsp;&nbsp;$16.45<br>|
| Net investment income<br>(a)<br>| 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain (loss) | 0.15 | &nbsp;&nbsp;&nbsp;(0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;(4.40)<br>| &nbsp;&nbsp;&nbsp;(0.65)<br>|
| Net increase (decrease) from investment operations | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;(3.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Distributions<br>(b)<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.56)<br>| &nbsp;&nbsp;&nbsp;(0.59)<br>| &nbsp;&nbsp;&nbsp;(0.54)<br>| &nbsp;&nbsp;&nbsp;(0.69)<br>| &nbsp;&nbsp;&nbsp;(0.80)<br>|
| From net realized gain | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.11)<br>| &nbsp;&nbsp;&nbsp;(0.25)<br>|
| Return of capital | &nbsp;&nbsp;(0.34)<br>| &nbsp;&nbsp;&nbsp;(0.31)<br>| &nbsp;&nbsp;&nbsp;(0.36)<br>| &nbsp;&nbsp;&nbsp;(0.02)<br>| &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;(0.90)<br>| &nbsp;&nbsp;&nbsp;(0.90)<br>| &nbsp;&nbsp;&nbsp;(0.90)<br>| &nbsp;&nbsp;&nbsp;(0.82)<br>| &nbsp;&nbsp;&nbsp;(1.05)<br>|
| Dilutive effect of rights offer <br>(Note 11)<br>| &nbsp;&nbsp;(0.14)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year | &nbsp;&nbsp;$9.97<br>| &nbsp;&nbsp;&nbsp;$10.30<br>| &nbsp;&nbsp;&nbsp;$11.02<br>| &nbsp;&nbsp;&nbsp;$10.89<br>| &nbsp;&nbsp;&nbsp;$15.47<br>|
| Market price, end of year | &nbsp;&nbsp;$9.59<br>| &nbsp;&nbsp;&nbsp;$10.46<br>| &nbsp;&nbsp;&nbsp;$10.91<br>| &nbsp;&nbsp;&nbsp;$10.38<br>| &nbsp;&nbsp;&nbsp;$16.51<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |
| Based on net asset value | 5.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58%<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.12%<br>| &nbsp;&nbsp;&nbsp;(24.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50%<br>(d)<br>|
| Based on market price | 0.28%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.38%<br>| &nbsp;&nbsp;&nbsp;(32.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.25%<br>|
| Ratios to Average Net Assets<br>(e)<br>|  |  |  |  |  |
| Total expenses | 3.34%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.67%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85%<br>|
| Total expenses after fees waived and/or reimbursed | 3.34%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.67%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.69%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.95%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees and/or offering <br>costs<br>| 0.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81%<br>|
| Net investment income | 5.51%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.50%<br>|
| Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;$720007<br>| &nbsp;&nbsp;&nbsp;$557293<br>| &nbsp;&nbsp;&nbsp;$594983<br>| &nbsp;&nbsp;&nbsp;$588071<br>| &nbsp;&nbsp;&nbsp;$835314<br>|
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp;$345404<br>| &nbsp;&nbsp;&nbsp;$364277<br>| &nbsp;&nbsp;&nbsp;$292808<br>| &nbsp;&nbsp;&nbsp;$387219<br>| &nbsp;&nbsp;&nbsp;$405522<br>|
| Portfolio turnover rate<br>(h)<br>| &nbsp;&nbsp;34%<br>| &nbsp;&nbsp;&nbsp;132%<br>| &nbsp;&nbsp;&nbsp;133%<br>| &nbsp;&nbsp;&nbsp;104%<br>| &nbsp;&nbsp;&nbsp;54%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

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

(c) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) Includes payment from an affiliate, which had no impact on the Trust ' s total return.

(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.33%, and 3.33% respectively.

(g) Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 3.64% and 3.64% respectively.

(h) Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;32%<br>| &nbsp;&nbsp;&nbsp;96%<br>| &nbsp;&nbsp;&nbsp;81%<br>| &nbsp;&nbsp;&nbsp;76%<br>| &nbsp;&nbsp;&nbsp;34%<br>|

---

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Financial Highlights

(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | HYT<br>(a) | HYT<br>(a) | HYT<br>(a) | HYT<br>(a) | HYT<br>(a) |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Net asset value, beginning of year | &nbsp;&nbsp;$9.67<br>| &nbsp;&nbsp;&nbsp;$9.73<br>| &nbsp;&nbsp;&nbsp;$9.25<br>| &nbsp;&nbsp;&nbsp;$11.99<br>| &nbsp;&nbsp;&nbsp;$11.95<br>|
| Net investment income<br>(b)<br>| 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain (loss) | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;(2.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net increase (decrease) from investment operations | 0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;(1.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| Distributions<br>(c)<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.72)<br>| &nbsp;&nbsp;&nbsp;(0.77)<br>| &nbsp;&nbsp;&nbsp;(0.68)<br>| &nbsp;&nbsp;&nbsp;(0.60)<br>| &nbsp;&nbsp;&nbsp;(0.80)<br>|
| Return of capital | &nbsp;&nbsp;(0.21)<br>| &nbsp;&nbsp;&nbsp;(0.16)<br>| &nbsp;&nbsp;&nbsp;(0.25)<br>| &nbsp;&nbsp;&nbsp;(0.26)<br>| &nbsp;&nbsp;&nbsp;(0.13)<br>|
| Total distributions | &nbsp;&nbsp;(0.93)<br>| &nbsp;&nbsp;&nbsp;(0.93)<br>| &nbsp;&nbsp;&nbsp;(0.93)<br>| &nbsp;&nbsp;&nbsp;(0.86)<br>| &nbsp;&nbsp;&nbsp;(0.93)<br>|
| Dilutive effect of rights offer <br>(Note 11)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13)<br>| &nbsp;&nbsp;&nbsp;— |
| Net asset value, end of year | &nbsp;&nbsp;$9.65<br>| &nbsp;&nbsp;&nbsp;$9.67<br>| &nbsp;&nbsp;&nbsp;$9.73<br>| &nbsp;&nbsp;&nbsp;$9.25<br>| &nbsp;&nbsp;&nbsp;$11.99<br>|
| Market price, end of year | &nbsp;&nbsp;$8.90<br>| &nbsp;&nbsp;&nbsp;$9.81<br>| &nbsp;&nbsp;&nbsp;$9.43<br>| &nbsp;&nbsp;&nbsp;$8.74<br>| &nbsp;&nbsp;&nbsp;$12.34<br>|
| Total Return<br>(d)<br>|  |  |  |  |  |
| Based on net asset value | 10.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.41%<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.80%<br>| &nbsp;&nbsp;&nbsp;(15.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.42%<br>|
| Based on market price | 0.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.80%<br>| &nbsp;&nbsp;&nbsp;(22.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.66%<br>|
| Ratios to Average Net Assets<br>(e)<br>|  |  |  |  |  |
| Total expenses | 2.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.35%<br>|
| Total expenses after fees waived and/or reimbursed | 2.33%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.35%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.89%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.34%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93%<br>|
| Net investment income | 7.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.66%<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.34%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.61%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.30%<br>|
| Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;$1573350<br>| &nbsp;&nbsp;&nbsp;$1485593<br>| &nbsp;&nbsp;&nbsp;$1388600<br>| &nbsp;&nbsp;&nbsp;$1319444<br>| &nbsp;&nbsp;&nbsp;$1465171<br>|
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp;$444000<br>| &nbsp;&nbsp;&nbsp;$407000<br>| &nbsp;&nbsp;&nbsp;$596000<br>| &nbsp;&nbsp;&nbsp;$529000<br>| &nbsp;&nbsp;&nbsp;$647000<br>|
| Asset coverage, end of year per $1,000 of bank borrowings<br>(f)<br>| &nbsp;&nbsp;$4544<br>| &nbsp;&nbsp;&nbsp;$4650<br>| &nbsp;&nbsp;&nbsp;$3330<br>| &nbsp;&nbsp;&nbsp;$3494<br>| &nbsp;&nbsp;&nbsp;$3265<br>|
| Portfolio turnover rate | &nbsp;&nbsp;54%<br>| &nbsp;&nbsp;&nbsp;73%<br>| &nbsp;&nbsp;&nbsp;62%<br>| &nbsp;&nbsp;&nbsp;45%<br>| &nbsp;&nbsp;&nbsp;54%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Consolidated Financial Highlights.

(b) Based on average shares outstanding.

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

(d) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 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.

Financial Highlights

------

Financial Highlights

(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BTZ | BTZ | BTZ | BTZ | BTZ |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Net asset value, beginning of year | &nbsp;&nbsp;$11.27<br>| &nbsp;&nbsp;&nbsp;$11.59<br>| &nbsp;&nbsp;&nbsp;$11.19<br>| &nbsp;&nbsp;&nbsp;$15.10<br>| &nbsp;&nbsp;&nbsp;$15.71<br>|
| Net investment income<br>(a)<br>| 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net realized and unrealized gain (loss) | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<br>(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;(3.76)<br>| &nbsp;&nbsp;&nbsp;(0.45)<br>|
| Net increase (decrease) from investment operations | 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;(2.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Distributions<br>(c)<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.73)<br>| &nbsp;&nbsp;&nbsp;(0.68)<br>| &nbsp;&nbsp;&nbsp;(0.63)<br>| &nbsp;&nbsp;&nbsp;(0.70)<br>| &nbsp;&nbsp;&nbsp;(0.86)<br>|
| Return of capital | &nbsp;&nbsp;(0.28)<br>| &nbsp;&nbsp;&nbsp;(0.33)<br>| &nbsp;&nbsp;&nbsp;(0.38)<br>| &nbsp;&nbsp;&nbsp;(0.22)<br>| &nbsp;&nbsp;&nbsp;(0.15)<br>|
| Total distributions | &nbsp;&nbsp;(1.01)<br>| &nbsp;&nbsp;&nbsp;(1.01)<br>| &nbsp;&nbsp;&nbsp;(1.01)<br>| &nbsp;&nbsp;&nbsp;(0.92)<br>| &nbsp;&nbsp;&nbsp;(1.01)<br>|
| Net asset value, end of year | &nbsp;&nbsp;$11.36<br>| &nbsp;&nbsp;&nbsp;$11.27<br>| &nbsp;&nbsp;&nbsp;$11.59<br>| &nbsp;&nbsp;&nbsp;$11.19<br>| &nbsp;&nbsp;&nbsp;$15.10<br>|
| Market price, end of year | &nbsp;&nbsp;$10.83<br>| &nbsp;&nbsp;&nbsp;$10.46<br>| &nbsp;&nbsp;&nbsp;$10.32<br>| &nbsp;&nbsp;&nbsp;$10.10<br>| &nbsp;&nbsp;&nbsp;$15.05<br>|
| Total Return<br>(d)<br>|  |  |  |  |  |
| Based on net asset value | 10.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.24%<br>| &nbsp;&nbsp;&nbsp;(19.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.73%<br>|
| Based on market price | 13.53%<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.24%<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.70%<br>| &nbsp;&nbsp;&nbsp;(27.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.36%<br>|
| Ratios to Average Net Assets<br>(e)<br>|  |  |  |  |  |
| Total expenses | 3.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12%<br>|
| Total expenses after fees waived and/or reimbursed | 3.37%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.98%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94%<br>|
| Net investment income | 6.26%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.22%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.49%<br>|
| Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;$1059811<br>| &nbsp;&nbsp;&nbsp;$1051491<br>| &nbsp;&nbsp;&nbsp;$1082092<br>| &nbsp;&nbsp;&nbsp;$1045886<br>| &nbsp;&nbsp;&nbsp;$1412147<br>|
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp;$544330<br>| &nbsp;&nbsp;&nbsp;$536048<br>| &nbsp;&nbsp;&nbsp;$590829<br>| &nbsp;&nbsp;&nbsp;$589324<br>| &nbsp;&nbsp;&nbsp;$587017<br>|
| Portfolio turnover rate<br>(f)<br>| &nbsp;&nbsp;136%<br>| &nbsp;&nbsp;&nbsp;102%<br>| &nbsp;&nbsp;&nbsp;155%<br>| &nbsp;&nbsp;&nbsp;42%<br>| &nbsp;&nbsp;&nbsp;20%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

(b) Amount is less than $0.005 per share.

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

(d) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;70%<br>| &nbsp;&nbsp;&nbsp;73%<br>| &nbsp;&nbsp;&nbsp;93%<br>| &nbsp;&nbsp;&nbsp;42%<br>| &nbsp;&nbsp;&nbsp;20%<br>|

---

See notes to financial statements.

2025

BlackRock Annual Report to Shareholders

------

Financial Highlights

(continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BGT | BGT | BGT | BGT | BGT |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
|  | Year Ended<br>12/31/25 | &nbsp;&nbsp;Year Ended<br>12/31/24 | &nbsp;&nbsp;Year Ended<br>12/31/23 | &nbsp;&nbsp;Year Ended<br>12/31/22 | &nbsp;&nbsp;Year Ended<br>12/31/21 |
| Net asset value, beginning of year | &nbsp;&nbsp;$12.57<br>| &nbsp;&nbsp;&nbsp;$12.90<br>| &nbsp;&nbsp;&nbsp;$12.43<br>| &nbsp;&nbsp;&nbsp;$13.44<br>| &nbsp;&nbsp;&nbsp;$13.40<br>|
| Net investment income<br>(a)<br>| 0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.16)<br>| &nbsp;&nbsp;&nbsp;(0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;(1.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net increase (decrease) from investment operations | 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;(0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Distributions<br>(b)<br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.87)<br>| &nbsp;&nbsp;&nbsp;(1.13)<br>| &nbsp;&nbsp;&nbsp;(1.22)<br>| &nbsp;&nbsp;&nbsp;(0.75)<br>| &nbsp;&nbsp;&nbsp;(0.66)<br>|
| Return of capital | &nbsp;&nbsp;(0.57)<br>| &nbsp;&nbsp;&nbsp;(0.31)<br>| &nbsp;&nbsp;&nbsp;(0.06)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.12)<br>|
| Total distributions | &nbsp;&nbsp;(1.44)<br>| &nbsp;&nbsp;&nbsp;(1.44)<br>| &nbsp;&nbsp;&nbsp;(1.28)<br>| &nbsp;&nbsp;&nbsp;(0.75)<br>| &nbsp;&nbsp;&nbsp;(0.78)<br>|
| Net asset value, end of year | &nbsp;&nbsp;$11.84<br>| &nbsp;&nbsp;&nbsp;$12.57<br>| &nbsp;&nbsp;&nbsp;$12.90<br>| &nbsp;&nbsp;&nbsp;$12.43<br>| &nbsp;&nbsp;&nbsp;$13.44<br>|
| Market price, end of year | &nbsp;&nbsp;$11.33<br>| &nbsp;&nbsp;&nbsp;$12.86<br>| &nbsp;&nbsp;&nbsp;$12.38<br>| &nbsp;&nbsp;&nbsp;$10.94<br>| &nbsp;&nbsp;&nbsp;$13.99<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |
| Based on net asset value | 6.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.11%<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.69%<br>| &nbsp;&nbsp;&nbsp;(1.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.43%<br>|
| Based on market price | &nbsp;&nbsp;(0.73)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.32%<br>| &nbsp;&nbsp;&nbsp;&nbsp;26.14%<br>| &nbsp;&nbsp;&nbsp;(16.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;25.91%<br>|
| Ratios to Average Net Assets<br>(d)<br>|  |  |  |  |  |
| Total expenses | 2.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.61%<br>|
| Total expenses after fees waived and/or reimbursed | 2.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.03%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 0.97%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.19%<br>|
| Net investment income | 7.14%<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.40%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.82%<br>|
| Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp;$353054<br>| &nbsp;&nbsp;&nbsp;$320794<br>| &nbsp;&nbsp;&nbsp;$287821<br>| &nbsp;&nbsp;&nbsp;$277978<br>| &nbsp;&nbsp;&nbsp;$300712<br>|
| Borrowings outstanding, end of year (000) | &nbsp;&nbsp;$71000<br>| &nbsp;&nbsp;&nbsp;$62000<br>| &nbsp;&nbsp;&nbsp;$97000<br>| &nbsp;&nbsp;&nbsp;$91000<br>| &nbsp;&nbsp;&nbsp;$143000<br>|
| Asset coverage, end of year per $1,000 of bank borrowings<br>(e)<br>| &nbsp;&nbsp;$5973<br>| &nbsp;&nbsp;&nbsp;$6174<br>| &nbsp;&nbsp;&nbsp;$3967<br>| &nbsp;&nbsp;&nbsp;$4055<br>| &nbsp;&nbsp;&nbsp;$3103<br>|
| Portfolio turnover rate | &nbsp;&nbsp;37%<br>| &nbsp;&nbsp;&nbsp;38%<br>| &nbsp;&nbsp;&nbsp;25%<br>| &nbsp;&nbsp;&nbsp;16%<br>| &nbsp;&nbsp;&nbsp;50%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

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

(c) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(e) 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.

Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Trust Name<br>| Herein Referred To As<br>| Organized<br>| &nbsp;&nbsp;Diversification<br>Classification<br>|
| 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 certain pass-through investments and satisfy regulated investment company tax

requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown

as income tax in the Consolidated Statement of Operations for HYT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or

unrealized gain (loss) in the Consolidated Statement of Operations for HYT. Taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Consolidated

Statement of Assets and Liabilities. 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 $750,

which is less than 0.1% 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.

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 effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments 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. Each

Trust reports realized currency gains (losses) on foreign

currency related transactions 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.

Cash:

The Trusts may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Trusts may, at times, have outstanding cash

disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Trusts

are obligated to repay the custodian for any overdraft, including

any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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.

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

Distributions:

Distributions from net investment income are declared and paid monthly.

Distributions of capital gains are recorded on the ex-dividend dates and made at least

annually.

The portion of distributions, if any, that exceeds a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return

of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

Segment Reporting:

The Chief Financial Officer acts as the Trusts

'

Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating

resources with respect to each

Trust. The CODM has concluded that each

Trust operates as a single operating segment since each

Trust has a single investment strategy as

disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each

Trust

'

s

financial statements.

Recent Accounting Standard:

The Trusts adopted Financial Accounting Standards Board Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax

Disclosures ("ASU 2023-09") during the period. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The

Trusts

'

adoption of the new standard did not have a material impact on financial statement disclosures and did not affect each Trust

'

s financial position or results of operations.

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;&nbsp;&nbsp;&nbsp;&nbsp;

• Equity investments (except ETF options, equity index options or those that are customized) 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 trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price

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 of securities in certain asset classes may trade at lower

prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&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 trade or 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 NAV.

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;

• Interest rate, credit default, inflation and currency 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 market data and discounted cash flows. Total return and equity swap agreements are valued utilizing

quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value 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 occurs after 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 as of the measurement date.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying

investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or

default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine 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 involves 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.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Certain information made

available 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 at the measurement date. These inputs to valuation techniques are

categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

• Level 1 – Unadjusted price quotations in active markets/exchanges that each Trust has the ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions

used in determining the fair value of financial instruments).

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

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.

4. SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities:

Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities

issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments,

which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and

issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain

asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because

the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as

borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening

the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security

at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government

that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the

timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities

issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie

Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject

to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The

ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God,

terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

Collateralized Debt Obligations:

Collateralized debt obligations ("CDOs"), including collateralized bond obligations ("CBOs") and collateralized loan obligations ("CLOs"), are

types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO

can be split into multiple segments, called "tranches," which will vary in risk profile and yield. The riskiest segment is the subordinated or "equity" tranche. This tranche bears

the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances.

Since it is shielded from defaults by the more junior tranches, a "senior" tranche will typically have higher credit ratings and lower yields than their underlying securities, and

often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can

experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes

in the credit profile of the underlying pool of assets.

Multiple Class Pass-Through Securities:

Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed

securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In

general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these

are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage

Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped

mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the

interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise

and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the

rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is

lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund's initial investment in

the IOs may not fully recoup.

Stripped Mortgage-Backed Securities:

Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped

mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of

Mortgage Assets. Stripped mortgage-backed securities may be privately issued.

Zero-Coupon Bonds:

Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may

experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

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

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

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 Secured Overnight Financing Rate ("SOFR"), the prime

rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in

foreign currencies. These investments are treated as investments in debt securities for purposes of a fund's investment policies.

When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a

fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are

typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment

penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple

series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower's option. A fund may invest in such loans in the form of participations in loans ("Participations") or

assignments ("Assignments") of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not

with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon

receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower

with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has

purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund's investment in loan

participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the

Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result

in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, the Trusts may also enter into unfunded floating rate loan interests ("commitments"). In connection with these commitments, a

fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations,

is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included

in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Trusts had the following unfunded floating rate loan interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Trust Name | Borrower | Par | &nbsp;&nbsp;Commitment<br>Amount<br>| Value | &nbsp;&nbsp;Unrealized<br>Appreciation<br>(Depreciation)<br>|
| BHK | Air Comm Corp. LLC | &nbsp;&nbsp;$3823<br>| $3814<br>| &nbsp;&nbsp;$3833<br>| $19<br>|
|  | GrafTech Global Enterprises, Inc. | &nbsp;&nbsp;33947 | 33947 | &nbsp;&nbsp;34442 | 495 |
|  | Jupiter Buyer, Inc. | &nbsp;&nbsp;4389 | 4367 | &nbsp;&nbsp;4430 | 63 |
|  | Kaman Corp. | &nbsp;&nbsp;3332 | 3328 | &nbsp;&nbsp;3343 | 15 |
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;13587 | 13587 | &nbsp;&nbsp;13630 | 43 |
|  | Pye-Barker Fire & Safety, LLC | &nbsp;&nbsp;12740 | 12740 | &nbsp;&nbsp;12814 | 74 |
|  | Springs Windows Fashions LLC | &nbsp;&nbsp;36595 | 36595 | &nbsp;&nbsp;36203 | (392) |
|  | Titan Acquisition Ltd. | &nbsp;&nbsp;65000 | 65000 | &nbsp;&nbsp;65415 | 415 |
|  |  |  |  |  | $732<br>|
| HYT | Air Comm Corp. LLC | &nbsp;&nbsp;$35818<br>| $35728<br>| &nbsp;&nbsp;$35907<br>| 179 |
|  | GrafTech Global Enterprises, Inc. | &nbsp;&nbsp;267440 | 267440 | &nbsp;&nbsp;271339 | 3899 |
|  | Jupiter Buyer, Inc. | &nbsp;&nbsp;40530 | 40328 | &nbsp;&nbsp;40911 | 583 |

---

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Trust Name | Borrower | Par | &nbsp;&nbsp;Commitment<br>Amount<br>| Value | &nbsp;&nbsp;Unrealized<br>Appreciation<br>(Depreciation)<br>|
| HYT<br> (continued)<br>| Kaman Corp. | &nbsp;&nbsp;$153618<br>| $153426<br>| &nbsp;&nbsp;$154134<br>| $708<br>|
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;125773 | 125773 | &nbsp;&nbsp;126167 | 394 |
|  | Pye-Barker Fire & Safety, LLC | &nbsp;&nbsp;114790 | 114790 | &nbsp;&nbsp;115459 | 669 |
|  | Radiate Holdco, LLC | &nbsp;&nbsp;45525 | 45525 | &nbsp;&nbsp;45184 | (341) |
|  | Springs Windows Fashions LLC | &nbsp;&nbsp;268234 | 268234 | &nbsp;&nbsp;265361 | (2873) |
|  | Titan Acquisition Ltd. | &nbsp;&nbsp;590000 | 590000 | &nbsp;&nbsp;593770 | 3770 |
|  |  |  |  |  | $6988<br>|
| BTZ | Chicago U.S. Midco III LP | &nbsp;&nbsp;$33383<br>| $33383<br>| &nbsp;&nbsp;$33425<br>| 42 |
|  | Citrin Cooperman Advisors LLC | &nbsp;&nbsp;64553 | 63908 | &nbsp;&nbsp;64715 | 807 |
|  | CP Iris HoldCo I, Inc. | &nbsp;&nbsp;17459 | 17459 | &nbsp;&nbsp;17320 | (139) |
|  | GrafTech Global Enterprises, Inc. | &nbsp;&nbsp;82799 | 82799 | &nbsp;&nbsp;84006 | 1207 |
|  | Kaman Corp. | &nbsp;&nbsp;7500 | 7491 | &nbsp;&nbsp;7526 | 35 |
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;22645 | 22645 | &nbsp;&nbsp;22716 | 71 |
|  | Pye-Barker Fire & Safety, LLC | &nbsp;&nbsp;21970 | 21970 | &nbsp;&nbsp;22098 | 128 |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp;5926 | 5896 | &nbsp;&nbsp;5943 | 47 |
|  | Springs Windows Fashions LLC | &nbsp;&nbsp;40765 | 40765 | &nbsp;&nbsp;40328 | (437) |
|  |  |  |  |  | $1761<br>|
| BGT | Chicago U.S. Midco III LP | &nbsp;&nbsp;$179112<br>| $179112<br>| &nbsp;&nbsp;$179336<br>| 224 |
|  | Citrin Cooperman Advisors LLC | &nbsp;&nbsp;393999 | 390059 | &nbsp;&nbsp;394984 | 4925 |
|  | CP Iris HoldCo I, Inc. | &nbsp;&nbsp;124638 | 124638 | &nbsp;&nbsp;123651 | (987) |
|  | Kaman Corp. | &nbsp;&nbsp;35502 | 35456 | &nbsp;&nbsp;35621 | 165 |
|  | Pinnacle Buyer LLC | &nbsp;&nbsp;120776 | 120776 | &nbsp;&nbsp;121154 | 378 |
|  | Pye-Barker Fire & Safety, LLC | &nbsp;&nbsp;118560 | 118560 | &nbsp;&nbsp;119251 | 691 |
|  | Radiate Holdco, LLC | &nbsp;&nbsp;43172 | 43172 | &nbsp;&nbsp;42849 | (323) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp;24691 | 24568 | &nbsp;&nbsp;24761 | 193 |
|  | Springs Windows Fashions LLC | &nbsp;&nbsp;139410 | 139410 | &nbsp;&nbsp;137917 | (1493) |
|  |  |  |  |  | $3773<br>|

---

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. These types of securities may be considered unfunded and may obligate the

Trusts to make future cash payments. An unfunded

commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of

Operations.

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.

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

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, 2025, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trusts were

as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Trust Name | Average Amount<br>Outstanding<br>| Weighted Average<br>Interest Rate<br>|
| BHK | &nbsp;&nbsp;$378036260<br>| 4.19% <br>|
| BTZ | &nbsp;&nbsp;557766351 | 4.45 |

---

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 to the extent that the aggregate market value of the cash collateral and the purchased securities it holds is less than the repurchase

price. As such, the receipt of any shortfall or any closeout amount owed to a fund upon termination of the MRA could be delayed or not received at all.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trust Name/Counterparty | Reverse Repurchase<br>Agreements<br>| Fair Value of<br>Non-Cash Collateral<br>Pledged Including<br>Accrued Interest<br>(a)<br>| Cash Collateral<br>Pledged/Received<br>(a)<br>| Net Amount<br>(b)<br>|
| BHK |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp;$(18362614)<br>| &nbsp;&nbsp;$18362614<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| Barclays Capital, Inc. | &nbsp;&nbsp;(4481443)<br>| &nbsp;&nbsp;4481443 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| BNP Paribas SA | &nbsp;&nbsp;(52247981)<br>| &nbsp;&nbsp;52247981 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| BofA Securities, Inc. | &nbsp;&nbsp;(25437009)<br>| &nbsp;&nbsp;25437009 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Fixed Income Clearing Corporation - Morgan Stanley | &nbsp;&nbsp;(160304662)<br>| &nbsp;&nbsp;158727381 | &nbsp;&nbsp;— | &nbsp;&nbsp;(1577281)<br>|
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;(599132)<br>| &nbsp;&nbsp;599132 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| HSBC Bank PLC | &nbsp;&nbsp;(3960271)<br>| &nbsp;&nbsp;1999835 | &nbsp;&nbsp;1960436 | &nbsp;&nbsp;— |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp;(70609273)<br>| &nbsp;&nbsp;70609273 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;(5490767)<br>| &nbsp;&nbsp;5490767 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;(1329050)<br>| &nbsp;&nbsp;1329050 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Nomura Securities International, Inc. | &nbsp;&nbsp;(2013507)<br>| &nbsp;&nbsp;2013507 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp;(568539)<br>| &nbsp;&nbsp;568539 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(345404248)<br>| &nbsp;&nbsp;$341866531<br>| &nbsp;&nbsp;$1960436<br>| &nbsp;&nbsp;$(1577281)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net collateral, including accrued interest, if any, with a value of $353,172,051 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trust Name/Counterparty | Reverse Repurchase<br>Agreements<br>| Fair Value of<br>Non-Cash Collateral<br>Pledged Including<br>Accrued Interest<br>(a)<br>| Cash Collateral<br>Pledged/Received<br>(a)<br>| Net Amount |
| BTZ |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp;$(166167144)<br>| &nbsp;&nbsp;$166167144<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| BNP Paribas SA | &nbsp;&nbsp;(33330306)<br>| &nbsp;&nbsp;33330306 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| BofA Securities, Inc. | &nbsp;&nbsp;(115976030)<br>| &nbsp;&nbsp;115976030 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trust Name/Counterparty | Reverse Repurchase<br>Agreements<br>| Fair Value of<br>Non-Cash Collateral<br>Pledged Including<br>Accrued Interest<br>(a)<br>| Cash Collateral<br>Pledged/Received<br>(a)<br>| Net Amount |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;$(3252825)<br>| &nbsp;&nbsp;$3252825<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|
| HSBC Securities (USA), Inc. | &nbsp;&nbsp;(34801869)<br>| &nbsp;&nbsp;34801869 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| J.P. Morgan Securities LLC | &nbsp;&nbsp;(35122409)<br>| &nbsp;&nbsp;35122409 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp;(1962090)<br>| &nbsp;&nbsp;1962090 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| Nomura Securities International, Inc. | &nbsp;&nbsp;(32331714)<br>| &nbsp;&nbsp;32331714 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| TD Securities (USA) LLC | &nbsp;&nbsp;(121385436)<br>| &nbsp;&nbsp;121385436 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
|  | &nbsp;&nbsp;$(544329823)<br>| &nbsp;&nbsp;$544329823<br>| &nbsp;&nbsp;$—<br>| &nbsp;&nbsp;$—<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Net collateral, including accrued interest, if any, with a value of $585,935,660 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 over-the-counter ("OTC").

Futures Contracts:

Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value

of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and

on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a

cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in

an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract.

Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the

Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market

value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable)

on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the

difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the

risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts

: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign

currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help

to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure

to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements

of Assets and Liabilities. When

a contract is closed, a realized gain or loss is recorded in the Statements

of Operations equal to the difference between the value at the time it was opened and the value at the

time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of

forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the

value of the referenced foreign currencies, and such value may exceed the amount(s)

reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward

foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities.

The Trusts

'

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 Trusts.

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

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

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.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into

a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price

different from the current market value.

Swaps:

Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trusts and a counterparty to

make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be

entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements

of

Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in

the Statements

of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap

is terminated, a realized gain or loss is recorded in the Statements

of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the

Trusts

'

basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the

Trusts

'

counterparty on the swap. Each

Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each

Trust is required to

deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited

as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements

of Assets and

Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities.

Pursuant to the contract, each

Trust agrees to receive from or pay to the broker 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;&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;&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 instruments 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;&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 derivative contract 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

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

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 Trusts

and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do

not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets

and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory:

Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts

'

investment adviser and an indirect, majority-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 pay 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | BHK | BTZ | BGT |
| Investment advisory fees | 0.50% <br>| 0.62% <br>| 0.75% <br>|

---

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.

For purposes of calculating this fee, "net assets" means the total assets of the Trust minus the sum of its accrued liabilities.

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, HYT and BGT has entered into a Distribution Agreement with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager, to provide for

distribution of BHK, HYT and BGT 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, HYT and BGT'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, 2025 amounted to $0, $171,720 and $105,850 for each of BHK, HYT and BGT, respectively.

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,

2027. 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

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

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, 2025,

the amounts waived were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Trust Name | Fees Waived and/or Reimbursed<br>by the Manager<br>|
| BHK | &nbsp;&nbsp;$4477<br>|
| HYT | &nbsp;&nbsp;1267 |
| BTZ | &nbsp;&nbsp;4822 |
| BGT | &nbsp;&nbsp;374 |

---

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, 2027. The agreement can be renewed for annual periods thereafter, and

may be terminated on 90 days' notice, each subject to approval by a majority of the Trusts

'

Independent Trustees. These amounts are included in fees waived and/or

reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2025, the amounts waived in investment advisory fees pursuant to these

arrangements were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Trust Name | Fees Waived and/or Reimbursed<br>by the Manager<br>|
| HYT | &nbsp;&nbsp;$131316<br>|
| BTZ | &nbsp;&nbsp;10870 |
| BGT | &nbsp;&nbsp;96156 |

---

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.

7. PURCHASES AND SALES

For the year ended December 31, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as

follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities | U.S. Government Securities | Other Securities | Other Securities |
| Trust Name<br>| Purchases | Sales | Purchases | Sales |
| BHK | &nbsp;&nbsp;$177765475<br>| &nbsp;&nbsp;$133352402<br>| &nbsp;&nbsp;$279712633<br>| &nbsp;&nbsp;$199520755<br>|
| HYT | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1157712507 | &nbsp;&nbsp;1062724772 |
| BTZ | &nbsp;&nbsp;1989256174 | &nbsp;&nbsp;1831867972 | &nbsp;&nbsp;455494472 | &nbsp;&nbsp;465665031 |
| BGT | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;206154088 | &nbsp;&nbsp;157214995 |

---

For the year

ended December 31, 2025, purchases and sales related to mortgage dollar rolls were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Trust Name | Purchases | Sales |
| BHK | &nbsp;&nbsp;$11008971<br>| &nbsp;&nbsp;$11016740<br>|
| BTZ | &nbsp;&nbsp;1114765222 | &nbsp;&nbsp;1115360160 |

---

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

Subsidiary.

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, 2025, 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. Management's analysis is based on the tax laws and judicial

and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may

impact the Trusts

'

NAV.

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

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 and net losses derived from the Trust

'

s wholly owned

subsidiary were reclassified to the following accounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Trust Name | Paid-in Capital | &nbsp;&nbsp;Accumulated<br>Earnings (Loss)<br>|
| BHK | &nbsp;&nbsp;$(76501)<br>| &nbsp;&nbsp;$76501<br>|
| HYT | &nbsp;&nbsp;(4242656)<br>| &nbsp;&nbsp;4242656 |

---

The tax character of distributions paid was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Trust Name | Year Ended<br>12/31/25<br>| &nbsp;&nbsp;Year Ended<br>12/31/24<br>|
| BHK |  |  |
| Ordinary income | &nbsp;&nbsp;$35510779<br>| &nbsp;&nbsp;&nbsp;$31728469<br>|
| Return of capital | &nbsp;&nbsp;21053491 | &nbsp;&nbsp;&nbsp;16662102 |
|  | &nbsp;&nbsp;$56564270<br>| &nbsp;&nbsp;&nbsp;$48390571<br>|
| HYT |  |  |
| Ordinary income | &nbsp;&nbsp;$115506088<br>| &nbsp;&nbsp;&nbsp;$113650697<br>|
| Return of capital | &nbsp;&nbsp;33990930 | &nbsp;&nbsp;&nbsp;22803870 |
|  | &nbsp;&nbsp;$149497018<br>| &nbsp;&nbsp;&nbsp;$136454567<br>|
| BTZ |  |  |
| Ordinary income | &nbsp;&nbsp;$67754878<br>| &nbsp;&nbsp;&nbsp;$62856630<br>|
| Return of capital | &nbsp;&nbsp;26204185 | &nbsp;&nbsp;&nbsp;31102433 |
|  | &nbsp;&nbsp;$93959063<br>| &nbsp;&nbsp;&nbsp;$93959063<br>|
| BGT |  |  |
| Ordinary income | &nbsp;&nbsp;$24276229<br>| &nbsp;&nbsp;&nbsp;$26212029<br>|
| Return of capital | &nbsp;&nbsp;16110907 | &nbsp;&nbsp;&nbsp;7131653 |
|  | &nbsp;&nbsp;$40387136<br>| &nbsp;&nbsp;&nbsp;$33343682<br>|

---

As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trust Name | Non-Expiring<br>Capital Loss<br>Carryforwards<br>(a)<br>| Net Unrealized<br>Gains (Losses)<br>(b)<br>| Qualified<br>Late-Year<br>Ordinary Losses<br>(c)<br>| Total |
| BHK | &nbsp;&nbsp;$(140114103)<br>| &nbsp;&nbsp;$(5399627)<br>| &nbsp;&nbsp;$(38603)<br>| &nbsp;&nbsp;$(145552333)<br>|
| HYT | &nbsp;&nbsp;(257602267)<br>| &nbsp;&nbsp;43256582 | &nbsp;&nbsp;(182831)<br>| &nbsp;&nbsp;(214528516)<br>|
| BTZ | &nbsp;&nbsp;(84644780)<br>| &nbsp;&nbsp;6565782 | &nbsp;&nbsp;(46834)<br>| &nbsp;&nbsp;(78125832)<br>|
| BGT | &nbsp;&nbsp;(40049816)<br>| &nbsp;&nbsp;(5014521)<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;(45064337)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amounts available to offset future realized capital gains.

(b) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization and accretion methods of premiums and discounts on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements, classification of investments and the deferral of compensation to Trustees.

(c) The Trust has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

During the year ended December 31, 2025, the Trusts

listed below utilized the following amounts of their respective capital loss carryforwards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Trust Name<br>| Utilized |
| HYT | &nbsp;&nbsp;$14983138<br>|
| BTZ | &nbsp;&nbsp;5266481 |

---

As of December 31, 2025, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trust Name | Tax Cost | &nbsp;&nbsp;Gross Unrealized<br>Appreciation<br>| &nbsp;&nbsp;Gross Unrealized<br>Depreciation<br>| &nbsp;&nbsp;Net Unrealized<br>Appreciation<br>(Depreciation)<br>|
| BHK | &nbsp;&nbsp;$1054822240<br>| &nbsp;&nbsp;$21138345<br>| &nbsp;&nbsp;$(24444419)<br>| &nbsp;&nbsp;$(3306074)<br>|
| HYT | &nbsp;&nbsp;1942521094 | &nbsp;&nbsp;69980147 | &nbsp;&nbsp;(21045261)<br>| &nbsp;&nbsp;48934886 |
| BTZ | &nbsp;&nbsp;1730399083 | &nbsp;&nbsp;46473796 | &nbsp;&nbsp;(38899195)<br>| &nbsp;&nbsp;7574601 |
| BGT | &nbsp;&nbsp;438328237 | &nbsp;&nbsp;3269525 | &nbsp;&nbsp;(8102006)<br>| &nbsp;&nbsp;(4832481)<br>|

---

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9. BANK BORROWINGS

HYT and BGT

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

have granted a security interest in substantially all of their assets to SSB.

The SSB Agreement allows for the following maximum commitment amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Trust Name | Commitment Amounts |
| HYT | &nbsp;&nbsp;$758000000<br>|
| BGT | &nbsp;&nbsp;157000000 |

---

Advances will be made by SSB to HYT and BGT at HYT and BGT's option of (a) Daily Simple SOFR plus 0.80% or (b) One Month Term SOFR plus 0.80%. SOFR and One

Month Term SOFR are subject to a 0% floor.

In addition, HYT and BGT paid a commitment fee (based on the daily unused portion of the commitments). Advances to HYT and BGT as of period end, if any, are shown in

the Statements of Assets and Liabilities as bank borrowings. 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.

HYT and BGT 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 borrowings is less than 300%.

For the year ended December 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit

agreement were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Trust Name | Maximum<br>Amount Borrowed<br>| Average Amount<br>Outstanding<br>| Daily Weighted Average<br>Interest Rate<br>|
| HYT | &nbsp;&nbsp;$508000000<br>| &nbsp;&nbsp;$443339726<br>| 5.11% <br>|
| BGT | &nbsp;&nbsp;80000000 | &nbsp;&nbsp;69876712 | 5.11 |

---

10. PRINCIPAL RISKS

In the normal course of business, each

Trust

invests 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, tariffs or international tax treaties between various countries; or (iv) currency, interest rate or 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.

Illiquidity Risk:

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.

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,

2025

BlackRock Annual Report to Shareholders

------

Notes to Financial Statements

(continued)

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. 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.

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.

Counterparty Credit Risk:

The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to

unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by

entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of

those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and

receivables due from counterparties. The extent of the Trusts

'

exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately

their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying

instrument. Losses can also occur if the counterparty does not perform under the contract.

For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.

With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or

clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract;

therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a

clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally

cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer

margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of

margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting

in losses to the Trusts.

Geographic/Asset Class 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.

The

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.

The

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 during a period of historically low interest

rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trusts

'

performance.

The

Trusts invest a significant portion of their assets in securities of issuers located in the United States.

A decrease in imports or exports, changes in trade regulations,

inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed

and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities.

Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic

growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such

non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it

could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to

continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.

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 fund 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.

Notes to Financial Statements

------

Notes to Financial Statements

(continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. CAPITAL SHARE TRANSACTIONS

BHK, BTZ and BGT are 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 250 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.

Common Shares

As of the close of business on May 27, 2025, BHK issued transferrable rights to its Common Shareholders of record, entitling the holders of those rights to subscribe for

shares of BHK'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 three rights held (1-for-3). The Offer expired on June 18, 2025. BHK received from the Offer gross proceeds of

$166,476,836 for the issuance of 18,056,056 Common Shares. The rights offering resulted in $(0.14) or (1.41)% NAV dilution since the Common Shares were issued below

BHK's NAV. BHK 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.

For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
| Trust Name | 12/31/25 | 12/31/24 |
| BHK | &nbsp;&nbsp;47,771 | &nbsp;&nbsp;109,695 |
| HYT | &nbsp;&nbsp;682,619 | &nbsp;&nbsp;1,085,559 |
| BGT | &nbsp;&nbsp;70,399 | &nbsp;&nbsp;65,437 |

---

For the year ended December 31, 2025, and the year ended December 31, 2024, shares issued and outstanding remained constant for BTZ.

BHK, HYT and BGT have filed a prospectus with the SEC allowing them to issue an additional 25,000,000, 55,000,000 and 17,000,000 Common Shares, respectively, through

an equity shelf program (a "Shelf Offering"). Under the Shelf Offering, BHK, HYT and BGT, 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). As of period

end December 31, 2025, 25,000,000, 36,420,118 and 9,626,753 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the year ended

December 31, 2025, BHK, HYT and BGT issued 0, 8,782,159 and 4,232,842 shares, respectively, under the Shelf Offering. 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Trust Name | Declaration<br>Date<br>| &nbsp;&nbsp;Record<br>Date<br>| &nbsp;&nbsp;Payable/<br>Paid Date<br>| &nbsp;&nbsp;Dividend Per<br>Common Share<br>|
| BHK | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;01/30/26 | &nbsp;&nbsp;$0.074600<br>|
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;02/13/26 | &nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.074600 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;03/13/26 | &nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.074600 |
| HYT | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.077900 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;02/13/26 | &nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.077900 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;03/13/26 | &nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.077900 |
| BTZ | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.083900 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;02/13/26 | &nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.083900 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;03/13/26 | &nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.083900 |
| BGT | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;01/20/26 | &nbsp;&nbsp;01/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.120280 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;02/13/26 | &nbsp;&nbsp;02/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.120280 |
|  | &nbsp;&nbsp;01/02/26 | &nbsp;&nbsp;03/13/26 | &nbsp;&nbsp;03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;0.120280 |

---

As of the close of business on December 15, 2025, HYT announced the terms of a transferrable rights offering to its Common Shareholders of record as of January 2, 2026,

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 January 26, 2026. HYT

received from the Offer gross proceeds of $283,051,293 for the issuance of 32,609,596 Common Shares. The rights offering resulted in $(0.16) or (1.66)% 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.

2025

BlackRock Annual Report to Shareholders

------

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 Corporate High Yield Fund, Inc. and subsidiary, BlackRock

Credit Allocation Income Trust, and BlackRock Floating Rate Income Trust (the "Funds"), including the schedules of investments, as of December 31, 2025, the related

statements of operations and cash flows for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights

for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). Such financial

statements and financial highlights of BlackRock Corporate High Yield Fund, Inc. are consolidated as of and for the five years in the period ended December 31, 2025. 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, 2025, 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

each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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, 2025, 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.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 24, 2026

We have served as the auditor of one or more BlackRock investment companies since 1992.

Report of Independent Registered Public Accounting Firm

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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,

2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Trust Name<br>| Qualified Dividend<br>Income<br>|
| BHK | &nbsp;&nbsp;$2588035<br>|
| HYT | &nbsp;&nbsp;5917164 |
| BTZ | &nbsp;&nbsp;6145906 |
| BGT | &nbsp;&nbsp;549 |

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The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Trust Name<br>| Qualified Business<br>Income<br>|
| HYT | &nbsp;&nbsp;$110948<br>|

---

The Trusts hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended

December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Trust Name<br>| Federal Obligation<br>Interest<br>|
| BHK | &nbsp;&nbsp;$75231<br>|
| HYT | &nbsp;&nbsp;25090 |
| BTZ | &nbsp;&nbsp;113626 |
| BGT | &nbsp;&nbsp;8474 |

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The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are

advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2025 qualified for the

dividends-received deduction for corporate shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Trust Name<br>| Dividends-Received<br>Deduction<br>|
| BHK | 5.85% <br>|
| HYT | 3.59 |
| BTZ | 4.67 |

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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, 2025:&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Trust Name<br>| Interest<br>Dividends<br>|
| BHK | &nbsp;&nbsp;$33307423<br>|
| HYT | &nbsp;&nbsp;104013420 |
| BTZ | &nbsp;&nbsp;59127310 |
| BGT | &nbsp;&nbsp;22544006 |

---

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, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Trust Name<br>| Interest-<br>Related<br>Dividends<br>|
| BHK | &nbsp;&nbsp;$28578385<br>|
| HYT | &nbsp;&nbsp;85153906 |
| BTZ | &nbsp;&nbsp;37231356 |
| BGT | &nbsp;&nbsp;19528557 |

---

2025

BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks

Recent Changes

The following information is a summary of certain changes since December 31, 2024. This information may not reflect all of the changes that have occurred since

you purchased the relevant Trust.

Effective May 1, 2025, the 80% investment policy of BlackRock Corporate High Yield Fund, Inc. (HYT) was amended to read as follows: 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 of corporate issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For

purposes of the Trust's 80% policy, high yield securities of corporate issuers include high yield bonds (commonly referred to as "junk bonds"), corporate loans, 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, as well as credit linked

notes, structured notes or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield securities.

Except as noted above, 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. For the purposes of this strategy, "bonds" include the

following: obligations issued or guaranteed by the U.S. Government or a foreign government or their agencies, instrumentalities or political subdivisions; mortgage-backed

securities, including agency mortgage pass-through securities and commercial mortgage-backed securities; mortgage to-be-announced ("TBA") securities; debt obligations of

U.S. or foreign issuers; municipal securities; and asset-backed securities. The Trust's investments in derivatives will be counted toward the Trust's 80% policy to the extent that

they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The 80% policy is a

non-fundamental policy of the Trust and may not be changed without 60 days' prior notice to shareholders. 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 also purchase

loan participations and assignments. The Trust may invest directly in 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 Trust'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.

Investment Objectives, Policies and Risks

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Investment Objectives, Policies and Risks

(continued)

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

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.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

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 "Investment Company 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 Trust, 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 of corporate issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors

associated with such securities. For purposes of the Trust's 80% policy, high yield securities of corporate issuers include high yield bonds (commonly referred to as "junk

bonds"), corporate loans, 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, as well as credit linked notes, structured notes or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield

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 Investment Company Act.

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

2025

BlackRock Annual Report to Shareholders

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Investment Objectives, Policies and Risks

(continued)

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.

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 may enter into derivative securities transactions that have leverage embedded in them.

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's investments in derivatives will be counted toward the Trust's 80% policy to the extent that they

provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.

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.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

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.

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 Trust'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.

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

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."

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 may enter into derivative securities transactions that have leverage embedded in them.

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. Floating and variable rate instruments may include, but are not limited

to, any combination of the following securities: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii)

participations or assignments in senior floating rate loans or second lien floating rate loans; and (iv) fixed-rate loans or debt with respect to which the Fund has entered into

derivative instruments to effectively convert the fixed-rate interest payments into floating rate interest payments. The Trust's investments in derivatives will be counted toward

the Trust's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such

securities. The 80% policy noted above is a non-fundamental policy of the Trust and may not be changed without 60 days' prior notice to shareholders. "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 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. The Trust may invest directly in such securities or synthetically

through the use of derivatives.

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.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

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 Trust'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 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.

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 Trust also has the ability to utilize leverage through the issuance of preferred shares.

The Trust may enter into derivative securities transactions that have leverage embedded in them.

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 risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in

further detail below:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 during a period of historically low interest 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 Trust's

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.

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

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 Trust to sell assets at inopportune times or at a loss or depressed value and

could hurt the Trust's performance.

&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;&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.

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. In addition,

circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative "debt ceiling." Such

non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.

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 Secured Overnight

Financing Rate ('SOFR") 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. Securities

with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not

reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally

increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Trust and

may adversely affect the value of the Trust's shares. 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. Floating rate securities generally are subject to legal or contractual

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

restrictions on resale, may trade infrequently, and their value may be impaired when the Trust needs to liquidate such loans. Benchmark interest rates may not accurately track

market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could

impair their value.

High Yield 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.

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;&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;&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;&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;&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;&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;&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.

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 financial markets have far lower trading volumes and less liquidity than developed markets.

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

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, HYT and 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, principal 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, including the potential for increased volatility in the price of the convertible security.

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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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.

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.

Investment Objectives, Policies and Risks

------

Investment Objectives, Policies and Risks

(continued)

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;&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.

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):

The Trust may engage in securities lending. Securities lending involves the risk that the Trust may lose money because the borrower of the

loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of a decline in the value of collateral provided for loaned

securities or a decline in the value of any investments made with cash collateral. These events could also 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 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.

Risk of Investing in the United States:

Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an

adverse effect on the securities to which the Trust has exposure.

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

2025

BlackRock Annual Report to Shareholders

------

Investment Objectives, Policies and Risks

(continued)

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.

Shareholder Activism Risk:

Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging

in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust's corporate

governance and/or management, commencing proxy contests to attempt to elect the activists' representatives or others to the Trust's Board of Trustees, or to seek other

actions such as a termination of the Trust's investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of

shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur

substantial costs defending against such activism if management and the Board determine that the activist's demands are not in the best interest of the Trust. Further, the

Trust's share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.

Investment Objectives, Policies and Risks

------

Shareholder Update

(unaudited)

The following information is presented for BHK, HYT and BGT, in conformance with annual reporting requirements for funds that have filed a shelf offering registration

statement pursuant to General Instruction A.2 of Form N-2.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BHK |
| Shareholder Transaction Expenses |  |
| Maximum sales load (as a percentage of offering price)<br>(a)<br>| 1.00% |
| Offering expenses borne by the Trust (as a percentage of offering price)<br>(a)<br>| 0.02% |
| Dividend reinvestment plan fees | $0.02<br>per<br>share<br>for<br>open<br>market<br>purchases<br>of<br>common<br>shares<br>(b)<br>|
| Dividend reinvestment plan sale transaction fee | $2.50<br>(b)<br>|
| Estimated Annual Expenses<br> (as a percentage of net assets attributable to common shares)<br>|  |
| Investment advisory fees<br>(c)(d)<br>| 0.79% <br>|
| Other expenses | 2.55 |
| Miscellaneous | 0.10<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Interest expense<br>(e)<br>| 2.45<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Total annual expenses | 3.34 |
| Fee waivers<br>(d)<br>|  |
| Total annual Trust operating expenses after fee waivers<br>(d)<br>| 3.34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Computershare Trust Company, N.A.'s (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BHK. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BHK 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 BHK (including any assets attributable to money borrowed) minus the sum of its accrued liabilities (other than money borrowed

for investment purposes).

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BHK 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 BHK'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, 2027. 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 BHK pays to the Manager indirectly through its investment in money market funds managed by the

Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BHK (upon the vote of a

majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) of BHK or a majority of the outstanding voting securities of BHK), upon 90 days'

written notice by BHK to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BHK uses leverage in the form of reverse repurchase agreements representing 32.4% of managed assets at an annual interest expense to BHK of 4.2%, which is based on current

market conditions. The actual amount of interest expense borne by BHK will vary over time in accordance with the level of BHK's use of reverse repurchase agreements and variations

in market interest rates. Interest expense is required to be treated as an expense of BHK for accounting purposes.

The following example illustrates BHK

'

s expenses (including the sales load of $10.00 and offering costs of $0.21) that shareholders would pay on a $1,000 investment in

common shares, assuming (i) total net annual expenses of 3.34% of net assets attributable to common shares and (ii) a 5% annual return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $44<br>| $112<br>| $183<br>| $370<br>|

---

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. BHK's actual rate of

return may be greater or less than the hypothetical 5% return shown in the example.

2025

BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | HYT |
| Shareholder Transaction Expenses |  |
| Maximum sales load (as a percentage of offering price)<br>(a)<br>| 1.00% |
| Offering expenses borne by the Trust (as a percentage of offering price)<br>(a)<br>| 0.01% |
| Dividend reinvestment plan fees | $0.02<br>per<br>share<br>for<br>open<br>market<br>purchases<br>of<br>common<br>shares<br>(b)<br>|
| Dividend reinvestment plan sale transaction fee | $2.50<br>(b)<br>|

---

---

| | |
|:---|:---|
| Estimated Annual Expenses<br> (as a percentage of net assets attributable to common shares)<br>|  |
| Investment advisory fees<br>(c)(d)<br>| 0.77% <br>|
| Other expenses | 1.57 |
| Miscellaneous | 0.07<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Interest expense<br>(e)<br>| 1.50<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| Acquired fund fees and expenses<br>(f)<br>| 0.01 |
| Total annual expenses<br>(f)<br>| 2.35 |
| Fee waivers<br>(d)<br>| (0.01) |
| Total annual Trust operating expenses after fee waivers<br>(d)<br>| 2.34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by HYT. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

HYT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.60% based on an aggregate of (i) HYT's average daily Net Assets and (ii) the

proceeds of any outstanding debt securities or borrowings used for leverage (together, "average daily Managed Assets").

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

HYT 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 HYT'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, 2027. 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 HYT pays to the Manager indirectly through its investment in money market funds managed by the

Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by HYT (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 HYT), upon 90 days' written notice by HYT to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

HYT uses leverage in the form of a credit facility in an amount equal to approximately 22.0% of HYT's Managed Assets as of December 31, 2025. The interest expense borne by HYT

will vary over time in accordance with the level of HYT's use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of HYT for

accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The total annual expenses do not correlate to the ratios to average net assets shown in HYT's Financial Highlights for the year ended December 31, 2025, which do not include

acquired fund fees and expenses.

The following example illustrates HYT

'

s expenses (including the sales load of $10.00 and offering costs of $0.15) that shareholders would pay on a $1,000 investment in

common shares, assuming (i) total net annual expenses of 2.34% of net assets attributable to common shares and (ii) a 5% annual return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $34<br>| $83<br>| $134<br>| $276<br>|

---

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. HYT's actual rate of

return may be greater or less than the hypothetical 5% return shown in the example.

Shareholder Update

------

Shareholder Update (unaudited)(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> | 0.03% |
| Dividend reinvestment plan fees | $0.02 per share <br>for open market <br>purchases of <br>common shares<sup>(b)</sup> <br>|
| Dividend reinvestment plan sale transaction fee | $2.50<sup>(b)</sup> <br>|
| **Estimated Annual Expenses** (as a percentage of net assets attributable to common shares) |  |
| Investment advisory fees<sup>(c)(d)</sup> | 0.90%  |
| Other expenses | 1.19 |
| Miscellaneous | 0.10  |
| Interest expense<sup>(e)</sup> | 1.09  |
| Acquired fund fees and expenses<sup>(f)</sup> | 0.04 |
| Total annual expenses<sup>(f)</sup> | 2.13 |
| Fee waivers<sup>(d)</sup> | (0.03) |
| Total annual Trust operating expenses after fee waivers<sup>(d)</sup> | 2.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BGT. 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.75% of the average weekly value of BGT's Managed Assets. "Managed

Assets" means the total assets of BGT (including any assets attributable to money borrowed for investment purposes) minus the sum of BGT's accrued liabilities (other than money

borrowed for investment purposes).

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGT 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 BGT'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, 2027. 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 BGT pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2027. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BGT (upon the vote of a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act) of BGT (the "Independent Trustees") or a majority of the outstanding voting securities of BGT), upon 90 days' written notice by BGT to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BGT uses leverage in the form of a credit facility in an amount equal to approximately 16.7% of BGT's Managed Assets as of December 31, 2025. The interest expense borne by BGT will vary over time in accordance with the level of BGT's use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of BGT for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total annual expenses do not correlate to the ratios to average net assets shown in BGT's Financial Highlights for the year ended December 31, 2025, which do not include acquired fund fees and expenses.

The following example illustrates BGT's expenses (including the sales load of $10.00 and offering costs of $0.35) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 2.10% of net assets attributable to common shares and (ii) a 5% annual return:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Total expenses incurred | $31 | $76 | $123 | $254 |

---

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. BGT's actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

2025 BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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, 2025 | &nbsp;&nbsp;$10.11<br>| &nbsp;&nbsp;&nbsp;$9.41<br>| &nbsp;&nbsp;&nbsp;$10.14<br>| &nbsp;&nbsp;&nbsp;$10.02<br>| &nbsp;&nbsp;&nbsp;(0.30)% <br>| &nbsp;&nbsp;&nbsp;(6.09)% <br>| &nbsp;&nbsp;&nbsp;21063964 |
| September 30, 2025 | 9.94 | &nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;(1.78)<br>| &nbsp;&nbsp;&nbsp;(4.85)<br>| &nbsp;&nbsp;&nbsp;20893275 |
| June 30, 2025 | 11.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;(6.13)<br>| &nbsp;&nbsp;&nbsp;14289528 |
| March 31, 2025 | 10.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;7637892 |
| December 31, 2024 | 12.03 | &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;11.08 | &nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;9289850 |
| September 30, 2024 | 12.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;10186620 |
| June 30, 2024 | 10.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;10.71 | &nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;(0.10)<br>| &nbsp;&nbsp;&nbsp;8354790 |
| March 31, 2024 | 11.00 | &nbsp;&nbsp;&nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;(0.18)<br>| &nbsp;&nbsp;&nbsp;(2.26)<br>| &nbsp;&nbsp;&nbsp;11686607 |

---

As of December 31, 2025, BHK

'

s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $9.59, $9.97, and (3.81)%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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, 2025 | &nbsp;&nbsp;$9.52<br>| &nbsp;&nbsp;&nbsp;$8.88<br>| &nbsp;&nbsp;&nbsp;$9.72<br>| &nbsp;&nbsp;&nbsp;$9.65<br>| &nbsp;&nbsp;&nbsp;(2.06)% <br>| &nbsp;&nbsp;&nbsp;(7.98)% <br>| &nbsp;&nbsp;&nbsp;47693339 |
| September 30, 2025 | 9.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;(3.70)<br>| &nbsp;&nbsp;&nbsp;43090858 |
| June 30, 2025 | 9.78 | &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;(7.65)<br>| &nbsp;&nbsp;&nbsp;50957204 |
| March 31, 2025 | 9.97 | &nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;(0.32)<br>| &nbsp;&nbsp;&nbsp;37591838 |
| December 31, 2024 | 10.11 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;31471257 |
| September 30, 2024 | 10.10 | &nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;29991036 |
| June 30, 2024 | 9.93 | &nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;(2.22)<br>| &nbsp;&nbsp;&nbsp;22921444 |
| March 31, 2024 | 9.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;(2.09)<br>| &nbsp;&nbsp;&nbsp;27063172 |

---

As of December 31, 2025, HYT

'

s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $8.90, $9.65, and (7.77)%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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, 2025 | &nbsp;&nbsp;$12.21<br>| &nbsp;&nbsp;&nbsp;$11.03<br>| &nbsp;&nbsp;&nbsp;$11.97<br>| &nbsp;&nbsp;&nbsp;$11.84<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01% <br>| &nbsp;&nbsp;&nbsp;(6.84)% <br>| &nbsp;&nbsp;&nbsp;11701108 |
| September 30, 2025 | 12.75 | &nbsp;&nbsp;&nbsp;&nbsp;12.07 | &nbsp;&nbsp;&nbsp;&nbsp;12.20 | &nbsp;&nbsp;&nbsp;&nbsp;12.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;10007276 |
| June 30, 2025 | 12.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;12.06 | &nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;4.64 | &nbsp;&nbsp;&nbsp;(7.83)<br>| &nbsp;&nbsp;&nbsp;8079245 |
| March 31, 2025 | 12.93 | &nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;&nbsp;&nbsp;12.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;9161297 |
| December 31, 2024 | 13.40 | &nbsp;&nbsp;&nbsp;&nbsp;12.69 | &nbsp;&nbsp;&nbsp;&nbsp;12.57 | &nbsp;&nbsp;&nbsp;&nbsp;12.54 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;7387718 |
| September 30, 2024 | 13.20 | &nbsp;&nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;(1.75)<br>| &nbsp;&nbsp;&nbsp;6972629 |
| June 30, 2024 | 13.74 | &nbsp;&nbsp;&nbsp;&nbsp;12.69 | &nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;&nbsp;&nbsp;12.78 | &nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;(0.70)<br>| &nbsp;&nbsp;&nbsp;5730756 |
| March 31, 2024 | 13.40 | &nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp;&nbsp;12.95 | &nbsp;&nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;(6.08)<br>| &nbsp;&nbsp;&nbsp;6655848 |

---

As of December 31, 2025, BGT

'

s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $11.33, $11.84, and (4.31)%, 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.

Shareholder Update

------

Shareholder Update

(unaudited)

(continued)

Senior Securities

The following tables set forth information regarding HYT

'

s and BGT

'

s outstanding senior securities as of the end of each Trust

'

s last ten fiscal years, as applicable. Each of

HYT

'

s and BGT

'

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| HYT — Fiscal Year Ended | Total Amount<br>Outstanding<br>(000)<br>| &nbsp;&nbsp;&nbsp;Asset<br>Coverage<br>(a)<br>| &nbsp;&nbsp;&nbsp;Liquidation<br>Preference<br>| &nbsp;&nbsp;&nbsp;Average<br>Market Value<br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>(b)<br>| &nbsp;&nbsp;&nbsp;Type of<br>Senior Security<br>|
| December 31, 2025 | &nbsp;&nbsp;$444000<br>| &nbsp;&nbsp;&nbsp;$4544<br>| &nbsp;&nbsp;&nbsp;$N/A<br>| &nbsp;&nbsp;&nbsp;$443340<br>| Bank<br>Borrowings<br>|
| December 31, 2024 | &nbsp;&nbsp;407000 | &nbsp;&nbsp;&nbsp;4650 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;450732 | Bank<br>Borrowings<br>|
| December 31, 2023 | &nbsp;&nbsp;596000 | &nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;545951 | Bank<br>Borrowings<br>|
| December 31, 2022 | &nbsp;&nbsp;529000 | &nbsp;&nbsp;&nbsp;3494 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;517616 | Bank<br>Borrowings<br>|
| December 31, 2021 | &nbsp;&nbsp;647000 | &nbsp;&nbsp;&nbsp;3265 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;647367 | Bank<br>Borrowings<br>|
| December 31, 2020 | &nbsp;&nbsp;685000 | &nbsp;&nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;598918 | Bank<br>Borrowings<br>|
| December 31, 2019 | &nbsp;&nbsp;607000 | &nbsp;&nbsp;&nbsp;3392 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;555492 | Bank<br>Borrowings<br>|
| August 31, 2019 | &nbsp;&nbsp;486000 | &nbsp;&nbsp;&nbsp;3965 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;569559 | Bank<br>Borrowings<br>|
| August 31, 2018 | &nbsp;&nbsp;647000 | &nbsp;&nbsp;&nbsp;3292 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;666948 | Bank<br>Borrowings<br>|
| August 31, 2017 | &nbsp;&nbsp;649000 | &nbsp;&nbsp;&nbsp;3382 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;579521 | Bank<br>Borrowings<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| BGT — Fiscal Year Ended | Total Amount<br>Outstanding<br>(000)<br>| &nbsp;&nbsp;&nbsp;Asset<br>Coverage<br>(a)<br>| &nbsp;&nbsp;&nbsp;Liquidation<br>Preference<br>| &nbsp;&nbsp;&nbsp;Average<br>Market Value<br>&nbsp;&nbsp;&nbsp;&nbsp;(000)<br>(b)<br>| &nbsp;&nbsp;&nbsp;Type of<br>Senior Security<br>|
| December 31, 2025 | &nbsp;&nbsp;$71000<br>| &nbsp;&nbsp;&nbsp;$5973<br>| &nbsp;&nbsp;&nbsp;$N/A<br>| &nbsp;&nbsp;&nbsp;$69877<br>| Bank<br>Borrowings<br>|
| December 31, 2024 | &nbsp;&nbsp;62000 | &nbsp;&nbsp;&nbsp;6174 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;83713 | Bank<br>Borrowings<br>|
| December 31, 2023 | &nbsp;&nbsp;97000 | &nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;90578 | Bank<br>Borrowings<br>|
| December 31, 2022 | &nbsp;&nbsp;91000 | &nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;121677 | Bank<br>Borrowings<br>|
| December 31, 2021 | &nbsp;&nbsp;143000 | &nbsp;&nbsp;&nbsp;3103 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;134068 | Bank<br>Borrowings<br>|
| December 31, 2020 | &nbsp;&nbsp;129000 | &nbsp;&nbsp;&nbsp;3327 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;122934 | Bank<br>Borrowings<br>|
| December 31, 2019 | &nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;122426 | Bank<br>Borrowings<br>|
| October 31, 2019 | &nbsp;&nbsp;123000 | &nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;128378 | Bank<br>Borrowings<br>|
| October 31, 2018 | &nbsp;&nbsp;142000 | &nbsp;&nbsp;&nbsp;3389 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;144490 | Bank<br>Borrowings<br>|
| October 31, 2017 | &nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;3287 | &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;138255 | Bank<br>Borrowings<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(b) Represents the average daily amount outstanding for loans under the revolving credit agreements.

2025

BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand BHK

'

s financial performance for the periods presented. Certain information reflects financial

results for a single common share of BHK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BHK | BHK | BHK | BHK | BHK | BHK |
|  | Year Ended | &nbsp;&nbsp;Period from<br>09/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.32<br>| &nbsp;&nbsp;&nbsp;$15.79<br>| &nbsp;&nbsp;&nbsp;$14.08<br>| &nbsp;&nbsp;&nbsp;$14.96<br>| &nbsp;&nbsp;&nbsp;$15.25<br>| &nbsp;&nbsp;&nbsp;$14.29<br>|
| Net investment income<br>(a)<br>| 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net realized and unrealized gain (loss) | 1.24 | &nbsp;&nbsp;&nbsp;(0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;(0.82)<br>| &nbsp;&nbsp;&nbsp;(0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 |
| Net increase (decrease) from investment operations | 1.96 | &nbsp;&nbsp;&nbsp;(0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;(0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 |
| Distributions<br>(b)<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.64)<br>| &nbsp;&nbsp;&nbsp;(0.27)<br>| &nbsp;&nbsp;&nbsp;(0.73)<br>| &nbsp;&nbsp;&nbsp;(0.78)<br>| &nbsp;&nbsp;&nbsp;(0.78)<br>| &nbsp;&nbsp;&nbsp;(0.84)<br>|
| From net realized gain | &nbsp;&nbsp;(0.19)<br>| &nbsp;&nbsp;&nbsp;(0.04)<br>| &nbsp;&nbsp;&nbsp;(0.04)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Return of capital | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.02)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;(0.83)<br>| &nbsp;&nbsp;&nbsp;(0.33)<br>| &nbsp;&nbsp;&nbsp;(0.77)<br>| &nbsp;&nbsp;&nbsp;(0.78)<br>| &nbsp;&nbsp;&nbsp;(0.78)<br>| &nbsp;&nbsp;&nbsp;(0.84)<br>|
| Net asset value, end of period | &nbsp;&nbsp;$16.45<br>| &nbsp;&nbsp;&nbsp;$15.32<br>| &nbsp;&nbsp;&nbsp;$15.79<br>| &nbsp;&nbsp;&nbsp;$14.08<br>| &nbsp;&nbsp;&nbsp;$14.96<br>| &nbsp;&nbsp;&nbsp;$15.25<br>|
| Market price, end of period | &nbsp;&nbsp;$16.30<br>| &nbsp;&nbsp;&nbsp;$14.58<br>| &nbsp;&nbsp;&nbsp;$14.56<br>| &nbsp;&nbsp;&nbsp;$12.85<br>| &nbsp;&nbsp;&nbsp;$14.10<br>| &nbsp;&nbsp;&nbsp;$14.33<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |  |
| Based on net asset value | 13.24%<br>| &nbsp;&nbsp;&nbsp;(0.75)%<br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.86%<br>| &nbsp;&nbsp;&nbsp;(0.24)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.88%<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.67%<br>|
| Based on market price | 17.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.43%<br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.09%<br>| &nbsp;&nbsp;&nbsp;(3.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.85%<br>|
| Ratios to Average Net Assets<br>(e)<br>|  |  |  |  |  |  |
| Total expenses | 0.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42%<br>(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97%<br>|
| Total expenses after fees waived and/or reimbursed | 0.90%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.42%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees <br>and/or offering costs<br>| 0.75%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.77%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78%<br>|
| Net investment income | 4.52%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.15%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.63%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.99%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.48%<br>|
| Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp;$886970<br>| &nbsp;&nbsp;&nbsp;$826349<br>| &nbsp;&nbsp;&nbsp;$851650<br>| &nbsp;&nbsp;&nbsp;$759385<br>| &nbsp;&nbsp;&nbsp;$806848<br>| &nbsp;&nbsp;&nbsp;$822549<br>|
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp;$296921<br>| &nbsp;&nbsp;&nbsp;$271749<br>| &nbsp;&nbsp;&nbsp;$273621<br>| &nbsp;&nbsp;&nbsp;$316216<br>| &nbsp;&nbsp;&nbsp;$289078<br>| &nbsp;&nbsp;&nbsp;$288239<br>|
| Portfolio turnover rate<br>(h)<br>| &nbsp;&nbsp;69%<br>| &nbsp;&nbsp;&nbsp;21%<br>| &nbsp;&nbsp;&nbsp;27%<br>| &nbsp;&nbsp;&nbsp;28%<br>| &nbsp;&nbsp;&nbsp;32%<br>| &nbsp;&nbsp;&nbsp;35%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

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

(c) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) Not annualized.

(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) Annualized.

(g) Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.78%.

(h) Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended | &nbsp;&nbsp;Period from<br>09/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp;55%<br>| &nbsp;&nbsp;&nbsp;11%<br>| &nbsp;&nbsp;&nbsp;27%<br>| &nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;32%<br>| &nbsp;&nbsp;&nbsp;35%<br>|

---

Shareholder Update

------

Shareholder Update

(unaudited)

(continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand HYT

'

s financial performance for the periods presented. Certain information reflects financial

results for a single common share of HYT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | HYT<br>(a) | HYT<br>(a) | HYT<br>(a) | HYT<br>(a) | HYT<br>(a) | HYT<br>(a) |
|  | Year Ended | &nbsp;&nbsp;Period from<br>09/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 |
| Net asset value, beginning of period | &nbsp;&nbsp;$11.91<br>| &nbsp;&nbsp;&nbsp;$11.82<br>| &nbsp;&nbsp;&nbsp;$11.90<br>| &nbsp;&nbsp;&nbsp;$12.22<br>| &nbsp;&nbsp;&nbsp;$11.79<br>| &nbsp;&nbsp;&nbsp;$12.06<br>|
| Net investment income<br>(b)<br>| 0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 |
| Net realized and unrealized gain (loss) | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;(0.01)<br>| &nbsp;&nbsp;&nbsp;(0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;(0.10)<br>|
| Net increase from investment operations | 0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Distributions<br>(c)<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.82)<br>| &nbsp;&nbsp;&nbsp;(0.35)<br>| &nbsp;&nbsp;&nbsp;(0.86)<br>| &nbsp;&nbsp;&nbsp;(0.84)<br>| &nbsp;&nbsp;&nbsp;(0.89)<br>| &nbsp;&nbsp;&nbsp;(0.99)<br>|
| Return of capital | &nbsp;&nbsp;(0.11)<br>| &nbsp;&nbsp;&nbsp;(0.03)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;(0.93)<br>| &nbsp;&nbsp;&nbsp;(0.38)<br>| &nbsp;&nbsp;&nbsp;(0.86)<br>| &nbsp;&nbsp;&nbsp;(0.84)<br>| &nbsp;&nbsp;&nbsp;(0.89)<br>| &nbsp;&nbsp;&nbsp;(0.99)<br>|
| Net asset value, end of period | &nbsp;&nbsp;$11.95<br>| &nbsp;&nbsp;&nbsp;$11.91<br>| &nbsp;&nbsp;&nbsp;$11.82<br>| &nbsp;&nbsp;&nbsp;$11.90<br>| &nbsp;&nbsp;&nbsp;$12.22<br>| &nbsp;&nbsp;&nbsp;$11.79<br>|
| Market price, end of period | &nbsp;&nbsp;$11.43<br>| &nbsp;&nbsp;&nbsp;$11.20<br>| &nbsp;&nbsp;&nbsp;$10.51<br>| &nbsp;&nbsp;&nbsp;$10.70<br>| &nbsp;&nbsp;&nbsp;$11.13<br>| &nbsp;&nbsp;&nbsp;$10.88<br>|
| Total Return<br>(d)<br>|  |  |  |  |  |  |
| Based on net asset value | 9.57%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.28%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.41%<br>(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.76%<br>|
| Based on market price | 11.45%<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.28%<br>(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.86%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.91%<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.29%<br>|
| Ratios to Average Net Assets |  |  |  |  |  |  |
| Total expenses | 1.50%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.92%<br>(g)(h)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39%<br>(i)(j)<br>|
| Total expenses after fees waived and/or reimbursed | 1.49%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.92%<br>(g)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.19%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.99%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.54%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.39%<br>(i)<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest <br>expense and fees<br>| 0.94%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93%<br>(g)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.94%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.93%<br>(i)<br>|
| Net investment income | 7.06%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.39%<br>(g)(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.87%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.88%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.04%<br>(i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.30%<br>(i)<br>|
| Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp;$1456907<br>| &nbsp;&nbsp;&nbsp;$1451868<br>| &nbsp;&nbsp;&nbsp;$1440436<br>| &nbsp;&nbsp;&nbsp;$1482422<br>| &nbsp;&nbsp;&nbsp;$1545622<br>| &nbsp;&nbsp;&nbsp;$1492948<br>|
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp;$685000<br>| &nbsp;&nbsp;&nbsp;$607000<br>| &nbsp;&nbsp;&nbsp;$486000<br>| &nbsp;&nbsp;&nbsp;$647000<br>| &nbsp;&nbsp;&nbsp;$649000<br>| &nbsp;&nbsp;&nbsp;$604000<br>|
| Asset coverage, end of period per $1,000 of bank borrowings<br>(k)<br>| &nbsp;&nbsp;$3127<br>| &nbsp;&nbsp;&nbsp;$3392<br>| &nbsp;&nbsp;&nbsp;$3965<br>| &nbsp;&nbsp;&nbsp;$3292<br>| &nbsp;&nbsp;&nbsp;$3382<br>| &nbsp;&nbsp;&nbsp;$3472<br>|
| Portfolio turnover rate | &nbsp;&nbsp;82%<br>| &nbsp;&nbsp;&nbsp;20%<br>| &nbsp;&nbsp;&nbsp;64%<br>| &nbsp;&nbsp;&nbsp;65%<br>| &nbsp;&nbsp;&nbsp;75%<br>| &nbsp;&nbsp;&nbsp;66%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Consolidated Financial Highlights.

(b) Based on average shares outstanding.

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

(d) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(e) Not annualized.

(f) Includes proceeds received from a settlement of litigation, which had no impact on the Trust ' s total return.

(g) Annualized.

(h) Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.95%.

(i) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended | &nbsp;&nbsp;Period from<br>09/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 08/31/19 | 08/31/18 | 08/31/17 | 08/31/16 |
| Investments in underlying funds | &nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01%<br>| &nbsp;&nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.11%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(j) Includes reorganization costs. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 1.34%, 1.34% and 0.97%, respectively.

(k) 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.

2025

BlackRock Annual Report to Shareholders

------

Shareholder Update

(unaudited)

(continued)

Financial Highlights

The financial highlights table is intended to help the shareholder to understand BGT

'

s financial performance for the periods presented. Certain information reflects financial

results for a single common share of BGT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BGT | BGT | BGT | BGT | BGT | BGT |
|  | Year Ended | &nbsp;&nbsp;Period from<br>11/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 |
| Net asset value, beginning of period | &nbsp;&nbsp;$14.10<br>| &nbsp;&nbsp;&nbsp;$13.95<br>| &nbsp;&nbsp;&nbsp;$14.33<br>| &nbsp;&nbsp;&nbsp;$14.49<br>| &nbsp;&nbsp;&nbsp;$14.41<br>| &nbsp;&nbsp;&nbsp;$14.18<br>|
| Net investment income<br>(a)<br>| 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;(0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;(0.37)<br>| &nbsp;&nbsp;&nbsp;(0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net increase from investment operations | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| Distributions<br>(b)<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;(0.69)<br>| &nbsp;&nbsp;&nbsp;(0.23)<br>| &nbsp;&nbsp;&nbsp;(0.81)<br>| &nbsp;&nbsp;&nbsp;(0.71)<br>| &nbsp;&nbsp;&nbsp;(0.77)<br>| &nbsp;&nbsp;&nbsp;(0.70)<br>|
| Return of capital | &nbsp;&nbsp;(0.20)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Total distributions | &nbsp;&nbsp;(0.89)<br>| &nbsp;&nbsp;&nbsp;(0.23)<br>| &nbsp;&nbsp;&nbsp;(0.81)<br>| &nbsp;&nbsp;&nbsp;(0.71)<br>| &nbsp;&nbsp;&nbsp;(0.77)<br>| &nbsp;&nbsp;&nbsp;(0.70)<br>|
| Net asset value, end of period | &nbsp;&nbsp;$13.40<br>| &nbsp;&nbsp;&nbsp;$14.10<br>| &nbsp;&nbsp;&nbsp;$13.95<br>| &nbsp;&nbsp;&nbsp;$14.33<br>| &nbsp;&nbsp;&nbsp;$14.49<br>| &nbsp;&nbsp;&nbsp;$14.41<br>|
| Market price, end of period | &nbsp;&nbsp;$11.79<br>| &nbsp;&nbsp;&nbsp;$12.87<br>| &nbsp;&nbsp;&nbsp;$12.42<br>| &nbsp;&nbsp;&nbsp;$12.72<br>| &nbsp;&nbsp;&nbsp;$14.31<br>| &nbsp;&nbsp;&nbsp;$13.58<br>|
| Total Return<br>(c)<br>|  |  |  |  |  |  |
| Based on net asset value | 2.83%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.89%<br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.00%<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.25%<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.27%<br>|
| Based on market price | &nbsp;&nbsp;(0.88)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.48%<br>(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.31%<br>| &nbsp;&nbsp;&nbsp;(6.30)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.21%<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.25%<br>|
| Ratios to Average Net Assets |  |  |  |  |  |  |
| Total expenses | 1.72%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.11%<br>(e)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.41%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.29%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58%<br>|
| Total expenses after fees waived and/or reimbursed | 1.70%<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.11%<br>(e)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.41%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.29%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.92%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.58%<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | 1.17%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.28%<br>(e)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.21%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20%<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16%<br>|
| Net investment income | 5.13%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23%<br>(e)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.68%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.27%<br>(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.02%<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.29%<br>|
| Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp;$300126<br>| &nbsp;&nbsp;&nbsp;$323708<br>| &nbsp;&nbsp;&nbsp;$321091<br>| &nbsp;&nbsp;&nbsp;$339096<br>| &nbsp;&nbsp;&nbsp;$342890<br>| &nbsp;&nbsp;&nbsp;$340944<br>|
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp;$129000<br>| &nbsp;&nbsp;&nbsp;$130000<br>| &nbsp;&nbsp;&nbsp;$123000<br>| &nbsp;&nbsp;&nbsp;$142000<br>| &nbsp;&nbsp;&nbsp;$150000<br>| &nbsp;&nbsp;&nbsp;$148000<br>|
| Asset coverage, end of period per $1,000 of bank borrowings<br>(h)<br>| &nbsp;&nbsp;$3327<br>| &nbsp;&nbsp;&nbsp;$3490<br>| &nbsp;&nbsp;&nbsp;$3610<br>| &nbsp;&nbsp;&nbsp;$3389<br>| &nbsp;&nbsp;&nbsp;$3287<br>| &nbsp;&nbsp;&nbsp;$3304<br>|
| Portfolio turnover rate | &nbsp;&nbsp;65%<br>| &nbsp;&nbsp;&nbsp;6%<br>| &nbsp;&nbsp;&nbsp;53%<br>| &nbsp;&nbsp;&nbsp;57%<br>| &nbsp;&nbsp;&nbsp;63%<br>| &nbsp;&nbsp;&nbsp;47%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Based on average shares outstanding.

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

(c) Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices.

(d) Not annualized.

(e) Annualized.

(f) Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the expense ratio would have been 2.21%.

(g) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Year Ended | &nbsp;&nbsp;Period from<br>11/01/19<br>| Year Ended | Year Ended | Year Ended | Year Ended |
|  | 12/31/20 | to 12/31/19 | 10/31/19 | 10/31/18 | 10/31/17 | 10/31/16 |
| Investments in underlying funds | &nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04%<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01%<br>| &nbsp;&nbsp;&nbsp;—%<br>| &nbsp;&nbsp;&nbsp;—%<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(h) 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.

Shareholder Update

------

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 BHK, HYT, BTZ and BGT 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 02940-3006, Telephone: (800) 699-1236. Overnight correspondence should be

directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.

2025

BlackRock Annual Report to Shareholders

------

Trustee and Officer Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Independent Trustees<br>(a) | Independent Trustees<br>(a) | Independent Trustees<br>(a) | Independent Trustees<br>(a) | Independent Trustees<br>(a) |
| Name<br>Year of Birth<br>(b)<br>| &nbsp;&nbsp;Position(s) Held<br>(Length of Service)<br>(c)<br>| Principal Occupation(s) During Past 5 Years | &nbsp;&nbsp;Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of Investment<br>Portfolios ("Portfolios") Overseen<br>| &nbsp;&nbsp;Public Company <br>and Other<br>Investment <br>Company<br>Directorships Held <br>During<br>Past 5 Years<br>|
| R. Glenn Hubbard<br>1958<br>| &nbsp;&nbsp;Chair of the Board (Since <br>2022)<br>Trustee<br>(Since 2007)<br>| &nbsp;&nbsp;Dean, Columbia Business School from 2004 to 2019; <br>Faculty member, Columbia Business School since 1988.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp;ADP (data and <br>information services) <br>from 2004 to 2020; <br>Metropolitan Life <br>Insurance Company <br>(insurance); <br>TotalEnergies SE <br>(multi-energy)<br>|
| W. Carl Kester<br>(d)<br>1951<br>| &nbsp;&nbsp;Vice Chair of the Board <br>(Since 2022)<br>Trustee<br>(Since 2007)<br>| &nbsp;&nbsp;Baker Foundation Professor and George Fisher Baker Jr. <br>Professor of Business Administration, Emeritus, Harvard <br>Business School since 2022; George Fisher Baker Jr. <br>Professor of Business Administration, Harvard Business <br>School from 2008 to 2022; Deputy Dean for Academic <br>Affairs from 2006 to 2010; Chairman of the Finance Unit, <br>from 2005 to 2006; Senior Associate Dean and Chairman <br>of the MBA Program from 1999 to 2005; Member of the <br>faculty of Harvard Business School since 1981.<br>| 68 RICs consisting of 102 Portfolios |  |
| Cynthia L. Egan<br>(d)<br>1955<br>| &nbsp;&nbsp;Trustee<br>(Since 2016)<br>| &nbsp;&nbsp;Advisor, U.S. Department of the Treasury from 2014 to <br>2015; President, Retirement Plan Services, for T. Rowe <br>Price Group, Inc. from 2007 to 2012; executive positions <br>within Fidelity Investments from 1989 to 2007.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp;Unum (insurance); <br>The Hanover <br>Insurance Group <br>(Board Chair); <br>Huntsman <br>Corporation (Lead <br>Independent Director <br>and non-Executive <br>Vice Chair of the <br>Board) (chemical <br>products)<br>|
| Lorenzo A. Flores<br>1964<br>| &nbsp;&nbsp;Trustee<br>(Since 2021)<br>| &nbsp;&nbsp;Chief Financial Officer, Lattice Semiconductor Corporation <br>(LSCC) since 2025; Chief Financial Officer, Intel Foundry <br>from 2024 to 2025; Vice Chairman, Kioxia, Inc. from <br>2019 to 2024; Chief Financial Officer, Xilinx, Inc. from <br>2016 to 2019; Corporate Controller, Xilinx, Inc. from <br>2008 to 2016.<br>| 66 RICs consisting of 100 Portfolios |  |
| Stayce D. Harris<br>1959<br>| &nbsp;&nbsp;Trustee<br>(Since 2021)<br>| &nbsp;&nbsp;Lieutenant General, Inspector General of the United States <br>Air Force from 2017 to 2019; Lieutenant General, Assistant <br>Vice Chief of Staff and Director, Air Staff, United States Air <br>Force from 2016 to 2017; Major General, Commander, <br>22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia <br>from 2014 to 2016; Pilot, United Airlines from 1990 to <br>2020.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp;KULR Technology <br>Group, Inc. in 2021; <br>The Boeing Company <br>(airplane <br>manufacturer)<br>|
| J. Phillip Holloman<br>1955<br>| &nbsp;&nbsp;Trustee<br>(Since 2021)<br>| &nbsp;&nbsp;Interim Executive Chairman, President and Chief <br>Executive Officer of Vestis Corporation since 2025; <br>President and Chief Operating Officer, Cintas Corporation <br>from 2008 to 2018.<br>| 66 RICs consisting of 100 Portfolios | &nbsp;&nbsp;Vestis Corporation <br>(uniforms and <br>facilities services)<br>|
| Catherine A. Lynch<br>(d)<br>1961<br>| &nbsp;&nbsp;Trustee<br>(Since 2016)<br>| &nbsp;&nbsp;Chief Executive Officer, Chief Investment Officer and <br>various other positions, National Railroad Retirement <br>Investment Trust from 2003 to 2016; Associate Vice <br>President for Treasury Management, The George <br>Washington University from 1999 to 2003; Assistant <br>Treasurer, Episcopal Church of America from 1995 to <br>1999.<br>| 68 RICs consisting of 102 Portfolios | &nbsp;&nbsp;PennyMac Mortgage <br>Investment Trust<br>|

---

Trustee and Officer Information

------

Trustee and Officer Information

(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Independent Trustees<br>(a)<br>(continued) | Independent Trustees<br>(a)<br>(continued) | Independent Trustees<br>(a)<br>(continued) | Independent Trustees<br>(a)<br>(continued) | Independent Trustees<br>(a)<br>(continued) |
| Name<br>Year of Birth<br>(b)<br>| &nbsp;&nbsp;Position(s) Held<br>(Length of Service)<br>(c)<br>| Principal Occupation(s) During Past 5 Years | &nbsp;&nbsp;Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of Investment<br>Portfolios ("Portfolios") Overseen<br>| &nbsp;&nbsp;Public Company <br>and Other<br>Investment <br>Company<br>Directorships Held <br>During<br>Past 5 Years<br>|
| Arthur P. Steinmetz<br>(d)<br>1958<br>| &nbsp;&nbsp;Trustee<br>(Since 2023)<br>| &nbsp;&nbsp;Trustee of Denison University since 2020; Consultant, <br>Posit PBC (enterprise data science) since 2020; Director, <br>ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief <br>Executive Officer and President of OppenheimerFunds, <br>Inc. from 2015, 2014 and 2013, respectively to 2019; <br>Trustee, President and Principal Executive Officer of <br>104 OppenheimerFunds funds from 2014 to 2019; <br>Portfolio manager of various OppenheimerFunds fixed <br>income mutual funds from 1986 to 2014.<br>| 68 RICs consisting of 102 Portfolios |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Interested Trustees<br>(a)(e) | Interested Trustees<br>(a)(e) | Interested Trustees<br>(a)(e) | Interested Trustees<br>(a)(e) | Interested Trustees<br>(a)(e) |
| Name<br>Year of Birth<br>(b)<br>| &nbsp;&nbsp;Position(s) Held<br>(Length of Service)<br>(c)<br>| Principal Occupation(s) During Past 5 Years | &nbsp;&nbsp;Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of Investment<br>Portfolios ("Portfolios") Overseen<br>| &nbsp;&nbsp;Public Company <br>and Other<br>Investment <br>Company<br>Directorships <br>Held During<br>Past 5 Years<br>|
| Robert Fairbairn<br>1965<br>| &nbsp;&nbsp;Trustee<br>(Since 2018)<br>| &nbsp;&nbsp;Vice Chairman of BlackRock, Inc. since 2019; Member of <br>BlackRock<br>'<br>s Global Operating Committee; Co-Chair <br>of BlackRock<br>'<br>s Human Capital Committee; Senior <br>Managing Director of BlackRock, Inc. from 2010 to 2019; <br>oversaw BlackRock<br>'<br>s Strategic Partner Program and <br>Strategic Product Management Group from 2012 to 2019; <br>Member of the Board of Managers of BlackRock <br>Investments, LLC from 2011 to 2018; Global Head of <br>BlackRock<br>'<br>s Retail and iShares<br>®<br> businesses from 2012 to <br>2016.<br>| 92 RICs consisting of 268 Portfolios |  |
| John M. Perlowski<br>(d)<br>1964<br>| &nbsp;&nbsp;Trustee<br>(Since 2015)<br>President and Chief<br>Executive Officer<br>(Since 2010)<br>| &nbsp;&nbsp;Managing Director of BlackRock, Inc. since 2009; Head of <br>BlackRock Global Accounting and Product Services since <br>2009; Advisory Director of Family Resource Network <br>(charitable foundation) since 2009; Member of <br>BlackRock's Global Executive Committee since 2025.<br>| 94 RICs consisting of 270 Portfolios |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

(b) Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust's by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are "interested persons," as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust's by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.

(c) Following the combination of Merrill Lynch Investment Managers, L.P. ("MLIM") and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995.

(d) Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

(e) Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2025

BlackRock Annual Report to Shareholders

------

Trustee and Officer Information

(continued)

---

| | | |
|:---|:---|:---|
| Officers Who Are Not Trustees<br>(a) | Officers Who Are Not Trustees<br>(a) | Officers Who Are Not Trustees<br>(a) |
| Name<br>Year of Birth<br>(b)<br>| &nbsp;&nbsp;Position(s) Held<br>(Length of Service)<br>| Principal Occupation(s) During Past 5 Years |
| Stephen Minar<br>1984<br>| &nbsp;&nbsp;Vice President<br>(Since 2025)<br>| Managing Director of BlackRock, Inc. since 2023; Director of BlackRock, Inc. since 2018. |
| Trent Walker<br>1974<br>| &nbsp;&nbsp;Chief Financial Officer<br>(Since 2021)<br>| Managing Director of BlackRock, Inc. since 2019; Executive Vice President of PIMCO from 2016 to 2019. |
| Jay M. Fife<br>1970<br>| &nbsp;&nbsp;Treasurer<br>(Since 2007)<br>| Managing Director of BlackRock, Inc. since 2007. |
| Aaron Wasserman<br>1974<br>| &nbsp;&nbsp;Chief Compliance Officer<br>(Since 2023)<br>| &nbsp;&nbsp;Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the <br>BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy <br>Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-<br>Income Complex and the iShares Complex from 2014 to 2023. <br>|
| Janey Ahn<br>1975<br>| &nbsp;&nbsp;Secretary<br>(Since 2012)<br>| Managing Director of BlackRock, Inc. since 2018. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Effective May 8, 2025, Stephen Minar replaced Jonathan Diorio as Vice President of the Trusts.<br>

Trustee and Officer Information

------

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 11, 2025 for shareholders of record on May 19, 2025 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |
| BHK | 40974813 | 869857 | 40952839 | 891831 | 40984302 | 860368 |
| BTZ | 74410197 | 1610351 | 74639252 | 1381296 | 74396615 | 1623933 |
| BGT | 18678092 | 391221 | 18742791 | 326522 | 18682295 | 387018 |

---

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 J. Phillip Holloman,

Arthur P. Steinmetz, Lorenzo A. Flores, R. Glenn Hubbard, W. Carl Kester, Catherine A Lynch, and John M. Perlowski.

Shareholders elected the Class III Trustees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Robert Fairbairn | Robert Fairbairn | J. Phillip Holloman | J. Phillip Holloman | Arthur P. Steinmetz | Arthur P. Steinmetz |
| Trust Name | Votes For | Votes Withheld | Votes For | Votes Withheld | Votes For | Votes Withheld |
| HYT | 103,762,295 | 3,091,235 | 103,529,086 | 3,324,444 | 103,662,873 | 3,190,657 |

---

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, R. Glenn Hubbard, Stayce D. Harris, W. Carl Kester, Catherine A. Lynch, and John M. Perlowski.

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 the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors

as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into

investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts

'

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. The

ESG characteristics utilized in the Trusts

'

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. Certain of these considerations may affect the Trusts

'

exposure to certain companies or industries. While Trust management views ESG

considerations as having the potential to contribute to the Trusts

'

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 each Trust for any particular month may be more or less than the amount of net investment income earned by each 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.

2025

BlackRock Annual Report to Shareholders

------

Additional Information

(continued)

General Information

BTZ does not make available copies of its Statements of Additional Information because BTZ

'

s shares are not continuously offered, which means that the Statement of

Additional Information of BTZ has not been updated after completion of BTZ's offerings and the information contained in BTZ's Statement of Additional Information may have

become outdated.

BHK

'

s, HYT

'

s and BGT

'

s

'

s Statement of Additional Information includes additional information about its Board and is available, without charge upon request by calling (800) 882-0052.

The following information is a summary of certain changes since December 31, 2024. 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.

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, shareholder 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, HYT and BGT only, prospectuses, by

enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BHK, HYT and BGT 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, HYT and BGT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and

proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and

eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do

not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts

at (800) 882-0052.

Availability of Quarterly Schedule of Investments

The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The

Trusts

'

Forms N-PORT are available on the SEC's website at

sec.gov

. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year

available at

blackrock.com/fundreports

.

Availability of Proxy Voting Policies, Procedures and Voting Records

The Board of Trustees of the Trusts has delegated the voting of proxies for the Trusts

'

securities to BlackRock Advisors, LLC (the "Advisor") pursuant to the Closed-End Fund

Proxy Voting Policy. The Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect

to certain funds, including the Trusts. The BAIS Guidelines are available at

www.blackrock.com

.

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.

Additional Information

------

Additional Information

(continued)

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, HYT and BGT have each filed a prospectus with the SEC in connection with its Shelf Offering. This report and the prospectuses of BHK, HYT and BGT are not offers to

sell BHK, HYT and BGT Common Shares or solicitations of an offer to buy BHK, HYT and BGT Common Shares in any jurisdiction where such offers or sales are not permitted.

The prospectuses of BHK, HYT and BGT contain important information about BHK, HYT and BGT including their investment objectives, risks, charges and expenses.

Investors are urged to read the prospectuses of BHK, HYT and BGT carefully and in their entirety before investing. Copies of the final prospectuses for BHK, HYT and BGT can

be obtained from BlackRock at

blackrock.com

.

Trust and Service Providers

Investment Adviser

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

BlackRock (Singapore) Limited

(a) 079912 Singapore

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02114

(a) For BHK and BTZ.

Transfer Agent

Computershare Trust Company, N.A.

Canton, MA 02021

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02110

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the

Trusts

100 Bellevue Parkway

Wilmington, DE 19809

2025

BlackRock Annual Report to Shareholders

------

Glossary of Terms Used in this Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Currency Abbreviation  | Currency Abbreviation  |
| EUR | <br>Euro<br>|
| GBP | <br>British Pound<br>|
| USD | <br>United States Dollar<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Portfolio Abbreviation  | Portfolio Abbreviation  |
| BAB | <br>Build America Bond<br>|
| BAM | <br>Build America Mutual Assurance Co.<br>|
| CLO | <br>Collateralized Loan Obligation<br>|
| CME | <br>Chicago Mercantile Exchange<br>|
| CMT | <br>Constant Maturity Treasury<br>|
| CPI | <br>Consumer Price Index<br>|
| DAC | <br>Designated Activity Company<br>|
| ETF | <br>Exchange-Traded Fund<br>|
| EURIBOR | <br>Euro Interbank Offered Rate<br>|
| GMTN | <br>Global Medium-Term Note<br>|
| GO | <br>General Obligation Bonds<br>|
| LP | <br>Limited Partnership<br>|
| MSCI | <br>Morgan Stanley Capital International<br>|
| PCL | <br>Public Company Limited<br>|
| PIK | <br>Payment-in-Kind<br>|
| PJSC | <br>Public Joint Stock Company<br>|
| RB | <br>Revenue Bonds<br>|
| REIT | <br>Real Estate Investment Trust<br>|
| SAN | <br>State Aid Notes<br>|
| SAP | <br>Subject to Appropriations<br>|
| SG | <br>Syncora Guarantee<br>|
| SOFR | <br>Secured Overnight Financing Rate<br>|
| SONIA | <br>Sterling Overnight Interbank Average Rate<br>|
| SPDR | <br>Standard & Poor's Depository Receipt<br>|

---

Glossary of Terms Used in this Report

------

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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-12/25-AR

![](g106148imgb7142e266.jpg)

![](g106148img7d2f98f61.jpg)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Lorenzo A. Flores

Catherine A. Lynch

Arthur P. Steinmetz

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **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;**Entity Name** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp; BlackRock<br> Corporate High<br> Yield Fund, Inc. | $83538 | $83130 | $2300 | $2000 | $42600 | $17600 | $388 | $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 (the "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"):

---

| | | |
|:---|:---|:---|
|  | **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> | $2149000 | $2149000 |

---

<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 $2,149,000 and $2,149,000 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 or 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 Securities and Exchange Commission'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," "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;**Entity Name** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Fiscal Year** <br> **End** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previous Fiscal** <br> **Year End** |
| &nbsp;&nbsp;&nbsp;BlackRock Corporate High Yield Fund, Inc. | $45288 | $19600 |

---

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; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current Fiscal Year**<br> **End** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previous Fiscal Year** <br> **End** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

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;&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)):

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

Arthur P. Steinmetz

&nbsp;&nbsp;&nbsp;&nbsp;&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.

&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 – Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – Not Applicable

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

---

| | |
|:---|:---|
| Item 12 – | 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 Closed-End Fund Proxy Voting Policy. The Investment Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the "BAIS Guidelines") with respect to certain funds, including the Fund. Copies of the Closed-End Fund Proxy Voting Policy and the BAIS Guidelines are attached as [Exhibit 99.PROXYPOL](d106148dex99proxypol.htm). Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 882-0052, (ii) at www.blackrock.com and (iii) on the SEC's website at http://www.sec.gov.  |

---

Item 13 – Portfolio Managers of Closed-End Management Investment Companies

(a)(1) As of the date of filing this Report:

The registrant is managed by a team of investment professionals comprised of Mitchell Garfin, CFA, Managing Director at BlackRock and David Delbos, Managing Director at BlackRock. Messrs. Garfin and Delbos are responsible for the day-to-day management of the Fund's portfolio, which includes setting the Fund's overall investment strategy, overseeing the management of the Fund and/or selection of its investments. Mr. Garfin has been a member of the Fund's portfolio management team since 2009. Mr. Delbos has been a member of the Fund's portfolio management team since 2023.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Biography** |
| &nbsp;&nbsp;&nbsp;David Delbos | Managing Director of BlackRock, Inc. since 2012 |
| &nbsp;&nbsp;&nbsp;Mitchell Garfin, CFA | Managing Director of BlackRock, Inc. since 2009 |

---

(a)(2) As of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (ii) Number of<br> **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;&nbsp; (i) Name of Portfolio Manager<br>| <br> **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; David Delbos | 30 | 28 | 135 | 0 | 0 | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.42 Billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.30 Billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.83 Billion | $0 | $0 | $768.1 Million |
| &nbsp;&nbsp;&nbsp; Mitchell Garfin, CFA | 30 | 28 | 135 | 0 | 0 | 5 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (ii) Number of<br> **Other Accounts Managed**<br> **and Assets by Account Type** | (ii) Number of<br> **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;&nbsp; (i) Nam of Portfolio Manager<br>| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41.12 Billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9.30 Billion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19.83 Billion | $0 | $0 | $768.1 Million |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Garfin and Delbos may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Garfin and Delbos may therefore be entitled to receive a portion of any incentive fees earned on such accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

------

(a)(3) As of December 31, 2025:

#### Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers' compensation as of December 31, 2025.

BlackRock's financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

**Base Compensation**. Generally, portfolio managers receive base compensation based on their position with the firm.

**Discretionary Incentive Compensation**. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager's group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock's Chief Investment Officers make a subjective determination with respect to each portfolio manager's compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: A combination of market-based indices (e.g., The Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups.

**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 ($350,000 for 2025). 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.

(a)(4) Beneficial Ownership of Securities – As of December 31, 2025:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio Manager** | **Dollar Range of Equity**<br> **Securities of the Fund**<br> **Beneficially Owned** |
| &nbsp;&nbsp; David Delbos | Over $1,000,000 |
| &nbsp;&nbsp; Mitchell Garfin, CFA | $100001 - $500000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

Item 14 – 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 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

------

Item 16 – 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 date 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) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2106148_1)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d106148dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) 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](d106148dex99906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c) Consent of Independent Registered Public Accounting Firm](d106148dex99consent.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Corporate High Yield Fund, Inc.

---

| | |
|:---|:---|
| By: | <u>/s/ John M. Perlowski</u>  |

---

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Corporate High Yield Fund, Inc.

Date: February 24, 2026

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: | <u>/s/ John M. Perlowski</u>  |

---

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Corporate High Yield Fund, Inc.

Date: February 24, 2026

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u>  |

---

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Corporate High Yield Fund, Inc.

Date: February 24, 2026

## 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 Corporate High Yield Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Corporate High Yield Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Corporate High Yield Fund, Inc.

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Corporate High Yield Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Corporate High Yield Fund, Inc.;

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;&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;&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;&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;&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;&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;&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 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Corporate High Yield Fund, Inc.

## 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 Corporate High Yield Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) 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 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Corporate High Yield Fund, Inc.

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Corporate High Yield Fund, Inc. (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) 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 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Corporate High Yield Fund, Inc.

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**

## Ex-99.Proxypol

Closed-End Fund Proxy Voting Policy

August 1, 2021

![LOGO](g106148g0226182608593.jpg)

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;Closed-End Fund Proxy Voting Policy |
| &nbsp;&nbsp;&nbsp;***Procedures Governing Delegation of Proxy Voting to Fund Adviser*** |
| &nbsp;&nbsp; <br> Effective Date: August 1, 2021<br> Last Review Date: September 1, 2024 |

---

 **Applies to the following types of Funds registered under the 1940 Act:** 

☐ Open-End Mutual Funds (including money market funds)

☐ Money Market Funds

☐ Exchange-Traded Funds

☒ 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 the proxy voting process as applicable to 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](g106148g29f07.jpg) | Public | Page 1 of 1 |

---

------

## BlackRock

## Active

## Investment

## Stewardship

## Global Engagement and Voting Guidelines
Effective as of January 2026

![LOGO](g106148g07r83.jpg)

------

## Contents

---

| | |
|:---|:---|
|  **[Overview](#proxypol106148_1)** | **3** |
|  **[Introduction to BlackRock](#proxypol106148_2)** | **4** |
|  **[About BlackRock Active Investment Stewardship](#proxypol106148_3)** | **4** |
|  **[Our approach to stewardship within active equities](#proxypol106148_4)** | **5** |
|  **[Our approach to stewardship within fixed income](#proxypol106148_5)** | **5** |
|  **[Boards of Directors](#proxypol106148_6)** | **6** |
|  **[Executive compensation](#proxypol106148_7)** | **9** |
|  **[Non-executive director compensation](#proxypol106148_8)** | **11** |
|  **[Capital structure](#proxypol106148_9)** | **11** |
|  **[Transactions and special situations](#proxypol106148_10)** | **12** |
|  **[Corporate reporting, risk management and audit](#proxypol106148_11)** | **13** |
|  **[Shareholder rights and protections](#proxypol106148_12)** | **14** |
|  **[Shareholder proposals](#proxypol106148_13)** | **15** |
|  **[Corporate political activities](#proxypol106148_14)** | **16** |
|  **[Material sustainability-related risks and opportunities](#proxypol106148_15)** | **16** |
|  **[Key stakeholders](#proxypol106148_16)** | **17** |
|  **[Climate and decarbonization investment objectives](#proxypol106148_17)** | **18** |
|  **[Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities](#proxypol106148_18)** | **19** |

---

---

| | |
|:---|:---|
| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **2** |

---

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**Overview** 

This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers.<sup>1</sup> BAIS works in partnership with BlackRock's investment teams, excluding index equity<sup>2</sup>, providing expertise on investment stewardship and engaging with companies alongside and on behalf of those teams when appropriate. The team is responsible for establishing voting guidelines for the active equity platform, providing vote recommendations and operationalizing voting decisions. The guidance informs the voting recommendations BAIS makes to BlackRock's active portfolio managers. It applies to active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have discretion as to how they integrate these guidelines within their investment processes in light of their clients' or funds' investment objectives. There are separate, independently developed principles and voting policies that are applied to BlackRock's index equity investments by a distinct and independent function, BlackRock Investment Stewardship.

<sup>1</sup> This document includes BAIS' benchmark policy, which covers nearly all active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies. The benchmark policy also may apply to holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements. This document also includes BAIS' decarbonization policy, which covers holdings in BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.

<sup>2</sup> BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as part of a strategic initiative to unlock the full breadth of the firm's active and private markets capabilities for clients. As a result, there are two stewardship teams, which operate independently of one another and have separate voting policies.

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**Introduction to BlackRock** 

BlackRock's mission is to help more people invest better. The money BlackRock manages is not its own – it belongs to BlackRock's clients, many of whom make their own asset allocation and portfolio construction decisions. As a fiduciary, BlackRock invests on clients' behalf to help them meet their investment objectives. The firm does this by understanding clients' long-term investment objectives and offering choice on how and where they wish to invest their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning this work with research, data and analytics.

At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As stewards of our clients' assets, we engage with companies to discuss the corporate governance and business practices that, in our experience, support companies in delivering durable, risk-adjusted financial returns over time. We are committed to building strong relationships through constructive, ongoing dialogue with the boards and executive management of the companies in which our clients are invested.

**About BlackRock Active Investment Stewardship** 

BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages BlackRock's stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by these Global Engagement and Voting Guidelines (the "Guidelines") and insights from active investment analysts and portfolio managers, with whom we work closely in engaging companies and voting at shareholder meetings.

Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.<sup>3</sup> Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and opportunities to deliver durable, risk-adjusted financial returns. Portfolio managers and stewardship specialists may engage jointly or independently on material corporate governance matters. Our discussions focus on topics relevant to a company's success over time, including governance and leadership, corporate strategy, capital structure and financial performance, operations and material sustainability-related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain strong relationships with company leadership based on open dialogue and mutual respect.

Different active equity strategies may implement these voting guidelines differently, as a result of the latitude each portfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on each portfolio's investment objectives and strategy.

These guidelines discuss BAIS' views on corporate governance topics on which we may engage with management teams and board directors<sup>4</sup> and on matters that routinely come to a shareholder vote. We

<sup>3</sup> On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for shareholders to maintain their eligibility to report their beneficial ownership under Schedule 13G of the Exchange Act. We comply fully with these requirements and do not engage with portfolio companies for the purpose, or with the effect, of changing or influencing control of the company.

<sup>4</sup> References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where relevant.

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recognize that accepted corporate governance norms can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a company's ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance norms within their local markets or, particularly in markets without well-established norms, aspire to widely recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company's strategy or its implementation. We look to companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial interests of their investors.

**Our approach to stewardship within active equities** 

Voting at a company's shareholder meeting is a right of share ownership and a core principle of corporate governance. The voting rights attached to clients' holdings are an important mechanism for investors to express support for, or concern about, a company's performance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with BlackRock's contractual arrangements with clients and funds.

In general, we tend to support the recommendations of the board of directors and management. As indicated below, we may vote against management recommendations when we have concerns about how companies are serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to voting but considers the different corporate governance regulations and norms across markets. Votes are determined on a case-by-case basis, in the context of a company's situation and the investment mandate we have from clients. Please see page 19 for more information about how we fulfill and oversee our investment stewardship responsibilities for BlackRock's non-index equity strategies.<sup>5</sup>

**Our approach to stewardship within fixed income** 

Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a component of fixed income investment strategies at BlackRock, particularly for those with sustainability objectives in addition to financial objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed income investment teams may help inform an issuer's approach to structuring specialist issuances and the standard terms and information in bond documentation.

<sup>5</sup> Non-index equity strategies include active equity holdings in BlackRock's fundamental equity, systematic equity and multi-asset solutions strategies, as well as holdings in BlackRock's index and active fixed income strategies, to the extent those strategies hold voting securities or conduct issuer engagements.

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**Boards of Directors** 

**Roles and responsibilities** 

There is widespread consensus that the foundation of good corporate governance is an effective board of directors that is able to advise and supervise management in an independent and objective manner.<sup>6</sup>

We look to the board of directors (hereafter the "board") to have an oversight role in the establishment and realization of a company's strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a company to be resilient in the face of a changing business environment, help reduce the risks of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.

In overseeing the management of the company, the board ensures the necessary resources, policies and procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.

One of the most important responsibilities of the board is to appoint, and remove as necessary, the chief executive officer ("CEO"). In addition, the board plays a meaningful role in monitoring the performance of the CEO and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and engaging with shareholders, and other stakeholders, as necessary.

**Composition and effectiveness** 

***Appointment process***

A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub-committee determines the general criteria given the company's circumstances (e.g., sector, maturity, geographic footprint) and any additional criteria for a specific role being filled (e.g., financial expertise, industry track record). To inform the process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures that explain how the board considered different skills and experience to ensure that the directors collectively can be effective in fulfilling their responsibilities. We assess a company's board composition against that of its peer group and local market requirements.

Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any particular board composition in our engagements or voting but seek to understand how well placed a board is to act in investors' interests. We may vote against the election of the most senior independent director, or the chair of the relevant committee, where a company has not demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of skills and experience amongst the directors to support strong financial performance over time. We may vote against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board's effectiveness.

<sup>6</sup> See the Corporate Governance Codes of <u>Germany</u>, <u>Japan</u>, and the <u>UK</u>, as well as the corporate governance principles of the US <u>Business Roundtable</u> as examples.

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***Independence***

Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is of paramount importance to the protection of the interests of minority shareholders such as BlackRock's clients. We consider it good practice for at least half the directors to be independent and free from conflicts of interest or undue influence.<sup>7</sup> This also helps to ensure that board committees are composed of a sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board independence should meet those local requirements.

We may vote against the election of non-independent directors if the board does not have a sufficient balance of independence. We may also vote against the election of the chair of the committee responsible for board composition if this is a perennial issue.

***Independent board leadership***

Practices across markets differ, as do board structures, but we observe two main approaches to independent board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for coordinating with the other non-executive directors and working closely with the executive chair on the board agenda and other board procedures. In this case, the executive chair and the lead independent director work together to ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO succession, executive pay, and board performance. We look to boards to explain their board leadership model and how it serves the interests of shareholders.

We may vote against the election of the chair of the committee responsible for board composition if there is not an identified independent leader of the board with clear responsibilities for board performance. We may vote against the most senior independent director if the board has a policy of not engaging with shareholders.

***Tenure and succession***

In our view, it is good practice for boards to establish the length of time a director would normally be expected to serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to director tenure particularly around the contributions of directors who have served for longer periods than typically provided for under local practice. In our experience, long-serving directors could become less independent given their long-term relationship with management and involvement in past board decisions.

Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with long-term knowledge of the board and company.

<sup>7</sup> 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; interlocking directorships; lengthy tenure, and 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 shareholders.

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In markets where there is not specific director tenure guidance from regulation or corporate governance best practices, we may vote against the election of the chair of the committee responsible for board composition if a company does not clearly disclose its approach to director tenure and board renewal. We may vote against the election of directors who have served for more years than is typical in markets with specific guidance, where the case for their continued service is not evident.

***Capacity***

To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an effective board will assess the ability of its members to maintain an appropriate focus on board matters and the company taking into consideration competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time commitment but note that they are generally more intensive than a standard directorship. We will take local norms and practices into consideration when making our voting determinations across markets.

We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil their duties to the board and company.

***Director elections***

Regular election of directors, ideally annually, supports director accountability to shareholders. A classified board structure<sup>8</sup> may be justified by a company when it needs consistency and stability during a time of transition, or on the basis of its business model (e.g., a non-operating company such as closed-end funds).

Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look to companies to provide sufficient information on each director standing for election so that shareholders can assess their capabilities and suitability. We will generally not support the election of directors whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.

Each director's appointment should be dependent on receiving a simple majority of the votes cast at the shareholder meeting. Where a company's practices differ, we look to the board to provide a detailed explanation as to how its approach best serves investors' interests.

We may vote for shareholder or management proposals seeking to establish annual election of directors and/or a simple majority vote standard for director elections. We may vote against all the directors standing for election as part of a single slate if we have concerns about the profile or performance of an individual director.

***Committees***

Many boards establish committees to focus on specific responsibilities of the board such as audit and risk, governance and human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees they should establish, but we seek to understand the board's rationale for the committee structure it determines is appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee should be clear, and the board should ensure that all critical matters are assigned either to the full board or to one of the committees. It is helpful to investor

<sup>8</sup> A classified board divides the directors into classes with different overlapping terms. As a result, only one class of directors stands for election in any one year.

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understanding when the board discloses the structure, membership, proportion of independent directors, and responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance
with legal and regulatory requirements; may also play an oversight role in relation to the internal audit function and whistleblowing mechanisms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Nominating, governance and human capital – oversight responsibilities for corporate governance principles and
practices of the company, including the periodic review of board performance; responsibility for succession planning for CEO and key board roles, as well as the director appointment process; may also have oversight responsibilities for human capital
management strategies, including corporate culture and purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Executive compensation – determines the compensation policies and programs for the CEO and other executive officers,
approves annual awards and payments under the policies; may also have oversight responsibilities for firm-wide compensation policies.

We may vote against the election of the chair of the committee or other directors serving as committee members to convey concerns about how a committee has undertaken its responsibilities. We may vote against the election of the most senior non-executive director if there is not a clearly disclosed approach to board committees.

***Board and director evaluation***

We consider it best practice for companies to conduct an annual review of the performance of the board, the committees, the chair and individual directors. Periodically, this review could be undertaken by an independent third party able to bring objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to and the objectives of evaluations, including any changes made to the board's approach as a result.

***Access to independent advice***

To support the directors in effectively fulfilling their duties to the company and shareholders, they should have access to independent advice. In certain circumstances, it may be helpful to boards to retain independent third parties to advise on critical matters. These might include new industry developments such as emergent and disruptive technology, operating events with material consequences for the company's reputation and/or performance, or significant transactions. Board committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and succession planning.

**Executive compensation** 

Boards play an important role in establishing compensation arrangements that enable the company to recruit, retain and reward the caliber of executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus on alignment between variable pay and a company's financial performance.

Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards performance against short-term metrics, incentives - most often share-based- that reward

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performance against long-term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.

Recognizing the unique circumstances of each company, we determine whether to support a company's approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative information in their disclosures to enable shareholders to understand the compensation arrangements and assess the alignment with investors' interests. Features we look for in compensation arrangements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the
company's size, sector and market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Variable pay subject to performance metrics that are closely linked to the company's short- and long-term strategic
objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Long-term incentives that motivate sustained performance across a multi-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and equity
awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Pay outcomes that are consistent with the returns to investors over the relevant time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and transparently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the company
within a defined time period, as determined by the board or relevant board committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Change of control provisions that appropriately balance the interests of executives and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Clawback or malus provisions that allow the company to recoup or hold back variable compensation from individuals whose
awards were based on fraudulent activities, misstated financial reports, or executive misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Severance arrangements that protect the company's interests but do not cost more than is contractual.

We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or approve the compensation report where we do not see alignment between executive compensation arrangements and our clients' financial interests. When there is not an alternative, or where there have been multi-year issues with compensation misaligned with performance, we may vote against the election of the chair of the responsible committee, or the most senior independent director.

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**Non-executive director compensation** 

Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We do not support non-executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and undermine their independence from management, whom they oversee.

**Capital structure** 

Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate capital allocation in support of long-term financial resilience.

Where company practices diverge from those set out below, we look for companies to disclose why they view these practices to be aligned with shareholders' interests. We may vote against management proposals seeking capital-related authorities, or the election of the most senior independent director, if we have concerns about a company's approach. We may also support a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.

**Share issuance** 

We assess requests for share issuance for particular transactions on a case-by-case basis. We will generally support authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Share buybacks** 

We assess share buyback proposals in the context of the company's disclosed capital management strategy and management's determination of the appropriate balance between investment that supports the long-term growth of the company and returning cash to investors. We also take into consideration the effect of a buyback program on the company's balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market price. We consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances of the company and the market environment.

**Dividends** 

We generally defer to management and the board on dividend policy but may engage to seek further clarification where a proposed dividend appears out of line with the company's financial position.

**Differentiated voting rights** 

We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic exposure. Certain companies, particularly those new to public markets, could make the case to adopt a differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate and seek approval for their capital structure on a periodic basis.

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**Transactions and special situations** 

We monitor developments in transactions and special situations closely and undertake our own detailed analyses of proposals.

**Mergers and acquisitions** 

We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders. Management should provide an assessment of the proposed transaction's strategic and financial rationale, along with its execution and operational risks. We review each transaction independently based on these factors and the degree to which the transaction enhances shareholder value. The board might consider establishing an ad hoc transaction committee to undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to shareholders.

We will vote against transactions that, in our assessment, do not advance our clients' financial interests.

**Anti-takeover defenses** 

In principle, we do not support companies using anti-takeover defenses, also known as poison pills or shareholder rights plans, as they can entrench management and boards which have not delivered long-term shareholder value. By exception, a poison pill may be supported if its purpose is to delay a takeover that is considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also be closely monitored by the independent members of the board. We consider it good practice for companies to put to a shareholder vote any mechanisms expected to be in place for more than 12 months.

**Shareholder activism** 

When companies are the focus of an activism campaign, we may communicate with the activist to understand their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company management and possibly board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the quality of both the activist's and management's plans; and the qualifications of each party's candidates. We evaluate each contested situation by assessing the potential financial outcome for our clients as minority shareholders.

We may support board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or the relevant portfolio manager has determined that there is a case for change to enhance shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise or have a poor track record of protecting shareholders' interests.

**Significant shareholders and related party transactions** 

Boards of companies with affiliated shareholders or directors should give equitable consideration to the interests of all shareholders when evaluating related party transactions.

We consider it good practice for transactions with related parties, such as significant shareholders or companies affiliated with the public company, to be disclosed in detail and conducted on terms similar to

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what would objectively have been agreed with a non-related party. In our view, such transactions should be reviewed and approved by the independent members of the board, and if voted on, only disinterested shareholders should vote.

**Corporate reporting, risk management and audit** 

Investors depend on corporate reporting, both regulatory and voluntary, to understand a company's strategy, its implementation and financial performance, as well as to assess the quality of management and operations and potential for the company to create shareholder value over time. We consider it good practice for the board to oversee corporate reporting and the policies and procedures underpinning the internal audit function and external audit.

A company's financial reporting should provide decision-useful information for investors, and other stakeholders, on its financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in accordance with globally developed reporting standards and any divergence from generally accepted accounting principles should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.

In this context, audit committees 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 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. Audit committees should have a procedure in place for assessing the independence of the auditor and the quality of the external audit process annually.

Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide robust, standardized disclosures on their material sustainability-related risks and opportunities. The International Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its reporting standards, which may be helpful to companies in preparing such reports.<sup>9</sup> However, we do not mandate any specific disclosure framework, and note that companies in certain jurisdictions are subject to mandatory reporting requirements under standards specified by policy makers.<sup>1</sup><sup>0</sup>

Companies should establish robust risk management and internal control processes appropriate to the company's business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other stakeholders, can be a useful mechanism for ensuring that senior

<sup>9</sup> The ISSB is an independent standard-setting body within the International Financial Reporting Standards (IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and S2 "Climate-related Disclosures."

<sup>10</sup> See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional-profiles-issb- standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and- auditing/company-reporting/corporate-sustainability-reporting_en

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management and the board are aware of potential misconduct or breaches in risk management and internal control processes.

A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate reporting. It is helpful when the audit report gives some insight into the scope and focus of the audit, as well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor remained independent.

We may vote against the election of the responsible directors if corporate reporting is insufficient or there are material misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial statements or the discharge of the board when we are concerned about the quality of corporate reporting or the audit. We may vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the auditor's independence, the quality of the audit, or there are material misstatements in financial reports and the board has not established reasonable remediation plans.

**Shareholder rights and protections** 

**General shareholder meetings** 

Companies normally have an annual general meeting of shareholders at which routine and non-routine items of business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.

We may vote against directors when materials related to the business of the shareholder meeting are not provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder participation.

**Bylaw amendments** 

We review bylaw amendments proposed by management on a case-by-case basis and will generally support those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be explained in detail and put to a shareholder vote.

We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.

If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required to exercise this right should balance its utility with the cost to the company of holding special meetings.

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If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a group, with a meaningful shareholding, the right to nominate directors to the company's board. The threshold for this right should be set so that shareholders can exercise it without being unduly disruptive to the board's own nomination process.

Whilst we would not use either of these rights ourselves, we see them as important accountability mechanisms. We may vote for a shareholder proposal seeking the addition of either of these provisions to a company's bylaws.

**Change of domicile** 

We generally defer to management on proposals to change a company's domicile as long as the rationale for doing so is consistent with the company's long-term strategy and business model and the related costs are immaterial.

We may vote against directors or a proposal to change a company's domicile where it does not seem aligned with our clients' financial interests.

**Changes to a company's purpose or the nature of its business** 

Plans to materially change the nature of a company's business or its purpose should be disclosed and explained in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor's views on the suitability of a company for their investment strategy or portfolio.

Where relevant, we may vote against proposals to change a company's purpose or the nature of its business if the board has not provided a credible argument for change.

**Shareholder proposals** 

Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general shareholder meeting asking a company to take a particular course of action subject to the proposal being supported by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be relevant to a company's business.

We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a company's business and its current approach, whether the actions sought are consistent with shareholders' interests, and what impact the proposal being acted upon might have on financial performance.

Our general approach where we have concerns about a company's governance, disclosures or performance is to engage to understand the apparent difference in perspective. If we are concerned a company is not acting in shareholders' financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so is aligned with our clients' financial interests. We generally do not support shareholder proposals that are legally binding on the company, seek to alter a company's strategy or direct its operations, or are unrelated to how a company manages risk or generates financial returns.

BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **15** |

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**Corporate political activities** 

A corporation's ability to engage in the policy process is subject to rules and regulations set by the jurisdictions in which they engage. When a corporation reports material financial risk related to policy and or regulatory changes, BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how companies engage in corporate political activities and ensure that their participation is consistent with their public statements on policy matters material to the company's long-term strategy. The board should be aware of the approach taken by management on corporate political activities as there can be reputational risks arising from inconsistencies between a company's policy engagement and stated policy positions. Companies should, as a minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we would like to better understand its approach to policy engagement, where relevant.

To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy priorities and the policy positions of the trade associations of which they are active members and any engagements undertaken by trade associations on behalf of members.

We may support a relevant shareholder proposal, or vote against directors, where a company's disclosures are insufficient to address the material risk it has identified.

**Material sustainability-related risks and opportunities** 

We seek to understand how companies manage the material risks and opportunities inherent in their business operations. In our experience, sustainability-related factors<sup>11</sup> that are relevant to a company's business or material to its financial performance, are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer demand or adapting supply chains in response to changing regulatory requirements.

We recognize that the specific sustainability-related factors that may be financially material or business relevant will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures and our engagement, we aim to understand how management is identifying, assessing and integrating material sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake a more holistic assessment of a company's potential financial performance and the likely risk-adjusted returns of an investment.

We may vote against directors or support a relevant shareholder proposal if we have concerns about how a company is managing or disclosing its approach to material sustainability-related risks that may impact financial returns.

<sup>11</sup> By material sustainability-related risks and opportunities, we mean the drivers of risk and financial 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 financial value over time. Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a sound governance framework.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **16** |

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**Key stakeholders** 

In our view, companies should understand and take into consideration 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. For many companies, key stakeholders include employees, business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate. Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to be financially resilient over time.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **17** |

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**Climate and decarbonization investment objectives** 

Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in those funds differs in some respects from BAIS' benchmark guidelines, which are described above. Specifically, for those funds' holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model would be viable in a low-carbon economy, i.e., one in which global temperature rise is limited to 1.5º C above pre-industrial levels. In addition, clients in separately managed accounts may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.

These decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition, based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization. It is helpful to investors' understanding when these disclosures include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions.

Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a relevant shareholder proposal if a company does not appear to be adequately acting to address or disclosing material climate-related risks, consistent with the parameters set out in these climate- and decarbonization-specific guidelines. We may recommend supporting shareholder proposals seeking information relevant to a company's stated low-carbon transition strategy or targets that the company does not currently provide and that would be helpful to investment decision-making. We would not recommend support for shareholder proposals that seek to constrain board or management decision-making or direct specific business or strategic decisions. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting consistent with their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to climate risk and the energy transition is undertaken in line with BAIS' benchmark guidelines.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **18** |

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**Appendix 1: How we fulfil and oversee our investment stewardship responsibilities for non-index equity investment strategies** 

**Oversight** 

The Global Head of BAIS has primary oversight of and responsibility for the team's activities, including voting in accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the "Guidelines"), which require the application of professional judgment and consideration of each company's unique circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities, reporting lines, and oversight.

The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in BlackRock's legal, public policy, sustainability and communications teams, helps shape the firm's approach to investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments to BAIS' policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the relevant active equity investors.

BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS 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. BAIS may use third parties for certain of the foregoing activities and performs oversight of those third parties (see "Use and oversight of third-party vote services providers" below).

**Voting guidelines and vote execution** 

BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent business judgment, and without regard to the relationship of the issuer (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, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although portfolio managers have the right to vote differently on their holdings if they determine doing so is more aligned with the investment objective and financial interests of clients invested in the funds they manage.

The Guidelines are not intended to be exhaustive. BAIS 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 BAIS 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 are commonly put to a shareholder vote. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that explain our approach to governance practices most aligned with clients' long-term financial interests.

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **19** |

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In certain markets, proxy voting involves logistical issues which can affect BAIS' 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 from the point at which votes are submitted until after the after the shareholder meeting has occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with 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.

BlackRock votes proxies in these situations on a "best-efforts" basis. In addition, BAIS may determine that it is generally in the 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.

**Voting Choice** 

BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy voting process where legally and operationally viable.

Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies.<sup>1</sup><sup>2</sup>

As a result, the shares attributed to BlackRock in company share registers may be voted differently depending on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance with a third-party policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of Voting Choice.<sup>1</sup><sup>3</sup>

**Use and oversight of third-party vote services providers** 

Third-party vote services providers – or proxy research firms – provide research and recommendations on proxy votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use Glass Lewis' research and analysis as an input into our voting process. It is important to note that, although proxy research firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting recommendations. A company's disclosures, our engagements and voting, investment colleagues' insights and our Guidelines are important inputs into our voting decisions on behalf of clients.

Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting process by making voting recommendations based on BAIS' Guidelines when the items on a shareholder meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to

<sup>12</sup> With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with their views and preferences. BlackRock can then use its proxy voting infrastructure to cast votes based on the client's selected voting policy.

<sup>13</sup> BlackRock does not disclose client information, including a client's selection of proxy policy, without client consent.

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assess, escalate as necessary to the relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research reports, company announcements, and direct communications from companies to ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.

BAIS closely monitors the third-party vote services providers we contract with to ensure that they are meeting our service level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock's firmwide policies.

**Conflicts management policies and procedures** 

BlackRock maintains policies and procedures that seek to prevent undue influence on BAIS' 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock clients who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds managed by
BlackRock

BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adopted these Guidelines which are designed to advance our clients' long-term financial interests in the companies in
which BlackRock invests on their behalf

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Established a reporting structure that separates BAIS 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 preferential treatment or differentiated access. BAIS prioritizes engagements based on factors including, but not limited to, our need for additional information to make a more informed voting decision or to better
understand a company's perspectives on financially material risks and opportunities. Within the normal course of business, BAIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with

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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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting
recommendations as a further safeguard to avoid perceived or potential conflicts of interest, to satisfy regulatory requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third-party voting service
provider provides BlackRock with recommendations, in accordance with the Guidelines, as to how to vote such proxies. BlackRock uses an independent third-party 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 third-party voting service provider to make proxy voting recommendations for certain perceived or potential conflicts of interest, including:

<sup>○</sup> public companies that include BlackRock employees on their boards of directors

<sup>○</sup> public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of the board of directors

<sup>○</sup> public companies that are the subject of certain transactions involving BlackRock Funds

<sup>○</sup> public companies that are joint venture partners with BlackRock, and

<sup>○</sup> public companies when legal or regulatory requirements compel BlackRock to use an independent third-party voting service provider

In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and make recommendations in the 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 independent third-party voting service provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider.

**Securities lending** 

If authorized, BlackRock acts as a securities lending agent on behalf of its clients. Securities lending is a well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional returns which in turn may allow fund providers to offset fund expenses.

With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may determine to recall them to allow for voting. This decision is guided by our fiduciary duty as an asset manager to our clients in helping them achieve their investment goals. While this has occurred in a limited number of cases, 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 financial value to clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with active portfolio managers, as well as colleagues in the Securities Lending team, to evaluate the costs and benefits to clients of recalling shares on loan.

In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting shares would not warrant recalling securities on loan. However, in certain instances, BlackRock may

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determine, in our 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.

Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote and may modify it as necessary.

**Reporting and vote transparency** 

BAIS is 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 disclosure on our <u>website</u><u>.</u>

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| **BlackRock Active Investment Stewardship** | Global Engagement and Voting Guidelines \| **23** |

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**Want to know more?** 

<u>blackrock.com/stewardship</u> \| <u>ContactActiveStewardship@blackrock.co</u><u>m</u>

The document is provided for information purposes only and is subject to change. Reliance upon this information is at the sole discretion of the reader.

Prepared by BlackRock, Inc.

<sup>©</sup>2025 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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## Ex-99.Consent

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in Registration Statement 333-284646 on Form N-2 of our report dated February 24, 2026, relating to the financial statements and financial highlights of BlackRock Corporate High Yield Fund, Inc. appearing in Form N-CSR for the year ended December 31, 2025.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2026