# EDGAR Filing Document

**Accession Number:** 0001287480
**File Stem:** 0001193125-25-196071
**Filing Date:** 2025-9
**Character Count:** 1045729
**Document Hash:** 2290dceb93b15a2926fe584a511c05b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196071.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001193125-25-196071

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FLOATING RATE INCOME TRUST
- **CENTRAL INDEX KEY:** 0001287480

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21566
- **FILM NUMBER:** 251293625

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809-3700
- **BUSINESS PHONE:** (800) 882-0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809-3700

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK GLOBAL FLOATING RATE INCOME TRUST
- **DATE OF NAME CHANGE:** 20040528

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACKROCK VARIABLE RATE & INFLATION PROTECTED SECURITIES
- **DATE OF NAME CHANGE:** 20040416

?xml version='1.0' encoding='ASCII'? BLACKROCK FLOATING RATE INCOME TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

#### INVESTMENT COMPANIES
Investment Company Act file number: 811-21566

Name of Fund: BlackRock Floating Rate Income Trust (BGT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 12/31/2025

Date of reporting period: 06/30/2025

------

Item 1 – Reports to Stockholders

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

------

![](g935575img609bb5151.jpg)

June 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Report <br>&nbsp;&nbsp;&nbsp;&nbsp;(Unaudited)<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.

**June 30, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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* <sup>(a)</sup> <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 | $0.280964 | $— | $— | $0.166636 | $0.447600 | 63<br> % <br>| —<br> % <br>| —<br> % <br>| 37<br> % <br>| 100<br> % <br>|
| HYT | 0.347619 |  |  | 0.119781 | 0.467400 | 74 |  |  | 26 | 100 |
| BTZ | 0.355380 |  |  | 0.148020 | 0.503400 | 71 |  |  | 29 | 100 |
| BGT | 0.432208 |  |  | 0.289472 | 0.721680 | 60 |  |  | 40 | 100 |

---

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

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

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

**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.

---

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

---

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

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

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

2025 BlackRock Semi-Annual Report to Shareholders

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Supplemental Information](#xx_95739a2f-00fb-479d-b793-14d00290e567_C19ab-Footer-FundBookName-930_1)  | 2 |
| **[Semi-Annual](#xx_95739a2f-00fb-479d-b793-14d00290e567_RskDeriv-Footer-FundBookName-933_1)[Report:](#xx_95739a2f-00fb-479d-b793-14d00290e567_RskDeriv-Footer-FundBookName-933_1)**  |  |
| [The Benefits and Risks of Leveraging](#xx_95739a2f-00fb-479d-b793-14d00290e567_RskDeriv-Footer-FundBookName-933_1)  | 4 |
| [Derivative Financial Instruments](#xx_95739a2f-00fb-479d-b793-14d00290e567_RskDeriv-Footer-FundBookName-933_1)  | 4 |
| [Trust Summary](#xx_95739a2f-00fb-479d-b793-14d00290e567_FSM-Footer-FundBookName-933_1)  | 5 |
| [Financial Statements:](#xx_95739a2f-00fb-479d-b793-14d00290e567_SOI-Footer-FundBookName-933_1)  |  |
| [Schedules of Investments](#xx_95739a2f-00fb-479d-b793-14d00290e567_SOI-Footer-FundBookName-933_1)  | 14 |
| [Statements of Assets and Liabilities](#xx_95739a2f-00fb-479d-b793-14d00290e567_FS-Footer-FundBookName-933_1)  | 121 |
| [Statements of Operations](#xx_95739a2f-00fb-479d-b793-14d00290e567_FS-Footer-FundBookName-933_3)  | 123 |
| [Statements of Changes in Net Assets](#xx_95739a2f-00fb-479d-b793-14d00290e567_FS-Footer-FundBookName-933_4)  | 124 |
| [Statements of Cash Flows](#xx_95739a2f-00fb-479d-b793-14d00290e567_FS-Footer-FundBookName-933_6)  | 126 |
| [Financial Highlights](#xx_95739a2f-00fb-479d-b793-14d00290e567_FIHI-Footer-FundBookName-933_1)  | 128 |
| [Notes to Financial Statements](#xx_95739a2f-00fb-479d-b793-14d00290e567_NTF-Footer-FundBookName-933_1)  | 132 |
| [Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements](#xx_95739a2f-00fb-479d-b793-14d00290e567_IAA-Footer-FundBookName-933_1)  | 146 |
| [Additional Information](#xx_95739a2f-00fb-479d-b793-14d00290e567_ADDInfo-Footer-FundBookName-933_1)  | 150 |
| [Glossary of Terms Used in this Report](#xx_95739a2f-00fb-479d-b793-14d00290e567_Terms-Footer-FundBookName-933_1)  | 153 |

---

------

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 Semi-Annual Report to Shareholders

------

Trust Summary as of June 30, 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.

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

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BHK |
| Initial Offering Date | November 27, 2001 |
| Current Distribution Rate on Closing Market Price as of June 30, 2025 ($9.72)<sup>(a)</sup> | 9.21% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.074600 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $0.895200 |
| Leverage as of June 30, 2025<sup>(c)</sup> | 24% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp; (7.07)% <br>| &nbsp;&nbsp;&nbsp; $11.00 | &nbsp;&nbsp;&nbsp; $9.50 |
| Net Asset Value | 10.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;9.91 |

---

**Performance**

Returns for the period ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 2.03<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> % <br>| &nbsp;&nbsp;&nbsp; (1.55)% <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.16 |
| **Bloomberg U.S. Credit Index**<sup>(c)</sup> | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| **Reference Benchmark**<sup>(d)</sup> | 3.99 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| **Bloomberg U.S. Long Government/Credit Index**<sup>(e)</sup> | 3.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp; (4.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.79 |
| **Bloomberg Intermediate Credit Index**<sup>(f)</sup> | 4.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 |
| **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index**<sup>(g)</sup> | 4.57 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 |
| **Bloomberg CMBS, Eligible for U.S. Aggregate Index**<sup>(h)</sup> | 4.49 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 |
| **Bloomberg MBS Index**<sup>(i)</sup> | 4.23 | &nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| **Bloomberg ABS Index**<sup>(j)</sup> | 2.93 | &nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 |

---

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

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

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

<sup>(c)</sup> An index that measures the investment grade, U.S. dollar-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. 

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

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

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

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

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

Trust Summary

------

Trust Summary as of June 30, 2025(continued)

**BlackRock Core Bond Trust (BHK)**

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

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

<sup>(j)</sup> An unmanaged index that is the asset-backed securities component of the Bloomberg U.S. Aggregate Index.

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

Past performance is not an indication of future results.

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

More information about the Trust's historical performance can be found in the "Closed End Funds" section of **blackrock.com**.

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

**What factors influenced performance?**

Exposure to U.S. credit sectors including high yield corporate bonds, investment grade corporate bonds, and collateralized loan obligations ("CLOs") contributed to the Trust's performance over the period. Holdings of both agency and non-agency mortgage-backed securities ("MBS") also proved additive.

The main detractors from the Trust's absolute performance were the use of reverse repurchase agreements and derivatives. Derivatives are utilized by the Trust in order to hedge and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the portfolio.

**Describe recent portfolio activity.**

Given the interest rate volatility seen during the period, the Trust shifted duration (and corresponding interest rate sensitivity) tactically, adding to duration as the Treasury yield moved higher and trimming on yield declines.

As the period opened, the Trust trimmed risk positions to realize gains. In the second quarter, the Trust began reallocating into spread sectors, particularly high yield corporate bonds and agency MBS, as spreads widened on tariff-related uncertainty and geopolitical tensions.

Toward the end of the period, the Trust again trimmed credit exposure, especially within investment grade and high yield corporate bonds, given a recovery in risk assets from earlier tariff-related spread widening.

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

The Trust successfully completed a rights offering in June 2025, raising $166 million and providing capital to invest in attractive income opportunities to support the Trust's monthly distribution rate. As a result of high investor demand, the rights offering was over-subscribed, and the Trust exercised the over-subscription privilege. BlackRock, not the Trust, covered all expenses of the offering and structured the offering to limit NAV dilution to $(0.14) per share or approximately (1.4)% of NAV.

**Describe portfolio positioning at period end.**

At period end, the Trust maintained diversified exposure across non-government spread sectors, including investment grade and high yield corporate bonds, non-agency MBS, and CLOs. The Trust also held exposure to government-related sectors such as U.S. Treasuries and agency MBS.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.*

*These views are not intended to be a forecast of future events and are no guarantee of future results.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of June 30, 2025(continued)

**BlackRock Core Bond Trust (BHK)**

**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*<sup>(a)</sup> <br>|
| Corporate Bonds | 44.8<br> %<br>|
| U.S. Treasury Obligations | 15.2 |
| U.S. Government Sponsored Agency Securities | 11.4 |
| Non-Agency Mortgage-Backed Securities | 10.3 |
| Asset-Backed Securities | 7.0 |
| Preferred Securities | 5.0 |
| Municipal Bonds | 3.2 |
| Floating Rate Loan Interests | 1.7 |
| Foreign Agency Obligations | 1.1 |
| Other\* | 0.3 |

---

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

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| AAA/Aaa<sup>(c)</sup> | 35.2<br> %<br>|
| AA/Aa | 4.4 |
| A | 12.8 |
| BBB/Baa | 15.8 |
| BB/Ba | 11.1 |
| B | 11.2 |
| CCC/Caa | 2.8 |
| D | &nbsp;&nbsp; — <br><sup>(d)</sup><br>|
| N/R | 6.7 |

---

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

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

<sup>(b)</sup> 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. 

<sup>(c)</sup> The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, 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. 

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

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

Trust Summary

------

Trust Summary as of June 30, 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.

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

**Trust Information** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | HYT |
| Initial Offering Date | May 30, 2003 |
| Current Distribution Rate on Closing Market Price as of June 30, 2025 ($9.75)<sup>(a)</sup> | 9.59% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.077900 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $0.934800 |
| Leverage as of June 30, 2025<sup>(c)</sup> | 23% |

---

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

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

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

<sup>(c)</sup> Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the 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** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp; (0.61)% <br>| &nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp; $8.45 |
| Net Asset Value | 9.69 | &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 |

---

**Performance**

Returns for the period ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 5.19<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.13<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.45<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 4.32 | &nbsp;&nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp;&nbsp;8.22 |
| **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index**<sup>(c)</sup> | 4.57 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 |

---

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

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

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

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

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?**

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, property and casualty, and wireline telecommunications.

At a time of strong returns for the broader high yield market, no aspect of the Fund's positioning significantly detracted from absolute performance. With this said, risk management strategies—which involve the use of derivatives—were a very small detractor.

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

2025 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of June 30, 2025(continued)

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

**Describe recent portfolio activity.**

The Fund increased its allocation to BBs and B1s, while trimming its position B2s. It also increased its weighting in high-yield bonds and reduced its holdings in bank loans.

**Describe portfolio positioning at period end.**

The Fund had a large underweight in BBs and was overweight in Bs and CCCs. The Fund maintained tactical allocations to both loans and investment-grade corporate bonds. Technology, property and casualty, and wirelines were among the top sector overweights, while retailers, consumer products, and construction machinery were among the largest underweights.

*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*<sup>(a)</sup> <br>|
| Corporate Bonds | 83.9<br> %<br>|
| Floating Rate Loan Interests | 7.4 |
| Preferred Securities | 5.5 |
| Fixed Rate Loan Interests | 1.4 |
| Other\* | 1.8 |

---

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

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| A | 0.1<br> %<br>|
| BBB/Baa | 3.9 |
| BB/Ba | 33.8 |
| B | 48.0 |
| CCC/Caa | 10.3 |
| N/R | 3.9 |

---

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

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

<sup>(b)</sup> 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. 

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

Trust Summary

------

Trust Summary as of June 30, 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** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BTZ |
| Initial Offering Date | December 27, 2006 |
| Current Distribution Rate on Closing Market Price as of June 30, 2025 ($10.92)<sup>(a)</sup> | 9.22% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.083900 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.006800 |
| Leverage as of June 30, 2025<sup>(c)</sup> | 35% |

---

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp;&nbsp; 4.40<br> % <br>| &nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp; $9.86 |
| Net Asset Value | 11.36 | &nbsp;&nbsp;&nbsp;&nbsp;11.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;11.38 | &nbsp;&nbsp;&nbsp;&nbsp;10.83 |

---

**Performance**

Returns for the period ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 5.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.56<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.68<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 9.36 | &nbsp;&nbsp;&nbsp;&nbsp;11.83 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;6.38 |
| **Reference Benchmark**<sup>(c)</sup> | 4.39 | &nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 |
| **Bloomberg U.S. Credit Index**<sup>(d)</sup> | 4.22 | &nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| **Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index**<sup>(e)</sup> | 4.57 | &nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.37 |
| **Bloomberg USD Capital Securities Index**<sup>(f)</sup> | 4.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 |

---

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

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

<sup>(b)</sup> 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.

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

<sup>(d)</sup> An index that measures the investment grade, U.S. dollar-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. 

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

<sup>(f)</sup> An unmanaged index that tracks fixed-rate, investment grade capital securities denominated in USD.

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

Past performance is not an indication of future results.

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

More information about the Trust's historical performance can be found in the "Closed End Funds" section of **blackrock.com**.

2025 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of June 30, 2025(continued)

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

**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 U.S. credit exposures, in particular to high yield corporate bonds, investment grade corporate bonds, capital securities, collateralized loan obligations ("CLOs") and bank loans. Allocations to Asian corporate bonds and European high yield corporate bonds contributed as well.

Positioning with respect to interest rates and an allocation to equities were the primary detractors.

**Describe recent portfolio activity.**

Over the reporting period, the Trust increased exposure to floating rate securities, most notably CLOs. The Trust also added to holdings of high yield corporate bonds and European investment grade corporate bonds. The allocation to U.S. investment grade corporate was trimmed as relative value shifted away from the asset class. Exposure to European high yield corporate bonds was decreased as well.

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 positioned relatively conservatively with a preference for floating rate securities given elevated interest rate levels. In this vein, the CLO allocation was near historic highs given the asset class's attractive floating rate income and structural protection. Similarly, exposure to floating rate bank loans was higher than usual as all-in yields remained high and default rates expectations stabilized.

*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*<sup>(a)</sup> <br>|
| Corporate Bonds | 66.2<br> %<br>|
| Asset-Backed Securities | 11.5 |
| U.S. Government Sponsored Agency Securities | 8.9 |
| Preferred Securities | 6.9 |
| Floating Rate Loan Interests | 4.6 |
| Foreign Agency Obligations | 1.1 |
| Other\* | 0.8 |

---

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

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(c)</sup> <br>|
| AAA/Aaa<sup>(d)</sup> | 17.2<br> %<br>|
| AA/Aa | 3.7 |
| A | 10.7 |
| BBB/Baa | 29.1 |
| BB/Ba | 19.0 |
| B | 15.8 |
| CCC/Caa | 2.6 |
| N/R | 1.9 |

---

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

<sup>(a)</sup> Excludes short-term securities, short investments and options, if any.

<sup>(b)</sup> 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. 

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

<sup>(d)</sup> The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, 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. 

\* 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 June 30, 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** 

---

| | |
|:---|:---|
| Symbol on New York Stock Exchange | BGT |
| Initial Offering Date | August 30, 2004 |
| Current Distribution Rate on Closing Market Price as of June 30, 2025 ($12.52)<sup>(a)</sup> | 11.53% |
| Current Monthly Distribution per Common Share<sup>(b)</sup> | $0.120280 |
| Current Annualized Distribution per Common Share<sup>(b)</sup> | $1.443360 |
| Leverage as of June 30, 2025<sup>(c)</sup> | 18% |

---

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

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

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

<sup>(c)</sup> Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the 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** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *06/30/25* | *12/31/24* | *Change* | *High* | *Low* |
| Closing Market Price | &nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp; (2.64)% <br>| &nbsp;&nbsp;&nbsp; $12.93 | &nbsp;&nbsp;&nbsp; $10.95 |
| Net Asset Value | 12.17 | &nbsp;&nbsp;&nbsp;&nbsp;12.57 | &nbsp;&nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.62 | &nbsp;&nbsp;&nbsp;&nbsp;11.88 |

---

**Performance**

Returns for the period ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns |
|  | *6-month* | *1 Year* | *5 Years* | *10 Years* |
| Trust at NAV<sup>(a)(b)</sup> | 2.66<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.20<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.64<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.88<br> % <br>|
| Trust at Market Price<sup>(a)(b)</sup> | 3.23 | &nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;12.29 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 |
| **Morningstar LSTA Leveraged Loan Index**<sup>(c)</sup> | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;&nbsp;&nbsp;5.15 |

---

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

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

<sup>(b)</sup> The Trust's premium to NAV widened during the period, which accounts for the difference between performance based on market price and performance based on NAV.

<sup>(c)</sup> An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%. 

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 leveraged loans made the largest contributions to absolute performance. In terms of credit tiers, B and BBs were the leading contributors. At the sector level, the largest contributions came from information technology, diversified manufacturing, and property and casualty.

At a time of strong returns for the broader market, no aspect of the Fund's positioning significantly detracted from absolute performance. With this said, an allocation to the construction machinery sector was a small detractor, as were risk management strategies.

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.

2025 BlackRock Semi-Annual Report to Shareholders

------

Trust Summary as of June 30, 2025(continued)

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

**Describe recent portfolio activity.**

The Fund increased its allocation to BBBs, B1, and B3 rated issues, and it reduced its positions in B2s and CCCs. Asset allocation was largely unchanged, aside from a modest increase in high yield and a small reduction in collateralized loan obligations.

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

**Describe portfolio positioning at period end.**

The Trust was overweight in BBBs, BBs, and B1s, and it was underweight in B2s, B3s, and bonds rated CCC and below. The top sector overweights included property and casualty, diversified manufacturing, and gaming. Healthcare, retailers, and home construction were among the largest underweights.

*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*<sup>(a)</sup> <br>|
| Floating Rate Loan Interests | 88.3<br> %<br>|
| Investment Companies | 8.1 |
| Corporate Bonds | 1.7 |
| Other\* | 1.9 |

---

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

---

| | |
|:---|:---|
| **CREDIT QUALITY ALLOCATION** | **CREDIT QUALITY ALLOCATION** |
| *Credit Rating*<sup>(b)</sup> <br>| *Percent of Total* <br>*Investments*<sup>(a)</sup> <br>|
| A | 0.1<br> %<br>|
| BBB/Baa | 8.3 |
| BB/Ba | 26.8 |
| B | 51.8 |
| CCC/Caa | 3.7 |
| N/R | 9.3 |

---

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

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

<sup>(b)</sup> 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. 

\* 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 (unaudited)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME <br> Term SOFR + 2.40%), 6.66%, 04/16/37<sup>(a)(b)</sup><br>| USD | 650 | &nbsp;&nbsp; $654054 |
| Apidos CLO XVIII-R<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2018-18A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.33%), 5.60%, 01/22/38<br>|  | 1295 | &nbsp;&nbsp; 1298247 |
| Series 2018-18A, Class BR2, (3-mo. CME Term <br> SOFR + 1.70%), 5.97%, 01/22/38<br>|  | 777 | &nbsp;&nbsp; 778642 |
| Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo. <br> CME Term SOFR + 3.21%), 7.48%, 04/20/31<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251442 |
| Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3-<br> mo. CME Term SOFR + 1.21%), 5.48%, <br> 10/20/30<sup>(a)(b)</sup><br>|  | 253 | &nbsp;&nbsp; 253446 |
| Assurant CLO I Ltd., Series 2017-1A, Class CR, (3-mo. <br> CME Term SOFR + 2.41%), 6.68%, 10/20/34<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 501530 |
| Bain Capital Credit CLO Ltd., Series 2021-3A, Class D, <br> (3-mo. CME Term SOFR + 3.36%), 7.64%, <br> 07/24/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 248233 |
| Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo. <br> CME Term SOFR + 1.70%), 6.03%, 01/20/38<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500723 |
| Benefit Street Partners CLO VIII Ltd., Series 2015-8A, <br> Class A2R, (3-mo. CME Term SOFR + 1.71%), <br> 5.98%, 01/20/31<sup>(a)(b)</sup><br>|  | 1500 | &nbsp;&nbsp; 1500468 |
| Birch Grove CLO Ltd., Series 2021-3A, Class D1R, <br> (3-mo. CME Term SOFR + 2.85%), 7.12%, <br> 01/19/38<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251431 |
| Bryant Park Funding Ltd., Series 2024-22A, Class C, <br> (3-mo. CME Term SOFR + 2.60%), 6.86%, <br> 04/15/37<sup>(a)(b)</sup><br>|  | 1200 | &nbsp;&nbsp; 1207856 |
| Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, <br> (3-mo. CME Term SOFR + 1.07%), 5.34%, <br> 07/18/34<sup>(a)(b)</sup><br>|  | 2500 | &nbsp;&nbsp; 2500193 |
| Canyon Capital CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2016-1A, Class CR, (3-mo. CME Term SOFR <br> + 2.16%), 6.42%, 07/15/31<br>|  | 250 | &nbsp;&nbsp; 250551 |
| Series 2021-2A, Class D, (3-mo. CME Term SOFR + <br> 3.61%), 7.87%, 04/15/34<br>|  | 500 | &nbsp;&nbsp; 498717 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. <br> CME Term SOFR + 1.02%), 5.29%, 04/20/32<sup>(a)(b)</sup><br>|  | 391 | &nbsp;&nbsp; 390257 |
| CarVal CLO VC Ltd., Series 2021-2A, Class D, (3-mo. <br> CME Term SOFR + 3.51%), 7.77%, 10/15/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 249032 |
| Cedar Funding XIV CLO Ltd., Series 2021-14A, <br> Class B1R, (3-mo. CME Term SOFR + 1.70%), <br> 5.96%, 10/15/37<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 501057 |
| Cedar Funding XV CLO Ltd., Series 2022-15A, <br> Class B, (3-mo. CME Term SOFR + 1.80%), 6.07%, <br> 04/20/35<sup>(a)(b)</sup><br>|  | 400 | &nbsp;&nbsp; 400545 |
| CIFC Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2013-1A, Class CR, (3-mo. CME Term SOFR <br> + 3.81%), 8.07%, 07/16/30<br>|  | 500 | &nbsp;&nbsp; 506461 |
| Series 2015-1A, Class ARR, (3-mo. CME Term <br> SOFR + 1.37%), 5.64%, 01/22/31<br>|  | 391 | &nbsp;&nbsp; 391507 |
| Series 2017-1A, Class CRR, (3-mo. CME Term <br> SOFR + 2.45%), 6.72%, 04/21/37<br>|  | 1000 | &nbsp;&nbsp; 1006255 |
| Series 2018-1A, Class A1R, (3-mo. CME Term <br> SOFR + 1.32%), 5.59%, 01/18/38<br>|  | 1036 | &nbsp;&nbsp; 1038590 |
| Series 2018-1A, Class BR, (3-mo. CME Term SOFR <br> + 1.70%), 5.97%, 01/18/38<br>|  | 1295 | &nbsp;&nbsp; 1296882 |
| Series 2019-1A, Class D1R2, (3-mo. CME Term <br> SOFR + 3.05%), 7.32%, 10/20/37<br>|  | 500 | &nbsp;&nbsp; 501218 |
| Series 2020-1A, Class DR, (3-mo. CME Term SOFR <br> + 3.36%), 7.62%, 07/15/36<br>|  | 500 | &nbsp;&nbsp; 502357 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Concord Music Royalties LLC, Series 2024-1A, <br> Class A, 5.64%, 10/20/74<sup>(b)</sup><br>| USD | 164 | &nbsp;&nbsp; $164432 |
| CWHEQ Revolving Home Equity Loan Trust, <br> Series 2006-I, Class 1A, (1 mo. Term SOFR + <br> 0.25%), 4.57%, 01/15/37<sup>(a)</sup><br>|  | 714 | &nbsp;&nbsp; 682848 |
| Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3-<br> mo. CME Term SOFR + 3.11%), 7.37%, <br> 10/15/30<sup>(a)(b)</sup><br>|  | 280 | &nbsp;&nbsp; 279989 |
| Dryden CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-53A, Class B, (3-mo. CME Term SOFR <br> + 1.66%), 5.92%, 01/15/31<br>|  | 1320 | &nbsp;&nbsp; 1319756 |
| Series 2018-64A, Class D, (3-mo. CME Term SOFR <br> + 2.91%), 7.18%, 04/18/31<br>|  | 1250 | &nbsp;&nbsp; 1245429 |
| Dryden Senior Loan Fund<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2015-37A, Class AR, (3-mo. CME Term <br> SOFR + 1.36%), 5.62%, 01/15/31<br>|  | 94 | &nbsp;&nbsp; 94429 |
| Series 2017-50A, Class B, (3-mo. CME Term SOFR <br> + 1.91%), 6.17%, 07/15/30<br>|  | 250 | &nbsp;&nbsp; 250667 |
| Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, <br> (3-mo. CME Term SOFR + 1.51%), 5.78%, <br> 01/20/30<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1000060 |
| EDvestinU Private Education Loan Issue No. 3 LLC, <br> Series 2021-A, Class B, 3.50%, 11/25/50<sup>(b)</sup><br>|  | 110 | &nbsp;&nbsp; 92188 |
| Elmwood CLO 21 Ltd., Series 2022-8A, Class CR, (3-<br> mo. CME Term SOFR + 2.70%), 6.97%, <br> 10/20/36<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 503298 |
| Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. <br> CME Term SOFR + 2.40%), 6.67%, 04/18/37<sup>(a)(b)</sup><br>|  | 1300 | &nbsp;&nbsp; 1308097 |
| Elmwood CLO VI Ltd., Series 2020-3A, Class BRR, <br> (3-mo. CME Term SOFR + 1.70%), 5.97%, <br> 07/18/37<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 251000 |
| Fairstone Financial Issuance Trust I, Series 2020-1A, <br> Class C, 5.16%, 10/20/39<sup>(b)</sup><br>| CAD | 170 | &nbsp;&nbsp; 122837 |
| Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3-<br> mo. CME Term SOFR + 2.01%), 6.28%, <br> 04/20/31<sup>(a)(b)</sup><br>| USD | 250 | &nbsp;&nbsp; 250559 |
| GoldenTree Loan Management U.S. CLO Ltd., <br> Series 2021-11A, Class AR, (3-mo. CME Term SOFR <br> + 1.08%), 5.35%, 10/20/34<sup>(a)(b)</sup><br>|  | 470 | &nbsp;&nbsp; 470337 |
| Golub Capital Partners CLO Ltd., Series 2021-55A, <br> Class E, (3-mo. CME Term SOFR + 6.82%), 11.09%, <br> 07/20/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250207 |
| Gracie Point International Funding LLC, Series 2023-<br> 1A, Class D, (90-day Avg SOFR + 4.50%), 8.85%, <br> 09/01/26<sup>(a)(b)</sup><br>|  | 162 | &nbsp;&nbsp; 161983 |
| GreenSky Home Improvement Issuer Trust, <br> Series 2024-2, Class C, 5.55%, 10/27/59<sup>(b)</sup><br>|  | 100 | &nbsp;&nbsp; 100889 |
| Huntington Bank Auto Credit-Linked Notes, <br> Series 2024-2, Class B1, 5.44%, 10/20/32<sup>(b)</sup><br>|  | 630 | &nbsp;&nbsp; 636025 |
| Long Beach Mortgage Loan Trust, Series 2006-8, <br> Class 2A4, (1 mo. Term SOFR + 0.59%), 4.91%, <br> 09/25/36<sup>(a)</sup><br>|  | 5775 | &nbsp;&nbsp; 1533908 |
| Madison Park Funding LIX Ltd., Series 2021-59A, <br> Class A1R, (3-mo. CME Term SOFR + 1.50%), <br> 5.77%, 04/18/37<sup>(a)(b)</sup><br>|  | 1300 | &nbsp;&nbsp; 1305229 |
| Madison Park Funding XLVIII Ltd., Series 2021-48A, <br> Class E, (3-mo. CME Term SOFR + 6.51%), 10.78%, <br> 04/19/33<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500370 |
| Madison Park Funding XXIII Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-23A, Class AR, (3-mo. CME Term <br> SOFR + 1.23%), 5.51%, 07/27/31<br>|  | 548 | &nbsp;&nbsp; 548764 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Madison Park Funding XXIII Ltd.<sup>(a)(b)</sup> (continued) |  |  |  |
| Series 2017-23A, Class CR, (3-mo. CME Term <br> SOFR + 2.26%), 6.54%, 07/27/31<br>| USD | 600 | &nbsp;&nbsp; $601330 |
| Madison Park Funding XXXVII Ltd., Series 2019-37A, <br> Class BR2, (3-mo. CME Term SOFR + 1.95%), <br> 6.21%, 04/15/37<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 1003573 |
| Madison Park Funding XXXVIII Ltd., Series 2021-38A, <br> Class C, (3-mo. CME Term SOFR + 2.16%), 6.44%, <br> 07/17/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250439 |
| Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, <br> (3-mo. CME Term SOFR + 3.91%), 8.18%, <br> 01/22/35<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 249159 |
| Navient Private Education Refi Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2019-D, Class A2A, 3.01%, 12/15/59 |  | 358 | &nbsp;&nbsp; 347751 |
| Series 2019-GA, Class A, 2.40%, 10/15/68 |  | 112 | &nbsp;&nbsp; 107626 |
| Series 2021-CA, Class A, 1.06%, 10/15/69 |  | 591 | &nbsp;&nbsp; 531916 |
| Series 2021-DA, Class C, 3.48%, 04/15/60 |  | 407 | &nbsp;&nbsp; 379688 |
| Series 2021-EA, Class A, 0.97%, 12/16/69 |  | 716 | &nbsp;&nbsp; 640354 |
| Series 2023-A, Class A, 5.51%, 10/15/71 |  | 128 | &nbsp;&nbsp; 130603 |
| Nelnet Student Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-A, Class D, 4.93%, 04/20/62 |  | 460 | &nbsp;&nbsp; 409796 |
| Series 2021-BA, Class B, 2.68%, 04/20/62 |  | 1983 | &nbsp;&nbsp; 1744818 |
| Series 2021-CA, Class AFL, (1 mo. Term SOFR + <br> 0.85%), 5.17%, 04/20/62<sup>(a)</sup><br>|  | 258 | &nbsp;&nbsp; 257062 |
| Neuberger Berman Loan Advisers CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-31A, Class AR2, (3-mo. CME Term <br> SOFR + 1.23%), 5.50%, 01/20/39<br>|  | 1615 | &nbsp;&nbsp; 1616211 |
| Series 2019-34A, Class BR, (3-mo. CME Term <br> SOFR + 1.75%), 6.02%, 01/20/35<br>|  | 400 | &nbsp;&nbsp; 400329 |
| OCP CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 16-11R, Class B1R2, (3-mo. CME Term <br> SOFR + 1.95%), 6.23%, 04/26/36<br>|  | 500 | &nbsp;&nbsp; 502064 |
| Series 2017-13A, Class AR2, (3-mo. CME Term <br> SOFR + 1.34%), 5.61%, 11/26/37<br>|  | 1000 | &nbsp;&nbsp; 1003763 |
| Series 2024-38A, Class A, (3-mo. CME Term SOFR <br> + 1.33%), 5.68%, 01/21/38<br>|  | 1000 | &nbsp;&nbsp; 1003015 |
| Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME <br> Term SOFR + 3.31%), 7.57%, 07/15/34<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 250161 |
| Octagon Investment Partners XV Ltd., Series 2013-1A, <br> Class A1RR, (3-mo. CME Term SOFR + 1.23%), <br> 5.50%, 07/19/30<sup>(a)(b)</sup><br>|  | 363 | &nbsp;&nbsp; 362986 |
| Octagon Investment Partners XVII Ltd., Series 2013-<br> 1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), <br> 5.94%, 01/25/31<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500066 |
| Octagon Investment Partners XXII Ltd., Series 2014-<br> 1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), <br> 7.28%, 01/22/30<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500812 |
| OZLM XXI Ltd., Series 2017-21A, Class C, (3-mo. CME <br> Term SOFR + 2.93%), 7.20%, 01/20/31<sup>(a)(b)</sup><br>|  | 1000 | &nbsp;&nbsp; 999293 |
| Palmer Square CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-3ARR, Class A1R2, (3-mo. CME Term <br> SOFR + 1.65%), 5.98%, 11/15/36<br>|  | 250 | &nbsp;&nbsp; 251026 |
| Series 2020-3ARR, Class A2R2, (3-mo. CME Term <br> SOFR + 2.30%), 6.63%, 11/15/36<br>|  | 250 | &nbsp;&nbsp; 251609 |
| Series 2024-4A, Class B, (3-mo. CME Term SOFR + <br> 1.65%), 5.98%, 01/15/38<br>|  | 920 | &nbsp;&nbsp; 922783 |
| Prodigy Finance DAC, Series 2021-1A, Class C, (1 mo. <br> Term SOFR + 3.86%), 8.18%, 07/25/51<sup>(a)(b)</sup><br>|  | 48 | &nbsp;&nbsp; 48728 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Regatta 30 Funding Ltd., Series 2024-4A, Class B, <br> (3-mo. CME Term SOFR + 1.65%), 5.96%, <br> 01/25/38<sup>(a)(b)</sup><br>| USD | 1700 | &nbsp;&nbsp; $1703727 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, <br> (3-mo. CME Term SOFR + 1.55%), 5.81%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 850 | &nbsp;&nbsp; 850718 |
| Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, <br> (3-mo. CME Term SOFR + 1.40%), 5.66%, <br> 01/15/38<sup>(a)(b)</sup><br>|  | 1709 | &nbsp;&nbsp; 1716595 |
| Romark CLO Ltd., Series 2017-1A, Class B, (3-mo. <br> CME Term SOFR + 2.41%), 6.69%, 10/23/30<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 501120 |
| Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-<br> mo. CME Term SOFR + 1.21%), 5.49%, <br> 10/26/34<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 499996 |
| SMB Private Education Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2019-A, Class A2A, 3.44%, 07/15/36 |  | 626 | &nbsp;&nbsp; 615956 |
| Series 2019-B, Class A2A, 2.84%, 06/15/37 |  | 140 | &nbsp;&nbsp; 137076 |
| Series 2021-A, Class A2B, 1.59%, 01/15/53 |  | 268 | &nbsp;&nbsp; 246466 |
| Series 2021-A, Class B, 2.31%, 01/15/53 |  | 157 | &nbsp;&nbsp; 152120 |
| Series 2021-C, Class C, 3.00%, 01/15/53 |  | 108 | &nbsp;&nbsp; 93761 |
| Series 2021-C, Class D, 3.93%, 01/15/53 |  | 53 | &nbsp;&nbsp; 47475 |
| Series 2021-D, Class A1A, 1.34%, 03/17/53 |  | 773 | &nbsp;&nbsp; 721595 |
| Series 2022-C, Class A1A, 4.48%, 05/16/50 |  | 257 | &nbsp;&nbsp; 255869 |
| Series 2023-B, Class A1B, (30-day Avg SOFR + <br> 1.80%), 6.10%, 10/16/56<sup>(a)</sup><br>|  | 172 | &nbsp;&nbsp; 174925 |
| Series 2023-C, Class A1A, 5.67%, 11/15/52 |  | 1197 | &nbsp;&nbsp; 1228727 |
| Sterling COOFS Trust<sup>(b)(c)</sup> <br>|  |  |  |
| Series 2004-1, Class A, 2.36%, 04/15/29 |  | 700 | &nbsp;&nbsp; — |
| Series 2004-2, Class Note, 2.08%, 03/30/30 |  | 286 | &nbsp;&nbsp; — |
| Structured Asset Securities Corp. Pass-Through <br> Certificates, Series 2002-AL1, Class A2, 3.45%, <br> 02/25/32<br>|  | 11 | &nbsp;&nbsp; 9557 |
| Subway Funding LLC, Series 2024-1A, Class A2I, <br> 6.03%, 07/30/54<sup>(b)</sup><br>|  | 294 | &nbsp;&nbsp; 298485 |
| Symphony CLO XXXII Ltd., Series 2022-32A, Class B, <br> (3-mo. CME Term SOFR + 1.85%), 6.13%, <br> 04/23/35<sup>(a)(b)</sup><br>|  | 600 | &nbsp;&nbsp; 600787 |
| TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, <br> (3-mo. CME Term SOFR + 1.19%), 5.45%, <br> 07/15/30<sup>(a)(b)</sup><br>|  | 229 | &nbsp;&nbsp; 229462 |
| Trestles CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-1A, Class CRR, (3-mo. CME Term <br> SOFR + 2.10%), 6.38%, 07/25/37<br>|  | 1750 | &nbsp;&nbsp; 1758129 |
| Series 2017-1A, Class D1RR, (3-mo. CME Term <br> SOFR + 3.15%), 7.43%, 07/25/37<br>|  | 250 | &nbsp;&nbsp; 249868 |
| Trimaran CAVU Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-2A, Class C, (3-mo. CME Term SOFR + <br> 4.98%), 9.25%, 11/26/32<br>|  | 500 | &nbsp;&nbsp; 500322 |
| Series 2021-2A, Class D1, (3-mo. CME Term SOFR <br> + 3.51%), 7.79%, 10/25/34<br>|  | 500 | &nbsp;&nbsp; 505416 |
| Series 2023-1, Class E, (3-mo. CME Term SOFR + <br> 8.94%), 13.21%, 07/20/36<br>|  | 500 | &nbsp;&nbsp; 501153 |
| Unique Pub Finance Co. PLC, Series 02, Class N, <br> 6.46%, 03/30/32<sup>(d)</sup><br>| GBP | 12 | &nbsp;&nbsp; 16660 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST4, <br> Class A, 5.50%, 08/16/32<sup>(b)</sup><br>| USD | 202 | &nbsp;&nbsp; 202000 |
| Voya CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2014-2A, Class A1RR, (3-mo. CME Term <br> SOFR + 1.28%), 5.56%, 04/17/30<br>|  | 1 | &nbsp;&nbsp; 1001 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Voya CLO Ltd.<sup>(a)(b)</sup> (continued) |  |  |  |
| Series 2017-2A, Class A2AR, (3-mo. CME Term <br> SOFR + 1.91%), 6.17%, 06/07/30<br>| USD | 250 | &nbsp;&nbsp; $251048 |
| Series 2018-2A, Class A2, (3-mo. CME Term SOFR <br> + 1.51%), 5.77%, 07/15/31<br>|  | 1000 | &nbsp;&nbsp; 1000451 |
| Warwick Capital CLO Ltd., Series 2024-5A, Class A1, <br> (3-mo. CME Term SOFR + 1.36%), 5.68%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 750 | &nbsp;&nbsp; 752186 |
| Whetstone Park CLO Ltd., Series 2021-1A, Class B1, <br> (3-mo. CME Term SOFR + 1.86%), 6.13%, <br> 01/20/35<sup>(a)(b)</sup><br>|  | 725 | &nbsp;&nbsp; 726111 |
| Whitebox CLO I Ltd., Series 2019-1A, Class D1RR, <br> (3-mo. CME Term SOFR + 3.10%), 7.38%, <br> 07/24/36<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 499164 |
| Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, <br> (3-mo. CME Term SOFR + 2.90%), 7.18%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 500337 |
| Whitebox CLO III Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-3A, Class DR, (3-mo. CME Term SOFR <br> + 2.85%), 7.11%, 10/15/35<br>|  | 250 | &nbsp;&nbsp; 249329 |
| Series 2021-3A, Class ER, (3-mo. CME Term SOFR <br> + 5.65%), 9.91%, 10/15/35<br>|  | 250 | &nbsp;&nbsp; 250334 |
| Wireless PropCo Funding LLC, Series 2025-1A, <br> Class B, 4.30%, 06/25/55<sup>(b)(c)</sup><br>|  | 725 | &nbsp;&nbsp; 680347 |
| **Total Asset-Backed Securities — 8.9%** <br>**(Cost: $65,539,830)** | **Total Asset-Backed Securities — 8.9%** <br>**(Cost: $65,539,830)** | **Total Asset-Backed Securities — 8.9%** <br>**(Cost: $65,539,830)** | &nbsp;&nbsp; 64548229 |

---

&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<sup>(c)(e)</sup> | 465 | &nbsp;&nbsp; 13020 |
| **Total Common Stocks — 0.0%** <br>**(Cost: $13,485)** | **Total Common Stocks — 0.0%** <br>**(Cost: $13,485)** | &nbsp;&nbsp; 13020 |

---

&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.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 08/15/27 | USD | 245 | &nbsp;&nbsp; 242213 |
| 7.75%, 04/15/28 |  | 237 | &nbsp;&nbsp; 223965 |
| 9.00%, 09/15/28<sup>(f)</sup> |  | 697 | &nbsp;&nbsp; 730333 |
| 7.50%, 06/01/29 |  | 752 | &nbsp;&nbsp; 695523 |
| 7.88%, 04/01/30<sup>(f)</sup> |  | 395 | &nbsp;&nbsp; 407736 |
| CMG Media Corp., 8.88%, 06/18/29<sup>(b)</sup> |  | 127 | &nbsp;&nbsp; 119718 |
| Interpublic Group of Cos., Inc., 5.40%, 10/01/48<sup>(f)</sup> |  | 500 | &nbsp;&nbsp; 464882 |
| Lamar Media Corp., 4.00%, 02/15/30 |  | 21 | &nbsp;&nbsp; 20061 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<sup>(b)</sup> |  | 321 | &nbsp;&nbsp; 312553 |
| Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 08/15/27 |  | 46 | &nbsp;&nbsp; 45770 |
| 4.25%, 01/15/29 |  | 264 | &nbsp;&nbsp; 252562 |
| 4.63%, 03/15/30 |  | 66 | &nbsp;&nbsp; 63037 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Advertising Agencies (continued)** | **Advertising Agencies (continued)** | **Advertising Agencies (continued)** | **Advertising Agencies (continued)** |
| Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<sup>(b)</sup> (continued)<br>|  |  |  |
| 7.38%, 02/15/31 | USD | 72 | &nbsp;&nbsp; $76228 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> |  | 69 | &nbsp;&nbsp; 66000 |
|  |  |  | &nbsp;&nbsp; 3720581 |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(b)</sup> |  | 236 | &nbsp;&nbsp; 244571 |
| Boeing Co. |  |  |  |
| 3.20%, 03/01/29 |  | 1840 | &nbsp;&nbsp; 1751488 |
| 2.95%, 02/01/30 |  | 800 | &nbsp;&nbsp; 741646 |
| 6.53%, 05/01/34 |  | 550 | &nbsp;&nbsp; 597591 |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 02/15/28 |  | 161 | &nbsp;&nbsp; 161969 |
| 7.50%, 02/01/29 |  | 3 | &nbsp;&nbsp; 3150 |
| 8.75%, 11/15/30 |  | 482 | &nbsp;&nbsp; 521803 |
| 7.25%, 07/01/31 |  | 100 | &nbsp;&nbsp; 104970 |
| 7.00%, 06/01/32 |  | 162 | &nbsp;&nbsp; 168704 |
| 6.75%, 06/15/33 |  | 109 | &nbsp;&nbsp; 112946 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br> 02/15/32<sup>(b)</sup><br>|  | 701 | &nbsp;&nbsp; 709767 |
| General Electric Co., 6.15%, 08/07/37 |  | 2150 | &nbsp;&nbsp; 2334010 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(b)</sup> |  | 109 | &nbsp;&nbsp; 110803 |
| L3Harris Technologies, Inc. |  |  |  |
| 2.90%, 12/15/29 |  | 1200 | &nbsp;&nbsp; 1126533 |
| 1.80%, 01/15/31 |  | 300 | &nbsp;&nbsp; 259492 |
| Lockheed Martin Corp., 3.80%, 03/01/45 |  | 800 | &nbsp;&nbsp; 630344 |
| Northrop Grumman Corp. |  |  |  |
| 4.70%, 03/15/33 |  | 400 | &nbsp;&nbsp; 398773 |
| 4.75%, 06/01/43 |  | 850 | &nbsp;&nbsp; 768770 |
| RTX Corp. |  |  |  |
| 2.38%, 03/15/32 |  | 1000 | &nbsp;&nbsp; 870114 |
| 5.15%, 02/27/33 |  | 900 | &nbsp;&nbsp; 919960 |
| 4.50%, 06/01/42 |  | 300 | &nbsp;&nbsp; 265537 |
| Spirit AeroSystems, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.38%, 11/30/29 |  | 363 | &nbsp;&nbsp; 385147 |
| 9.75%, 11/15/30 |  | 342 | &nbsp;&nbsp; 377175 |
| TransDigm, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 08/15/28 |  | 177 | &nbsp;&nbsp; 180742 |
| 6.38%, 03/01/29 |  | 647 | &nbsp;&nbsp; 663784 |
| 7.13%, 12/01/31 |  | 292 | &nbsp;&nbsp; 305934 |
| 6.63%, 03/01/32 |  | 1733 | &nbsp;&nbsp; 1794337 |
| 6.00%, 01/15/33 |  | 870 | &nbsp;&nbsp; 874727 |
| 6.38%, 05/31/33 |  | 1604 | &nbsp;&nbsp; 1605454 |
| Triumph Group, Inc., 9.00%, 03/15/28<sup>(b)</sup> |  | 428 | &nbsp;&nbsp; 447277 |
|  |  |  | &nbsp;&nbsp; 19437518 |
| **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 127 | &nbsp;&nbsp; 127528 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 60 | &nbsp;&nbsp; 63604 |
|  |  |  | &nbsp;&nbsp; 191132 |
| **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** | **Automobile Components — 0.5%** |
| Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49 |  | 465 | &nbsp;&nbsp; 398018 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 8.50%, 05/15/27<sup>(f)</sup> |  | 1204 | &nbsp;&nbsp; 1209274 |
| 6.75%, 05/15/28 |  | 525 | &nbsp;&nbsp; 538888 |
| 6.75%, 02/15/30 |  | 190 | &nbsp;&nbsp; 197560 |
| 4.75%, 06/15/31 | EUR | 105 | &nbsp;&nbsp; 124160 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 | USD | 46 | &nbsp;&nbsp; 45338 |
| 4.50%, 02/15/32 |  | 70 | &nbsp;&nbsp; 68426 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(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)** |
| Goodyear Tire & Rubber Co. |  |  |  |
| 6.63%, 07/15/30 | USD | 88 | &nbsp;&nbsp; $89763 |
| 5.25%, 04/30/31 |  | 6 | &nbsp;&nbsp; 5762 |
| 5.63%, 04/30/33 |  | 81 | &nbsp;&nbsp; 77554 |
| IHO Verwaltungs GmbH, (7.00% PIK), 7.00%, <br> 11/15/31<sup>(d)(g)</sup><br>| EUR | 100 | &nbsp;&nbsp; 124298 |
| Schaeffler AG, 4.25%, 04/01/28<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 118530 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> | USD | 185 | &nbsp;&nbsp; 182946 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118049 |
|  |  |  | &nbsp;&nbsp; 3298566 |
| **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** | **Automobiles — 0.9%** |
| Asbury Automotive Group, Inc., 4.50%, 03/01/28 | USD | 10 | &nbsp;&nbsp; 9863 |
| Carvana Co.<sup>(b)(g)</sup> <br>|  |  |  |
| (9.00% PIK), 9.00%, 06/01/30 |  | 343 | &nbsp;&nbsp; 360723 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 903 | &nbsp;&nbsp; 1022204 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(b)</sup> |  | 108 | &nbsp;&nbsp; 115115 |
| Ford Motor Co., 4.75%, 01/15/43 |  | 2000 | &nbsp;&nbsp; 1537888 |
| General Motors Co., 6.25%, 10/02/43 |  | 2506 | &nbsp;&nbsp; 2458076 |
| LCM Investments Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 05/01/29 |  | 55 | &nbsp;&nbsp; 53485 |
| 8.25%, 08/01/31 |  | 299 | &nbsp;&nbsp; 317892 |
| Nissan Motor Co. Ltd., 4.81%, 09/17/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 183484 |
| RCI Banque SA, (5-year EURIBOR ICE Swap + <br> 2.20%), 4.75%, 03/24/37<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118841 |
|  |  |  | &nbsp;&nbsp; 6177571 |
| **Banks — 5.0%** | **Banks — 5.0%** | **Banks — 5.0%** | **Banks — 5.0%** |
| Abanca Corp. Bancaria SA, (5-year EURIBOR ICE <br> Swap + 2.45%), 4.63%, 12/11/36<sup>(a)(d)</sup><br>|  | 100 | &nbsp;&nbsp; 120138 |
| Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), <br> 5.00%<sup>(a)(h)</sup><br>| USD | 500 | &nbsp;&nbsp; 498400 |
| Bank of America Corp., (3-mo. CME Term SOFR + <br> 1.57%), 4.27%, 07/23/29<sup>(a)</sup><br>|  | 4000 | &nbsp;&nbsp; 3986823 |
| Barclays PLC, (1-year CMT + 1.05%), 2.28%, <br> 11/24/27<sup>(a)(f)</sup><br>|  | 3000 | &nbsp;&nbsp; 2909174 |
| Citigroup, Inc., (1-day SOFR + 2.34%), 6.27%, <br> 11/17/33<sup>(a)(f)</sup><br>|  | 1567 | &nbsp;&nbsp; 1687302 |
| Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%, <br> 01/18/29<sup>(a)(f)</sup><br>|  | 850 | &nbsp;&nbsp; 892902 |
| Goldman Sachs Group, Inc., (3-mo. CME Term SOFR + <br> 1.56%), 4.22%, 05/01/29<sup>(a)(f)</sup><br>|  | 4000 | &nbsp;&nbsp; 3977198 |
| HSBC Holdings PLC, 6.10%, 01/14/42 |  | 610 | &nbsp;&nbsp; 645804 |
| JPMorgan Chase & Co.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.13%), 5.00%, 07/22/30 |  | 3000 | &nbsp;&nbsp; 3054787 |
| (1-day SOFR + 1.18%), 2.55%, 11/08/32 |  | 1000 | &nbsp;&nbsp; 880344 |
| (1-day SOFR + 1.62%), 5.34%, 01/23/35 |  | 540 | &nbsp;&nbsp; 552760 |
| (1-day SOFR + 2.08%), 4.91%, 07/25/33 |  | 1381 | &nbsp;&nbsp; 1388995 |
| (3-mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30 |  | 1000 | &nbsp;&nbsp; 973288 |
| (3-mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41 |  | 800 | &nbsp;&nbsp; 613151 |
| Morgan Stanley<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.26%), 5.66%, 04/18/30 |  | 3000 | &nbsp;&nbsp; 3116132 |
| (1-day SOFR + 1.73%), 5.12%, 02/01/29<sup>(f)</sup> |  | 3000 | &nbsp;&nbsp; 3052365 |
| (1-day SOFR + 1.73%), 5.47%, 01/18/35 |  | 600 | &nbsp;&nbsp; 613830 |
| (1-day SOFR + 1.88%), 5.42%, 07/21/34 |  | 735 | &nbsp;&nbsp; 752936 |
| NatWest Group PLC, (1-year CMT + 2.27%), 5.52%, <br> 09/30/28<sup>(a)</sup><br>|  | 1000 | &nbsp;&nbsp; 1021319 |
| Standard Chartered PLC, (5-year USD ICE Swap + <br> 1.97%), 4.87%, 03/15/33<sup>(a)(b)</sup><br>|  | 500 | &nbsp;&nbsp; 497500 |
| State Street Corp., Series I, (5-year CMT + 2.61%), <br> 6.70%<sup>(a)(h)</sup><br>|  | 77 | &nbsp;&nbsp; 80410 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| UBS AG/Stamford CT, 5.00%, 07/09/27 | USD | 900 | &nbsp;&nbsp; $913901 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<sup>(b)</sup> |  | 76 | &nbsp;&nbsp; 77994 |
| Wells Fargo & Co.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 1.78%), 5.50%, 01/23/35<sup>(f)</sup> |  | 1290 | &nbsp;&nbsp; 1322918 |
| (1-day SOFR + 2.02%), 5.39%, 04/24/34 |  | 1124 | &nbsp;&nbsp; 1150130 |
| (1-day SOFR + 2.53%), 3.07%, 04/30/41<sup>(f)</sup> |  | 2250 | &nbsp;&nbsp; 1700256 |
|  |  |  | &nbsp;&nbsp; 36480757 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Anheuser-Busch InBev Worldwide, Inc., 4.44%, <br> 10/06/48<br>|  | 4600 | &nbsp;&nbsp; 3911721 |
| Keurig Dr. Pepper, Inc., Series 31, 2.25%, 03/15/31 |  | 400 | &nbsp;&nbsp; 353067 |
|  |  |  | &nbsp;&nbsp; 4264788 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| Amgen, Inc. |  |  |  |
| 5.25%, 03/02/30 |  | 800 | &nbsp;&nbsp; 824305 |
| 4.20%, 03/01/33 |  | 1000 | &nbsp;&nbsp; 959824 |
| 5.25%, 03/02/33 |  | 600 | &nbsp;&nbsp; 614414 |
| 5.60%, 03/02/43 |  | 650 | &nbsp;&nbsp; 644809 |
| Baxalta, Inc., 5.25%, 06/23/45 |  | 500 | &nbsp;&nbsp; 466852 |
|  |  |  | &nbsp;&nbsp; 3510204 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/34 |  | 99 | &nbsp;&nbsp; 100888 |
| 6.75%, 05/15/35 |  | 91 | &nbsp;&nbsp; 93695 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<sup>(b)</sup> | EUR | 110 | &nbsp;&nbsp; 136103 |
| 6.38%, 12/15/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 123730 |
| 6.63%, 12/15/30<sup>(b)</sup> | USD | 956 | &nbsp;&nbsp; 977197 |
| 6.75%, 07/15/31<sup>(b)</sup> |  | 122 | &nbsp;&nbsp; 126269 |
| Jeld-Wen, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 12/15/27 |  | 39 | &nbsp;&nbsp; 36156 |
| 7.00%, 09/01/32 |  | 202 | &nbsp;&nbsp; 158156 |
| JH North America Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 01/31/31 |  | 127 | &nbsp;&nbsp; 128109 |
| 6.13%, 07/31/32 |  | 167 | &nbsp;&nbsp; 169773 |
| New Enterprise Stone & Lime Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/28 |  | 55 | &nbsp;&nbsp; 55146 |
| 9.75%, 07/15/28 |  | 89 | &nbsp;&nbsp; 89208 |
| Quikrete Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/32 |  | 857 | &nbsp;&nbsp; 881270 |
| 6.75%, 03/01/33 |  | 167 | &nbsp;&nbsp; 172315 |
| Smyrna Ready Mix Concrete LLC<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 11/01/28 |  | 191 | &nbsp;&nbsp; 190534 |
| 8.88%, 11/15/31 |  | 126 | &nbsp;&nbsp; 132106 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(b)</sup> |  | 292 | &nbsp;&nbsp; 299193 |
| Standard Industries, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/15/28 |  | 3 | &nbsp;&nbsp; 2967 |
| 4.38%, 07/15/30 |  | 170 | &nbsp;&nbsp; 160963 |
| 3.38%, 01/15/31 |  | 28 | &nbsp;&nbsp; 25110 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(b)</sup> |  | 194 | &nbsp;&nbsp; 176254 |
|  |  |  | &nbsp;&nbsp; 4235142 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| Foundation Building Materials, Inc., 6.00%, 03/01/29<sup>(b)</sup> |  | 9 | &nbsp;&nbsp; 8255 |
| GYP Holdings III Corp., 4.63%, 05/01/29<sup>(b)</sup> |  | 138 | &nbsp;&nbsp; 138321 |
| Home Depot, Inc., 5.88%, 12/16/36 |  | 1660 | &nbsp;&nbsp; 1780175 |
| Lowe's Cos., Inc. |  |  |  |
| 1.70%, 10/15/30 |  | 1600 | &nbsp;&nbsp; 1392782 |
| 5.00%, 04/15/33<sup>(f)</sup> |  | 1000 | &nbsp;&nbsp; 1010540 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** | **Building Products (continued)** |
| Lowe's Cos., Inc. (continued) |  |  |  |
| 3.70%, 04/15/46 | USD | 1000 | &nbsp;&nbsp; $743911 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(b)</sup> |  | 652 | &nbsp;&nbsp; 671692 |
| White Cap Buyer LLC, 6.88%, 10/15/28<sup>(b)</sup> |  | 1194 | &nbsp;&nbsp; 1192105 |
|  |  |  | &nbsp;&nbsp; 6937781 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| Apollo Debt Solutions BDC |  |  |  |
| 6.70%, 07/29/31 |  | 105 | &nbsp;&nbsp; 109109 |
| 6.55%, 03/15/32<sup>(b)</sup> |  | 24 | &nbsp;&nbsp; 24514 |
| Ares Capital Corp., 5.50%, 09/01/30 |  | 130 | &nbsp;&nbsp; 129596 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 40 | &nbsp;&nbsp; 39541 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 |  | 495 | &nbsp;&nbsp; 484037 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 311 | &nbsp;&nbsp; 314165 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 66 | &nbsp;&nbsp; 68565 |
| Blue Owl Credit Income Corp., 7.75%, 09/16/27 |  | 155 | &nbsp;&nbsp; 162584 |
| FMR LLC, 4.95%, 02/01/33<sup>(b)</sup> |  | 2300 | &nbsp;&nbsp; 2301411 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 167 | &nbsp;&nbsp; 170468 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, <br> 07/01/34<br>|  | 109 | &nbsp;&nbsp; 109007 |
| HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, <br> 06/15/27<sup>(b)</sup><br>|  | 130 | &nbsp;&nbsp; 135438 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 418 | &nbsp;&nbsp; 405013 |
| 9.75%, 01/15/29 |  | 110 | &nbsp;&nbsp; 106858 |
| 4.38%, 02/01/29 |  | 94 | &nbsp;&nbsp; 79014 |
| 10.00%, 11/15/29<sup>(b)</sup> |  | 165 | &nbsp;&nbsp; 163354 |
| Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(b)</sup><br>|  | 111 | &nbsp;&nbsp; 114131 |
| JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27<sup>(i)</sup> |  | 191 | &nbsp;&nbsp; 219841 |
| Raymond James Financial, Inc., 4.95%, 07/15/46 |  | 400 | &nbsp;&nbsp; 359422 |
| WOM Chile Holdco SpA, (5.00% PIK), 5.00%, <br> 04/01/32<sup>(b)(g)</sup><br>|  | 245 | &nbsp;&nbsp; 240107 |
|  |  |  | &nbsp;&nbsp; 5736175 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| Avient Corp., 6.25%, 11/01/31<sup>(b)</sup> |  | 94 | &nbsp;&nbsp; 94879 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br> 02/15/31<sup>(b)</sup><br>|  | 173 | &nbsp;&nbsp; 182392 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(b)</sup> |  | 198 | &nbsp;&nbsp; 187545 |
| Celanese U.S. Holdings LLC |  |  |  |
| 6.50%, 04/15/30 |  | 29 | &nbsp;&nbsp; 29685 |
| 6.75%, 04/15/33<sup>(f)</sup> |  | 95 | &nbsp;&nbsp; 95987 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 159 | &nbsp;&nbsp; 157578 |
| 5.75%, 11/15/28<sup>(b)</sup> |  | 354 | &nbsp;&nbsp; 331806 |
| 8.00%, 01/15/33<sup>(b)</sup> |  | 94 | &nbsp;&nbsp; 88022 |
| Element Solutions, Inc., 3.88%, 09/01/28<sup>(b)</sup> |  | 466 | &nbsp;&nbsp; 451924 |
| HB Fuller Co., 4.25%, 10/15/28 |  | 3 | &nbsp;&nbsp; 2906 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 179495 |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 118803 |
| Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), <br> 9.25%, 11/01/26<sup>(b)(g)</sup><br>| USD | 214 | &nbsp;&nbsp; 191466 |
| LYB International Finance III LLC, 6.15%, 05/15/35 |  | 40 | &nbsp;&nbsp; 41516 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<sup>(b)</sup> |  | 80 | &nbsp;&nbsp; 72486 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<sup>(b)</sup> |  | 117 | &nbsp;&nbsp; 116660 |
| OCP SA, 7.50%, 05/02/54<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 199294 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 9.63%, 11/15/28<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 123685 |
| 9.75%, 11/15/28<sup>(b)</sup> | USD | 363 | &nbsp;&nbsp; 382250 |
| 7.25%, 06/15/31<sup>(b)</sup> |  | 320 | &nbsp;&nbsp; 326400 |
| Orbia Advance Corp. SAB de C.V., 6.80%, 05/13/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 204900 |
| Sasol Financing USA LLC, 6.50%, 09/27/28 |  | 200 | &nbsp;&nbsp; 189800 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Sherwin-Williams Co., 3.80%, 08/15/49 | USD | 350 | &nbsp;&nbsp; $257322 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(b)</sup> |  | 192 | &nbsp;&nbsp; 185930 |
| WR Grace Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 06/15/27 |  | 115 | &nbsp;&nbsp; 114336 |
| 5.63%, 08/15/29<sup>(f)</sup> |  | 945 | &nbsp;&nbsp; 855401 |
| 7.38%, 03/01/31 |  | 152 | &nbsp;&nbsp; 155651 |
|  |  |  | &nbsp;&nbsp; 5338119 |
| **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** |
| ADT Security Corp., 4.88%, 07/15/32<sup>(b)</sup> |  | 39 | &nbsp;&nbsp; 37412 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |  |
| 5.38%, 05/21/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 120493 |
| 7.00%, 05/21/30<sup>(b)</sup> | USD | 452 | &nbsp;&nbsp; 461278 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)</sup> |  | 1750 | &nbsp;&nbsp; 1828211 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 06/01/29<sup>(f)</sup> |  | 898 | &nbsp;&nbsp; 873369 |
| 6.88%, 06/15/30 |  | 550 | &nbsp;&nbsp; 557460 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28<sup>(b)</sup><br>|  | 329 | &nbsp;&nbsp; 319351 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.82%, 05/01/30<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118726 |
| BCP V Modular Services Finance II PLC, 4.75%, <br> 11/30/28<sup>(d)</sup><br>|  | 100 | &nbsp;&nbsp; 115640 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(b)</sup> | USD | 218 | &nbsp;&nbsp; 219819 |
| Block, Inc. |  |  |  |
| 2.75%, 06/01/26 |  | 248 | &nbsp;&nbsp; 242800 |
| 3.50%, 06/01/31 |  | 23 | &nbsp;&nbsp; 21097 |
| 6.50%, 05/15/32<sup>(f)</sup> |  | 536 | &nbsp;&nbsp; 553004 |
| Boels Topholding BV, 5.75%, 05/15/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 122194 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 212303 |
| Brink's Co.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 06/15/29 |  | 85 | &nbsp;&nbsp; 87618 |
| 6.75%, 06/15/32 |  | 56 | &nbsp;&nbsp; 58318 |
| Clarivate Science Holdings Corp.<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 07/01/28 |  | 585 | &nbsp;&nbsp; 560737 |
| 4.88%, 07/01/29<sup>(f)</sup> |  | 230 | &nbsp;&nbsp; 216568 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(b)</sup> |  | 70 | &nbsp;&nbsp; 72245 |
| EquipmentShare.com, Inc., 8.00%, 03/15/33<sup>(b)</sup> |  | 73 | &nbsp;&nbsp; 76474 |
| Fortress Transportation and Infrastructure Investors <br> LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 05/01/28 |  | 9 | &nbsp;&nbsp; 8952 |
| 7.88%, 12/01/30 |  | 686 | &nbsp;&nbsp; 727855 |
| 7.00%, 05/01/31 |  | 193 | &nbsp;&nbsp; 199839 |
| 7.00%, 06/15/32 |  | 337 | &nbsp;&nbsp; 347962 |
| 5.88%, 04/15/33 |  | 154 | &nbsp;&nbsp; 152061 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 02/15/27 |  | 106 | &nbsp;&nbsp; 105343 |
| 7.75%, 02/15/28 |  | 108 | &nbsp;&nbsp; 111733 |
| 6.00%, 06/01/29 |  | 34 | &nbsp;&nbsp; 33186 |
| 8.25%, 08/01/32 |  | 268 | &nbsp;&nbsp; 275022 |
| 8.38%, 11/15/32 |  | 695 | &nbsp;&nbsp; 713910 |
| Herc Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 06/15/30 |  | 257 | &nbsp;&nbsp; 268400 |
| 7.25%, 06/15/33 |  | 104 | &nbsp;&nbsp; 108971 |
| Hertz Corp., 12.63%, 07/15/29<sup>(b)</sup> |  | 81 | &nbsp;&nbsp; 84706 |
| ITR Concession Co. LLC, 4.20%, 07/15/25<sup>(b)</sup> |  | 4000 | &nbsp;&nbsp; 3998472 |
| Moody's Corp., 2.75%, 08/19/41 |  | 350 | &nbsp;&nbsp; 247357 |
| Prime Security Services Borrower LLC/Prime Finance, <br> Inc., 6.25%, 01/15/28<sup>(b)(f)</sup><br>|  | 145 | &nbsp;&nbsp; 145227 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(b)</sup> |  | 56 | &nbsp;&nbsp; 56002 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(b)</sup> |  | 370 | &nbsp;&nbsp; 370000 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(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)** |
| Service Corp. International |  |  |  |
| 3.38%, 08/15/30 | USD | 5 | &nbsp;&nbsp; $4596 |
| 4.00%, 05/15/31 |  | 20 | &nbsp;&nbsp; 18714 |
| 5.75%, 10/15/32 |  | 428 | &nbsp;&nbsp; 432365 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 08/15/32 |  | 467 | &nbsp;&nbsp; 485012 |
| 5.50%, 05/15/33 | EUR | 145 | &nbsp;&nbsp; 176680 |
| Shift4 Payments, Inc., 0.00%, 12/15/25<sup>(i)(j)</sup> | USD | 112 | &nbsp;&nbsp; 141400 |
| Sotheby's, 7.38%, 10/15/27<sup>(b)(f)</sup> |  | 665 | &nbsp;&nbsp; 657345 |
| Techem Verwaltungsgesellschaft 674 mbH, 6.00%, <br> 07/30/26<sup>(d)</sup><br>| EUR | 88 | &nbsp;&nbsp; 103565 |
| Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26<sup>(b)</sup> | USD | 580 | &nbsp;&nbsp; 578467 |
| Trustees of Columbia University in the City of New <br> York, Series 2024, 4.36%, 10/01/35<br>|  | 1000 | &nbsp;&nbsp; 958540 |
| Verisure Holding AB, 9.25%, 10/15/27<sup>(d)</sup> | EUR | 80 | &nbsp;&nbsp; 98201 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(b)</sup> | USD | 91 | &nbsp;&nbsp; 98507 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(b)</sup> |  | 333 | &nbsp;&nbsp; 349959 |
| WEX, Inc., 6.50%, 03/15/33<sup>(b)</sup> |  | 263 | &nbsp;&nbsp; 265341 |
| Williams Scotsman, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/15/29 |  | 19 | &nbsp;&nbsp; 19504 |
| 6.63%, 04/15/30 |  | 163 | &nbsp;&nbsp; 169316 |
| 7.38%, 10/01/31 |  | 235 | &nbsp;&nbsp; 247361 |
|  |  |  | &nbsp;&nbsp; 19634988 |
| **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** |
| CommScope LLC |  |  |  |
| 4.75%, 09/01/29 |  | 510 | &nbsp;&nbsp; 497904 |
| 9.50%, 12/15/31 |  | 45 | &nbsp;&nbsp; 47125 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 26 | &nbsp;&nbsp; 24295 |
|  |  |  | &nbsp;&nbsp; 569324 |
| **Construction & Engineering**<sup>(b)</sup> **— 0.1%** | **Construction & Engineering**<sup>(b)</sup> **— 0.1%** | **Construction & Engineering**<sup>(b)</sup> **— 0.1%** | **Construction & Engineering**<sup>(b)</sup> **— 0.1%** |
| Arcosa, Inc. |  |  |  |
| 4.38%, 04/15/29 |  | 117 | &nbsp;&nbsp; 113179 |
| 6.88%, 08/15/32 |  | 15 | &nbsp;&nbsp; 15567 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30 |  | 675 | &nbsp;&nbsp; 622780 |
|  |  |  | &nbsp;&nbsp; 751526 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br> 8.38%, 06/15/35<sup>(a)(b)</sup><br>|  | 22 | &nbsp;&nbsp; 22151 |
| Capital One Financial Corp., (1-day SOFR + 2.60%), <br> 5.82%, 02/01/34<sup>(a)</sup><br>|  | 440 | &nbsp;&nbsp; 453913 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 100 | &nbsp;&nbsp; 110301 |
| 7.88%, 06/15/32 |  | 189 | &nbsp;&nbsp; 196560 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 01/15/28 |  | 26 | &nbsp;&nbsp; 26850 |
| 6.63%, 05/15/29 |  | 111 | &nbsp;&nbsp; 114003 |
| 5.38%, 11/15/29 |  | 17 | &nbsp;&nbsp; 16722 |
| 7.88%, 03/15/30 |  | 188 | &nbsp;&nbsp; 199763 |
| 4.00%, 09/15/30 |  | 71 | &nbsp;&nbsp; 65514 |
| 7.50%, 05/15/31 |  | 65 | &nbsp;&nbsp; 67915 |
| 7.13%, 11/15/31 |  | 56 | &nbsp;&nbsp; 58267 |
| 6.75%, 03/15/32 |  | 155 | &nbsp;&nbsp; 157915 |
| 7.13%, 09/15/32 |  | 297 | &nbsp;&nbsp; 307475 |
| SLM Corp., 6.50%, 01/31/30 |  | 32 | &nbsp;&nbsp; 33588 |
|  |  |  | &nbsp;&nbsp; 1830937 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| B&M European Value Retail SA, 6.50%, 11/27/31<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; $138160 |
| Walgreens Boots Alliance, Inc. |  |  |  |
| 8.13%, 08/15/29 | USD | 79 | &nbsp;&nbsp; 83786 |
| 4.80%, 11/18/44 |  | 140 | &nbsp;&nbsp; 133700 |
|  |  |  | &nbsp;&nbsp; 355646 |
| **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, 09/01/29<sup>(b)(f)</sup><br>|  | 1066 | &nbsp;&nbsp; 973127 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |  |
| 2.13%, 08/15/26<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 225513 |
| 4.13%, 08/15/26<sup>(b)</sup> | USD | 402 | &nbsp;&nbsp; 377426 |
| Ball Corp., 4.25%, 07/01/32 | EUR | 100 | &nbsp;&nbsp; 119346 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 04/15/29 | USD | 219 | &nbsp;&nbsp; 222172 |
| 6.88%, 01/15/30 |  | 157 | &nbsp;&nbsp; 160498 |
| 8.75%, 04/15/30<sup>(f)</sup> |  | 312 | &nbsp;&nbsp; 319121 |
| 6.75%, 04/15/32 |  | 626 | &nbsp;&nbsp; 642444 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(b)</sup> |  | 288 | &nbsp;&nbsp; 289968 |
| LABL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 11/01/28 |  | 32 | &nbsp;&nbsp; 27983 |
| 9.50%, 11/01/28 |  | 417 | &nbsp;&nbsp; 385466 |
| 8.63%, 10/01/31 |  | 132 | &nbsp;&nbsp; 112909 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 04/15/27<sup>(f)</sup> |  | 1850 | &nbsp;&nbsp; 1880325 |
| 9.25%, 04/15/27 |  | 100 | &nbsp;&nbsp; 99299 |
| OI European Group BV, 6.25%, 05/15/28<sup>(b)</sup> | EUR | 100 | &nbsp;&nbsp; 121623 |
| Owens-Brockway Glass Container, Inc., 6.63%, <br> 05/13/27<sup>(b)</sup><br>| USD | 27 | &nbsp;&nbsp; 27012 |
| Sealed Air Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 12/01/27 |  | 38 | &nbsp;&nbsp; 37087 |
| 5.00%, 04/15/29 |  | 38 | &nbsp;&nbsp; 37586 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br> 02/15/31<sup>(b)</sup><br>|  | 11 | &nbsp;&nbsp; 11577 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/28<sup>(b)</sup> |  | 23 | &nbsp;&nbsp; 24398 |
|  |  |  | &nbsp;&nbsp; 6094880 |
| **Diversified REITs — 1.2%** | **Diversified REITs — 1.2%** | **Diversified REITs — 1.2%** | **Diversified REITs — 1.2%** |
| American Tower Corp., 2.90%, 01/15/30<sup>(f)</sup> |  | 2500 | &nbsp;&nbsp; 2329555 |
| Crown Castle, Inc. |  |  |  |
| 4.90%, 09/01/29 |  | 750 | &nbsp;&nbsp; 756748 |
| 2.10%, 04/01/31 |  | 1000 | &nbsp;&nbsp; 857966 |
| 2.90%, 04/01/41 |  | 350 | &nbsp;&nbsp; 250311 |
| Digital Realty Trust LP, 1.88%, 11/15/29<sup>(b)(i)</sup> |  | 45 | &nbsp;&nbsp; 47313 |
| Equinix, Inc., 2.50%, 05/15/31 |  | 500 | &nbsp;&nbsp; 442991 |
| ERP Operating LP, 4.50%, 07/01/44 |  | 1155 | &nbsp;&nbsp; 1002381 |
| Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>|  | 54 | &nbsp;&nbsp; 51779 |
| Iron Mountain, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/30 |  | 13 | &nbsp;&nbsp; 12822 |
| 5.63%, 07/15/32 |  | 62 | &nbsp;&nbsp; 61507 |
| 6.25%, 01/15/33 |  | 165 | &nbsp;&nbsp; 169654 |
| Prologis LP, 4.63%, 01/15/33<sup>(f)</sup> |  | 1000 | &nbsp;&nbsp; 994969 |
| Rithm Capital Corp., 8.00%, 07/15/30<sup>(b)</sup> |  | 71 | &nbsp;&nbsp; 71355 |
| SBA Communications Corp., 3.13%, 02/01/29<sup>(f)</sup> |  | 198 | &nbsp;&nbsp; 187007 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<sup>(b)</sup><br>|  | 1146 | &nbsp;&nbsp; 1214809 |
|  |  |  | &nbsp;&nbsp; 8451167 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services — 2.9%** | **Diversified Telecommunication Services — 2.9%** | **Diversified Telecommunication Services — 2.9%** | **Diversified Telecommunication Services — 2.9%** |
| Altice Financing SA, 5.75%, 08/15/29<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; $146036 |
| AT&T, Inc. |  |  |  |
| 5.40%, 02/15/34 |  | 560 | &nbsp;&nbsp; 575973 |
| 6.00%, 08/15/40 |  | 520 | &nbsp;&nbsp; 540049 |
| 6.38%, 03/01/41 |  | 1200 | &nbsp;&nbsp; 1276935 |
| 5.45%, 03/01/47 |  | 1500 | &nbsp;&nbsp; 1425935 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)</sup><br>|  | 220 | &nbsp;&nbsp; 221128 |
| Corning, Inc., 4.38%, 11/15/57 |  | 2000 | &nbsp;&nbsp; 1604804 |
| EchoStar Corp. |  |  |  |
| (6.75% PIK), 6.75%, 11/30/30<sup>(g)</sup> |  | 1279 | &nbsp;&nbsp; 1167105 |
| 10.75%, 11/30/29 |  | 704 | &nbsp;&nbsp; 724608 |
| eircom Finance DAC, Series JUL, 04/30/31<sup>(d)(k)</sup> | EUR | 100 | &nbsp;&nbsp; 118090 |
| Eutelsat SA, 9.75%, 04/13/29<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 126977 |
| Fibercop SpA |  |  |  |
| 4.75%, 06/30/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 118549 |
| 5.13%, 06/30/32<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117960 |
| 6.00%, 09/30/34<sup>(b)</sup> | USD | 200 | &nbsp;&nbsp; 187168 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.00%, 05/01/28<sup>(b)</sup> |  | 293 | &nbsp;&nbsp; 292877 |
| 6.75%, 05/01/29<sup>(b)</sup> |  | 59 | &nbsp;&nbsp; 59771 |
| 5.88%, 11/01/29 |  | 94 | &nbsp;&nbsp; 94944 |
| 6.00%, 01/15/30<sup>(b)</sup> |  | 130 | &nbsp;&nbsp; 131677 |
| 8.75%, 05/15/30<sup>(b)</sup> |  | 1093 | &nbsp;&nbsp; 1143137 |
| 8.63%, 03/15/31<sup>(b)</sup> |  | 198 | &nbsp;&nbsp; 210377 |
| Iliad Holding SASU |  |  |  |
| 5.38%, 04/15/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 120976 |
| 8.50%, 04/15/31<sup>(b)</sup> | USD | 400 | &nbsp;&nbsp; 427850 |
| 7.00%, 04/15/32<sup>(b)</sup> |  | 322 | &nbsp;&nbsp; 329915 |
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30<sup>(b)</sup> |  | 31 | &nbsp;&nbsp; 31611 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 119417 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.63%, 01/15/29 | USD | 33 | &nbsp;&nbsp; 28215 |
| 4.88%, 06/15/29<sup>(f)</sup> |  | 583 | &nbsp;&nbsp; 543909 |
| 11.00%, 11/15/29 |  | 755 | &nbsp;&nbsp; 866566 |
| 4.50%, 04/01/30 |  | 190 | &nbsp;&nbsp; 171968 |
| 3.88%, 10/15/30 |  | 60 | &nbsp;&nbsp; 52050 |
| 10.75%, 12/15/30 |  | 275 | &nbsp;&nbsp; 312162 |
| 4.00%, 04/15/31 |  | 8 | &nbsp;&nbsp; 6778 |
| 6.88%, 06/30/33 |  | 1137 | &nbsp;&nbsp; 1156924 |
| Lorca Telecom Bondco SA, 5.75%, 04/30/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 122989 |
| Lumen Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 04/15/30 | USD | 139 | &nbsp;&nbsp; 135761 |
| 10.00%, 10/15/32 |  | 116 | &nbsp;&nbsp; 118279 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(b)</sup> |  | 260 | &nbsp;&nbsp; 260731 |
| SoftBank Group Corp.<sup>(d)</sup> <br>|  |  |  |
| 2.88%, 01/06/27 | EUR | 100 | &nbsp;&nbsp; 115996 |
| 3.88%, 07/06/32 |  | 100 | &nbsp;&nbsp; 106899 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 196 | &nbsp;&nbsp; 211198 |
| Verizon Communications, Inc., 3.85%, 11/01/42 |  | 5000 | &nbsp;&nbsp; 3990089 |
| Windstream Escrow LLC/Windstream Escrow Finance <br> Corp., 8.25%, 10/01/31<sup>(b)</sup><br>|  | 913 | &nbsp;&nbsp; 956172 |
| Zayo Group Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 03/01/27 |  | 434 | &nbsp;&nbsp; 406995 |
| 6.13%, 03/01/28 |  | 264 | &nbsp;&nbsp; 227825 |
|  |  |  | &nbsp;&nbsp; 21105375 |
| **Electric Utilities — 3.7%** | **Electric Utilities — 3.7%** | **Electric Utilities — 3.7%** | **Electric Utilities — 3.7%** |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> |  | 181 | &nbsp;&nbsp; 186583 |
| American Electric Power Co., Inc., 5.63%, 03/01/33<sup>(f)</sup> |  | 3000 | &nbsp;&nbsp; 3118625 |
| Baltimore Gas and Electric Co. |  |  |  |
| 3.50%, 08/15/46 |  | 800 | &nbsp;&nbsp; 587031 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Baltimore Gas and Electric Co. (continued) |  |  |  |
| 3.75%, 08/15/47 | USD | 500 | &nbsp;&nbsp; $378759 |
| California Buyer Ltd./Atlantica Sustainable <br> Infrastructure PLC, 6.38%, 02/15/32<sup>(b)</sup><br>|  | 150 | &nbsp;&nbsp; 150244 |
| CenterPoint Energy Houston Electric LLC, Series AI, <br> 4.45%, 10/01/32<br>|  | 750 | &nbsp;&nbsp; 734292 |
| Cleveland Electric Illuminating Co., 5.95%, 12/15/36 |  | 434 | &nbsp;&nbsp; 452177 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 206072 |
| Duke Energy Carolinas LLC, 6.10%, 06/01/37 |  | 640 | &nbsp;&nbsp; 680898 |
| Duke Energy Florida LLC, 5.65%, 04/01/40 |  | 770 | &nbsp;&nbsp; 789492 |
| E.ON International Finance BV, 6.65%, 04/30/38<sup>(b)</sup> |  | 2000 | &nbsp;&nbsp; 2206744 |
| Edison International, Series A, (5-year CMT + 4.70%), <br> 5.38%<sup>(a)(h)</sup><br>|  | 3020 | &nbsp;&nbsp; 2843395 |
| Electricite de France SA, 5.60%, 01/27/40<sup>(b)</sup> |  | 2800 | &nbsp;&nbsp; 2742084 |
| Eversource Energy, 2.55%, 03/15/31 |  | 350 | &nbsp;&nbsp; 311129 |
| Minejesa Capital BV, 5.63%, 08/10/37<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 191375 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 390 | &nbsp;&nbsp; 380686 |
| Oncor Electric Delivery Co. LLC |  |  |  |
| 4.15%, 06/01/32 |  | 1000 | &nbsp;&nbsp; 964959 |
| 4.55%, 09/15/32 |  | 1000 | &nbsp;&nbsp; 987358 |
| Pampa Energia SA, 7.88%, 12/16/34<sup>(b)</sup> |  | 24 | &nbsp;&nbsp; 23943 |
| Pike Corp., 8.63%, 01/31/31<sup>(b)</sup> |  | 57 | &nbsp;&nbsp; 61992 |
| San Diego Gas & Electric Co. |  |  |  |
| 4.95%, 08/15/28 |  | 1565 | &nbsp;&nbsp; 1597860 |
| Series VVV, 1.70%, 10/01/30 |  | 750 | &nbsp;&nbsp; 652805 |
| Southern California Edison Co., Series 2005-E, 5.35%, <br> 07/15/35<br>|  | 1300 | &nbsp;&nbsp; 1266220 |
| Star Energy Geothermal Wayang Windu Ltd., 6.75%, <br> 04/24/33<sup>(d)</sup><br>|  | 178 | &nbsp;&nbsp; 181307 |
| Virginia Electric and Power Co., 6.35%, 11/30/37 |  | 3920 | &nbsp;&nbsp; 4217077 |
| Vistra Operations Co. LLC<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 10/15/31 |  | 144 | &nbsp;&nbsp; 153049 |
| 6.88%, 04/15/32 |  | 220 | &nbsp;&nbsp; 230006 |
| XPLR Infrastructure Operating Partners LP<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 10/15/26 |  | 41 | &nbsp;&nbsp; 40057 |
| 8.38%, 01/15/31 |  | 494 | &nbsp;&nbsp; 527643 |
|  |  |  | &nbsp;&nbsp; 26863862 |
| **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.1%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.1%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.1%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.1%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(f)</sup> |  | 121 | &nbsp;&nbsp; 118838 |
| Imola Merger Corp., 4.75%, 05/15/29 |  | 40 | &nbsp;&nbsp; 38620 |
| Sensata Technologies, Inc., 3.75%, 02/15/31 |  | 529 | &nbsp;&nbsp; 482195 |
| WESCO Distribution, Inc. |  |  |  |
| 6.63%, 03/15/32 |  | 111 | &nbsp;&nbsp; 115348 |
| 6.38%, 03/15/33 |  | 137 | &nbsp;&nbsp; 141601 |
| Xerox Corp., 10.25%, 10/15/30 |  | 62 | &nbsp;&nbsp; 64910 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 77 | &nbsp;&nbsp; 79177 |
|  |  |  | &nbsp;&nbsp; 1040689 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Archrock Partners LP/Archrock Partners Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/01/27 |  | 79 | &nbsp;&nbsp; 79081 |
| 6.63%, 09/01/32 |  | 157 | &nbsp;&nbsp; 159957 |
| Halliburton Co., 4.75%, 08/01/43 |  | 500 | &nbsp;&nbsp; 433566 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(b)</sup> |  | 385 | &nbsp;&nbsp; 398248 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 45 | &nbsp;&nbsp; 45371 |
| Star Holding LLC, 8.75%, 08/01/31<sup>(b)</sup> |  | 138 | &nbsp;&nbsp; 130047 |
| Tidewater, Inc., 07/15/30<sup>(b)(k)</sup> |  | 109 | &nbsp;&nbsp; 112146 |
| USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(b)</sup><br>|  | 134 | &nbsp;&nbsp; 137341 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(b)</sup> |  | 329 | &nbsp;&nbsp; 339109 |
|  |  |  | &nbsp;&nbsp; 1834866 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment**<sup>(b)</sup> **— 0.5%** | **Entertainment**<sup>(b)</sup> **— 0.5%** | **Entertainment**<sup>(b)</sup> **— 0.5%** | **Entertainment**<sup>(b)</sup> **— 0.5%** |
| Boyne USA, Inc., 4.75%, 05/15/29 | USD | 47 | &nbsp;&nbsp; $45606 |
| Caesars Entertainment, Inc. |  |  |  |
| 4.63%, 10/15/29 |  | 2 | &nbsp;&nbsp; 1909 |
| 7.00%, 02/15/30 |  | 481 | &nbsp;&nbsp; 498115 |
| 6.50%, 02/15/32<sup>(f)</sup> |  | 166 | &nbsp;&nbsp; 170335 |
| Churchill Downs, Inc. |  |  |  |
| 4.75%, 01/15/28 |  | 35 | &nbsp;&nbsp; 34549 |
| 5.75%, 04/01/30 |  | 149 | &nbsp;&nbsp; 149486 |
| 6.75%, 05/01/31 |  | 223 | &nbsp;&nbsp; 229204 |
| Cinemark USA, Inc., 7.00%, 08/01/32 |  | 41 | &nbsp;&nbsp; 42565 |
| Flutter Treasury DAC, 5.88%, 06/04/31 |  | 464 | &nbsp;&nbsp; 467480 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<br>|  | 215 | &nbsp;&nbsp; 210446 |
| Light & Wonder International, Inc. |  |  |  |
| 7.25%, 11/15/29 |  | 96 | &nbsp;&nbsp; 98905 |
| 7.50%, 09/01/31 |  | 63 | &nbsp;&nbsp; 65924 |
| Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 |  | 155 | &nbsp;&nbsp; 134706 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27 |  | 42 | &nbsp;&nbsp; 41543 |
| Merlin Entertainments Group U.S. Holdings, Inc., <br> 7.38%, 02/15/31<br>|  | 200 | &nbsp;&nbsp; 178723 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<br>|  | 133 | &nbsp;&nbsp; 137284 |
| Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp.<br>|  |  |  |
| 5.63%, 09/01/29 |  | 63 | &nbsp;&nbsp; 36067 |
| 5.88%, 09/01/31 |  | 107 | &nbsp;&nbsp; 58582 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<br>|  | 88 | &nbsp;&nbsp; 88114 |
| Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo, Inc., 6.63%, 03/01/30<br>|  | 157 | &nbsp;&nbsp; 151294 |
| Six Flags Entertainment Corp. /Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co., 6.63%, 05/01/32<br>|  | 160 | &nbsp;&nbsp; 165030 |
| Vail Resorts, Inc., 6.50%, 05/15/32 |  | 193 | &nbsp;&nbsp; 199417 |
| Voyager Parent LLC, 9.25%, 07/01/32 |  | 229 | &nbsp;&nbsp; 238258 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp.<br>|  |  |  |
| 5.13%, 10/01/29 |  | 139 | &nbsp;&nbsp; 137997 |
| 7.13%, 02/15/31<sup>(f)</sup> |  | 129 | &nbsp;&nbsp; 137573 |
| 6.25%, 03/15/33 |  | 242 | &nbsp;&nbsp; 243552 |
|  |  |  | &nbsp;&nbsp; 3962664 |
| **Environmental, Maintenance & Security Service — 0.3%** | **Environmental, Maintenance & Security Service — 0.3%** | **Environmental, Maintenance & Security Service — 0.3%** | **Environmental, Maintenance & Security Service — 0.3%** |
| Clean Harbors, Inc., 6.38%, 02/01/31<sup>(b)</sup> |  | 6 | &nbsp;&nbsp; 6147 |
| GFL Environmental, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 08/01/28 |  | 269 | &nbsp;&nbsp; 260910 |
| 4.75%, 06/15/29 |  | 148 | &nbsp;&nbsp; 146027 |
| 6.75%, 01/15/31 |  | 123 | &nbsp;&nbsp; 128710 |
| Madison IAQ LLC<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 06/30/28 |  | 172 | &nbsp;&nbsp; 167093 |
| 5.88%, 06/30/29<sup>(f)</sup> |  | 351 | &nbsp;&nbsp; 345305 |
| Reworld Holding Corp. |  |  |  |
| 4.88%, 12/01/29<sup>(b)</sup> |  | 92 | &nbsp;&nbsp; 87524 |
| 5.00%, 09/01/30 |  | 48 | &nbsp;&nbsp; 45367 |
| Waste Management, Inc., 2.95%, 06/01/41 |  | 350 | &nbsp;&nbsp; 259183 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<sup>(b)</sup> |  | 631 | &nbsp;&nbsp; 655052 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(b)</sup> |  | 86 | &nbsp;&nbsp; 89531 |
|  |  |  | &nbsp;&nbsp; 2190849 |
| **Financial Services — 0.8%** | **Financial Services — 0.8%** | **Financial Services — 0.8%** | **Financial Services — 0.8%** |
| Ally Financial, Inc., (1-day SOFR Index + 1.96%), <br> 5.74%, 05/15/29<sup>(a)</sup><br>|  | 35 | &nbsp;&nbsp; 35623 |
| Azorra Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 04/15/30 |  | 92 | &nbsp;&nbsp; 95507 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Azorra Finance Ltd.<sup>(b)</sup> (continued) |  |  |  |
| 01/15/31<sup>(k)</sup> | USD | 145 | &nbsp;&nbsp; $148034 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 9.25%, 02/01/29 |  | 98 | &nbsp;&nbsp; 101791 |
| 9.13%, 05/15/31 |  | 162 | &nbsp;&nbsp; 166987 |
| 8.38%, 04/01/32 |  | 103 | &nbsp;&nbsp; 104110 |
| GGAM Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 05/15/26 |  | 30 | &nbsp;&nbsp; 30307 |
| 8.00%, 02/15/27 |  | 242 | &nbsp;&nbsp; 249512 |
| 8.00%, 06/15/28 |  | 113 | &nbsp;&nbsp; 119522 |
| 6.88%, 04/15/29 |  | 86 | &nbsp;&nbsp; 88909 |
| 5.88%, 03/15/30 |  | 72 | &nbsp;&nbsp; 72511 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<sup>(b)</sup> |  | 186 | &nbsp;&nbsp; 190882 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, <br> 08/15/28<sup>(b)</sup><br>|  | 220 | &nbsp;&nbsp; 212669 |
| Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/31<sup>(b)</sup> |  | 95 | &nbsp;&nbsp; 100540 |
| Midcap Financial Issuer Trust<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 05/01/28 |  | 200 | &nbsp;&nbsp; 198110 |
| 5.63%, 01/15/30 |  | 200 | &nbsp;&nbsp; 184750 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 08/01/29 |  | 174 | &nbsp;&nbsp; 177733 |
| 5.13%, 12/15/30 |  | 87 | &nbsp;&nbsp; 88051 |
| 5.75%, 11/15/31 |  | 71 | &nbsp;&nbsp; 72107 |
| 7.13%, 02/01/32 |  | 472 | &nbsp;&nbsp; 490264 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 12/15/29 |  | 139 | &nbsp;&nbsp; 147602 |
| 7.13%, 11/15/30 |  | 149 | &nbsp;&nbsp; 154421 |
| 6.88%, 05/15/32 |  | 263 | &nbsp;&nbsp; 268910 |
| 6.88%, 02/15/33 |  | 104 | &nbsp;&nbsp; 106600 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(b)</sup> |  | 313 | &nbsp;&nbsp; 324186 |
| Rocket Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 08/01/30 |  | 767 | &nbsp;&nbsp; 781596 |
| 6.38%, 08/01/33 |  | 668 | &nbsp;&nbsp; 683498 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 2.88%, 10/15/26<sup>(f)</sup> |  | 200 | &nbsp;&nbsp; 195054 |
| 3.88%, 03/01/31 |  | 29 | &nbsp;&nbsp; 26883 |
| 4.00%, 10/15/33 |  | 64 | &nbsp;&nbsp; 57259 |
| Stena International SA, 7.25%, 01/15/31<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 200620 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> |  | 159 | &nbsp;&nbsp; 159164 |
|  |  |  | &nbsp;&nbsp; 6033712 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<sup>(b)</sup> <br>|  |  |  |
| 3.25%, 03/15/26 |  | 34 | &nbsp;&nbsp; 33532 |
| 5.88%, 02/15/28 |  | 62 | &nbsp;&nbsp; 61938 |
| 3.50%, 03/15/29 |  | 32 | &nbsp;&nbsp; 30316 |
| 4.88%, 02/15/30 |  | 52 | &nbsp;&nbsp; 51117 |
| 6.25%, 03/15/33 |  | 118 | &nbsp;&nbsp; 121637 |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)</sup> |  | 122 | &nbsp;&nbsp; 121509 |
| B&G Foods, Inc., 8.00%, 09/15/28<sup>(b)</sup> |  | 48 | &nbsp;&nbsp; 46214 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br> 8.75%, 10/01/29<sup>(b)(g)</sup><br>|  | 608 | &nbsp;&nbsp; 650512 |
| Chobani LLC/Chobani Finance Corp., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 11/15/28 |  | 345 | &nbsp;&nbsp; 338614 |
| 7.63%, 07/01/29 |  | 934 | &nbsp;&nbsp; 973286 |
| Darling Global Finance BV |  |  |  |
| 4.50%, 07/15/32<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 119219 |
| 4.50%, 07/15/32<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 119219 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(b)</sup> | USD | 27 | &nbsp;&nbsp; 27357 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Fiesta Purchaser, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 03/01/31 | USD | 15 | &nbsp;&nbsp; $15918 |
| 9.63%, 09/15/32 |  | 48 | &nbsp;&nbsp; 50648 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(b)</sup><br>|  | 86 | &nbsp;&nbsp; 89066 |
| Kraft Heinz Foods Co. |  |  |  |
| 5.00%, 06/04/42 |  | 500 | &nbsp;&nbsp; 450990 |
| 4.38%, 06/01/46 |  | 200 | &nbsp;&nbsp; 161806 |
| Lamb Weston Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 01/31/30 |  | 90 | &nbsp;&nbsp; 85824 |
| 4.38%, 01/31/32 |  | 110 | &nbsp;&nbsp; 103015 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), <br> 5.56%, 07/01/29<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118330 |
| Market Bidco Finco PLC, 4.75%, 11/04/27<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 117188 |
| Ocado Group PLC, Series ., 11.00%, 06/15/30<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 133509 |
| Performance Food Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 08/01/29 | USD | 34 | &nbsp;&nbsp; 32784 |
| 6.13%, 09/15/32 |  | 223 | &nbsp;&nbsp; 228114 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 04/15/30 |  | 67 | &nbsp;&nbsp; 64403 |
| 4.50%, 09/15/31 |  | 9 | &nbsp;&nbsp; 8354 |
| 6.25%, 02/15/32 |  | 118 | &nbsp;&nbsp; 121267 |
| 6.38%, 03/01/33 |  | 235 | &nbsp;&nbsp; 237143 |
| 6.25%, 10/15/34 |  | 133 | &nbsp;&nbsp; 133755 |
| U.S. Foods, Inc., 7.25%, 01/15/32<sup>(b)</sup> |  | 164 | &nbsp;&nbsp; 172699 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> |  | 135 | &nbsp;&nbsp; 133240 |
|  |  |  | &nbsp;&nbsp; 5152523 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.50%, 06/01/30<sup>(b)</sup><br>|  | 106 | &nbsp;&nbsp; 109973 |
| KeySpan Gas East Corp., 5.82%, 04/01/41<sup>(b)</sup> |  | 1010 | &nbsp;&nbsp; 973516 |
| NiSource, Inc., 1.70%, 02/15/31 |  | 400 | &nbsp;&nbsp; 342473 |
| Piedmont Natural Gas Co., Inc., 5.10%, 02/15/35 |  | 4450 | &nbsp;&nbsp; 4469016 |
| Venture Global Plaque |  |  |  |
| 6.50%, 01/15/34 |  | 530 | &nbsp;&nbsp; 530000 |
| 6.75%, 01/15/36 |  | 552 | &nbsp;&nbsp; 552000 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup> <br>|  |  |  |
| 7.50%, 05/01/33 |  | 241 | &nbsp;&nbsp; 258068 |
| 7.75%, 05/01/35 |  | 240 | &nbsp;&nbsp; 259781 |
|  |  |  | &nbsp;&nbsp; 7494827 |
| **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
| Burlington Northern Santa Fe LLC, 5.05%, 03/01/41 |  | 1890 | &nbsp;&nbsp; 1811614 |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<sup>(b)</sup> |  | 140 | &nbsp;&nbsp; 142852 |
| Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34<sup>(b)(f)</sup> |  | 1988 | &nbsp;&nbsp; 2016134 |
| Norfolk Southern Corp., 5.05%, 08/01/30 |  | 1800 | &nbsp;&nbsp; 1859287 |
| Union Pacific Corp. |  |  |  |
| 3.38%, 02/14/42 |  | 350 | &nbsp;&nbsp; 271741 |
| 3.55%, 05/20/61 |  | 800 | &nbsp;&nbsp; 536312 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, <br> 08/01/32<sup>(b)</sup><br>|  | 75 | &nbsp;&nbsp; 78399 |
|  |  |  | &nbsp;&nbsp; 6716339 |
| **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. |  |  |  |
| 2.63%, 11/01/25<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 117559 |
| 4.63%, 07/15/28<sup>(b)</sup> | USD | 115 | &nbsp;&nbsp; 112925 |
| 3.88%, 11/01/29<sup>(b)</sup> |  | 17 | &nbsp;&nbsp; 16096 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 958 | &nbsp;&nbsp; 999913 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> |  | 125 | &nbsp;&nbsp; 130323 |
| Medline Borrower LP<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 04/01/29 |  | 67 | &nbsp;&nbsp; 64269 |
| 5.25%, 10/01/29 |  | 828 | &nbsp;&nbsp; 821546 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(b)</sup><br>| USD | 334 | &nbsp;&nbsp; $343113 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(b)</sup> |  | 128 | &nbsp;&nbsp; 132395 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(b)</sup> |  | 105 | &nbsp;&nbsp; 109247 |
| Thermo Fisher Scientific, Inc. |  |  |  |
| 5.09%, 08/10/33 |  | 495 | &nbsp;&nbsp; 506661 |
| 2.80%, 10/15/41 |  | 1000 | &nbsp;&nbsp; 717630 |
|  |  |  | &nbsp;&nbsp; 4071677 |
| **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(b)</sup> |  | 64 | &nbsp;&nbsp; 65935 |
| Aetna, Inc., 4.50%, 05/15/42 |  | 575 | &nbsp;&nbsp; 470431 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> |  | 153 | &nbsp;&nbsp; 149200 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 03/15/27<sup>(f)</sup> |  | 227 | &nbsp;&nbsp; 223591 |
| 6.00%, 01/15/29 |  | 406 | &nbsp;&nbsp; 390519 |
| 5.25%, 05/15/30 |  | 808 | &nbsp;&nbsp; 716492 |
| 4.75%, 02/15/31<sup>(f)</sup> |  | 235 | &nbsp;&nbsp; 200897 |
| 10.88%, 01/15/32 |  | 420 | &nbsp;&nbsp; 445144 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<sup>(b)</sup> |  | 274 | &nbsp;&nbsp; 283690 |
| DaVita, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 09/01/32 |  | 94 | &nbsp;&nbsp; 97401 |
| 6.75%, 07/15/33 |  | 147 | &nbsp;&nbsp; 151792 |
| Elevance Health, Inc., 4.65%, 08/15/44 |  | 1500 | &nbsp;&nbsp; 1303526 |
| Encompass Health Corp., 4.75%, 02/01/30 |  | 77 | &nbsp;&nbsp; 76023 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(b)</sup> |  | 63 | &nbsp;&nbsp; 57026 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(b)</sup> |  | 116 | &nbsp;&nbsp; 115004 |
| HCA, Inc., 5.50%, 06/15/47 |  | 1090 | &nbsp;&nbsp; 1012894 |
| HealthEquity, Inc., 4.50%, 10/01/29<sup>(b)</sup> |  | 170 | &nbsp;&nbsp; 165288 |
| IQVIA, Inc., 6.25%, 06/01/32<sup>(b)</sup> |  | 553 | &nbsp;&nbsp; 567499 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.88%, 08/15/30<sup>(f)</sup> |  | 113 | &nbsp;&nbsp; 122233 |
| 11.00%, 10/15/30 |  | 441 | &nbsp;&nbsp; 486509 |
| 8.38%, 02/15/32 |  | 142 | &nbsp;&nbsp; 151307 |
| 10.00%, 06/01/32<sup>(f)</sup> |  | 166 | &nbsp;&nbsp; 171256 |
| Molina Healthcare, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 06/15/28 |  | 6 | &nbsp;&nbsp; 5864 |
| 3.88%, 11/15/30 |  | 62 | &nbsp;&nbsp; 57604 |
| 6.25%, 01/15/33 |  | 32 | &nbsp;&nbsp; 32573 |
| Northwell Healthcare, Inc., 4.26%, 11/01/47 |  | 725 | &nbsp;&nbsp; 576325 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(b)</sup> |  | 63 | &nbsp;&nbsp; 62527 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)</sup> |  | 362 | &nbsp;&nbsp; 380758 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<sup>(b)(f)</sup> |  | 448 | &nbsp;&nbsp; 456517 |
| Sutter Health, Series 2025, 5.54%, 08/15/35 |  | 1750 | &nbsp;&nbsp; 1808522 |
| Tenet Healthcare Corp., 6.75%, 05/15/31 |  | 212 | &nbsp;&nbsp; 219333 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(b)</sup> |  | 143 | &nbsp;&nbsp; 147496 |
| UnitedHealth Group, Inc. |  |  |  |
| 5.35%, 02/15/33 |  | 340 | &nbsp;&nbsp; 350313 |
| 5.80%, 03/15/36 |  | 1750 | &nbsp;&nbsp; 1839601 |
| 5.70%, 10/15/40 |  | 600 | &nbsp;&nbsp; 612750 |
|  |  |  | &nbsp;&nbsp; 13973840 |
| **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 | &nbsp;&nbsp; 133933 |
| 4.85%, 04/15/49 |  | 550 | &nbsp;&nbsp; 460609 |
| MPT Operating Partnership LP/MPT Finance Corp., <br> 8.50%, 02/15/32<sup>(b)</sup><br>|  | 537 | &nbsp;&nbsp; 562000 |
| Ventas Realty LP, 3.25%, 10/15/26 |  | 870 | &nbsp;&nbsp; 856402 |
|  |  |  | &nbsp;&nbsp; 2012944 |
| **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<sup>(b)</sup><br>|  | 121 | &nbsp;&nbsp; 124441 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** | **Hotel & Resort REITs (continued)** |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(b)</sup><br>| USD | 65 | &nbsp;&nbsp; $65349 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 07/15/28 |  | 72 | &nbsp;&nbsp; 74521 |
| 6.50%, 04/01/32 |  | 188 | &nbsp;&nbsp; 193348 |
| 6.50%, 06/15/33 |  | 214 | &nbsp;&nbsp; 220152 |
| Service Properties Trust |  |  |  |
| 8.63%, 11/15/31<sup>(b)</sup> |  | 955 | &nbsp;&nbsp; 1025261 |
| 8.88%, 06/15/32 |  | 253 | &nbsp;&nbsp; 260149 |
| XHR LP, 6.63%, 05/15/30<sup>(b)</sup> |  | 64 | &nbsp;&nbsp; 65208 |
|  |  |  | &nbsp;&nbsp; 2028429 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| 1011778 B.C. ULC/New Red Finance, Inc., 5.63%, <br> 09/15/29<sup>(b)</sup><br>|  | 53 | &nbsp;&nbsp; 53749 |
| Burger King (Restaurant Brands International, <br> Inc.)/New Red Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 01/15/28 |  | 39 | &nbsp;&nbsp; 37988 |
| 4.38%, 01/15/28 |  | 144 | &nbsp;&nbsp; 141214 |
| 4.00%, 10/15/30 |  | 61 | &nbsp;&nbsp; 56844 |
| Carnival Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 05/01/29 |  | 78 | &nbsp;&nbsp; 78814 |
| 5.88%, 06/15/31 |  | 230 | &nbsp;&nbsp; 234312 |
| 6.13%, 02/15/33 |  | 609 | &nbsp;&nbsp; 623100 |
| Corvias Campus Living - USG LLC, 5.30%, 07/01/50<sup>(c)</sup> |  | 5476 | &nbsp;&nbsp; 1916431 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc., 4.63%, 01/15/29<sup>(b)</sup><br>|  | 162 | &nbsp;&nbsp; 155166 |
| Hilton Domestic Operating Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 05/01/31 |  | 79 | &nbsp;&nbsp; 74278 |
| 6.13%, 04/01/32 |  | 60 | &nbsp;&nbsp; 61448 |
| 5.88%, 03/15/33 |  | 197 | &nbsp;&nbsp; 200719 |
| Las Vegas Sands Corp., 6.00%, 06/14/30 |  | 95 | &nbsp;&nbsp; 98009 |
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28<sup>(b)</sup> |  | 67 | &nbsp;&nbsp; 69943 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(b)</sup> |  | 68 | &nbsp;&nbsp; 68401 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(b)</sup> |  | 162 | &nbsp;&nbsp; 127257 |
| Melco Resorts Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 07/21/28 |  | 200 | &nbsp;&nbsp; 195676 |
| 5.38%, 12/04/29 |  | 600 | &nbsp;&nbsp; 562902 |
| 7.63%, 04/17/32 |  | 400 | &nbsp;&nbsp; 404800 |
| MGM China Holdings Ltd. |  |  |  |
| 5.88%, 05/15/26<sup>(d)</sup> |  | 450 | &nbsp;&nbsp; 450045 |
| 4.75%, 02/01/27<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 198250 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 146 | &nbsp;&nbsp; 148503 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 01/15/29 |  | 77 | &nbsp;&nbsp; 81172 |
| 7.75%, 02/15/29 |  | 84 | &nbsp;&nbsp; 89316 |
| 6.25%, 03/01/30 |  | 38 | &nbsp;&nbsp; 38324 |
| 6.75%, 02/01/32 |  | 307 | &nbsp;&nbsp; 313640 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(b)</sup> |  | 84 | &nbsp;&nbsp; 85367 |
| Raising Cane's Restaurants LLC, 9.38%, 05/01/29<sup>(b)</sup> |  | 90 | &nbsp;&nbsp; 94979 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.63%, 06/01/27 |  | 103 | &nbsp;&nbsp; 105446 |
| 10.75%, 11/15/29<sup>(f)</sup> |  | 274 | &nbsp;&nbsp; 281548 |
| 11.13%, 07/15/30 |  | 317 | &nbsp;&nbsp; 331582 |
| Station Casinos LLC<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 02/15/28 |  | 7 | &nbsp;&nbsp; 6864 |
| 6.63%, 03/15/32 |  | 100 | &nbsp;&nbsp; 102251 |
| Studio City Co. Ltd., 7.00%, 02/15/27<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 200377 |
| Vail Resorts, Inc., 5.63%, 07/15/30 |  | 122 | &nbsp;&nbsp; 122000 |
| Viking Cruises Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 09/15/27 |  | 95 | &nbsp;&nbsp; 95053 |
| 7.00%, 02/15/29 |  | 34 | &nbsp;&nbsp; 34298 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Viking Cruises Ltd.<sup>(b)</sup> (continued) |  |  |  |
| 9.13%, 07/15/31 | USD | 257 | &nbsp;&nbsp; $276789 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<sup>(b)</sup> |  | 111 | &nbsp;&nbsp; 110459 |
| Wynn Macau Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 08/26/28 |  | 800 | &nbsp;&nbsp; 784600 |
| 5.13%, 12/15/29 |  | 200 | &nbsp;&nbsp; 191208 |
|  |  |  | &nbsp;&nbsp; 9303122 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 28 | &nbsp;&nbsp; 28054 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<sup>(b)</sup> |  | 58 | &nbsp;&nbsp; 60467 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(b)</sup> |  | 28 | &nbsp;&nbsp; 28634 |
| K Hovnanian Enterprises, Inc., 11.75%, 09/30/29<sup>(b)</sup> |  | 542 | &nbsp;&nbsp; 587561 |
| LGI Homes, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.75%, 12/15/28 |  | 56 | &nbsp;&nbsp; 58214 |
| 7.00%, 11/15/32 |  | 69 | &nbsp;&nbsp; 65671 |
| Meritage Homes Corp., 1.75%, 05/15/28<sup>(i)</sup> |  | 206 | &nbsp;&nbsp; 199454 |
| Newell Brands, Inc., 8.50%, 06/01/28<sup>(b)</sup> |  | 106 | &nbsp;&nbsp; 111322 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 13 | &nbsp;&nbsp; 12555 |
| 4.38%, 02/01/32 |  | 22 | &nbsp;&nbsp; 20202 |
| Somnigroup International, Inc., 3.88%, 10/15/31<sup>(b)</sup> |  | 45 | &nbsp;&nbsp; 40912 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> |  | 76 | &nbsp;&nbsp; 79399 |
| Whirlpool Corp. |  |  |  |
| 6.13%, 06/15/30 |  | 173 | &nbsp;&nbsp; 174521 |
| 6.50%, 06/15/33 |  | 174 | &nbsp;&nbsp; 174557 |
|  |  |  | &nbsp;&nbsp; 1641523 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31<sup>(b)</sup> |  | 32 | &nbsp;&nbsp; 29059 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Calpine Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 03/15/28 |  | 92 | &nbsp;&nbsp; 91897 |
| 5.00%, 02/01/31 |  | 30 | &nbsp;&nbsp; 29677 |
| Clearway Energy Operating LLC, 4.75%, 03/15/28<sup>(b)</sup> |  | 93 | &nbsp;&nbsp; 91892 |
| Greenko Dutch BV, 3.85%, 03/29/26<sup>(d)</sup> |  | 176 | &nbsp;&nbsp; 172568 |
| India Cleantech Energy, 4.70%, 08/10/26<sup>(b)</sup> |  | 198 | &nbsp;&nbsp; 194291 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(b)</sup> |  | 49 | &nbsp;&nbsp; 51570 |
| NRG Energy, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 07/15/29 |  | 81 | &nbsp;&nbsp; 81104 |
| 6.00%, 02/01/33 |  | 542 | &nbsp;&nbsp; 547402 |
| 6.25%, 11/01/34 |  | 143 | &nbsp;&nbsp; 145695 |
| SCC Power PLC<sup>(b)(g)</sup> <br>|  |  |  |
| (4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 |  | 129 | &nbsp;&nbsp; 82525 |
| (4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 |  | 140 | &nbsp;&nbsp; 33657 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<sup>(a)(b)(h)</sup> |  | 100 | &nbsp;&nbsp; 102425 |
|  |  |  | &nbsp;&nbsp; 1624703 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| Amsted Industries, Inc., 6.38%, 03/15/33<sup>(b)</sup> |  | 66 | &nbsp;&nbsp; 67087 |
| Axon Enterprise, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 03/15/30 |  | 44 | &nbsp;&nbsp; 45248 |
| 6.25%, 03/15/33 |  | 97 | &nbsp;&nbsp; 99877 |
| Eaton Corp., 4.15%, 11/02/42 |  | 500 | &nbsp;&nbsp; 430310 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(b)</sup> |  | 85 | &nbsp;&nbsp; 86897 |
| Maxam Prill SARL, 07/15/30<sup>(d)(k)</sup> | EUR | 100 | &nbsp;&nbsp; 117088 |
|  |  |  | &nbsp;&nbsp; 846507 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/32<sup>(b)</sup><br>| USD | 108 | &nbsp;&nbsp; 109531 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 10/15/27 |  | 473 | &nbsp;&nbsp; 464297 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)</sup> (continued)<br>|  |  |  |
| 6.75%, 10/15/27 | USD | 546 | &nbsp;&nbsp; $545678 |
| 6.75%, 04/15/28 |  | 71 | &nbsp;&nbsp; 72179 |
| 5.88%, 11/01/29 |  | 1093 | &nbsp;&nbsp; 1077435 |
| 7.00%, 01/15/31 |  | 297 | &nbsp;&nbsp; 307220 |
| 7.38%, 10/01/32 |  | 493 | &nbsp;&nbsp; 508191 |
| AmWINS Group, Inc., 6.38%, 02/15/29<sup>(b)</sup> |  | 85 | &nbsp;&nbsp; 86635 |
| Aon Global Ltd., 4.60%, 06/14/44 |  | 500 | &nbsp;&nbsp; 433809 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br> 11/01/29<sup>(b)</sup><br>|  | 121 | &nbsp;&nbsp; 123772 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<sup>(d)</sup> | EUR | 200 | &nbsp;&nbsp; 242079 |
| 7.75%, 02/15/31<sup>(b)</sup> | USD | 893 | &nbsp;&nbsp; 933604 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(b)</sup> |  | 936 | &nbsp;&nbsp; 984903 |
| AssuredPartners, Inc., 7.50%, 02/15/32<sup>(b)</sup> |  | 287 | &nbsp;&nbsp; 307527 |
| Berkshire Hathaway Finance Corp., 4.40%, 05/15/42<sup>(f)</sup> |  | 500 | &nbsp;&nbsp; 462462 |
| Howden UK Refinance PLC/Howden UK Refinance <br> 2 PLC/Howden US Refinance LLC<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 02/15/31 |  | 1000 | &nbsp;&nbsp; 1035517 |
| 8.13%, 02/15/32 |  | 586 | &nbsp;&nbsp; 609451 |
| HUB International Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 06/15/30 |  | 1090 | &nbsp;&nbsp; 1139088 |
| 7.38%, 01/31/32 |  | 2427 | &nbsp;&nbsp; 2539439 |
| Jones Deslauriers Insurance Management, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.50%, 03/15/30 |  | 353 | &nbsp;&nbsp; 374155 |
| 10.50%, 12/15/30 |  | 316 | &nbsp;&nbsp; 336795 |
| Liberty Mutual Group, Inc., 6.50%, 05/01/42<sup>(b)</sup> |  | 2000 | &nbsp;&nbsp; 2009143 |
| Marsh & McLennan Cos., Inc., 5.88%, 08/01/33<sup>(f)</sup> |  | 1500 | &nbsp;&nbsp; 1600859 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> |  | 1624 | &nbsp;&nbsp; 1686932 |
| Progressive Corp., 3.00%, 03/15/32 |  | 750 | &nbsp;&nbsp; 684027 |
| Prudential Financial, Inc. |  |  |  |
| 5.90%, 03/17/36 |  | 500 | &nbsp;&nbsp; 517705 |
| 6.63%, 12/01/37 |  | 1625 | &nbsp;&nbsp; 1819563 |
| Ryan Specialty LLC<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 02/01/30 |  | 60 | &nbsp;&nbsp; 58032 |
| 5.88%, 08/01/32 |  | 113 | &nbsp;&nbsp; 113889 |
| Teachers Insurance & Annuity Association of America, <br> 4.27%, 05/15/47<sup>(b)</sup><br>|  | 700 | &nbsp;&nbsp; 568270 |
| USI, Inc., 7.50%, 01/15/32<sup>(b)(f)</sup> |  | 378 | &nbsp;&nbsp; 398850 |
|  |  |  | &nbsp;&nbsp; 22151037 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Alphabet, Inc., 5.30%, 05/15/65 |  | 600 | &nbsp;&nbsp; 587485 |
| iliad SA, 5.63%, 02/15/30<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 125856 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> | USD | 474 | &nbsp;&nbsp; 486384 |
|  |  |  | &nbsp;&nbsp; 1199725 |
| **Internet Software & Services — 0.3%** | **Internet Software & Services — 0.3%** | **Internet Software & Services — 0.3%** | **Internet Software & Services — 0.3%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 05/01/28 |  | 272 | &nbsp;&nbsp; 259562 |
| 9.00%, 08/01/29 |  | 200 | &nbsp;&nbsp; 204491 |
| Amazon.com, Inc., 2.50%, 06/03/50 |  | 1500 | &nbsp;&nbsp; 901513 |
| Cablevision Lightpath LLC<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 09/15/27 |  | 220 | &nbsp;&nbsp; 212038 |
| 5.63%, 09/15/28 |  | 200 | &nbsp;&nbsp; 193211 |
| Getty Images, Inc., 11.25%, 02/21/30<sup>(b)</sup> |  | 95 | &nbsp;&nbsp; 94287 |
| Match Group Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 08/01/30 |  | 20 | &nbsp;&nbsp; 18704 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** |
| Match Group Holdings II LLC<sup>(b)</sup> (continued) |  |  |  |
| 3.63%, 10/01/31 | USD | 24 | &nbsp;&nbsp; $21474 |
| Rakuten Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 11.25%, 02/15/27 |  | 200 | &nbsp;&nbsp; 217173 |
| 9.75%, 04/15/29 |  | 200 | &nbsp;&nbsp; 219076 |
|  |  |  | &nbsp;&nbsp; 2341529 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(b)</sup> |  | 139 | &nbsp;&nbsp; 143052 |
| Atos SE<sup>(d)(l)</sup> <br>|  |  |  |
| 5.20%, 12/18/30 | EUR | 23 | &nbsp;&nbsp; 23023 |
| 9.36%, 12/18/29 |  | 18 | &nbsp;&nbsp; 23762 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(b)</sup> | USD | 278 | &nbsp;&nbsp; 275560 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(b)</sup> |  | 180 | &nbsp;&nbsp; 185751 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<sup>(b)</sup> |  | 363 | &nbsp;&nbsp; 380285 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(b)</sup> |  | 78 | &nbsp;&nbsp; 80351 |
| International Business Machines Corp. |  |  |  |
| 4.40%, 07/27/32 |  | 500 | &nbsp;&nbsp; 492952 |
| 4.75%, 02/06/33<sup>(f)</sup> |  | 550 | &nbsp;&nbsp; 552159 |
| 3.43%, 02/09/52 |  | 750 | &nbsp;&nbsp; 516000 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)</sup> |  | 431 | &nbsp;&nbsp; 407029 |
|  |  |  | &nbsp;&nbsp; 3079924 |
| **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** | **Machinery — 0.5%** |
| Chart Industries, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.50%, 01/01/30<sup>(f)</sup> |  | 139 | &nbsp;&nbsp; 145523 |
| 9.50%, 01/01/31 |  | 61 | &nbsp;&nbsp; 65112 |
| Esab Corp., 6.25%, 04/15/29<sup>(b)</sup> |  | 145 | &nbsp;&nbsp; 148460 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<sup>(b)</sup> |  | 82 | &nbsp;&nbsp; 64780 |
| Husky Injection Molding Systems Ltd./Titan Co-<br> Borrower LLC, 9.00%, 02/15/29<sup>(b)</sup><br>|  | 537 | &nbsp;&nbsp; 561459 |
| John Deere Capital Corp., 4.40%, 09/08/31 |  | 445 | &nbsp;&nbsp; 443976 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<sup>(b)</sup> |  | 72 | &nbsp;&nbsp; 75776 |
| Terex Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 05/15/29 |  | 113 | &nbsp;&nbsp; 110301 |
| 6.25%, 10/15/32 |  | 94 | &nbsp;&nbsp; 94191 |
| TK Elevator Holdco GmbH |  |  |  |
| 6.63%, 07/15/28<sup>(d)</sup> | EUR | 91 | &nbsp;&nbsp; 107343 |
| 7.63%, 07/15/28<sup>(b)</sup> | USD | 400 | &nbsp;&nbsp; 400415 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(d)</sup> | EUR | 303 | &nbsp;&nbsp; 356897 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> | USD | 741 | &nbsp;&nbsp; 740481 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)</sup> |  | 204 | &nbsp;&nbsp; 198897 |
|  |  |  | &nbsp;&nbsp; 3513611 |
| **Media — 2.5%** | **Media — 2.5%** | **Media — 2.5%** | **Media — 2.5%** |
| Cable One, Inc.<sup>(i)</sup> <br>|  |  |  |
| 0.00%, 03/15/26<sup>(j)</sup> |  | 62 | &nbsp;&nbsp; 58658 |
| 1.13%, 03/15/28 |  | 394 | &nbsp;&nbsp; 300426 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38%, 06/01/29<sup>(b)</sup> |  | 21 | &nbsp;&nbsp; 20923 |
| 6.38%, 09/01/29<sup>(b)</sup> |  | 610 | &nbsp;&nbsp; 622222 |
| 4.75%, 03/01/30<sup>(b)</sup> |  | 62 | &nbsp;&nbsp; 60066 |
| 4.25%, 02/01/31<sup>(b)</sup> |  | 157 | &nbsp;&nbsp; 146665 |
| 7.38%, 03/01/31<sup>(b)(f)</sup> |  | 1204 | &nbsp;&nbsp; 1256266 |
| 4.75%, 02/01/32<sup>(b)</sup> |  | 78 | &nbsp;&nbsp; 73985 |
| 4.50%, 05/01/32 |  | 15 | &nbsp;&nbsp; 13969 |
| 4.50%, 06/01/33<sup>(b)</sup> |  | 80 | &nbsp;&nbsp; 73122 |
| 4.25%, 01/15/34<sup>(b)</sup> |  | 736 | &nbsp;&nbsp; 655178 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |  |
| 5.75%, 04/01/48 | USD | 1100 | &nbsp;&nbsp; $1000288 |
| 5.13%, 07/01/49 |  | 1000 | &nbsp;&nbsp; 831463 |
| Comcast Corp. |  |  |  |
| 6.45%, 03/15/37 |  | 790 | &nbsp;&nbsp; 866605 |
| 3.90%, 03/01/38<sup>(f)</sup> |  | 1500 | &nbsp;&nbsp; 1304608 |
| 4.70%, 10/15/48<sup>(f)</sup> |  | 3000 | &nbsp;&nbsp; 2575295 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 200 | &nbsp;&nbsp; 190949 |
| 5.38%, 02/01/28 |  | 607 | &nbsp;&nbsp; 555743 |
| 11.25%, 05/15/28 |  | 200 | &nbsp;&nbsp; 199247 |
| 11.75%, 01/31/29 |  | 400 | &nbsp;&nbsp; 380462 |
| 3.38%, 02/15/31 |  | 200 | &nbsp;&nbsp; 138578 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc., 5.88%, 08/15/27<sup>(b)</sup><br>|  | 699 | &nbsp;&nbsp; 696719 |
| DISH DBS Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 12/01/26 |  | 717 | &nbsp;&nbsp; 650677 |
| 5.75%, 12/01/28 |  | 373 | &nbsp;&nbsp; 322878 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(b)</sup> |  | 755 | &nbsp;&nbsp; 778274 |
| Gray Media, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 05/15/27 |  | 171 | &nbsp;&nbsp; 170923 |
| 10.50%, 07/15/29 |  | 354 | &nbsp;&nbsp; 380293 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(b)</sup> |  | 182 | &nbsp;&nbsp; 192606 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(b)(f)</sup> |  | 439 | &nbsp;&nbsp; 443485 |
| Sirius XM Radio LLC<sup>(b)</sup> <br>|  |  |  |
| 3.13%, 09/01/26 |  | 21 | &nbsp;&nbsp; 20604 |
| 5.00%, 08/01/27 |  | 336 | &nbsp;&nbsp; 333122 |
| TCI Communications, Inc., 7.88%, 02/15/26 |  | 610 | &nbsp;&nbsp; 621979 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/01/27 |  | 265 | &nbsp;&nbsp; 264277 |
| 8.00%, 08/15/28 |  | 454 | &nbsp;&nbsp; 460710 |
| 7.38%, 06/30/30<sup>(f)</sup> |  | 120 | &nbsp;&nbsp; 117928 |
| 8.50%, 07/31/31 |  | 292 | &nbsp;&nbsp; 292323 |
| Walt Disney Co. |  |  |  |
| 7.63%, 11/30/28 |  | 385 | &nbsp;&nbsp; 425773 |
| 7.75%, 12/01/45 |  | 500 | &nbsp;&nbsp; 627422 |
| Ziggo BV, 4.88%, 01/15/30<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 186805 |
|  |  |  | &nbsp;&nbsp; 18311516 |
| **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** | **Metals & Mining — 0.9%** |
| ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 202050 |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/30<sup>(b)</sup> |  | 153 | &nbsp;&nbsp; 156482 |
| Arsenal AIC Parent LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 10/01/30 |  | 161 | &nbsp;&nbsp; 171818 |
| 11.50%, 10/01/31 |  | 649 | &nbsp;&nbsp; 727486 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27 |  | 97 | &nbsp;&nbsp; 97085 |
| 7.25%, 08/15/30 |  | 255 | &nbsp;&nbsp; 267215 |
| 5.13%, 10/01/31 |  | 110 | &nbsp;&nbsp; 107507 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(b)</sup><br>|  | 302 | &nbsp;&nbsp; 304438 |
| Carpenter Technology Corp., 7.63%, 03/15/30 |  | 151 | &nbsp;&nbsp; 156253 |
| Cleveland-Cliffs, Inc. |  |  |  |
| 5.88%, 06/01/27 |  | 46 | &nbsp;&nbsp; 45963 |
| 6.88%, 11/01/29<sup>(b)</sup> |  | 272 | &nbsp;&nbsp; 267795 |
| Constellium SE<sup>(b)</sup> <br>|  |  |  |
| 3.75%, 04/15/29<sup>(f)</sup> |  | 591 | &nbsp;&nbsp; 555350 |
| 6.38%, 08/15/32 |  | 250 | &nbsp;&nbsp; 254157 |
| First Quantum Minerals Ltd.<sup>(b)</sup> <br>|  |  |  |
| 9.38%, 03/01/29 |  | 200 | &nbsp;&nbsp; 211930 |
| 8.00%, 03/01/33 |  | 200 | &nbsp;&nbsp; 205062 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Glencore Funding LLC, 6.14%, 04/01/55<sup>(b)</sup> | USD | 600 | &nbsp;&nbsp; $606512 |
| Kaiser Aluminum Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 03/01/28 |  | 90 | &nbsp;&nbsp; 88057 |
| 4.50%, 06/01/31 |  | 331 | &nbsp;&nbsp; 309654 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(b)</sup> |  | 162 | &nbsp;&nbsp; 166953 |
| Novelis Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/30/30 |  | 95 | &nbsp;&nbsp; 90915 |
| 6.88%, 01/30/30 |  | 314 | &nbsp;&nbsp; 324654 |
| 3.88%, 08/15/31 |  | 210 | &nbsp;&nbsp; 188699 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 114270 |
| Rio Tinto Finance USA PLC, 4.13%, 08/21/42 | USD | 400 | &nbsp;&nbsp; 336784 |
| Samarco Mineracao SA<sup>(g)</sup> <br>|  |  |  |
| (9.50% PIK), 9.50%, 06/30/31<sup>(d)</sup> |  | 25 | &nbsp;&nbsp; 24271 |
| (9.50% PIK), 9.50%, 06/30/31<sup>(b)</sup> |  | 8 | &nbsp;&nbsp; 8386 |
| Vale Overseas Ltd., 6.40%, 06/28/54 |  | 35 | &nbsp;&nbsp; 34213 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 209652 |
| Volcan Cia Minera SAA, 8.75%, 01/24/30<sup>(b)</sup> |  | 43 | &nbsp;&nbsp; 42597 |
|  |  |  | &nbsp;&nbsp; 6276208 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** |
| Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27 |  | 149 | &nbsp;&nbsp; 144890 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 94 | &nbsp;&nbsp; 98871 |
| 6.00%, 04/15/30 |  | 48 | &nbsp;&nbsp; 48549 |
| 6.50%, 07/01/30 |  | 119 | &nbsp;&nbsp; 122911 |
| 6.50%, 10/15/30 |  | 198 | &nbsp;&nbsp; 204423 |
|  |  |  | &nbsp;&nbsp; 619644 |
| **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** |
| Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(b)</sup><br>|  | 267 | &nbsp;&nbsp; 280065 |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 06/15/29 |  | 140 | &nbsp;&nbsp; 138948 |
| 6.63%, 02/01/32 |  | 76 | &nbsp;&nbsp; 78497 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 9.00%, 11/01/27 |  | 91 | &nbsp;&nbsp; 111248 |
| 5.88%, 06/30/29 |  | 6 | &nbsp;&nbsp; 6010 |
| 6.63%, 07/15/33 |  | 90 | &nbsp;&nbsp; 91305 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 07/15/29 |  | 120 | &nbsp;&nbsp; 125239 |
| 7.25%, 07/15/32 |  | 97 | &nbsp;&nbsp; 102787 |
| BP Capital Markets America, Inc., 2.72%, 01/12/32 |  | 620 | &nbsp;&nbsp; 554317 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<sup>(b)</sup> |  | 11 | &nbsp;&nbsp; 11396 |
| 6.75%, 02/01/30<sup>(b)</sup> |  | 46 | &nbsp;&nbsp; 47750 |
| 5.85%, 11/15/43 |  | 94 | &nbsp;&nbsp; 82848 |
| 5.60%, 10/15/44 |  | 59 | &nbsp;&nbsp; 49755 |
| Burlington Resources LLC, 5.95%, 10/15/36 |  | 685 | &nbsp;&nbsp; 723349 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> |  | 58 | &nbsp;&nbsp; 59254 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(b)</sup> |  | 322 | &nbsp;&nbsp; 334928 |
| Civitas Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.38%, 07/01/28 |  | 56 | &nbsp;&nbsp; 57339 |
| 8.75%, 07/01/31 |  | 95 | &nbsp;&nbsp; 96055 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(b)</sup> |  | 66 | &nbsp;&nbsp; 62342 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> |  | 60 | &nbsp;&nbsp; 62125 |
| Comstock Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 03/01/29 |  | 401 | &nbsp;&nbsp; 401514 |
| 5.88%, 01/15/30 |  | 201 | &nbsp;&nbsp; 195235 |
| ConocoPhillips Co., 3.76%, 03/15/42 |  | 600 | &nbsp;&nbsp; 479945 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br> 06/15/31<sup>(b)</sup><br>| USD | 500 | &nbsp;&nbsp; $493948 |
| Crescent Energy Finance LLC<sup>(b)</sup> <br>|  |  |  |
| 7.63%, 04/01/32<sup>(f)</sup> |  | 210 | &nbsp;&nbsp; 205044 |
| 7.38%, 01/15/33 |  | 356 | &nbsp;&nbsp; 340267 |
| 01/15/34<sup>(k)</sup> |  | 202 | &nbsp;&nbsp; 202126 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 7.38%, 06/30/33<sup>(b)</sup><br>|  | 219 | &nbsp;&nbsp; 217980 |
| Devon Energy Corp. |  |  |  |
| 5.85%, 12/15/25 |  | 1000 | &nbsp;&nbsp; 1002676 |
| 5.60%, 07/15/41 |  | 300 | &nbsp;&nbsp; 277509 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>|  | 89 | &nbsp;&nbsp; 92670 |
| Ecopetrol SA, 8.88%, 01/13/33 |  | 175 | &nbsp;&nbsp; 180250 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(b)</sup> |  | 209 | &nbsp;&nbsp; 230710 |
| Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(b)</sup><br>|  | 142 | &nbsp;&nbsp; 156819 |
| Energy Transfer LP |  |  |  |
| 6.25%, 04/15/49 |  | 540 | &nbsp;&nbsp; 532642 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54<sup>(a)</sup> |  | 342 | &nbsp;&nbsp; 363848 |
| Series H, (5-year CMT + 5.69%), 6.50%<sup>(a)(h)</sup> |  | 4275 | &nbsp;&nbsp; 4294100 |
| Enterprise Products Operating LLC, 6.13%, 10/15/39 |  | 1400 | &nbsp;&nbsp; 1490568 |
| EOG Resources, Inc., 5.10%, 01/15/36 |  | 200 | &nbsp;&nbsp; 199145 |
| EQT Corp., 4.50%, 01/15/29<sup>(b)</sup> |  | 13 | &nbsp;&nbsp; 12842 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(b)</sup> |  | 100 | &nbsp;&nbsp; 105416 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 118 | &nbsp;&nbsp; 119746 |
| 8.25%, 01/15/29 |  | 315 | &nbsp;&nbsp; 329392 |
| 8.88%, 04/15/30 |  | 82 | &nbsp;&nbsp; 87066 |
| 7.88%, 05/15/32 |  | 155 | &nbsp;&nbsp; 161161 |
| 8.00%, 05/15/33 |  | 75 | &nbsp;&nbsp; 78414 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(b)</sup><br>|  | 66 | &nbsp;&nbsp; 66925 |
| Greensaif Pipelines Bidco SARL, 5.85%, 02/23/36<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 201750 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(b)</sup> |  | 99 | &nbsp;&nbsp; 101460 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(b)</sup> |  | 58 | &nbsp;&nbsp; 61258 |
| Hess Corp., 4.30%, 04/01/27 |  | 1100 | &nbsp;&nbsp; 1097420 |
| Hess Midstream Operations LP, 6.50%, 06/01/29<sup>(b)</sup> |  | 138 | &nbsp;&nbsp; 141920 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 6.25%, 11/01/28 |  | 70 | &nbsp;&nbsp; 70162 |
| 5.75%, 02/01/29 |  | 104 | &nbsp;&nbsp; 102647 |
| 6.00%, 04/15/30 |  | 12 | &nbsp;&nbsp; 11666 |
| 6.25%, 04/15/32 |  | 9 | &nbsp;&nbsp; 8594 |
| 8.38%, 11/01/33 |  | 269 | &nbsp;&nbsp; 279111 |
| 6.88%, 05/15/34 |  | 131 | &nbsp;&nbsp; 125476 |
| 7.25%, 02/15/35 |  | 78 | &nbsp;&nbsp; 76272 |
| Howard Midstream Energy Partners LLC<sup>(b)</sup> <br>|  |  |  |
| 8.88%, 07/15/28 |  | 80 | &nbsp;&nbsp; 83987 |
| 7.38%, 07/15/32 |  | 27 | &nbsp;&nbsp; 28396 |
| Impulsora Pipeline LLC, 6.05%, 01/01/43<sup>(a)</sup> |  | 1515 | &nbsp;&nbsp; 1304599 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)(f)</sup> |  | 364 | &nbsp;&nbsp; 346146 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(b)</sup> |  | 383 | &nbsp;&nbsp; 396383 |
| Kinder Morgan, Inc., 5.05%, 02/15/46 |  | 1400 | &nbsp;&nbsp; 1235744 |
| Kinetik Holdings LP<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 12/15/28 |  | 36 | &nbsp;&nbsp; 36820 |
| 5.88%, 06/15/30 |  | 11 | &nbsp;&nbsp; 11093 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>|  | 78 | &nbsp;&nbsp; 78552 |
| Marathon Petroleum Corp., 6.50%, 03/01/41<sup>(f)</sup> |  | 1150 | &nbsp;&nbsp; 1200528 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Matador Resources Co.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/15/28<sup>(f)</sup> | USD | 139 | &nbsp;&nbsp; $141741 |
| 6.50%, 04/15/32 |  | 159 | &nbsp;&nbsp; 159083 |
| MC Brazil Downstream Trading SARL, 7.25%, <br> 06/30/31<sup>(d)</sup><br>|  | 182 | &nbsp;&nbsp; 144859 |
| MPLX LP |  |  |  |
| 4.25%, 12/01/27 |  | 250 | &nbsp;&nbsp; 249007 |
| 4.80%, 02/15/29 |  | 500 | &nbsp;&nbsp; 504783 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 18 | &nbsp;&nbsp; 14614 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(b)</sup> |  | 103 | &nbsp;&nbsp; 101712 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 02/15/29 |  | 163 | &nbsp;&nbsp; 164679 |
| 8.38%, 02/15/32 |  | 596 | &nbsp;&nbsp; 597790 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> |  | 105 | &nbsp;&nbsp; 106913 |
| Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)</sup> |  | 478 | &nbsp;&nbsp; 482248 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<sup>(b)</sup> |  | 93 | &nbsp;&nbsp; 96313 |
| Parkland Corp., 6.63%, 08/15/32<sup>(b)</sup> |  | 101 | &nbsp;&nbsp; 103230 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(b)</sup><br>|  | 112 | &nbsp;&nbsp; 100552 |
| Permian Resources Operating LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 04/15/27 |  | 189 | &nbsp;&nbsp; 193234 |
| 5.88%, 07/01/29 |  | 170 | &nbsp;&nbsp; 170659 |
| 7.00%, 01/15/32 |  | 144 | &nbsp;&nbsp; 149282 |
| 6.25%, 02/01/33 |  | 137 | &nbsp;&nbsp; 138271 |
| Petroleos Mexicanos |  |  |  |
| 8.75%, 06/02/29 |  | 145 | &nbsp;&nbsp; 149812 |
| 5.95%, 01/28/31 |  | 70 | &nbsp;&nbsp; 63112 |
| 10.00%, 02/07/33 |  | 47 | &nbsp;&nbsp; 50304 |
| Pluspetrol Camisea SA/Pluspetrol Lote 56 SA, 6.24%, <br> 07/03/36<sup>(b)</sup><br>|  | 50 | &nbsp;&nbsp; 51383 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(b)</sup> |  | 113 | &nbsp;&nbsp; 117703 |
| Rockies Express Pipeline LLC, 4.95%, 07/15/29<sup>(b)</sup> |  | 36 | &nbsp;&nbsp; 35341 |
| Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 |  | 1750 | &nbsp;&nbsp; 1760505 |
| Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(b)</sup><br>|  | 313 | &nbsp;&nbsp; 327733 |
| Sunoco LP, 6.25%, 07/01/33<sup>(b)</sup> |  | 134 | &nbsp;&nbsp; 136238 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 01/15/28 |  | 95 | &nbsp;&nbsp; 94442 |
| 7.38%, 02/15/29 |  | 302 | &nbsp;&nbsp; 310390 |
| 6.00%, 12/31/30 |  | 2 | &nbsp;&nbsp; 1962 |
| 6.00%, 09/01/31 |  | 67 | &nbsp;&nbsp; 65382 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(b)</sup> |  | 119 | &nbsp;&nbsp; 115321 |
| TransCanada PipeLines Ltd., 5.60%, 03/31/34 |  | 500 | &nbsp;&nbsp; 507626 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(b)</sup> |  | 30 | &nbsp;&nbsp; 31209 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 50 | &nbsp;&nbsp; 50546 |
| Transocean, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 02/01/27 |  | 309 | &nbsp;&nbsp; 304402 |
| 8.25%, 05/15/29 |  | 75 | &nbsp;&nbsp; 69341 |
| 8.75%, 02/15/30 |  | 19 | &nbsp;&nbsp; 19744 |
| 8.50%, 05/15/31 |  | 110 | &nbsp;&nbsp; 98191 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 300 | &nbsp;&nbsp; 307792 |
| Venture Global LNG, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.50%, 02/01/29 |  | 1385 | &nbsp;&nbsp; 1508789 |
| 7.00%, 01/15/30 |  | 97 | &nbsp;&nbsp; 98059 |
| 8.38%, 06/01/31<sup>(f)</sup> |  | 815 | &nbsp;&nbsp; 846488 |
| 9.88%, 02/01/32 |  | 803 | &nbsp;&nbsp; 867210 |
| Vista Energy Argentina SAU, 8.50%, 06/10/33<sup>(b)</sup> |  | 25 | &nbsp;&nbsp; 25181 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<sup>(b)</sup> | USD | 59 | &nbsp;&nbsp; $52105 |
| 9.75%, 10/15/30 |  | 152 | &nbsp;&nbsp; 137579 |
| 7.88%, 04/15/32<sup>(b)</sup> |  | 362 | &nbsp;&nbsp; 309517 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(b)</sup> |  | 133 | &nbsp;&nbsp; 132118 |
|  |  |  | &nbsp;&nbsp; 34657994 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Fiber Bidco SpA, 6.13%, 06/15/31<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 112668 |
| International Paper Co., 6.00%, 11/15/41 | USD | 870 | &nbsp;&nbsp; 882813 |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)</sup> |  | 75 | &nbsp;&nbsp; 70717 |
|  |  |  | &nbsp;&nbsp; 1066198 |
| **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** |
| American Airlines Pass-Through Trust |  |  |  |
| Series 2015-2, Class A, 4.00%, 03/22/29 |  | 861 | &nbsp;&nbsp; 827925 |
| Series 2015-2, Class AA, 3.60%, 03/22/29 |  | 860 | &nbsp;&nbsp; 837099 |
| American Airlines, Inc., 8.50%, 05/15/29<sup>(b)</sup> |  | 260 | &nbsp;&nbsp; 272619 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>|  | 110 | &nbsp;&nbsp; 107017 |
| OneSky Flight LLC, 8.88%, 12/15/29<sup>(b)</sup> |  | 133 | &nbsp;&nbsp; 138485 |
| United Airlines Pass-Through Trust, Series 2023-1, <br> Class A, 4.30%, 02/15/27<br>|  | 1914 | &nbsp;&nbsp; 1911512 |
| United Airlines, Inc., 4.63%, 04/15/29<sup>(b)(f)</sup> |  | 252 | &nbsp;&nbsp; 244608 |
|  |  |  | &nbsp;&nbsp; 4339265 |
| **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<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 120151 |
| 6.50%, 03/31/32<sup>(b)</sup> | USD | 400 | &nbsp;&nbsp; 408245 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 127 | &nbsp;&nbsp; 128218 |
|  |  |  | &nbsp;&nbsp; 656614 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)</sup> |  | 1882 | &nbsp;&nbsp; 1898505 |
| AbbVie, Inc. |  |  |  |
| 3.20%, 05/14/26 |  | 500 | &nbsp;&nbsp; 495219 |
| 4.30%, 05/14/36 |  | 2670 | &nbsp;&nbsp; 2518024 |
| 4.88%, 11/14/48<sup>(f)</sup> |  | 2095 | &nbsp;&nbsp; 1896808 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(b)</sup> |  | 624 | &nbsp;&nbsp; 617760 |
| Becton Dickinson & Co. |  |  |  |
| 4.30%, 08/22/32 |  | 750 | &nbsp;&nbsp; 727601 |
| 4.69%, 12/15/44 |  | 600 | &nbsp;&nbsp; 522149 |
| Bristol-Myers Squibb Co. |  |  |  |
| 4.50%, 03/01/44 |  | 350 | &nbsp;&nbsp; 305054 |
| 4.35%, 11/15/47 |  | 300 | &nbsp;&nbsp; 249760 |
| CVS Health Corp., 6.00%, 06/01/44 |  | 700 | &nbsp;&nbsp; 691881 |
| Dolcetto Holdco SpA, 07/14/32<sup>(d)(k)</sup> | EUR | 100 | &nbsp;&nbsp; 118680 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)</sup> | USD | 29 | &nbsp;&nbsp; 30698 |
| Grifols SA, 2.25%, 11/15/27<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 114796 |
| Nidda Healthcare Holding GmbH, 7.00%, 02/21/30<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 122956 |
| Option Care Health, Inc., 4.38%, 10/31/29<sup>(b)</sup> | USD | 76 | &nbsp;&nbsp; 73142 |
| Rossini SARL, (3-mo. EURIBOR + 3.88%), 5.86%, <br> 12/31/29<sup>(a)(d)</sup><br>| EUR | 42 | &nbsp;&nbsp; 50461 |
| Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 | USD | 500 | &nbsp;&nbsp; 447800 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| 3.15%, 10/01/26 |  | 163 | &nbsp;&nbsp; 159383 |
| 6.00%, 12/01/32 |  | 400 | &nbsp;&nbsp; 406500 |
|  |  |  | &nbsp;&nbsp; 11447177 |
| **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<sup>(g)</sup> <br>|  |  |  |
| Series 1.5L, (10.00% PIK), 10.00%, 12/31/29 | EUR | 4 | &nbsp;&nbsp; 4959 |
| Series 1L, (8.25% PIK), 8.25%, 12/31/28 |  | 26 | &nbsp;&nbsp; 31879 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Alpha Star Holding IX Ltd., 7.00%, 08/26/28<sup>(d)</sup> | USD | 200 | &nbsp;&nbsp; $202596 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br> Corp.<br>|  |  |  |
| 7.00%, 04/15/30<sup>(b)</sup> |  | 135 | &nbsp;&nbsp; 125755 |
| Series AI, 7.00%, 04/15/30 |  | 157 | &nbsp;&nbsp; 147236 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<sup>(b)</sup><br>|  | 174 | &nbsp;&nbsp; 176804 |
| CoreLogic, Inc., 4.50%, 05/01/28<sup>(b)</sup> |  | 592 | &nbsp;&nbsp; 564698 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)</sup><br>|  | 213 | &nbsp;&nbsp; 228727 |
| Fantasia Holdings Group Co. Ltd.<sup>(d)(e)(m)</sup> <br>|  |  |  |
| 11.75%, 04/17/22 |  | 200 | &nbsp;&nbsp; 5500 |
| 10.88%, 01/09/23 |  | 307 | &nbsp;&nbsp; 8442 |
| 11.88%, 06/01/23 |  | 400 | &nbsp;&nbsp; 11000 |
| 9.25%, 07/28/23 |  | 300 | &nbsp;&nbsp; 8250 |
| i-595 Express LLC, 3.31%, 12/31/31<sup>(a)</sup> |  | 591 | &nbsp;&nbsp; 563013 |
| Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(d)(g)</sup><br>| EUR | 101 | &nbsp;&nbsp; 116602 |
|  |  |  | &nbsp;&nbsp; 2195461 |
| **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<sup>(b)</sup><br>| USD | 109 | &nbsp;&nbsp; 106060 |
| Simon Property Group LP, 6.75%, 02/01/40 |  | 1670 | &nbsp;&nbsp; 1887227 |
|  |  |  | &nbsp;&nbsp; 1993287 |
| **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** | **Semiconductors & Semiconductor Equipment — 1.1%** |
| Broadcom, Inc. |  |  |  |
| 4.75%, 04/15/29 |  | 2500 | &nbsp;&nbsp; 2529866 |
| 4.15%, 04/15/32<sup>(b)</sup> |  | 1500 | &nbsp;&nbsp; 1445013 |
| 3.50%, 02/15/41<sup>(b)</sup> |  | 700 | &nbsp;&nbsp; 554784 |
| Entegris, Inc., 4.75%, 04/15/29<sup>(b)</sup> |  | 183 | &nbsp;&nbsp; 180971 |
| Intel Corp. |  |  |  |
| 5.13%, 02/10/30 |  | 750 | &nbsp;&nbsp; 766901 |
| 2.00%, 08/12/31<sup>(f)</sup> |  | 1000 | &nbsp;&nbsp; 859009 |
| KLA Corp., 5.00%, 03/15/49 |  | 500 | &nbsp;&nbsp; 461436 |
| QUALCOMM, Inc. |  |  |  |
| 4.25%, 05/20/32 |  | 445 | &nbsp;&nbsp; 440058 |
| 5.40%, 05/20/33 |  | 250 | &nbsp;&nbsp; 263573 |
| 4.30%, 05/20/47 |  | 700 | &nbsp;&nbsp; 586626 |
|  |  |  | &nbsp;&nbsp; 8088237 |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(b)</sup> |  | 1917 | &nbsp;&nbsp; 1886837 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> |  | 70 | &nbsp;&nbsp; 68926 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<sup>(b)</sup> |  | 561 | &nbsp;&nbsp; 584923 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<sup>(b)</sup><br>|  | 127 | &nbsp;&nbsp; 105016 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/29<sup>(b)</sup><br>|  | 95 | &nbsp;&nbsp; 77203 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 03/31/29<sup>(f)</sup> |  | 1727 | &nbsp;&nbsp; 1743084 |
| 9.00%, 09/30/29<sup>(f)</sup> |  | 2090 | &nbsp;&nbsp; 2166338 |
| 8.25%, 06/30/32 |  | 1036 | &nbsp;&nbsp; 1102541 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(b)</sup> |  | 233 | &nbsp;&nbsp; 238204 |
| Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(b)(f)</sup> |  | 226 | &nbsp;&nbsp; 231650 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<sup>(b)</sup> |  | 172 | &nbsp;&nbsp; 175903 |
| Fair Isaac Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 06/15/28 |  | 45 | &nbsp;&nbsp; 43797 |
| 6.00%, 05/15/33 |  | 828 | &nbsp;&nbsp; 835589 |
| Fidelity National Information Services, Inc., 4.50%, <br> 08/15/46<br>|  | 1000 | &nbsp;&nbsp; 822140 |
| Fiserv, Inc., 4.40%, 07/01/49<sup>(f)</sup> |  | 500 | &nbsp;&nbsp; 409343 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Microsoft Corp., 2.53%, 06/01/50 | USD | 1600 | &nbsp;&nbsp; $988750 |
| Oracle Corp. |  |  |  |
| 3.60%, 04/01/40 |  | 3025 | &nbsp;&nbsp; 2421140 |
| 3.60%, 04/01/50 |  | 400 | &nbsp;&nbsp; 279737 |
| 3.95%, 03/25/51 |  | 600 | &nbsp;&nbsp; 442857 |
| 6.13%, 08/03/65 |  | 600 | &nbsp;&nbsp; 600605 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(b)</sup> |  | 7 | &nbsp;&nbsp; 6353 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(b)</sup> |  | 343 | &nbsp;&nbsp; 356074 |
| TeamSystem SpA, 07/01/32<sup>(a)(d)(k)</sup> | EUR | 100 | &nbsp;&nbsp; 117686 |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 | USD | 73 | &nbsp;&nbsp; 69499 |
| 3.88%, 03/15/31 |  | 73 | &nbsp;&nbsp; 68275 |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)</sup> |  | 1444 | &nbsp;&nbsp; 1498258 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br> 3.88%, 02/01/29<sup>(b)</sup><br>|  | 147 | &nbsp;&nbsp; 138209 |
|  |  |  | &nbsp;&nbsp; 17478937 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| Staples, Inc., 10.75%, 09/01/29<sup>(b)</sup> |  | 103 | &nbsp;&nbsp; 97482 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| Apple, Inc. |  |  |  |
| 4.38%, 05/13/45 |  | 1000 | &nbsp;&nbsp; 883475 |
| 3.75%, 09/12/47 |  | 700 | &nbsp;&nbsp; 552353 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(b)</sup> |  | 77 | &nbsp;&nbsp; 81689 |
| Seagate Data Storage Technology Pte Ltd., 5.88%, <br> 07/15/30<sup>(b)</sup><br>|  | 132 | &nbsp;&nbsp; 133970 |
| Seagate HDD Cayman |  |  |  |
| 8.25%, 12/15/29 |  | 174 | &nbsp;&nbsp; 185310 |
| 8.50%, 07/15/31 |  | 111 | &nbsp;&nbsp; 119123 |
|  |  |  | &nbsp;&nbsp; 1955920 |
| **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<sup>(b)(k)</sup> <br>|  |  |  |
| 07/15/32 | EUR | 270 | &nbsp;&nbsp; 320432 |
| 07/15/33 | USD | 653 | &nbsp;&nbsp; 676844 |
| Hanesbrands, Inc., 9.00%, 02/15/31<sup>(b)</sup> |  | 8 | &nbsp;&nbsp; 8470 |
| Levi Strauss & Co., 3.50%, 03/01/31<sup>(b)</sup> |  | 11 | &nbsp;&nbsp; 10065 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), <br> 6.03%, 07/01/29<sup>(a)(d)</sup><br>| EUR | 100 | &nbsp;&nbsp; 118354 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(b)</sup> | USD | 120 | &nbsp;&nbsp; 121525 |
|  |  |  | &nbsp;&nbsp; 1255690 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. |  |  |  |
| 2.45%, 02/04/32 |  | 200 | &nbsp;&nbsp; 172496 |
| 5.38%, 01/31/44<sup>(f)</sup> |  | 2000 | &nbsp;&nbsp; 1888200 |
| BAT Capital Corp. |  |  |  |
| 3.22%, 09/06/26 |  | 394 | &nbsp;&nbsp; 388528 |
| 7.08%, 08/02/43 |  | 500 | &nbsp;&nbsp; 550687 |
| 4.54%, 08/15/47 |  | 1500 | &nbsp;&nbsp; 1211733 |
| Reynolds American, Inc., 7.00%, 08/04/41 |  | 1000 | &nbsp;&nbsp; 1044037 |
|  |  |  | &nbsp;&nbsp; 5255681 |
| **Trading Companies & Distributors**<sup>(b)</sup> **— 0.0%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.0%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.0%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.0%** |
| Gates Corp/DE, 6.88%, 07/01/29 |  | 90 | &nbsp;&nbsp; 93453 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 42 | &nbsp;&nbsp; 39589 |
| 6.50%, 07/15/32<sup>(f)</sup> |  | 105 | &nbsp;&nbsp; 107572 |
|  |  |  | &nbsp;&nbsp; 240614 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| FedEx Corp., 4.10%, 02/01/45 | USD | 1250 | &nbsp;&nbsp; $955572 |
| **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 |  | 1350 | &nbsp;&nbsp; 1332689 |
| **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** | **Wireless Telecommunication Services — 0.8%** |
| Altice France SA<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 07/15/29 |  | 600 | &nbsp;&nbsp; 495915 |
| 5.50%, 10/15/29 |  | 400 | &nbsp;&nbsp; 331566 |
| Rogers Communications, Inc., 7.50%, 08/15/38 |  | 2325 | &nbsp;&nbsp; 2686197 |
| Telecom Argentina SA, 9.25%, 05/28/33<sup>(b)</sup> |  | 24 | &nbsp;&nbsp; 24423 |
| T-Mobile U.S., Inc. |  |  |  |
| 2.55%, 02/15/31 |  | 500 | &nbsp;&nbsp; 447614 |
| 3.30%, 02/15/51 |  | 500 | &nbsp;&nbsp; 331867 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.25%, 01/31/31<sup>(b)</sup> |  | 600 | &nbsp;&nbsp; 549672 |
| 4.50%, 07/15/31<sup>(d)</sup> | GBP | 100 | &nbsp;&nbsp; 122852 |
| Vodafone Group PLC, 4.88%, 06/19/49 | USD | 700 | &nbsp;&nbsp; 602234 |
| WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31<sup>(b)(g)</sup> |  | 70 | &nbsp;&nbsp; 68371 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(d)</sup> | EUR | 100 | &nbsp;&nbsp; 125157 |
|  |  |  | &nbsp;&nbsp; 5785868 |
| **Total Corporate Bonds — 56.6%** <br>**(Cost: $411,319,981)** | **Total Corporate Bonds — 56.6%** <br>**(Cost: $411,319,981)** | **Total Corporate Bonds — 56.6%** <br>**(Cost: $411,319,981)** | &nbsp;&nbsp; 411240192 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Clover Holdings SPV III LLC, 2024 USD Term Loan, <br> 15.00%, 12/09/27<br>| USD | 16 | &nbsp;&nbsp; 15631 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 1666 | &nbsp;&nbsp; 1672247 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>|  | 962 | &nbsp;&nbsp; 969215 |
| **Total Fixed Rate Loan Interests — 0.4%** <br>**(Cost: $2,643,498)** | **Total Fixed Rate Loan Interests — 0.4%** <br>**(Cost: $2,643,498)** | **Total Fixed Rate Loan Interests — 0.4%** <br>**(Cost: $2,643,498)** | &nbsp;&nbsp; 2657093 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** | **Aerospace & Defense — 0.0%** |
| Cubic Corp. |  |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.84%, 05/25/28<br>|  | 71 | &nbsp;&nbsp; 36689 |
| Term Loan C, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.84%, 05/25/28<br>|  | 14 | &nbsp;&nbsp; 7450 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 01/27/32<br>|  | 82 | &nbsp;&nbsp; 82036 |
| Kaman Corp., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>|  | 101 | &nbsp;&nbsp; 100339 |
| Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 12/11/31<sup>(c)</sup><br>|  | 76 | &nbsp;&nbsp; 76558 |
|  |  |  | &nbsp;&nbsp; 303072 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, <br> 02/23/29<br>|  | 209 | &nbsp;&nbsp; 194673 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(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)** |
| Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 01/28/32<br>| USD | 249 | &nbsp;&nbsp; $249162 |
| Tenneco, Inc. |  |  |  |
| 2022 Term Loan A, (3-mo. CME Term SOFR at <br> 0.50% Floor + 4.85%), 9.17%, 11/17/28<br>|  | 15 | &nbsp;&nbsp; 14780 |
| 2022 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 5.10%), 9.42%, 11/17/28<br>|  | 66 | &nbsp;&nbsp; 64271 |
|  |  |  | &nbsp;&nbsp; 522886 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Sazerac Co., Inc., Term Loan B, 06/25/32<sup>(c)(n)</sup> |  | 170 | &nbsp;&nbsp; 169787 |
| **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** | **Broadline Retail — 0.0%** |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan <br> B, (1-mo. CME Term SOFR + 4.75%), 9.08%, <br> 03/15/30<br>|  | 283 | &nbsp;&nbsp; 274445 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |
| Cornerstone Building Brands, Inc., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.81%, 05/15/31<br>|  | 29 | &nbsp;&nbsp; 24446 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>|  | 81 | &nbsp;&nbsp; 79793 |
|  |  |  | &nbsp;&nbsp; 104239 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.99%, 02/15/31<br>|  | 91 | &nbsp;&nbsp; 90005 |
| Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, 09/15/31<sup>(n)</sup><br>|  | 41 | &nbsp;&nbsp; 40903 |
| OVG Business Services LLC, 2024 Term Loan B, (1-<br> mo. CME Term SOFR + 3.00%), 7.33%, 06/25/31<sup>(c)</sup><br>|  | 7 | &nbsp;&nbsp; 6632 |
|  |  |  | &nbsp;&nbsp; 137540 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Aruba Investments Holdings LLC, 2020 2nd Lien Term <br> Loan, (1-mo. CME Term SOFR + 7.85%), 12.18%, <br> 11/24/28<br>|  | 64 | &nbsp;&nbsp; 60214 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.02%, <br> 10/04/29<br>|  | 254 | &nbsp;&nbsp; 253546 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.22%, 07/03/28<br>|  | 216 | &nbsp;&nbsp; 196168 |
| Momentive Performance Materials, Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, <br> 03/29/28<br>|  | 74 | &nbsp;&nbsp; 74386 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> 04/08/31<sup>(n)</sup><br>|  | 18 | &nbsp;&nbsp; 16628 |
|  |  |  | &nbsp;&nbsp; 600942 |
| **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** | **Commercial Services & Supplies — 0.0%** |
| Allied Universal Holdco LLC, 2021 USD Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 05/12/28<br>|  | 113 | &nbsp;&nbsp; 114019 |
| Jupiter Buyer Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.75%), 9.05%, <br> 11/01/31<br>|  | 38 | &nbsp;&nbsp; 38188 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.43%, <br> 10/30/28<br>| USD | 142 | &nbsp;&nbsp; $127466 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 5.26%), <br> 9.56%, 02/15/29<br>|  | 44 | &nbsp;&nbsp; 44028 |
|  |  |  | &nbsp;&nbsp; 323701 |
| **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** | **Communications Equipment — 0.0%** |
| COMMSCOPE, 2024 Term Loan, 12/17/29<sup>(n)</sup> |  | 138 | &nbsp;&nbsp; 138989 |
| **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> 8.78%, 08/01/30<br>|  | 570 | &nbsp;&nbsp; 474729 |
| **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** | **Construction Materials — 0.0%** |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 10/19/29<br>|  | 267 | &nbsp;&nbsp; 265375 |
| **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** | **Diversified Consumer Services — 0.0%** |
| Ascend Learning LLC |  |  |  |
| 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 5.85%), 10.18%, 12/10/29<br>|  | 39 | &nbsp;&nbsp; 39017 |
| 2025 Repriced Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.00%), 7.33%, 12/11/28<br>|  | 21 | &nbsp;&nbsp; 20946 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/31<br>|  | 232 | &nbsp;&nbsp; 230479 |
|  |  |  | &nbsp;&nbsp; 290442 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.51%, 02/02/32<br>|  | 86 | &nbsp;&nbsp; 84952 |
| Frontier Communications Holdings LLC, 2025 Term <br> Loan B, (6-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.79%, 07/01/31<br>|  | 41 | &nbsp;&nbsp; 40744 |
| Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.58%, <br> 03/27/32<br>|  | 530 | &nbsp;&nbsp; 535411 |
| Lumen Technologies, Inc. |  |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29<br>|  | 143 | &nbsp;&nbsp; 140796 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at <br> 2.00% Floor + 6.00%), 10.33%, 06/01/28<br>|  | 43 | &nbsp;&nbsp; 44009 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.25%), 7.69%, <br> 09/25/29<br>|  | 347 | &nbsp;&nbsp; 299199 |
| Zayo Group Holdings, Inc., USD Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, <br> 03/09/27<br>|  | 717 | &nbsp;&nbsp; 680279 |
|  |  |  | &nbsp;&nbsp; 1825390 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), <br> 10.32%, 12/21/29<br>|  | 59 | &nbsp;&nbsp; 59557 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 02/26/32<br>|  | 15 | &nbsp;&nbsp; 15236 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, <br> 07/22/30<br>| USD | 99 | &nbsp;&nbsp; $98044 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term <br> SOFR + 2.00%), 6.33%, 05/19/31<br>|  | — <br><sup>(o)</sup><br>| &nbsp;&nbsp; 51 |
| Deerfield Dakota Holding LLC |  |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>|  | 51 | &nbsp;&nbsp; 49216 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, <br> 04/07/28<br>|  | 124 | &nbsp;&nbsp; 118136 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32<br>|  | 166 | &nbsp;&nbsp; 166539 |
| Gryphon Debt Merger Sub, Inc., Term Loan B, <br> 06/18/32<sup>(n)</sup><br>|  | 155 | &nbsp;&nbsp; 154871 |
| Howden Group Holdings Ltd., 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 04/18/30<br>|  | 17 | &nbsp;&nbsp; 17037 |
| Orion US Finco, 1st Lien Term Loan, 05/20/32<sup>(n)</sup> |  | 45 | &nbsp;&nbsp; 45135 |
| Summit Acquisition, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, <br> 10/16/31<br>|  | 61 | &nbsp;&nbsp; 60771 |
|  |  |  | &nbsp;&nbsp; 611756 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| Chobani LLC, 2025 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 10/25/27<br>|  | 7 | &nbsp;&nbsp; 6981 |
| **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%), 8.33%, 09/29/28<br>|  | 127 | &nbsp;&nbsp; 126584 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.57%, 06/26/30<br>|  | 242 | &nbsp;&nbsp; 242400 |
|  |  |  | &nbsp;&nbsp; 368984 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, <br> 10/01/27<br>|  | 280 | &nbsp;&nbsp; 269299 |
| LifePoint Health, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.75%), 8.01%, 05/19/31<br>|  | 164 | &nbsp;&nbsp; 161720 |
| 2024 Incremental Term Loan B1, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.82%, 05/19/31<br>|  | 83 | &nbsp;&nbsp; 81386 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 8.29%, <br> 06/02/28<br>|  | 174 | &nbsp;&nbsp; 169716 |
| Quorum Health Corp., 2020 Term Loan, (3-mo. CME <br> Term SOFR at 1.00% Floor + 6.60%, 4.75% PIK), <br> 15.56%, 01/28/28<sup>(g)</sup><br>|  | 126 | &nbsp;&nbsp; 90274 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>|  | 353 | &nbsp;&nbsp; 349487 |
|  |  |  | &nbsp;&nbsp; 1121882 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 02/15/29<br>| USD | 428 | &nbsp;&nbsp; $426782 |
| **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, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.07%, 11/01/29<br>|  | 57 | &nbsp;&nbsp; 55792 |
| **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 + 3.25%), 7.55%, <br> 01/20/32<br>|  | 61 | &nbsp;&nbsp; 60582 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-<br> mo. CME Term SOFR at 1.00% Floor + 4.50%), <br> 8.83%, 12/19/29<br>|  | 27 | &nbsp;&nbsp; 27343 |
|  |  |  | &nbsp;&nbsp; 87925 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Beach Acquisition Bidco LLC, USD Term Loan B, <br> 06/25/32<sup>(c)(n)</sup><br>|  | 149 | &nbsp;&nbsp; 149745 |
| LSF12 Crown U.S. Commercial Bidco LLC, Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.57%, 12/02/31<br>|  | 125 | &nbsp;&nbsp; 125547 |
|  |  |  | &nbsp;&nbsp; 275292 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| AssuredPartners, Inc., 2024 Incremental Term Loan B5, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 02/14/31<br>|  | 34 | &nbsp;&nbsp; 33979 |
| Truist Insurance Holdings LLC, 2nd Lien Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.05%, 05/06/32<br>|  | 410 | &nbsp;&nbsp; 414299 |
|  |  |  | &nbsp;&nbsp; 448278 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 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%), 7.58%, 01/31/31<br>|  | 143 | &nbsp;&nbsp; 143000 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Asurion LLC, 2025 Term Loan B13, 09/19/30<sup>(n)</sup> |  | 89 | &nbsp;&nbsp; 86008 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 07/06/29<br>|  | 55 | &nbsp;&nbsp; 46045 |
| Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 06/27/31<sup>(c)</sup><br>|  | 61 | &nbsp;&nbsp; 61327 |
| Mitchell International, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.58%, 06/17/31<br>|  | 97 | &nbsp;&nbsp; 96802 |
| Neptune Bidco U.S., Inc., 2022 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 5.10%), <br> 9.33%, 04/11/29<br>|  | 208 | &nbsp;&nbsp; 196424 |
| Shift4 Payments LLC, 2025 Term Loan, 05/07/32<sup>(n)</sup> |  | 65 | &nbsp;&nbsp; 65507 |
|  |  |  | &nbsp;&nbsp; 552113 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.73%, 02/15/29<br>| USD | 477 | &nbsp;&nbsp; $477721 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, <br> 12/17/28<br>|  | 78 | &nbsp;&nbsp; 33883 |
|  |  |  | &nbsp;&nbsp; 511604 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Altice France SA, 2023 USD Term Loan B14, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, <br> 08/15/28<br>|  | 92 | &nbsp;&nbsp; 82763 |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.44%, 08/23/28<br>|  | 293 | &nbsp;&nbsp; 290331 |
| CSC Holdings LLC |  |  |  |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, <br> 04/15/27<br>|  | 321 | &nbsp;&nbsp; 312828 |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.81%, 01/18/28<br>|  | 236 | &nbsp;&nbsp; 232836 |
| Directv Financing LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 5.50%), 9.83%, <br> 02/17/31<br>|  | 399 | &nbsp;&nbsp; 379230 |
| Gray Television, Inc. |  |  |  |
| 2021 Term Loan D, (1-mo. CME Term SOFR + <br> 3.11%), 7.44%, 12/01/28<br>|  | 138 | &nbsp;&nbsp; 132907 |
| 2024 Term Loan B, (1-mo. CME Term SOFR + <br> 5.25%), 9.57%, 06/04/29<br>|  | 27 | &nbsp;&nbsp; 27081 |
|  |  |  | &nbsp;&nbsp; 1457976 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, <br> 07/31/31<br>|  | 95 | &nbsp;&nbsp; 90463 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 5.50%), <br> 9.83%, 05/04/28<br>|  | 19 | &nbsp;&nbsp; 19649 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br> 8.33%, 04/23/31<br>|  | 93 | &nbsp;&nbsp; 92307 |
|  |  |  | &nbsp;&nbsp; 111956 |
| **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** | **Professional Services — 0.0%** |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/29/31<br>|  | 17 | &nbsp;&nbsp; 16604 |
| CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 06/02/28<br>|  | 84 | &nbsp;&nbsp; 83064 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30<br>|  | 136 | &nbsp;&nbsp; 126459 |
|  |  |  | &nbsp;&nbsp; 226127 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-<br> mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.80%, 02/23/32<br>|  | 98 | &nbsp;&nbsp; 99976 |
| Boxer Parent Co., Inc. |  |  |  |
| 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.00% Floor + 5.75%), 10.08%, 07/30/32<br>|  | 115 | &nbsp;&nbsp; 111622 |
| 2025 USD 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31<br>|  | 170 | &nbsp;&nbsp; 168542 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Cloud Software Group, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>| USD | 144 | &nbsp;&nbsp; $143909 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>|  | 286 | &nbsp;&nbsp; 286936 |
| Cloudera, Inc. |  |  |  |
| 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.43%, <br> 10/08/29<br>|  | 234 | &nbsp;&nbsp; 211008 |
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 10/08/28<br>|  | 54 | &nbsp;&nbsp; 52151 |
| Delta Topco, Inc., 2024 2nd Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, <br> 11/29/30<br>|  | 32 | &nbsp;&nbsp; 32050 |
| Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1-<br> mo. CME Term SOFR at 0.50% Floor + 4.75%), <br> 9.08%, 11/22/32<sup>(c)</sup><br>|  | 363 | &nbsp;&nbsp; 370260 |
| MH Sub I LLC |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 05/03/28<br>|  | 177 | &nbsp;&nbsp; 165626 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.58%, 12/31/31<br>|  | 119 | &nbsp;&nbsp; 103664 |
| Proofpoint, Inc., 2025 Fungible Term Loan, 08/31/28<sup>(n)</sup> |  | 28 | &nbsp;&nbsp; 28003 |
| RealPage, Inc. |  |  |  |
| 1st Lien Term Loan, (3-mo. CME Term SOFR + <br> 3.26%), 7.56%, 04/24/28<br>|  | 212 | &nbsp;&nbsp; 210120 |
| 2024 Incremental Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.75%), 8.05%, 04/24/28<br>|  | 84 | &nbsp;&nbsp; 83790 |
| Sabre GLBL, Inc. |  |  |  |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 19 | &nbsp;&nbsp; 18644 |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 11 | &nbsp;&nbsp; 10733 |
| 2022 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.35%), 8.68%, 06/30/28<br>|  | 3 | &nbsp;&nbsp; 3132 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 79 | &nbsp;&nbsp; 78551 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 26 | &nbsp;&nbsp; 24980 |
|  |  |  | &nbsp;&nbsp; 2203697 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28<br>|  | 142 | &nbsp;&nbsp; 140004 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Foundation Building Materials, Inc. |  |  |  |
| 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.51%), 7.79%, 01/31/28<br>|  | 78 | &nbsp;&nbsp; 77069 |
| 2024 Term Loan B2, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.28%, 01/29/31<br>|  | 277 | &nbsp;&nbsp; 270524 |
| 2025 Term Loan, 01/29/31<sup>(n)</sup> |  | 44 | &nbsp;&nbsp; 43509 |
|  |  |  | &nbsp;&nbsp; 391102 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *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., 2024 Term Loan, <br> (3-mo. CME Term SOFR + 5.25%, 2.25% PIK), <br> 11.78%, 05/25/27<sup>(g)</sup><br>| USD | 500 | &nbsp;&nbsp; $497553 |
| Windstream Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.85%), 9.18%, <br> 10/01/31<sup>(c)</sup><br>|  | 65 | &nbsp;&nbsp; 65244 |
|  |  |  | &nbsp;&nbsp; 562797 |
| **Total Floating Rate Loan Interests — 2.1%** <br>**(Cost: $15,578,028)** | **Total Floating Rate Loan Interests — 2.1%** <br>**(Cost: $15,578,028)** | **Total Floating Rate Loan Interests — 2.1%** <br>**(Cost: $15,578,028)** | &nbsp;&nbsp; 15398885 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Barbados — 0.0%** | **Barbados — 0.0%** | **Barbados — 0.0%** |  |
| Barbados Government International Bonds, 8.00%, <br> 06/26/35<sup>(b)</sup><br>|  | 35 | &nbsp;&nbsp; 35210 |
| **Benin — 0.0%**  | **Benin — 0.0%**  | **Benin — 0.0%**  |  |
| Benin Government International Bonds, 7.96%, <br> 02/13/38<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 188500 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |  |
| CDP Financial, Inc., 5.60%, 11/25/39<sup>(b)</sup> |  | 5890 | &nbsp;&nbsp; 6062465 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |  |
| Chile Government International Bonds, 4.34%, <br> 03/07/42<br>|  | 200 | &nbsp;&nbsp; 173100 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |  |
| Colombia Government International Bonds, 8.00%, <br> 04/20/33<sup>(f)</sup><br>|  | 200 | &nbsp;&nbsp; 206900 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |  |
| Dominican Republic International Bonds<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 01/30/30 |  | 226 | &nbsp;&nbsp; 214700 |
| 7.05%, 02/03/31 |  | 150 | &nbsp;&nbsp; 157230 |
|  |  |  | &nbsp;&nbsp; 371930 |
| **Egypt — 0.0%** | **Egypt — 0.0%** | **Egypt — 0.0%** |  |
| Egypt Government International Bonds, 7.50%, <br> 02/16/61<sup>(b)</sup><br>|  | 219 | &nbsp;&nbsp; 159158 |
| **Guatemala — 0.0%** | **Guatemala — 0.0%** | **Guatemala — 0.0%** |  |
| Guatemala Government Bonds, 5.38%, 04/24/32<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 195250 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |  |
| Hungary Government International Bonds, Series 10Y, <br> 5.38%, 09/12/33<sup>(d)</sup><br>| EUR | 66 | &nbsp;&nbsp; 83746 |
| Magyar Export-Import Bank Zrt, 6.00%, 05/16/29<sup>(d)</sup> |  | 100 | &nbsp;&nbsp; 126925 |
|  |  |  | &nbsp;&nbsp; 210671 |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |  |
| Ivory Coast Government International Bonds, 5.88%, <br> 10/17/31<sup>(d)</sup><br>|  | 192 | &nbsp;&nbsp; 213657 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |  |
| Mexico Government International Bonds, 6.35%, <br> 02/09/35<br>| USD | 200 | &nbsp;&nbsp; 204500 |
| **Morocco — 0.0%** | **Morocco — 0.0%** | **Morocco — 0.0%** |  |
| Morocco Government International Bonds, 2.38%, <br> 12/15/27<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 188250 |
| **Nigeria — 0.0%** | **Nigeria — 0.0%** | **Nigeria — 0.0%** |  |
| Nigeria Government International Bonds, 10.38%, <br> 12/09/34<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 210200 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Oman — 0.0%** | **Oman — 0.0%** | **Oman — 0.0%** |  |
| Oman Government International Bonds, 6.75%, <br> 01/17/48<sup>(d)</sup><br>| USD | 200 | &nbsp;&nbsp; $206100 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |  |
| Panama Government International Bonds, 7.50%, <br> 03/01/31<br>|  | 200 | &nbsp;&nbsp; 212800 |
| **Peru — 0.0%** | **Peru — 0.0%** | **Peru — 0.0%** |  |
| Peruvian Government International Bonds |  |  |  |
| 2.78%, 01/23/31 |  | 70 | &nbsp;&nbsp; 62837 |
| 1.86%, 12/01/32 |  | 45 | &nbsp;&nbsp; 36000 |
|  |  |  | &nbsp;&nbsp; 98837 |
| **Romania — 0.1%** | **Romania — 0.1%** | **Romania — 0.1%** |  |
| Romanian Government International Bonds |  |  |  |
| 5.25%, 11/25/27<sup>(b)</sup> |  | 50 | &nbsp;&nbsp; 49938 |
| 2.12%, 07/16/31<sup>(d)</sup> | EUR | 83 | &nbsp;&nbsp; 81333 |
| 5.88%, 07/11/32<sup>(b)</sup> |  | 59 | &nbsp;&nbsp; 70038 |
| 6.25%, 09/10/34<sup>(b)</sup> |  | 56 | &nbsp;&nbsp; 66423 |
|  |  |  | &nbsp;&nbsp; 267732 |
| **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |  |
| Saudi Government International Bonds, 4.50%, <br> 04/17/30<sup>(d)</sup><br>| USD | 200 | &nbsp;&nbsp; 199750 |
| **Serbia — 0.0%** | **Serbia — 0.0%** | **Serbia — 0.0%** |  |
| Serbia International Bonds, 6.00%, 06/12/34<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 201575 |
| **South Africa — 0.0%** | **South Africa — 0.0%** | **South Africa — 0.0%** |  |
| Republic of South Africa Government International <br> Bonds, 5.75%, 09/30/49<br>|  | 252 | &nbsp;&nbsp; 189252 |
| **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** | **Uzbekistan — 0.0%** |  |
| Republic of Uzbekistan International Bonds, 5.38%, <br> 05/29/27<sup>(b)</sup><br>| EUR | 100 | &nbsp;&nbsp; 120667 |
| **Total Foreign Agency Obligations — 1.4%** <br>**(Cost: $9,670,657)** | **Total Foreign Agency Obligations — 1.4%** <br>**(Cost: $9,670,657)** | **Total Foreign Agency Obligations — 1.4%** <br>**(Cost: $9,670,657)** | &nbsp;&nbsp; 9916504 |
| **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<sup>(b)</sup><br>| USD | 890 | &nbsp;&nbsp; 921884 |
| **California — 1.2%** | **California — 1.2%** | **California — 1.2%** |  |
| City of Los Angeles California, GO, Series A, <br> Sustainability Bonds, 5.00%, 09/01/42<br>|  | 2000 | &nbsp;&nbsp; 1928332 |
| Golden State Tobacco Securitization Corp., Refunding <br> RB<br>|  |  |  |
| Class B, (SAP), 3.29%, 06/01/42 |  | 2610 | &nbsp;&nbsp; 1951539 |
| Series A-1, 3.71%, 06/01/41 |  | 1000 | &nbsp;&nbsp; 767685 |
| Oxnard Union High School District, Refunding GO, <br> (BAM), 3.18%, 08/01/43<br>|  | 1600 | &nbsp;&nbsp; 1192092 |
| State of California, GO, BAB, 7.55%, 04/01/39 |  | 1500 | &nbsp;&nbsp; 1798193 |
| State of California, Refunding GO, 5.13%, 03/01/38 |  | 1000 | &nbsp;&nbsp; 998199 |
|  |  |  | &nbsp;&nbsp; 8636040 |
| **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>|  | 1500 | &nbsp;&nbsp; 1541478 |
| **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 | &nbsp;&nbsp; 1066705 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hawaii — 0.2%** | **Hawaii — 0.2%** | **Hawaii — 0.2%** |  |
| City & County Honolulu Hawaii Wastewater System <br> Revenue, Refunding RB, Series A, 2.62%, 07/01/45<br>| USD | 1000 | &nbsp;&nbsp; $671100 |
| State of Hawaii, GO, Series GK, 6.15%, 10/01/38 |  | 1000 | &nbsp;&nbsp; 1074621 |
|  |  |  | &nbsp;&nbsp; 1745721 |
| **Illinois — 0.3%** | **Illinois — 0.3%** | **Illinois — 0.3%** |  |
| State of Illinois, GO, 5.10%, 06/01/33 |  | 1745 | &nbsp;&nbsp; 1749130 |
| **Massachusetts — 0.6%** | **Massachusetts — 0.6%** | **Massachusetts — 0.6%** |  |
| Massachusetts Educational Financing Authority, RB, <br> Series A, 6.17%, 07/01/50<br>|  | 2500 | &nbsp;&nbsp; 2522978 |
| Massachusetts Educational Financing Authority, <br> Refunding RB, Series A, 6.35%, 07/01/49<br>|  | 1355 | &nbsp;&nbsp; 1407348 |
| University of Massachusetts Building Authority, <br> Refunding RB, Series 3, 3.43%, 11/01/40<br>|  | 500 | &nbsp;&nbsp; 411418 |
|  |  |  | &nbsp;&nbsp; 4341744 |
| **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 | &nbsp;&nbsp; 2002216 |
| **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 | &nbsp;&nbsp; 629734 |
| Series D-1, Sustainability Bonds, 5.09%, 10/01/49 |  | 1000 | &nbsp;&nbsp; 945206 |
| New York City Municipal Water Finance Authority, <br> Refunding RB, BAB, 6.01%, 06/15/42<br>|  | 1000 | &nbsp;&nbsp; 1036759 |
| New York State Dormitory Authority, RB, BAB, Series F, <br> 5.63%, 03/15/39<br>|  | 1100 | &nbsp;&nbsp; 1126375 |
| United Nations Development Corp., Refunding RB, <br> Series A, 6.54%, 08/01/55<br>|  | 850 | &nbsp;&nbsp; 887601 |
|  |  |  | &nbsp;&nbsp; 4625675 |
| **Texas — 0.4%** | **Texas — 0.4%** | **Texas — 0.4%** |  |
| Dallas Fort Worth International Airport, Refunding RB, <br> 2.84%, 11/01/46<br>|  | 2000 | &nbsp;&nbsp; 1440341 |
| Texas Natural Gas Securitization Finance Corp., RB, <br> Series 2023-1, Class A2, 5.17%, 04/01/41<br>|  | 1500 | &nbsp;&nbsp; 1514298 |
|  |  |  | &nbsp;&nbsp; 2954639 |
| **Total Municipal Bonds — 4.1%** <br>**(Cost: $29,378,165)** | **Total Municipal Bonds — 4.1%** <br>**(Cost: $29,378,165)** | **Total Municipal Bonds — 4.1%** <br>**(Cost: $29,378,165)** | &nbsp;&nbsp; 29585232 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 9.8%** | **Collateralized Mortgage Obligations — 9.8%** | **Collateralized Mortgage Obligations — 9.8%** | **Collateralized Mortgage Obligations — 9.8%** |
| A&D Mortgage Trust, Series 2024-NQM5, Class A1, <br> 5.70%, 11/25/69<sup>(b)</sup><br>|  | 1427 | &nbsp;&nbsp; 1432293 |
| ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, <br> 10/25/64<sup>(b)</sup><br>|  | 467 | &nbsp;&nbsp; 466838 |
| Alternative Loan Trust |  |  |  |
| Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 |  | 315 | &nbsp;&nbsp; 280488 |
| Series 2006-OA21, Class A1, (1 mo. Term SOFR + <br> 0.30%), 4.62%, 03/20/47<sup>(a)</sup><br>|  | 305 | &nbsp;&nbsp; 261305 |
| Series 2007-OA10, Class 2A1, (1 mo. Term SOFR + <br> 0.61%), 4.93%, 09/25/47<sup>(a)</sup><br>|  | 3580 | &nbsp;&nbsp; 516831 |
| Angel Oak Mortgage Trust, Series 2024-10, Class A1, <br> 5.35%, 10/25/69<sup>(b)</sup><br>|  | 1595 | &nbsp;&nbsp; 1591240 |
| Banc of America Funding Trust, Series 2007-2, <br> Class 1A2, 6.00%, 03/25/37<br>|  | 183 | &nbsp;&nbsp; 144215 |
| Bravo Residential Funding Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-NQM1, Class A1, 0.94%, 02/25/49<sup>(a)</sup> |  | 458 | &nbsp;&nbsp; 428555 |
| Series 2023-NQM3, Class A1, 4.85%, 09/25/62 |  | 377 | &nbsp;&nbsp; 375270 |
| Series 2023-NQM4, Class A1, 6.44%, 05/25/63 |  | 1086 | &nbsp;&nbsp; 1091680 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Chase Home Lending Mortgage Trust, Series 2019-<br> ATR1, Class A12, 6.50%, 04/25/49<sup>(a)(b)</sup><br>| USD | 396 | &nbsp;&nbsp; $399749 |
| CIM Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2023-I1, Class A1, 6.03%, 04/25/58 |  | 973 | &nbsp;&nbsp; 972419 |
| Series 2023-I2, Class A1, 6.64%, 12/25/67 |  | 922 | &nbsp;&nbsp; 927747 |
| COLT Mortgage Loan Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2020-2, Class M1, 5.25%, 03/25/65<sup>(a)</sup> |  | 3050 | &nbsp;&nbsp; 3058828 |
| Series 2020-3, Class M1, 3.36%, 04/27/65<sup>(a)</sup> |  | 3820 | &nbsp;&nbsp; 3648967 |
| Series 2022-1, Class A1, 4.55%, 04/25/67<sup>(a)</sup> |  | 1317 | &nbsp;&nbsp; 1320206 |
| Series 2022-7, Class A1, 5.16%, 04/25/67 |  | 1622 | &nbsp;&nbsp; 1614248 |
| Series 2022-9, Class A1, 6.79%, 12/25/67 |  | 245 | &nbsp;&nbsp; 245722 |
| Series 2023-2, Class A1, 6.60%, 07/25/68 |  | 954 | &nbsp;&nbsp; 960741 |
| Series 2024-6, Class A1, 5.39%, 11/25/69 |  | 1180 | &nbsp;&nbsp; 1180537 |
| Series 2024-7, Class A1, 5.54%, 12/26/69 |  | 1397 | &nbsp;&nbsp; 1401075 |
| Series 2024-INV4, Class A1, 5.61%, 05/25/69 |  | 1172 | &nbsp;&nbsp; 1176266 |
| CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, <br> 05/25/67<sup>(a)(b)</sup><br>|  | 2306 | &nbsp;&nbsp; 2297038 |
| Deephaven Residential Mortgage Trust, Series 2022-2, <br> Class A1, 4.30%, 03/25/67<sup>(a)(b)</sup><br>|  | 219 | &nbsp;&nbsp; 211863 |
| Ellington Financial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-1, Class M1, 5.24%, 05/25/65 |  | 1500 | &nbsp;&nbsp; 1526130 |
| Series 2021-2, Class A1, 0.93%, 06/25/66 |  | 169 | &nbsp;&nbsp; 140825 |
| Flagstar Mortgage Trust, Series 2021-4, Class A1, <br> 2.50%, 06/01/51<sup>(a)(b)</sup><br>|  | 2233 | &nbsp;&nbsp; 1821972 |
| GCAT Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2022-NQM3, Class A1, 4.35%, 04/25/67 |  | 1001 | &nbsp;&nbsp; 997239 |
| Series 2024-INV4, Class A2, 5.50%, 12/25/54 |  | 921 | &nbsp;&nbsp; 915538 |
| GS Mortgage-Backed Securities Corp. Trust, <br> Series 2022-PJ2, Class A4, 2.50%, 06/25/52<sup>(a)(b)</sup><br>|  | 934 | &nbsp;&nbsp; 760503 |
| GS Mortgage-Backed Securities Trust, Series 2021-<br> PJ2, Class A2, 2.50%, 11/25/51<sup>(a)(b)</sup><br>|  | 827 | &nbsp;&nbsp; 673903 |
| GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, <br> 6.00%, 07/25/37<br>|  | 73 | &nbsp;&nbsp; 46176 |
| Homes Trust, Series 2024-NQM2, Class A1, 5.72%, <br> 10/25/69<sup>(b)</sup><br>|  | 548 | &nbsp;&nbsp; 550830 |
| Homeward Opportunities Fund Trust, Series 2022-1, <br> Class A1, 5.08%, 07/25/67<sup>(b)</sup><br>|  | 1011 | &nbsp;&nbsp; 1005467 |
| JP Morgan Mortgage Trust |  |  |  |
| Series 2006-S3, Class 1A12, 6.50%, 08/25/36 |  | 41 | &nbsp;&nbsp; 12726 |
| Series 2022-DSC1, Class A1, 4.75%, 01/25/63<sup>(a)(b)</sup> |  | 385 | &nbsp;&nbsp; 375931 |
| Series 2022-INV3, Class A3B, 3.00%, 09/25/52<sup>(a)(b)</sup> |  | 662 | &nbsp;&nbsp; 562764 |
| Series 2023-DSC1, Class A1, 4.63%, 07/25/63<sup>(a)(b)</sup> |  | 278 | &nbsp;&nbsp; 270170 |
| Series 2024-INV1, Class A3, 5.50%, 04/25/55<sup>(a)(b)</sup> |  | 1734 | &nbsp;&nbsp; 1723251 |
| Mello Mortgage Capital Acceptance, Series 2022-INV2, <br> Class A3, 3.00%, 04/25/52<sup>(a)(b)</sup><br>|  | 701 | &nbsp;&nbsp; 594344 |
| Merrill Lynch Mortgage Investors Trust, Series 2006-A3, <br> Class 3A1, 5.85%, 05/25/36<sup>(a)</sup><br>|  | 109 | &nbsp;&nbsp; 71228 |
| MFA Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2021-NQM1, Class M1, 2.31%, 04/25/65<sup>(a)</sup> |  | 2750 | &nbsp;&nbsp; 2302600 |
| Series 2023-NQM1, Class A1, 5.75%, 11/25/67 |  | 694 | &nbsp;&nbsp; 692364 |
| Series 2023-NQM3, Class A1, 6.62%, 07/25/68 |  | 1202 | &nbsp;&nbsp; 1211261 |
| Mill City Mortgage Trust, Series 2023-NQM2, Class A1, <br> 6.24%, 12/25/67<sup>(b)</sup><br>|  | 1462 | &nbsp;&nbsp; 1463213 |
| OBX Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-INC3, Class A1, 3.00%, 02/25/52<sup>(a)</sup> |  | 612 | &nbsp;&nbsp; 520229 |
| Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 |  | 407 | &nbsp;&nbsp; 406739 |
| Series 2023-NQM1, Class A1, 6.12%, 11/25/62<sup>(a)</sup> |  | 540 | &nbsp;&nbsp; 538997 |
| Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 |  | 1128 | &nbsp;&nbsp; 1136307 |
| Series 2023-NQM6, Class A1, 6.52%, 07/25/63 |  | 914 | &nbsp;&nbsp; 921200 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/64<sup>(a)</sup> |  | 1148 | &nbsp;&nbsp; 1151375 |
| PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, <br> 10/25/59<sup>(a)(b)</sup><br>|  | 1816 | &nbsp;&nbsp; 1803325 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| PRKCM Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2023-AFC2, Class A1, 6.48%, 06/25/58 | USD | 988 | &nbsp;&nbsp; $991212 |
| Series 2023-AFC3, Class A1, 6.58%, 09/25/58 |  | 1340 | &nbsp;&nbsp; 1352659 |
| Provident Funding Mortgage Trust, Series 2024-1, <br> Class A1, 5.50%, 12/25/54<sup>(a)(b)</sup><br>|  | 1470 | &nbsp;&nbsp; 1461370 |
| Radian Mortgage Capital Trust, Series 2024-J2, <br> Class A4, 5.50%, 03/25/55<sup>(a)(b)</sup><br>|  | 681 | &nbsp;&nbsp; 675555 |
| RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, <br> 02/25/52<sup>(a)(b)</sup><br>|  | 909 | &nbsp;&nbsp; 771342 |
| Sequoia Mortgage Trust, Series 2024-INV1, Class A3, <br> 5.50%, 10/25/54<sup>(a)(b)</sup><br>|  | 970 | &nbsp;&nbsp; 964309 |
| SG Residential Mortgage Trust, Series 2022-2, <br> Class A1, 5.35%, 08/25/62<sup>(b)</sup><br>|  | 586 | &nbsp;&nbsp; 584643 |
| Spruce Hill Mortgage Loan Trust, Series 2022-SH1, <br> Class A1A, 4.10%, 07/25/57<sup>(b)</sup><br>|  | 613 | &nbsp;&nbsp; 602649 |
| STAR Trust, Series 2021-1, Class M1, 2.36%, <br> 05/25/65<sup>(a)(b)</sup><br>|  | 2050 | &nbsp;&nbsp; 1807810 |
| Starwood Mortgage Residential Trust, Series 2020-3, <br> Class M1, 3.54%, 04/25/65<sup>(a)(b)</sup><br>|  | 2000 | &nbsp;&nbsp; 1771609 |
| Towd Point Mortgage Trust, Series 2017-4, Class A1, <br> 2.75%, 06/25/57<sup>(a)(b)</sup><br>|  | 48 | &nbsp;&nbsp; 46662 |
| Verus Securitization Trust<sup>(b)</sup> <br>|  |  |  |
| Series 2022-3, Class A1, 4.13%, 02/25/67 |  | 2412 | &nbsp;&nbsp; 2306177 |
| Series 2022-7, Class A1, 5.15%, 07/25/67 |  | 1333 | &nbsp;&nbsp; 1342065 |
| Series 2022-INV2, Class A1, 6.79%, 10/25/67 |  | 379 | &nbsp;&nbsp; 378399 |
| Series 2023-1, Class A1, 5.85%, 12/25/67 |  | 738 | &nbsp;&nbsp; 736683 |
| Series 2023-5, Class A1, 6.48%, 06/25/68 |  | 827 | &nbsp;&nbsp; 831752 |
| Series 2024-8, Class A1, 5.36%, 10/25/69<sup>(a)</sup> |  | 1599 | &nbsp;&nbsp; 1598323 |
| Series 2024-R1, Class A1, 5.22%, 09/25/69<sup>(a)</sup> |  | 1597 | &nbsp;&nbsp; 1596085 |
| Visio Trust, Series 2023-2, Class A1, 6.60%, <br> 10/25/58<sup>(b)</sup><br>|  | 1121 | &nbsp;&nbsp; 1129723 |
|  |  |  | &nbsp;&nbsp; 71149755 |
| **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 | &nbsp;&nbsp; 1094232 |
| Bayview Commercial Asset Trust, Series 2007-2A, <br> Class A1, (1 mo. Term SOFR + 0.52%), 4.84%, <br> 07/25/37<sup>(a)(b)</sup><br>|  | 494 | &nbsp;&nbsp; 455415 |
| BFLD Commercial Mortgage Trust, Series 2024-UNIV, <br> Class D, (1 mo. Term SOFR + 2.69%), 7.00%, <br> 11/15/41<sup>(a)(b)</sup><br>|  | 630 | &nbsp;&nbsp; 630787 |
| BPR Commercial Mortgage Trust, Series 2024-PARK, <br> Class D, 7.23%, 11/05/39<sup>(a)(b)</sup><br>|  | 200 | &nbsp;&nbsp; 203945 |
| BX Commercial Mortgage Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-CIP, Class A, (1 mo. Term SOFR + <br> 1.04%), 5.35%, 12/15/38<br>|  | 532 | &nbsp;&nbsp; 531853 |
| Series 2021-SOAR, Class A, (1 mo. Term SOFR + <br> 0.78%), 5.10%, 06/15/38<br>|  | 1482 | &nbsp;&nbsp; 1481224 |
| Series 2021-XL2, Class A, (1 mo. Term SOFR + <br> 0.80%), 5.12%, 10/15/38<br>|  | 149 | &nbsp;&nbsp; 148698 |
| Series 2022-LP2, Class A, (1 mo. Term SOFR + <br> 1.01%), 5.32%, 02/15/39<br>|  | 932 | &nbsp;&nbsp; 931733 |
| Series 2024-MF, Class C, (1 mo. Term SOFR + <br> 1.94%), 6.25%, 02/15/39<br>|  | 452 | &nbsp;&nbsp; 452570 |
| Series 2024-XL4, Class C, (1 mo. Term SOFR + <br> 2.19%), 6.50%, 02/15/39<br>|  | 95 | &nbsp;&nbsp; 94934 |
| BX Trust<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-LBA, Class AJV, (1 mo. Term SOFR + <br> 0.91%), 5.23%, 02/15/36<br>|  | 1690 | &nbsp;&nbsp; 1688944 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| BX Trust<sup>(a)(b)</sup> (continued) |  |  |  |
| Series 2022 VAMF, Class A, (1 mo. Term SOFR + <br> 0.85%), 5.16%, 01/15/39<br>| USD | 1300 | &nbsp;&nbsp; $1299187 |
| Series 2024-BIO, Class C, (1 mo. Term SOFR + <br> 2.64%), 6.95%, 02/15/41<br>|  | 240 | &nbsp;&nbsp; 239100 |
| Series 2024-CNYN, Class C, (1 mo. Term SOFR + <br> 1.94%), 6.25%, 04/15/41<br>|  | 671 | &nbsp;&nbsp; 672444 |
| Series 2024-PAT, Class B, (1 mo. Term SOFR + <br> 3.04%), 7.35%, 03/15/41<br>|  | 170 | &nbsp;&nbsp; 170000 |
| Cantor Commercial Real Estate Lending, Series 2019-<br> CF2, Class A5, 2.87%, 11/15/52<br>|  | 550 | &nbsp;&nbsp; 510767 |
| Century Plaza Towers, Series 2019-CPT, Class C, <br> 3.10%, 11/13/39<sup>(a)(b)</sup><br>|  | 250 | &nbsp;&nbsp; 218513 |
| CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term <br> SOFR + 3.04%), 7.35%, 08/15/41<sup>(a)(b)</sup><br>|  | 660 | &nbsp;&nbsp; 658287 |
| CSMC<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2020-FACT, Class D, (1 mo. Term SOFR + <br> 4.32%), 8.64%, 10/15/37<br>|  | 900 | &nbsp;&nbsp; 854580 |
| Series 2021-BHAR, Class C, (1 mo. Term SOFR + <br> 2.11%), 6.43%, 11/15/38<br>|  | 300 | &nbsp;&nbsp; 295923 |
| DC Trust, Series 2024-HLTN, Class C, 7.29%, <br> 04/13/40<sup>(a)(b)</sup><br>|  | 220 | &nbsp;&nbsp; 219832 |
| Extended Stay America Trust, Series 2021-ESH, <br> Class D, (1 mo. Term SOFR + 2.36%), 6.68%, <br> 07/15/38<sup>(a)(b)</sup><br>|  | 1655 | &nbsp;&nbsp; 1657484 |
| GS Mortgage Securities Trust |  |  |  |
| (1 mo. Term SOFR + 3.45%), 7.76%, 11/25/41<sup>(a)(b)</sup> |  | 400 | &nbsp;&nbsp; 400075 |
| Series 2019-GC38, Class AAB, 3.84%, 02/10/52 |  | 669 | &nbsp;&nbsp; 663774 |
| Series 2025-800D, Class A, (1 mo. Term SOFR + <br> 2.65%), 6.96%, 11/25/41<sup>(a)(b)</sup><br>|  | 216 | &nbsp;&nbsp; 216386 |
| JP Morgan Chase Commercial Mortgage Securities <br> Trust, Series 2022-ACB, Class A, (30-day Avg SOFR <br> + 1.40%), 5.70%, 03/15/39<sup>(a)(b)</sup><br>|  | 1700 | &nbsp;&nbsp; 1700000 |
| JW Commercial Mortgage Trust, Series 2024-MRCO, <br> Class C, (1 mo. Term SOFR + 2.39%), 6.70%, <br> 06/15/39<sup>(a)(b)</sup><br>|  | 800 | &nbsp;&nbsp; 798004 |
| MIC Trust, Series 2023-MIC, Class B, 9.86%, <br> 12/05/38<sup>(a)(b)</sup><br>|  | 234 | &nbsp;&nbsp; 255251 |
| Morgan Stanley Bank of America Merrill Lynch Trust, <br> Series 2015-C22, Class A4, 3.31%, 04/15/48<br>|  | 284 | &nbsp;&nbsp; 279064 |
| SELF Commercial Mortgage Trust, Series 2024-STRG, <br> Class D, (1 mo. Term SOFR + 2.94%), 7.25%, <br> 11/15/34<sup>(a)(b)</sup><br>|  | 270 | &nbsp;&nbsp; 272094 |
| STWD Trust, Series 2021-FLWR, Class A, (1 mo. Term <br> SOFR + 0.69%), 5.00%, 07/15/36<sup>(a)(b)</sup><br>|  | 919 | &nbsp;&nbsp; 918198 |
| UBS Commercial Mortgage Trust, Series 2019-C18, <br> Class A4, 3.04%, 12/15/52<br>|  | 1200 | &nbsp;&nbsp; 1105241 |
| VEGAS, Series 2024-GCS, Class D, 6.42%, <br> 07/10/36<sup>(a)(b)</sup><br>|  | 650 | &nbsp;&nbsp; 613585 |
| Wells Fargo Commercial Mortgage Trust |  |  |  |
| Series 2016-LC25, Class A4, 3.64%, 12/15/59 |  | 1700 | &nbsp;&nbsp; 1672242 |
| Series 2024-BPRC, Class D, 7.08%, 07/15/43<sup>(b)</sup> |  | 250 | &nbsp;&nbsp; 250917 |
|  |  |  | &nbsp;&nbsp; 23655283 |
| **Total Non-Agency Mortgage-Backed Securities — 13.0%** <br>**(Cost: $97,872,636)** | **Total Non-Agency Mortgage-Backed Securities — 13.0%** <br>**(Cost: $97,872,636)** | **Total Non-Agency Mortgage-Backed Securities — 13.0%** <br>**(Cost: $97,872,636)** | &nbsp;&nbsp; 94805038 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 6.2%**<sup>(a)</sup> | **Capital Trusts — 6.2%**<sup>(a)</sup> | **Capital Trusts — 6.2%**<sup>(a)</sup> | **Capital Trusts — 6.2%**<sup>(a)</sup> |
| **Banks**<sup>(h)</sup> **— 1.0%** | **Banks**<sup>(h)</sup> **— 1.0%** | **Banks**<sup>(h)</sup> **— 1.0%** |  |
| ING Groep NV, Series NC10, 4.25% | USD | 1500 | &nbsp;&nbsp; $1254897 |
| Krung Thai Bank PCL/Cayman Islands, 4.40%<sup>(d)</sup> |  | 252 | &nbsp;&nbsp; 248094 |
| PNC Financial Services Group, Inc., Series W, 6.25%<sup>(f)</sup> |  | 3705 | &nbsp;&nbsp; 3809582 |
| Rizal Commercial Banking Corp., 6.50%<sup>(d)</sup> |  | 200 | &nbsp;&nbsp; 199500 |
| U.S. Bancorp, Series J, 5.30%<sup>(f)</sup> |  | 1900 | &nbsp;&nbsp; 1898918 |
|  |  |  | &nbsp;&nbsp; 7410991 |
| **Capital Markets — 0.4%** | **Capital Markets — 0.4%** | **Capital Markets — 0.4%** |  |
| Bank of New York Mellon Corp., Series F, 4.63%<sup>(h)</sup> |  | 2750 | &nbsp;&nbsp; 2731726 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |  |
| NextEra Energy Capital Holdings, Inc., 5.65%, <br> 05/01/79<br>|  | 4750 | &nbsp;&nbsp; 4731815 |
| PG&E Corp., 7.38%, 03/15/55 |  | 1723 | &nbsp;&nbsp; 1631716 |
|  |  |  | &nbsp;&nbsp; 6363531 |
| **Financial Services**<sup>(h)</sup> **— 3.6%** | **Financial Services**<sup>(h)</sup> **— 3.6%** | **Financial Services**<sup>(h)</sup> **— 3.6%** |  |
| Bank of America Corp. |  |  |  |
| 6.63% |  | 7650 | &nbsp;&nbsp; 7922745 |
| Series FF, 5.88%<sup>(f)</sup> |  | 3500 | &nbsp;&nbsp; 3560085 |
| Barclays PLC |  |  |  |
| 4.38% |  | 310 | &nbsp;&nbsp; 288560 |
| 9.63% |  | 640 | &nbsp;&nbsp; 710853 |
| Citigroup, Inc., Series BB, 7.20% |  | 2500 | &nbsp;&nbsp; 2577705 |
| Goldman Sachs Group, Inc., Series W, 7.50% |  | 2500 | &nbsp;&nbsp; 2654710 |
| HSBC Holdings PLC |  |  |  |
| 4.70% |  | 275 | &nbsp;&nbsp; 249274 |
| 6.00%<sup>(f)</sup> |  | 235 | &nbsp;&nbsp; 234762 |
| 6.50%<sup>(f)</sup> |  | 1090 | &nbsp;&nbsp; 1096951 |
| Lloyds Banking Group PLC |  |  |  |
| 6.75% |  | 595 | &nbsp;&nbsp; 598154 |
| 7.50% |  | 1750 | &nbsp;&nbsp; 1754699 |
| NatWest Group PLC |  |  |  |
| 6.00% |  | 1575 | &nbsp;&nbsp; 1572413 |
| 8.13% |  | 225 | &nbsp;&nbsp; 242697 |
| UBS Group AG<sup>(b)</sup> <br>|  |  |  |
| 4.88% |  | 2000 | &nbsp;&nbsp; 1945290 |
| Series NC10, 9.25% |  | 200 | &nbsp;&nbsp; 231282 |
| Series NC5, 9.25% |  | 400 | &nbsp;&nbsp; 436590 |
|  |  |  | &nbsp;&nbsp; 26076770 |
| **Independent Power and Renewable Electricity Producers**<sup>(b)(h)</sup> **—** <br> **0.1%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(h)</sup> **—** <br> **0.1%** | **Independent Power and Renewable Electricity Producers**<sup>(b)(h)</sup> **—** <br> **0.1%** |  |
| NRG Energy, Inc., 10.25% |  | 340 | &nbsp;&nbsp; 377547 |
| Vistra Corp., 7.00% |  | 141 | &nbsp;&nbsp; 142696 |
|  |  |  | &nbsp;&nbsp; 520243 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |  |
| CVS Health Corp. |  |  |  |
| 6.75%, 12/10/54 |  | 320 | &nbsp;&nbsp; 320697 |
| 7.00%, 03/10/55 |  | 1305 | &nbsp;&nbsp; 1345990 |
|  |  |  | &nbsp;&nbsp; 1666687 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Utilities — 0.0%** | **Utilities — 0.0%** | **Utilities — 0.0%** |  |
| Electricite de France SA, 3.38%<sup>(d)(h)</sup> | EUR | 200 | &nbsp;&nbsp; $223272 |
|  |  |  | &nbsp;&nbsp; 44993220 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.0%**<sup>(e)</sup> | **Preferred Stocks — 0.0%**<sup>(e)</sup> | **Preferred Stocks — 0.0%**<sup>(e)</sup> |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** |  |
| Federal National Mortgage Association, Series S<sup>(a)(h)</sup> | 10000 | &nbsp;&nbsp; 150000 |
| **IT Services**<sup>(c)</sup> **— 0.0%** | **IT Services**<sup>(c)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| Series G | 428 | &nbsp;&nbsp; 9630 |
| Series G-1 | 296 | &nbsp;&nbsp; 6660 |
|  |  | &nbsp;&nbsp; 16290 |
|  |  | &nbsp;&nbsp; 166290 |
| **Trust Preferred — 0.1%** | **Trust Preferred — 0.1%** | **Trust Preferred — 0.1%** |
| **Banks — 0.1%** | **Banks — 0.1%** |  |
| Citigroup Capital XIII, 10.91%, 10/30/40<sup>(a)</sup> | 29583 | &nbsp;&nbsp; 870332 |
|  |  | &nbsp;&nbsp; 870332 |
| **Total Preferred Securities — 6.3%** <br>**(Cost: $44,967,136)** | **Total Preferred Securities — 6.3%** <br>**(Cost: $44,967,136)** | &nbsp;&nbsp; 46029842 |

---

&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 — 0.7%** | **Agency Obligations — 0.7%** | **Agency Obligations — 0.7%** |  |
| Resolution Funding Corp. Principal Strip, 0.00%, <br> 04/15/30<sup>(j)</sup><br>| USD | 6055 | &nbsp;&nbsp; 4992807 |
| **Collateralized Mortgage Obligations — 4.0%** | **Collateralized Mortgage Obligations — 4.0%** | **Collateralized Mortgage Obligations — 4.0%** |  |
| Fannie Mae REMICS |  |  |  |
| Series 2015-47, Class GL, 3.50%, 07/25/45 |  | 1636 | &nbsp;&nbsp; 1480958 |
| Series 2022-25, Class KL, 4.00%, 05/25/52 |  | 14500 | &nbsp;&nbsp; 13052757 |
| Freddie Mac REMICS |  |  |  |
| Series 4350, Class DY, 4.00%, 06/15/44 |  | 1325 | &nbsp;&nbsp; 1286535 |
| Series 4398, Class ZX, 4.00%, 09/15/54<sup>(f)</sup> |  | 11789 | &nbsp;&nbsp; 10622536 |
| Series 4549, Class TZ, 4.00%, 11/15/45 |  | 2602 | &nbsp;&nbsp; 2524623 |
|  |  |  | &nbsp;&nbsp; 28967409 |
| **Interest Only Collateralized Mortgage Obligations — 0.0%** | **Interest Only Collateralized Mortgage Obligations — 0.0%** | **Interest Only Collateralized Mortgage Obligations — 0.0%** |  |
| Fannie Mae REMICS, Series 2012-47, Class NI, <br> 4.50%, 04/25/42<br>|  | 629 | &nbsp;&nbsp; 87963 |
| Ginnie Mae, Series 2009-116, Class KS, (1 mo. Term <br> SOFR + 6.36%), 2.04%, 12/16/39<sup>(a)</sup><br>|  | 488 | &nbsp;&nbsp; 46280 |
|  |  |  | &nbsp;&nbsp; 134243 |
| **Mortgage-Backed Securities — 9.8%** | **Mortgage-Backed Securities — 9.8%** | **Mortgage-Backed Securities — 9.8%** |  |
| Fannie Mae Mortgage-Backed Securities<sup>(f)</sup> <br>|  |  |  |
| 4.50%, 07/01/55 |  | 2413 | &nbsp;&nbsp; 2329927 |
| 4.00%, 02/01/56 - 04/01/56 |  | 2600 | &nbsp;&nbsp; 2424066 |
| Freddie Mac Mortgage-Backed Securities<sup>(f)</sup> <br>|  |  |  |
| 4.00%, 05/01/39 |  | 3797 | &nbsp;&nbsp; 3737237 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| Freddie Mac Mortgage-Backed Securities<sup>(f)</sup> (continued) |  |  |  |
| 4.50%, 03/01/47 | USD | 458 | &nbsp;&nbsp; $456578 |
| Ginnie Mae Mortgage-Backed Securities, 5.50%, <br> 08/15/33<br>|  | 18 | &nbsp;&nbsp; 18599 |
| Uniform Mortgage-Backed Securities<sup>(f)</sup> <br>|  |  |  |
| 1.50%, 05/01/31 |  | 4411 | &nbsp;&nbsp; 4146250 |
| 5.00%, 08/01/34 - 11/01/45 |  | 23621 | &nbsp;&nbsp; 23783343 |
| 4.50%, 06/01/37 - 06/01/44 |  | 11609 | &nbsp;&nbsp; 11519705 |
| 5.50%, 12/01/37 - 06/01/38 |  | 4049 | &nbsp;&nbsp; 4154993 |
| 6.00%, 12/01/38 - 07/15/54<sup>(p)</sup> |  | 5666 | &nbsp;&nbsp; 5762335 |
| 3.50%, 09/01/42 - 04/01/53 |  | 4119 | &nbsp;&nbsp; 3751465 |
| 3.00%, 02/01/52 |  | 1768 | &nbsp;&nbsp; 1530505 |
| 4.00%, 05/01/52 - 09/01/52 |  | 3568 | &nbsp;&nbsp; 3345398 |
| 6.50%, 10/01/53 |  | 3824 | &nbsp;&nbsp; 3951155 |
|  |  |  | &nbsp;&nbsp; 70911556 |
| **Total U.S. Government Sponsored Agency Securities — 14.5%** <br>**(Cost: $108,675,065)** | **Total U.S. Government Sponsored Agency Securities — 14.5%** <br>**(Cost: $108,675,065)** | **Total U.S. Government Sponsored Agency Securities — 14.5%** <br>**(Cost: $108,675,065)** | &nbsp;&nbsp; 105006015 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |  |
| 4.38%, 02/15/38<sup>(f)</sup> |  | 1600 | &nbsp;&nbsp; 1598188 |
| 4.13%, 08/15/44 |  | 30400 | &nbsp;&nbsp; 27850437 |
| 3.00%, 11/15/45<sup>(f)</sup> |  | 54500 | &nbsp;&nbsp; 41520059 |
| 3.13%, 05/15/48<sup>(f)</sup> |  | 1900 | &nbsp;&nbsp; 1441551 |
| 4.63%, 05/15/54<sup>(f)</sup> |  | 31000 | &nbsp;&nbsp; 30108750 |
| U.S. Treasury Notes<sup>(f)</sup> <br>|  |  |  |
| 0.63%, 07/31/26 |  | 27500 | &nbsp;&nbsp; 26529980 |
| 3.63%, 05/31/28 |  | 1900 | &nbsp;&nbsp; 1895992 |
| 4.88%, 10/31/28 |  | 7800 | &nbsp;&nbsp; 8080313 |
| **Total U.S. Treasury Obligations — 19.1%** <br>**(Cost: $142,540,209)** | **Total U.S. Treasury Obligations — 19.1%** <br>**(Cost: $142,540,209)** | **Total U.S. Treasury Obligations — 19.1%** <br>**(Cost: $142,540,209)** | &nbsp;&nbsp; 139025270 |
| **Total Long-Term Investments — 126.4%** <br>**(Cost: $928,198,690)** | **Total Long-Term Investments — 126.4%** <br>**(Cost: $928,198,690)** | **Total Long-Term Investments — 126.4%** <br>**(Cost: $928,198,690)** | &nbsp;&nbsp; 918225320 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.1%** | **Money Market Funds — 1.1%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.20%<sup>(q)(r)</sup><br>| 8232852 | &nbsp;&nbsp; 8232852 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par* <br>*(000)*<br>| *Value* |
| **U.S. Treasury Obligations — 3.6%** | **U.S. Treasury Obligations — 3.6%** | **U.S. Treasury Obligations — 3.6%** |  |
| U.S. Treasury Notes, 5.00%, 10/31/25 | USD | 26000 | &nbsp;&nbsp; $26053066 |
| **Total Short-Term Securities — 4.7%** <br>**(Cost: $34,236,891)** | **Total Short-Term Securities — 4.7%** <br>**(Cost: $34,236,891)** | **Total Short-Term Securities — 4.7%** <br>**(Cost: $34,236,891)** | &nbsp;&nbsp; 34285918 |
| **Total Investments — 131.1%** <br>**(Cost: $962,435,581)** | **Total Investments — 131.1%** <br>**(Cost: $962,435,581)** | **Total Investments — 131.1%** <br>**(Cost: $962,435,581)** | &nbsp;&nbsp; 952511238 |
| **Liabilities in Excess of Other Assets — (31.1)%** | **Liabilities in Excess of Other Assets — (31.1)%** | **Liabilities in Excess of Other Assets — (31.1)%** | &nbsp;&nbsp; (226067325)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $726443913 |

---

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

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

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

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

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

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

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

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

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

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

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

<sup>(k)</sup> When-issued security.

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

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

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

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

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

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

<sup>(r)</sup> 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.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<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>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $4465196<br> $3767656 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $8232852 | 8232852 | $110563 | $— |

---

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

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

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**Reverse Repurchase Agreements** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Interest* <br>*Rate*<br>| &nbsp;&nbsp; *Trade* <br>*Date*<br>| &nbsp;&nbsp; *Maturity* <br>*Date*<sup>(a)</sup> <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*<sup>(a)</sup> <br>|
| U.S. Bancorp Investments, Inc. | 4.31 %<sup>(b)</sup><br>| 04/07/25 | Open | &nbsp;&nbsp; $3105000 | &nbsp;&nbsp; $3136598 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 4.31 <br><sup>(b)</sup><br>| 04/07/25 | Open | &nbsp;&nbsp; 2662500 | &nbsp;&nbsp; 2689595 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 4.31 <br><sup>(b)</sup><br>| 04/07/25 | Open | &nbsp;&nbsp; 551375 | &nbsp;&nbsp; 556986 | Corporate Bonds | Open/Demand |
| U.S. Bancorp Investments, Inc. | 4.31 <br><sup>(b)</sup><br>| 04/07/25 | Open | &nbsp;&nbsp; 1887500 | &nbsp;&nbsp; 1906708 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.32 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 42435 | &nbsp;&nbsp; 42827 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.35 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 196182 | &nbsp;&nbsp; 198008 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc. | 4.40 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 545754 | &nbsp;&nbsp; 550890 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.42 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 291979 | &nbsp;&nbsp; 294739 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.42 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 938792 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.42 <br><sup>(b)</sup><br>| 05/01/25 | Open | &nbsp;&nbsp; 220500 | &nbsp;&nbsp; 222151 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.35 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 821700 | &nbsp;&nbsp; 826664 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.37 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 97950 | &nbsp;&nbsp; 98545 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 413269 | &nbsp;&nbsp; 415794 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 131583 | &nbsp;&nbsp; 132387 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 603750 | &nbsp;&nbsp; 607440 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.42 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 2987040 | &nbsp;&nbsp; 3005377 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1164465 | &nbsp;&nbsp; 1171662 | Capital Trusts | Open/Demand |
| BNP Paribas SA | 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 132919 | &nbsp;&nbsp; 133740 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 102406 | &nbsp;&nbsp; 103039 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 202120 | &nbsp;&nbsp; 203369 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1350552 | &nbsp;&nbsp; 1358900 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.42 <br><sup>(b)</sup><br>| 05/15/25 | Open | &nbsp;&nbsp; 98978 | &nbsp;&nbsp; 99549 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.35 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 252715 | &nbsp;&nbsp; 254028 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.35 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 109650 | &nbsp;&nbsp; 110220 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 1507500 | &nbsp;&nbsp; 1515513 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 112416 | &nbsp;&nbsp; 113014 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 373125 | &nbsp;&nbsp; 375108 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.50 <br><sup>(b)</sup><br>| 05/27/25 | Open | &nbsp;&nbsp; 1578000 | &nbsp;&nbsp; 1584613 | U.S. Treasury Obligations | Open/Demand |
| BNP Paribas SA | 4.50 <br><sup>(b)</sup><br>| 05/27/25 | Open | &nbsp;&nbsp; 8043750 | &nbsp;&nbsp; 8077458 | U.S. Treasury Obligations | Open/Demand |
| BNP Paribas SA | 4.50 <br><sup>(b)</sup><br>| 05/27/25 | Open | &nbsp;&nbsp; 40193750 | &nbsp;&nbsp; 40359742 | U.S. Treasury Obligations | Open/Demand |
| BNP Paribas SA | 4.50 <br><sup>(b)</sup><br>| 05/27/25 | Open | &nbsp;&nbsp; 1396500 | &nbsp;&nbsp; 1396500 | U.S. Treasury Obligations | Open/Demand |
| Nomura Securities International, Inc. | 4.50 <br><sup>(b)</sup><br>| 05/27/25 | Open | &nbsp;&nbsp; 26468750 | &nbsp;&nbsp; 26578963 | U.S. Treasury Obligations | Open/Demand |
| Nomura Securities International, Inc. | 4.50 <br><sup>(b)</sup><br>| 05/27/25 | Open | &nbsp;&nbsp; 1916625 | &nbsp;&nbsp; 1924606 | U.S. Treasury Obligations | Open/Demand |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1434809 | &nbsp;&nbsp; 1438194 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 3591519 | &nbsp;&nbsp; 3599992 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1431754 | &nbsp;&nbsp; 1435132 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1306325 | &nbsp;&nbsp; 1309407 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 333306 | &nbsp;&nbsp; 334093 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 437405 | &nbsp;&nbsp; 438437 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 464677 | &nbsp;&nbsp; 465773 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 124983 | &nbsp;&nbsp; 125278 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 203845 | &nbsp;&nbsp; 204326 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 13111874 | &nbsp;&nbsp; 13142807 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 3995966 | &nbsp;&nbsp; 4005393 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 248387 | &nbsp;&nbsp; 248973 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1680956 | &nbsp;&nbsp; 1684921 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 543635 | &nbsp;&nbsp; 544917 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| HSBC Securities (USA), Inc. | 4.47<br> % <br>| 06/11/25 | 07/14/25 | &nbsp;&nbsp; $2231136 | &nbsp;&nbsp; $2236400 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 703163 | &nbsp;&nbsp; 704822 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1634220 | &nbsp;&nbsp; 1638075 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 6897889 | &nbsp;&nbsp; 6914163 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 128223 | &nbsp;&nbsp; 128526 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1461014 | &nbsp;&nbsp; 1464461 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1248108 | &nbsp;&nbsp; 1251052 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1378408 | &nbsp;&nbsp; 1381660 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 177393 | &nbsp;&nbsp; 177812 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1191285 | &nbsp;&nbsp; 1194096 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 760329 | &nbsp;&nbsp; 762123 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1524513 | &nbsp;&nbsp; 1528110 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1250954 | &nbsp;&nbsp; 1253905 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 910129 | &nbsp;&nbsp; 912276 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 858950 | &nbsp;&nbsp; 860976 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1904654 | &nbsp;&nbsp; 1909147 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 1161015 | &nbsp;&nbsp; 1163754 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 2160767 | &nbsp;&nbsp; 2165865 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 369311 | &nbsp;&nbsp; 370182 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 196257 | &nbsp;&nbsp; 196720 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 167505 | &nbsp;&nbsp; 167900 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 820103 | &nbsp;&nbsp; 822038 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 3819479 | &nbsp;&nbsp; 3828490 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.47 | 06/11/25 | 07/14/25 | &nbsp;&nbsp; 874053 | &nbsp;&nbsp; 876115 | &nbsp;&nbsp; U.S. Government Sponsored <br> Agency Securities<br>| Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 502560 | &nbsp;&nbsp; 503603 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 164738 | &nbsp;&nbsp; 165079 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 176845 | &nbsp;&nbsp; 177212 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 90448 | &nbsp;&nbsp; 90640 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 294140 | &nbsp;&nbsp; 294780 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 170669 | &nbsp;&nbsp; 171040 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 265219 | &nbsp;&nbsp; 265802 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1265812 | &nbsp;&nbsp; 1268597 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 111469 | &nbsp;&nbsp; 111714 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 140333 | &nbsp;&nbsp; 140641 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1788606 | &nbsp;&nbsp; 1792541 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 114194 | &nbsp;&nbsp; 114448 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 81638 | &nbsp;&nbsp; 81819 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1235625 | &nbsp;&nbsp; 1238374 | Corporate Bonds | Up to 30 Days |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| BofA Securities, Inc. | 4.45<br> % <br>| 06/13/25 | 07/15/25 | &nbsp;&nbsp; $1589062 | &nbsp;&nbsp; $1592598 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp; 435968 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 838338 | &nbsp;&nbsp; 840203 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2756940 | &nbsp;&nbsp; 2763074 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1624500 | &nbsp;&nbsp; 1628115 | Capital Trusts | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 146250 | &nbsp;&nbsp; 146575 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 85244 | &nbsp;&nbsp; 85433 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 150694 | &nbsp;&nbsp; 151029 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 226907 | &nbsp;&nbsp; 227412 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 219542 | &nbsp;&nbsp; 220031 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2940000 | &nbsp;&nbsp; 2946542 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 575891 | &nbsp;&nbsp; 577173 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 3775000 | &nbsp;&nbsp; 3783399 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 186675 | &nbsp;&nbsp; 187090 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 128858 | &nbsp;&nbsp; 129144 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 401256 | &nbsp;&nbsp; 402149 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 697990 | &nbsp;&nbsp; 699543 | Corporate Bonds | Up to 30 Days |
| HSBC Bank PLC | 4.45 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 3869257 | &nbsp;&nbsp; 3876431 | Corporate Bonds | Open/Demand |
| Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 81819 | &nbsp;&nbsp; 81873 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 803750 | &nbsp;&nbsp; 804545 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 2203125 | &nbsp;&nbsp; 2205304 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1109750 | &nbsp;&nbsp; 1110847 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 189250 | &nbsp;&nbsp; 189437 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 945000 | &nbsp;&nbsp; 945935 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 119228 | &nbsp;&nbsp; 119345 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1024720 | &nbsp;&nbsp; 1025733 | Capital Trusts | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 218552 | &nbsp;&nbsp; 218769 | Capital Trusts | 31 - 90 Days |
| J.P. Morgan Securities LLC | 4.25 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 915040 | &nbsp;&nbsp; 915580 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.30 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 260332 | &nbsp;&nbsp; 260488 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.40 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 146250 | &nbsp;&nbsp; 146339 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.45 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 1606175 | &nbsp;&nbsp; 1607168 | Corporate Bonds | Up to 30 Days |
| HSBC Securities (USA), Inc. | 4.49 | 06/30/25 | 07/01/25 | &nbsp;&nbsp; 30186250 | &nbsp;&nbsp; 30186250 | U.S. Treasury Obligations | Up to 30 Days |
|  |  |  |  | &nbsp;&nbsp; $230089978 | &nbsp;&nbsp; $230795648 |  |  |

---

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

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

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

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

**Futures Contracts** 

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| | | | | |
|:---|:---|:---|:---|:---|
| *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  |  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $47071 | &nbsp;&nbsp;&nbsp;&nbsp; $1320908 |
| U.S. Long Bond | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 7497 | &nbsp;&nbsp;&nbsp;&nbsp; 62937 |
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 111355 | &nbsp;&nbsp;&nbsp;&nbsp; 2819718 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 32923 | &nbsp;&nbsp;&nbsp;&nbsp; 185306 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4388869 |
| Short Contracts  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 59090 | &nbsp;&nbsp;&nbsp;&nbsp; (965111)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 16020 | &nbsp;&nbsp;&nbsp;&nbsp; (9727)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (974838)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $3414031 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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 | 122775 | USD | 143969 | BNP Paribas SA | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $787 |
| USD | 103001 | CAD | 139000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320 |
| USD | 79559 | EUR | 69855 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2803)<br>|
| USD | 208929 | EUR | 183442 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7357)<br>|
| USD | 293802 | EUR | 257990 | Deutsche Bank AG | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10378)<br>|
| USD | 120784 | EUR | 103021 | HSBC Bank PLC | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (682)<br>|
| USD | 127772 | EUR | 108982 | HSBC Bank PLC | 07/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (722)<br>|
| USD | 110384 | EUR | 95982 | JPMorgan Chase Bank N.A. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3253)<br>|
| USD | 107362 | EUR | 92000 | Natwest Markets PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1560)<br>|
| USD | 6286844 | EUR | 5387000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91051)<br>|
| USD | 537348 | GBP | 397000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7861)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125667)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(124347)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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.IG.41.V1 | 1.00<br> % <br>| &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 12/20/28 | USD | 21650 | &nbsp;&nbsp;&nbsp; $(476479)<br>| &nbsp;&nbsp;&nbsp; $(228887)<br>| &nbsp;&nbsp;&nbsp; $(247592)<br>|
| CDX.NA.HY.44.V1 | 5.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 8260 | &nbsp;&nbsp;&nbsp; (634640)<br>| &nbsp;&nbsp;&nbsp; (560286)<br>| &nbsp;&nbsp;&nbsp; (74354)<br>|
| CDX.NA.IG.44.V1 | 1.00 | &nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp; 06/20/30 | USD | 2210 | &nbsp;&nbsp;&nbsp; (49678)<br>| &nbsp;&nbsp;&nbsp; (35318)<br>| &nbsp;&nbsp;&nbsp; (14360)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $(1160797)<br>| &nbsp;&nbsp;&nbsp; $(824491)<br>| &nbsp;&nbsp;&nbsp; $(336306)<br>|

---

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Virgin Media Finance PLC | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B- | EUR | 10 | $244 | $247 | $(3)<br>|
| CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 06/20/27 | BB+ | EUR | 20 | 1852 | 2052 | (200)<br>|
| Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC | EUR | 5 | 422 | (591)<br>| 1013 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 3 | 254 | (340)<br>| 594 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 9 | 713 | (956)<br>| 1669 |
| Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC | EUR | 3 | 207 | (284)<br>| 491 |
| Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC | EUR | 6 | 433 | (618)<br>| 1051 |
| Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 12/20/27 | CCC | EUR | 4 | 314 | (436)<br>| 750 |
| Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB- | EUR | 13 | 1032 | 1394 | (362)<br>|
| iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 18 | 2760 | 2306 | 454 |
| SES S.A. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | NR | EUR | 4 | (167)<br>| (291)<br>| 124 |
| SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/29 | NR | EUR | 4 | (166)<br>| (263)<br>| 97 |
| SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 06/20/30 | NR | EUR | 4 | (223)<br>| (243)<br>| 20 |
|  |  |  |  |  |  |  |  | $7675 | $1977 | $5698 |

---

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

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

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

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(824491)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(336306)<br>|
| OTC Swaps | &nbsp;&nbsp; 5999 | &nbsp;&nbsp;&nbsp; (4022)<br>| &nbsp;&nbsp;&nbsp; 6263 | &nbsp;&nbsp;&nbsp; (565)<br>|

---

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

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

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<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<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4388869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4388869 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1320 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 12262 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12262 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12262 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1320 | &nbsp;&nbsp; $4388869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4402451 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $974838 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $974838 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 125667 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 125667 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 336306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 336306 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4587 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4587 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $340893 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $125667 | &nbsp;&nbsp; $974838 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1441398 |

---

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

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

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5483472)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5483472)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (496376)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (496376)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 134673 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 134673 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $134673 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(496376)<br>| &nbsp;&nbsp; $(5483472)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5845175)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4697499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4697499 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (274706)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (274706)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (40437)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (40437)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(40437)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(274706)<br>| &nbsp;&nbsp; $4697499 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4382356 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $168189762 |
| Average notional value of contracts — short | &nbsp;&nbsp; 122566071 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 7264192 |
| Average amounts sold — in USD | &nbsp;&nbsp; 179539 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 30035000 |
| Average notional value — sell protection | &nbsp;&nbsp; 114189 |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $1406328 | &nbsp;&nbsp;&nbsp;&nbsp; $170731 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp; 125667 |
| Swaps — centrally cleared | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38146 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 12262 | &nbsp;&nbsp;&nbsp;&nbsp; 4587 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 1419910 | &nbsp;&nbsp;&nbsp;&nbsp; 339131 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (1406328)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (208877)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $13582 | &nbsp;&nbsp;&nbsp;&nbsp; $130254 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $1137 | &nbsp;&nbsp; $(882)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $255 |
| Barclays Bank PLC | &nbsp;&nbsp; 3774 | &nbsp;&nbsp; (2164)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1610 |
| BNP Paribas SA | &nbsp;&nbsp; 3547 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3547 |
| Citibank N.A. | &nbsp;&nbsp; 491 | &nbsp;&nbsp; (284)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 207 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 1298 | &nbsp;&nbsp; (1298)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 3335 | &nbsp;&nbsp; (3335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $13582 | &nbsp;&nbsp; $(7963)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5619 |

---

&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*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $882 | &nbsp;&nbsp; $(882)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 2164 | &nbsp;&nbsp; (2164)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 284 | &nbsp;&nbsp; (284)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 20538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20538 |
| HSBC Bank PLC | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1404 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 3874 | &nbsp;&nbsp; (1298)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2576 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 8497 | &nbsp;&nbsp; (3335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5162 |
| Natwest Markets PLC | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1560 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 91051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91051 |
|  | &nbsp;&nbsp; $130254 | &nbsp;&nbsp; $(7963)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $122291 |

---

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

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

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

**BlackRock Core Bond Trust (BHK)** 

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

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

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

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

<sup>(e)</sup> 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $63867882 | &nbsp;&nbsp;&nbsp;&nbsp; $680347 | &nbsp;&nbsp;&nbsp;&nbsp; $64548229 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13020 | &nbsp;&nbsp;&nbsp;&nbsp; 13020 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 409323761 | &nbsp;&nbsp;&nbsp;&nbsp; 1916431 | &nbsp;&nbsp;&nbsp;&nbsp; 411240192 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2657093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2657093 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14499332 | &nbsp;&nbsp;&nbsp;&nbsp; 899553 | &nbsp;&nbsp;&nbsp;&nbsp; 15398885 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9916504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9916504 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29585232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29585232 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94805038 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94805038 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44993220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44993220 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 16290 | &nbsp;&nbsp;&nbsp;&nbsp; 166290 |
| Trust Preferred | &nbsp;&nbsp; 870332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 870332 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105006015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105006015 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139025270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139025270 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 8232852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8232852 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26053066 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26053066 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (140)<br>|
|  | &nbsp;&nbsp; $9103184 | &nbsp;&nbsp;&nbsp;&nbsp; $939882408 | &nbsp;&nbsp;&nbsp;&nbsp; $3525681 | &nbsp;&nbsp;&nbsp;&nbsp; $952511273 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6263 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6263 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1320 |
| Interest Rate Contracts | &nbsp;&nbsp; 4388869 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4388869 |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (336871)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (336871)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (125667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (125667)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (974838)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (974838)<br>|
|  | &nbsp;&nbsp; $3414031 | &nbsp;&nbsp;&nbsp;&nbsp; $(454955)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2959076 |

---

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

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

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and 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 $230,795,648 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.*

Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)

June 30, 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, 07/25/39<sup>(a)</sup> | EUR | 100 | $117795 |
| Arini European CLO, Series 5X, Class D, (3-mo. <br> EURIBOR + 2.80%), 5.17%, 01/15/39<sup>(b)(c)</sup><br>|  | 100 | 117353 |
| Aurium CLO XIII DAC, Series 13X, Class D, (3-mo. <br> EURIBOR + 2.80%), 5.17%, 04/15/38<sup>(b)(c)</sup><br>|  | 100 | 117040 |
| Avoca CLO XVIII DAC, Series 18X, Class DR, (3-mo. <br> EURIBOR + 3.05%), 5.71%, 01/15/38<sup>(b)(c)</sup><br>|  | 110 | 130058 |
| CIFC European Funding CLO I DAC, Series 1X, <br> Class DR, (3-mo. EURIBOR + 3.20%), 5.48%, <br> 07/15/32<sup>(b)(c)</sup><br>|  | 100 | 117865 |
| Contego CLO V DAC, Series 5X, Class DR, (3-mo. <br> EURIBOR + 3.10%), 5.41%, 10/15/37<sup>(b)(c)</sup><br>|  | 100 | 117702 |
| CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, <br> (3-mo. EURIBOR + 3.15%), 5.13%, 12/15/34<sup>(b)(c)</sup><br>|  | 100 | 117599 |
| Fidelity Grand Harbour CLO DAC, Series 2023-1X, <br> Class DR, (3-mo. EURIBOR + 2.70%), 4.84%, <br> 02/15/38<sup>(b)(c)</sup><br>|  | 100 | 117482 |
| Greene King Finance PLC<sup>(c)</sup> <br>|  |  |  |
| Series 06, Class B2, (1-day SONIA GBP 2.20%), <br> 6.44%, 03/15/36<sup>(b)</sup><br>| GBP | 100 | 123538 |
| Series B1, (1-day SONIA GBP 1.92%), 6.16%, <br> 12/15/34<br>|  | 100 | 127039 |
| Henley CLO XI DAC, Series 11X, Class D, (3-mo. <br> EURIBOR + 2.60%), 4.96%, 04/25/39<sup>(b)(c)</sup><br>| EUR | 100 | 117308 |
| Rockfield Park CLO DAC, Series 1X, Class C, (3-mo. <br> EURIBOR + 3.00%), 5.25%, 07/16/34<sup>(b)(c)</sup><br>|  | 100 | 118066 |
| Rockford Tower Europe CLO DAC, Series 2025-1X, <br> Class D, (3-mo. EURIBOR + 3.00%), 5.21%, <br> 10/25/27<sup>(b)(c)</sup><br>|  | 100 | 117371 |
| Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. <br> EURIBOR + 3.25%), 5.49%, 04/20/37<sup>(b)(c)</sup><br>|  | 110 | 130051 |
| Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, <br> 03/30/32<sup>(b)</sup><br>| GBP | 106 | 152716 |
| **Total Asset-Backed Securities — 0.1%** <br>**(Cost: $1,667,687)** | **Total Asset-Backed Securities — 0.1%** <br>**(Cost: $1,667,687)** | **Total Asset-Backed Securities — 0.1%** <br>**(Cost: $1,667,687)** | 1838983 |

---

&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.<sup>(d)(e)</sup> | 1025 |  |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |  |
| Nine Energy Service, Inc.<sup>(e)</sup> | 2390 | 1843 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| Quorum Restructuring Equity<sup>(e)</sup> | 19441 | 17011 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |  |
| Churchill Downs, Inc. | 11153 | 1126453 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |  |
| Avantor, Inc.<sup>(e)(f)</sup> | 82810 | 1114622 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |  |
| Constellium SE, Class A<sup>(e)</sup> | 159448 | 2120658 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |  |
| Energy Transfer LP | 177657 | 3220922 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |  |
| Enterprise Products Partners LP | 93254 | $2891807 |
| MPLX LP | 28832 | 1485136 |
| ONEOK, Inc. | 17426 | 1422484 |
| Western Midstream Partners LP | 6903 | 267146 |
|  |  | 9287495 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| ADLER Group SA<sup>(d)(e)</sup> | 83768 | 1 |
| **Semiconductors & Semiconductor Equipment — 0.0%** | **Semiconductors & Semiconductor Equipment — 0.0%** |  |
| Maxeon Solar Technologies Ltd.<sup>(e)</sup> | 1 | 3 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |  |
| VICI Properties, Inc. | 83941 | 2736476 |
| **Total Common Stocks — 1.1%** <br>**(Cost: $16,714,090)** | **Total Common Stocks — 1.1%** <br>**(Cost: $16,714,090)** | 16404562 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies**<sup>(g)</sup> **— 1.9%** | **Advertising Agencies**<sup>(g)</sup> **— 1.9%** | **Advertising Agencies**<sup>(g)</sup> **— 1.9%** | **Advertising Agencies**<sup>(g)</sup> **— 1.9%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |  |
| 5.13%, 08/15/27 | USD | 1253 | 1238746 |
| 9.00%, 09/15/28 |  | 2715 | 2844839 |
| 7.50%, 06/01/29 |  | 9968 | 9219379 |
| 7.88%, 04/01/30 |  | 6963 | 7187515 |
| CMG Media Corp., 8.88%, 06/18/29 |  | 887 | 836142 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29 |  | 3835 | 3734082 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |  |
| 5.00%, 08/15/27 |  | 500 | 497502 |
| 4.25%, 01/15/29 |  | 1152 | 1102088 |
| 4.63%, 03/15/30 |  | 1550 | 1480424 |
| 7.38%, 02/15/31 |  | 1309 | 1385857 |
| Stagwell Global LLC, 5.63%, 08/15/29 |  | 553 | 528958 |
|  |  |  | 30055532 |
| **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
| Bombardier, Inc.<sup>(g)</sup> <br>|  |  |  |
| 7.88%, 04/15/27 |  | 123 | 123710 |
| 6.00%, 02/15/28 |  | 2891 | 2908405 |
| 8.75%, 11/15/30 |  | 3045 | 3296453 |
| 7.25%, 07/01/31 |  | 978 | 1026607 |
| 7.00%, 06/01/32 |  | 1497 | 1558953 |
| 6.75%, 06/15/33 |  | 1126 | 1166762 |
| Czechoslovak Group A/S, 01/10/31<sup>(a)(b)</sup> | EUR | 125 | 149499 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br> 02/15/32<sup>(g)</sup><br>| USD | 6646 | 6729116 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(g)</sup> |  | 1177 | 1196468 |
| Spirit AeroSystems, Inc.<sup>(g)</sup> <br>|  |  |  |
| 9.38%, 11/30/29 |  | 2617 | 2776666 |
| 9.75%, 11/15/30 |  | 2077 | 2290622 |
| TransDigm, Inc.<sup>(g)</sup> <br>|  |  |  |
| 7.13%, 12/01/31 |  | 2277 | 2385654 |
| 6.63%, 03/01/32 |  | 10856 | 11240232 |
| 6.00%, 01/15/33 |  | 275 | 276494 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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.<sup>(g)</sup> (continued) |  |  |  |
| 6.38%, 05/31/33 | USD | 13343 | $13355095 |
| Triumph Group, Inc., 9.00%, 03/15/28<sup>(g)</sup> |  | 3661 | 3825891 |
|  |  |  | 54306627 |
| **Air Freight & Logistics**<sup>(g)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(g)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(g)</sup> **— 0.1%** | **Air Freight & Logistics**<sup>(g)</sup> **— 0.1%** |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 1223 | 1228087 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 423 | 448404 |
|  |  |  | 1676491 |
| **Automobile Components — 2.0%** | **Automobile Components — 2.0%** | **Automobile Components — 2.0%** | **Automobile Components — 2.0%** |
| Clarios Global LP/Clarios U.S. Finance Co. |  |  |  |
| 8.50%, 05/15/27<sup>(g)</sup> |  | 13312 | 13370307 |
| 6.75%, 05/15/28<sup>(g)</sup> |  | 7384 | 7579329 |
| 6.75%, 02/15/30<sup>(g)</sup> |  | 1960 | 2037983 |
| 4.75%, 06/15/31<sup>(g)</sup> | EUR | 1055 | 1247510 |
| 4.75%, 06/15/31<sup>(b)</sup> |  | 110 | 130072 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 | USD | 481 | 474077 |
| 4.50%, 02/15/32 |  | 733 | 716514 |
| Forvia SE, 5.50%, 06/15/31<sup>(b)</sup> | EUR | 115 | 133633 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br> 05/31/32<sup>(g)</sup><br>| USD | 766 | 797506 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 6.63%, 07/15/30 |  | 897 | 914972 |
| 5.25%, 04/30/31 |  | 75 | 72028 |
| 5.63%, 04/30/33 |  | 311 | 297769 |
| IHO Verwaltungs GmbH<sup>(b)(h)</sup> <br>|  |  |  |
| (7.00% PIK), 7.00%, 11/15/31 | EUR | 100 | 124298 |
| (8.75% Cash or 9.50% PIK), 8.75%, 05/15/28 |  | 116 | 143037 |
| Mahle GmbH, 6.50%, 05/02/31<sup>(b)</sup> |  | 206 | 246309 |
| Schaeffler AG<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 04/01/28 |  | 100 | 118530 |
| 5.38%, 04/01/31 |  | 100 | 120311 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(g)</sup> | USD | 2138 | 2114263 |
| ZF Europe Finance BV, 7.00%, 06/12/30<sup>(b)</sup> | EUR | 100 | 118049 |
| ZF Finance GmbH<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 08/03/26 |  | 200 | 237475 |
| 2.00%, 05/06/27 |  | 200 | 222927 |
| 2.75%, 05/25/27 |  | 100 | 112453 |
|  |  |  | 31329352 |
| **Automobiles — 1.4%** | **Automobiles — 1.4%** | **Automobiles — 1.4%** | **Automobiles — 1.4%** |
| Asbury Automotive Group, Inc., 5.00%, 02/15/32<sup>(g)</sup> | USD | 306 | 291149 |
| Aston Martin Capital Holdings Ltd. |  |  |  |
| 10.00%, 03/31/29<sup>(g)</sup> |  | 767 | 726264 |
| 10.38%, 03/31/29<sup>(b)</sup> | GBP | 104 | 133005 |
| Carvana Co.<sup>(g)(h)</sup> <br>|  |  |  |
| (9.00% PIK), 9.00%, 06/01/30 | USD | 3846 | 4043697 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 6874 | 7779534 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(g)</sup> |  | 1059 | 1128764 |
| Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, <br> 08/15/29<sup>(g)</sup><br>|  | 639 | 625235 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<sup>(g)</sup> |  | 775 | 795819 |
| Ken Garff Automotive LLC, 4.88%, 09/15/28<sup>(g)</sup> |  | 381 | 376157 |
| LCM Investments Holdings II LLC<sup>(g)</sup> <br>|  |  |  |
| 4.88%, 05/01/29 |  | 968 | 941332 |
| 8.25%, 08/01/31 |  | 1631 | 1734051 |
| Nissan Motor Co. Ltd., 4.81%, 09/17/30<sup>(g)</sup> |  | 1400 | 1284389 |
| RCI Banque SA<sup>(b)(c)</sup> <br>|  |  |  |
| (5-year EURIBOR ICE Swap + 2.20%), 4.75%, <br> 03/24/37<br>| EUR | 100 | 118841 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| RCI Banque SA<sup>(b)(c)</sup> (continued) |  |  |  |
| (5-year EURIBOR ICE Swap + 2.75%), 5.50%, <br> 10/09/34<br>| EUR | 100 | $123892 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, <br> 10.00%, 01/15/31<sup>(g)</sup><br>| USD | 1269 | 1246821 |
| Wabash National Corp., 4.50%, 10/15/28<sup>(g)</sup> |  | 844 | 763516 |
|  |  |  | 22112466 |
| **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<sup>(b)(c)</sup><br>| EUR | 100 | 120138 |
| Banca Monte dei Paschi di Siena SpA, 10/02/35<sup>(a)(b)(c)</sup> |  | 200 | 235630 |
| Banco Bilbao Vizcaya Argentaria SA, (5-year EUR Swap + <br> 4.27%), 6.88%<sup>(b)(c)(i)</sup><br>|  | 200 | 249431 |
| Banco Espirito Santo SA<sup>(e)(j)</sup> <br>|  |  |  |
| 4.75%, 01/15/22<sup>(c)</sup> |  | 1900 | 492383 |
| 4.00%, 01/21/22 |  | 1100 | 285064 |
| CaixaBank SA, (5-year EURIBOR ICE Swap + 3.94%), <br> 6.25%<sup>(b)(c)(i)</sup><br>|  | 200 | 240302 |
| Commerzbank AG, (5-year EURIBOR ICE Swap + <br> 5.13%), 7.88%<sup>(b)(c)(i)</sup><br>|  | 200 | 261626 |
| Deutsche Bank AG, (5-year EURIBOR ICE Swap + <br> 5.26%), 8.13%<sup>(b)(c)(i)</sup><br>|  | 200 | 251527 |
| Eurobank Ergasias Services and Holdings SA, (5-year <br> EURIBOR ICE Swap + 2.00%), 4.25%, 04/30/35<sup>(b)(c)</sup><br>|  | 100 | 116851 |
| First-Citizens Bank & Trust Co., 6.00%, 04/01/36 | USD | 3261 | 3202283 |
| Intesa Sanpaolo SpA, 5.15%, 06/10/30<sup>(b)</sup> | GBP | 125 | 170106 |
| National Bank of Greece SA, (5-year EURIBOR ICE Swap <br> + 3.15%), 5.88%, 06/28/35<sup>(b)(c)</sup><br>| EUR | 175 | 219833 |
| State Street Corp., Series I, (5-year CMT + 2.61%), <br> 6.70%<sup>(c)(i)</sup><br>| USD | 627 | 654771 |
| Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, <br> 07/31/84<sup>(c)</sup><br>|  | 2046 | 2099716 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<sup>(g)</sup> |  | 1235 | 1267398 |
|  |  |  | 9867059 |
| **Building Materials — 3.4%** | **Building Materials — 3.4%** | **Building Materials — 3.4%** | **Building Materials — 3.4%** |
| Builders FirstSource, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.38%, 03/01/34 |  | 819 | 834621 |
| 6.75%, 05/15/35 |  | 2262 | 2328989 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. |  |  |  |
| 6.38%, 12/15/30<sup>(g)</sup> | EUR | 840 | 1039333 |
| 6.38%, 12/15/30<sup>(b)</sup> |  | 200 | 247460 |
| 6.63%, 12/15/30<sup>(g)</sup> | USD | 15582 | 15927484 |
| 6.75%, 07/15/31<sup>(g)</sup> |  | 1027 | 1062940 |
| HT Troplast GmbH, 9.38%, 07/15/28<sup>(b)</sup> | EUR | 124 | 153726 |
| Jeld-Wen, Inc.<sup>(g)</sup> <br>|  |  |  |
| 4.88%, 12/15/27 | USD | 1513 | 1402672 |
| 7.00%, 09/01/32 |  | 1882 | 1473512 |
| JH North America Holdings, Inc.<sup>(g)</sup> <br>|  |  |  |
| 5.88%, 01/31/31 |  | 1303 | 1314378 |
| 6.13%, 07/31/32 |  | 1719 | 1747542 |
| New Enterprise Stone & Lime Co., Inc.<sup>(g)</sup> <br>|  |  |  |
| 5.25%, 07/15/28 |  | 435 | 436153 |
| 9.75%, 07/15/28 |  | 1074 | 1076507 |
| PCF GmbH, 4.75%, 04/15/29<sup>(b)</sup> | EUR | 118 | 114638 |
| Quikrete Holdings, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.38%, 03/01/32 | USD | 7039 | 7238344 |
| 6.75%, 03/01/33 |  | 1920 | 1981106 |
| Smyrna Ready Mix Concrete LLC<sup>(g)</sup> <br>|  |  |  |
| 6.00%, 11/01/28 |  | 3490 | 3481487 |
| 8.88%, 11/15/31 |  | 1138 | 1193144 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(g)</sup> | USD | 3246 | $3325962 |
| Standard Industries, Inc. |  |  |  |
| 2.25%, 11/21/26<sup>(b)</sup> | EUR | 511 | 594534 |
| 3.38%, 01/15/31<sup>(g)</sup> | USD | 4044 | 3626643 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(g)</sup> |  | 1810 | 1644432 |
|  |  |  | 52245607 |
| **Building Products**<sup>(g)</sup> **— 1.1%** | **Building Products**<sup>(g)</sup> **— 1.1%** | **Building Products**<sup>(g)</sup> **— 1.1%** | **Building Products**<sup>(g)</sup> **— 1.1%** |
| Foundation Building Materials, Inc., 6.00%, 03/01/29 |  | 89 | 81632 |
| GYP Holdings III Corp., 4.63%, 05/01/29 |  | 2104 | 2108895 |
| QXO Building Products, Inc., 6.75%, 04/30/32 |  | 6087 | 6270839 |
| White Cap Buyer LLC, 6.88%, 10/15/28 |  | 8805 | 8791027 |
|  |  |  | 17252393 |
| **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** | **Capital Markets — 1.6%** |
| Apollo Debt Solutions BDC |  |  |  |
| 6.70%, 07/29/31 |  | 745 | 774156 |
| 6.55%, 03/15/32<sup>(g)</sup> |  | 207 | 211428 |
| Ares Capital Corp., 5.50%, 09/01/30 |  | 1120 | 1116523 |
| Ares Strategic Income Fund, 5.80%, 09/09/30<sup>(g)</sup> |  | 1005 | 1008511 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30 |  | 315 | 311386 |
| Blackstone Private Credit Fund, 6.00%, 11/22/34 |  | 3590 | 3510489 |
| Blue Owl Capital Corp., 6.20%, 07/15/30 |  | 2275 | 2298153 |
| Blue Owl Capital Corp. II, 8.45%, 11/15/26 |  | 545 | 566183 |
| Blue Owl Credit Income Corp., 7.75%, 09/16/27 |  | 1395 | 1463254 |
| Blue Owl Technology Finance Corp., 6.75%, 04/04/29 |  | 300 | 305950 |
| Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(g)</sup><br>|  | 1129 | 1013395 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(g)</sup> |  | 1667 | 1701614 |
| HA Sustainable Infrastructure Capital, Inc., 6.38%, <br> 07/01/34<br>|  | 962 | 962060 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>(g)</sup> <br>|  |  |  |
| 3.38%, 06/15/26 |  | 219 | 209440 |
| 8.00%, 06/15/27 |  | 286 | 296177 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 4444 | 4305930 |
| 9.75%, 01/15/29 |  | 876 | 850975 |
| 4.38%, 02/01/29 |  | 1179 | 991041 |
| 10.00%, 11/15/29<sup>(g)</sup> |  | 1076 | 1065266 |
| Jane Street Group/JSG Finance, Inc., 6.75%, 05/01/33<sup>(g)</sup> |  | 1132 | 1163929 |
| Lehman Brothers Holdings, Inc.<sup>(e)(j)</sup> <br>|  |  |  |
| 5.38%, 10/17/17 | EUR | 350 | 1237 |
| 4.75%, 01/16/18 |  | 1890 | 6679 |
| 0.00%, 02/05/18<sup>(k)</sup> |  | 3950 | 13959 |
| 1.00%, 09/22/18 | USD | 430 | 172 |
| 0.00%, 12/31/49<sup>(k)</sup> |  | 1535 | 614 |
|  |  |  | 24148521 |
| **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| Avient Corp., 6.25%, 11/01/31<sup>(g)</sup> |  | 927 | 935666 |
| Celanese U.S. Holdings LLC |  |  |  |
| 6.50%, 04/15/30 |  | 390 | 399215 |
| 6.75%, 04/15/33 |  | 990 | 1000282 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 1878 | 1861204 |
| 5.75%, 11/15/28<sup>(g)</sup> |  | 2326 | 2180172 |
| 8.00%, 01/15/33<sup>(g)</sup> |  | 861 | 806247 |
| FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27<sup>(b)</sup> | EUR | 100 | 118800 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(g)</sup> | USD | 2679 | 2404335 |
| INEOS Finance PLC<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 04/15/29 | EUR | 128 | 152823 |
| 5.63%, 08/15/30 |  | 100 | 114469 |
| Ingevity Corp., 3.88%, 11/01/28<sup>(g)</sup> | USD | 494 | 471120 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Itelyum Regeneration SpA, 5.75%, 04/15/30<sup>(b)</sup> | EUR | 100 | $118803 |
| Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), <br> 9.25%, 11/01/26<sup>(g)(h)</sup><br>| USD | 1638 | 1466458 |
| Kronos International, Inc., 9.50%, 03/15/29<sup>(b)</sup> | EUR | 170 | 215658 |
| Lune Holdings SARL, 5.63%, 11/15/28<sup>(b)</sup> |  | 125 | 59183 |
| LYB International Finance III LLC, 6.15%, 05/15/35 | USD | 360 | 373648 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<sup>(g)</sup> |  | 823 | 745701 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<sup>(g)</sup> |  | 775 | 772747 |
| Nobian Finance BV, Class B, 3.63%, 07/15/26<sup>(b)</sup> | EUR | 106 | 124403 |
| Olympus Water U.S. Holding Corp. |  |  |  |
| 9.63%, 11/15/28<sup>(b)</sup> |  | 179 | 221396 |
| 9.75%, 11/15/28<sup>(g)</sup> | USD | 4174 | 4395347 |
| 5.38%, 10/01/29<sup>(b)</sup> | EUR | 100 | 107782 |
| 6.25%, 10/01/29<sup>(g)</sup> | USD | 652 | 622117 |
| 7.25%, 06/15/31<sup>(g)</sup> |  | 4149 | 4231980 |
| SCIL IV LLC/SCIL USA Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 9.50%, 07/15/28 | EUR | 100 | 123825 |
| (3-mo. EURIBOR + 4.38%), 6.55%, 11/01/26<sup>(c)</sup> |  | 100 | 118065 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(g)</sup> | USD | 3950 | 3825114 |
| Synthomer PLC, 7.38%, 05/02/29<sup>(b)</sup> | EUR | 112 | 130634 |
| WR Grace Holdings LLC<sup>(g)</sup> <br>|  |  |  |
| 4.88%, 06/15/27 | USD | 246 | 244579 |
| 5.63%, 08/15/29 |  | 8156 | 7382698 |
| 7.38%, 03/01/31 |  | 4435 | 4541520 |
|  |  |  | 40265991 |
| **Commercial Services & Supplies — 7.4%** | **Commercial Services & Supplies — 7.4%** | **Commercial Services & Supplies — 7.4%** | **Commercial Services & Supplies — 7.4%** |
| ADT Security Corp., 4.88%, 07/15/32<sup>(g)</sup> |  | 790 | 757834 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. |  |  |  |
| 5.38%, 05/21/30<sup>(b)</sup> | EUR | 100 | 120493 |
| 7.00%, 05/21/30<sup>(g)</sup> | USD | 2596 | 2649289 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(g)</sup> |  | 10066 | 10515870 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp.<sup>(g)</sup> <br>|  |  |  |
| 6.00%, 06/01/29 |  | 6537 | 6357695 |
| 6.88%, 06/15/30 |  | 3805 | 3856611 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL<br>|  |  |  |
| 4.63%, 06/01/28<sup>(g)</sup> |  | 5240 | 5085119 |
| 4.88%, 06/01/28<sup>(b)</sup> | GBP | 300 | 394761 |
| Amber Finco PLC, 6.63%, 07/15/29<sup>(b)</sup> | EUR | 165 | 203361 |
| APCOA Group GmbH, 04/15/31<sup>(a)(b)</sup> |  | 150 | 177797 |
| APi Group DE, Inc., 4.75%, 10/15/29<sup>(g)</sup> | USD | 1283 | 1259096 |
| Arena Luxembourg Finance SARL, (3-mo. EURIBOR + <br> 2.50%), 4.82%, 05/01/30<sup>(b)(c)</sup><br>| EUR | 100 | 118726 |
| BCP V Modular Services Finance II PLC<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 11/30/28 |  | 200 | 231280 |
| 6.13%, 11/30/28 | GBP | 100 | 132624 |
| Boels Topholding BV<sup>(b)</sup> <br>|  |  |  |
| 6.25%, 02/15/29 | EUR | 107 | 130483 |
| 5.75%, 05/15/30 |  | 100 | 122194 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(g)</sup> | USD | 5245 | 5567646 |
| Brink's Co., 6.75%, 06/15/32<sup>(g)</sup> |  | 1208 | 1258008 |
| Clarivate Science Holdings Corp., 4.88%, 07/01/29<sup>(g)</sup> |  | 4464 | 4203311 |
| Currenta Group Holdings SARL, (3-mo. EURIBOR + <br> 4.00%), 6.14%, 05/15/32<sup>(b)(c)</sup><br>| EUR | 100 | 118073 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(g)</sup> | USD | 639 | 659491 |
| EC Finance PLC, 3.25%, 10/15/26<sup>(b)</sup> | EUR | 109 | 125329 |
| EquipmentShare.com, Inc., 8.00%, 03/15/33<sup>(g)</sup> | USD | 677 | 709222 |
| Fortress Transportation and Infrastructure Investors LLC<sup>(g)</sup> <br>|  |  |  |
| 5.50%, 05/01/28 |  | 4130 | 4107772 |
| 7.88%, 12/01/30 |  | 3628 | 3849355 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Fortress Transportation and Infrastructure Investors <br> LLC<sup>(g)</sup> (continued)<br>|  |  |  |
| 7.00%, 05/01/31 | USD | 5374 | $5564428 |
| 7.00%, 06/15/32 |  | 2920 | 3014982 |
| 5.88%, 04/15/33 |  | 2249 | 2220684 |
| Garda World Security Corp.<sup>(g)</sup> <br>|  |  |  |
| 4.63%, 02/15/27 |  | 1132 | 1124982 |
| 7.75%, 02/15/28 |  | 2366 | 2447776 |
| 6.00%, 06/01/29 |  | 302 | 294768 |
| 8.25%, 08/01/32 |  | 2749 | 2821032 |
| 8.38%, 11/15/32 |  | 6398 | 6572083 |
| Herc Holdings, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.63%, 06/15/29 |  | 792 | 812591 |
| 7.00%, 06/15/30 |  | 2120 | 2214038 |
| 7.25%, 06/15/33 |  | 1076 | 1127434 |
| Hertz Corp., 12.63%, 07/15/29<sup>(g)</sup> |  | 760 | 794776 |
| Kapla Holding SAS<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 04/30/31 | EUR | 100 | 119118 |
| (3-mo. EURIBOR + 3.50%), 5.48%, 07/31/30<sup>(c)</sup> |  | 100 | 118383 |
| La Financiere Atalian, (3.50% Cash and 5.00% PIK), <br> 8.50%, 06/30/28<sup>(h)</sup><br>|  | 155 | 64650 |
| Loxam SAS<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 05/15/28 |  | 115 | 139807 |
| 6.38%, 05/31/29 |  | 101 | 123939 |
| OT Midco Ltd., 10.00%, 02/15/30<sup>(g)</sup> | USD | 267 | 206058 |
| Pachelbel Bidco SpA<sup>(b)</sup> <br>|  |  |  |
| 7.13%, 05/17/31 | EUR | 100 | 126854 |
| (3-mo. EURIBOR + 4.25%), 6.44%, 05/17/31<sup>(c)</sup> |  | 100 | 118408 |
| Prime Security Services Borrower LLC/Prime Finance, <br> Inc., 6.25%, 01/15/28<sup>(g)</sup><br>| USD | 3405 | 3410332 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(g)</sup> |  | 2198 | 2198092 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(g)</sup> |  | 3259 | 3259000 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |  |
| 6.75%, 08/15/32<sup>(g)</sup> |  | 4762 | 4945666 |
| 5.50%, 05/15/33<sup>(g)</sup> | EUR | 1445 | 1760709 |
| 5.50%, 05/15/33<sup>(b)</sup> |  | 100 | 121848 |
| Sotheby's, 7.38%, 10/15/27<sup>(g)</sup> | USD | 5001 | 4943429 |
| Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/29<sup>(g)</sup> |  | 978 | 880710 |
| Techem Verwaltungsgesellschaft 674 mbH, 6.00%, <br> 07/30/26<sup>(b)</sup><br>| EUR | 88 | 103565 |
| Verisure Holding AB<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 07/15/26 |  | 140 | 164414 |
| 9.25%, 10/15/27 |  | 80 | 98201 |
| 7.13%, 02/01/28 |  | 100 | 122365 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(g)</sup> | USD | 819 | 886563 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(g)</sup> |  | 2092 | 2198543 |
| WEX, Inc., 6.50%, 03/15/33<sup>(g)</sup> |  | 2219 | 2238754 |
| Williams Scotsman, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.63%, 06/15/29 |  | 200 | 205305 |
| 6.63%, 04/15/30 |  | 1691 | 1756528 |
| 7.38%, 10/01/31 |  | 3156 | 3322002 |
| Worldline SA, 5.50%, 06/10/30<sup>(b)</sup> | EUR | 100 | 102266 |
|  |  |  | 115456523 |
| **Communications Equipment**<sup>(g)</sup> **— 0.4%** | **Communications Equipment**<sup>(g)</sup> **— 0.4%** | **Communications Equipment**<sup>(g)</sup> **— 0.4%** | **Communications Equipment**<sup>(g)</sup> **— 0.4%** |
| CommScope LLC |  |  |  |
| 4.75%, 09/01/29 | USD | 4757 | 4644180 |
| 9.50%, 12/15/31 |  | 561 | 587486 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 528 | 493369 |
|  |  |  | 5725035 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| Arcosa, Inc., 6.88%, 08/15/32<sup>(g)</sup> | USD | 144 | $149446 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(g)</sup> |  | 4619 | 4261657 |
| Heathrow Finance PLC, 6.63%, 03/01/31<sup>(b)</sup> | GBP | 100 | 136440 |
|  |  |  | 4547543 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br> 8.38%, 06/15/35<sup>(c)(g)</sup><br>| USD | 224 | 225540 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 626 | 690485 |
| 7.88%, 06/15/32 |  | 1274 | 1324958 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 01/15/28 |  | 3098 | 3199240 |
| 6.63%, 05/15/29 |  | 1650 | 1694634 |
| 5.38%, 11/15/29 |  | 408 | 401327 |
| 7.88%, 03/15/30 |  | 1538 | 1634232 |
| 4.00%, 09/15/30 |  | 451 | 416153 |
| 7.50%, 05/15/31 |  | 575 | 600790 |
| 7.13%, 11/15/31 |  | 527 | 548330 |
| 6.75%, 03/15/32 |  | 1588 | 1617867 |
| 7.13%, 09/15/32 |  | 2031 | 2102631 |
| SLM Corp., 6.50%, 01/31/30 |  | 330 | 346380 |
|  |  |  | 14802567 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| B&M European Value Retail SA, 6.50%, 11/27/31<sup>(b)</sup> | GBP | 100 | 138161 |
| Walgreens Boots Alliance, Inc. |  |  |  |
| 8.13%, 08/15/29 | USD | 842 | 893005 |
| 4.80%, 11/18/44 |  | 1874 | 1789670 |
|  |  |  | 2820836 |
| **Containers & Packaging — 3.9%** | **Containers & Packaging — 3.9%** | **Containers & Packaging — 3.9%** | **Containers & Packaging — 3.9%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC<br>|  |  |  |
| 6.00%, 06/15/27<sup>(g)</sup> |  | 2341 | 2348192 |
| 3.25%, 09/01/28<sup>(g)</sup> |  | 1508 | 1425110 |
| 3.00%, 09/01/29<sup>(b)</sup> | EUR | 464 | 489524 |
| 4.00%, 09/01/29<sup>(g)</sup> | USD | 6715 | 6129969 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |  |
| 2.13%, 08/15/26<sup>(b)</sup> | EUR | 1370 | 1544767 |
| 4.13%, 08/15/26<sup>(g)</sup> | USD | 3278 | 3077616 |
| Ball Corp., 4.25%, 07/01/32 | EUR | 875 | 1044274 |
| Clydesdale Acquisition Holdings, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.63%, 04/15/29 | USD | 2900 | 2942006 |
| 6.88%, 01/15/30 |  | 2288 | 2338971 |
| 8.75%, 04/15/30 |  | 2153 | 2202140 |
| 6.75%, 04/15/32 |  | 5084 | 5217551 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(g)</sup> |  | 2925 | 2944992 |
| Fiber Midco SpA, (10.75% PIK), 10.75%, 06/15/29<sup>(b)(h)</sup> | EUR | 100 | 107369 |
| Graphic Packaging International LLC, 2.63%, 02/01/29<sup>(b)</sup> |  | 456 | 513577 |
| Kleopatra Finco SARL, 4.25%, 03/01/26<sup>(b)</sup> |  | 100 | 110448 |
| LABL, Inc.<sup>(g)</sup> <br>|  |  |  |
| 5.88%, 11/01/28 | USD | 376 | 328797 |
| 9.50%, 11/01/28 |  | 2653 | 2452375 |
| 8.63%, 10/01/31 |  | 1593 | 1362602 |
| Mauser Packaging Solutions Holding Co.<sup>(g)</sup> <br>|  |  |  |
| 7.88%, 04/15/27 |  | 17673 | 17962696 |
| 9.25%, 04/15/27 |  | 778 | 772545 |
| OI European Group BV |  |  |  |
| 6.25%, 05/15/28 | EUR | 394 | 479196 |
| 6.25%, 05/15/28<sup>(b)</sup> |  | 100 | 121623 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| OI European Group BV (continued) |  |  |  |
| 5.25%, 06/01/29<sup>(b)</sup> | EUR | 100 | $121270 |
| Owens-Brockway Glass Container, Inc., 6.63%, <br> 05/13/27<sup>(g)</sup><br>| USD | 211 | 211096 |
| Sealed Air Corp.<sup>(g)</sup> <br>|  |  |  |
| 4.00%, 12/01/27 |  | 404 | 394294 |
| 6.50%, 07/15/32 |  | 952 | 986522 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, <br> 02/15/31<sup>(g)</sup><br>|  | 87 | 91566 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/28<sup>(g)</sup> |  | 621 | 658745 |
| Trivium Packaging Finance BV<sup>(g)</sup> <br>|  |  |  |
| 6.63%, 07/15/30 | EUR | 445 | 541762 |
| 8.25%, 07/15/30 | USD | 995 | 1052200 |
| 12.25%, 01/15/31 |  | 553 | 592780 |
|  |  |  | 60566575 |
| **Diversified REITs**<sup>(g)</sup> **— 1.1%** | **Diversified REITs**<sup>(g)</sup> **— 1.1%** | **Diversified REITs**<sup>(g)</sup> **— 1.1%** | **Diversified REITs**<sup>(g)</sup> **— 1.1%** |
| Digital Realty Trust LP, 1.88%, 11/15/29<sup>(l)</sup> |  | 422 | 443691 |
| Global Net Lease, Inc./Global Net Lease Operating <br> Partnership LP, 3.75%, 12/15/27<br>|  | 590 | 563465 |
| Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<br>|  | 776 | 744082 |
| Iron Mountain, Inc. |  |  |  |
| 5.25%, 07/15/30 |  | 122 | 120331 |
| 5.63%, 07/15/32 |  | 3252 | 3226152 |
| 6.25%, 01/15/33 |  | 2516 | 2586966 |
| Rithm Capital Corp., 8.00%, 07/15/30 |  | 728 | 731640 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<br>|  | 7828 | 8298013 |
|  |  |  | 16714340 |
| **Diversified Telecommunication Services — 6.7%** | **Diversified Telecommunication Services — 6.7%** | **Diversified Telecommunication Services — 6.7%** | **Diversified Telecommunication Services — 6.7%** |
| Altice Financing SA<sup>(g)</sup> <br>|  |  |  |
| 5.00%, 01/15/28 |  | 3474 | 2613469 |
| 5.75%, 08/15/29 |  | 600 | 438108 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(g)</sup><br>|  | 800 | 804102 |
| EchoStar Corp. |  |  |  |
| (6.75% PIK), 6.75%, 11/30/30<sup>(h)</sup> |  | 11397 | 10401524 |
| 10.75%, 11/30/29 |  | 4613 | 4751888 |
| eircom Finance DAC, Series JUL, 04/30/31<sup>(a)(b)</sup> | EUR | 160 | 188943 |
| Eutelsat SA<sup>(b)</sup> <br>|  |  |  |
| 1.50%, 10/13/28 |  | 100 | 107110 |
| 9.75%, 04/13/29 |  | 100 | 126977 |
| Fibercop SpA |  |  |  |
| 4.75%, 06/30/30<sup>(b)</sup> |  | 102 | 120920 |
| 5.13%, 06/30/32<sup>(b)</sup> |  | 100 | 117960 |
| 6.00%, 09/30/34<sup>(g)</sup> | USD | 2917 | 2729848 |
| 7.20%, 07/18/36<sup>(g)</sup> |  | 1468 | 1430688 |
| Series 2033, 6.38%, 11/15/33<sup>(g)</sup> |  | 803 | 779785 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<sup>(g)</sup> |  | 251 | 251095 |
| 5.00%, 05/01/28<sup>(g)</sup> |  | 345 | 344855 |
| 6.75%, 05/01/29<sup>(g)</sup> |  | 611 | 618989 |
| 5.88%, 11/01/29 |  | 910 | 918620 |
| 6.00%, 01/15/30<sup>(g)</sup> |  | 1055 | 1068607 |
| 8.75%, 05/15/30<sup>(g)</sup> |  | 13691 | 14319023 |
| 8.63%, 03/15/31<sup>(g)</sup> |  | 1334 | 1417385 |
| Global Switch Finance BV, 1.38%, 10/07/30<sup>(b)</sup> | EUR | 106 | 116924 |
| Iliad Holding SASU |  |  |  |
| 7.00%, 10/15/28<sup>(g)</sup> | USD | 828 | 843130 |
| 5.38%, 04/15/30<sup>(b)</sup> | EUR | 169 | 204449 |
| 6.88%, 04/15/31<sup>(b)</sup> |  | 101 | 126855 |
| 8.50%, 04/15/31<sup>(g)</sup> | USD | 3025 | 3235616 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Iliad Holding SASU (continued) |  |  |  |
| 7.00%, 04/15/32<sup>(g)</sup> | USD | 3781 | $3873941 |
| Intelsat Jackson Holdings SA, 6.50%, 03/15/30<sup>(g)</sup> |  | 248 | 252885 |
| Kaixo Bondco Telecom SA, 5.13%, 09/30/29<sup>(b)</sup> | EUR | 100 | 119417 |
| Level 3 Financing, Inc.<sup>(g)</sup> <br>|  |  |  |
| 3.63%, 01/15/29 | USD | 343 | 293265 |
| 4.88%, 06/15/29 |  | 4257 | 3974974 |
| 11.00%, 11/15/29 |  | 6721 | 7709364 |
| 4.50%, 04/01/30 |  | 1772 | 1603919 |
| 3.88%, 10/15/30 |  | 715 | 620263 |
| 10.75%, 12/15/30 |  | 2684 | 3043254 |
| 4.00%, 04/15/31 |  | 84 | 71472 |
| 10.00%, 10/15/32 |  | 958 | 967573 |
| 6.88%, 06/30/33 |  | 11738 | 11943685 |
| Lorca Telecom Bondco SA<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 09/18/27 | EUR | 174 | 204795 |
| 5.75%, 04/30/29 |  | 196 | 241059 |
| Lumen Technologies, Inc.<sup>(g)</sup> <br>|  |  |  |
| 4.13%, 04/15/30 | USD | 841 | 819926 |
| 10.00%, 10/15/32 |  | 1155 | 1179058 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(g)</sup> |  | 2418 | 2424801 |
| SES SA, 4.88%, 06/24/33<sup>(b)</sup> | EUR | 100 | 118937 |
| SoftBank Group Corp.<sup>(b)</sup> <br>|  |  |  |
| 3.13%, 09/19/25 |  | 226 | 265666 |
| 5.38%, 01/08/29 |  | 148 | 177084 |
| 3.88%, 07/06/32 |  | 190 | 203108 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 | USD | 2006 | 2161546 |
| Windstream Escrow LLC/Windstream Escrow Finance <br> Corp., 8.25%, 10/01/31<sup>(g)</sup><br>|  | 8739 | 9152232 |
| Zayo Group Holdings, Inc.<sup>(g)</sup> <br>|  |  |  |
| 4.00%, 03/01/27 |  | 3582 | 3359115 |
| 6.13%, 03/01/28 |  | 1718 | 1482589 |
|  |  |  | 104340798 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), <br> 5.00%<sup>(b)(c)(i)</sup><br>| EUR | 150 | 182909 |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(g)</sup> | USD | 1671 | 1722542 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure <br> PLC<br>|  |  |  |
| 5.63%, 02/15/32<sup>(b)</sup> | EUR | 106 | 128428 |
| 6.38%, 02/15/32<sup>(g)</sup> | USD | 988 | 989611 |
| ContourGlobal Power Holdings SA |  |  |  |
| 5.00%, 02/28/30<sup>(b)</sup> | EUR | 100 | 118677 |
| 6.75%, 02/28/30<sup>(g)</sup> | USD | 2613 | 2692331 |
| Edison International, Series A, (5-year CMT + 4.70%), <br> 5.38%<sup>(c)(i)</sup><br>|  | 3338 | 3142799 |
| EDP SA, (5-year EUR Swap + 2.38%), 1.88%, <br> 08/02/81<sup>(b)(c)</sup><br>| EUR | 200 | 232242 |
| NextEra Energy Capital Holdings, Inc., (5-year CMT + <br> 2.46%), 6.75%, 06/15/54<sup>(c)</sup><br>| USD | 938 | 973147 |
| Pike Corp., 8.63%, 01/31/31<sup>(g)</sup> |  | 461 | 501374 |
| Public Power Corp. SA, 4.63%, 10/31/31<sup>(b)</sup> | EUR | 100 | 120145 |
| Vistra Operations Co. LLC<sup>(g)</sup> <br>|  |  |  |
| 7.75%, 10/15/31 | USD | 1921 | 2041722 |
| 6.88%, 04/15/32 |  | 1756 | 1835866 |
| XPLR Infrastructure Operating Partners LP, 8.38%, <br> 01/15/31<sup>(g)</sup><br>|  | 5639 | 6023039 |
|  |  |  | 20704832 |
| **Electronic Equipment, Instruments & Components**<sup>(g)</sup> **— 0.5%** | **Electronic Equipment, Instruments & Components**<sup>(g)</sup> **— 0.5%** | **Electronic Equipment, Instruments & Components**<sup>(g)</sup> **— 0.5%** | **Electronic Equipment, Instruments & Components**<sup>(g)</sup> **— 0.5%** |
| Sensata Technologies, Inc., 6.63%, 07/15/32 |  | 1981 | 2038746 |
| WESCO Distribution, Inc. |  |  |  |
| 6.63%, 03/15/32 |  | 955 | 992407 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| WESCO Distribution, Inc. (continued) |  |  |  |
| 6.38%, 03/15/33 | USD | 2876 | $2972582 |
| Xerox Corp., 10.25%, 10/15/30 |  | 1439 | 1506553 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 591 | 607712 |
|  |  |  | 8118000 |
| **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(g)</sup> <br>|  |  |  |
| 6.88%, 04/01/27 |  | 1223 | 1224249 |
| 6.25%, 04/01/28 |  | 560 | 561854 |
| 6.63%, 09/01/32 |  | 2256 | 2298497 |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(g)</sup> |  | 475 | 489801 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(g)</sup> |  | 2606 | 2695675 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 369 | 372042 |
| OEG Finance PLC, 7.25%, 09/27/29<sup>(b)</sup> | EUR | 100 | 123051 |
| Star Holding LLC, 8.75%, 08/01/31<sup>(g)</sup> | USD | 1289 | 1214711 |
| Tidewater, Inc., 07/15/30<sup>(a)(g)</sup> |  | 1127 | 1159525 |
| USA Compression Partners LP/USA Compression <br> Finance Corp.<br>|  |  |  |
| 6.88%, 09/01/27 |  | 1112 | 1114237 |
| 7.13%, 03/15/29<sup>(g)</sup> |  | 1817 | 1862301 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(g)</sup> |  | 2603 | 2682983 |
|  |  |  | 15798926 |
| **Entertainment — 3.3%** | **Entertainment — 3.3%** | **Entertainment — 3.3%** | **Entertainment — 3.3%** |
| Allwyn Entertainment Financing U.K. PLC, 7.25%, <br> 04/30/30<sup>(b)</sup><br>| EUR | 100 | 125157 |
| Banijay Entertainment SAS |  |  |  |
| 7.00%, 05/01/29<sup>(b)</sup> |  | 113 | 139112 |
| 8.13%, 05/01/29<sup>(g)</sup> | USD | 480 | 497981 |
| Boyne USA, Inc., 4.75%, 05/15/29<sup>(g)</sup> |  | 1869 | 1813571 |
| Caesars Entertainment, Inc.<sup>(g)</sup> <br>|  |  |  |
| 4.63%, 10/15/29 |  | 456 | 435268 |
| 7.00%, 02/15/30 |  | 7376 | 7638453 |
| 6.50%, 02/15/32 |  | 3143 | 3225082 |
| Churchill Downs, Inc.<sup>(g)</sup> <br>|  |  |  |
| 5.75%, 04/01/30 |  | 1065 | 1068471 |
| 6.75%, 05/01/31 |  | 10273 | 10558815 |
| Cinemark USA, Inc., 7.00%, 08/01/32<sup>(g)</sup> |  | 383 | 397617 |
| Cirsa Finance International SARL<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 03/15/29 | EUR | 100 | 123198 |
| (3-mo. EURIBOR + 4.50%), 6.69%, 07/31/28<sup>(c)</sup> |  | 54 | 64266 |
| Flutter Treasury DAC |  |  |  |
| 4.00%, 06/04/31<sup>(b)</sup> |  | 101 | 119159 |
| 5.88%, 06/04/31<sup>(g)</sup> | USD | 2708 | 2728310 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(g)</sup><br>|  | 1987 | 1944914 |
| Light & Wonder International, Inc.<sup>(g)</sup> <br>|  |  |  |
| 7.00%, 05/15/28 |  | 706 | 708057 |
| 7.25%, 11/15/29 |  | 241 | 248292 |
| 7.50%, 09/01/31 |  | 474 | 495999 |
| Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29<sup>(g)</sup> |  | 1076 | 935119 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(g)</sup> |  | 335 | 331358 |
| Lottomatica Group SpA<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 01/31/31 | EUR | 100 | 120780 |
| (3-mo. EURIBOR + 3.25%), 5.25%, 06/01/31<sup>(c)</sup> |  | 100 | 118313 |
| Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, <br> 02/15/31<sup>(g)</sup><br>| USD | 1535 | 1371698 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance <br> Corp., 4.88%, 05/01/29<sup>(g)</sup><br>|  | 578 | 556768 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(g)</sup><br>|  | 1384 | 1428576 |
| Motion Finco SARL, 7.38%, 06/15/30<sup>(b)</sup> | EUR | 100 | 110462 |
| Odeon Finco PLC, 12.75%, 11/01/27<sup>(g)</sup> | USD | 1503 | 1570464 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Pinewood Finco PLC<sup>(b)</sup> <br>|  |  |  |
| 3.63%, 11/15/27 | GBP | 100 | $130809 |
| 6.00%, 03/27/30 |  | 181 | 245345 |
| Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp.<sup>(g)</sup> <br>|  |  |  |
| 5.63%, 09/01/29 | USD | 1188 | 680130 |
| 5.88%, 09/01/31 |  | 262 | 143445 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance <br> Corp., 6.63%, 02/01/33<sup>(g)</sup><br>|  | 903 | 904167 |
| Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo, Inc., 6.63%, 03/01/30<sup>(g)</sup><br>|  | 1917 | 1847333 |
| Six Flags Entertainment Corp., 7.25%, 05/15/31<sup>(g)</sup> |  | 1221 | 1254804 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(g)</sup> |  | 1652 | 1718785 |
| Warnermedia Holdings, Inc., 03/15/42<sup>(a)</sup> |  | 2055 | 1384556 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>(g)</sup> <br>|  |  |  |
| 5.13%, 10/01/29 |  | 1884 | 1870402 |
| 7.13%, 02/15/31 |  | 2228 | 2376075 |
| 6.25%, 03/15/33 |  | 252 | 253616 |
|  |  |  | 51684727 |
| **Environmental, Maintenance & Security Service — 0.9%** | **Environmental, Maintenance & Security Service — 0.9%** | **Environmental, Maintenance & Security Service — 0.9%** | **Environmental, Maintenance & Security Service — 0.9%** |
| GFL Environmental, Inc., 6.75%, 01/15/31<sup>(g)</sup> |  | 192 | 200913 |
| Madison IAQ LLC, 5.88%, 06/30/29<sup>(g)</sup> |  | 3815 | 3753098 |
| Reworld Holding Corp. |  |  |  |
| 4.88%, 12/01/29<sup>(g)</sup> |  | 2689 | 2558164 |
| 5.00%, 09/01/30 |  | 335 | 316622 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<sup>(g)</sup> |  | 5773 | 5993055 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(g)</sup> |  | 816 | 849506 |
|  |  |  | 13671358 |
| **Financial Services — 3.3%** | **Financial Services — 3.3%** | **Financial Services — 3.3%** | **Financial Services — 3.3%** |
| Ally Financial, Inc., (1-day SOFR Index + 1.96%), 5.74%, <br> 05/15/29<sup>(c)</sup><br>|  | 300 | 305341 |
| Azorra Finance Ltd.<sup>(g)</sup> <br>|  |  |  |
| 7.75%, 04/15/30 |  | 2259 | 2345124 |
| 01/15/31<sup>(a)</sup> |  | 621 | 633993 |
| Bracken MidCo1 PLC, (6.75% PIK), 6.75%, 11/01/27<sup>(b)(h)</sup> | GBP | 100 | 135778 |
| Freedom Mortgage Holdings LLC<sup>(g)</sup> <br>|  |  |  |
| 9.25%, 02/01/29 | USD | 862 | 895342 |
| 9.13%, 05/15/31 |  | 1491 | 1536896 |
| 8.38%, 04/01/32 |  | 1008 | 1018863 |
| Garfunkelux Holdco SA, 9.00%, 09/01/28 | EUR | 85 | 99988 |
| GGAM Finance Ltd.<sup>(g)</sup> <br>|  |  |  |
| 8.00%, 02/15/27 | USD | 2605 | 2685862 |
| 8.00%, 06/15/28 |  | 442 | 467512 |
| 6.88%, 04/15/29 |  | 1248 | 1290217 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<sup>(g)</sup> |  | 1913 | 1963216 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(g)</sup> <br>|  |  |  |
| 5.00%, 08/15/28 |  | 1479 | 1429714 |
| 6.63%, 10/15/31 |  | 409 | 407526 |
| Midcap Financial Issuer Trust<sup>(g)</sup> <br>|  |  |  |
| 6.50%, 05/01/28 |  | 1978 | 1959305 |
| 5.63%, 01/15/30 |  | 1600 | 1478000 |
| Nationstar Mortgage Holdings, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.00%, 01/15/27 |  | 2 | 2002 |
| 6.50%, 08/01/29 |  | 2646 | 2702767 |
| 5.13%, 12/15/30 |  | 433 | 438230 |
| 5.75%, 11/15/31 |  | 1505 | 1528466 |
| 7.13%, 02/01/32 |  | 3608 | 3747612 |
| PennyMac Financial Services, Inc.<sup>(g)</sup> <br>|  |  |  |
| 7.88%, 12/15/29 |  | 981 | 1041707 |
| 7.13%, 11/15/30 |  | 1404 | 1455085 |
| 6.88%, 05/15/32 |  | 1909 | 1951895 |
| 6.88%, 02/15/33 |  | 877 | 898925 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(g)</sup> | USD | 2368 | $2452626 |
| ProGroup AG, 5.13%, 04/15/29<sup>(b)</sup> | EUR | 100 | 119120 |
| Rocket Cos., Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.13%, 08/01/30 | USD | 6528 | 6652228 |
| 6.38%, 08/01/33 |  | 5438 | 5564165 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.<sup>(g)</sup> <br>|  |  |  |
| 3.88%, 03/01/31 |  | 398 | 368954 |
| 4.00%, 10/15/33 |  | 497 | 444650 |
| Stena International SA, 7.25%, 01/15/31<sup>(g)</sup> |  | 200 | 200620 |
| Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, <br> 01/14/31<sup>(h)</sup><br>| EUR | 548 | 188659 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(g)</sup> | USD | 2357 | 2359436 |
|  |  |  | 50769824 |
| **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC, 6.25%, 03/15/33<sup>(g)</sup><br>|  | 983 | 1013302 |
| B&G Foods, Inc., 8.00%, 09/15/28<sup>(g)</sup> |  | 452 | 435180 |
| Bellis Acquisition Co. PLC<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 05/14/30 | GBP | 128 | 165377 |
| 07/01/31<sup>(a)</sup> | EUR | 100 | 118054 |
| Bellis Finco PLC, 4.00%, 02/16/27<sup>(b)</sup> | GBP | 100 | 137186 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br> 8.75%, 10/01/29<sup>(g)(h)</sup><br>| USD | 7053 | 7552869 |
| Chobani LLC/Chobani Finance Corp., Inc., 7.63%, <br> 07/01/29<sup>(g)</sup><br>|  | 5914 | 6162755 |
| Darling Global Finance BV |  |  |  |
| 4.50%, 07/15/32<sup>(g)</sup> | EUR | 990 | 1180267 |
| 4.50%, 07/15/32<sup>(b)</sup> |  | 100 | 119219 |
| ELO SACA<sup>(b)</sup> <br>|  |  |  |
| 3.25%, 07/23/27 |  | 200 | 226862 |
| 5.88%, 04/17/28 |  | 100 | 112515 |
| Fiesta Purchaser, Inc.<sup>(g)</sup> <br>|  |  |  |
| 7.88%, 03/01/31 | USD | 104 | 110365 |
| 9.63%, 09/15/32 |  | 450 | 474826 |
| Irca SpA, (3-mo. EURIBOR + 3.75%), 5.73%, <br> 12/15/29<sup>(b)(c)</sup><br>| EUR | 104 | 122672 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(g)</sup><br>| USD | 850 | 880305 |
| Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 5.56%, <br> 07/01/29<sup>(b)(c)</sup><br>| EUR | 200 | 236661 |
| Market Bidco Finco PLC, 5.50%, 11/04/27<sup>(b)</sup> | GBP | 156 | 209857 |
| Ocado Group PLC, Series ., 11.00%, 06/15/30<sup>(b)</sup> |  | 100 | 133509 |
| Performance Food Group, Inc., 4.25%, 08/01/29<sup>(g)</sup> | USD | 81 | 78104 |
| Post Holdings, Inc.<sup>(g)</sup> <br>|  |  |  |
| 4.50%, 09/15/31 |  | 215 | 199565 |
| 6.38%, 03/01/33 |  | 1550 | 1564131 |
| 6.25%, 10/15/34 |  | 183 | 184039 |
| Premier Foods Finance PLC, 3.50%, 10/15/26<sup>(b)</sup> | GBP | 100 | 135957 |
| Simmons Foods, Inc./Simmons Prepared Foods, <br> Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, <br> 03/01/29<sup>(g)</sup><br>| USD | 393 | 371060 |
| Tereos Finance Groupe I SA, 7.25%, 04/15/28<sup>(b)</sup> | EUR | 100 | 121413 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(g)</sup> | USD | 1122 | 1107371 |
|  |  |  | 23153421 |
| **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** | **Gas Utilities — 1.1%** |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br> 06/01/30<sup>(g)</sup><br>|  | 672 | 697185 |
| Suburban Propane Partners LP/Suburban Energy Finance <br> Corp., 5.00%, 06/01/31<sup>(g)</sup><br>|  | 418 | 395469 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** | **Gas Utilities (continued)** |
| Venture Global Plaque |  |  |  |
| 6.50%, 01/15/34 | USD | 4883 | $4883000 |
| 6.75%, 01/15/36 |  | 5096 | 5096000 |
| Venture Global Plaquemines LNG LLC<sup>(g)</sup> <br>|  |  |  |
| 7.50%, 05/01/33 |  | 2097 | 2245516 |
| 7.75%, 05/01/35 |  | 2871 | 3107633 |
|  |  |  | 16424803 |
| **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<sup>(g)</sup><br>|  | 693 | 724404 |
| **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** | **Health Care Equipment & Supplies — 1.2%** |
| Avantor Funding, Inc.<sup>(b)</sup> <br>|  |  |  |
| 2.63%, 11/01/25 | EUR | 527 | 619539 |
| 3.88%, 07/15/28 |  | 100 | 117353 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(g)</sup> | USD | 6265 | 6539094 |
| Insulet Corp., 6.50%, 04/01/33<sup>(g)</sup> |  | 1316 | 1372043 |
| Medline Borrower LP, 5.25%, 10/01/29<sup>(g)</sup> |  | 7075 | 7019849 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(g)</sup><br>|  | 363 | 372904 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(g)</sup> |  | 899 | 929869 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(g)</sup> |  | 996 | 1036281 |
|  |  |  | 18006932 |
| **Health Care Providers & Services — 3.5%** | **Health Care Providers & Services — 3.5%** | **Health Care Providers & Services — 3.5%** | **Health Care Providers & Services — 3.5%** |
| Acadia Healthcare Co., Inc., 7.38%, 03/15/33<sup>(g)</sup> |  | 1017 | 1047746 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(g)</sup> |  | 2104 | 2051749 |
| CHS/Community Health Systems, Inc.<sup>(g)</sup> <br>|  |  |  |
| 5.63%, 03/15/27 |  | 2509 | 2471316 |
| 6.00%, 01/15/29 |  | 3050 | 2933698 |
| 5.25%, 05/15/30 |  | 5152 | 4568523 |
| 4.75%, 02/15/31 |  | 2223 | 1900404 |
| 10.88%, 01/15/32 |  | 3613 | 3829299 |
| Clariane SE, 7.88%, 06/27/30<sup>(b)</sup> | EUR | 100 | 118682 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<sup>(g)</sup> | USD | 2252 | 2331639 |
| DaVita, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.88%, 09/01/32 |  | 681 | 705639 |
| 6.75%, 07/15/33 |  | 918 | 947924 |
| Ephios Subco 3 SARL, 7.88%, 01/31/31<sup>(b)</sup> | EUR | 218 | 276182 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(g)</sup> | USD | 500 | 452588 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(g)</sup> |  | 2268 | 2248525 |
| IQVIA, Inc. |  |  |  |
| 1.75%, 03/15/26<sup>(b)</sup> | EUR | 330 | 384852 |
| 2.25%, 03/15/29<sup>(b)</sup> |  | 100 | 112730 |
| 6.25%, 06/01/32<sup>(g)</sup> | USD | 4888 | 5016155 |
| LifePoint Health, Inc.<sup>(g)</sup> <br>|  |  |  |
| 9.88%, 08/15/30 |  | 640 | 692292 |
| 11.00%, 10/15/30 |  | 2861 | 3156244 |
| 8.38%, 02/15/32 |  | 3798 | 4046936 |
| 10.00%, 06/01/32 |  | 1578 | 1627967 |
| Mehilainen Yhtiot OYJ, 5.13%, 06/30/32<sup>(b)</sup> | EUR | 100 | 118295 |
| Molina Healthcare, Inc., 6.25%, 01/15/33<sup>(g)</sup> | USD | 1285 | 1308000 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(g)</sup> |  | 390 | 387075 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(g)</sup> |  | 4238 | 4457608 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<sup>(g)</sup> |  | 5247 | 5346756 |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(g)</sup> |  | 2104 | 2170146 |
|  |  |  | 54708970 |
| **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** | **Health Care REITs — 0.4%** |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |  |
| 7.00%, 02/15/32<sup>(g)</sup> | EUR | 1425 | 1719705 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** | **Health Care REITs (continued)** |
| MPT Operating Partnership LP/MPT Finance <br> Corp. (continued)<br>|  |  |  |
| 7.00%, 02/15/32<sup>(b)</sup> | EUR | 152 | $183435 |
| 8.50%, 02/15/32<sup>(g)</sup> | USD | 4784 | 5006724 |
|  |  |  | 6909864 |
| **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<sup>(g)</sup><br>|  | 1878 | 1931408 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(g)</sup><br>|  | 606 | 609256 |
| Pebblebrook Hotel Trust, 1.75%, 12/15/26<sup>(l)</sup> |  | 68 | 64266 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(g)</sup> <br>|  |  |  |
| 6.50%, 04/01/32 |  | 5475 | 5630747 |
| 6.50%, 06/15/33 |  | 1478 | 1520487 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(g)</sup> |  | 749 | 698926 |
| Service Properties Trust |  |  |  |
| 8.63%, 11/15/31<sup>(g)</sup> |  | 6051 | 6496184 |
| 8.88%, 06/15/32 |  | 3191 | 3281171 |
| XHR LP, 6.63%, 05/15/30<sup>(g)</sup> |  | 592 | 603169 |
|  |  |  | 20835614 |
| **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** | **Hotels, Restaurants & Leisure — 3.9%** |
| 1011778 B.C. ULC/New Red Finance, Inc., 5.63%, <br> 09/15/29<sup>(g)</sup><br>|  | 960 | 973558 |
| Bertrand Franchise Finance SAS, (3-mo. EURIBOR + <br> 3.75%), 5.99%, 07/18/30<sup>(b)(c)</sup><br>| EUR | 120 | 138527 |
| Carnival Corp.<sup>(g)</sup> <br>|  |  |  |
| 6.00%, 05/01/29 | USD | 3963 | 4004382 |
| 5.88%, 06/15/31 |  | 2362 | 2406288 |
| 6.13%, 02/15/33 |  | 5018 | 5134177 |
| Deuce Finco PLC, 5.50%, 06/15/27<sup>(b)</sup> | GBP | 100 | 136057 |
| Essendi SA, (3-mo. EURIBOR + 3.75%), 5.81%, <br> 05/15/32<sup>(b)(c)</sup><br>| EUR | 100 | 118824 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance <br> Co., Inc.<sup>(g)</sup> <br>|  |  |  |
| 4.63%, 01/15/29 | USD | 4391 | 4205773 |
| 6.75%, 01/15/30 |  | 671 | 619200 |
| Las Vegas Sands Corp., 6.00%, 06/14/30 |  | 845 | 871764 |
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28<sup>(g)</sup> |  | 576 | 601299 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(g)</sup> |  | 1331 | 1338845 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(g)</sup> |  | 1447 | 1136675 |
| Melco Resorts Finance Ltd.<sup>(g)</sup> <br>|  |  |  |
| 5.63%, 07/17/27 |  | 200 | 199500 |
| 5.75%, 07/21/28 |  | 600 | 587028 |
| 5.38%, 12/04/29 |  | 2283 | 2141842 |
| 7.63%, 04/17/32 |  | 1534 | 1552408 |
| MGM China Holdings Ltd.<sup>(g)</sup> <br>|  |  |  |
| 4.75%, 02/01/27 |  | 440 | 436150 |
| 7.13%, 06/26/31 |  | 474 | 490590 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 2148 | 2184829 |
| NCL Corp. Ltd.<sup>(g)</sup> <br>|  |  |  |
| 8.13%, 01/15/29 |  | 631 | 665188 |
| 7.75%, 02/15/29 |  | 1782 | 1894770 |
| 6.25%, 03/01/30 |  | 751 | 757409 |
| 6.75%, 02/01/32 |  | 2931 | 2994393 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(g)</sup> |  | 849 | 862812 |
| Pinnacle Bidco PLC<sup>(b)</sup> <br>|  |  |  |
| 8.25%, 10/11/28 | EUR | 100 | 123538 |
| 10.00%, 10/11/28 | GBP | 100 | 145089 |
| Sabre GLBL, Inc.<sup>(g)</sup> <br>|  |  |  |
| 8.63%, 06/01/27 | USD | 715 | 731981 |
| 10.75%, 11/15/29 |  | 2092 | 2149626 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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.<sup>(g)</sup> (continued) |  |  |  |
| 11.13%, 07/15/30 | USD | 2112 | $2209152 |
| Station Casinos LLC<sup>(g)</sup> <br>|  |  |  |
| 4.63%, 12/01/31 |  | 2431 | 2277199 |
| 6.63%, 03/15/32 |  | 889 | 909013 |
| Stonegate Pub Co. Financing PLC<sup>(b)</sup> <br>|  |  |  |
| 10.75%, 07/31/29 | GBP | 123 | 175032 |
| (3-mo. EURIBOR + 6.63%), 8.77%, 07/31/29<sup>(c)</sup> | EUR | 100 | 119562 |
| TUI AG, 5.88%, 03/15/29<sup>(b)</sup> |  | 120 | 146655 |
| TUI Cruises GmbH, 5.00%, 05/15/30<sup>(b)</sup> |  | 106 | 125571 |
| Vail Resorts, Inc., 5.63%, 07/15/30 | USD | 1122 | 1122000 |
| Viking Cruises Ltd.<sup>(g)</sup> <br>|  |  |  |
| 5.88%, 09/15/27 |  | 1436 | 1436803 |
| 7.00%, 02/15/29 |  | 269 | 271359 |
| 9.13%, 07/15/31 |  | 3780 | 4071064 |
| Wynn Macau Ltd.<sup>(g)</sup> <br>|  |  |  |
| 5.50%, 01/15/26 |  | 962 | 959775 |
| 5.50%, 10/01/27 |  | 200 | 198500 |
| 5.63%, 08/26/28 |  | 5107 | 5008690 |
| 4.50%, 03/07/29<sup>(l)</sup> |  | 200 | 198600 |
| 5.13%, 12/15/29 |  | 1358 | 1298302 |
|  |  |  | 60129799 |
| **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> 4.63%, 04/01/30<sup>(g)</sup><br>|  | 636 | 604801 |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 306 | 306595 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC, 5.00%, 06/15/29<sup>(g)</sup><br>|  | 1154 | 1050231 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<sup>(g)</sup> |  | 607 | 632814 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(g)</sup> |  | 257 | 262820 |
| K Hovnanian Enterprises, Inc., 11.75%, 09/30/29<sup>(g)</sup> |  | 3601 | 3903700 |
| LGI Homes, Inc.<sup>(g)</sup> <br>|  |  |  |
| 8.75%, 12/15/28 |  | 453 | 470911 |
| 7.00%, 11/15/32 |  | 1305 | 1242034 |
| Meritage Homes Corp., 1.75%, 05/15/28<sup>(l)</sup> |  | 2135 | 2067160 |
| New Home Co., Inc., 9.25%, 10/01/29<sup>(g)</sup> |  | 1145 | 1187051 |
| Newell Brands, Inc., 8.50%, 06/01/28<sup>(g)</sup> |  | 1485 | 1559563 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 229 | 221164 |
| 4.38%, 02/01/32 |  | 1696 | 1557372 |
| Somnigroup International, Inc., 3.88%, 10/15/31<sup>(g)</sup> |  | 1434 | 1303741 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(g)</sup> |  | 618 | 645641 |
| Whirlpool Corp. |  |  |  |
| 6.13%, 06/15/30 |  | 1097 | 1106641 |
| 6.50%, 06/15/33 |  | 1164 | 1167728 |
|  |  |  | 19289967 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31<sup>(g)</sup> |  | 296 | 268792 |
| **Independent Power and Renewable Electricity Producers**<sup>(g)</sup> **— 1.2%** | **Independent Power and Renewable Electricity Producers**<sup>(g)</sup> **— 1.2%** | **Independent Power and Renewable Electricity Producers**<sup>(g)</sup> **— 1.2%** | **Independent Power and Renewable Electricity Producers**<sup>(g)</sup> **— 1.2%** |
| Calpine Corp., 4.63%, 02/01/29 |  | 2297 | 2268582 |
| Clearway Energy Operating LLC, 3.75%, 01/15/32 |  | 104 | 93330 |
| Lightning Power LLC, 7.25%, 08/15/32 |  | 609 | 640942 |
| NRG Energy, Inc. |  |  |  |
| 5.75%, 07/15/29 |  | 1231 | 1232582 |
| 6.00%, 02/01/33 |  | 3898 | 3936847 |
| 6.25%, 11/01/34 |  | 3957 | 4031582 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<sup>(c)(i)</sup> |  | 994 | 1018103 |
| XPLR Infrastructure LP<sup>(l)</sup> <br>|  |  |  |
| 0.00%, 11/15/25<sup>(k)</sup> |  | 2591 | 2519748 |
| 2.50%, 06/15/26 |  | 3214 | 3069365 |
|  |  |  | 18811081 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| Amsted Industries, Inc., 6.38%, 03/15/33<sup>(g)</sup> | USD | 1134 | $1152673 |
| Axon Enterprise, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.13%, 03/15/30 |  | 458 | 470989 |
| 6.25%, 03/15/33 |  | 1053 | 1084234 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(g)</sup> |  | 876 | 895554 |
| Maxam Prill SARL, 07/15/30<sup>(a)(b)</sup> | EUR | 154 | 180316 |
|  |  |  | 3783766 |
| **Insurance — 7.8%** | **Insurance — 7.8%** | **Insurance — 7.8%** | **Insurance — 7.8%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32<sup>(g)</sup> | USD | 652 | 661241 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(g)</sup> <br>|  |  |  |
| 6.75%, 10/15/27 |  | 6867 | 6862949 |
| 6.75%, 04/15/28 |  | 1904 | 1935616 |
| 5.88%, 11/01/29 |  | 4674 | 4607438 |
| 7.00%, 01/15/31 |  | 4898 | 5066540 |
| 7.38%, 10/01/32 |  | 7319 | 7544528 |
| AmWINS Group, Inc., 4.88%, 06/30/29<sup>(g)</sup> |  | 878 | 853253 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br> 11/01/29<sup>(g)</sup><br>|  | 1110 | 1135430 |
| Ardonagh Finco Ltd. |  |  |  |
| 6.88%, 02/15/31<sup>(b)</sup> | EUR | 1289 | 1560200 |
| 7.75%, 02/15/31<sup>(g)</sup> | USD | 7009 | 7327692 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(g)</sup> |  | 6836 | 7193161 |
| AssuredPartners, Inc., 7.50%, 02/15/32<sup>(g)</sup> |  | 1975 | 2116258 |
| Howden UK Refinance PLC/Howden UK Refinance <br> 2 PLC/Howden US Refinance LLC<sup>(g)</sup> <br>|  |  |  |
| 7.25%, 02/15/31 |  | 8235 | 8527482 |
| 8.13%, 02/15/32 |  | 4075 | 4238077 |
| HUB International Ltd.<sup>(g)</sup> <br>|  |  |  |
| 7.25%, 06/15/30 |  | 17624 | 18417697 |
| 7.38%, 01/31/32 |  | 20576 | 21529254 |
| Jones Deslauriers Insurance Management, Inc.<sup>(g)</sup> <br>|  |  |  |
| 8.50%, 03/15/30 |  | 2854 | 3025035 |
| 10.50%, 12/15/30 |  | 2104 | 2242460 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(g)</sup> |  | 13625 | 14152982 |
| Unipol Assicurazioni SpA, 4.90%, 05/23/34<sup>(b)</sup> | EUR | 100 | 123611 |
| USI, Inc., 7.50%, 01/15/32<sup>(g)</sup> | USD | 2420 | 2553485 |
|  |  |  | 121674389 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| iliad SA<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 02/15/29 | EUR | 100 | 123627 |
| 5.63%, 02/15/30 |  | 100 | 125856 |
| Snap, Inc., 6.88%, 03/01/33<sup>(g)</sup> | USD | 4839 | 4965424 |
| United Group BV, 4.00%, 11/15/27<sup>(b)</sup> | EUR | 32 | 37223 |
|  |  |  | 5252130 |
| **Internet Software & Services — 1.0%** | **Internet Software & Services — 1.0%** | **Internet Software & Services — 1.0%** | **Internet Software & Services — 1.0%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL<sup>(g)</sup> <br>|  |  |  |
| 5.00%, 05/01/28 | USD | 2232 | 2129934 |
| 9.00%, 08/01/29 |  | 776 | 793426 |
| ANGI Group LLC, 3.88%, 08/15/28<sup>(g)</sup> |  | 869 | 810200 |
| Cablevision Lightpath LLC<sup>(g)</sup> <br>|  |  |  |
| 3.88%, 09/15/27 |  | 600 | 578287 |
| 5.63%, 09/15/28 |  | 1201 | 1160233 |
| Engineering - Ingegneria Informatica - SpA, 11.13%, <br> 05/15/28<sup>(b)</sup><br>| EUR | 122 | 151815 |
| Getty Images, Inc., 11.25%, 02/21/30<sup>(g)</sup> | USD | 931 | 924018 |
| ION Trading Technologies SARL, 9.50%, 05/30/29<sup>(g)</sup> |  | 757 | 777440 |
| Match Group Holdings II LLC<sup>(g)</sup> <br>|  |  |  |
| 4.63%, 06/01/28 |  | 2149 | 2097047 |
| 4.13%, 08/01/30 |  | 872 | 815482 |
| 3.63%, 10/01/31 |  | 723 | 646897 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** |
| Rakuten Group, Inc.<sup>(g)</sup> <br>|  |  |  |
| 11.25%, 02/15/27 | USD | 1108 | $1203137 |
| 9.75%, 04/15/29 |  | 2442 | 2674915 |
|  |  |  | 14762831 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Almaviva-The Italian Innovation Co. SpA, 10/30/30<sup>(a)(b)</sup> | EUR | 162 | 190828 |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(g)</sup> | USD | 1301 | 1338928 |
| Atos SE<sup>(b)(m)</sup> <br>|  |  |  |
| 5.20%, 12/18/30 | EUR | 237 | 237313 |
| 1.04%, 12/18/32 |  | 152 | 75707 |
| 9.36%, 12/18/29 |  | 169 | 222618 |
| CA Magnum Holdings, 5.38%, 10/31/26<sup>(g)</sup> | USD | 3306 | 3276990 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(g)</sup> |  | 1847 | 1906008 |
| Cedacri Mergeco SpA, (3-mo. EURIBOR + 5.50%), <br> 7.64%, 05/15/28<sup>(b)(c)</sup><br>| EUR | 100 | 118531 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<sup>(g)</sup> | USD | 2815 | 2949042 |
| KBR, Inc., 4.75%, 09/30/28<sup>(g)</sup> |  | 1213 | 1161452 |
| McAfee Corp., 7.38%, 02/15/30<sup>(g)</sup> |  | 3366 | 3178796 |
|  |  |  | 14656213 |
| **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
| Chart Industries, Inc.<sup>(g)</sup> <br>|  |  |  |
| 7.50%, 01/01/30 |  | 3377 | 3535469 |
| 9.50%, 01/01/31 |  | 537 | 573199 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<sup>(g)</sup> |  | 646 | 510340 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br> LLC, 9.00%, 02/15/29<sup>(g)</sup><br>|  | 4449 | 4651643 |
| IMA Industria Macchine Automatiche SpA<sup>(b)</sup> <br>|  |  |  |
| 3.75%, 01/15/28 | EUR | 100 | 116828 |
| (3-mo. EURIBOR + 3.75%), 6.03%, 04/15/29<sup>(c)</sup> |  | 200 | 236815 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<sup>(g)</sup> | USD | 668 | 703032 |
| Nova Alexandre III SAS, (3-mo. EURIBOR + 5.25%), <br> 7.53%, 07/15/29<sup>(b)(c)</sup><br>| EUR | 100 | 119271 |
| Terex Corp.<sup>(g)</sup> <br>|  |  |  |
| 5.00%, 05/15/29 | USD | 207 | 202056 |
| 6.25%, 10/15/32 |  | 936 | 937896 |
| TK Elevator Holdco GmbH |  |  |  |
| 6.63%, 07/15/28<sup>(b)</sup> | EUR | 900 | 1062806 |
| 7.63%, 07/15/28<sup>(g)</sup> | USD | 3445 | 3448576 |
| TK Elevator Midco GmbH, 4.38%, 07/15/27<sup>(b)</sup> | EUR | 992 | 1168455 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(g)</sup> | USD | 8479 | 8473055 |
|  |  |  | 25739441 |
| **Media — 6.5%** | **Media — 6.5%** | **Media — 6.5%** | **Media — 6.5%** |
| Cable One, Inc.<sup>(l)</sup> <br>|  |  |  |
| 0.00%, 03/15/26<sup>(k)</sup> |  | 475 | 449398 |
| 1.13%, 03/15/28 |  | 1577 | 1202467 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |  |
| 5.38%, 06/01/29<sup>(g)</sup> |  | 91 | 90667 |
| 4.75%, 03/01/30<sup>(g)</sup> |  | 553 | 535748 |
| 4.25%, 02/01/31<sup>(g)</sup> |  | 451 | 421312 |
| 7.38%, 03/01/31<sup>(g)</sup> |  | 21539 | 22474007 |
| 4.75%, 02/01/32<sup>(g)</sup> |  | 2067 | 1960605 |
| 4.50%, 05/01/32 |  | 167 | 155518 |
| 4.50%, 06/01/33<sup>(g)</sup> |  | 363 | 331793 |
| 4.25%, 01/15/34<sup>(g)</sup> |  | 1938 | 1725182 |
| CSC Holdings LLC<sup>(g)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 1956 | 1867484 |
| 5.38%, 02/01/28 |  | 2028 | 1856748 |
| 11.25%, 05/15/28 |  | 5143 | 5123644 |
| 11.75%, 01/31/29 |  | 4414 | 4198402 |
| 4.13%, 12/01/30 |  | 400 | 282205 |
| 3.38%, 02/15/31 |  | 936 | 648544 |
| 4.50%, 11/15/31 |  | 400 | 281474 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., <br> 5.88%, 08/15/27<sup>(g)</sup><br>| USD | 4325 | $4310884 |
| DISH DBS Corp.<sup>(g)</sup> <br>|  |  |  |
| 5.25%, 12/01/26 |  | 3230 | 2931225 |
| 5.75%, 12/01/28 |  | 5745 | 4973016 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(g)</sup> |  | 6281 | 6474618 |
| Gray Media, Inc.<sup>(g)</sup> <br>|  |  |  |
| 7.00%, 05/15/27 |  | 1782 | 1781202 |
| 10.50%, 07/15/29 |  | 4224 | 4537738 |
| LCPR Senior Secured Financing DAC, 6.75%, 10/15/27<sup>(g)</sup> |  | 4783 | 3221781 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(g)</sup> |  | 1713 | 1812823 |
| Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, <br> 09/15/26<sup>(g)</sup><br>|  | 676 | 577980 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(g)</sup> |  | 3592 | 3628697 |
| Sirius XM Radio LLC<sup>(g)</sup> <br>|  |  |  |
| 5.00%, 08/01/27 |  | 6942 | 6882533 |
| 4.00%, 07/15/28 |  | 381 | 365921 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(g)</sup> |  | 1470 | 1390253 |
| Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29<sup>(b)(h)</sup> | EUR | 214 | 172591 |
| Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(g)</sup><br>| USD | 2200 | 2176445 |
| Univision Communications, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.63%, 06/01/27 |  | 3640 | 3630070 |
| 8.00%, 08/15/28 |  | 3668 | 3722209 |
| 8.50%, 07/31/31 |  | 1877 | 1879079 |
| Virgin Media Secured Finance PLC<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 01/15/30 | GBP | 100 | 125429 |
| 4.13%, 08/15/30 |  | 100 | 123820 |
| VZ Secured Financing BV, 3.50%, 01/15/32<sup>(b)</sup> | EUR | 170 | 183711 |
| Ziggo Bond Co. BV, 5.13%, 02/28/30<sup>(g)</sup> | USD | 650 | 567487 |
| Ziggo BV, 4.88%, 01/15/30<sup>(g)</sup> |  | 1165 | 1088138 |
|  |  |  | 100162848 |
| **Metals & Mining — 3.8%** | **Metals & Mining — 3.8%** | **Metals & Mining — 3.8%** | **Metals & Mining — 3.8%** |
| Aris Mining Corp., 8.00%, 10/31/29<sup>(g)</sup> |  | 362 | 368100 |
| Arsenal AIC Parent LLC<sup>(g)</sup> <br>|  |  |  |
| 8.00%, 10/01/30 |  | 1197 | 1277426 |
| 11.50%, 10/01/31 |  | 4744 | 5317706 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27 |  | 886 | 886773 |
| 7.25%, 08/15/30 |  | 2612 | 2737123 |
| 5.13%, 10/01/31 |  | 1063 | 1038913 |
| Carpenter Technology Corp., 7.63%, 03/15/30 |  | 1314 | 1359715 |
| Cleveland-Cliffs, Inc. |  |  |  |
| 5.88%, 06/01/27 |  | 481 | 480612 |
| 6.88%, 11/01/29<sup>(g)</sup> |  | 2230 | 2195522 |
| Constellium SE<sup>(g)</sup> <br>|  |  |  |
| 5.63%, 06/15/28 |  | 4620 | 4592974 |
| 3.75%, 04/15/29 |  | 2133 | 2004334 |
| 6.38%, 08/15/32 |  | 1591 | 1617458 |
| ERO Copper Corp., 6.50%, 02/15/30<sup>(g)</sup> |  | 1752 | 1743240 |
| First Quantum Minerals Ltd.<sup>(g)</sup> <br>|  |  |  |
| 9.38%, 03/01/29 |  | 4417 | 4680474 |
| 8.00%, 03/01/33 |  | 865 | 886893 |
| Kaiser Aluminum Corp.<sup>(g)</sup> <br>|  |  |  |
| 4.63%, 03/01/28 |  | 5712 | 5588681 |
| 4.50%, 06/01/31 |  | 4136 | 3869272 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(g)</sup> |  | 2700 | 2782558 |
| Novelis Corp.<sup>(g)</sup> <br>|  |  |  |
| 4.75%, 01/30/30 |  | 5807 | 5557299 |
| 6.88%, 01/30/30 |  | 2446 | 2528995 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Novelis Corp.<sup>(g)</sup> (continued) |  |  |  |
| 3.88%, 08/15/31 | USD | 5256 | $4722859 |
| Novelis Sheet Ingot GmbH, 3.38%, 04/15/29<sup>(b)</sup> | EUR | 1029 | 1175834 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(g)</sup> | USD | 1599 | 1676168 |
|  |  |  | 59088929 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(g)</sup> **— 0.4%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(g)</sup> **— 0.4%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(g)</sup> **— 0.4%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(g)</sup> **— 0.4%** |
| Blackstone Mortgage Trust, Inc. |  |  |  |
| 3.75%, 01/15/27 |  | 1284 | 1248580 |
| 7.75%, 12/01/29 |  | 281 | 298904 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 879 | 924550 |
| 6.00%, 04/15/30 |  | 442 | 447058 |
| 6.50%, 07/01/30 |  | 1079 | 1114456 |
| 6.50%, 10/15/30 |  | 1964 | 2027712 |
|  |  |  | 6061260 |
| **Oil, Gas & Consumable Fuels — 8.7%** | **Oil, Gas & Consumable Fuels — 8.7%** | **Oil, Gas & Consumable Fuels — 8.7%** | **Oil, Gas & Consumable Fuels — 8.7%** |
| Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(g)</sup><br>|  | 1728 | 1812558 |
| Antero Midstream Partners LP/Antero Midstream Finance <br> Corp., 6.63%, 02/01/32<sup>(g)</sup><br>|  | 1514 | 1563735 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(g)</sup> <br>|  |  |  |
| 9.00%, 11/01/27 |  | 963 | 1177267 |
| 5.88%, 06/30/29 |  | 1254 | 1256132 |
| 6.63%, 07/15/33 |  | 930 | 943483 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(g)</sup> <br>|  |  |  |
| 7.00%, 07/15/29 |  | 1140 | 1189771 |
| 7.25%, 07/15/32 |  | 918 | 972765 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<sup>(g)</sup> |  | 103 | 106710 |
| 6.75%, 02/01/30<sup>(g)</sup> |  | 386 | 400682 |
| 5.85%, 11/15/43 |  | 816 | 719187 |
| 5.60%, 10/15/44 |  | 553 | 466344 |
| CD&R Firefly Bidco PLC, 8.63%, 04/30/29<sup>(b)</sup> | GBP | 224 | 316087 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(g)</sup> | USD | 601 | 613995 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(g)</sup> |  | 2678 | 2785519 |
| Civitas Resources, Inc.<sup>(g)</sup> <br>|  |  |  |
| 8.38%, 07/01/28 |  | 1478 | 1513340 |
| 8.75%, 07/01/31 |  | 649 | 656210 |
| CNX Midstream Partners LP, 4.75%, 04/15/30<sup>(g)</sup> |  | 520 | 491178 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(g)</sup> |  | 479 | 495962 |
| Comstock Resources, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.75%, 03/01/29 |  | 4687 | 4693774 |
| 5.88%, 01/15/30 |  | 59 | 57308 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br> 06/15/31<sup>(g)</sup><br>|  | 6898 | 6814508 |
| Crescent Energy Finance LLC<sup>(g)</sup> <br>|  |  |  |
| 7.63%, 04/01/32 |  | 2683 | 2619682 |
| 7.38%, 01/15/33 |  | 2182 | 2085568 |
| 01/15/34<sup>(a)</sup> |  | 2084 | 2085301 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 7.38%, 06/30/33<sup>(g)</sup><br>|  | 1599 | 1591549 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(g)</sup><br>|  | 772 | 803835 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(g)</sup> |  | 1943 | 2144827 |
| Enbridge, Inc.<sup>(c)</sup> <br>|  |  |  |
| (5-year CMT + 2.97%), 7.20%, 06/27/54 |  | 810 | 832148 |
| (5-year CMT + 3.12%), 7.38%, 03/15/55 |  | 1104 | 1147043 |
| Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(g)</sup><br>|  | 1457 | 1609047 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Energy Transfer LP<sup>(c)</sup> <br>|  |  |  |
| (5-year CMT + 2.83%), 7.13%, 10/01/54 | USD | 1564 | $1603832 |
| (5-year CMT + 4.02%), 8.00%, 05/15/54 |  | 2594 | 2759715 |
| Series H, (5-year CMT + 5.69%), 6.50%<sup>(i)</sup> |  | 2085 | 2094316 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(g)</sup> |  | 1054 | 1111083 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 559 | 567270 |
| 8.25%, 01/15/29 |  | 1276 | 1334300 |
| 8.88%, 04/15/30 |  | 57 | 60522 |
| 7.88%, 05/15/32 |  | 1778 | 1848668 |
| 8.00%, 05/15/33 |  | 868 | 907513 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(g)</sup><br>|  | 685 | 694599 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(g)</sup> |  | 773 | 792211 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(g)</sup> |  | 502 | 530197 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(g)</sup> <br>|  |  |  |
| 6.25%, 11/01/28 |  | 427 | 427989 |
| 5.75%, 02/01/29 |  | 1061 | 1047193 |
| 6.00%, 04/15/30 |  | 130 | 126379 |
| 6.25%, 04/15/32 |  | 95 | 90713 |
| 8.38%, 11/01/33 |  | 1756 | 1822003 |
| 6.88%, 05/15/34 |  | 1863 | 1784440 |
| 7.25%, 02/15/35 |  | 712 | 696230 |
| Howard Midstream Energy Partners LLC<sup>(g)</sup> <br>|  |  |  |
| 8.88%, 07/15/28 |  | 422 | 443033 |
| 7.38%, 07/15/32 |  | 673 | 707793 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(g)</sup> |  | 2381 | 2264215 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(g)</sup> |  | 3430 | 3549851 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(g)</sup><br>|  | 740 | 745233 |
| Matador Resources Co., 6.50%, 04/15/32<sup>(g)</sup> |  | 1546 | 1546805 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 141 | 114473 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(g)</sup> |  | 678 | 669523 |
| NGL Energy Operating LLC/NGL Energy Finance Corp.<sup>(g)</sup> <br>|  |  |  |
| 8.13%, 02/15/29 |  | 1200 | 1212361 |
| 8.38%, 02/15/32 |  | 4751 | 4765267 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(g)</sup> |  | 1019 | 1037569 |
| Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(g)</sup> |  | 5973 | 6026076 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<sup>(g)</sup> |  | 873 | 904103 |
| Parkland Corp., 6.63%, 08/15/32<sup>(g)</sup> |  | 987 | 1008794 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(g)</sup><br>|  | 809 | 726309 |
| Permian Resources Operating LLC, 6.25%, 02/01/33<sup>(g)</sup> |  | 2436 | 2458606 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(g)</sup> |  | 984 | 1024950 |
| Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(g)</sup><br>|  | 1774 | 1857501 |
| Sunoco LP, 6.25%, 07/01/33<sup>(g)</sup> |  | 1313 | 1334926 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.<sup>(g)</sup> <br>|  |  |  |
| 5.50%, 01/15/28 |  | 1497 | 1488208 |
| 7.38%, 02/15/29 |  | 2434 | 2501619 |
| 6.00%, 12/31/30 |  | 66 | 64760 |
| 6.00%, 09/01/31 |  | 522 | 509392 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(g)</sup> |  | 1102 | 1067932 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(g)</sup> |  | 305 | 317290 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(g)</sup> |  | 142 | 144287 |
| Transocean, Inc.<sup>(g)</sup> <br>|  |  |  |
| 8.00%, 02/01/27 |  | 2149 | 2117020 |
| 8.25%, 05/15/29 |  | 803 | 742407 |
| 8.75%, 02/15/30 |  | 399 | 410515 |
| 8.50%, 05/15/31 |  | 861 | 768570 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Valaris Ltd., 8.38%, 04/30/30<sup>(g)</sup> | USD | 2525 | $2590584 |
| Vantage Drilling International Ltd., 9.50%, 02/15/28<sup>(g)</sup> |  | 159 | 158205 |
| Venture Global LNG, Inc.<sup>(g)</sup> <br>|  |  |  |
| 9.50%, 02/01/29 |  | 9631 | 10491800 |
| 8.38%, 06/01/31 |  | 4772 | 4956369 |
| 9.88%, 02/01/32 |  | 3892 | 4203216 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<sup>(g)</sup> |  | 386 | 340890 |
| 9.75%, 10/15/30 |  | 1152 | 1042708 |
| 7.88%, 04/15/32<sup>(g)</sup> |  | 2423 | 2071715 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(g)</sup> |  | 1366 | 1356946 |
| Wintershall Dea Finance 2 BV, (5-year EURIBOR ICE <br> Swap + 3.94%), 6.12%<sup>(b)(c)(i)</sup><br>| EUR | 176 | 211725 |
|  |  |  | 134218234 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Ahlstrom Holding 3 OY, 3.63%, 02/04/28<sup>(b)</sup> |  | 109 | 126089 |
| Fiber Bidco SpA<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 06/15/31 |  | 100 | 112668 |
| (3-mo. EURIBOR + 4.00%), 5.98%, 01/15/30<sup>(c)</sup> |  | 100 | 114561 |
| Magnera Corp., 7.25%, 11/15/31<sup>(g)</sup> | USD | 688 | 648715 |
| Sappi Papier Holding GmbH, 4.50%, 03/15/32<sup>(b)</sup> | EUR | 115 | 133069 |
|  |  |  | 1135102 |
| **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
| American Airlines, Inc., 8.50%, 05/15/29<sup>(g)</sup> | USD | 2096 | 2197727 |
| Deutsche Lufthansa AG, (5-year EURIBOR ICE Swap + <br> 2.86%), 5.25%, 01/15/55<sup>(b)(c)</sup><br>| EUR | 200 | 233835 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(g)</sup><br>| USD | 1502 | 1461268 |
| OneSky Flight LLC, 8.88%, 12/15/29<sup>(g)</sup> |  | 1239 | 1290097 |
| United Airlines, Inc., 4.63%, 04/15/29<sup>(g)</sup> |  | 5099 | 4949422 |
|  |  |  | 10132349 |
| **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<sup>(b)</sup> | EUR | 100 | 120151 |
| 6.50%, 03/31/32<sup>(g)</sup> | USD | 1724 | 1759537 |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 |  | 128 | 129228 |
|  |  |  | 2008916 |
| **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(g)</sup> |  | 17395 | 17547554 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(g)</sup> |  | 6226 | 6163740 |
| Dolcetto Holdco SpA, 07/14/32<sup>(a)(b)</sup> | EUR | 100 | 118680 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(g)</sup> | USD | 204 | 215946 |
| Grifols SA |  |  |  |
| 2.25%, 11/15/27<sup>(b)</sup> | EUR | 1374 | 1577298 |
| 4.75%, 10/15/28<sup>(g)</sup> | USD | 200 | 192265 |
| 7.13%, 05/01/30<sup>(b)</sup> | EUR | 141 | 172338 |
| Gruenenthal GmbH, 4.63%, 11/15/31<sup>(b)</sup> |  | 136 | 161206 |
| Nidda Healthcare Holding GmbH<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 02/21/30 |  | 215 | 264355 |
| (3-mo. EURIBOR + 3.75%), 5.89%, 10/23/30<sup>(c)</sup> |  | 100 | 118130 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 4.13%, 04/30/28<sup>(g)</sup><br>| USD | 846 | 813659 |
| Rossini SARL<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 12/31/29 | EUR | 121 | 150461 |
| (3-mo. EURIBOR + 3.88%), 5.86%, 12/31/29<sup>(c)</sup> |  | 73 | 86792 |
| Teva Pharmaceutical Finance Netherlands II BV, 7.88%, <br> 09/15/31<br>|  | 100 | 140471 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| 3.15%, 10/01/26 | USD | 674 | 659044 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Teva Pharmaceutical Finance Netherlands III <br> BV (continued)<br>|  |  |  |
| 6.75%, 03/01/28 | USD | 800 | $829000 |
| 8.13%, 09/15/31 |  | 912 | 1026283 |
| 6.00%, 12/01/32 |  | 1150 | 1168687 |
|  |  |  | 31405909 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br> Corp.<br>|  |  |  |
| 7.00%, 04/15/30<sup>(g)</sup> |  | 988 | 922634 |
| Series AI, 7.00%, 04/15/30 |  | 1009 | 942463 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<sup>(g)</sup><br>|  | 642 | 652345 |
| Aroundtown Finance SARL, (5-year UK Government Bond <br> + 4.49%), 8.63%<sup>(c)(i)</sup><br>| GBP | 215 | 297909 |
| CoreLogic, Inc., 4.50%, 05/01/28<sup>(g)</sup> | USD | 2658 | 2535419 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(g)</sup><br>|  | 1566 | 1681625 |
| DEMIRE Deutsche Mittelstand Real Estate AG, 5.00%, <br> 12/31/27<sup>(b)(m)</sup><br>| EUR | 90 | 99638 |
| Howard Hughes Corp., 4.38%, 02/01/31<sup>(g)</sup> | USD | 2347 | 2165912 |
| Vivion Investments SARL, (6.50% PIK), 6.50%, <br> 08/31/28<sup>(b)(h)</sup><br>| EUR | 182 | 211050 |
|  |  |  | 9508995 |
| **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<sup>(g)</sup><br>| USD | 1801 | 1752422 |
| **Semiconductors & Semiconductor Equipment**<sup>(l)</sup> **— 0.2%** | **Semiconductors & Semiconductor Equipment**<sup>(l)</sup> **— 0.2%** | **Semiconductors & Semiconductor Equipment**<sup>(l)</sup> **— 0.2%** | **Semiconductors & Semiconductor Equipment**<sup>(l)</sup> **— 0.2%** |
| MKS, Inc., 1.25%, 06/01/30 |  | 2480 | 2444040 |
| ON Semiconductor Corp., 0.50%, 03/01/29 |  | 1259 | 1163568 |
|  |  |  | 3607608 |
| **Software — 6.7%** | **Software — 6.7%** | **Software — 6.7%** | **Software — 6.7%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(g)</sup> |  | 15753 | 15505134 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(g)</sup> |  | 174 | 171330 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<sup>(g)</sup> |  | 4225 | 4404057 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<sup>(g)</sup><br>|  | 274 | 226570 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29<sup>(g)</sup> |  | 2127 | 1728528 |
| Cloud Software Group, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.50%, 03/31/29 |  | 12631 | 12748632 |
| 9.00%, 09/30/29 |  | 14426 | 14952915 |
| 8.25%, 06/30/32 |  | 10911 | 11611803 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(g)</sup> |  | 1553 | 1587684 |
| Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(g)</sup> |  | 4746 | 4864650 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<sup>(g)</sup> |  | 2529 | 2586393 |
| Fair Isaac Corp., 6.00%, 05/15/33<sup>(g)</sup> |  | 6575 | 6635265 |
| Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL<br>|  |  |  |
| 4.63%, 05/01/28<sup>(g)</sup> |  | 400 | 378367 |
| 7.88%, 05/01/29<sup>(b)</sup> | EUR | 237 | 288806 |
| 8.75%, 05/01/29<sup>(g)</sup> | USD | 782 | 804400 |
| IPD 3 BV, 5.50%, 06/15/31<sup>(b)</sup> | EUR | 100 | 119415 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(g)</sup> | USD | 421 | 382062 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(g)</sup> |  | 3595 | 3732027 |
| TeamSystem SpA<sup>(b)(c)</sup> <br>|  |  |  |
| 07/01/32<sup>(a)</sup> | EUR | 114 | 134162 |
| (3-mo. EURIBOR + 3.50%), 5.78%, 07/31/31 |  | 113 | 133313 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| UKG, Inc., 6.88%, 02/01/31<sup>(g)</sup> | USD | 15912 | $16509893 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br> 3.88%, 02/01/29<sup>(g)</sup><br>|  | 5203 | 4891840 |
|  |  |  | 104397246 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Afflelou SAS, 6.00%, 07/25/29<sup>(b)</sup> | EUR | 152 | 186142 |
| Bubbles Bidco SpA<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 09/30/31 |  | 123 | 146867 |
| (3-mo. EURIBOR + 4.25%), 6.23%, 09/30/31<sup>(c)</sup> |  | 120 | 141795 |
| Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 6.40%, <br> 07/15/31<sup>(b)(c)</sup><br>|  | 156 | 184679 |
| Goldstory SAS, 6.75%, 02/01/30<sup>(b)</sup> |  | 100 | 122332 |
| Staples, Inc., 10.75%, 09/01/29<sup>(g)</sup> | USD | 915 | 865979 |
|  |  |  | 1647794 |
| **Technology Hardware, Storage & Peripherals**<sup>(g)</sup> **— 0.1%** | **Technology Hardware, Storage & Peripherals**<sup>(g)</sup> **— 0.1%** | **Technology Hardware, Storage & Peripherals**<sup>(g)</sup> **— 0.1%** | **Technology Hardware, Storage & Peripherals**<sup>(g)</sup> **— 0.1%** |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30 |  | 739 | 784001 |
| Seagate Data Storage Technology Pte Ltd., 5.88%, <br> 07/15/30<br>|  | 1355 | 1375229 |
|  |  |  | 2159230 |
| **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<sup>(a)</sup> <br>|  |  |  |
| 07/15/32<sup>(g)</sup> | EUR | 2056 | 2440030 |
| 07/15/32<sup>(b)</sup> |  | 100 | 118679 |
| 07/15/33<sup>(g)</sup> | USD | 4782 | 4956615 |
| Crocs, Inc.<sup>(g)</sup> <br>|  |  |  |
| 4.25%, 03/15/29 |  | 217 | 207016 |
| 4.13%, 08/15/31 |  | 282 | 253944 |
| European TopSoho SARL, 4.00%, 09/21/21<sup>(b)(e)(j)</sup> | EUR | 200 | 123576 |
| Hanesbrands, Inc., 9.00%, 02/15/31<sup>(g)</sup> | USD | 80 | 84698 |
| PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 6.03%, <br> 07/01/29<sup>(b)(c)</sup><br>| EUR | 200 | 236709 |
| Under Armour, Inc., 7.25%, 07/15/30<sup>(g)</sup> | USD | 662 | 670411 |
|  |  |  | 9091678 |
| **Trading Companies & Distributors**<sup>(g)</sup> **— 0.3%** | **Trading Companies & Distributors**<sup>(g)</sup> **— 0.3%** | **Trading Companies & Distributors**<sup>(g)</sup> **— 0.3%** | **Trading Companies & Distributors**<sup>(g)</sup> **— 0.3%** |
| Gates Corp/DE, 6.88%, 07/01/29 |  | 1519 | 1577279 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 290 | 273354 |
| 6.50%, 07/15/32 |  | 1918 | 1964976 |
|  |  |  | 3815609 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Edge Finco PLC, 8.13%, 08/15/31<sup>(b)</sup> | GBP | 206 | 294523 |
| Mobico Group PLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 09/26/31 | EUR | 110 | 104907 |
| (5-year UK Government Bond + 4.14%), 4.25%<sup>(c)(i)</sup> | GBP | 154 | 127150 |
| SGL Group ApS, (3-mo. EURIBOR + 4.75%), 7.01%, <br> 04/22/30<sup>(c)</sup><br>| EUR | 200 | 236019 |
|  |  |  | 762599 |
| **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** | **Water Utilities — 0.0%** |
| Thames Water Utilities Ltd., 0.00%, 03/22/27<sup>(g)(k)</sup> | GBP | 1 | 722 |
| **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** |
| Altice France SA |  |  |  |
| 3.38%, 01/15/28<sup>(b)</sup> | EUR | 200 | 197425 |
| 5.13%, 01/15/29<sup>(g)</sup> | USD | 1981 | 1636801 |
| 5.13%, 07/15/29<sup>(g)</sup> |  | 6849 | 5660870 |
| 5.50%, 10/15/29<sup>(g)</sup> |  | 1800 | 1492047 |
| Vmed O2 U.K. Financing I PLC |  |  |  |
| 4.00%, 01/31/29<sup>(b)</sup> | GBP | 200 | 254651 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(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)** | **Wireless Telecommunication Services (continued)** |
| Vmed O2 U.K. Financing I PLC (continued) |  |  |  |
| 4.25%, 01/31/31<sup>(g)</sup> | USD | 4972 | $4554945 |
| 4.50%, 07/15/31<sup>(b)</sup> | GBP | 201 | 246933 |
| 5.63%, 04/15/32<sup>(b)</sup> | EUR | 100 | 120710 |
| 7.75%, 04/15/32<sup>(g)</sup> | USD | 400 | 415659 |
| Zegona Finance PLC, 6.75%, 07/15/29<sup>(b)</sup> | EUR | 266 | 332918 |
|  |  |  | 14912959 |
| **Total Corporate Bonds — 108.9%** <br>**(Cost: $1,642,794,241)** | **Total Corporate Bonds — 108.9%** <br>**(Cost: $1,642,794,241)** | **Total Corporate Bonds — 108.9%** <br>**(Cost: $1,642,794,241)** | 1689984749 |
| **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** | **Fixed Rate Loan Interests** |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** | **Financial Services — 0.0%** |
| Clover Holdings SPV III LLC, 2024 USD Term Loan, <br> 15.00%, 12/09/27<br>| USD | 14 | 13646 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 13479 | 13530048 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| K Hovnanian Enterprises, Inc., Term Loan, 10.00%, <br> 01/31/28<sup>(d)</sup><br>|  | 1865 | 1809050 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 3043 | 2956792 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>|  | 8992 | 9059440 |
| **Total Fixed Rate Loan Interests — 1.8%** <br>**(Cost: $27,343,186)** | **Total Fixed Rate Loan Interests — 1.8%** <br>**(Cost: $27,343,186)** | **Total Fixed Rate Loan Interests — 1.8%** <br>**(Cost: $27,343,186)** | 27368976 |
| **Floating Rate Loan Interests**<sup>(c)</sup> | **Floating Rate Loan Interests**<sup>(c)</sup> | **Floating Rate Loan Interests**<sup>(c)</sup> | **Floating Rate Loan Interests**<sup>(c)</sup> |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Cubic Corp. |  |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor <br> + 4.51%), 8.84%, 05/25/28<br>|  | 622 | 322092 |
| Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor <br> + 4.51%), 8.84%, 05/25/28<br>|  | 126 | 65408 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32<br>|  | 887 | 887683 |
| Kaman Corp., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>|  | 2237 | 2233447 |
| Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 12/11/31<sup>(d)</sup><br>|  | 715 | 717252 |
|  |  |  | 4225882 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, <br> 02/23/29<br>|  | 1755 | 1635806 |
| Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.08%, 01/28/32<br>|  | 2693 | 2694964 |
| Tenneco, Inc. |  |  |  |
| 2022 Term Loan A, (3-mo. CME Term SOFR at 0.50% <br> Floor + 4.85%), 9.17%, 11/17/28<br>|  | 164 | 159077 |
| 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 5.10%), 9.42%, 11/17/28<br>|  | 710 | 691764 |
|  |  |  | 5181611 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Sazerac Co., Inc., Term Loan B, 06/25/32<sup>(d)(n)</sup> | USD | 1744 | $1741820 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30<br>|  | 2832 | 2742566 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Cornerstone Building Brands, Inc., 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.81%, 05/15/31<br>|  | 265 | 223510 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>|  | 814 | 800610 |
|  |  |  | 1024120 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.99%, 02/15/31<br>|  | 1089 | 1079305 |
| Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, 09/15/31<sup>(n)</sup><br>|  | 413 | 412021 |
| OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.00%), 7.33%, 06/25/31<sup>(d)</sup><br>|  | 62 | 61285 |
|  |  |  | 1552611 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Aruba Investments Holdings LLC, 2020 2nd Lien Term <br> Loan, (1-mo. CME Term SOFR + 7.85%), 12.18%, <br> 11/24/28<br>|  | 443 | 414299 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29<br>|  | 2203 | 2198305 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.22%, 07/03/28<br>|  | 1493 | 1351517 |
| Momentive Performance Materials, Inc., 2023 Term Loan, <br> (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28<br>|  | 566 | 566885 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.06%), 7.35%, <br> 04/08/31<br>|  | 693 | 649885 |
|  |  |  | 5180891 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Allied Universal Holdco LLC, 2021 USD Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.85%), 8.18%, 05/12/28<br>|  | 1381 | 1386898 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, <br> 02/01/29<br>|  | 803 | 803072 |
| Jupiter Buyer Inc., 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.75%), 9.05%, 11/01/31<br>|  | 350 | 352660 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28<br>|  | 2786 | 2502925 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> 02/15/29<sup>(n)</sup><br>|  | 451 | 452631 |
|  |  |  | 5498186 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| COMMSCOPE, 2024 Term Loan, 12/17/29<sup>(n)</sup> |  | 1553 | 1570121 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, <br> 08/01/30<br>|  | 4538 | 3779908 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| White Cap Supply Holdings LLC, 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 10/19/29<br>| USD | 2683 | $2664570 |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
| Ascend Learning LLC |  |  |  |
| 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 5.85%), 10.18%, 12/10/29<br>|  | 309 | 308843 |
| 2025 Repriced Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.00%), 7.33%, 12/11/28<br>|  | 193 | 192690 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 01/30/31<br>|  | 2423 | 2410685 |
|  |  |  | 2912218 |
| **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** | **Diversified Telecommunication Services — 1.1%** |
| Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, <br> 02/02/32<br>|  | 893 | 882115 |
| Frontier Communications Holdings LLC, 2025 Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.79%, 07/01/31<br>|  | 376 | 375642 |
| Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32<br>|  | 5509 | 5565247 |
| Lumen Technologies, Inc. |  |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29<br>|  | 1667 | 1644807 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30<br>|  | 1346 | 1328002 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% <br> Floor + 6.00%), 10.33%, 06/01/28<br>|  | 419 | 429427 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.25%), 7.69%, 09/25/29<br>|  | 1382 | 1200027 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. <br> CME Term SOFR + 3.36%), 7.68%, 01/31/29<br>|  | 200 | 198046 |
| Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27<br>|  | 6092 | 5782366 |
|  |  |  | 17405679 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, (1-<br> mo. CME Term SOFR at 2.00% Floor + 6.00%), <br> 10.32%, 12/21/29<br>|  | 468 | 469190 |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32<br>|  | 157 | 157139 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30<br>|  | 905 | 899301 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term <br> SOFR + 2.00%), 6.33%, 05/19/31<br>|  |  | 8158 |
| Deerfield Dakota Holding LLC |  |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>|  | 531 | 515326 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28<br>|  | 1031 | 982562 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32<br>|  | 1787 | 1787202 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32<sup>(n)</sup> | USD | 1600 | $1598672 |
| Howden Group Holdings Ltd., 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 04/18/30<br>|  | 168 | 168362 |
| Orion US Finco, 1st Lien Term Loan, 05/20/32<sup>(n)</sup> |  | 454 | 455362 |
| Summit Acquisition, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.75%), 8.08%, 10/16/31<br>|  | 568 | 566868 |
|  |  |  | 6082512 |
| **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** | **Food Products — 0.0%** |
| Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27<br>|  | 73 | 72801 |
| **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%), 8.33%, 09/29/28<br>|  | 1053 | 1051923 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.25%), 8.57%, 06/26/30<br>|  | 2365 | 2361839 |
|  |  |  | 3413762 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27<br>|  | 1778 | 1709605 |
| LifePoint Health, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.75%), 8.01%, 05/19/31<br>|  | 1723 | 1703061 |
| 2024 Incremental Term Loan B1, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.82%, 05/19/31<br>|  | 756 | 743220 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28<br>|  | 1196 | 1163770 |
| Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term <br> SOFR at 1.00% Floor + 6.60%, 4.75% PIK), 15.56%, <br> 01/28/28<sup>(h)</sup><br>|  | 1583 | 1134772 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>|  | 2942 | 2911911 |
|  |  |  | 9366339 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 02/15/29<br>|  | 4098 | 4091374 |
| **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-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, <br> 11/01/29<br>|  | 532 | 518585 |
| **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 + 3.25%), 7.55%, <br> 01/20/32<br>|  | 470 | 467755 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br> CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, <br> 12/19/29<br>|  | 201 | 200421 |
|  |  |  | 668176 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| Beach Acquisition Bidco LLC, USD Term Loan B, <br> 06/25/32<sup>(d)(n)</sup><br>| USD | 1364 | $1370820 |
| LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.57%, 12/02/31<br>|  | 1161 | 1166085 |
|  |  |  | 2536905 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| AssuredPartners, Inc., 2024 Incremental Term Loan B5, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 02/14/31<br>|  | 301 | 301449 |
| Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-<br> mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.05%, <br> 05/06/32<br>|  | 3326 | 3361977 |
|  |  |  | 3663426 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 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%), 7.58%, 01/31/31<br>|  | 1464 | 1464000 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Asurion LLC, 2025 Term Loan B13, 09/19/30<sup>(n)</sup> |  | 922 | 894819 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29<br>|  | 369 | 307662 |
| Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 06/27/31<sup>(d)</sup><br>|  | 577 | 577509 |
| Mitchell International, Inc., 2024 1st Lien Term Loan, (1-<br> mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, <br> 06/17/31<br>|  | 899 | 897501 |
| Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 5.10%), 9.33%, <br> 04/11/29<br>|  | 1705 | 1608085 |
| Shift4 Payments LLC, 2025 Term Loan, 05/07/32<sup>(n)</sup> |  | 667 | 672209 |
|  |  |  | 4957785 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| Husky Injection Molding Systems Ltd., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.73%, 02/15/29<br>|  | 6191 | 6203494 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28<br>|  | 1071 | 464841 |
|  |  |  | 6668335 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.44%, 08/23/28<br>|  | 4263 | 4219016 |
| CSC Holdings LLC |  |  |  |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 |  | 2246 | 2185951 |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.50%), 8.81%, 01/18/28<br>|  | 2896 | 2852652 |
| Directv Financing LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 5.50%), 9.83%, 02/17/31<br>|  | 3514 | 3343305 |
| Gray Television, Inc. |  |  |  |
| 2021 Term Loan D, (1-mo. CME Term SOFR + 3.11%), <br> 7.44%, 12/01/28<br>|  | 1379 | 1331619 |
| 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), <br> 9.57%, 06/04/29<br>|  | 238 | 237403 |
|  |  |  | 14169946 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |
| Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, <br> 07/31/31<br>| USD | 832 | $791783 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, <br> 05/04/28<br>|  | 160 | 162280 |
| Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), <br> 8.33%, 04/23/31<br>|  | 1039 | 1037042 |
|  |  |  | 1199322 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31<br>|  | 246 | 245056 |
| CoreLogic, Inc. |  |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.61%), 10.94%, 06/04/29<br>|  | 1107 | 1072899 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.61%), 7.94%, 06/02/28<br>|  | 2448 | 2419483 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30<br>|  | 473 | 438080 |
|  |  |  | 4175518 |
| **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
| Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.80%, <br> 02/23/32<br>|  | 787 | 805538 |
| Boxer Parent Co., Inc. |  |  |  |
| 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 5.75%), 10.08%, 07/30/32<br>|  | 1053 | 1022073 |
| 2025 USD 1st Lien Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 07/30/31<br>|  | 1814 | 1801671 |
| Cloud Software Group, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>|  | 2716 | 2718196 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>|  | 3119 | 3123651 |
| Cloudera, Inc. |  |  |  |
| 2021 Second Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 6.10%), 10.43%, 10/08/29<br>|  | 1896 | 1711865 |
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 10/08/28<br>|  | 499 | 477893 |
| Delta Topco, Inc., 2024 2nd Lien Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 9.57%, 11/29/30<br>|  | 299 | 299466 |
| Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.50% Floor + 4.75%), 9.08%, <br> 11/22/32<sup>(d)</sup><br>|  | 3414 | 3482280 |
| MH Sub I LLC |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 05/03/28<br>|  | 1759 | 1648267 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 12/31/31<br>|  | 1190 | 1031632 |
| Proofpoint, Inc., 2025 Fungible Term Loan, 08/31/28<sup>(n)</sup> |  | 288 | 288032 |
| RealPage, Inc., 2024 Incremental Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.05%, 04/24/28<br>|  | 787 | 787028 |
| Sabre GLBL, Inc. |  |  |  |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.61%), 7.94%, 12/17/27<br>|  | 120 | 117884 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Sabre GLBL, Inc. (continued) |  |  |  |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.61%), 7.94%, 12/17/27<br>| USD | 69 | $67810 |
| 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.35%), 8.68%, 06/30/28<br>|  | 31 | 30393 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.10%), 10.43%, 11/15/29<br>|  | 559 | 556201 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.10%), 10.43%, 11/15/29<br>|  | 168 | 157953 |
|  |  |  | 20127833 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28<br>|  | 967 | 954869 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Foundation Building Materials, Inc. |  |  |  |
| 2021 Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.51%), 7.79%, 01/31/28<br>|  | 763 | 752337 |
| 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% <br> Floor + 4.00%), 8.28%, 01/29/31<br>|  | 2447 | 2391278 |
| 2025 Term Loan, 01/29/31<sup>(n)</sup> |  | 355 | 349750 |
|  |  |  | 3493365 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| Digicel International Finance Ltd., 2024 Term Loan, (3-mo. <br> CME Term SOFR + 5.25%, 2.25% PIK), 11.78%, <br> 05/25/27<sup>(h)</sup><br>|  | 3782 | 3766367 |
| Windstream Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.85%), 9.18%, <br> 10/01/31<sup>(d)</sup><br>|  | 597 | 599239 |
|  |  |  | 4365606 |
| **Total Floating Rate Loan Interests — 9.6%** <br>**(Cost: $151,157,417)** | **Total Floating Rate Loan Interests — 9.6%** <br>**(Cost: $151,157,417)** | **Total Floating Rate Loan Interests — 9.6%** <br>**(Cost: $151,157,417)** | 149788055 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Fixed Income Funds — 1.2%** | **Fixed Income Funds — 1.2%** |  |
| iShares Broad USD High Yield Corporate Bond ETF<sup>(o)</sup> | 488154 | 18310657 |
| **Total Investment Companies — 1.2%** <br>**(Cost: $17,754,161)** | **Total Investment Companies — 1.2%** <br>**(Cost: $17,754,161)** | 18310657 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 5.4%**<sup>(c)</sup> | **Capital Trusts — 5.4%**<sup>(c)</sup> | **Capital Trusts — 5.4%**<sup>(c)</sup> | **Capital Trusts — 5.4%**<sup>(c)</sup> |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |  |
| Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54 | USD | 2433 | 2457184 |
| **Automobiles**<sup>(b)(i)</sup> **— 0.0%** | **Automobiles**<sup>(b)(i)</sup> **— 0.0%** | **Automobiles**<sup>(b)(i)</sup> **— 0.0%** |  |
| Volkswagen International Finance NV |  |  |  |
| 5.49% | EUR | 100 | 118722 |
| 5.99% |  | 100 | 118918 |
|  |  |  | 237640 |
| **Banks**<sup>(i)</sup> **— 0.2%** | **Banks**<sup>(i)</sup> **— 0.2%** | **Banks**<sup>(i)</sup> **— 0.2%** |  |
| BPER Banca SpA, 6.50%<sup>(b)</sup> |  | 200 | 241489 |
| CaixaBank SA, 7.50%<sup>(b)</sup> |  | 200 | 258560 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |  |
| KBC Group NV, 8.00%<sup>(b)</sup> | EUR | 200 | $260940 |
| PNC Financial Services Group, Inc., Series W, 6.25% | USD | 1572 | 1616373 |
| Wells Fargo & Co., 6.85% |  | 876 | 920510 |
|  |  |  | 3297872 |
| **Building Products — 0.0%** | **Building Products — 0.0%** | **Building Products — 0.0%** |  |
| Nationwide Building Society, 7.50%<sup>(b)(i)</sup> | GBP | 235 | 325573 |
| **Capital Markets — 0.3%** | **Capital Markets — 0.3%** | **Capital Markets — 0.3%** |  |
| Apollo Global Management, Inc., 6.00%, 12/15/54 | USD | 1767 | 1723064 |
| Brookfield Finance, Inc., 6.30%, 01/15/55 |  | 2930 | 2803862 |
|  |  |  | 4526926 |
| **Diversified Telecommunication Services**<sup>(b)(i)</sup> **— 0.0%** | **Diversified Telecommunication Services**<sup>(b)(i)</sup> **— 0.0%** | **Diversified Telecommunication Services**<sup>(b)(i)</sup> **— 0.0%** |  |
| Telefonica Europe BV |  |  |  |
| 6.14% | EUR | 200 | 252317 |
| 6.75% |  | 100 | 129427 |
|  |  |  | 381744 |
| **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |  |
| AES Corp., 7.60%, 01/15/55 | USD | 1441 | 1483653 |
| CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 |  | 693 | 716952 |
| Dominion Energy, Inc., 6.63%, 05/15/55 |  | 335 | 339982 |
| Duke Energy Corp., 6.45%, 09/01/54 |  | 1127 | 1158345 |
| EDP SA, 4.75%, 05/29/54<sup>(b)</sup> | EUR | 100 | 120657 |
| NextEra Energy Capital Holdings, Inc., 6.38%, 08/15/55 | USD | 1275 | 1301974 |
|  |  |  | 5121563 |
| **Financial Services**<sup>(i)</sup> **— 2.5%** | **Financial Services**<sup>(i)</sup> **— 2.5%** | **Financial Services**<sup>(i)</sup> **— 2.5%** |  |
| Bank of America Corp., 6.63% |  | 6140 | 6358909 |
| Barclays PLC |  |  |  |
| 4.38% |  | 2490 | 2317791 |
| 7.63% |  | 1000 | 1004293 |
| 8.00% |  | 400 | 419571 |
| 9.63% |  | 3745 | 4159602 |
| Citigroup, Inc. |  |  |  |
| Series CC, 7.13% |  | 3685 | 3798166 |
| Series DD, 7.00% |  | 860 | 904003 |
| Series EE, 6.75% |  | 2126 | 2141656 |
| Series FF, 6.95% |  | 856 | 874249 |
| Credit Agricole SA, 5.88%<sup>(b)</sup> | EUR | 100 | 116766 |
| Deutsche Bank AG<sup>(b)</sup> <br>|  |  |  |
| 7.13% |  | 200 | 239976 |
| 7.38% |  | 200 | 245229 |
| Goldman Sachs Group, Inc., 6.85% | USD | 1950 | 2012377 |
| NatWest Group PLC |  |  |  |
| 7.50% | GBP | 200 | 272444 |
| 8.13% | USD | 1115 | 1202699 |
| Societe Generale SA, 8.13%<sup>(g)</sup> |  | 682 | 695905 |
| UBS Group AG<sup>(g)</sup> <br>|  |  |  |
| 6.85% |  | 975 | 979279 |
| 7.00% |  | 1415 | 1407616 |
| 7.13% |  | 1615 | 1608361 |
| 7.75% |  | 2535 | 2668754 |
| Series NC10, 9.25% |  | 2519 | 2912999 |
| Series NC5, 9.25% |  | 2275 | 2483103 |
|  |  |  | 38823748 |
| **Independent Power and Renewable Electricity Producers**<sup>(g)(i)</sup> **— 0.5%** | **Independent Power and Renewable Electricity Producers**<sup>(g)(i)</sup> **— 0.5%** | **Independent Power and Renewable Electricity Producers**<sup>(g)(i)</sup> **— 0.5%** |  |
| NRG Energy, Inc., 10.25% |  | 2614 | 2902669 |
| Vistra Corp., 7.00% |  | 4073 | 4122010 |
|  |  |  | 7024679 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |  |
| Corebridge Financial, Inc., 6.38%, 09/15/54 | USD | 1221 | $1216947 |
| NN Group NV, 5.75%<sup>(b)(i)</sup> | EUR | 200 | 233425 |
|  |  |  | 1450372 |
| **Internet Software & Services — 0.0%** | **Internet Software & Services — 0.0%** | **Internet Software & Services — 0.0%** |  |
| Rakuten Group, Inc., 8.13%<sup>(g)(i)</sup> | USD | 505 | 494053 |
| **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** | **Metals & Mining — 0.0%** |  |
| Prysmian SpA, Series ., 5.25%<sup>(b)(i)</sup> | EUR | 150 | 181336 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |  |
| AltaGas Ltd., 7.20%, 10/15/54<sup>(g)</sup> | USD | 1135 | 1135251 |
| Centrica PLC, 6.50%, 05/21/55<sup>(b)</sup> | GBP | 100 | 138809 |
|  |  |  | 1274060 |
| **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%<sup>(i)</sup> | USD | 1280 | 1303890 |
| Eni SpA, 4.50%<sup>(b)(i)</sup> | EUR | 100 | 118679 |
| Var Energi ASA, 7.86%, 11/15/83<sup>(b)</sup> |  | 100 | 129280 |
| Venture Global LNG, Inc., 9.00%<sup>(g)(i)</sup> | USD | 15887 | 15445322 |
|  |  |  | 16997171 |
| **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** | **Passenger Airlines — 0.0%** |  |
| Air France-KLM, Series ., 5.75%<sup>(b)(i)</sup> | EUR | 100 | 116981 |
| **Pharmaceuticals**<sup>(b)</sup> **— 0.0%** | **Pharmaceuticals**<sup>(b)</sup> **— 0.0%** | **Pharmaceuticals**<sup>(b)</sup> **— 0.0%** |  |
| Bayer AG |  |  |  |
| 7.00%, 09/25/83 |  | 100 | 126659 |
| Series NC5, 6.63%, 09/25/83 |  | 100 | 124821 |
|  |  |  | 251480 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| Heimstaden Bostad AB, 2.63%<sup>(b)(i)</sup> |  | 375 | 419645 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |  |
| Poste Italiane SpA, 2.63%<sup>(b)(i)</sup> |  | 100 | 111758 |
| **Utilities**<sup>(b)</sup> **— 0.1%** | **Utilities**<sup>(b)</sup> **— 0.1%** | **Utilities**<sup>(b)</sup> **— 0.1%** |  |
| Electricite de France SA<sup>(i)</sup> <br>|  |  |  |
| 3.00% |  | 200 | 230923 |
| 3.38% |  | 200 | 223272 |
| 5.13% |  | 200 | 241495 |
| 6.00% | GBP | 100 | 137109 |
| Enel SpA, 4.25%<sup>(i)</sup> | EUR | 125 | 148627 |
| Orsted A/S, 2.50% | GBP | 100 | 101655 |
|  |  |  | 1083081 |
|  |  |  | 84576866 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 1.7%** | **Preferred Stocks — 1.7%** | **Preferred Stocks — 1.7%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |  |
| Boeing Co. | 59370 | 4037160 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** |  |
| Shift4 Payments, Inc.<sup>(e)</sup> | 6896 | 794419 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Insurance — 0.4%** | **Insurance — 0.4%** |  |
| Alliant Cali, Inc., (Acquired 09/25/24, Cost: $5,947,430), <br> 12/31/79<sup>(d)(p)</sup><br>| 6038 | $6324986 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |  |
| ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: <br> $6,176,587)<sup>(d)(e)(p)</sup><br>| 56369 | 13079863 |
| **IT Services**<sup>(d)(e)</sup> **— 0.0%** | **IT Services**<sup>(d)(e)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| Series G | 374 | 8415 |
| Series G-1 | 258 | 5805 |
|  |  | 14220 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |  |
| Microchip Technology, Inc. | 32100 | 2139144 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |  |
| CF-B L2 (D) LLC, (Acquired 06/04/25, Cost: $9,170)<sup>(e)(p)</sup> | 9170 |  |
|  |  | 26389792 |
| **Total Preferred Securities — 7.1%** <br>**(Cost: $99,959,058)** | **Total Preferred Securities — 7.1%** <br>**(Cost: $99,959,058)** | 110966658 |
| **Total Investments — 129.8%** <br>**(Cost: $1,957,389,840)** | **Total Investments — 129.8%** <br>**(Cost: $1,957,389,840)** | 2014662640 |
| **Liabilities in Excess of Other Assets — (29.8)%** | **Liabilities in Excess of Other Assets — (29.8)%** | (462632148)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1552030492 |

---

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

<sup>(a)</sup> When-issued security.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<sup>(p)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $19,404,849, representing 1.3% of its net assets as of period end, and an original cost of $12,133,187. 

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

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<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>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares<sup>(a)</sup> | &nbsp;&nbsp; $— | $80303338 | $(80303338)<br>| $— | $— | $— |  | $25953 | $— |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp; 32859136 |  | (14863087)<br>| (58113)<br>| 372721 | 18310657 | 488154 | 683167 |  |
|  |  |  |  | $(58113)<br>| $372721 | $18310657 |  | $709120 | $— |

---

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

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

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

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency 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>|
| CHF | 204000 | USD | 252402 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7183 |
| USD | 251920 | CHF | 204000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7665)<br>|
| USD | 50202560 | EUR | 43017000 | State Street Bank and Trust Co. | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (727075)<br>|
| USD | 5964879 | GBP | 4407000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87351)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (822091)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(814908)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *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> % <br>| Quarterly | 06/20/30<br> B | USD | 35371 | &nbsp;&nbsp;&nbsp; $2717631 | &nbsp;&nbsp;&nbsp; $1997498 | &nbsp;&nbsp;&nbsp; $720133 |

---

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

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

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

**OTC Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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*<sup>(a)</sup> <br>| *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Virgin Media Finance PLC | 5.00<br> % <br>| Quarterly | JPMorgan Chase Bank N.A. | 12/20/25 | B- | EUR | 70 | $1707 | $1723 | $(16)<br>|
| CMA CGM SA | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 06/20/27 | BB+ | EUR | 125 | 11574 | 12827 | (1253)<br>|
| Adler Real Estate AG | 5.00 | Quarterly | Bank of America N.A. | 12/20/27 | CCC | EUR | 35 | 2748 | (3850)<br>| 6598 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 21 | 1652 | (2213)<br>| 3865 |
| Adler Real Estate AG | 5.00 | Quarterly | Barclays Bank PLC | 12/20/27 | CCC | EUR | 60 | 4643 | (6221)<br>| 10864 |
| Adler Real Estate AG | 5.00 | Quarterly | Citibank N.A. | 12/20/27 | CCC | EUR | 17 | 1347 | (1850)<br>| 3197 |
| Adler Real Estate AG | 5.00 | Quarterly | JPMorgan Chase Bank N.A. | 12/20/27 | CCC | EUR | 36 | 2819 | (4023)<br>| 6842 |
| Adler Real Estate AG | 5.00 | Quarterly | Morgan Stanley & Co. <br> International PLC<br>| 12/20/27 | CCC | EUR | 26 | 2044 | (2836)<br>| 4880 |
| Faurecia SE | 5.00 | Quarterly | Barclays Bank PLC | 06/20/29 | BB- | EUR | 80 | 5939 | 8580 | (2641)<br>|
| Faurecia SE | 5.00 | Quarterly | Goldman Sachs International | 06/20/29 | BB- | EUR | 59 | 4683 | 5574 | (891)<br>|
| Altice France SA | 5.00 | Quarterly | Deutsche Bank AG | 12/20/29 | D | EUR | 92 | (17168)<br>| (15829)<br>| (1339)<br>|
| iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 109 | 16717 | 13126 | 3591 |
| iTraxx.XO.42 V2 20-35% | 5.00 | Quarterly | BNP Paribas SA | 12/20/29 | B | EUR | 140 | 21471 | 17938 | 3533 |
| SES S.A. | 1.00 | Quarterly | Bank of America N.A. | 12/20/29 | NR | EUR | 33 | (1373)<br>| (2398)<br>| 1025 |
| SES S.A. | 1.00 | Quarterly | Barclays Bank PLC | 12/20/29 | NR | EUR | 34 | (1415)<br>| (2235)<br>| 820 |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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*<sup>(a)</sup><br>| *Notional*<br> *Amount (000)*<sup>(b)</sup> | *Notional*<br> *Amount (000)*<sup>(b)</sup> | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| SES S.A. | 1.00<br> % <br>| Quarterly | Barclays Bank PLC | 06/20/30 | NR | EUR | 32 | $(1783)<br>| $(1947)<br>| $164 |
| Zegona Finance PLC | 5.00 | Quarterly | Deutsche Bank AG | 06/20/30 | BB | EUR | 32 | 4854 | 4406 | 448 |
|  |  |  |  |  |  |  |  | $60459 | $20772 | $39687 |

---

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

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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, 4.45% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 09/20/25 | USD | 3272 | $145743 | $(32636)<br>| $178379 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 09/20/25 | USD | 1636 | 70985 | (16531)<br>| 87516 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 09/20/25 | USD | 1636 | 66754 | (16955)<br>| 83709 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 09/20/25 | USD | 3856 | 167308 | (41953)<br>| 209261 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 09/20/25 | USD | 19659 | 434630 | (216442)<br>| 651072 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 12/20/25 | USD | 693 | 24643 | (3598)<br>| 28241 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | JPMorgan Chase <br> Bank N.A.<br>| N/A | 03/20/26 | USD | 631 | 10191 | (5939)<br>| 16130 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | JPMorgan Chase <br> Bank N.A.<br>| N/A | 03/20/26 | USD | 904 | 16187 | (9378)<br>| 25565 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 03/20/26 | USD | 693 | 25799 | (3514)<br>| 29313 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx $ Liquid <br> High Yield Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 03/20/26 | USD | 693 | 22453 | (3684)<br>| 26137 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 03/20/26 | USD | 1875 | 15191 | (17649)<br>| 32840 |
| 1-day SOFR, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Morgan Stanley & <br> Co. International <br> PLC<br>| N/A | 03/20/26 | USD | 3750 | 26966 | (35747)<br>| 62713 |
|  |  |  |  |  |  |  |  |  | $1026850 | $(404026)<br>| $1430876 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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<sup>(a)</sup> | &nbsp;&nbsp; $1997498 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $720133 | &nbsp;&nbsp;&nbsp; $— |
| OTC Swaps | &nbsp;&nbsp; 64174 | &nbsp;&nbsp;&nbsp; (447428)<br>| &nbsp;&nbsp;&nbsp; 1476703 | &nbsp;&nbsp;&nbsp; (6140)<br>|

---

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

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

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7183 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7183 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 720133 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 720133 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 110001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1430876 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1540877 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $830134 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7183 | &nbsp;&nbsp; $1430876 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2268193 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $822091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $822091 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 49542 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 404026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 453568 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $49542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $822091 | &nbsp;&nbsp; $404026 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1275659 |

---

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

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

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22893 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22893 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4163005)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4163005)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 312485 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (338097)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (25612)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $312485 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4163005)<br>| &nbsp;&nbsp; $(315204)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4165724)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(31915)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(31915)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1505644)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1505644)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 321956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 804472 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1126428 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $321956 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1505644)<br>| &nbsp;&nbsp; $772557 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(411131)<br>|

---

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

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $54415029 |
| Average amounts sold — in USD | &nbsp;&nbsp; 126201 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Average notional value — sell protection | &nbsp;&nbsp; 43167390 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 39298000 |

---

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

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $7183 | &nbsp;&nbsp;&nbsp;&nbsp; $822091 |
| Swaps — centrally cleared | &nbsp;&nbsp; 127286 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 1540877 | &nbsp;&nbsp;&nbsp;&nbsp; 453568 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 1675346 | &nbsp;&nbsp;&nbsp;&nbsp; 1275659 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (127286)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $1548060 | &nbsp;&nbsp;&nbsp;&nbsp; $1275659 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $7623 | &nbsp;&nbsp; $(6248)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1375 |
| Barclays Bank PLC | &nbsp;&nbsp; 24293 | &nbsp;&nbsp; (15257)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9036 |
| BNP Paribas SA | &nbsp;&nbsp; 38188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 38188 |
| Citibank N.A. | &nbsp;&nbsp; 3197 | &nbsp;&nbsp; (1850)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1347 |
| Deutsche Bank AG | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; (4854)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 5574 | &nbsp;&nbsp; (891)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4683 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 50260 | &nbsp;&nbsp; (19356)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30904 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 1406888 | &nbsp;&nbsp; (487814)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (880000)<br>| &nbsp;&nbsp; 39074 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 7183 | &nbsp;&nbsp; (7183)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1548060 | &nbsp;&nbsp; $(543453)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(880000)<br>| &nbsp;&nbsp; $124607 |

---

&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*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $6248 | &nbsp;&nbsp; $(6248)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 15257 | &nbsp;&nbsp; (15257)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; (1850)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 17168 | &nbsp;&nbsp; (4854)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12314 |
| Goldman Sachs International | &nbsp;&nbsp; 891 | &nbsp;&nbsp; (891)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 19356 | &nbsp;&nbsp; (19356)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 487814 | &nbsp;&nbsp; (487814)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 727075 | &nbsp;&nbsp; (7183)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 719892 |
|  | &nbsp;&nbsp; $1275659 | &nbsp;&nbsp; $(543453)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $732206 |

---

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

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

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

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

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

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

2025 BlackRock Semi-Annual Report to Shareholders

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**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 Consolidated Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1838983 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1838983 |
| Common Stocks  |  |  |  |  |
| Electrical Equipment | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Energy Equipment & Services | &nbsp;&nbsp; 1843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1843 |
| Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17011 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp; 1126453 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1126453 |
| Life Sciences Tools & Services | &nbsp;&nbsp; 1114622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1114622 |
| Metals & Mining | &nbsp;&nbsp; 2120658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2120658 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp; 9287495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9287495 |
| 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; 2736476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2736476 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1689984749 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1689984749 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25559926 | &nbsp;&nbsp;&nbsp;&nbsp; 1809050 | &nbsp;&nbsp;&nbsp;&nbsp; 27368976 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141237850 | &nbsp;&nbsp;&nbsp;&nbsp; 8550205 | &nbsp;&nbsp;&nbsp;&nbsp; 149788055 |
| Investment Companies | &nbsp;&nbsp; 18310657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18310657 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84576866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 84576866 |
| Preferred Stocks | &nbsp;&nbsp; 6970723 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19419069 | &nbsp;&nbsp;&nbsp;&nbsp; 26389792 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp; 1508 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1071)<br>|
|  | &nbsp;&nbsp; $41668930 | &nbsp;&nbsp;&nbsp;&nbsp; $1943215449 | &nbsp;&nbsp;&nbsp;&nbsp; $29778698 | &nbsp;&nbsp;&nbsp;&nbsp; $2014663077 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $765960 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $765960 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7183 |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1430876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1430876 |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6140)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6140)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (822091)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (822091)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1375788 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1375788 |

---

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

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $458,000,000 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 period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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>| *Unfunded Floating* <br>*Rate Loan* <br>*Interests*<br>| *Warrants* |
| **Assets** |  |  |  |  |  |  |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $1 | $56972 | $14380073 | $7404381 | $16440550 | $— | $30 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp; — |  |  | 8266193 |  | 80 |  |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp; — | (56972)<br>| (12882)<br>| (10978498)<br>|  |  |  |
| Other<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; — |  | (8992000)<br>| 8992000 |  |  |  |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — |  | 10794 | 11840 |  |  |  |

---

Consolidated Schedule of Investments

------

Consolidated Schedule of Investments (unaudited)(continued)

June 30, 2025

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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>| *Unfunded Floating*<br> *Rate Loan*<br> *Interests*<br>| *Warrants* |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; — |  | 39137 | (130987)<br>| (4758159)<br>|  |  |
| Net change in unrealized appreciation (depreciation)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; $— | $— | $54547 | $(117786)<br>| $7988324 | $293 | $(30)<br>|
| Purchases | &nbsp;&nbsp;&nbsp; — |  | 2270313 | 3096270 |  |  |  |
| Sales | &nbsp;&nbsp;&nbsp; — |  | (5940932)<br>| (7993208)<br>| (251646)<br>|  |  |
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $1 | $— | $1809050 | $8550205 | $19419069 | $373 | $— |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, <br> 2025<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; $— | $— | $2888 | $7433 | $3148883 | $293 | $— |

---

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

---

| | |
|:---|:---|
|  | *Total*  |
| **Assets** |  |
| Opening balance, as of December 31, 2024 | &nbsp;&nbsp;&nbsp; $38282007 |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp; 8266273 |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp; (11048352)<br>|
| Other<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; — |
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; 22634 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (4850009)<br>|
| Net change in unrealized appreciation (depreciation)<sup>(b)(c)</sup> | &nbsp;&nbsp;&nbsp; 7925348 |
| Purchases | &nbsp;&nbsp;&nbsp; 5366583 |
| Sales | &nbsp;&nbsp;&nbsp; (14185786)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $29778698 |
| Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; $3159497 |

---

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

<sup>(a)</sup> Certain Level 3 investments were re-classified between Fixed Rate Loan Interests and Floating Rate Loan Interests.

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

<sup>(c)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2025 is generally due to investments no longer held or categorized as Level 3 at period end. 

The following table summarizes the valuation approaches used and unobservable inputs utilized by the Valuation Committee to determine the value of certain of the Trust's Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $10,373,849.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Value* | &nbsp;&nbsp;&nbsp; *Valuation* <br>*Approach*<br>| &nbsp;&nbsp;&nbsp; *Unobservable* <br>*Inputs*<br>| &nbsp;&nbsp;&nbsp; *Range of* <br>*Unobservable* <br>*Inputs* <br>*Utilized*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Weighted* <br>*Average of* <br>*Unobservable* <br>*Inputs*<br>|
| **Assets** |  |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; $19404849 | Income | Discount Rate | 10% |  |
|  |  | Market | Revenue Multiple | 1.50x |  |
|  | &nbsp;&nbsp; $19404849 |  |  |  |  |

---

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

<sup>(a)</sup> A significant change in unobservable input could result in a correlated or inverse change in value.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *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%), 5.49%, 04/15/38<sup>(a)(b)</sup><br>| USD | 2000 | $1999313 |
| 522 Funding CLO Ltd., Series 2019-5A, Class AR, (3-<br> mo. CME Term SOFR + 1.33%), 5.59%, <br> 04/15/35<sup>(a)(b)</sup><br>|  | 2500 | 2506066 |
| 720 East CLO IV Ltd., Series 2024-1A, Class A1, (3-mo. <br> CME Term SOFR + 1.60%), 5.86%, 04/15/37<sup>(a)(b)</sup><br>|  | 2000 | 2007393 |
| AB BSL CLO Ltd., Series 2021-3A, Class A1R, (3-mo. <br> CME Term SOFR + 1.25%), 5.52%, 04/20/38<sup>(a)(b)</sup><br>|  | 1500 | 1502131 |
| AGL CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-12A, Class B, (3-mo. CME Term SOFR + <br> 1.86%), 6.13%, 07/20/34<br>|  | 890 | 891443 |
| Series 2022-20A, Class A1R, (3-mo. CME Term <br> SOFR + 1.37%), 5.64%, 10/20/37<br>|  | 1000 | 1004000 |
| Series 2024-34A, Class A1, (3-mo. CME Term SOFR <br> + 1.34%), 5.61%, 01/22/38<br>|  | 1000 | 1003946 |
| AIMCO CLO Ltd., Series 2021-14A, Class A, (3-mo. <br> CME Term SOFR + 1.25%), 5.52%, 04/20/34<sup>(a)(b)</sup><br>|  | 3000 | 3007483 |
| Anchorage Capital CLO Ltd., Series 2025-32A, Class D, <br> (3-mo. CME Term SOFR + 3.95%), 8.23%, <br> 07/15/37<sup>(a)(b)</sup><br>|  | 1000 | 999911 |
| Apidos CLO XV, Series 2013-15A, Class DRR, (3-mo. <br> CME Term SOFR + 2.96%), 7.23%, 04/20/31<sup>(a)(b)</sup><br>|  | 1000 | 1002031 |
| Apidos CLO XX, Series 2015-20A, Class BRR, (3-mo. <br> CME Term SOFR + 2.21%), 6.47%, 07/16/31<sup>(a)(b)</sup><br>|  | 1000 | 1002264 |
| Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. <br> CME Term SOFR + 1.39%), 5.66%, 10/22/34<sup>(a)(b)</sup><br>|  | 3000 | 3003012 |
| Ares Loan Funding V Ltd., Series 2024-ALF5A, <br> Class A1, (3-mo. CME Term SOFR + 1.50%), 5.78%, <br> 07/27/37<sup>(a)(b)</sup><br>|  | 1000 | 1004202 |
| Ares LXVII CLO Ltd., Series 2022-67A, Class A1R, (3-<br> mo. CME Term SOFR + 1.19%), 5.47%, <br> 01/25/38<sup>(a)(b)</sup><br>|  | 1000 | 998000 |
| Ares XLVII CLO Ltd., Series 2018-47A, Class D, (3-mo. <br> CME Term SOFR + 2.96%), 7.22%, 04/15/30<sup>(a)(b)</sup><br>|  | 1500 | 1504118 |
| Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3-mo. <br> CME Term SOFR + 2.06%), 6.33%, 07/20/30<sup>(a)(b)</sup><br>|  | 500 | 501104 |
| Ares XXXIX CLO Ltd., Series 2016-39A, Class AR3, <br> (3-mo. CME Term SOFR + 1.42%), 5.69%, <br> 07/18/37<sup>(a)(b)</sup><br>|  | 1000 | 1003252 |
| Atlas Senior Loan Fund XII Ltd., Series 2018-12A, <br> Class A1, (3-mo. CME Term SOFR + 1.44%), 5.72%, <br> 10/24/31<sup>(a)(b)</sup><br>|  | 132 | 132109 |
| Ballyrock CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-2A, Class BRR, (3-mo. CME Term SOFR <br> + 2.40%), 6.72%, 02/20/36<br>|  | 1000 | 1002831 |
| Series 2022-19A, Class A1, (3-mo. CME Term SOFR <br> + 1.33%), 5.60%, 04/20/35<br>|  | 2000 | 2006594 |
| Series 2024-22A, Class A2, (3-mo. CME Term SOFR <br> + 1.95%), 6.21%, 04/15/37<br>|  | 1000 | 1004282 |
| Benefit Street Partners CLO XVI Ltd., Series 2018-16A, <br> Class A1R2, (3-mo. CME Term SOFR + 1.32%), <br> 5.60%, 01/17/38<sup>(a)(b)</sup><br>|  | 1000 | 1002828 |
| Benefit Street Partners CLO XXI Ltd., Series 2020-21A, <br> Class A1R, (3-mo. CME Term SOFR + 1.43%), <br> 5.69%, 10/15/34<sup>(a)(b)</sup><br>|  | 2300 | 2303742 |
| Benefit Street Partners CLO XXIX Ltd., Series 2022-<br> 29A, Class AR, (3-mo. CME Term SOFR + 1.18%), <br> 5.46%, 01/25/38<sup>(a)(b)</sup><br>|  | 1000 | 999000 |
| Birch Grove CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 19A, Class A1RR, (3-mo. CME Term SOFR + <br> 1.59%), 5.87%, 07/17/37<br>|  | 1000 | 1004402 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Birch Grove CLO Ltd.<sup>(a)(b)</sup> (continued) |  |  |  |
| Series 2021-3A, Class BR, (3-mo. CME Term SOFR <br> + 1.60%), 5.87%, 01/19/38<br>| USD | 1000 | $999304 |
| Series 2025-12A, Class A1, (3-mo. CME Term SOFR <br> + 1.17%), 5.51%, 04/22/38<br>|  | 1250 | 1248172 |
| Bryant Park Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2023-21A, Class A1, (3-mo. CME Term SOFR <br> + 2.05%), 6.32%, 10/18/36<br>|  | 1000 | 1005806 |
| Series 2024-22A, Class C, (3-mo. CME Term SOFR + <br> 2.60%), 6.86%, 04/15/37<br>|  | 1500 | 1509819 |
| Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, <br> (3-mo. CME Term SOFR + 1.07%), 5.34%, <br> 07/18/34<sup>(a)(b)</sup><br>|  | 1000 | 1000077 |
| Canyon CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-3A, Class B, (3-mo. CME Term SOFR + <br> 1.96%), 6.22%, 07/15/34<br>|  | 1800 | 1807234 |
| Series 2021-4, Class A, (3-mo. CME Term SOFR + <br> 1.43%), 5.69%, 10/15/34<br>|  | 1500 | 1502917 |
| Carlyle CLO Ltd., Series C17A, Class BR, (3-mo. CME <br> Term SOFR + 2.11%), 6.39%, 04/30/31<sup>(a)(b)</sup><br>|  | 1000 | 1002244 |
| Carlyle U.S. CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2017-3A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.40%), 5.67%, 10/21/37<br>|  | 1500 | 1506000 |
| Series 2019-2A, Class AR2, (3-mo. CME Term SOFR <br> + 1.36%), 5.62%, 10/15/37<br>|  | 2000 | 2007214 |
| Series 2021-11A, Class A1R, (3-mo. CME Term <br> SOFR + 1.41%), 5.69%, 07/25/37<br>|  | 2000 | 2006914 |
| CarVal CLO I Ltd., Series 2018-1A, Class D, (3-mo. <br> CME Term SOFR + 3.15%), 7.41%, 07/16/31<sup>(a)(b)</sup><br>|  | 500 | 496583 |
| CIFC Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2013-2A, Class A3LR, (3-mo. CME Term <br> SOFR + 2.21%), 6.48%, 10/18/30<br>|  | 1000 | 1002243 |
| Series 2014-2RA, Class AR, (3-mo. CME Term SOFR <br> + 1.36%), 5.64%, 10/24/37<br>|  | 1000 | 1003999 |
| Series 2015-4A, Class A1A2, (3-mo. CME Term <br> SOFR + 1.33%), 5.60%, 04/20/34<br>|  | 1000 | 1002131 |
| Series 2019-2A, Class BR, (3-mo. CME Term SOFR <br> + 1.76%), 6.04%, 04/17/34<br>|  | 900 | 901361 |
| Series 2019-5A, Class A2RS, (3-mo. CME Term <br> SOFR + 2.01%), 6.27%, 01/15/35<br>|  | 1000 | 1004041 |
| Series 2020-2A, Class AR, (3-mo. CME Term SOFR <br> + 1.43%), 5.70%, 10/20/34<br>|  | 1200 | 1202614 |
| Series 2020-3A, Class A1R, (3-mo. CME Term SOFR <br> + 1.39%), 5.66%, 10/20/34<br>|  | 1000 | 1001000 |
| Series 2021-7A, Class A1, (3-mo. CME Term SOFR + <br> 1.39%), 5.67%, 01/23/35<br>|  | 2000 | 2004489 |
| Series 2024-1A, Class A, (3-mo. CME Term SOFR + <br> 1.50%), 5.77%, 04/18/37<br>|  | 1500 | 1505053 |
| Clover CLO LLC, Series 2018-1A, Class A1RR, (3-mo. <br> CME Term SOFR + 1.53%), 5.80%, 04/20/37<sup>(a)(b)</sup><br>|  | 3500 | 3512312 |
| Diameter Capital CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-1A, Class A1R, (3-mo. CME Term SOFR <br> + 1.39%), 5.65%, 10/15/37<br>|  | 2800 | 2813218 |
| Series 2025-10A, Class A, (3-mo. CME Term SOFR + <br> 1.31%), 5.60%, 04/20/38<br>|  | 1500 | 1501337 |
| Dryden CLO Ltd., Series 2020-77A, Class AR, (3-mo. <br> CME Term SOFR + 1.38%), 5.70%, 05/20/34<sup>(a)(b)</sup><br>|  | 3500 | 3505581 |
| Elmwood CLO 15 Ltd., Series 2022-2A, Class A1, (3-<br> mo. CME Term SOFR + 1.34%), 5.61%, <br> 04/22/35<sup>(a)(b)</sup><br>|  | 1200 | 1204531 |
| Elmwood CLO 26 Ltd., Series 2026-1A, Class C, (3-mo. <br> CME Term SOFR + 2.40%), 6.67%, 04/18/37<sup>(a)(b)</sup><br>|  | 1000 | 1006228 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Elmwood CLO 29 Ltd., Series 2024-5A, Class AR1, <br> (3-mo. CME Term SOFR + 1.52%), 5.79%, <br> 04/20/37<sup>(a)(b)</sup><br>| USD | 1000 | $1003535 |
| Elmwood CLO 37 Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-13A, Class C, (3-mo. CME Term SOFR + <br> 1.70%), 5.99%, 01/17/38<br>|  | 1000 | 1000148 |
| Series 2024-13A, Class D1, (3-mo. CME Term SOFR <br> + 2.60%), 6.89%, 01/17/38<br>|  | 1000 | 997370 |
| Elmwood CLO II Ltd., Series 2019-2A, Class A1RR, <br> (3-mo. CME Term SOFR + 1.35%), 5.62%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 2000 | 2006500 |
| Elmwood CLO Ltd., Series 2025-1A, Class A, (3-mo. <br> CME Term SOFR + 1.15%), 5.43%, 04/22/38<sup>(a)(b)</sup><br>|  | 1000 | 999076 |
| Elmwood CLO VII Ltd., Series 2020-4A, Class A1RR, <br> (3-mo. CME Term SOFR + 1.36%), 5.64%, <br> 10/17/37<sup>(a)(b)</sup><br>|  | 2000 | 2007268 |
| Elmwood CLO XI Ltd., Series 2021-4A, Class BR, (3-<br> mo. CME Term SOFR + 1.55%), 5.84%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 1250 | 1251238 |
| Elmwood CLO XII Ltd., Series 2021-5A, Class BR, (3-<br> mo. CME Term SOFR + 1.70%), 5.96%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 2000 | 2005007 |
| Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3-<br> mo. CME Term SOFR + 2.86%), 7.13%, <br> 04/20/31<sup>(a)(b)</sup><br>|  | 1000 | 1006163 |
| Generate CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2024-17A, Class A1, (3-mo. CME Term SOFR <br> + 1.40%), 5.67%, 10/22/37<br>|  | 3000 | 3011663 |
| Series 7A, Class BR, (3-mo. CME Term SOFR + <br> 2.20%), 6.47%, 04/22/37<br>|  | 1000 | 1008048 |
| Series 8A, Class A1R2, (3-mo. CME Term SOFR + <br> 1.38%), 5.65%, 01/20/38<br>|  | 2750 | 2762163 |
| Series 9A, Class AR, (3-mo. CME Term SOFR + <br> 1.35%), 5.62%, 01/20/38<br>|  | 1000 | 1002997 |
| GoldenTree Loan Management U.S. CLO Ltd., <br> Series 2025-24A, Class A, (3-mo. CME Term SOFR + <br> 1.15%), 5.43%, 10/20/38<sup>(a)(b)</sup><br>|  | 1000 | 998649 |
| Golub Capital Partners CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-41A, Class AR, (3-mo. CME Term SOFR <br> + 1.58%), 5.85%, 01/20/34<br>|  | 1000 | 1003349 |
| Series 2019-43A, Class A1R, (3-mo. CME Term <br> SOFR + 1.34%), 5.61%, 10/20/37<br>|  | 1500 | 1504903 |
| Series 2020-48A, Class A1R, (3-mo. CME Term <br> SOFR + 1.31%), 5.59%, 04/17/38<br>|  | 1500 | 1502466 |
| Series 2021-58A, Class A1, (3-mo. CME Term SOFR <br> + 1.44%), 5.72%, 01/25/35<br>|  | 1450 | 1452830 |
| Series 2024-76A, Class A1, (3-mo. CME Term SOFR <br> + 1.37%), 5.65%, 10/25/37<br>|  | 1500 | 1505871 |
| HalseyPoint CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-4A, Class A, (3-mo. CME Term SOFR + <br> 1.48%), 5.75%, 04/20/34<br>|  | 2000 | 2002600 |
| Series 2021-5A, Class A1A, (3-mo. CME Term SOFR <br> + 1.47%), 5.75%, 01/30/35<br>|  | 1000 | 1001300 |
| Long Point Park CLO Ltd., Series 2017-1A, Class B, <br> (3-mo. CME Term SOFR + 1.96%), 6.24%, <br> 01/17/30<sup>(a)(b)</sup><br>|  | 1000 | 1002675 |
| Madison Park Funding L Ltd., Series 2021-50A, Class A, <br> (3-mo. CME Term SOFR + 1.40%), 5.67%, <br> 04/19/34<sup>(a)(b)</sup><br>|  | 2520 | 2525640 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Madison Park Funding LIX Ltd., Series 2021-59A, <br> Class A1R, (3-mo. CME Term SOFR + 1.50%), <br> 5.77%, 04/18/37<sup>(a)(b)</sup><br>| USD | 1000 | $1004022 |
| Madison Park Funding LVIII Ltd., Series 2024-58A, <br> Class B, (3-mo. CME Term SOFR + 1.95%), 6.23%, <br> 04/25/37<sup>(a)(b)</sup><br>|  | 1000 | 1003841 |
| Madison Park Funding LXXI Ltd., Series 2025-71A, <br> Class A1, (3-mo. CME Term SOFR + 1.14%), 5.41%, <br> 04/23/38<sup>(a)(b)</sup><br>|  | 2500 | 2496314 |
| Madison Park Funding XLVIII Ltd., Series 2021-48A, <br> Class A, (3-mo. CME Term SOFR + 1.41%), 5.68%, <br> 04/19/33<sup>(a)(b)</sup><br>|  | 908 | 909786 |
| Madison Park Funding XXXVIII Ltd., Series 2021-38A, <br> Class A, (3-mo. CME Term SOFR + 1.38%), 5.66%, <br> 07/17/34<sup>(a)(b)</sup><br>|  | 1070 | 1071768 |
| Marathon CLO Ltd., Series 2020-15ARRR, Class C1R3, <br> (3-mo. CME Term SOFR + 3.20%), 7.53%, <br> 08/15/37<sup>(a)(b)</sup><br>|  | 1500 | 1504402 |
| MP CLO III Ltd., Series 2013-1A, Class CR, (3-mo. CME <br> Term SOFR + 2.26%), 6.53%, 10/20/30<sup>(a)(b)</sup><br>|  | 1000 | 1002205 |
| Neuberger Berman Loan Advisers CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-46A, Class BR, (3-mo. CME Term SOFR <br> + 1.50%), 5.77%, 01/20/37<br>|  | 1450 | 1448470 |
| Series 2022-47A, Class A, (3-mo. CME Term SOFR + <br> 1.30%), 5.54%, 04/14/35<br>|  | 1000 | 1002952 |
| New Mountain CLO Ltd. |  |  |  |
| Series 2024-5A, Class A, (3-mo. CME Term SOFR + <br> 1.57%), 5.84%, 04/20/36<sup>(a)(b)</sup><br>|  | 2500 | 2508950 |
| Series 2025-1A, Class B, 07/20/36<sup>(c)</sup> |  | 2500 | 2500000 |
| Series CLO-3A, Class A, (3-mo. CME Term SOFR + <br> 1.44%), 5.71%, 10/20/34<sup>(a)(b)</sup><br>|  | 1500 | 1501927 |
| Series CLO-7A, Class A1, (3-mo. CME Term SOFR + <br> 1.20%), 5.48%, 03/31/38<sup>(a)(b)</sup><br>|  | 1500 | 1498961 |
| OCP CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2015-10A, Class AR3, (3-mo. CME Term <br> SOFR + 1.31%), 5.59%, 01/26/38<br>|  | 1000 | 1002892 |
| Series 2020-19A, Class A1R2, (3-mo. CME Term <br> SOFR + 1.18%), 5.45%, 04/20/38<br>|  | 2000 | 1998498 |
| Series 2026-11R, Class CR2, (3-mo. CME Term <br> SOFR + 2.35%), 6.63%, 04/26/36<br>|  | 1500 | 1504226 |
| Octagon Investment Partners 26 Ltd., Series 2016-1A, <br> Class DR, (3-mo. CME Term SOFR + 3.11%), 7.37%, <br> 07/15/30<sup>(a)(b)</sup><br>|  | 500 | 504802 |
| Octagon Investment Partners 34 Ltd., Series 2017-1A, <br> Class B1, (3-mo. CME Term SOFR + 1.66%), 5.93%, <br> 01/20/30<sup>(a)(b)</sup><br>|  | 1000 | 1002541 |
| Octagon Investment Partners XVII Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2013-1A, Class BR2, (3-mo. CME Term SOFR <br> + 1.66%), 5.94%, 01/25/31<br>|  | 1000 | 1000132 |
| Series 2013-1A, Class CR2, (3-mo. CME Term SOFR <br> + 1.96%), 6.24%, 01/25/31<br>|  | 1000 | 1002646 |
| OHA Credit Funding Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-3A, Class AR2, (3-mo. CME Term SOFR <br> + 1.32%), 5.59%, 01/20/38<br>|  | 1750 | 1754387 |
| Series 2020-5AR, Class AR, (3-mo. CME Term SOFR <br> + 1.35%), 5.62%, 10/18/37<br>|  | 1000 | 1003528 |
| Series 2020-7A, Class AR, (3-mo. CME Term SOFR <br> + 1.30%), 5.57%, 02/24/37<br>|  | 1250 | 1253654 |
| Series 2021-10A, Class A, (3-mo. CME Term SOFR + <br> 1.39%), 5.66%, 01/18/36<br>|  | 1500 | 1503419 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| OHA Credit Partners XII Ltd., Series 2015-12AR, <br> Class D1R2, (3-mo. CME Term SOFR + 3.50%), <br> 7.78%, 04/23/37<sup>(a)(b)</sup><br>| USD | 600 | $606989 |
| OHA Credit Partners XVI, Series 2021-16A, Class AR, <br> (3-mo. CME Term SOFR + 1.35%), 5.62%, <br> 10/18/37<sup>(a)(b)</sup><br>|  | 750 | 752643 |
| Palmer Square CLO Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2019-1A, Class CR, (3-mo. CME Term SOFR <br> + 3.31%), 7.62%, 11/14/34<br>|  | 1000 | 1003751 |
| Series 2020-3ARR, Class A1R2, (3-mo. CME Term <br> SOFR + 1.65%), 5.98%, 11/15/36<br>|  | 1500 | 1506153 |
| Series 2021-4A, Class B, (3-mo. CME Term SOFR + <br> 1.91%), 6.17%, 10/15/34<br>|  | 2500 | 2500000 |
| Series 2021-4A, Class BR, 07/15/38<sup>(c)</sup> |  | 2500 | 2500000 |
| Post CLO Ltd., Series 2024-1, Class A1, (3-mo. CME <br> Term SOFR + 1.60%), 5.87%, 04/20/37<sup>(a)(b)</sup><br>|  | 2000 | 2007464 |
| Rad CLO Ltd., Series 2024-25A, Class A1, (3-mo. CME <br> Term SOFR + 1.46%), 5.73%, 07/20/37<sup>(a)(b)</sup><br>|  | 1500 | 1506589 |
| Regatta VI Funding Ltd., Series 2016-1A, Class AR2, <br> (3-mo. CME Term SOFR + 1.42%), 5.69%, <br> 04/20/34<sup>(a)(b)</sup><br>|  | 2000 | 2005411 |
| Regatta VII Funding Ltd., Series 2016-1A, Class DR2, <br> (3-mo. CME Term SOFR + 3.31%), 7.63%, <br> 06/20/34<sup>(a)(b)</sup><br>|  | 500 | 502756 |
| Regatta XI Funding Ltd., Series 2018-1A, Class AR, <br> (3-mo. CME Term SOFR + 1.40%), 5.68%, <br> 07/17/37<sup>(a)(b)</sup><br>|  | 3000 | 3009934 |
| Regatta XII Funding Ltd., Series 2019-1A, Class ARR, <br> (3-mo. CME Term SOFR + 1.39%), 5.65%, <br> 10/15/37<sup>(a)(b)</sup><br>|  | 1500 | 1505785 |
| Regatta XVIII Funding Ltd., Series 2021-1A, Class BR, <br> (3-mo. CME Term SOFR + 1.55%), 5.81%, <br> 04/15/38<sup>(a)(b)</sup><br>|  | 1000 | 1000845 |
| Regatta XXIV Funding Ltd., Series 2021-5A, Class AR, <br> (3-mo. CME Term SOFR + 1.32%), 5.59%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 2000 | 2006738 |
| Regatta XXVII Funding Ltd., Series 2024-1A, Class A1, <br> (3-mo. CME Term SOFR + 1.53%), 5.81%, <br> 04/26/37<sup>(a)(b)</sup><br>|  | 2000 | 2007362 |
| Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, <br> (3-mo. CME Term SOFR + 1.55%), 5.83%, <br> 04/25/37<sup>(a)(b)</sup><br>|  | 1500 | 1505787 |
| Rockford Tower CLO Ltd., Series 2017-3A, Class A, <br> (3-mo. CME Term SOFR + 1.45%), 5.72%, <br> 10/20/30<sup>(a)(b)</sup><br>|  | 526 | 526183 |
| RR Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2018-5A, Class CR, (3-mo. CME Term SOFR <br> + 3.60%), 7.86%, 07/15/39<br>|  | 650 | 649469 |
| Series 2022-21A, Class A1AR, (3-mo. CME Term <br> SOFR + 1.40%), 5.66%, 07/15/39<br>|  | 1000 | 1003289 |
| Series 2024-29RA, Class A2R, (3-mo. CME Term <br> SOFR + 1.70%), 5.96%, 07/15/39<br>|  | 2000 | 2002848 |
| Signal Peak CLO 14 Ltd., Series 2024-14A, Class A, <br> (3-mo. CME Term SOFR + 1.30%), 5.59%, <br> 01/22/38<sup>(a)(b)</sup><br>|  | 2000 | 2005640 |
| Signal Peak CLO Ltd., Series 2020-8A, Class A1R, (3-<br> mo. CME Term SOFR + 1.39%), 5.66%, <br> 10/20/37<sup>(a)(b)</sup><br>|  | 6000 | 6027428 |
| Silver Point CLO 9 Ltd., Series 2025-9A, Class A1, (3-<br> mo. CME Term SOFR + 1.52%), 5.81%, <br> 03/31/38<sup>(a)(b)</sup><br>|  | 1500 | 1505876 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Silver Point CLO Ltd., Series 2024-4A, Class A1, (3-mo. <br> CME Term SOFR + 1.63%), 5.89%, 04/15/37<sup>(a)(b)</sup><br>| USD | 1000 | $1003957 |
| Sixth Street CLO XIV Ltd., Series 2019-14A, Class BR2, <br> (3-mo. CME Term SOFR + 1.50%), 5.82%, <br> 01/20/38<sup>(a)(b)</sup><br>|  | 1750 | 1747448 |
| Sixth Street CLO XX Ltd., Series 2021-20A, Class A1, <br> (3-mo. CME Term SOFR + 1.42%), 5.69%, <br> 10/20/34<sup>(a)(b)</sup><br>|  | 1325 | 1327318 |
| Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3-<br> mo. CME Term SOFR + 2.86%), 7.12%, <br> 01/15/30<sup>(a)(b)</sup><br>|  | 1500 | 1503862 |
| Symphony CLO XXIV Ltd., Series 2020-24AR, <br> Class AR, (3-mo. CME Term SOFR + 1.20%), 5.48%, <br> 01/23/32<sup>(a)(b)</sup><br>|  | 798 | 799256 |
| Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, <br> (3-mo. CME Term SOFR + 1.40%), 5.68%, <br> 10/23/34<sup>(a)(b)</sup><br>|  | 1900 | 1902224 |
| TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3-<br> mo. CME Term SOFR + 1.10%), 5.38%, <br> 01/17/32<sup>(a)(b)</sup><br>|  | 92 | 91523 |
| Tiaa CLO III Ltd., Series 2017-2A, Class A, (3-mo. CME <br> Term SOFR + 1.41%), 5.67%, 01/16/31<sup>(a)(b)</sup><br>|  | 480 | 480664 |
| TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. <br> CME Term SOFR + 1.38%), 5.64%, 01/15/34<sup>(a)(b)</sup><br>|  | 2000 | 2003600 |
| TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. <br> CME Term SOFR + 1.91%), 6.17%, 07/15/34<sup>(a)(b)</sup><br>|  | 1000 | 1001283 |
| Trestles CLO IV Ltd., Series 2021-4A, Class A, (3-mo. <br> CME Term SOFR + 1.43%), 5.70%, 07/21/34<sup>(a)(b)</sup><br>|  | 2000 | 2003552 |
| Trestles CLO VII Ltd., Series 2024-7A, Class A1, (3-mo. <br> CME Term SOFR + 1.38%), 5.66%, 10/25/37<sup>(a)(b)</sup><br>|  | 1388 | 1390520 |
| Trimaran CAVU Ltd.<sup>(a)(b)</sup> <br>|  |  |  |
| Series 2021-2A, Class B1, (3-mo. CME Term SOFR + <br> 2.01%), 6.29%, 10/25/34<br>|  | 1500 | 1504948 |
| Series 2022-2A, Class AR, (3-mo. CME Term SOFR <br> + 1.24%), 5.52%, 03/27/38<br>|  | 1000 | 1000627 |
| Warwick Capital CLO Ltd., Series 2024-4A, Class A1, <br> (3-mo. CME Term SOFR + 1.40%), 5.67%, <br> 07/20/37<sup>(a)(b)</sup><br>|  | 1000 | 1003790 |
| Whitebox CLO I Ltd., Series 2019-1AR, Class A1RR, <br> (3-mo. CME Term SOFR + 1.32%), 5.60%, <br> 07/24/36<sup>(a)(b)</sup><br>|  | 2000 | 2001872 |
| Whitebox CLO II Ltd., Series 2020-2A, Class A1R2, <br> (3-mo. CME Term SOFR + 1.38%), 5.66%, <br> 10/24/37<sup>(a)(b)</sup><br>|  | 1500 | 1505811 |
| **Total Asset-Backed Securities — 19.3%** <br>**(Cost: $202,429,999)** | **Total Asset-Backed Securities — 19.3%** <br>**(Cost: $202,429,999)** | **Total Asset-Backed Securities — 19.3%** <br>**(Cost: $202,429,999)** | 204124856 |

---

&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: $8,979)<sup>(d)(e)(f)</sup><br>| 715 | 63635 |
| **Financial Services — 0.0%** | **Financial Services — 0.0%** |  |
| Aimbridge Acquisition Co., Inc.<sup>(d)(e)</sup> | 2307 | 136125 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc.<sup>(e)</sup> | 99 | 99 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| Envision Healthcare Corp., (Acquired 11/03/23, Cost: <br> $72,548)<sup>(e)(f)</sup><br>| 2336 | $37084 |
| **IT Services — 0.0%** | **IT Services — 0.0%** |  |
| Travelport Finance Luxembourg SARL<sup>(d)(e)</sup> | 25 | 67176 |
| **Trading Companies & Distributors — 0.0%** | **Trading Companies & Distributors — 0.0%** |  |
| TMK Hawk Parent Corp.<sup>(d)(e)</sup> | 934 | 9346 |
| **Total Common Stocks — 0.0%** <br>**(Cost: $343,694)** | **Total Common Stocks — 0.0%** <br>**(Cost: $343,694)** | 313465 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 1.2%** | **Advertising Agencies — 1.2%** | **Advertising Agencies — 1.2%** | **Advertising Agencies — 1.2%** |
| Clear Channel Outdoor Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 08/15/27 | USD | 2287 | 2260983 |
| 7.75%, 04/15/28 |  | 1309 | 1237005 |
| 9.00%, 09/15/28<sup>(g)</sup> |  | 3573 | 3743871 |
| 7.50%, 06/01/29 |  | 608 | 562338 |
| 7.88%, 04/01/30<sup>(g)</sup> |  | 954 | 984761 |
| Interpublic Group of Cos., Inc., 5.40%, 10/01/48<sup>(g)</sup> |  | 2215 | 2059425 |
| Neptune Bidco U.S., Inc., 9.29%, 04/15/29<sup>(b)</sup> |  | 613 | 596869 |
| Outfront Media Capital LLC/Outfront Media Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 08/15/27 |  | 119 | 118405 |
| 4.25%, 01/15/29<sup>(g)</sup> |  | 373 | 356839 |
| 4.63%, 03/15/30 |  | 176 | 168100 |
| 7.38%, 02/15/31 |  | 359 | 380078 |
| Stagwell Global LLC, 5.63%, 08/15/29<sup>(b)</sup> |  | 209 | 199914 |
|  |  |  | 12668588 |
| **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** | **Aerospace & Defense — 3.9%** |
| AAR Escrow Issuer LLC, 6.75%, 03/15/29<sup>(b)</sup> |  | 385 | 398983 |
| Boeing Co.<sup>(g)</sup> <br>|  |  |  |
| 5.15%, 05/01/30 |  | 6775 | 6897624 |
| 7.01%, 05/01/64 |  | 2285 | 2509723 |
| Bombardier, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 04/15/27 |  | 61 | 61352 |
| 7.50%, 02/01/29<sup>(g)</sup> |  | 138 | 144894 |
| 8.75%, 11/15/30 |  | 647 | 700429 |
| 7.25%, 07/01/31 |  | 189 | 198393 |
| 7.00%, 06/01/32<sup>(g)</sup> |  | 362 | 376981 |
| 6.75%, 06/15/33 |  | 268 | 277702 |
| Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%, <br> 02/15/32<sup>(b)</sup><br>|  | 1270 | 1285883 |
| General Dynamics Corp., 4.25%, 04/01/50<sup>(g)</sup> |  | 1260 | 1059983 |
| Goat Holdco LLC, 6.75%, 02/01/32<sup>(b)</sup> |  | 452 | 459476 |
| Moog, Inc., 4.25%, 12/15/27<sup>(b)</sup> |  | 320 | 312420 |
| Northrop Grumman Corp.<sup>(g)</sup> <br>|  |  |  |
| 4.03%, 10/15/47 |  | 2400 | 1913619 |
| 5.25%, 05/01/50 |  | 3050 | 2858248 |
| RTX Corp.<sup>(g)</sup> <br>|  |  |  |
| 4.63%, 11/16/48 |  | 2805 | 2410790 |
| 3.13%, 07/01/50 |  | 3545 | 2350114 |
| 6.40%, 03/15/54 |  | 1100 | 1205746 |
| Spirit AeroSystems, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.38%, 11/30/29 |  | 712 | 755440 |
| 9.75%, 11/15/30 |  | 717 | 790744 |
| TransDigm, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 08/15/28 |  | 1812 | 1850306 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| TransDigm, Inc.<sup>(b)</sup> (continued) |  |  |  |
| 6.38%, 03/01/29<sup>(g)</sup> | USD | 2462 | $2525868 |
| 7.13%, 12/01/31 |  | 647 | 677874 |
| 6.63%, 03/01/32 |  | 2939 | 3043022 |
| 6.00%, 01/15/33 |  | 1612 | 1620759 |
| 6.38%, 05/31/33 |  | 3171 | 3173874 |
| Triumph Group, Inc., 9.00%, 03/15/28<sup>(b)</sup> |  | 1185 | 1238373 |
|  |  |  | 41098620 |
| **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** | **Air Freight & Logistics**<sup>(b)</sup> **— 0.0%** |
| Rand Parent LLC, 8.50%, 02/15/30 |  | 311 | 312294 |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32 |  | 152 | 161128 |
|  |  |  | 473422 |
| **Automobile Components — 1.0%** | **Automobile Components — 1.0%** | **Automobile Components — 1.0%** | **Automobile Components — 1.0%** |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 8.50%, 05/15/27<sup>(g)</sup> |  | 6839 | 6868955 |
| 6.75%, 05/15/28 |  | 1071 | 1099331 |
| 6.75%, 02/15/30 |  | 475 | 493899 |
| 4.75%, 06/15/31 | EUR | 250 | 295618 |
| Dana, Inc. |  |  |  |
| 4.25%, 09/01/30 | USD | 117 | 115316 |
| 4.50%, 02/15/32 |  | 178 | 173996 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, <br> 05/31/32<sup>(b)</sup><br>|  | 109 | 113483 |
| Goodyear Tire & Rubber Co. |  |  |  |
| 5.00%, 07/15/29<sup>(g)</sup> |  | 207 | 202323 |
| 6.63%, 07/15/30 |  | 213 | 217268 |
| 5.25%, 04/30/31 |  | 18 | 17287 |
| 5.63%, 04/30/33 |  | 53 | 50745 |
| Motherson Global Investments BV, 5.63%, 07/11/29<sup>(h)</sup> |  | 275 | 278718 |
| SK On Co. Ltd., 5.38%, 05/11/26<sup>(h)</sup> |  | 200 | 201072 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(b)</sup> |  | 643 | 635861 |
|  |  |  | 10763872 |
| **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** | **Automobiles — 1.7%** |
| Asbury Automotive Group, Inc. |  |  |  |
| 4.50%, 03/01/28 |  | 221 | 217978 |
| 5.00%, 02/15/32<sup>(b)</sup> |  | 100 | 95147 |
| Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29<sup>(b)</sup> |  | 218 | 206422 |
| Carvana Co.<sup>(b)(i)</sup> <br>|  |  |  |
| (9.00% PIK), 9.00%, 06/01/30 |  | 1066 | 1121194 |
| (9.00% PIK), 9.00%, 06/01/31 |  | 1812 | 2050503 |
| Cougar JV Subsidiary LLC, 8.00%, 05/15/32<sup>(b)</sup> |  | 264 | 281391 |
| Ford Motor Co. |  |  |  |
| 3.25%, 02/12/32 |  | 171 | 144170 |
| 6.10%, 08/19/32<sup>(g)</sup> |  | 3129 | 3124605 |
| General Motors Co.<sup>(g)</sup> <br>|  |  |  |
| 6.25%, 10/02/43 |  | 940 | 922024 |
| 5.95%, 04/01/49 |  | 3455 | 3229604 |
| Global Auto Holdings Ltd./AAG FH UK Ltd., 11.50%, <br> 08/15/29<sup>(b)</sup><br>|  | 200 | 195692 |
| Group 1 Automotive, Inc., 6.38%, 01/15/30<sup>(b)</sup> |  | 90 | 92418 |
| Hyundai Capital America<sup>(h)</sup> <br>|  |  |  |
| 5.50%, 03/30/26 |  | 200 | 201237 |
| 2.38%, 10/15/27 |  | 200 | 190173 |
| (1-day SOFR + 1.32%), 5.68%, 11/03/25<sup>(a)</sup> |  | 200 | 200598 |
| Hyundai Capital Services, Inc., 5.13%, 02/05/29<sup>(h)</sup> |  | 225 | 227223 |
| Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 |  | 500 | 490960 |
| LCM Investments Holdings II LLC<sup>(b)(g)</sup> <br>|  |  |  |
| 4.88%, 05/01/29 |  | 535 | 520261 |
| 8.25%, 08/01/31 |  | 453 | 481622 |
| Nissan Motor Acceptance Co. LLC |  |  |  |
| 6.95%, 09/15/26<sup>(b)(g)</sup> |  | 3265 | 3297072 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** | **Automobiles (continued)** |
| Nissan Motor Acceptance Co. LLC (continued) |  |  |  |
| 6.95%, 09/15/26<sup>(h)</sup> | USD | 75 | $75737 |
| 7.05%, 09/15/28 |  | 150 | 153227 |
| Nissan Motor Co. Ltd., 4.81%, 09/17/30 |  | 200 | 183484 |
| Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC, <br> 10.00%, 01/15/31<sup>(b)</sup><br>|  | 301 | 295739 |
| TML Holdings Pte. Ltd., 4.35%, 06/09/26<sup>(h)</sup> |  | 200 | 198280 |
|  |  |  | 18196761 |
| **Banks — 10.4%** | **Banks — 10.4%** | **Banks — 10.4%** | **Banks — 10.4%** |
| ABQ Finance Ltd., 4.95%, 03/25/30<sup>(h)</sup> |  | 250 | 251688 |
| Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27<sup>(h)</sup> |  | 212 | 208063 |
| Agricultural Bank of China Ltd., 1.25%, 01/19/26<sup>(h)</sup> |  | 200 | 196436 |
| Australia & New Zealand Banking Group Ltd.<sup>(a)</sup> <br>|  |  |  |
| (1-day SOFR + 0.68%), 5.03%, 07/16/27<sup>(h)</sup> |  | 200 | 200880 |
| (5-year CMT + 1.70%), 2.57%, 11/25/35<sup>(b)(g)</sup> |  | 5445 | 4776302 |
| Bangkok Bank PCL/Hong Kong |  |  |  |
| 4.45%, 09/19/28<sup>(h)</sup> |  | 200 | 199278 |
| (5-year CMT + 1.90%), 3.73%, 09/25/34<sup>(a)(h)</sup> |  | 200 | 185624 |
| (5-year CMT + 4.73%), 5.00%<sup>(a)(j)</sup> |  | 922 | 919050 |
| Bank Mandiri Persero Tbk PT, 5.50%, 04/04/26<sup>(h)</sup> |  | 200 | 201249 |
| Bank Negara Indonesia Persero Tbk PT, 3.75%, <br> 03/30/26<sup>(h)</sup><br>|  | 200 | 197450 |
| Bank of America Corp.<sup>(a)(g)</sup> <br>|  |  |  |
| (1-day SOFR + 1.83%), 4.57%, 04/27/33 |  | 9380 | 9230586 |
| (1-day SOFR + 1.99%), 6.20%, 11/10/28 |  | 3090 | 3215695 |
| Bank of China Ltd./Luxembourg, 1.40%, 04/28/26<sup>(h)</sup> |  | 200 | 195360 |
| Bank of East Asia Ltd.<sup>(a)(h)</sup> <br>|  |  |  |
| (1-year CMT + 2.30%), 6.63%, 03/13/27 |  | 250 | 252738 |
| (5-year CMT + 2.30%), 4.88%, 04/22/32 |  | 750 | 739920 |
| BPCE SA, (1-day SOFR + 2.61%), 6.92%, 01/14/46<sup>(a)(b)</sup> |  | 3095 | 3227830 |
| China CITIC Bank International Ltd., (5-year CMT + <br> 1.65%), 6.00%, 12/05/33<sup>(a)(h)</sup><br>|  | 250 | 260560 |
| Citigroup, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.68%, 09/13/43 |  | 4125 | 4499838 |
| (1-day SOFR + 2.66%), 6.17%, 05/25/34<sup>(a)</sup> |  | 2740 | 2868311 |
| Deutsche Bank AG<sup>(a)(g)</sup> <br>|  |  |  |
| (1-day SOFR + 1.87%), 2.13%, 11/24/26 |  | 3260 | 3227026 |
| (1-day SOFR + 2.51%), 6.82%, 11/20/29 |  | 3975 | 4239820 |
| First Abu Dhabi Bank PJSC, 5.00%, 02/28/29<sup>(h)</sup> |  | 200 | 203500 |
| Goldman Sachs Group, Inc., (1-day SOFR + 1.85%), <br> 3.62%, 03/15/28<sup>(a)(g)</sup><br>|  | 1830 | 1804448 |
| HSBC Holdings PLC, (1-day SOFR + 1.57%), 5.93%, <br> 05/13/31<sup>(a)</sup><br>|  | 400 | 402184 |
| Intesa Sanpaolo SpA, 5.71%, 01/15/26<sup>(b)</sup> |  | 9840 | 9861796 |
| JPMorgan Chase & Co., (1-day SOFR + 2.58%), 5.72%, <br> 09/14/33<sup>(a)(g)</sup><br>|  | 11000 | 11465273 |
| Kasikornbank PCL/Hong Kong, (5-year CMT + 1.70%), <br> 3.34%, 10/02/31<sup>(a)(h)</sup><br>|  | 468 | 455256 |
| KeyCorp., (1-day SOFR Index + 2.42%), 6.40%, <br> 03/06/35<sup>(a)(g)</sup><br>|  | 1995 | 2128075 |
| KODIT Global Co. Ltd., Series 2023-1, 4.95%, <br> 05/25/26<sup>(h)</sup><br>|  | 200 | 200516 |
| Kookmin Bank, 5.25%, 05/08/29<sup>(h)</sup> |  | 200 | 206722 |
| Macquarie Bank Ltd., 6.80%, 01/18/33<sup>(b)(g)</sup> |  | 5110 | 5505578 |
| Metropolitan Bank & Trust Co.<sup>(h)</sup> <br>|  |  |  |
| 5.38%, 03/06/29 |  | 320 | 327968 |
| 5.50%, 03/06/34 |  | 275 | 280500 |
| Mitsubishi UFJ Financial Group, Inc., (1-day SOFR + <br> 1.48%), 5.83%, 04/24/31<sup>(a)</sup><br>|  | 400 | 406707 |
| Mizuho Financial Group, Inc., 07/08/31<sup>(a)(c)</sup> |  | 275 | 275960 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Nanyang Commercial Bank Ltd., (5-year CMT + 2.10%), <br> 6.00%, 08/06/34<sup>(a)(h)</sup><br>| USD | 250 | $254250 |
| NongHyup Bank, 4.00%, 01/06/26<sup>(h)</sup> |  | 200 | 199150 |
| Philippine National Bank, 4.85%, 10/23/29<sup>(h)</sup> |  | 200 | 200140 |
| Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26<sup>(h)</sup> |  | 200 | 196739 |
| Standard Chartered PLC<sup>(a)(h)</sup> <br>|  |  |  |
| (1-day SOFR + 1.68%), 6.05%, 05/13/31 |  | 400 | 401808 |
| (1-year CMT + 2.10%), 6.10%, 01/11/35 |  | 200 | 210000 |
| State Street Corp., (1-day SOFR + 1.72%), 5.82%, <br> 11/04/28<sup>(a)(g)</sup><br>|  | 2925 | 3030399 |
| Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, <br> 07/31/84<sup>(a)(g)</sup><br>|  | 8570 | 8794997 |
| Truist Financial Corp., (1-day SOFR + 2.05%), 6.05%, <br> 06/08/27<sup>(a)(g)</sup><br>|  | 9310 | 9435078 |
| UniCredit SpA, (5-year CMT + 4.75%), 5.46%, <br> 06/30/35<sup>(a)(b)</sup><br>|  | 6135 | 6099527 |
| United Overseas Bank Ltd., 1.25%, 04/14/26<sup>(h)</sup> |  | 200 | 195466 |
| Walker & Dunlop, Inc., 6.63%, 04/01/33<sup>(b)</sup> |  | 192 | 197037 |
| Wells Fargo & Co.<sup>(g)</sup> <br>|  |  |  |
| 5.61%, 01/15/44 |  | 4119 | 3992292 |
| (1-day SOFR + 1.51%), 3.53%, 03/24/28<sup>(a)</sup> |  | 4075 | 4018456 |
| Westpac Banking Corp., (1-day SOFR + 0.81%), 5.16%, <br> 04/16/29<sup>(a)</sup><br>|  | 200 | 201506 |
|  |  |  | 110245032 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev <br> Worldwide, Inc., 4.90%, 02/01/46<br>|  | 5712 | 5235849 |
| Anheuser-Busch InBev Worldwide, Inc., 5.55%, <br> 01/23/49<sup>(g)</sup><br>|  | 5000 | 4962075 |
|  |  |  | 10197924 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| Baxalta, Inc., 5.25%, 06/23/45<sup>(g)</sup> |  | 6000 | 5602221 |
| **Building Materials — 1.2%** | **Building Materials — 1.2%** | **Building Materials — 1.2%** | **Building Materials — 1.2%** |
| Builders FirstSource, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/34 |  | 209 | 212986 |
| 6.75%, 05/15/35 |  | 224 | 230634 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 12/15/30 | EUR | 240 | 296952 |
| 6.63%, 12/15/30 | USD | 4324 | 4419872 |
| 6.75%, 07/15/31 |  | 321 | 332234 |
| Jeld-Wen, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 12/15/27 |  | 105 | 97344 |
| 7.00%, 09/01/32 |  | 522 | 408700 |
| New Enterprise Stone & Lime Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 07/15/28<sup>(g)</sup> |  | 163 | 163432 |
| 9.75%, 07/15/28 |  | 93 | 93217 |
| Quikrete Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 03/01/32 |  | 1724 | 1772824 |
| 6.75%, 03/01/33 |  | 395 | 407571 |
| Smyrna Ready Mix Concrete LLC<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 11/01/28 |  | 665 | 663378 |
| 8.88%, 11/15/31 |  | 171 | 179286 |
| Standard Building Solutions, Inc., 6.50%, 08/15/32<sup>(b)</sup> |  | 861 | 882210 |
| Standard Industries, Inc. |  |  |  |
| 2.25%, 11/21/26<sup>(h)</sup> | EUR | 156 | 181501 |
| 5.00%, 02/15/27<sup>(b)</sup> | USD | 412 | 411068 |
| 4.38%, 07/15/30<sup>(b)</sup> |  | 1443 | 1366292 |
| 3.38%, 01/15/31<sup>(b)</sup> |  | 393 | 352441 |
| Wilsonart LLC, 11.00%, 08/15/32<sup>(b)</sup> |  | 426 | 387032 |
|  |  |  | 12858974 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Building Products**<sup>(b)</sup> **— 0.4%** | **Building Products**<sup>(b)</sup> **— 0.4%** | **Building Products**<sup>(b)</sup> **— 0.4%** | **Building Products**<sup>(b)</sup> **— 0.4%** |
| Foundation Building Materials, Inc., 6.00%, 03/01/29 | USD | 20 | $18344 |
| GYP Holdings III Corp., 4.63%, 05/01/29 |  | 350 | 350814 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(g)</sup> |  | 1285 | 1323810 |
| White Cap Buyer LLC, 6.88%, 10/15/28 |  | 2514 | 2510011 |
|  |  |  | 4202979 |
| **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<sup>(b)(g)</sup> |  | 4275 | 4277098 |
| Blue Owl Capital Corp., 6.20%, 07/15/30<sup>(g)</sup> |  | 4670 | 4717526 |
| CFAMC II Co. Ltd., 4.63%, 06/03/26<sup>(h)</sup> |  | 200 | 199800 |
| China Ping An Insurance Overseas Holdings Ltd., <br> 6.13%, 05/16/34<sup>(h)</sup><br>|  | 200 | 210914 |
| Compass Group Diversified Holdings LLC, 5.25%, <br> 04/15/29<sup>(b)(g)</sup><br>|  | 447 | 401229 |
| Focus Financial Partners LLC, 6.75%, 09/15/31<sup>(b)</sup> |  | 336 | 342977 |
| Gaci First Investment Co., 5.25%, 10/13/32<sup>(h)</sup> |  | 200 | 203688 |
| HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, <br> 06/15/27<sup>(b)</sup><br>|  | 79 | 81102 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |  |
| 5.25%, 05/15/27 |  | 2783 | 2696535 |
| 9.75%, 01/15/29 |  | 274 | 266172 |
| 4.38%, 02/01/29<sup>(g)</sup> |  | 252 | 211826 |
| 10.00%, 11/15/29<sup>(b)</sup> |  | 244 | 241566 |
| Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(b)</sup><br>|  | 272 | 279672 |
|  |  |  | 14130105 |
| **Chemicals — 2.7%** | **Chemicals — 2.7%** | **Chemicals — 2.7%** | **Chemicals — 2.7%** |
| Avient Corp., 6.25%, 11/01/31<sup>(b)</sup> |  | 204 | 205907 |
| Axalta Coating Systems Dutch Holding B BV, 7.25%, <br> 02/15/31<sup>(b)</sup><br>|  | 534 | 562989 |
| Axalta Coating Systems LLC, 3.38%, 02/15/29<sup>(b)</sup> |  | 940 | 890367 |
| Celanese U.S. Holdings LLC |  |  |  |
| 6.50%, 04/15/30 |  | 37 | 37874 |
| 6.75%, 04/15/33<sup>(g)</sup> |  | 241 | 243503 |
| Chemours Co. |  |  |  |
| 5.38%, 05/15/27 |  | 484 | 479671 |
| 5.75%, 11/15/28<sup>(b)</sup> |  | 751 | 703916 |
| 8.00%, 01/15/33<sup>(b)</sup> |  | 222 | 207883 |
| CNAC HK Finbridge Co. Ltd., 2.00%, 09/22/25<sup>(h)</sup> |  | 300 | 298209 |
| DuPont de Nemours, Inc., 5.42%, 11/15/48<sup>(g)</sup> |  | 7500 | 7552765 |
| Element Solutions, Inc., 3.88%, 09/01/28<sup>(b)</sup> |  | 3039 | 2947207 |
| GC Treasury Center Co. Ltd., 2.98%, 03/18/31<sup>(h)</sup> |  | 200 | 174340 |
| Herens Holdco SARL, 4.75%, 05/15/28<sup>(b)</sup> |  | 200 | 179495 |
| Ingevity Corp., 3.88%, 11/01/28<sup>(b)</sup> |  | 100 | 95368 |
| Kraton Corp., 5.00%, 07/15/27 |  | 200 | 202622 |
| LG Chem Ltd., 2.38%, 07/07/31<sup>(h)</sup> |  | 200 | 171572 |
| LYB Finance Co. BV, 8.10%, 03/15/27<sup>(b)</sup> |  | 6000 | 6331280 |
| Mativ Holdings, Inc., 8.00%, 10/01/29<sup>(b)</sup> |  | 126 | 114166 |
| Methanex U.S. Operations, Inc., 6.25%, 03/15/32<sup>(b)</sup> |  | 274 | 273203 |
| Olympus Water U.S. Holding Corp.<sup>(b)</sup> <br>|  |  |  |
| 9.75%, 11/15/28 |  | 1149 | 1209931 |
| 6.25%, 10/01/29 |  | 200 | 190834 |
| 7.25%, 06/15/31 |  | 1170 | 1193400 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(b)</sup> |  | 1061 | 1027455 |
| WR Grace Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 06/15/27 |  | 300 | 298267 |
| 5.63%, 08/15/29<sup>(g)</sup> |  | 2729 | 2470253 |
| 7.38%, 03/01/31 |  | 373 | 381959 |
|  |  |  | 28444436 |
| **Commercial Services & Supplies — 4.1%** | **Commercial Services & Supplies — 4.1%** | **Commercial Services & Supplies — 4.1%** | **Commercial Services & Supplies — 4.1%** |
| ADT Security Corp., 4.88%, 07/15/32<sup>(b)</sup> |  | 518 | 496909 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| Albion Financing 1 SARL/Aggreko Holdings, Inc., <br> 7.00%, 05/21/30<sup>(b)</sup><br>| USD | 617 | $629665 |
| Allied Universal Holdco LLC, 7.88%, 02/15/31<sup>(b)</sup> |  | 2847 | 2974238 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 06/01/29<sup>(g)</sup> |  | 800 | 778057 |
| 6.88%, 06/15/30 |  | 1058 | 1072351 |
| Allied Universal Holdco LLC/Allied Universal Finance <br> Corp./Atlas Luxco 4 SARL<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 06/01/28 |  | 1460 | 1415819 |
| 4.63%, 06/01/28<sup>(g)</sup> |  | 1212 | 1176455 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(b)</sup> |  | 1030 | 1038594 |
| Block, Inc. |  |  |  |
| 2.75%, 06/01/26 |  | 694 | 679449 |
| 3.50%, 06/01/31 |  | 101 | 92644 |
| 6.50%, 05/15/32<sup>(g)</sup> |  | 3079 | 3176675 |
| Boost Newco Borrower LLC, 7.50%, 01/15/31<sup>(b)</sup> |  | 1170 | 1241973 |
| Brink's Co.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 06/15/29 |  | 225 | 231929 |
| 6.75%, 06/15/32 |  | 340 | 354075 |
| Clarivate Science Holdings Corp.<sup>(b)(g)</sup> <br>|  |  |  |
| 3.88%, 07/01/28 |  | 1831 | 1755058 |
| 4.88%, 07/01/29 |  | 1060 | 998098 |
| CMHI Finance BVI Co. Ltd., (5-year CMT + 6.62%), <br> 3.88%<sup>(a)(h)(j)</sup><br>|  | 200 | 199330 |
| Deluxe Corp., 8.13%, 09/15/29<sup>(b)</sup> |  | 164 | 169259 |
| EquipmentShare.com, Inc., 8.00%, 03/15/33<sup>(b)</sup> |  | 180 | 188567 |
| Fortress Transportation and Infrastructure Investors <br> LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 05/01/28 |  | 1350 | 1342734 |
| 7.88%, 12/01/30 |  | 909 | 964461 |
| 7.00%, 05/01/31 |  | 1515 | 1568684 |
| 7.00%, 06/15/32<sup>(g)</sup> |  | 799 | 824990 |
| 5.88%, 04/15/33 |  | 585 | 577635 |
| Garda World Security Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 02/15/27 |  | 240 | 238512 |
| 7.75%, 02/15/28 |  | 606 | 626945 |
| 6.00%, 06/01/29 |  | 89 | 86869 |
| 8.25%, 08/01/32 |  | 765 | 785045 |
| 8.38%, 11/15/32 |  | 1138 | 1168964 |
| Global Payments, Inc., 5.95%, 08/15/52<sup>(g)</sup> |  | 4547 | 4371068 |
| Herc Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/15/29<sup>(g)</sup> |  | 199 | 204174 |
| 7.00%, 06/15/30 |  | 503 | 525312 |
| 7.25%, 06/15/33 |  | 255 | 267189 |
| Hertz Corp., 12.63%, 07/15/29<sup>(b)</sup> |  | 191 | 199740 |
| Prime Security Services Borrower LLC/Prime Finance, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 04/15/26 |  | 12 | 12062 |
| 6.25%, 01/15/28<sup>(g)</sup> |  | 879 | 880377 |
| Raven Acquisition Holdings LLC, 6.88%, 11/15/31<sup>(b)</sup> |  | 310 | 310013 |
| RR Donnelley & Sons Co., 9.50%, 08/01/29<sup>(b)</sup> |  | 788 | 788000 |
| Service Corp. International |  |  |  |
| 5.13%, 06/01/29 |  | 468 | 465996 |
| 3.38%, 08/15/30 |  | 1331 | 1223357 |
| 4.00%, 05/15/31 |  | 364 | 340587 |
| 5.75%, 10/15/32 |  | 1280 | 1293053 |
| Shanghai Port Group BVI Development 2 Co. Ltd., <br> 1.50%, 07/13/25<sup>(h)</sup><br>|  | 200 | 199780 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 08/15/32 |  | 1389 | 1442572 |
| 5.50%, 05/15/33 | EUR | 350 | 426469 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Sotheby's/Bidfair Holdings, Inc., 5.88%, 06/01/29<sup>(b)</sup> | USD | 682 | $614156 |
| United Rentals North America, Inc., 6.13%, 03/15/34<sup>(b)</sup> |  | 102 | 105062 |
| Veritiv Operating Co., 10.50%, 11/30/30<sup>(b)</sup> |  | 216 | 233819 |
| Wand NewCo 3, Inc., 7.63%, 01/30/32<sup>(b)</sup> |  | 720 | 756669 |
| WEX, Inc., 6.50%, 03/15/33<sup>(b)</sup> |  | 452 | 456024 |
| Williams Scotsman, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 08/15/28 |  | 269 | 264372 |
| 6.63%, 06/15/29 |  | 35 | 35928 |
| 6.63%, 04/15/30 |  | 409 | 424849 |
| 7.38%, 10/01/31 |  | 485 | 510511 |
|  |  |  | 43205123 |
| **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** | **Communications Equipment**<sup>(b)</sup> **— 0.1%** |
| CommScope LLC |  |  |  |
| 4.75%, 09/01/29 |  | 983 | 959687 |
| 9.50%, 12/15/31 |  | 401 | 419932 |
| Viavi Solutions, Inc., 3.75%, 10/01/29 |  | 227 | 212111 |
|  |  |  | 1591730 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| Arcosa, Inc., 6.88%, 08/15/32<sup>(b)</sup> |  | 76 | 78874 |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(b)</sup> |  | 1967 | 1814826 |
| Dycom Industries, Inc., 4.50%, 04/15/29<sup>(b)</sup> |  | 26 | 25306 |
| IRB Infrastructure Developers Ltd., 7.11%, 03/11/32<sup>(h)</sup> |  | 200 | 200563 |
| Signature Aviation U.S. Holdings, Inc., 4.00%, <br> 03/01/28<sup>(b)</sup><br>|  | 541 | 472022 |
| Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31<sup>(h)</sup> |  | 200 | 176458 |
|  |  |  | 2768049 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| Bread Financial Holdings, Inc., (5-year CMT + 4.30%), <br> 8.38%, 06/15/35<sup>(a)(b)</sup><br>|  | 54 | 54371 |
| Hyundai Card Co. Ltd., 5.75%, 04/24/29<sup>(h)</sup> |  | 345 | 356333 |
| Muthoot Finance Ltd., 7.13%, 02/14/28<sup>(h)</sup> |  | 475 | 483963 |
| Navient Corp. |  |  |  |
| 9.38%, 07/25/30 |  | 244 | 269135 |
| 7.88%, 06/15/32 |  | 329 | 342160 |
| OneMain Finance Corp. |  |  |  |
| 6.63%, 01/15/28 |  | 170 | 175555 |
| 6.63%, 05/15/29 |  | 429 | 440605 |
| 5.38%, 11/15/29 |  | 1027 | 1010204 |
| 7.88%, 03/15/30 |  | 388 | 412277 |
| 4.00%, 09/15/30 |  | 109 | 100578 |
| 7.50%, 05/15/31 |  | 115 | 120158 |
| 7.13%, 11/15/31 |  | 139 | 144626 |
| 6.75%, 03/15/32 |  | 391 | 398354 |
| 7.13%, 09/15/32 |  | 506 | 523846 |
| Shinhan Card Co. Ltd., 1.38%, 10/19/25<sup>(h)</sup> |  | 200 | 197960 |
| SLM Corp., 6.50%, 01/31/30 |  | 81 | 85020 |
|  |  |  | 5115145 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| CK Hutchison International 21 Ltd., 2.50%, 04/15/31<sup>(h)</sup> |  | 200 | 178566 |
| CK Hutchison International 23 Ltd.<sup>(h)</sup> <br>|  |  |  |
| 4.75%, 04/21/28 |  | 400 | 403240 |
| 4.88%, 04/21/33 |  | 400 | 396772 |
| CK Hutchison International 24 Ltd., 5.50%, 04/26/34<sup>(h)</sup> |  | 200 | 205798 |
| Walgreens Boots Alliance, Inc. |  |  |  |
| 8.13%, 08/15/29 |  | 201 | 213176 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| Walgreens Boots Alliance, Inc. (continued) |  |  |  |
| 4.80%, 11/18/44 | USD | 374 | $357170 |
| Walmart, Inc., 5.25%, 09/01/35<sup>(g)</sup> |  | 5150 | 5409748 |
|  |  |  | 7164470 |
| **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 06/15/27 |  | 509 | 510564 |
| 3.25%, 09/01/28 |  | 200 | 189007 |
| 4.00%, 09/01/29<sup>(g)</sup> |  | 2600 | 2373480 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, <br> Inc.<br>|  |  |  |
| 2.13%, 08/15/26<sup>(h)</sup> | EUR | 304 | 342780 |
| 4.13%, 08/15/26<sup>(b)</sup> | USD | 900 | 844983 |
| Ball Corp. |  |  |  |
| 3.13%, 09/15/31<sup>(g)</sup> |  | 234 | 209935 |
| 4.25%, 07/01/32 | EUR | 185 | 220789 |
| Clydesdale Acquisition Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 04/15/29 | USD | 287 | 291157 |
| 6.88%, 01/15/30 |  | 666 | 680837 |
| 8.75%, 04/15/30<sup>(g)</sup> |  | 416 | 425495 |
| 6.75%, 04/15/32 |  | 1178 | 1208945 |
| Crown Americas LLC, 5.88%, 06/01/33<sup>(b)</sup> |  | 753 | 758147 |
| Crown Americas LLC/Crown Americas Capital Corp. V, <br> 4.25%, 09/30/26<br>|  | 224 | 222743 |
| LABL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 11/01/28 |  | 428 | 374269 |
| 9.50%, 11/01/28 |  | 771 | 712696 |
| 8.63%, 10/01/31 |  | 433 | 370374 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 04/15/27 |  | 5124 | 5207993 |
| 9.25%, 04/15/27 |  | 102 | 101285 |
| OI European Group BV, 6.25%, 05/15/28<sup>(b)</sup> | EUR | 175 | 212841 |
| Owens-Brockway Glass Container, Inc., 6.63%, <br> 05/13/27<sup>(b)</sup><br>| USD | 59 | 59027 |
| Sealed Air Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 12/01/27 |  | 205 | 200075 |
| 5.00%, 04/15/29 |  | 86 | 85063 |
| 6.50%, 07/15/32 |  | 268 | 277718 |
| Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, <br> 02/01/28<sup>(b)</sup><br>|  | 121 | 122774 |
| Trivium Packaging Finance BV<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 07/15/30 | EUR | 110 | 133918 |
| 8.25%, 07/15/30 | USD | 200 | 211497 |
| 12.25%, 01/15/31 |  | 200 | 214387 |
|  |  |  | 16562779 |
| **Diversified REITs — 2.3%** | **Diversified REITs — 2.3%** | **Diversified REITs — 2.3%** | **Diversified REITs — 2.3%** |
| American Tower Corp., 3.60%, 01/15/28<sup>(g)</sup> |  | 4000 | 3927139 |
| Crown Castle, Inc.<sup>(g)</sup> <br>|  |  |  |
| 3.65%, 09/01/27 |  | 8000 | 7862254 |
| 4.15%, 07/01/50 |  | 820 | 626690 |
| Global Net Lease, Inc./Global Net Lease Operating <br> Partnership LP, 3.75%, 12/15/27<sup>(b)</sup><br>|  | 197 | 188140 |
| GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 |  | 725 | 638083 |
| Iron Mountain Information Management Services, Inc., <br> 5.00%, 07/15/32<sup>(b)</sup><br>|  | 534 | 512036 |
| Iron Mountain, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 09/15/27<sup>(g)</sup> |  | 606 | 602552 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| Iron Mountain, Inc.<sup>(b)</sup> (continued) |  |  |  |
| 5.25%, 07/15/30 | USD | 32 | $31562 |
| 5.63%, 07/15/32 |  | 493 | 489081 |
| 6.25%, 01/15/33 |  | 633 | 650854 |
| Rithm Capital Corp., 8.00%, 07/15/30<sup>(b)</sup> |  | 172 | 172860 |
| SBA Communications Corp., 3.13%, 02/01/29<sup>(g)</sup> |  | 3003 | 2836267 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC, 10.50%, 02/15/28<sup>(b)</sup><br>|  | 2570 | 2724309 |
| VICI Properties LP, 5.13%, 05/15/32<sup>(g)</sup> |  | 3155 | 3143386 |
|  |  |  | 24405213 |
| **Diversified Telecommunication Services — 7.8%** | **Diversified Telecommunication Services — 7.8%** | **Diversified Telecommunication Services — 7.8%** | **Diversified Telecommunication Services — 7.8%** |
| Altice Financing SA<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 01/15/28 |  | 200 | 150459 |
| 5.75%, 08/15/29 |  | 715 | 522079 |
| AT&T, Inc. |  |  |  |
| 4.65%, 06/01/44 |  | 28 | 24152 |
| 4.35%, 06/15/45 |  | 95 | 78758 |
| 3.50%, 09/15/53<sup>(g)</sup> |  | 15960 | 10802643 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(b)</sup><br>|  | 317 | 318626 |
| EchoStar Corp. |  |  |  |
| (6.75% PIK), 6.75%, 11/30/30<sup>(i)</sup> |  | 2631 | 2400942 |
| 10.75%, 11/30/29 |  | 1571 | 1617851 |
| Fibercop SpA, 6.00%, 09/30/34<sup>(b)</sup> |  | 600 | 561505 |
| Frontier Communications Holdings LLC |  |  |  |
| 5.88%, 10/15/27<sup>(b)</sup> |  | 68 | 68026 |
| 5.00%, 05/01/28<sup>(b)</sup> |  | 640 | 639731 |
| 6.75%, 05/01/29<sup>(b)</sup> |  | 146 | 147909 |
| 5.88%, 11/01/29 |  | 268 | 270450 |
| 6.00%, 01/15/30<sup>(b)</sup> |  | 358 | 362617 |
| 8.75%, 05/15/30<sup>(b)</sup> |  | 3395 | 3550733 |
| 8.63%, 03/15/31<sup>(b)</sup> |  | 395 | 419691 |
| Globe Telecom, Inc., (5-year CMT + 5.53%), <br> 4.20%<sup>(a)(h)(j)</sup><br>|  | 700 | 688975 |
| HKT Capital No. 4 Ltd., 3.00%, 07/14/26<sup>(h)</sup> |  | 200 | 196872 |
| Iliad Holding SASU<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 10/15/28<sup>(g)</sup> |  | 735 | 748431 |
| 8.50%, 04/15/31 |  | 1185 | 1267506 |
| 7.00%, 04/15/32 |  | 364 | 372947 |
| Level 3 Financing, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.63%, 01/15/29 |  | 80 | 68400 |
| 4.88%, 06/15/29<sup>(g)</sup> |  | 1256 | 1173257 |
| 11.00%, 11/15/29 |  | 2281 | 2616339 |
| 4.50%, 04/01/30 |  | 382 | 346110 |
| 3.88%, 10/15/30 |  | 148 | 128390 |
| 10.75%, 12/15/30 |  | 973 | 1103331 |
| 4.00%, 04/15/31 |  | 19 | 16560 |
| 6.88%, 06/30/33 |  | 2774 | 2822609 |
| Lumen Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 04/15/29 |  | 368 | 357996 |
| 4.13%, 04/15/30 |  | 369 | 359414 |
| 10.00%, 10/15/32 |  | 283 | 288645 |
| Sable International Finance Ltd., 7.13%, 10/15/32<sup>(b)</sup> |  | 639 | 640797 |
| Sprint Capital Corp.<sup>(g)</sup> <br>|  |  |  |
| 6.88%, 11/15/28 |  | 3063 | 3288244 |
| 8.75%, 03/15/32 |  | 2041 | 2475917 |
| Telecom Italia Capital SA, 7.72%, 06/04/38 |  | 478 | 515064 |
| Telefonica Emisiones SA, 5.21%, 03/08/47<sup>(g)</sup> |  | 5000 | 4423682 |
| Verizon Communications, Inc.<sup>(g)</sup> <br>|  |  |  |
| 6.40%, 09/15/33 |  | 9475 | 10352174 |
| 6.55%, 09/15/43 |  | 13225 | 14490036 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** | **Diversified Telecommunication Services (continued)** |
| Verizon Communications, Inc.<sup>(g)</sup> (continued) |  |  |  |
| 5.01%, 04/15/49 | USD | 6998 | $6418502 |
| Windstream Escrow LLC/Windstream Escrow Finance <br> Corp., 8.25%, 10/01/31<sup>(b)</sup><br>|  | 1643 | 1720691 |
| Zayo Group Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 03/01/27 |  | 4004 | 3754857 |
| 6.13%, 03/01/28 |  | 519 | 447883 |
|  |  |  | 83019801 |
| **Electric Utilities — 4.1%** | **Electric Utilities — 4.1%** | **Electric Utilities — 4.1%** | **Electric Utilities — 4.1%** |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(b)</sup> |  | 336 | 346364 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure <br> PLC, 6.38%, 02/15/32<sup>(b)</sup><br>|  | 286 | 286466 |
| China Huaneng Group Hong Kong Treasury <br> Management Holding Ltd., 1.60%, 01/20/26<sup>(h)</sup><br>|  | 200 | 196804 |
| Chugoku Electric Power Co., Inc., 5.74%, 01/14/35<sup>(h)</sup> |  | 200 | 204996 |
| Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27<sup>(h)</sup> |  | 200 | 205750 |
| ContourGlobal Power Holdings SA, 6.75%, 02/28/30<sup>(b)</sup> |  | 600 | 618216 |
| Edison International, Series A, (5-year CMT + 4.70%), <br> 5.38%<sup>(a)(j)</sup><br>|  | 217 | 204310 |
| Emera, Inc., Series 16-A, (3-mo. SOFR US + 5.70%), <br> 6.75%, 06/15/76<sup>(a)</sup><br>|  | 7500 | 7547050 |
| FirstEnergy Corp., 2.65%, 03/01/30 |  | 73 | 67027 |
| Hanwha Futureproof Corp., 4.75%, 04/30/28<sup>(h)</sup> |  | 375 | 379335 |
| Minejesa Capital BV, 4.63%, 08/10/30<sup>(h)</sup> |  | 158 | 154328 |
| Mong Duong Finance Holdings BV, 5.13%, 05/07/29 |  | 410 | 399853 |
| NextEra Energy Capital Holdings, Inc., (3-mo. SOFR US <br> + 2.67%), 4.80%, 12/01/77<sup>(a)(g)</sup><br>|  | 5000 | 4788225 |
| Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42<sup>(g)</sup> |  | 2750 | 2628197 |
| Pacific Gas and Electric Co.<sup>(g)</sup> <br>|  |  |  |
| 6.95%, 03/15/34 |  | 1020 | 1098022 |
| 4.20%, 06/01/41 |  | 2310 | 1776484 |
| Pattern Energy Operations LP/Pattern Energy <br> Operations, Inc., 4.50%, 08/15/28<sup>(b)</sup><br>|  | 150 | 145329 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik <br> Negara<sup>(h)</sup> <br>|  |  |  |
| 3.00%, 06/30/30 |  | 350 | 322350 |
| 1.88%, 11/05/31 | EUR | 200 | 204596 |
| PG&E Corp., 5.25%, 07/01/30 | USD | 226 | 215297 |
| Pike Corp., 8.63%, 01/31/31<sup>(b)</sup> |  | 126 | 137035 |
| Progress Energy, Inc., 7.00%, 10/30/31<sup>(g)</sup> |  | 12000 | 13552131 |
| Sempra, (5-year CMT + 4.55%), 4.88%<sup>(a)(j)</sup> |  | 4375 | 4356963 |
| Star Energy Geothermal Darajat II/Star Energy <br> Geothermal Salak, 4.85%, 10/14/38<sup>(h)</sup><br>|  | 200 | 188000 |
| State Grid Overseas Investment BVI Ltd.<sup>(h)</sup> <br>|  |  |  |
| 1.00%, 08/05/25 |  | 200 | 199320 |
| 3.50%, 05/04/27 |  | 200 | 197792 |
| Three Gorges Finance I Cayman Islands Ltd., 3.15%, <br> 06/02/26<sup>(h)</sup><br>|  | 200 | 197778 |
| Vistra Operations Co. LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 09/01/26 |  | 23 | 23022 |
| 5.63%, 02/15/27 |  | 812 | 812555 |
| 5.00%, 07/31/27 |  | 23 | 22972 |
| 7.75%, 10/15/31 |  | 718 | 763122 |
| 6.88%, 04/15/32 |  | 420 | 439102 |
| XPLR Infrastructure Operating Partners LP, 8.38%, <br> 01/15/31<sup>(b)</sup><br>|  | 942 | 1006154 |
|  |  |  | 43684945 |
| **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.6%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.6%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.6%** | **Electronic Equipment, Instruments & Components**<sup>(b)</sup> **— 0.6%** |
| Coherent Corp., 5.00%, 12/15/29<sup>(g)</sup> |  | 487 | 478298 |
| Imola Merger Corp., 4.75%, 05/15/29 |  | 573 | 553227 |
| Sensata Technologies BV, 4.00%, 04/15/29 |  | 207 | 196874 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Sensata Technologies, Inc. |  |  |  |
| 4.38%, 02/15/30 | USD | 2150 | $2052614 |
| 3.75%, 02/15/31<sup>(g)</sup> |  | 416 | 379193 |
| 6.63%, 07/15/32 |  | 612 | 629840 |
| WESCO Distribution, Inc. |  |  |  |
| 7.25%, 06/15/28 |  | 1043 | 1055950 |
| 6.63%, 03/15/32 |  | 264 | 274341 |
| 6.38%, 03/15/33 |  | 346 | 357619 |
| Xerox Corp., 10.25%, 10/15/30 |  | 156 | 163323 |
| Zebra Technologies Corp., 6.50%, 06/01/32 |  | 166 | 170694 |
|  |  |  | 6311973 |
| **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 <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/01/27 |  | 415 | 415424 |
| 6.25%, 04/01/28 |  | 21 | 21069 |
| 6.63%, 09/01/32 |  | 672 | 684659 |
| Kodiak Gas Services LLC, 7.25%, 02/15/29<sup>(b)</sup> |  | 757 | 783049 |
| Oceaneering International, Inc., 6.00%, 02/01/28 |  | 101 | 101833 |
| Star Holding LLC, 8.75%, 08/01/31<sup>(b)</sup> |  | 366 | 344906 |
| Tidewater, Inc., 07/15/30<sup>(b)(c)</sup> |  | 266 | 273677 |
| USA Compression Partners LP/USA Compression <br> Finance Corp.<br>|  |  |  |
| 6.88%, 09/01/27 |  | 473 | 473951 |
| 7.13%, 03/15/29<sup>(b)</sup> |  | 526 | 539114 |
| Weatherford International Ltd., 8.63%, 04/30/30<sup>(b)</sup> |  | 916 | 944146 |
|  |  |  | 4581828 |
| **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** | **Entertainment — 1.7%** |
| Banijay Entertainment SAS, 8.13%, 05/01/29<sup>(b)</sup> |  | 200 | 207492 |
| Boyne USA, Inc., 4.75%, 05/15/29<sup>(b)</sup> |  | 611 | 592879 |
| Caesars Entertainment, Inc.<sup>(b)(g)</sup> <br>|  |  |  |
| 4.63%, 10/15/29 |  | 110 | 104999 |
| 7.00%, 02/15/30 |  | 2677 | 2772253 |
| 6.50%, 02/15/32 |  | 812 | 833206 |
| Champion Path Holdings Ltd.<sup>(h)</sup> <br>|  |  |  |
| 4.50%, 01/27/26 |  | 500 | 497250 |
| 4.85%, 01/27/28 |  | 500 | 480000 |
| Churchill Downs, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/15/28 |  | 730 | 720590 |
| 5.75%, 04/01/30 |  | 1506 | 1510908 |
| 6.75%, 05/01/31 |  | 560 | 575580 |
| Cinemark USA, Inc., 7.00%, 08/01/32<sup>(b)</sup> |  | 109 | 113160 |
| Flutter Treasury DAC<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 04/29/29 |  | 224 | 230730 |
| 5.88%, 06/04/31 |  | 644 | 648830 |
| Great Canadian Gaming Corp./Raptor LLC, 8.75%, <br> 11/15/29<sup>(b)</sup><br>|  | 512 | 501155 |
| Light & Wonder International, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 05/15/28 |  | 451 | 452314 |
| 7.25%, 11/15/29 |  | 218 | 224596 |
| 7.50%, 09/01/31 |  | 309 | 323341 |
| Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29<sup>(b)</sup> |  | 388 | 337199 |
| Live Nation Entertainment, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 10/15/27<sup>(g)</sup> |  | 425 | 420380 |
| 3.75%, 01/15/28 |  | 155 | 149985 |
| Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, <br> 02/15/31<sup>(b)</sup><br>|  | 423 | 377999 |
| Midwest Gaming Borrower LLC/Midwest Gaming <br> Finance Corp., 4.88%, 05/01/29<sup>(b)</sup><br>|  | 313 | 301502 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC, 8.25%, 04/15/30<sup>(b)</sup><br>|  | 333 | 343725 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Premier Entertainment Sub LLC/Premier Entertainment <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 09/01/29 | USD | 242 | $138545 |
| 5.88%, 09/01/31 |  | 310 | 169725 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise <br> Finance Corp., 6.63%, 02/01/33<sup>(b)</sup><br>|  | 221 | 221286 |
| Scientific Games Holdings LP/Scientific Games <br> U.S. FinCo, Inc., 6.63%, 03/01/30<sup>(b)</sup><br>|  | 336 | 323789 |
| Six Flags Entertainment Corp.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 07/01/25 |  | 224 | 224000 |
| 7.25%, 05/15/31<sup>(g)</sup> |  | 268 | 275420 |
| Six Flags Entertainment Corp. /Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co., 6.63%, 05/01/32<sup>(b)</sup><br>|  | 1139 | 1174804 |
| Vail Resorts, Inc., 6.50%, 05/15/32<sup>(b)</sup> |  | 518 | 535223 |
| Voyager Parent LLC, 9.25%, 07/01/32<sup>(b)</sup> |  | 396 | 412009 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 10/01/29 |  | 1337 | 1327350 |
| 7.13%, 02/15/31<sup>(g)</sup> |  | 700 | 746523 |
| 6.25%, 03/15/33 |  | 248 | 249590 |
|  |  |  | 18518337 |
| **Environmental, Maintenance & Security Service — 0.6%** | **Environmental, Maintenance & Security Service — 0.6%** | **Environmental, Maintenance & Security Service — 0.6%** | **Environmental, Maintenance & Security Service — 0.6%** |
| Clean Harbors, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 07/15/29 |  | 1142 | 1128185 |
| 6.38%, 02/01/31 |  | 100 | 102452 |
| GFL Environmental, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 08/01/28 |  | 36 | 34917 |
| 4.75%, 06/15/29<sup>(g)</sup> |  | 558 | 550562 |
| 4.38%, 08/15/29 |  | 629 | 610783 |
| 6.75%, 01/15/31 |  | 653 | 683314 |
| Madison IAQ LLC, 5.88%, 06/30/29<sup>(b)(g)</sup> |  | 939 | 923764 |
| Reworld Holding Corp. |  |  |  |
| 4.88%, 12/01/29<sup>(b)</sup> |  | 142 | 135091 |
| 5.00%, 09/01/30 |  | 282 | 266530 |
| Waste Pro USA, Inc., 7.00%, 02/01/33<sup>(b)</sup> |  | 1318 | 1368239 |
| Wrangler Holdco Corp., 6.63%, 04/01/32<sup>(b)</sup> |  | 211 | 219664 |
|  |  |  | 6023501 |
| **Financial Services — 1.6%** | **Financial Services — 1.6%** | **Financial Services — 1.6%** | **Financial Services — 1.6%** |
| Ally Financial, Inc., (1-day SOFR Index + 1.96%), <br> 5.74%, 05/15/29<sup>(a)(g)</sup><br>|  | 1820 | 1852401 |
| Azorra Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 04/15/30 |  | 223 | 231502 |
| 01/15/31<sup>(c)</sup> |  | 147 | 150076 |
| BOC Aviation Ltd., 1.75%, 01/21/26<sup>(h)</sup> |  | 200 | 197167 |
| BOC Aviation USA Corp., 5.25%, 01/14/30<sup>(h)</sup> |  | 200 | 206286 |
| China Cinda 2020 I Management Ltd.<sup>(h)</sup> <br>|  |  |  |
| 3.25%, 01/28/27 |  | 200 | 195688 |
| 3.00%, 03/18/27 |  | 200 | 194346 |
| CITIC Ltd., 3.70%, 06/14/26<sup>(h)</sup> |  | 200 | 198638 |
| CMB International Leasing Management Ltd.<sup>(h)</sup> <br>|  |  |  |
| 1.88%, 08/12/25 |  | 200 | 199346 |
| (1-day SOFR + 0.76%), 5.15%, 06/04/27<sup>(a)</sup> |  | 200 | 199982 |
| Far East Horizon Ltd.<sup>(h)</sup> <br>|  |  |  |
| 6.63%, 04/16/27 |  | 290 | 293335 |
| 5.88%, 03/05/28 |  | 200 | 198854 |
| Freedom Mortgage Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 9.25%, 02/01/29 |  | 235 | 244090 |
| 9.13%, 05/15/31 |  | 407 | 419528 |
| 8.38%, 04/01/32 |  | 245 | 247640 |
| GGAM Finance Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.75%, 05/15/26 |  | 66 | 66676 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(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)** |
| GGAM Finance Ltd.<sup>(b)</sup> (continued) |  |  |  |
| 8.00%, 02/15/27 | USD | 307 | $316530 |
| 8.00%, 06/15/28 |  | 202 | 213659 |
| 6.88%, 04/15/29 |  | 462 | 477629 |
| 5.88%, 03/15/30 |  | 286 | 288031 |
| Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27<sup>(b)</sup> |  | 542 | 556227 |
| ICBCIL Finance Co. Ltd., 1.75%, 08/25/25<sup>(h)</sup> |  | 200 | 199110 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, <br> 08/15/28<sup>(b)</sup><br>|  | 475 | 459171 |
| JIC Zhixin Ltd., 3.50%, 11/24/27<sup>(h)</sup> |  | 200 | 196754 |
| Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/31<sup>(b)</sup> |  | 230 | 243412 |
| Manappuram Finance Ltd., 7.38%, 05/12/28<sup>(h)</sup> |  | 200 | 202354 |
| Midcap Financial Issuer Trust<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 05/01/28 |  | 200 | 198110 |
| 5.63%, 01/15/30 |  | 600 | 554250 |
| Nationstar Mortgage Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 01/15/27 |  | 244 | 244263 |
| 6.50%, 08/01/29 |  | 682 | 696632 |
| 5.13%, 12/15/30 |  | 113 | 114365 |
| 5.75%, 11/15/31 |  | 436 | 442798 |
| PennyMac Financial Services, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 12/15/29 |  | 301 | 319627 |
| 7.13%, 11/15/30 |  | 396 | 410408 |
| 6.88%, 05/15/32 |  | 461 | 471359 |
| 6.88%, 02/15/33 |  | 263 | 269575 |
| Phoenix Aviation Capital Ltd., 9.25%, 07/15/30<sup>(b)</sup> |  | 559 | 578977 |
| Piramal Finance Ltd., 7.80%, 01/29/28<sup>(h)</sup> |  | 200 | 201560 |
| Power Finance Corp. Ltd., 3.75%, 12/06/27<sup>(h)</sup> |  | 200 | 195592 |
| Rocket Cos., Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.13%, 08/01/30 |  | 1724 | 1756808 |
| 6.38%, 08/01/33 |  | 1292 | 1321975 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 2.88%, 10/15/26<sup>(g)</sup> |  | 121 | 118008 |
| 3.88%, 03/01/31 |  | 277 | 256784 |
| 4.00%, 10/15/33 |  | 157 | 140463 |
| UWM Holdings LLC, 6.63%, 02/01/30<sup>(b)</sup> |  | 613 | 613633 |
|  |  |  | 17153619 |
| **Food Products — 2.3%** | **Food Products — 2.3%** | **Food Products — 2.3%** | **Food Products — 2.3%** |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons <br> LP/Albertsons LLC<sup>(b)</sup> <br>|  |  |  |
| 3.25%, 03/15/26 |  | 1147 | 1131204 |
| 4.63%, 01/15/27 |  | 1325 | 1316670 |
| 5.88%, 02/15/28 |  | 898 | 897099 |
| 3.50%, 03/15/29 |  | 54 | 51158 |
| 4.88%, 02/15/30<sup>(g)</sup> |  | 171 | 168096 |
| 6.25%, 03/15/33 |  | 240 | 247398 |
| Aramark Services, Inc., 5.00%, 02/01/28<sup>(b)(g)</sup> |  | 225 | 224095 |
| B&G Foods, Inc., 8.00%, 09/15/28<sup>(b)</sup> |  | 127 | 122274 |
| Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), <br> 8.75%, 10/01/29<sup>(b)(i)</sup><br>|  | 1897 | 2031877 |
| Chobani LLC/Chobani Finance Corp., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 11/15/28 |  | 640 | 628154 |
| 7.63%, 07/01/29 |  | 1660 | 1729823 |
| Darling Global Finance BV, 4.50%, 07/15/32<sup>(b)</sup> | EUR | 235 | 280164 |
| Darling Ingredients, Inc., 6.00%, 06/15/30<sup>(b)(g)</sup> | USD | 581 | 588671 |
| Fiesta Purchaser, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.88%, 03/01/31 |  | 28 | 29714 |
| 9.63%, 09/15/32 |  | 119 | 125565 |
| General Mills, Inc., 4.20%, 04/17/28<sup>(g)</sup> |  | 620 | 619216 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** | **Food Products (continued)** |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave <br> Distribution, Inc., 9.00%, 02/15/29<sup>(b)</sup><br>| USD | 214 | $221630 |
| Kraft Heinz Foods Co. |  |  |  |
| 4.25%, 03/01/31 |  | 68 | 66908 |
| 5.00%, 07/15/35 |  | 214 | 211384 |
| 7.13%, 08/01/39<sup>(b)(g)</sup> |  | 4415 | 4972630 |
| 4.63%, 10/01/39 |  | 100 | 89700 |
| 5.00%, 06/04/42 |  | 12 | 10824 |
| 4.38%, 06/01/46 |  | 158 | 127826 |
| 5.50%, 06/01/50<sup>(g)</sup> |  | 2825 | 2643224 |
| Lamb Weston Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.88%, 05/15/28 |  | 460 | 457158 |
| 4.13%, 01/31/30<sup>(g)</sup> |  | 515 | 491102 |
| 4.38%, 01/31/32<sup>(g)</sup> |  | 643 | 602169 |
| Performance Food Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 08/01/29 |  | 851 | 820576 |
| 6.13%, 09/15/32 |  | 712 | 728329 |
| Post Holdings, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 04/15/30<sup>(g)</sup> |  | 434 | 417176 |
| 4.50%, 09/15/31 |  | 72 | 66831 |
| 6.25%, 02/15/32 |  | 273 | 280558 |
| 6.38%, 03/01/33 |  | 490 | 494467 |
| 6.25%, 10/15/34 |  | 269 | 270528 |
| Simmons Foods, Inc./Simmons Prepared Foods, <br> Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, <br> 03/01/29<sup>(b)</sup><br>|  | 275 | 259648 |
| U.S. Foods, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 09/15/28 |  | 132 | 136484 |
| 4.75%, 02/15/29 |  | 595 | 584561 |
| 7.25%, 01/15/32 |  | 338 | 355929 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(b)</sup> |  | 336 | 331619 |
|  |  |  | 24832439 |
| **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** | **Gas Utilities — 0.3%** |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.50%, <br> 06/01/30<sup>(b)</sup><br>|  | 161 | 167034 |
| Suburban Propane Partners LP/Suburban Energy <br> Finance Corp., 5.00%, 06/01/31<sup>(b)</sup><br>|  | 237 | 224225 |
| Venture Global Plaque |  |  |  |
| 6.50%, 01/15/34 |  | 1155 | 1155000 |
| 6.75%, 01/15/36 |  | 1205 | 1205000 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup> <br>|  |  |  |
| 7.50%, 05/01/33 |  | 384 | 411196 |
| 7.75%, 05/01/35 |  | 293 | 317150 |
|  |  |  | 3479605 |
| **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<sup>(a)(g)</sup><br>|  | 6125 | 6145274 |
| CSX Corp., 3.80%, 04/15/50<sup>(g)</sup> |  | 770 | 582907 |
| Genesee & Wyoming, Inc., 6.25%, 04/15/32<sup>(b)</sup> |  | 625 | 637733 |
| Norfolk Southern Corp., 6.00%, 03/15/2105<sup>(g)</sup> |  | 12700 | 12044035 |
| Watco Cos. LLC/Watco Finance Corp., 7.13%, <br> 08/01/32<sup>(b)</sup><br>|  | 185 | 193383 |
|  |  |  | 19603332 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| Avantor Funding, Inc. |  |  |  |
| 2.63%, 11/01/25<sup>(h)</sup> | EUR | 300 | 352678 |
| 4.63%, 07/15/28<sup>(b)(g)</sup> | USD | 2191 | 2151472 |
| 3.88%, 11/01/29<sup>(b)</sup> |  | 395 | 373987 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(b)</sup> |  | 1975 | 2061406 |
| Insulet Corp., 6.50%, 04/01/33<sup>(b)</sup> |  | 314 | 327372 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Medline Borrower LP<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 04/01/29 | USD | 362 | $347245 |
| 5.25%, 10/01/29 |  | 3037 | 3013326 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, <br> 04/01/29<sup>(b)</sup><br>|  | 915 | 939965 |
| Medtronic, Inc., 4.63%, 03/15/45<sup>(g)</sup> |  | 647 | 582048 |
| Neogen Food Safety Corp., 8.63%, 07/20/30<sup>(b)</sup> |  | 288 | 297889 |
| Sotera Health Holdings LLC, 7.38%, 06/01/31<sup>(b)</sup> |  | 279 | 290284 |
| Teleflex, Inc., 4.25%, 06/01/28<sup>(b)(g)</sup> |  | 637 | 622344 |
|  |  |  | 11360016 |
| **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<sup>(b)</sup> |  | 117 | 120537 |
| Aetna, Inc., 3.88%, 08/15/47<sup>(g)</sup> |  | 3500 | 2547685 |
| AHP Health Partners, Inc., 5.75%, 07/15/29<sup>(b)</sup> |  | 609 | 593876 |
| Charles River Laboratories International, Inc., 4.00%, <br> 03/15/31<sup>(b)</sup><br>|  | 68 | 62308 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.63%, 03/15/27<sup>(g)</sup> |  | 690 | 679637 |
| 6.00%, 01/15/29<sup>(g)</sup> |  | 1469 | 1412985 |
| 5.25%, 05/15/30<sup>(g)</sup> |  | 1043 | 924878 |
| 4.75%, 02/15/31<sup>(g)</sup> |  | 348 | 297499 |
| 10.88%, 01/15/32 |  | 1006 | 1066226 |
| Concentra Health Services, Inc., 6.88%, 07/15/32<sup>(b)</sup> |  | 433 | 448312 |
| DaVita, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 09/01/32 |  | 249 | 258009 |
| 6.75%, 07/15/33 |  | 219 | 226139 |
| Elevance Health, Inc., 4.55%, 03/01/48<sup>(g)</sup> |  | 5000 | 4166802 |
| Encompass Health Corp. |  |  |  |
| 4.75%, 02/01/30<sup>(g)</sup> |  | 450 | 444288 |
| 4.63%, 04/01/31 |  | 409 | 395801 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(b)(g)</sup> |  | 104 | 94138 |
| HAH Group Holding Co. LLC, 9.75%, 10/01/31<sup>(b)</sup> |  | 280 | 277596 |
| HCA, Inc. |  |  |  |
| 5.38%, 09/01/26 |  | 359 | 360814 |
| 5.63%, 09/01/28<sup>(g)</sup> |  | 833 | 857621 |
| 5.25%, 06/15/49<sup>(g)</sup> |  | 3500 | 3109258 |
| HealthEquity, Inc., 4.50%, 10/01/29<sup>(b)</sup> |  | 1134 | 1102569 |
| IQVIA, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 10/15/26 |  | 354 | 353637 |
| 5.00%, 05/15/27 |  | 200 | 199325 |
| 6.50%, 05/15/30 |  | 314 | 323729 |
| 6.25%, 06/01/32 |  | 1163 | 1193492 |
| LifePoint Health, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.88%, 08/15/30<sup>(g)</sup> |  | 228 | 246629 |
| 11.00%, 10/15/30<sup>(g)</sup> |  | 741 | 817468 |
| 8.38%, 02/15/32 |  | 116 | 123603 |
| 10.00%, 06/01/32<sup>(g)</sup> |  | 446 | 460123 |
| Molina Healthcare, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 06/15/28 |  | 182 | 177891 |
| 3.88%, 11/15/30 |  | 187 | 173742 |
| 3.88%, 05/15/32<sup>(g)</sup> |  | 198 | 180221 |
| 6.25%, 01/15/33 |  | 268 | 272797 |
| Prime Healthcare Services, Inc., 9.38%, 09/01/29<sup>(b)</sup> |  | 150 | 148875 |
| Star Parent, Inc., 9.00%, 10/01/30<sup>(b)</sup> |  | 585 | 615314 |
| Surgery Center Holdings, Inc., 7.25%, 04/15/32<sup>(b)(g)</sup> |  | 956 | 974176 |
| Tenet Healthcare Corp. |  |  |  |
| 6.13%, 06/15/30 |  | 243 | 247224 |
| 6.75%, 05/15/31 |  | 3342 | 3457596 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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)** |
| U.S. Acute Care Solutions LLC, 9.75%, 05/15/29<sup>(b)(g)</sup> | USD | 357 | $368223 |
| UnitedHealth Group, Inc., 6.88%, 02/15/38<sup>(g)</sup> |  | 10000 | 11367794 |
|  |  |  | 41148837 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| MPT Operating Partnership LP/MPT Finance Corp., <br> 8.50%, 02/15/32<sup>(b)</sup><br>|  | 1071 | 1120861 |
| **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<sup>(b)</sup><br>|  | 315 | 323958 |
| Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, <br> 10/15/29<sup>(b)</sup><br>|  | 159 | 159854 |
| RHP Hotel Properties LP/RHP Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.50%, 02/15/29<sup>(g)</sup> |  | 1704 | 1665469 |
| 6.50%, 04/01/32<sup>(g)</sup> |  | 1044 | 1073699 |
| 6.50%, 06/15/33 |  | 352 | 362119 |
| RLJ Lodging Trust LP, 4.00%, 09/15/29<sup>(b)</sup> |  | 199 | 185696 |
| Service Properties Trust |  |  |  |
| 8.63%, 11/15/31<sup>(b)</sup> |  | 1619 | 1738113 |
| 8.88%, 06/15/32<sup>(g)</sup> |  | 625 | 642661 |
| XHR LP, 6.63%, 05/15/30<sup>(b)</sup> |  | 154 | 156906 |
|  |  |  | 6308475 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| 1011778 B.C. ULC/New Red Finance, Inc., 5.63%, <br> 09/15/29<sup>(b)</sup><br>|  | 253 | 256573 |
| Burger King (Restaurant Brands International, Inc.)/New <br> Red Finance, Inc.<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 01/15/28 |  | 1128 | 1098738 |
| 4.38%, 01/15/28 |  | 2509 | 2460452 |
| 4.00%, 10/15/30 |  | 176 | 164009 |
| Carnival Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.00%, 05/01/29 |  | 1391 | 1405525 |
| 5.88%, 06/15/31 |  | 564 | 574575 |
| 6.13%, 02/15/33 |  | 1113 | 1138768 |
| Fertitta Entertainment LLC/Fertitta Entertainment <br> Finance Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 01/15/29 |  | 821 | 786367 |
| 6.75%, 01/15/30<sup>(g)</sup> |  | 228 | 210399 |
| Fortune Star BVI Ltd.<sup>(h)</sup> <br>|  |  |  |
| 5.00%, 05/18/26 |  | 344 | 337550 |
| 3.95%, 10/02/26 | EUR | 200 | 226840 |
| Haidilao International Holding Ltd., 2.15%, 01/14/26<sup>(h)</sup> | USD | 200 | 196250 |
| Hilton Domestic Operating Co., Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 05/01/31 |  | 248 | 233176 |
| 6.13%, 04/01/32 |  | 324 | 331820 |
| 5.88%, 03/15/33 |  | 882 | 898650 |
| Las Vegas Sands Corp. |  |  |  |
| 3.50%, 08/18/26 |  | 96 | 94701 |
| 3.90%, 08/08/29 |  | 88 | 83786 |
| Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28<sup>(b)</sup> |  | 7 | 7307 |
| Lindblad Expeditions LLC, 6.75%, 02/15/27<sup>(b)</sup> |  | 272 | 273603 |
| MajorDrive Holdings IV LLC, 6.38%, 06/01/29<sup>(b)</sup> |  | 401 | 315001 |
| McDonald's Corp., 4.20%, 04/01/50 |  | 480 | 381088 |
| Melco Resorts Finance Ltd. |  |  |  |
| 5.75%, 07/21/28<sup>(h)</sup> |  | 300 | 293514 |
| 5.38%, 12/04/29<sup>(b)</sup> |  | 586 | 549768 |
| 7.63%, 04/17/32<sup>(b)</sup> |  | 576 | 582912 |
| 7.63%, 04/17/32<sup>(h)</sup> |  | 200 | 202400 |
| MGM China Holdings Ltd. |  |  |  |
| 5.88%, 05/15/26<sup>(h)</sup> |  | 200 | 200020 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| MGM China Holdings Ltd. (continued) |  |  |  |
| 4.75%, 02/01/27<sup>(b)</sup> | USD | 200 | $198250 |
| 7.13%, 06/26/31<sup>(b)</sup> |  | 200 | 207000 |
| MGM Resorts International, 6.13%, 09/15/29 |  | 591 | 601133 |
| NCL Corp. Ltd.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 01/15/29 |  | 171 | 180265 |
| 7.75%, 02/15/29<sup>(g)</sup> |  | 294 | 312605 |
| 6.25%, 03/01/30 |  | 198 | 199690 |
| 6.75%, 02/01/32 |  | 736 | 751919 |
| NCL Finance Ltd., 6.13%, 03/15/28<sup>(b)(g)</sup> |  | 530 | 538622 |
| Raising Cane's Restaurants LLC, 9.38%, 05/01/29<sup>(b)</sup> |  | 195 | 205787 |
| Sabre GLBL, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.63%, 06/01/27 |  | 144 | 147420 |
| 10.75%, 11/15/29<sup>(g)</sup> |  | 589 | 605225 |
| 11.13%, 07/15/30 |  | 503 | 526138 |
| Station Casinos LLC<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 12/01/31 |  | 976 | 914252 |
| 6.63%, 03/15/32 |  | 204 | 208592 |
| Studio City Co. Ltd., 7.00%, 02/15/27<sup>(h)</sup> |  | 200 | 200377 |
| Studio City Finance Ltd.<sup>(h)</sup> <br>|  |  |  |
| 6.50%, 01/15/28 |  | 300 | 295125 |
| 5.00%, 01/15/29 |  | 530 | 484579 |
| Sunny Express Enterprises Corp., 2.95%, 03/01/27<sup>(h)</sup> |  | 200 | 195936 |
| Vail Resorts, Inc., 5.63%, 07/15/30 |  | 265 | 265000 |
| Viking Cruises Ltd.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 09/15/27 |  | 350 | 350196 |
| 7.00%, 02/15/29 |  | 74 | 74649 |
| 9.13%, 07/15/31 |  | 1253 | 1349482 |
| Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29<sup>(b)</sup> |  | 283 | 281620 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., <br> 5.25%, 05/15/27<sup>(b)</sup><br>|  | 3 | 3002 |
| Wynn Macau Ltd. |  |  |  |
| 5.50%, 01/15/26<sup>(h)</sup> |  | 230 | 229468 |
| 5.50%, 01/15/26<sup>(b)</sup> |  | 200 | 199538 |
| 5.63%, 08/26/28<sup>(b)</sup> |  | 1701 | 1668256 |
| 5.13%, 12/15/29<sup>(b)</sup> |  | 614 | 587009 |
|  |  |  | 25084927 |
| **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** | **Household Durables — 0.7%** |
| Beazer Homes USA, Inc., 5.88%, 10/15/27 |  | 72 | 72140 |
| Brookfield Residential Properties, Inc./Brookfield <br> Residential U.S. LLC, 4.88%, 02/15/30<sup>(b)</sup><br>|  | 699 | 623922 |
| Dream Finders Homes, Inc., 8.25%, 08/15/28<sup>(b)</sup> |  | 168 | 175145 |
| Empire Communities Corp., 9.75%, 05/01/29<sup>(b)</sup> |  | 73 | 74653 |
| K Hovnanian Enterprises, Inc., 11.75%, 09/30/29<sup>(b)</sup> |  | 1094 | 1185962 |
| Lennar Corp., 5.25%, 06/01/26<sup>(g)</sup> |  | 890 | 891812 |
| LGI Homes, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.75%, 12/15/28 |  | 183 | 190236 |
| 7.00%, 11/15/32 |  | 334 | 317885 |
| Mattamy Group Corp., 4.63%, 03/01/30<sup>(b)</sup> |  | 427 | 410407 |
| Meritage Homes Corp., 1.75%, 05/15/28 |  | 545 | 527683 |
| New Home Co., Inc., 9.25%, 10/01/29<sup>(b)</sup> |  | 324 | 335899 |
| Newell Brands, Inc., 8.50%, 06/01/28<sup>(b)</sup> |  | 260 | 273055 |
| PulteGroup, Inc. |  |  |  |
| 5.00%, 01/15/27 |  | 55 | 55398 |
| 7.88%, 06/15/32 |  | 56 | 64954 |
| Scotts Miracle-Gro Co. |  |  |  |
| 4.50%, 10/15/29 |  | 45 | 43460 |
| 4.00%, 04/01/31 |  | 250 | 229626 |
| 4.38%, 02/01/32 |  | 187 | 171715 |
| Sekisui House Ltd., 5.10%, 10/23/34<sup>(h)</sup> |  | 200 | 197488 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** | **Household Durables (continued)** |
| Somnigroup International, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 04/15/29 | USD | 563 | $538271 |
| 3.88%, 10/15/31 |  | 9 | 8182 |
| STL Holding Co. LLC, 8.75%, 02/15/29<sup>(b)</sup> |  | 171 | 178648 |
| Toll Brothers Finance Corp., 4.35%, 02/15/28 |  | 35 | 34813 |
| Whirlpool Corp. |  |  |  |
| 6.13%, 06/15/30 |  | 259 | 261276 |
| 6.50%, 06/15/33 |  | 275 | 275881 |
|  |  |  | 7138511 |
| **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<sup>(g)</sup> |  | 159 | 150095 |
| Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31<sup>(b)</sup> |  | 83 | 75371 |
|  |  |  | 225466 |
| **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** | **Independent Power and Renewable Electricity Producers — 1.1%** |
| Alexander Funding Trust II, 7.47%, 07/31/28<sup>(b)</sup> |  | 520 | 556081 |
| Calpine Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 03/15/28<sup>(g)</sup> |  | 2807 | 2803855 |
| 5.00%, 02/01/31 |  | 100 | 98924 |
| Clearway Energy Operating LLC<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 03/15/28 |  | 592 | 584947 |
| 3.75%, 01/15/32 |  | 307 | 275502 |
| Greenko Dutch BV, 3.85%, 03/29/26<sup>(h)</sup> |  | 709 | 695449 |
| India Green Power Holdings, 4.00%, 02/22/27<sup>(h)</sup> |  | 607 | 587663 |
| JERA Co., Inc., 3.67%, 04/14/27<sup>(h)</sup> |  | 200 | 197251 |
| Lightning Power LLC, 7.25%, 08/15/32<sup>(b)</sup> |  | 13 | 13682 |
| NRG Energy, Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 07/15/29 |  | 555 | 555713 |
| 6.00%, 02/01/33 |  | 1028 | 1038245 |
| 6.25%, 11/01/34 |  | 1193 | 1215486 |
| ReNew Pvt Ltd., 5.88%, 03/05/27<sup>(h)</sup> |  | 200 | 198370 |
| ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other <br> 9 Subsidiaries, 4.50%, 07/14/28<sup>(h)</sup><br>|  | 550 | 521812 |
| San Miguel Global Power Holdings Corp.<sup>(a)(h)(j)</sup> <br>|  |  |  |
| (1-year CMT + 6.40%), 8.13% |  | 200 | 196500 |
| (5-year CMT + 7.73%), 8.75% |  | 200 | 199740 |
| Vistra Corp., (5-year CMT + 6.93%), 8.00%<sup>(a)(b)(j)</sup> |  | 247 | 252989 |
| XPLR Infrastructure LP<sup>(b)</sup> <br>|  |  |  |
| 0.00%, 11/15/25<sup>(k)</sup> |  | 605 | 588363 |
| 2.50%, 06/15/26 |  | 840 | 802199 |
|  |  |  | 11382771 |
| **Industrial Conglomerates**<sup>(b)</sup> **— 0.1%** | **Industrial Conglomerates**<sup>(b)</sup> **— 0.1%** | **Industrial Conglomerates**<sup>(b)</sup> **— 0.1%** | **Industrial Conglomerates**<sup>(b)</sup> **— 0.1%** |
| Amsted Industries, Inc., 6.38%, 03/15/33 |  | 165 | 167717 |
| Axon Enterprise, Inc. |  |  |  |
| 6.13%, 03/15/30 |  | 111 | 114148 |
| 6.25%, 03/15/33 |  | 201 | 206962 |
| Enpro, Inc., 6.13%, 06/01/33 |  | 208 | 212643 |
|  |  |  | 701470 |
| **Insurance — 6.5%** | **Insurance — 6.5%** | **Insurance — 6.5%** | **Insurance — 6.5%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32<sup>(b)</sup> |  | 155 | 157197 |
| AIA Group Ltd., (5-year CMT + 1.76%), 2.70%<sup>(a)(h)(j)</sup> |  | 200 | 196300 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 10/15/27 |  | 26 | 25522 |
| 6.75%, 10/15/27<sup>(g)</sup> |  | 1576 | 1575070 |
| 6.75%, 04/15/28 |  | 356 | 361911 |
| 5.88%, 11/01/29 |  | 2 | 1972 |
| 7.00%, 01/15/31 |  | 1283 | 1327148 |
| 7.38%, 10/01/32 |  | 1221 | 1258624 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Allstate Corp., Series B, (3-mo. CME Term SOFR + <br> 3.20%), 7.53%, 08/15/53<sup>(a)(g)</sup><br>| USD | 5000 | $4998153 |
| AmWINS Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 02/15/29 |  | 330 | 336348 |
| 4.88%, 06/30/29 |  | 380 | 369289 |
| Aon Global Ltd., 4.25%, 12/12/42<sup>(g)</sup> |  | 6500 | 5308044 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor <br> 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, <br> 11/01/29<sup>(b)</sup><br>|  | 291 | 297667 |
| Ardonagh Finco Ltd., 7.75%, 02/15/31<sup>(b)</sup> |  | 2052 | 2145302 |
| Ardonagh Group Finance Ltd., 8.88%, 02/15/32<sup>(b)</sup> |  | 1767 | 1859321 |
| AssuredPartners, Inc., 7.50%, 02/15/32<sup>(b)</sup> |  | 544 | 582908 |
| Farmers Exchange Capital II, (3-mo. CME Term SOFR + <br> 4.01%), 6.15%, 11/01/53<sup>(a)(b)(g)</sup><br>|  | 4890 | 4665676 |
| FWD Group Holdings Ltd., 7.64%, 07/02/31<sup>(h)</sup> |  | 400 | 438500 |
| Guoren Property & Casualty Insurance Co. Ltd., 3.35%, <br> 06/01/26<sup>(h)</sup><br>|  | 200 | 195482 |
| Howden UK Refinance PLC/Howden UK Refinance <br> 2 PLC/Howden US Refinance LLC<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 02/15/31 |  | 2166 | 2242930 |
| 8.13%, 02/15/32 |  | 1360 | 1414426 |
| HUB International Ltd.<sup>(b)</sup> <br>|  |  |  |
| 7.25%, 06/15/30 |  | 4769 | 4983772 |
| 7.38%, 01/31/32 |  | 5400 | 5650174 |
| Jones Deslauriers Insurance Management, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.50%, 03/15/30 |  | 816 | 864901 |
| 10.50%, 12/15/30 |  | 540 | 575536 |
| Meiji Yasuda Life Insurance Co.<sup>(a)(h)</sup> <br>|  |  |  |
| (5-year CMT + 2.91%), 6.10%, 06/11/55 |  | 600 | 598837 |
| (5-year CMT + 3.03%), 5.80%, 09/11/54 |  | 350 | 344592 |
| Nanshan Life Pte Ltd., 5.45%, 09/11/34<sup>(h)</sup> |  | 200 | 187884 |
| Nippon Life Insurance Co., (5-year CMT + 3.19%), <br> 6.50%, 04/30/55<sup>(a)(b)(g)</sup><br>|  | 7195 | 7448163 |
| Northwestern Mutual Life Insurance Co., 6.06%, <br> 03/30/40<sup>(b)(g)</sup><br>|  | 12000 | 12616052 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/31<sup>(b)</sup> |  | 3541 | 3678217 |
| RLGH Finance Bermuda Ltd., 07/02/35<sup>(c)(h)</sup> |  | 275 | 277344 |
| Ryan Specialty LLC<sup>(b)</sup> <br>|  |  |  |
| 4.38%, 02/01/30 |  | 226 | 218588 |
| 5.88%, 08/01/32 |  | 373 | 375934 |
| Tongyang Life Insurance Co. Ltd., (5-year CMT + <br> 2.40%), 6.25%, 05/07/35<sup>(a)(h)</sup><br>|  | 400 | 410460 |
| USI, Inc., 7.50%, 01/15/32<sup>(b)(g)</sup> |  | 670 | 706957 |
|  |  |  | 68695201 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| Baidu, Inc., 1.63%, 02/23/27 |  | 200 | 191854 |
| Netflix, Inc. |  |  |  |
| 5.88%, 11/15/28<sup>(g)</sup> |  | 1698 | 1789915 |
| 5.38%, 11/15/29<sup>(b)(g)</sup> |  | 2007 | 2096676 |
| 4.88%, 06/15/30<sup>(b)</sup> |  | 461 | 471682 |
| Snap, Inc., 6.88%, 03/01/33<sup>(b)</sup> |  | 881 | 904017 |
| Tencent Holdings Ltd.<sup>(h)</sup> <br>|  |  |  |
| 3.60%, 01/19/28 |  | 200 | 197058 |
| 3.68%, 04/22/41<sup>(g)</sup> |  | 200 | 158310 |
|  |  |  | 5809512 |
| **Internet Software & Services — 0.7%** | **Internet Software & Services — 0.7%** | **Internet Software & Services — 0.7%** | **Internet Software & Services — 0.7%** |
| Acuris Finance U.S., Inc./Acuris Finance SARL<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 05/01/28 |  | 724 | 690892 |
| 9.00%, 08/01/29 |  | 200 | 204491 |
| Alibaba Group Holding Ltd., 2.70%, 02/09/41 |  | 200 | 138930 |
| ANGI Group LLC, 3.88%, 08/15/28<sup>(b)</sup> |  | 432 | 402769 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** |
| Booking Holdings, Inc., 3.55%, 03/15/28<sup>(g)</sup> | USD | 3375 | $3321392 |
| Cablevision Lightpath LLC<sup>(b)</sup> <br>|  |  |  |
| 3.88%, 09/15/27 |  | 368 | 354683 |
| 5.63%, 09/15/28 |  | 540 | 521670 |
| Getty Images, Inc., 11.25%, 02/21/30<sup>(b)</sup> |  | 57 | 56573 |
| ION Trading Technologies SARL, 9.50%, 05/30/29<sup>(b)</sup> |  | 400 | 410800 |
| Match Group Holdings II LLC<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 08/01/30 |  | 383 | 358176 |
| 3.63%, 10/01/31<sup>(g)</sup> |  | 279 | 249633 |
| Rakuten Group, Inc. |  |  |  |
| 9.75%, 04/15/29<sup>(b)</sup> |  | 522 | 571788 |
| 9.75%, 04/15/29<sup>(h)</sup> |  | 200 | 219076 |
|  |  |  | 7500873 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Amentum Holdings, Inc., 7.25%, 08/01/32<sup>(b)</sup> |  | 364 | 374612 |
| CA Magnum Holdings |  |  |  |
| 5.38%, 10/31/26<sup>(b)</sup> |  | 964 | 955541 |
| 5.38%, 10/31/26<sup>(h)</sup> |  | 700 | 693857 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(b)</sup> |  | 440 | 454057 |
| Fortress Intermediate 3, Inc., 7.50%, 06/01/31<sup>(b)</sup> |  | 739 | 774189 |
| Insight Enterprises, Inc., 6.63%, 05/15/32<sup>(b)</sup> |  | 196 | 201907 |
| KBR, Inc., 4.75%, 09/30/28<sup>(b)</sup> |  | 93 | 89048 |
| McAfee Corp., 7.38%, 02/15/30<sup>(b)(g)</sup> |  | 613 | 578907 |
| Wipro IT Services LLC, 1.50%, 06/23/26<sup>(h)</sup> |  | 200 | 194060 |
|  |  |  | 4316178 |
| **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** | **Leisure Products — 0.0%** |
| Mattel, Inc., 3.75%, 04/01/29<sup>(b)</sup> |  | 122 | 116898 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| BWX Technologies, Inc.<sup>(b)</sup> <br>|  |  |  |
| 4.13%, 06/30/28 |  | 70 | 68290 |
| 4.13%, 04/15/29 |  | 248 | 239094 |
| Chart Industries, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.50%, 01/01/30<sup>(g)</sup> |  | 849 | 888840 |
| 9.50%, 01/01/31 |  | 93 | 99269 |
| Esab Corp., 6.25%, 04/15/29<sup>(b)</sup> |  | 405 | 414664 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/29<sup>(b)</sup> |  | 200 | 158000 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br> LLC, 9.00%, 02/15/29<sup>(b)</sup><br>|  | 736 | 769523 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<sup>(b)</sup> |  | 177 | 186283 |
| Regal Rexnord Corp., 6.40%, 04/15/33<sup>(g)</sup> |  | 510 | 538460 |
| Terex Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.00%, 05/15/29 |  | 634 | 618856 |
| 6.25%, 10/15/32 |  | 232 | 232470 |
| TK Elevator Holdco GmbH, 7.63%, 07/15/28<sup>(b)</sup> |  | 796 | 796826 |
| TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27<sup>(b)</sup> |  | 3002 | 2999895 |
| Vertiv Group Corp., 4.13%, 11/15/28<sup>(b)</sup> |  | 1191 | 1161208 |
|  |  |  | 9171678 |
| **Media — 6.0%** | **Media — 6.0%** | **Media — 6.0%** | **Media — 6.0%** |
| Cable One, Inc., 0.00%, 03/15/26<sup>(k)</sup> |  | 136 | 128670 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.38%, 06/01/29 |  | 131 | 130521 |
| 6.38%, 09/01/29 |  | 7991 | 8151110 |
| 4.75%, 03/01/30 |  | 160 | 155008 |
| 4.50%, 08/15/30 |  | 113 | 107732 |
| 4.25%, 02/01/31 |  | 1041 | 972474 |
| 7.38%, 03/01/31<sup>(g)</sup> |  | 2701 | 2818250 |
| 4.75%, 02/01/32 |  | 40 | 37941 |
| 4.25%, 01/15/34<sup>(g)</sup> |  | 1252 | 1114514 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |  |
| 6.38%, 10/23/35 |  | 479 | 503098 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital (continued)<br>|  |  |  |
| 6.48%, 10/23/45 | USD | 9584 | $9496219 |
| 5.38%, 05/01/47 |  | 1500 | 1301866 |
| 6.83%, 10/23/55 |  | 3540 | 3622713 |
| Cox Communications, Inc., 8.38%, 03/01/39<sup>(b)(g)</sup> |  | 5000 | 5952368 |
| CSC Holdings LLC<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 04/15/27 |  | 402 | 383808 |
| 5.38%, 02/01/28 |  | 877 | 802943 |
| 11.25%, 05/15/28 |  | 1240 | 1235333 |
| 11.75%, 01/31/29 |  | 1483 | 1410564 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc.<sup>(b)</sup> <br>|  |  |  |
| 5.88%, 08/15/27 |  | 1062 | 1058534 |
| 10.00%, 02/15/31 |  | 1042 | 1011598 |
| Discovery Communications LLC |  |  |  |
| 4.88%, 04/01/43 |  | 4000 | 2376200 |
| 6.87% |  | 4000 | 2376200 |
| DISH DBS Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.25%, 12/01/26 |  | 1214 | 1101705 |
| 5.75%, 12/01/28 |  | 907 | 785122 |
| DISH Network Corp., 11.75%, 11/15/27<sup>(b)</sup> |  | 1876 | 1933829 |
| Gray Media, Inc.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 05/15/27 |  | 427 | 426809 |
| 10.50%, 07/15/29<sup>(g)</sup> |  | 1019 | 1094686 |
| LCPR Senior Secured Financing DAC, 6.75%, <br> 10/15/27<sup>(b)</sup><br>|  | 860 | 579287 |
| Midcontinent Communications, 8.00%, 08/15/32<sup>(b)</sup> |  | 481 | 509030 |
| Paramount Global, 5.85%, 09/01/43<sup>(g)</sup> |  | 1300 | 1131414 |
| Sinclair Television Group, Inc., 8.13%, 02/15/33<sup>(b)</sup> |  | 875 | 883939 |
| Sirius XM Radio LLC<sup>(b)</sup> <br>|  |  |  |
| 3.13%, 09/01/26 |  | 53 | 52000 |
| 5.00%, 08/01/27 |  | 684 | 678141 |
| Sunrise FinCo I BV, 4.88%, 07/15/31<sup>(b)</sup> |  | 768 | 726336 |
| Telenet Finance Luxembourg Notes SARL, 5.50%, <br> 03/01/28<sup>(b)</sup><br>|  | 1000 | 989293 |
| Time Warner Cable LLC, 6.55%, 05/01/37 |  | 3519 | 3634491 |
| Univision Communications, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 06/01/27 |  | 604 | 602352 |
| 8.00%, 08/15/28 |  | 1110 | 1126405 |
| 8.50%, 07/31/31 |  | 521 | 521577 |
| Virgin Media Vendor Financing Notes IV DAC, 5.00%, <br> 07/15/28<sup>(b)</sup><br>|  | 1452 | 1421487 |
| Ziggo BV, 4.88%, 01/15/30<sup>(b)</sup> |  | 200 | 186805 |
|  |  |  | 63532372 |
| **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<sup>(h)</sup> |  | 306 | 309136 |
| Advanced Drainage Systems, Inc., 6.38%, 06/15/30<sup>(b)</sup> |  | 724 | 740476 |
| Arsenal AIC Parent LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 10/01/30 |  | 268 | 286007 |
| 11.50%, 10/01/31 |  | 1244 | 1394441 |
| ATI, Inc. |  |  |  |
| 5.88%, 12/01/27 |  | 253 | 253221 |
| 7.25%, 08/15/30 |  | 657 | 688472 |
| 5.13%, 10/01/31 |  | 656 | 641136 |
| Big River Steel LLC/BRS Finance Corp., 6.63%, <br> 01/31/29<sup>(b)</sup><br>|  | 2424 | 2443567 |
| Carpenter Technology Corp., 7.63%, 03/15/30 |  | 108 | 111757 |
| Chinalco Capital Holdings Ltd., 2.13%, 06/03/26<sup>(h)</sup> |  | 200 | 196054 |
| Cleveland-Cliffs, Inc. |  |  |  |
| 5.88%, 06/01/27 |  | 114 | 113908 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Cleveland-Cliffs, Inc. (continued) |  |  |  |
| 6.88%, 11/01/29<sup>(b)</sup> | USD | 486 | $478486 |
| Constellium SE<sup>(b)</sup> <br>|  |  |  |
| 3.75%, 04/15/29<sup>(g)</sup> |  | 1731 | 1626583 |
| 6.38%, 08/15/32 |  | 446 | 453417 |
| First Quantum Minerals Ltd.<sup>(b)</sup> <br>|  |  |  |
| 9.38%, 03/01/29 |  | 1226 | 1299131 |
| 8.00%, 03/01/33 |  | 259 | 265555 |
| JSW Steel Ltd., 3.95%, 04/05/27<sup>(h)</sup> |  | 500 | 481525 |
| Kaiser Aluminum Corp.<sup>(b)(g)</sup> <br>|  |  |  |
| 4.63%, 03/01/28 |  | 1058 | 1035158 |
| 4.50%, 06/01/31 |  | 1099 | 1028126 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(b)</sup> |  | 409 | 421506 |
| Novelis Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.75%, 01/30/30<sup>(g)</sup> |  | 2401 | 2297757 |
| 6.88%, 01/30/30 |  | 597 | 617257 |
| 3.88%, 08/15/31 |  | 1265 | 1136685 |
| Periama Holdings LLC, 5.95%, 04/19/26<sup>(h)</sup> |  | 200 | 199882 |
| Southern Copper Corp., 5.88%, 04/23/45<sup>(g)</sup> |  | 3870 | 3806184 |
| Steel Dynamics, Inc., 3.25%, 10/15/50<sup>(g)</sup> |  | 1145 | 754842 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(b)</sup> |  | 449 | 470669 |
| Vedanta Resources Finance II PLC<sup>(h)</sup> <br>|  |  |  |
| 10.88%, 09/17/29 |  | 300 | 310875 |
| 11.25%, 12/03/31 |  | 200 | 209500 |
|  |  |  | 24071313 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(b)</sup> **— 0.1%** |
| Blackstone Mortgage Trust, Inc. |  |  |  |
| 3.75%, 01/15/27 |  | 368 | 357849 |
| 7.75%, 12/01/29 |  | 72 | 76587 |
| Starwood Property Trust, Inc. |  |  |  |
| 7.25%, 04/01/29 |  | 250 | 262955 |
| 6.00%, 04/15/30 |  | 116 | 117327 |
| 6.50%, 07/01/30 |  | 217 | 224131 |
| 6.50%, 10/15/30 |  | 314 | 324186 |
|  |  |  | 1363035 |
| **Oil, Gas & Consumable Fuels — 10.9%** | **Oil, Gas & Consumable Fuels — 10.9%** | **Oil, Gas & Consumable Fuels — 10.9%** | **Oil, Gas & Consumable Fuels — 10.9%** |
| Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(b)</sup><br>|  | 508 | 532858 |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.75%, 01/15/28 |  | 127 | 126785 |
| 5.38%, 06/15/29 |  | 1095 | 1086772 |
| 6.63%, 02/01/32 |  | 417 | 430698 |
| Ascent Resources Utica Holdings LLC/ARU Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 9.00%, 11/01/27 |  | 161 | 196823 |
| 6.63%, 07/15/33 |  | 221 | 224204 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp.<sup>(b)</sup> <br>|  |  |  |
| 7.00%, 07/15/29 |  | 321 | 335015 |
| 7.25%, 07/15/32 |  | 258 | 273392 |
| Buckeye Partners LP |  |  |  |
| 6.88%, 07/01/29<sup>(b)</sup> |  | 29 | 30045 |
| 6.75%, 02/01/30<sup>(b)</sup> |  | 116 | 120412 |
| 5.85%, 11/15/43 |  | 383 | 337559 |
| 5.60%, 10/15/44 |  | 191 | 161070 |
| Chord Energy Corp., 6.75%, 03/15/33<sup>(b)</sup> |  | 147 | 150179 |
| CITGO Petroleum Corp., 8.38%, 01/15/29<sup>(b)</sup> |  | 733 | 762429 |
| Civitas Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.38%, 07/01/28 |  | 187 | 191471 |
| 8.75%, 07/01/31 |  | 487 | 492410 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| CNOOC Finance 2014 ULC, Series 2014, 4.88%, <br> 04/30/44<br>| USD | 250 | $240377 |
| CNX Resources Corp., 7.25%, 03/01/32<sup>(b)</sup> |  | 152 | 157383 |
| Comstock Resources, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.75%, 03/01/29 |  | 649 | 649401 |
| 5.88%, 01/15/30 |  | 783 | 760543 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, <br> 06/15/31<sup>(b)</sup><br>|  | 2468 | 2438128 |
| Crescent Energy Finance LLC<sup>(b)</sup> <br>|  |  |  |
| 7.63%, 04/01/32<sup>(g)</sup> |  | 383 | 373961 |
| 7.38%, 01/15/33 |  | 838 | 800965 |
| 01/15/34<sup>(c)</sup> |  | 492 | 492307 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp., 7.38%, 06/30/33<sup>(b)</sup><br>|  | 378 | 376239 |
| Devon Energy Corp. |  |  |  |
| 5.25%, 10/15/27 |  | 130 | 130281 |
| 5.88%, 06/15/28 |  | 204 | 204092 |
| 4.50%, 01/15/30 |  | 117 | 115798 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(b)</sup><br>|  | 73 | 76010 |
| Diamondback Energy, Inc.<sup>(g)</sup> <br>|  |  |  |
| 3.50%, 12/01/29 |  | 692 | 661980 |
| 6.25%, 03/15/33 |  | 2880 | 3067241 |
| eG Global Finance PLC, 12.00%, 11/30/28<sup>(b)</sup> |  | 418 | 461419 |
| Enbridge, Inc. |  |  |  |
| 6.70%, 11/15/53<sup>(g)</sup> |  | 5595 | 6051021 |
| (3-mo. CME Term SOFR + 3.90%), 6.25%, <br> 03/01/78<sup>(a)</sup><br>|  | 5000 | 5019805 |
| Series 16-A, (3-mo. CME Term SOFR + 4.15%), <br> 6.00%, 01/15/77<sup>(a)</sup><br>|  | 5880 | 5876387 |
| Encino Acquisition Partners Holdings LLC, 8.75%, <br> 05/01/31<sup>(b)</sup><br>|  | 364 | 401986 |
| Energy Transfer LP |  |  |  |
| 5.50%, 06/01/27 |  | 406 | 413256 |
| 7.38%, 02/01/31<sup>(b)</sup> |  | 417 | 436950 |
| 6.13%, 12/15/45<sup>(g)</sup> |  | 3579 | 3515207 |
| Series B, (3-mo. SOFR US + 4.42%), 6.63%<sup>(a)(j)</sup> |  | 5000 | 4976718 |
| Series H, (5-year CMT + 5.69%), 6.50%<sup>(a)(j)</sup> |  | 121 | 121541 |
| Enterprise Products Operating LLC<sup>(g)</sup> <br>|  |  |  |
| 4.90%, 05/15/46 |  | 5375 | 4832291 |
| Series E, (3-mo. CME Term SOFR + 3.29%), 5.25%, <br> 08/16/77<sup>(a)</sup><br>|  | 4800 | 4749200 |
| EQT Corp.<sup>(b)</sup> <br>|  |  |  |
| 6.38%, 04/01/29 |  | 481 | 496149 |
| 7.50%, 06/01/30 |  | 141 | 154961 |
| 4.75%, 01/15/31 |  | 802 | 789388 |
| Excelerate Energy LP, 8.00%, 05/15/30<sup>(b)</sup> |  | 244 | 257215 |
| Exxon Mobil Corp., 3.45%, 04/15/51<sup>(g)</sup> |  | 3890 | 2757567 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |  |
| 7.75%, 02/01/28 |  | 393 | 398814 |
| 8.25%, 01/15/29 |  | 67 | 70061 |
| 8.88%, 04/15/30 |  | 110 | 116796 |
| 7.88%, 05/15/32 |  | 425 | 441892 |
| 8.00%, 05/15/33 |  | 127 | 132781 |
| Global Partners LP/GLP Finance Corp., 7.13%, <br> 07/01/33<sup>(b)</sup><br>|  | 162 | 164270 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(b)</sup> |  | 243 | 249039 |
| Harvest Midstream I LP, 7.50%, 05/15/32<sup>(b)</sup> |  | 158 | 166875 |
| Hess Midstream Operations LP, 6.50%, 06/01/29<sup>(b)</sup> |  | 368 | 378455 |
| Hilcorp Energy I LP/Hilcorp Finance Co.<sup>(b)</sup> <br>|  |  |  |
| 6.25%, 11/01/28 |  | 238 | 238551 |
| 5.75%, 02/01/29 |  | 221 | 218124 |
| 6.00%, 04/15/30 |  | 32 | 31109 |

---

---

| | | | |
|:---|:---|:---|:---|
| *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.<sup>(b)</sup> (continued) |  |  |  |
| 6.25%, 04/15/32 | USD | 20 | $19097 |
| 8.38%, 11/01/33 |  | 319 | 330990 |
| 6.88%, 05/15/34 |  | 515 | 493283 |
| 7.25%, 02/15/35 |  | 191 | 186770 |
| Howard Midstream Energy Partners LLC<sup>(b)</sup> <br>|  |  |  |
| 8.88%, 07/15/28 |  | 26 | 27296 |
| 7.38%, 07/15/32 |  | 37 | 38913 |
| ITT Holdings LLC, 6.50%, 08/01/29<sup>(b)(g)</sup> |  | 935 | 889139 |
| Kimmeridge Texas Gas LLC, 8.50%, 02/15/30<sup>(b)</sup> |  | 837 | 866246 |
| Kinder Morgan, Inc. |  |  |  |
| 7.80%, 08/01/31 |  | 197 | 226891 |
| 7.75%, 01/15/32<sup>(g)</sup> |  | 4586 | 5293710 |
| Kinetik Holdings LP<sup>(b)</sup> <br>|  |  |  |
| 6.63%, 12/15/28 |  | 83 | 84892 |
| 5.88%, 06/15/30 |  | 18 | 18153 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(b)</sup><br>|  | 187 | 188322 |
| Marathon Petroleum Corp., 5.13%, 12/15/26<sup>(g)</sup> |  | 937 | 945116 |
| Matador Resources Co.<sup>(b)</sup> <br>|  |  |  |
| 6.88%, 04/15/28 |  | 274 | 279404 |
| 6.50%, 04/15/32 |  | 437 | 437228 |
| Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28<sup>(h)</sup> |  | 400 | 395836 |
| MPLX LP |  |  |  |
| 5.20%, 03/01/47<sup>(g)</sup> |  | 3500 | 3053189 |
| 4.70%, 04/15/48<sup>(g)</sup> |  | 5000 | 4056390 |
| 5.50%, 02/15/49<sup>(g)</sup> |  | 2640 | 2383706 |
| 5.65%, 03/01/53 |  | 885 | 812038 |
| Murphy Oil Corp., 5.88%, 12/01/42 |  | 47 | 38158 |
| Nabors Industries, Inc., 7.38%, 05/15/27<sup>(b)</sup> |  | 94 | 92825 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 8.13%, 02/15/29<sup>(g)</sup> |  | 489 | 494037 |
| 8.38%, 02/15/32 |  | 1206 | 1209622 |
| NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(b)(g)</sup> |  | 1117 | 1275534 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(b)</sup> |  | 108 | 109968 |
| Northern Oil & Gas, Inc., 8.13%, 03/01/28<sup>(b)</sup> |  | 907 | 915060 |
| Northriver Midstream Finance LP, 6.75%, 07/15/32<sup>(b)</sup> |  | 244 | 252693 |
| NuStar Logistics LP, 6.00%, 06/01/26 |  | 163 | 163618 |
| Occidental Petroleum Corp., 6.20%, 03/15/40 |  | 568 | 555771 |
| ONEOK, Inc., 4.85%, 07/15/26 |  | 35 | 35065 |
| Parkland Corp., 6.63%, 08/15/32<sup>(b)</sup> |  | 297 | 303558 |
| PBF Holding Co. LLC/PBF Finance Corp., 7.88%, <br> 09/15/30<sup>(b)</sup><br>|  | 211 | 189433 |
| Permian Resources Operating LLC<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 04/15/27 |  | 444 | 453946 |
| 5.88%, 07/01/29 |  | 1002 | 1005883 |
| 7.00%, 01/15/32 |  | 321 | 332775 |
| 6.25%, 02/01/33 |  | 781 | 788248 |
| Pertamina Hulu Energi PT, 5.25%, 05/21/30<sup>(h)</sup> |  | 300 | 302466 |
| Pertamina Persero PT<sup>(h)</sup> <br>|  |  |  |
| 1.40%, 02/09/26 |  | 250 | 245301 |
| 2.30%, 02/09/31 |  | 200 | 173750 |
| Petroleos Mexicanos, 6.70%, 02/16/32 |  | 695 | 645238 |
| Petronas Capital Ltd.<sup>(h)</sup> <br>|  |  |  |
| 2.48%, 01/28/32 |  | 200 | 174400 |
| 4.50%, 03/18/45 |  | 200 | 172824 |
| Plains All American Pipeline LP, Series B, (3-mo. CME <br> Term SOFR + 4.37%), 8.70%<sup>(a)(j)</sup><br>|  | 2215 | 2219683 |
| Prairie Acquiror LP, 9.00%, 08/01/29<sup>(b)</sup> |  | 269 | 280195 |
| Reliance Industries Ltd., 3.67%, 11/30/27<sup>(h)</sup> |  | 300 | 294279 |
| Rockies Express Pipeline LLC, 6.88%, 04/15/40<sup>(b)</sup> |  | 580 | 581011 |
| Sabine Pass Liquefaction LLC, 5.88%, 06/30/26<sup>(g)</sup> |  | 1481 | 1489060 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Sinopec Group Overseas Development 2018 Ltd., <br> 2.30%, 01/08/31<sup>(h)</sup><br>| USD | 500 | $458065 |
| Sitio Royalties Operating Partnership LP/Sitio Finance <br> Corp., 7.88%, 11/01/28<sup>(b)</sup><br>|  | 574 | 601018 |
| Sunoco LP, 6.25%, 07/01/33<sup>(b)</sup> |  | 337 | 342628 |
| Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 |  | 317 | 317848 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.<sup>(b)</sup> <br>|  |  |  |
| 5.50%, 01/15/28 |  | 255 | 253502 |
| 7.38%, 02/15/29 |  | 672 | 690669 |
| 6.00%, 12/31/30 |  | 70 | 68685 |
| 6.00%, 09/01/31 |  | 182 | 177604 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(b)</sup> |  | 398 | 385696 |
| TransMontaigne Partners LLC, 8.50%, 06/15/30<sup>(b)</sup> |  | 75 | 78022 |
| Transocean Titan Financing Ltd., 8.38%, 02/01/28<sup>(b)</sup> |  | 105 | 106607 |
| Transocean, Inc.<sup>(b)</sup> <br>|  |  |  |
| 8.00%, 02/01/27 |  | 440 | 433452 |
| 8.25%, 05/15/29 |  | 181 | 167342 |
| 8.75%, 02/15/30 |  | 192 | 197442 |
| 8.50%, 05/15/31 |  | 203 | 181208 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(b)</sup> |  | 558 | 572493 |
| Venture Global LNG, Inc.<sup>(b)</sup> <br>|  |  |  |
| 9.50%, 02/01/29 |  | 2670 | 2908639 |
| 8.38%, 06/01/31<sup>(g)</sup> |  | 1218 | 1265058 |
| 9.88%, 02/01/32 |  | 1226 | 1324035 |
| Vital Energy, Inc. |  |  |  |
| 7.75%, 07/31/29<sup>(b)</sup> |  | 154 | 136003 |
| 9.75%, 10/15/30<sup>(g)</sup> |  | 296 | 267918 |
| 7.88%, 04/15/32<sup>(b)</sup> |  | 763 | 652381 |
| Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29<sup>(b)</sup> |  | 363 | 360594 |
| Williams Cos., Inc.<sup>(g)</sup> <br>|  |  |  |
| 8.75%, 03/15/32 |  | 2478 | 2981834 |
| 5.10%, 09/15/45 |  | 5075 | 4596632 |
| Woodside Finance Ltd., 3.70%, 09/15/26<sup>(h)</sup> |  | 200 | 197910 |
|  |  |  | 115458951 |
| **Paper & Forest Products — 1.6%** | **Paper & Forest Products — 1.6%** | **Paper & Forest Products — 1.6%** | **Paper & Forest Products — 1.6%** |
| International Paper Co.<sup>(g)</sup> <br>|  |  |  |
| 8.70%, 06/15/38 |  | 4000 | 4926071 |
| 7.30%, 11/15/39 |  | 10000 | 11469548 |
| Magnera Corp., 7.25%, 11/15/31<sup>(b)</sup> |  | 183 | 172550 |
|  |  |  | 16568169 |
| **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** | **Passenger Airlines — 0.6%** |
| American Airlines, Inc., 8.50%, 05/15/29<sup>(b)(g)</sup> |  | 430 | 450869 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(b)</sup><br>|  | 295 | 287000 |
| Mileage Plus Holdings LLC/Mileage Plus Intellectual <br> Property Assets Ltd., 6.50%, 06/20/27<sup>(b)(g)</sup><br>|  | 500 | 500284 |
| OneSky Flight LLC, 8.88%, 12/15/29<sup>(b)</sup> |  | 264 | 274888 |
| Singapore Airlines Ltd., 3.00%, 07/20/26<sup>(h)</sup> |  | 200 | 197268 |
| Turkish Airlines Pass-Through Trust, Series 2015-1, <br> Class A, 4.20%, 09/15/28<sup>(b)</sup><br>|  | 839 | 812398 |
| United Airlines Pass-Through Trust, Series 2020-1, <br> Class A, 5.88%, 04/15/29<sup>(g)</sup><br>|  | 2699 | 2753647 |
| United Airlines, Inc., 4.63%, 04/15/29<sup>(b)(g)</sup> |  | 1362 | 1322046 |
|  |  |  | 6598400 |
| **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<sup>(b)</sup> |  | 417 | 425596 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** | **Personal Care Products (continued)** |
| Perrigo Finance Unlimited Co., 6.13%, 09/30/32 | USD | 425 | $429076 |
| Prestige Brands, Inc., 3.75%, 04/01/31<sup>(b)</sup> |  | 233 | 214706 |
|  |  |  | 1069378 |
| **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)</sup> |  | 3681 | 3713282 |
| AbbVie, Inc.<sup>(g)</sup> <br>|  |  |  |
| 4.75%, 03/15/45 |  | 5485 | 4942749 |
| 4.70%, 05/14/45 |  | 3255 | 2918200 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(b)</sup> |  | 2071 | 2050290 |
| Bayer U.S. Finance LLC, 6.88%, 11/21/53<sup>(b)</sup> |  | 715 | 759310 |
| CVS Health Corp.<sup>(g)</sup> <br>|  |  |  |
| 5.13%, 07/20/45 |  | 3879 | 3435298 |
| 5.05%, 03/25/48 |  | 8205 | 7084590 |
| Endo Finance Holdings, Inc., 8.50%, 04/15/31<sup>(b)(g)</sup> |  | 181 | 191599 |
| Merck & Co., Inc., 6.50%, 12/01/33<sup>(g)</sup> |  | 6420 | 7271499 |
| Option Care Health, Inc., 4.38%, 10/31/29<sup>(b)</sup> |  | 461 | 443665 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 4.13%, 04/30/28<sup>(b)</sup><br>|  | 1000 | 961772 |
| PRA Health Sciences, Inc., 2.88%, 07/15/26<sup>(b)</sup> |  | 707 | 689912 |
| Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30<sup>(g)</sup> |  | 8270 | 7406607 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |  |
| 3.15%, 10/01/26 |  | 679 | 663933 |
| 8.13%, 09/15/31 |  | 200 | 225062 |
| 6.00%, 12/01/32 |  | 274 | 278452 |
|  |  |  | 43036220 |
| **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** | **Real Estate Management & Development — 0.8%** |
| Aldar Properties PJSC, (5-year CMT + 2.04%), 6.62%, <br> 04/15/55<sup>(a)(h)</sup><br>|  | 250 | 254188 |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer <br> Corp.<br>|  |  |  |
| 7.00%, 04/15/30<sup>(b)</sup> |  | 327 | 305496 |
| Series AI, 7.00%, 04/15/30 |  | 320 | 298957 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp., 9.75%, 04/15/30<sup>(b)</sup><br>|  | 152 | 154449 |
| AYC Finance Ltd., 3.90%<sup>(h)(j)</sup> |  | 300 | 191316 |
| China Overseas Finance Cayman VII Ltd., 4.75%, <br> 04/26/28<sup>(h)</sup><br>|  | 200 | 199846 |
| CoreLogic, Inc., 4.50%, 05/01/28<sup>(b)</sup> |  | 1488 | 1419377 |
| Cushman & Wakefield U.S. Borrower LLC, 8.88%, <br> 09/01/31<sup>(b)</sup><br>|  | 216 | 231948 |
| Fantasia Holdings Group Co. Ltd., 7.95%, <br> 07/05/22<sup>(e)(h)(l)</sup><br>|  | 1050 | 28875 |
| Howard Hughes Corp., 4.13%, 02/01/29<sup>(b)</sup> |  | 176 | 167604 |
| New Metro Global Ltd., 4.50%, 05/02/26<sup>(h)</sup> |  | 349 | 324570 |
| Northwest Florida Timber Finance LLC, 4.75%, <br> 03/04/29<sup>(b)(g)</sup><br>|  | 4485 | 4307173 |
| Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26<sup>(h)</sup> |  | 200 | 192870 |
| Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30<sup>(h)</sup> |  | 200 | 184326 |
| Yango Justice International Ltd.<sup>(e)(h)(l)</sup> <br>|  |  |  |
| 8.25%, 11/25/23 |  | 200 | 250 |
| 7.50%, 04/15/24 |  | 200 | 250 |
|  |  |  | 8261495 |
| **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<sup>(b)</sup><br>|  | 505 | 491379 |
| **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** | **Semiconductors & Semiconductor Equipment — 2.2%** |
| Broadcom, Inc., 5.00%, 04/15/30<sup>(g)</sup> |  | 10970 | 11215973 |
| Entegris, Inc., 4.75%, 04/15/29<sup>(b)</sup> |  | 2 | 1978 |
| Lam Research Corp., 4.88%, 03/15/49<sup>(g)</sup> |  | 875 | 796960 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** | **Semiconductors & Semiconductor Equipment (continued)** |
| NVIDIA Corp.<sup>(g)</sup> <br>|  |  |  |
| 3.50%, 04/01/50 | USD | 2785 | $2080469 |
| 3.70%, 04/01/60 |  | 1760 | 1294175 |
| NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |  |
| 4.40%, 06/01/27 |  | 750 | 751223 |
| 3.40%, 05/01/30<sup>(g)</sup> |  | 1755 | 1661002 |
| QUALCOMM, Inc.<sup>(g)</sup> <br>|  |  |  |
| 4.30%, 05/20/47 |  | 3500 | 2933128 |
| 6.00%, 05/20/53 |  | 1993 | 2100313 |
| TSMC Global Ltd., 2.25%, 04/23/31<sup>(h)</sup> |  | 250 | 222393 |
|  |  |  | 23057614 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30<sup>(b)</sup> |  | 3919 | 3857336 |
| Camelot Finance SA, 4.50%, 11/01/26<sup>(b)</sup> |  | 377 | 371215 |
| Capstone Borrower, Inc., 8.00%, 06/15/30<sup>(b)</sup> |  | 1073 | 1118548 |
| Central Parent LLC/CDK Global II LLC/CDK Financing <br> Co., Inc., 8.00%, 06/15/29<sup>(b)(g)</sup><br>|  | 101 | 83517 |
| Central Parent, Inc./CDK Global, Inc., 7.25%, <br> 06/15/29<sup>(b)</sup><br>|  | 302 | 245423 |
| Cloud Software Group, Inc.<sup>(b)</sup> <br>|  |  |  |
| 6.50%, 03/31/29<sup>(g)</sup> |  | 2895 | 2921961 |
| 9.00%, 09/30/29<sup>(g)</sup> |  | 4041 | 4188599 |
| 8.25%, 06/30/32 |  | 2974 | 3165017 |
| CoreWeave, Inc., 9.25%, 06/01/30<sup>(b)</sup> |  | 370 | 378263 |
| Dun & Bradstreet Corp., 5.00%, 12/15/29<sup>(b)(g)</sup> |  | 592 | 606800 |
| Elastic NV, 4.13%, 07/15/29<sup>(b)</sup> |  | 718 | 686064 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29<sup>(b)</sup> |  | 661 | 676001 |
| Fair Isaac Corp.<sup>(b)</sup> <br>|  |  |  |
| 4.00%, 06/15/28 |  | 393 | 382495 |
| 6.00%, 05/15/33 |  | 1569 | 1583381 |
| Helios Software Holdings, Inc./ION Corporate Solutions <br> Finance SARL<sup>(b)</sup> <br>|  |  |  |
| 4.63%, 05/01/28 |  | 205 | 193913 |
| 8.75%, 05/01/29 |  | 219 | 225273 |
| Oracle Corp.<sup>(g)</sup> <br>|  |  |  |
| 3.95%, 03/25/51 |  | 4425 | 3266069 |
| 5.55%, 02/06/53 |  | 1280 | 1203677 |
| Playtika Holding Corp., 4.25%, 03/15/29<sup>(b)</sup> |  | 114 | 103456 |
| PTC, Inc., 4.00%, 02/15/28<sup>(b)</sup> |  | 365 | 354758 |
| SS&C Technologies, Inc., 6.50%, 06/01/32<sup>(b)</sup> |  | 1008 | 1046421 |
| Twilio, Inc. |  |  |  |
| 3.63%, 03/15/29 |  | 259 | 246579 |
| 3.88%, 03/15/31 |  | 558 | 521881 |
| UKG, Inc., 6.88%, 02/01/31<sup>(b)</sup> |  | 3650 | 3787149 |
| ZoomInfo Technologies LLC/ZoomInfo Finance Corp., <br> 3.88%, 02/01/29<sup>(b)</sup><br>|  | 345 | 324368 |
|  |  |  | 31538164 |
| **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** | **Specialty Retail — 0.0%** |
| Staples, Inc., 10.75%, 09/01/29<sup>(b)</sup> |  | 210 | 198749 |
| **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<sup>(g)</sup> |  | 1005 | 1281892 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(b)</sup> |  | 162 | 171865 |
| Seagate Data Storage Technology Pte Ltd., 5.88%, <br> 07/15/30<sup>(b)</sup><br>|  | 324 | 328837 |
| Seagate HDD Cayman |  |  |  |
| 8.25%, 12/15/29 |  | 589 | 627284 |
| 8.50%, 07/15/31 |  | 701 | 752300 |
|  |  |  | 3162178 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.3%** | **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.3%** | **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.3%** | **Textiles, Apparel & Luxury Goods**<sup>(b)</sup> **— 0.3%** |
| Beach Acquisition Bidco LLC<sup>(c)</sup> <br>|  |  |  |
| 07/15/32 | EUR | 592 | $702577 |
| 07/15/33 | USD | 1271 | 1317411 |
| Crocs, Inc., 4.13%, 08/15/31 |  | 244 | 219725 |
| Hanesbrands, Inc., 9.00%, 02/15/31 |  | 21 | 22233 |
| Levi Strauss & Co., 3.50%, 03/01/31 |  | 462 | 422718 |
| Under Armour, Inc., 7.25%, 07/15/30 |  | 156 | 157982 |
|  |  |  | 2842646 |
| **Tobacco**<sup>(g)</sup> **— 2.1%** | **Tobacco**<sup>(g)</sup> **— 2.1%** | **Tobacco**<sup>(g)</sup> **— 2.1%** | **Tobacco**<sup>(g)</sup> **— 2.1%** |
| Altria Group, Inc., 10.20%, 02/06/39 |  | 13392 | 18459154 |
| BAT Capital Corp., 4.54%, 08/15/47 |  | 1999 | 1614836 |
| Reynolds American, Inc., 5.85%, 08/15/45 |  | 2335 | 2252808 |
|  |  |  | 22326798 |
| **Trading Companies & Distributors**<sup>(b)</sup> **— 0.1%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.1%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.1%** | **Trading Companies & Distributors**<sup>(b)</sup> **— 0.1%** |
| American Builders & Contractors Supply Co., Inc., <br> 3.88%, 11/15/29<br>|  | 24 | 22702 |
| Gates Corp/DE, 6.88%, 07/01/29 |  | 419 | 435076 |
| Resideo Funding, Inc. |  |  |  |
| 4.00%, 09/01/29 |  | 97 | 91432 |
| 6.50%, 07/15/32<sup>(g)</sup> |  | 497 | 509173 |
|  |  |  | 1058383 |
| **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** | **Transportation Infrastructure — 0.5%** |
| FedEx Corp., 5.25%, 05/15/50<sup>(g)</sup> |  | 6000 | 5299095 |
| SF Holding Investment 2021 Ltd., 2.38%, 11/17/26<sup>(h)</sup> |  | 200 | 194654 |
|  |  |  | 5493749 |
| **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
| Altice France SA<sup>(b)</sup> <br>|  |  |  |
| 5.13%, 01/15/29 |  | 1746 | 1442632 |
| 5.13%, 07/15/29 |  | 800 | 661220 |
| 5.50%, 10/15/29 |  | 200 | 165783 |
| Digicel Intermediate Holdings Ltd./Digicel International <br> Finance Ltd./Difl U.S., (9.00% Cash and 3.00% PIK), <br> 12.00%, 05/25/27<sup>(i)</sup><br>|  | 677 | 683287 |
| Sprint LLC, 7.63%, 03/01/26<sup>(g)</sup> |  | 1096 | 1106514 |
| T-Mobile U.S., Inc. |  |  |  |
| 4.75%, 02/01/28<sup>(g)</sup> |  | 1013 | 1012807 |
| 2.63%, 02/15/29 |  | 438 | 410912 |
| 3.38%, 04/15/29 |  | 676 | 650412 |
| 2.88%, 02/15/31 |  | 235 | 213843 |
| 3.50%, 04/15/31<sup>(g)</sup> |  | 990 | 929526 |
| 5.05%, 07/15/33<sup>(g)</sup> |  | 2000 | 2013554 |
| Vmed O2 U.K. Financing I PLC<sup>(b)</sup> <br>|  |  |  |
| 4.25%, 01/31/31 |  | 400 | 366448 |
| 4.75%, 07/15/31 |  | 200 | 185005 |
|  |  |  | 9841943 |
| **Total Corporate Bonds — 111.0%** <br>**(Cost: $1,180,388,917)** | **Total Corporate Bonds — 111.0%** <br>**(Cost: $1,180,388,917)** | **Total Corporate Bonds — 111.0%** <br>**(Cost: $1,180,388,917)** | 1176957433 |
| **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<sup>(d)</sup><br>|  | 2 |  |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 |  | 145 | 145544 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 |  | 23 | 22348 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>| USD | 257 | $258928 |
| **Total Fixed Rate Loan Interests — 0.0%** <br>**(Cost: $426,909)** | **Total Fixed Rate Loan Interests — 0.0%** <br>**(Cost: $426,909)** | **Total Fixed Rate Loan Interests — 0.0%** <br>**(Cost: $426,909)** | 426820 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME <br> Term SOFR at 0.75% Floor + 3.50%), 7.58%, <br> 06/24/30<br>|  | 130 | 130511 |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 10/31/30<br>|  | 140 | 140272 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-<br> mo. CME Term SOFR + 3.93%), 8.18%, 08/03/29<br>|  | 158 | 158417 |
| Cubic Corp. |  |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.84%, 05/25/28<br>|  | 500 | 259080 |
| Term Loan C, (3-mo. CME Term SOFR at 0.75% <br> Floor + 4.51%), 8.84%, 05/25/28<br>|  | 77 | 39887 |
| Dynasty Acquisition Co., Inc. |  |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>|  | 325 | 324677 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>|  | 124 | 123849 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32<br>|  | 72 | 71892 |
| Kaman Corp., 2025 Term Loan B, (6-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>|  | 88 | 87810 |
| Peraton Corp. |  |  |  |
| 2nd Lien Term Loan B1, (3-mo. CME Term SOFR + <br> 7.85%), 12.18%, 02/01/29<br>|  | 57 | 39889 |
| Term Loan B, (1-mo. CME Term SOFR at 0.75% <br> Floor + 3.85%), 8.18%, 02/01/28<br>|  | 242 | 212961 |
| Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/14/29<br>|  | 29 | 28686 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.05%, 11/05/28<br>|  | 75 | 75348 |
| Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 12/11/31<sup>(d)</sup><br>|  | 45 | 45174 |
| TransDigm, Inc. |  |  |  |
| 2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 02/28/31<br>|  | 685 | 686176 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 01/19/32<br>|  | 253 | 253427 |
| 2024 Term Loan K, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.05%, 03/22/30<br>|  | 41 | 40615 |
|  |  |  | 2718671 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, <br> 02/23/29<br>|  | 61 | 56570 |
| Clarios Global LP |  |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.83%, 05/06/30<br>|  | 464 | 462184 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| Clarios Global LP (continued) |  |  |  |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.08%, 01/28/32<br>| USD | 223 | $223140 |
| Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/02/31<sup>(d)</sup><br>|  | 180 | 179505 |
| Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.53%, <br> 01/30/32<sup>(d)</sup><br>|  | 14 | 14017 |
| Gates Corp., 2024 Term Loan B5, (1-mo. CME Term <br> SOFR + 1.75%), 6.08%, 06/04/31<br>|  | 325 | 324659 |
| RealTruck Group, Inc., 2023 Incremental Term Loan, <br> (1-mo. CME Term SOFR + 5.11%), 9.44%, 01/31/28<br>|  | 59 | 53243 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.10%), 9.42%, 11/17/28<br>|  | 166 | 161684 |
|  |  |  | 1475002 |
| **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%), 9.80%, 01/24/29<br>|  | 252 | 249482 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.35%), 7.65%, 01/24/29<br>|  | 116 | 92182 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.40%, 01/24/30<br>|  | 84 | 38377 |
| Sazerac Co., Inc., Term Loan B, 06/25/32<sup>(d)(m)</sup> |  | 151 | 150811 |
|  |  |  | 530852 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Parexel International Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 11/15/28<br>|  | 347 | 346809 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Fanatics Commerce Intermediate Holdco LLC, Term <br> Loan B, (1-mo. CME Term SOFR + 3.36%), 7.69%, <br> 11/24/28<sup>(d)</sup><br>|  | 64 | 64135 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30<br>|  | 547 | 529701 |
|  |  |  | 593836 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31<br>|  | 117 | 117263 |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.83%, 05/13/29<br>|  | 16 | 15775 |
| Chariot Buyer LLC, Term Loan B, (1-mo. CME Term <br> SOFR + 3.35%), 7.68%, 11/03/28<br>|  | 445 | 445406 |
| CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR + 3.50%), 7.83%, 10/02/28<br>|  | 176 | 175294 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>|  | 371 | 365048 |
|  |  |  | 1118786 |
| **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** |
| AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 08/02/28<br>|  | 261 | 260812 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 6.99%, 02/15/31<br>|  | 292 | 289710 |
| Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 08/09/30<br>|  | 82 | 81910 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 6.05%, 12/20/29<br>| USD | 217 | $217417 |
| Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 04/30/31<br>|  | 89 | 89337 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 11/25/31<br>|  | 173 | 172740 |
| Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 10/31/31<br>|  | 189 | 189745 |
| Edelman Financial Engines Center LLC, 2024 Term <br> Loan, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 04/07/28<br>|  | 192 | 191847 |
| Focus Financial Partners LLC, 2025 Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.08%, 09/15/31<br>|  | 199 | 198424 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 12/15/31<br>|  | 306 | 305793 |
| Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 10/21/31<br>|  | 101 | 101617 |
| Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 08/17/28<br>|  | 159 | 159230 |
| OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.00%), 7.33%, 06/25/31<sup>(d)</sup><br>|  | 45 | 45015 |
|  |  |  | 2303597 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Aruba Investments Holdings LLC, 2020 USD Term Loan, <br> (1-mo. CME Term SOFR + 4.10%), 8.43%, <br> 11/24/27<sup>(d)</sup><br>|  | 72 | 67664 |
| Chemours Co., 2023 USD Term Loan B, (1-mo. CME <br> Term SOFR + 3.00%), 7.33%, 08/18/28<br>|  | 90 | 90210 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.31%, <br> 11/01/30<br>|  | 215 | 213655 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.02%, <br> 10/04/29<br>|  | 18 | 17871 |
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br> Term SOFR + 1.75%), 6.08%, 12/18/30<br>|  | 197 | 197287 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.80%, 03/29/32<br>|  | 79 | 78877 |
| H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30<br>|  | 120 | 120482 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 02/18/30<br>|  | 71 | 67859 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), <br> 8.58%, 10/07/31<br>|  | 75 | 68079 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28<br>|  | 175 | 158944 |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 11/26/31<br>|  | 173 | 172914 |
| Momentive Performance Materials, Inc., 2023 Term <br> Loan, (1-mo. CME Term SOFR + 4.00%), 8.33%, <br> 03/29/28<br>|  | 268 | 268434 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.51%, <br> 04/03/28<br>| USD | 158 | $158487 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.06%), <br> 7.35%, 04/08/31<br>|  | 207 | 194305 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.30%, <br> 10/09/31<br>|  | 70 | 69127 |
| Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.30%, <br> 06/20/31<br>|  | 306 | 302174 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 7.32%, <br> 08/02/30<br>|  | 229 | 226207 |
| WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 09/22/28<br>|  | 195 | 195701 |
|  |  |  | 2668277 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Action Environmental Group, Inc., 2023 Term Loan B, <br> (3-mo. CME Term SOFR + 3.75%), 8.05%, <br> 10/24/30<sup>(d)</sup><br>|  | 110 | 110375 |
| Allied Universal Holdco LLC, 2021 USD Incremental <br> Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 05/12/28<br>|  | 605 | 607245 |
| Anticimex International AB, 2024 Term Loan B6, (3-mo. <br> SOFR + 3.40%), 7.66%, 11/16/28<br>|  | 85 | 85019 |
| Aramark Services, Inc. |  |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 2.00%), 6.33%, 04/06/28<br>|  | 113 | 113061 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.33%, 06/22/30<br>|  | 261 | 261632 |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.18%, <br> 09/07/27<br>|  | 281 | 281345 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.32%, 04/01/32<br>|  | 106 | 106000 |
| Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 10/09/28<br>|  | 159 | 160167 |
| Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.24%, <br> 09/30/31<br>|  | 605 | 597340 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, <br> 02/01/29<br>|  | 221 | 221404 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32<br>|  | 333 | 332724 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 06/02/31<br>|  | 61 | 61017 |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.07%, <br> 10/17/30<br>|  | 86 | 85936 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.43%, <br> 10/30/28<br>|  | 203 | 182178 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.30%, <br> 03/11/32<br>|  | 351 | 351559 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Prime Security Services Borrower LLC |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 10/13/30<br>| USD | 109 | $108903 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 03/07/32<br>|  | 240 | 237329 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.55%, <br> 06/28/30<br>|  | 262 | 262600 |
| Reworld Holding Corp , Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>|  | 81 | 81328 |
| Reworld Holding Corp., Term Loan C, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>|  | 6 | 6280 |
| Ryan LLC, Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.83%, 11/14/30<br>|  | 11 | 10873 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, <br> 02/15/29<sup>(d)</sup><br>|  | 37 | 36999 |
| Tempo Acquisition LLC, 2025 Repriced Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 08/31/28<br>|  | 262 | 260907 |
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR <br> + 4.10%), 8.43%, 11/02/27<br>|  | 78 | 74211 |
| Vestis Corp., Term Loan, (3-mo. CME Term SOFR + <br> 2.25%), 6.58%, 02/22/31<br>|  | 108 | 103275 |
|  |  |  | 4739707 |
| **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%), 6.07%, <br> 10/24/30<br>|  | 201 | 201568 |
| Viasat, Inc. |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.61%), 8.93%, 05/30/30<br>|  | 38 | 36036 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.61%), 8.94%, 03/02/29<br>|  | 27 | 26318 |
|  |  |  | 263922 |
| **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> 8.78%, 08/01/30<br>|  | 515 | 429103 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 11/03/31<br>|  | 43 | 42892 |
| Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.25%), 7.58%, <br> 12/18/28<br>|  | 61 | 60785 |
| Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME <br> Term SOFR + 3.11%), 7.44%, 01/21/28<br>|  | 125 | 125458 |
|  |  |  | 658238 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| American Builders & Contractors Supply Co., Inc., <br> 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 01/31/31<br>|  | 204 | 204481 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29<br>|  | 95 | 85820 |
| Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.55%, <br> 04/29/29<br>|  | 103 | 94246 |
| Potters Borrower LP, 2025 Repriced Term Loan B, (3-<br> mo. CME Term SOFR at 0.75% Floor + 3.00%), <br> 7.33%, 12/14/27<br>|  | 62 | 62370 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| Quikrete Holdings, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 6.58%, 03/19/29<br>| USD | 178 | $177960 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 02/10/32<br>|  | 96 | 95592 |
| 2025 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 04/14/31<br>|  | 197 | 196828 |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR + 1.75%), 6.07%, 09/22/28<br>|  | 24 | 24075 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 10/19/29<br>|  | 453 | 450399 |
|  |  |  | 1391771 |
| **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** | **Consumer Staples Distribution & Retail — 0.0%** |
| EG America LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28<br>|  | 47 | 46797 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 10/03/31<br>|  | 164 | 165425 |
|  |  |  | 212222 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Charter Next Generation, Inc., 2024 Term Loan B1, (1-<br> mo. CME Term SOFR at 0.75% Floor + 2.75%), <br> 7.06%, 11/29/30<br>|  | 478 | 479018 |
| Clydesdale Acquisition Holdings, Inc. |  |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.58%, 04/01/32<br>|  | 1 | 1363 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 7.58%, 04/01/32<br>|  | 237 | 236233 |
| Colossus Acquireco LLC, Term Loan B, 06/11/32<sup>(m)</sup> |  | 176 | 174724 |
| Mauser Packaging Solutions Holding Co., 2024 Term <br> Loan B, (1-mo. CME Term SOFR + 3.00%), 7.32%, <br> 04/15/27<br>|  | 162 | 161872 |
| Pregis TopCo Corp., 2025 Refinancing Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.33%, 02/01/29<br>|  | 123 | 122958 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 03/04/32<br>|  | 37 | 37030 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.75%), 8.05%, <br> 09/15/28<br>|  | 148 | 144967 |
|  |  |  | 1358165 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Bright Horizons Family Solutions LLC, 2024 Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/24/28<br>|  | 197 | 197340 |
| KUEHG Corp., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.25%), 7.55%, 06/12/30<br>|  | 103 | 102830 |
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan <br> B, (3-mo. CME Term SOFR + 4.00%), 8.29%, <br> 08/11/28<br>|  | 26 | 26470 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.78%, <br> 07/25/30<br>|  | 85 | 84698 |
| PG Polaris BidCo SARL, Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 03/26/31<br>|  | 96 | 96708 |
| Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 3.00%), 7.33%, 02/07/31<br>|  | 63 | 62858 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| Spring Education Group, Inc., Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.00%), 8.30%, <br> 10/04/30<br>| USD | 191 | $191879 |
| Veritiv Operating Co., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30<br>|  | 74 | 73832 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/31<br>|  | 321 | 319821 |
|  |  |  | 1156436 |
| **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** | **Diversified REITs — 0.0%** |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 05/20/30<br>|  | 79 | 78412 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Altice Financing SA, USD 2017 1st Lien Term Loan, <br> (Prime + 1.75%), 9.25%, 01/31/26<sup>(d)</sup><br>|  | 244 | 225493 |
| Connect Finco SARL, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), <br> 8.83%, 09/27/29<br>|  | 93 | 88502 |
| Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.58%, <br> 03/27/32<br>|  | 410 | 414186 |
| Lumen Technologies, Inc. |  |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/16/29<br>|  | 135 | 132894 |
| 2024 Extended Term Loan B2, (1-mo. CME Term <br> SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/30<br>|  | 102 | 100634 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% <br> Floor + 6.00%), 10.33%, 06/01/28<br>|  | 11 | 11497 |
| ORBCOMM, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 4.51%), 8.76%, 09/01/28<br>|  | 75 | 67583 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, <br> 09/25/29<sup>(m)</sup><br>|  | 942 | 822514 |
| Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-<br> mo. CME Term SOFR + 3.36%), 7.68%, 01/31/29<br>|  | 225 | 222802 |
| Zayo Group Holdings, Inc., USD Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.11%), 7.44%, <br> 03/09/27<br>|  | 649 | 616523 |
|  |  |  | 2702628 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31<br>|  | 196 | 195899 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-<br> mo. CME Term SOFR + 1.75%), 6.08%, 12/20/30<br>|  | 172 | 172906 |
|  |  |  | 368805 |
| **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** | **Electrical Equipment — 0.0%** |
| GrafTech Global Enterprises, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 2.00% Floor + 6.00%), <br> 10.32%, 12/21/29<br>|  | 145 | 145260 |
| **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** | **Electronic Equipment, Instruments & Components — 0.0%** |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 06/20/31<sup>(d)</sup><br>|  | 56 | 55440 |
| Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, <br> 07/02/29<br>|  | 246 | 246219 |
|  |  |  | 301659 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** | **Energy Equipment & Services — 0.0%** |
| Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 02/26/32<br>| USD | 56 | $56093 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, <br> 07/22/30<br>|  | 176 | 174453 |
| Creative Artists Agency LLC, 2024 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 10/01/31<br>|  | 466 | 466845 |
| Delta 2 Lux SARL |  |  |  |
| 2024 Term Loan B1, (3-mo. CME Term SOFR at <br> 0.50% Floor + 2.00%), 6.30%, 09/30/31<br>|  | 228 | 227894 |
| 2024 Term Loan B2, 09/30/31<sup>(m)</sup> |  | 114 | 113703 |
| Live Nation Entertainment, Inc., Term Loan B4, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, <br> 10/19/26<br>|  | 214 | 213926 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 11/12/29<br>|  | 174 | 165525 |
| NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26<sup>(i)(n)</sup><br>|  | 70 | 64135 |
| Playtika Holding Corp., 2021 Term Loan B1, (1-mo. <br> CME Term SOFR + 2.86%), 7.19%, 03/13/28<br>|  | 107 | 105483 |
| UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 11/21/31<br>|  | 369 | 370456 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/24/31<br>|  | 438 | 438412 |
|  |  |  | 2340832 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| ABG Intermediate Holdings 2 LLC |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.58%, 12/21/28<br>|  | 186 | 185741 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 02/13/32<br>|  | 150 | 149188 |
| Apex Group Treasury LLC, 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.82%, 02/27/32<br>|  | 214 | 212622 |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29<br>|  | 317 | 317453 |
| Belron Finance LLC, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, <br> 10/16/31<br>|  | 485 | 487025 |
| Boost Newco Borrower LLC, 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.30%, 01/31/31<br>|  | 554 | 555371 |
| CPI Holdco B LLC |  |  |  |
| 2024 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 05/17/31<br>|  | 108 | 107865 |
| 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), <br> 6.33%, 05/19/31<br>|  | 270 | 269311 |
| Deerfield Dakota Holding LLC |  |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>|  | 363 | 351970 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28<br>|  | 135 | 128632 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 03/24/32<br>|  | 475 | 475147 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(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)** |
| FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 06/27/29<br>| USD | 20 | $19951 |
| Gryphon Debt Merger Sub, Inc., Term Loan B, <br> 06/18/32<sup>(m)</sup><br>|  | 105 | 104913 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), 7.80%, <br> 01/31/30<br>|  | 45 | 44537 |
| Howden Group Holdings Ltd., 2024 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 04/18/30<br>|  | 25 | 25054 |
| Hyperion Refinance SARL, 2024 USD 1st Lien Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.00%), 7.33%, 02/15/31<br>|  | 282 | 283050 |
| Orion US Finco, 1st Lien Term Loan, 05/20/32<sup>(m)</sup> |  | 134 | 134402 |
| Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 05/30/31<br>|  | 288 | 288726 |
| WEX, Inc. |  |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 03/31/28<br>|  | 45 | 44749 |
| 2025 Incremental Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 03/05/32<br>|  | 80 | 79551 |
|  |  |  | 4265258 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 10/25/27<br>|  | 679 | 681075 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. <br> CME Term SOFR at 2.00% Floor + 6.50%), 10.83%, <br> 03/29/30<br>|  | 18 | 17767 |
| Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.54%, <br> 11/12/29<br>|  | 73 | 73415 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.55%, <br> 03/31/28<br>|  | 120 | 120199 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 01/29/32<br>|  | 266 | 265627 |
|  |  |  | 1158083 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. <br> CME Term SOFR + 1.86%), 6.19%, 08/06/27<br>|  | 69 | 68566 |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, <br> 04/10/31<br>|  | 604 | 600963 |
| Hertz Corp. |  |  |  |
| 2021 Term Loan B, (3-mo. CME Term SOFR + <br> 3.76%), 8.04%, 06/30/28<br>|  | 153 | 126752 |
| 2021 Term Loan C, (3-mo. CME Term SOFR + <br> 3.76%), 8.04%, 06/30/28<br>|  | 30 | 24884 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 2.00% Floor + 8.00%), 12.32%, <br> 08/20/29<br>|  | 53 | 20501 |
|  |  |  | 841666 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** | **Health Care Equipment & Supplies — 0.0%** |
| Bausch & Lomb Corp. |  |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28<br>| USD | 110 | $109902 |
| 2025 Term Loan B, 06/26/30<sup>(m)</sup> |  | 301 | 300159 |
|  |  |  | 410061 |
| **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** | **Health Care Providers & Services — 0.4%** |
| Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.10%), 6.43%, <br> 11/08/27<br>|  | 22 | 21749 |
| CHG Healthcare Services, Inc., 2024 Term Loan B1, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.33%, 09/29/28<br>|  | 180 | 181033 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 2.50%), 6.78%, <br> 11/08/32<br>|  | 175 | 175298 |
| Concentra Health Services, Inc., 2025 Repriced Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.33%, 07/26/31<br>|  | 85 | 84875 |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR <br> + 2.75%), 7.07%, 05/01/31<br>|  | 416 | 413324 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.28%, <br> 08/01/29<br>|  | 214 | 214809 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 11/01/28<br>|  | 307 | 308236 |
| EyeCare Partners LLC |  |  |  |
| 2024 Second Out Term Loan B, (6-mo. CME Term <br> SOFR at 0.00% Floor + 1.10%, 3.71% PIK), <br> 8.84%, 11/30/28<sup>(i)(n)</sup><br>|  | 77 | 60240 |
| 2024 Superpriority New Money 1st Out Term Loan A, <br> (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), <br> 9.88%, 08/31/28<br>|  | 57 | 57508 |
| Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term <br> SOFR + 3.75%), 8.08%, 07/01/30<br>|  | 21 | 19150 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.10%), 8.40%, <br> 10/01/27<br>|  | 185 | 177866 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>|  | 56 | 56570 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 3.75%), <br> 8.01%, 05/19/31<br>|  | 115 | 113466 |
| Medical Solutions Holdings, Inc., 2021 1st Lien Term <br> Loan, (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.60%), 7.88%, 11/01/28<br>|  | 100 | 51832 |
| Medline Borrower LP, 2024 USD Add-on Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.58%, 10/23/28<br>|  | 1074 | 1074248 |
| Option Care Health, Inc., 2021 Term Loan B, (1-mo. <br> CME Term SOFR + 2.25%), 6.58%, 10/27/28<br>|  | 125 | 125822 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.01%), 8.29%, <br> 06/02/28<br>|  | 347 | 338205 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3-<br> mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.30%, 07/03/28<br>|  | 14 | 14095 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(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)** |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 11/19/31<br>| USD | 75 | $74686 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>|  | 132 | 130615 |
| Surgery Center Holdings, Inc., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 12/19/30<br>|  | 219 | 220054 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 08/01/31<br>|  | 60 | 59896 |
|  |  |  | 3973577 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, <br> 02/15/29<br>|  | 762 | 760748 |
| PointClickCare Technologies, Inc., 2024 USD Term Loan <br> B, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.42%, 11/03/31<br>|  | 130 | 130255 |
| Waystar Technologies, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.58%, 10/22/29<br>|  | 83 | 83826 |
|  |  |  | 974829 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| 1011778 B.C. Unlimited Liability Co., 2024 Term Loan <br> B6, (1-mo. CME Term SOFR at 0.00% Floor + <br> 1.75%), 6.08%, 09/20/30<br>|  | 294 | 291999 |
| Aimbridge Acquisition Co., Inc. |  |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME <br> Term SOFR at 1.00% Floor + 7.50%), 11.93%, <br> 03/11/30<br>|  | 27 | 26397 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR <br> at 1.00% Floor + 5.50%), 9.93%, 03/11/30<br>|  | 30 | 29482 |
| Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 05/31/30<br>|  | 148 | 148726 |
| Bally's Corp., 2021 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.51%), 7.78%, 10/02/28<br>|  | 207 | 182324 |
| Caesars Entertainment, Inc. |  |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + <br> 2.25%), 6.58%, 02/06/31<br>|  | 537 | 535696 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), <br> 6.58%, 02/06/30<br>|  | 114 | 114221 |
| Carnival Corp. |  |  |  |
| 2025 Term Loan (2027), (1-mo. CME Term SOFR at <br> 0.75% Floor + 2.00%), 6.31%, 08/08/27<br>|  | 31 | 30807 |
| 2025 Term Loan (2028), (1-mo. CME Term SOFR at <br> 0.75% Floor + 2.00%), 6.31%, 10/18/28<br>|  | 85 | 84920 |
| Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.25%), 9.57%, <br> 12/02/31<br>|  | 104 | 104394 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/04/32<br>|  | 263 | 262352 |
| Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 01/27/29<br>|  | 627 | 626165 |
| Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 1.75%), 6.05%, <br> 11/30/30<br>|  | 456 | 454345 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Flutter Financing BV, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.30%, <br> 06/04/32<sup>(d)</sup><br>| USD | 78 | $77903 |
| Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/30/29<br>|  | 433 | 435198 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 4.75%), <br> 9.07%, 11/01/29<br>|  | 117 | 113731 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.57%, 05/27/32<br>|  | 123 | 123743 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan <br> B4, (1-mo. CME Term SOFR + 1.75%), 6.07%, <br> 11/08/30<br>|  | 330 | 331292 |
| IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.50%), 6.83%, <br> 12/15/27<br>|  | 234 | 233547 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.56%, 04/14/29<br>|  | 197 | 197283 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.55%, <br> 08/01/30<br>|  | 25 | 24664 |
| Packers Holdings LLC, 2021 Term Loan, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.35%), 7.68%, <br> 03/09/28<br>|  | 124 | 66110 |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 05/03/29<br>|  | 190 | 190405 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.28%, 04/04/29<br>|  | 73 | 73349 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan <br> B3, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.00%), 6.33%, 12/04/31<br>|  | 55 | 54552 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 05/01/31<br>|  | 99 | 99000 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 03/14/31<br>|  | 341 | 341100 |
| Voyager Parent LLC, Term Loan B, 05/09/32<sup>(m)</sup> |  | 160 | 158178 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, <br> 08/03/28<br>|  | 152 | 151649 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 05/24/30<br>|  | 157 | 157754 |
|  |  |  | 5721286 |
| **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 + 3.25%), 7.55%, <br> 01/20/32<br>|  | 353 | 351366 |
| Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 09/26/31<br>|  | 86 | 86543 |
| Somnigroup International, Inc., 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 10/24/31<br>|  | 86 | 86093 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Springs Windows Fashions, LLC, 2024 First Lien <br> Second Out Term Loan A2, (1-mo. CME Term SOFR <br> at 1.00% Floor + 4.11%), 8.44%, 10/06/28<br>| USD | 99 | $75494 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-<br> mo. CME Term SOFR at 1.00% Floor + 4.50%), <br> 8.83%, 12/19/29<br>|  | 31 | 30459 |
| Weber-Stephen Products LLC, Term Loan B, (1-mo. <br> CME Term SOFR at 0.75% Floor + 3.36%), 7.69%, <br> 10/30/27<br>|  | 126 | 125168 |
|  |  |  | 755123 |
| **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, 2023 Refinancing <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.33%, 07/31/30<br>|  | 230 | 230117 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31<br>|  | 104 | 103522 |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, <br> 12/15/27<br>|  | 123 | 123595 |
| Talen Energy Supply LLC, 2024-1 Incremental Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.81%, 12/15/31<br>|  | 87 | 86741 |
|  |  |  | 543975 |
| **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** | **Industrial Conglomerates — 0.1%** |
| Beach Acquisition Bidco LLC, USD Term Loan B, <br> 06/25/32<sup>(d)(m)</sup><br>|  | 46 | 46230 |
| Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.52%, <br> 10/17/31<br>|  | 38 | 38154 |
| EMRLD Borrower LP |  |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.50%), 6.83%, 08/04/31<br>|  | 231 | 230718 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.83%, 05/31/30<br>|  | 292 | 291307 |
|  |  |  | 606409 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Alliant Holdings Intermediate LLC, 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 09/19/31<br>|  | 1032 | 1031754 |
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.25%), 6.58%, <br> 01/30/32<br>|  | 452 | 451811 |
| Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 12/29/31<br>|  | 305 | 305008 |
| AssuredPartners, Inc., 2024 Incremental Term Loan B5, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 02/14/31<br>|  | 432 | 433442 |
| Baldwin Insurance Group Holdings LLC, 2024 Repriced <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.00%), 7.31%, 05/26/31<br>|  | 235 | 234850 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.77%, <br> 06/20/30<br>|  | 549 | 550213 |
| Jones Deslauriers Insurance Management, Inc., <br> 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.03%, 03/15/30<br>|  | 142 | 140690 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/15/31<br>| USD | 305 | $304708 |
| Truist Insurance Holdings LLC |  |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.05%, 05/06/31<br>|  | 406 | 405818 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.75%), 9.05%, 05/06/32<br>|  | 56 | 56914 |
| USI, Inc. |  |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 09/29/30<br>|  | 259 | 258161 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 11/21/29<br>|  | 426 | 425227 |
|  |  |  | 4598596 |
| **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** | **Interactive Media & Services — 0.0%** |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-<br> mo. CME Term SOFR + 2.75%), 7.08%, 01/31/31<br>|  | 195 | 192317 |
| **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
| Asurion LLC |  |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term <br> SOFR + 5.36%), 9.69%, 01/31/28<br>|  | 175 | 166906 |
| 2021 2nd Lien Term Loan B4, (1-mo. CME Term <br> SOFR + 5.36%), 9.69%, 01/20/29<br>|  | 44 | 40734 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.35%), 8.68%, 08/19/28<br>|  | 133 | 131739 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.25%), 8.58%, 09/19/30<br>|  | 45 | 43723 |
| 2025 Term Loan B13, 09/19/30<sup>(m)</sup> |  | 418 | 405941 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 07/06/29<br>|  | 448 | 373215 |
| Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.53%, <br> 04/21/32<sup>(d)</sup><br>|  | 131 | 130836 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 06/12/31<br>|  | 177 | 175320 |
| Epicor Software Corp., 2024 Term Loan E, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.75%), 7.08%, <br> 05/30/31<br>|  | 430 | 430947 |
| Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 06/27/31<sup>(d)</sup><br>|  | 79 | 79512 |
| Go Daddy Operating Co. LLC |  |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + <br> 1.75%), 6.08%, 05/30/31<br>|  | 207 | 207187 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 11/09/29<br>|  | 213 | 212947 |
| Magenta Security Holdings LLC |  |  |  |
| 2024 First Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 7.01%), 11.29%, 07/27/28<br>|  | 49 | 41154 |
| 2024 Second Out Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 7.00%), 11.54%, 07/27/28<br>|  | 55 | 25124 |
| 2024 Third Out Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, <br> 07/27/28<sup>(e)(i)(l)(n)</sup><br>|  | 122 | 28312 |
| Mitchell International, Inc. |  |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.58%, 06/17/31<br>|  | 323 | 322121 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(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)** |
| Mitchell International, Inc. (continued) |  |  |  |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br> 5.25%), 9.58%, 06/17/32<br>| USD | 46 | $45068 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.50%), 8.78%, 07/01/31<br>|  | 75 | 71649 |
| Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan <br> B1, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 11/17/31<br>|  | 216 | 215714 |
| Project Alpha Intermediate Holding, Inc., 2024 1st Lien <br> Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.25%), 7.55%, 10/26/30<br>|  | 120 | 120202 |
| Project Boost Purchaser LLC, 2025 Refinancing Term <br> Loan, (3-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.30%, 07/16/31<br>|  | 217 | 217352 |
| Sedgwick Claims Management Services, Inc., <br> 2023 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.33%, 07/31/31<br>|  | 505 | 506967 |
| Shift4 Payments LLC, 2025 Term Loan, 05/07/32<sup>(m)</sup> |  | 102 | 102797 |
| X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.60%), 10.93%, 10/26/29<br>|  | 359 | 350490 |
| X.AI LLC, 1st Lien Term Loan , 06/28/30<sup>(m)</sup> |  | 88 | 83783 |
|  |  |  | 4529740 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 08/16/29<br>|  | 244 | 244071 |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.32%, 07/31/28<br>|  | 316 | 315440 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 2.50%), 6.79%, 03/15/30<br>|  | 67 | 67589 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.50%), 6.80%, <br> 05/14/28<sup>(d)</sup><br>|  | 54 | 54327 |
| Filtration Group Corp., 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 10/21/28<br>|  | 422 | 423221 |
| Generac Power Systems, Inc., 2024 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.07%, 07/03/31<br>|  | 40 | 39683 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.73%, 02/15/29<br>|  | 549 | 549914 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.75%), 7.05%, <br> 11/22/29<br>|  | 105 | 104277 |
| Madison IAQ LLC |  |  |  |
| 2025 Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.56%, 05/06/32<br>|  | 217 | 217458 |
| Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.76%, 06/21/28<br>|  | 442 | 442502 |
| SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 04/05/29<br>|  | 267 | 267712 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30<br>|  | 344 | 344881 |
| Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 03/02/27<br>|  | 360 | 360185 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, <br> 12/17/28<br>| USD | 110 | $47682 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/27/31<br>|  | 229 | 229444 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR <br> + 2.11%), 6.44%, 10/04/28<br>|  | 97 | 96988 |
|  |  |  | 3805374 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Altice France SA, 2023 USD Term Loan B14, (3-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.76%, <br> 08/15/28<br>|  | 285 | 257518 |
| Charter Communications Operating LLC |  |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.30%, 12/07/30<br>|  | 154 | 154124 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.55%, 12/15/31<br>|  | 149 | 149607 |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.44%, 08/23/28<br>|  | 84 | 82651 |
| CSC Holdings LLC |  |  |  |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, <br> 04/15/27<br>|  | 319 | 310626 |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.81%, 01/18/28<br>|  | 58 | 57005 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27<br>|  | 45 | 44852 |
| ECL Entertainment LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), <br> 7.83%, 09/03/30<br>|  | 93 | 92637 |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-<br> mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.06%, 02/21/31<sup>(d)</sup><br>|  | 51 | 50681 |
| Gray Television, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR + 5.25%), 9.57%, 06/04/29<br>|  | 44 | 44254 |
| Learfield Communications LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.83%, 06/30/28<br>|  | 122 | 123156 |
| Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 12/10/31<br>|  | 323 | 324606 |
| Ziggo Financing Partnership, USD Term Loan I, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.61%), 6.93%, <br> 04/30/28<br>|  | 126 | 122994 |
|  |  |  | 1814711 |
| **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 B2, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 11/22/30<br>|  | 45 | 44906 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), <br> 7.52%, 12/21/28<br>|  | 286 | 286140 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 10/04/30<br>|  | 33 | 33225 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.31%, 02/11/30<br>|  | 113 | 112718 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| M6 ETX Holdings II Midco LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 04/01/32<br>| USD | 84 | $84300 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.07%, 04/07/32<br>|  | 44 | 44306 |
| New Fortress Energy, Inc., 2025 Incremental Term Loan <br> B, (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.81%, 10/30/28<br>|  | 38 | 20312 |
| NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.75%), 8.08%, 02/03/31<br>|  | 32 | 32000 |
| Oryx Midstream Services Permian Basin LLC, <br> 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 2.25%), 6.57%, 10/05/28<br>|  | 358 | 357194 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan <br> B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 06/16/32<br>|  | 36 | 35947 |
|  |  |  | 1051048 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| AAdvantage Loyalty IP Ltd., 2025 Term Loan B, <br> 05/28/32<sup>(m)</sup><br>|  | 92 | 92506 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, 03/21/31<br>|  | 212 | 211514 |
| American Airlines, Inc. |  |  |  |
| Series AA, 2017 1st Lien Term Loan, (6-mo. CME <br> Term SOFR at 0.00% Floor + 1.85%), 5.98%, <br> 01/29/27<br>|  | 106 | 104691 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.51%, 06/04/29<br>|  | 166 | 164657 |
| 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.50%, 02/15/28<br>|  | 159 | 157229 |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.52%, 04/20/28<br>|  | 155 | 153965 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.75%), 9.07%, <br> 08/27/29<br>|  | 116 | 108602 |
| United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, <br> 02/22/31<br>|  | 147 | 147572 |
|  |  |  | 1140736 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 5.50%), <br> 9.83%, 05/04/28<br>|  | 119 | 120899 |
| Elanco Animal Health, Inc., Term Loan B, (1-mo. CME <br> Term SOFR + 1.85%), 6.17%, 08/01/27<br>|  | 177 | 177109 |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28<br>|  | 277 | 278181 |
| Opal U.S. LLC, USD Term Loan B, 04/28/32<sup>(m)</sup> |  | 250 | 250860 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.25%), 6.57%, <br> 05/19/31<br>|  | 75 | 72993 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 04/20/29<br>|  | 81 | 80839 |
|  |  |  | 980881 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.61%), 6.94%, <br> 02/04/28<br>|  | 241 | 242126 |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, <br> 09/29/31<br>|  | 211 | 210023 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** | **Professional Services (continued)** |
| CoreLogic, Inc. |  |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.61%), 10.94%, 06/04/29<br>| USD | 90 | $87210 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.61%), 7.94%, 06/02/28<br>|  | 266 | 262782 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 04/28/28<br>|  | 416 | 415518 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.28%, 03/01/31<sup>(d)</sup><br>|  | 339 | 338703 |
| Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 01/18/29<br>|  | 648 | 647392 |
| Element Materials Technology Group U.S. Holdings, <br> Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.75%), 8.05%, 07/06/29<br>|  | 83 | 83176 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30<br>|  | 84 | 78276 |
| Skopima Consilio Parent LLC, 2024 Repriced Term <br> Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.75%), 8.08%, 05/12/28<br>|  | 124 | 122696 |
| Trans Union LLC |  |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 06/24/31<br>|  | 204 | 203712 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at <br> 0.00% Floor + 1.75%), 6.08%, 06/24/31<br>|  | 312 | 312238 |
| Zelis Payments Buyer, Inc., 5th Amendment Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.58%, 11/26/31<br>|  | 300 | 298570 |
|  |  |  | 3302422 |
| **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, <br> 2024 Tranche 2 Incremental Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 7.58%, <br> 01/31/30<br>|  | 70 | 70378 |
| **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%), 6.06%, 07/06/29<br>|  | 88 | 88373 |
| MKS Instruments, Inc., 2025 USD Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.32%, 08/17/29<br>|  | 331 | 331735 |
|  |  |  | 420108 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, <br> 02/24/31<br>|  | 486 | 487888 |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.50%), 8.78%, <br> 08/15/29<br>|  | 166 | 137404 |
| Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/30/31<br>|  | 453 | 449722 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.05%, <br> 06/17/30<br>|  | 183 | 183208 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br> Term SOFR + 2.00%), 6.33%, 01/23/32<br>|  | 439 | 438583 |
| Cloud Software Group, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>|  | 625 | 625830 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.75%), 8.05%, 03/21/31<br>|  | 368 | 368762 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Cloudera, Inc. |  |  |  |
| 2021 Second Lien Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.10%), 10.43%, 10/08/29<br>| USD | 88 | $79475 |
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.85%), 8.18%, 10/08/28<br>|  | 224 | 214231 |
| Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31<br>|  | 595 | 595184 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 4.25%), 8.55%, 06/26/31<sup>(d)</sup><br>|  | 100 | 99738 |
| Ellucian Holdings, Inc. |  |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 3.00%), 7.33%, 10/09/29<br>|  | 386 | 387227 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 4.75%), 9.08%, 11/22/32<sup>(d)</sup><br>|  | 71 | 72420 |
| Gen Digital, Inc. |  |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR + <br> 1.75%), 6.08%, 09/12/29<br>|  | 442 | 440800 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 6.08%, 04/16/32<br>|  | 72 | 71838 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/32<br>|  | 646 | 645125 |
| Informatica LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28<br>|  | 174 | 174827 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 03/20/32<br>|  | 404 | 405377 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 03/01/29<br>|  | 349 | 338277 |
| MH Sub I LLC |  |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 05/03/28<br>|  | 93 | 87140 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.25%), 8.58%, 12/31/31<br>|  | 79 | 68268 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 12/17/27<br>|  | 46 | 44304 |
| Proofpoint, Inc. |  |  |  |
| 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.00%), 7.33%, 08/31/28<br>|  | 430 | 429791 |
| 2025 Fungible Term Loan, 08/31/28<sup>(m)</sup> |  | 48 | 48005 |
| QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.30%, 04/30/32<br>|  | 62 | 62705 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br> SOFR + 3.26%), 7.56%, 04/24/28<br>|  | 258 | 256407 |
| Sabre GLBL, Inc. |  |  |  |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 28 | 27470 |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.61%), 7.94%, 12/17/27<br>|  | 16 | 15723 |
| 2022 1st Lien Term Loan B, (1-mo. CME Term SOFR <br> at 0.50% Floor + 5.10%), 9.43%, 06/30/28<br>|  | 7 | 6736 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 128 | 126977 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.43%, 11/15/29<br>|  | 39 | 36808 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 05/09/31<br>| USD | 471 | $473535 |
| UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.00%), 7.31%, 02/10/31<br>|  | 603 | 605354 |
| VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.02%, <br> 04/12/31<br>|  | 391 | 392543 |
|  |  |  | 8897682 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Fender Musical Instruments Corp., 2021 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), <br> 8.43%, 12/01/28<br>|  | 18 | 16310 |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 04/23/31<br>|  | 129 | 129107 |
| Mavis Tire Express Services Topco Corp., <br> 2025 Repriced Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 3.00%), 7.33%, 05/04/28<br>|  | 440 | 439015 |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.85%), 8.18%, 02/11/28<br>|  | 113 | 111342 |
| Restoration Hardware, Inc. |  |  |  |
| 2022 Incremental Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 3.35%), 7.68%, 10/20/28<br>|  | 38 | 36933 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.61%), 6.94%, 10/20/28<br>|  | 89 | 86401 |
|  |  |  | 819108 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Core & Main LP |  |  |  |
| 2024 Term Loan D, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.27%, 07/27/28<br>|  | 469 | 468921 |
| 2024 Term Loan E, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.27%, 02/09/31<br>|  | 92 | 91879 |
| Foundation Building Materials, Inc., 2024 Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.28%, 01/29/31<br>|  | 323 | 315586 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31<br>|  | 66 | 66244 |
| GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME <br> Term SOFR + 2.25%), 6.58%, 05/12/30<br>|  | 85 | 84686 |
| Herc Holdings, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.32%, 06/02/32<br>|  | 40 | 40117 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27<br>|  | 109 | 83529 |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 1.00% Floor + 2.00%, 3.25% <br> PIK), 9.58%, 06/30/29<sup>(d)(i)(n)</sup><br>|  | 72 | 43378 |
|  |  |  | 1194340 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.83%, 09/23/31<br>|  | 442 | 440514 |
| Brown Group Holding LLC |  |  |  |
| 2022 Incremental Term Loan B2, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31<br>|  | 184 | 183698 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 2.50%), 6.83%, 07/01/31<br>|  | 265 | 265407 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 6.35%), 10.68%, 12/15/26<br>| USD | 119 | $118478 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30<br>|  | 43 | 42422 |
|  |  |  | 1050519 |
| **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** | **Wireless Telecommunication Services — 0.0%** |
| GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR + 3.86%), 8.19%, 04/30/28<br>|  | 62 | 61266 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 01/25/31<br>|  | 259 | 258960 |
|  |  |  | 320226 |
| **Total Floating Rate Loan Interests — 7.6%** <br>**(Cost: $81,656,853)** | **Total Floating Rate Loan Interests — 7.6%** <br>**(Cost: $81,656,853)** | **Total Floating Rate Loan Interests — 7.6%** <br>**(Cost: $81,656,853)** | 80968433 |
| **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 | 4959000 |
| **China — 0.0%** | **China — 0.0%** | **China — 0.0%** |  |
| China Development Bank/Hong Kong, 2.00%, <br> 02/16/27<sup>(h)</sup><br>|  | 200 | 193814 |
| Export-Import Bank of China, 3.38%, 03/14/27<sup>(h)</sup> |  | 200 | 198078 |
|  |  |  | 391892 |
| **Colombia — 0.3%** | **Colombia — 0.3%** | **Colombia — 0.3%** |  |
| Colombia Government International Bonds, 5.63%, <br> 02/26/44<sup>(g)</sup><br>|  | 4000 | 2949000 |
| **Hong Kong — 0.0%** | **Hong Kong — 0.0%** | **Hong Kong — 0.0%** |  |
| Airport Authority, 3.25%, 01/12/52 |  | 200 | 142458 |
| **India — 0.0%** | **India — 0.0%** | **India — 0.0%** |  |
| Export-Import Bank of India, 3.88%, 02/01/28<sup>(h)</sup> |  | 200 | 196402 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |  |
| Indonesia Government International Bonds |  |  |  |
| 4.65%, 09/20/32 |  | 250 | 248698 |
| 4.85%, 01/11/33 |  | 200 | 200760 |
| 5.25%, 01/17/42<sup>(h)</sup> |  | 200 | 196800 |
| 4.75%, 07/18/47<sup>(g)(h)</sup> |  | 200 | 179800 |
| 3.70%, 10/30/49 |  | 200 | 149294 |
| 3.50%, 02/14/50<sup>(g)</sup> |  | 200 | 143250 |
| Perusahaan Penerbit SBSN Indonesia III<sup>(h)</sup> <br>|  |  |  |
| 1.50%, 06/09/26 |  | 200 | 195802 |
| 4.40%, 06/06/27 |  | 200 | 201075 |
|  |  |  | 1515479 |
| **Mexico — 0.4%** | **Mexico — 0.4%** | **Mexico — 0.4%** |  |
| Mexico Government International Bonds, 4.75%, <br> 03/08/44<br>|  | 5800 | 4571850 |
| **Pakistan — 0.1%** | **Pakistan — 0.1%** | **Pakistan — 0.1%** |  |
| Pakistan Government International Bonds<sup>(h)</sup> <br>|  |  |  |
| 6.00%, 04/08/26 |  | 450 | 443025 |
| 7.38%, 04/08/31 |  | 200 | 178050 |
|  |  |  | 621075 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Philippines — 0.0%** | **Philippines — 0.0%** | **Philippines — 0.0%** |  |
| Philippines Government International Bonds |  |  |  |
| 3.70%, 03/01/41 | USD | 300 | $243225 |
| 2.65%, 12/10/45 |  | 200 | 129575 |
|  |  |  | 372800 |
| **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 | 203720 |
| **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |  |
| Saudi Government International Bonds, 4.50%, <br> 10/26/46<sup>(h)</sup><br>|  | 200 | 164376 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |  |
| Export-Import Bank of Korea, 1.63%, 01/18/27 |  | 200 | 192438 |
| Korea Development Bank, 4.38%, 02/15/33 |  | 200 | 196520 |
| Korea Expressway Corp., 1.13%, 05/17/26 |  | 200 | 194102 |
|  |  |  | 583060 |
| **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** | **United Arab Emirates — 0.0%** |  |
| Sharjah Sukuk Program Ltd., 6.09%, 03/19/34<sup>(h)</sup> |  | 250 | 260781 |
| **Uruguay — 0.3%** | **Uruguay — 0.3%** | **Uruguay — 0.3%** |  |
| Uruguay Government International Bonds, 5.10%, <br> 06/18/50<sup>(g)</sup><br>|  | 3500 | 3227000 |
| **Total Foreign Agency Obligations — 1.9%** <br>**(Cost: $23,869,558)** | **Total Foreign Agency Obligations — 1.9%** <br>**(Cost: $23,869,558)** | **Total Foreign Agency Obligations — 1.9%** <br>**(Cost: $23,869,558)** | 20158893 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 0.0%** | **Equity Funds — 0.0%** |  |
| Hearthside Equity | 1014 | 19368 |
| **Fixed Income Funds — 0.3%** | **Fixed Income Funds — 0.3%** |  |
| Invesco Senior Loan ETF | 170000 | 3556400 |
| **Total Investment Companies — 0.3%** <br>**(Cost: $3,575,663)** | **Total Investment Companies — 0.3%** <br>**(Cost: $3,575,663)** | 3575768 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **New York — 1.0%** | **New York — 1.0%** | **New York — 1.0%** |  |
| Metropolitan Transportation Authority, RB, BAB, 6.55%, <br> 11/15/31<br>| USD | 9980 | 10568586 |
| **Total Municipal Bonds — 1.0%** <br>**(Cost: $9,814,232)** | **Total Municipal Bonds — 1.0%** <br>**(Cost: $9,814,232)** | **Total Municipal Bonds — 1.0%** <br>**(Cost: $9,814,232)** | 10568586 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 11.0%** | **Capital Trusts — 11.0%** | **Capital Trusts — 11.0%** | **Capital Trusts — 11.0%** |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |  |
| General Motors Financial Co., Inc., Series C, 5.70%<sup>(a)(j)</sup> |  | 2565 | 2540753 |
| **Banks**<sup>(a)(j)</sup> **— 1.6%** | **Banks**<sup>(a)(j)</sup> **— 1.6%** | **Banks**<sup>(a)(j)</sup> **— 1.6%** |  |
| HDFC Bank Ltd., 3.70%<sup>(h)</sup> |  | 200 | 193530 |
| Industrial & Commercial Bank of China Ltd., 3.20%<sup>(h)</sup> |  | 300 | 294444 |
| Kasikornbank PCL/Hong Kong, 4.00%<sup>(h)</sup> |  | 300 | 289050 |
| Macquarie Bank Ltd., 6.13%<sup>(b)</sup> |  | 1885 | 1893795 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |  |
| Nordea Bank Abp, 6.63%<sup>(b)</sup> | USD | 5540 | $5571855 |
| PNC Financial Services Group, Inc. |  |  |  |
| Series V, 6.20%<sup>(g)</sup> |  | 5529 | 5633435 |
| Series W, 6.25% |  | 1250 | 1285284 |
| Rizal Commercial Banking Corp., 6.50%<sup>(h)</sup> |  | 700 | 698250 |
| Standard Chartered PLC<sup>(h)</sup> <br>|  |  |  |
| 7.63% |  | 200 | 202010 |
| 7.88% |  | 400 | 416236 |
|  |  |  | 16477889 |
| **Capital Markets — 0.0%** | **Capital Markets — 0.0%** | **Capital Markets — 0.0%** |  |
| Nomura Holdings, Inc., <sup>(a)(c)(j)</sup> |  | 375 | 379782 |
| **Electric Utilities**<sup>(a)</sup> **— 1.0%** | **Electric Utilities**<sup>(a)</sup> **— 1.0%** | **Electric Utilities**<sup>(a)</sup> **— 1.0%** |  |
| Dominion Energy, Inc., Series B, 7.00%, 06/01/54 |  | 1810 | 1942007 |
| PPL Capital Funding, Inc., Series A, 7.22%, 03/30/67<sup>(g)</sup> |  | 8300 | 8256979 |
|  |  |  | 10198986 |
| **Financial Services — 5.1%** | **Financial Services — 5.1%** | **Financial Services — 5.1%** |  |
| Barclays PLC<sup>(a)(j)</sup> <br>|  |  |  |
| 4.38% |  | 1630 | 1517269 |
| 9.63% |  | 3340 | 3709765 |
| Citigroup, Inc.<sup>(a)(j)</sup> <br>|  |  |  |
| Series BB, 7.20% |  | 6750 | 6959803 |
| Series EE, 6.75% |  | 3200 | 3223565 |
| Goldman Sachs Group, Inc., 6.85%<sup>(a)(j)</sup> |  | 9240 | 9535572 |
| HSBC Holdings PLC, 7.05%<sup>(a)(j)</sup> |  | 400 | 404622 |
| JPMorgan Chase & Co., 8.75%, 09/01/30<sup>(g)</sup> |  | 2000 | 2365695 |
| Lloyds Banking Group PLC, 7.50%<sup>(a)(j)</sup> |  | 8285 | 8307245 |
| Mitsubishi UFJ Financial Group, Inc., 8.20%<sup>(a)(j)</sup> |  | 425 | 459293 |
| NatWest Group PLC<sup>(a)(j)</sup> <br>|  |  |  |
| 8.00% |  | 970 | 972991 |
| 8.13% |  | 5275 | 5689900 |
| Royal Capital BV, 5.00%<sup>(a)(h)(j)</sup> |  | 200 | 199000 |
| Sumitomo Mitsui Financial Group, Inc., 6.45%<sup>(a)(j)</sup> |  | 300 | 293942 |
| UBS Group AG<sup>(a)(b)(j)</sup> <br>|  |  |  |
| 7.75% |  | 4845 | 5100637 |
| Series NC10, 9.25% |  | 4807 | 5558868 |
|  |  |  | 54298167 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |  |
| Vistra Corp., 7.00%<sup>(a)(b)(j)</sup> |  | 1349 | 1365233 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |  |
| ACE Capital Trust II, 9.70%, 04/01/30<sup>(g)</sup> |  | 7000 | 8344129 |
| Dai-ichi Life Insurance Co. Ltd., 6.20%<sup>(a)(h)(j)</sup> |  | 200 | 202500 |
| Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, <br> 04/01/27<br>|  | 5000 | 4819225 |
| Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52<sup>(a)(h)</sup> |  | 200 | 201730 |
| MetLife, Inc., 6.40%, 12/15/66<sup>(g)</sup> |  | 5000 | 5235846 |
|  |  |  | 18803430 |
| **Oil, Gas & Consumable Fuels**<sup>(a)</sup> **— 0.6%** | **Oil, Gas & Consumable Fuels**<sup>(a)</sup> **— 0.6%** | **Oil, Gas & Consumable Fuels**<sup>(a)</sup> **— 0.6%** |  |
| Enterprise Products Operating LLC, 7.37%, 06/01/67 |  | 2500 | 2474112 |
| Venture Global LNG, Inc., 9.00%<sup>(b)(j)</sup> |  | 3836 | 3729355 |
|  |  |  | 6203467 |
| **Passenger Airlines**<sup>(a)(h)(j)</sup> **— 0.0%** | **Passenger Airlines**<sup>(a)(h)(j)</sup> **— 0.0%** | **Passenger Airlines**<sup>(a)(h)(j)</sup> **— 0.0%** |  |
| Airport Authority |  |  |  |
| 2.10% |  | 200 | 195870 |
| 2.40% |  | 200 | 188880 |
|  |  |  | 384750 |
| **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** | **Real Estate Management & Development — 0.0%** |  |
| NWD Finance BVI Ltd., 4.13%<sup>(e)(h)(j)(l)</sup> |  | 209 | 55490 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |  |
| MTR Corp. CI Ltd., 5.63%<sup>(a)(h)(j)</sup> | USD | 600 | $604320 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |  |
| Vodafone Group PLC, 7.00%, 04/04/79<sup>(a)</sup> |  | 4745 | 4950672 |
|  |  |  | 116262939 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Preferred Stocks — 0.6%**<sup>(e)</sup> | **Preferred Stocks — 0.6%**<sup>(e)</sup> | **Preferred Stocks — 0.6%**<sup>(e)</sup> |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc., 07/21/30 | 22 | 3965 |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |  |
| ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: <br> $3,111,907)<sup>(d)(f)</sup><br>| 28400 | 6589936 |
| **IT Services**<sup>(d)</sup> **— 0.0%** | **IT Services**<sup>(d)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| Series G | 311 | 6983 |
| Series G-1 | 214 | 4822 |
|  |  | 11805 |
|  |  | 6605706 |
| **Total Preferred Securities — 11.6%** <br>**(Cost: $115,727,180)** | **Total Preferred Securities — 11.6%** <br>**(Cost: $115,727,180)** | 122868645 |

---

&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 — 15.0%** | **Mortgage-Backed Securities — 15.0%** | **Mortgage-Backed Securities — 15.0%** |  |
| Uniform Mortgage-Backed Securities, 6.00%, <br> 07/15/54<sup>(o)</sup><br>| USD | 156425 | 158947015 |
| **Total U.S. Government Sponsored Agency Securities — 15.0%** <br>**(Cost: $157,385,011)** | **Total U.S. Government Sponsored Agency Securities — 15.0%** <br>**(Cost: $157,385,011)** | **Total U.S. Government Sponsored Agency Securities — 15.0%** <br>**(Cost: $157,385,011)** | 158947015 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **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)<sup>(e)</sup><br>| 321 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 167.7%** <br>**(Cost: $1,775,618,016)** | **Total Long-Term Investments — 167.7%** <br>**(Cost: $1,775,618,016)** | 1778909914 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.20%<sup>(p)(q)</sup><br>| 6120572 | $6120572 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $6,120,572)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $6,120,572)** | 6120572 |
| **Total Investments — 168.3%** <br>**(Cost: $1,781,738,588)** | **Total Investments — 168.3%** <br>**(Cost: $1,781,738,588)** | 1785030486 |
| **Liabilities in Excess of Other Assets — (68.3)%** | **Liabilities in Excess of Other Assets — (68.3)%** | (724484397)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1060546089 |

---

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

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

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

<sup>(c)</sup> When-issued security.

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

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

<sup>(f)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $6,690,655, representing 0.6% of its net assets as of period end, and an original cost of $3,193,434. 

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

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

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

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

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

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

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

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

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

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

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

<sup>(q)</sup> Annualized 7-day yield as of period end.

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $6317936 | $—<br> $(197364 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $6120572 | 6120572 | $129362 | $— |

---

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

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

**Reverse Repurchase Agreements** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade* <br>*Date*<br>| &nbsp;&nbsp; *Maturity* <br>*Date*<sup>(a)</sup> <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*<sup>(a)</sup> <br>|
| Nomura Securities International, Inc.<br> 4.32 %<sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; $63653 | &nbsp;&nbsp; $64241 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.35 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 2949441 | &nbsp;&nbsp; 2976883 | Foreign Agency Obligations | Open/Demand |
| Nomura Securities International, Inc.<br> 4.40 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 670310 | &nbsp;&nbsp; 676618 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1293049 | &nbsp;&nbsp; 1305273 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 251970 | &nbsp;&nbsp; 254352 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1084875 | &nbsp;&nbsp; 1095131 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1192400 | &nbsp;&nbsp; 1203673 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.45 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1475530 | &nbsp;&nbsp; 1489574 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 478125 | &nbsp;&nbsp; 482696 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 778148 | &nbsp;&nbsp; 785587 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 210325 | &nbsp;&nbsp; 212336 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 417375 | &nbsp;&nbsp; 421365 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 163500 | &nbsp;&nbsp; 165063 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 172995 | &nbsp;&nbsp; 174649 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 288621 | &nbsp;&nbsp; 291380 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 707753 | &nbsp;&nbsp; 714519 | Corporate Bonds | Open/Demand |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| Nomura Securities International, Inc.<br> 4.47 %<sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; $150164 | &nbsp;&nbsp; $151599 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.47 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 694031 | &nbsp;&nbsp; 700667 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 426238 | &nbsp;&nbsp; 430322 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 136740 | &nbsp;&nbsp; 138050 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 514058 | &nbsp;&nbsp; 518983 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 134378 | &nbsp;&nbsp; 135665 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 87100 | &nbsp;&nbsp; 87935 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 506491 | &nbsp;&nbsp; 511345 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 1108250 | &nbsp;&nbsp; 1118870 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 189248 | &nbsp;&nbsp; 191061 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 167558 | &nbsp;&nbsp; 169163 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 175499 | &nbsp;&nbsp; 177180 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 407500 | &nbsp;&nbsp; 411405 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 455131 | &nbsp;&nbsp; 459492 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 531587 | &nbsp;&nbsp; 536681 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 351140 | &nbsp;&nbsp; 354505 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 499180 | &nbsp;&nbsp; 503963 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.65 <br><sup>(b)</sup><br>| 04/15/25 | Open | &nbsp;&nbsp; 563751 | &nbsp;&nbsp; 569358 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 05/01/25 | Open | &nbsp;&nbsp; 374400 | &nbsp;&nbsp; 377204 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.48 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 5316410 | &nbsp;&nbsp; 5354121 | Capital Trusts | Open/Demand |
| TD Securities (USA) LLC<br> 4.48 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 5941250 | &nbsp;&nbsp; 5983393 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1445826 | &nbsp;&nbsp; 1456105 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1343775 | &nbsp;&nbsp; 1353328 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1764000 | &nbsp;&nbsp; 1776791 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1726954 | &nbsp;&nbsp; 1739232 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3662500 | &nbsp;&nbsp; 3688537 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2817500 | &nbsp;&nbsp; 2837530 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 7936250 | &nbsp;&nbsp; 7992670 | Capital Trusts | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 4627969 | &nbsp;&nbsp; 4660870 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 540245 | &nbsp;&nbsp; 544086 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 4125000 | &nbsp;&nbsp; 4154325 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 4555312 | &nbsp;&nbsp; 4587697 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 583225 | &nbsp;&nbsp; 587371 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1491754 | &nbsp;&nbsp; 1502359 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 4419337 | &nbsp;&nbsp; 4450755 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 4998740 | &nbsp;&nbsp; 5034277 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 594210 | &nbsp;&nbsp; 598434 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 4498931 | &nbsp;&nbsp; 4530915 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2252500 | &nbsp;&nbsp; 2268513 | Capital Trusts | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 540925 | &nbsp;&nbsp; 544771 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 866637 | &nbsp;&nbsp; 872799 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 9193625 | &nbsp;&nbsp; 9258984 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3052400 | &nbsp;&nbsp; 3074100 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2393125 | &nbsp;&nbsp; 2410138 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2092744 | &nbsp;&nbsp; 2107621 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3810125 | &nbsp;&nbsp; 3837212 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2187900 | &nbsp;&nbsp; 2203454 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 871200 | &nbsp;&nbsp; 877394 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2516250 | &nbsp;&nbsp; 2534138 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 6973725 | &nbsp;&nbsp; 7023302 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 627125 | &nbsp;&nbsp; 631583 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 5719275 | &nbsp;&nbsp; 5759934 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 4186875 | &nbsp;&nbsp; 4216640 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 10558625 | &nbsp;&nbsp; 10633688 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2712600 | &nbsp;&nbsp; 2731884 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 5280000 | &nbsp;&nbsp; 5317536 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2331842 | &nbsp;&nbsp; 2348420 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2926875 | &nbsp;&nbsp; 2947683 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 13555625 | &nbsp;&nbsp; 13651994 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3238995 | &nbsp;&nbsp; 3262022 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 515690 | &nbsp;&nbsp; 519356 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 913575 | &nbsp;&nbsp; 920070 | Corporate Bonds | Open/Demand |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**Reverse Repurchase Agreements (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | &nbsp;&nbsp; *Trade*<br> *Date*<br>| &nbsp;&nbsp; *Maturity*<br> *Date*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| TD Securities (USA) LLC<br> 4.49 %<sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; $4768200 | &nbsp;&nbsp; $4802098 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3717397 | &nbsp;&nbsp; 3743825 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 735000 | &nbsp;&nbsp; 740225 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3076625 | &nbsp;&nbsp; 3098497 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3155625 | &nbsp;&nbsp; 3178059 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2870156 | &nbsp;&nbsp; 2890561 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 2806335 | &nbsp;&nbsp; 2826286 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1703625 | &nbsp;&nbsp; 1715736 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1044875 | &nbsp;&nbsp; 1052303 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3745000 | &nbsp;&nbsp; 3771624 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 6957137 | &nbsp;&nbsp; 7006597 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 3219570 | &nbsp;&nbsp; 3242459 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1174594 | &nbsp;&nbsp; 1182944 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 10962500 | &nbsp;&nbsp; 11040434 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 815299 | &nbsp;&nbsp; 821095 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.49 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 585900 | &nbsp;&nbsp; 590065 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC<br> 4.60 <br><sup>(b)</sup><br>| 05/05/25 | Open | &nbsp;&nbsp; 1191837 | &nbsp;&nbsp; 1200518 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.35 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 2430900 | &nbsp;&nbsp; 2445587 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 90750 | &nbsp;&nbsp; 91305 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 351488 | &nbsp;&nbsp; 353636 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.40 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 974750 | &nbsp;&nbsp; 980707 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.43 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1406889 | &nbsp;&nbsp; 1415545 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 546840 | &nbsp;&nbsp; 550220 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 206625 | &nbsp;&nbsp; 207902 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 382500 | &nbsp;&nbsp; 384864 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 4584375 | &nbsp;&nbsp; 4612709 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.45 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 765285 | &nbsp;&nbsp; 770015 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.46 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 459431 | &nbsp;&nbsp; 462277 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.46 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 317983 | &nbsp;&nbsp; 319952 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.47 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 976500 | &nbsp;&nbsp; 982562 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.47 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 902216 | &nbsp;&nbsp; 907818 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 276210 | &nbsp;&nbsp; 277933 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 360763 | &nbsp;&nbsp; 363012 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1448080 | &nbsp;&nbsp; 1457110 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 543885 | &nbsp;&nbsp; 547277 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 962404 | &nbsp;&nbsp; 968405 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 348983 | &nbsp;&nbsp; 351159 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 560560 | &nbsp;&nbsp; 564056 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 183080 | &nbsp;&nbsp; 184222 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 329779 | &nbsp;&nbsp; 331835 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1457680 | &nbsp;&nbsp; 1466770 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 3984187 | &nbsp;&nbsp; 4009033 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 201838 | &nbsp;&nbsp; 203096 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 999894 | &nbsp;&nbsp; 1006129 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.49 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 8547525 | &nbsp;&nbsp; 8600828 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.50 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 1983035 | &nbsp;&nbsp; 1995429 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.50 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 4662500 | &nbsp;&nbsp; 4691641 | Corporate Bonds | Open/Demand |
| BNP Paribas SA<br> 4.50 <br><sup>(b)</sup><br>| 05/12/25 | Open | &nbsp;&nbsp; 2288125 | &nbsp;&nbsp; 2302426 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc.<br> 4.42 <br><sup>(b)</sup><br>| 05/15/25 | Open | &nbsp;&nbsp; 318409 | &nbsp;&nbsp; 320246 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.15 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 247565 | &nbsp;&nbsp; 248878 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.25 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 175950 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.45 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 4578031 | &nbsp;&nbsp; 4604062 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 17610480 | &nbsp;&nbsp; 17709215 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 2926262 | &nbsp;&nbsp; 2943089 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 12585000 | &nbsp;&nbsp; 12657364 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 10662500 | &nbsp;&nbsp; 10723809 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 2549562 | &nbsp;&nbsp; 2564223 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 4756250 | &nbsp;&nbsp; 4783598 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 2233481 | &nbsp;&nbsp; 2246324 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC<br> 4.50 <br><sup>(b)</sup><br>| 05/16/25 | Open | &nbsp;&nbsp; 2887200 | &nbsp;&nbsp; 2903801 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 1282844 | &nbsp;&nbsp; 1289510 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC<br> 4.35 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 475150 | &nbsp;&nbsp; 477619 | Corporate Bonds | Open/Demand |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| Goldman Sachs & Co. LLC | 4.45 %<sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; $780000 | &nbsp;&nbsp; $784146 | Corporate Bonds | Open/Demand |
| Goldman Sachs & Co. LLC | 4.45 <br><sup>(b)</sup><br>| 05/19/25 | Open | &nbsp;&nbsp; 1912500 | &nbsp;&nbsp; 1922666 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.49 <br><sup>(b)</sup><br>| 05/21/25 | Open | &nbsp;&nbsp; 927855 | &nbsp;&nbsp; 932600 | Corporate Bonds | Open/Demand |
| RBC Capital Markets, LLC | 4.50 <br><sup>(b)</sup><br>| 05/27/25 | Open | &nbsp;&nbsp; 1995000 | &nbsp;&nbsp; 2003728 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.48 <br><sup>(b)</sup><br>| 06/04/25 | Open | &nbsp;&nbsp; 159885 | &nbsp;&nbsp; 160422 | Corporate Bonds | Open/Demand |
| Nomura Securities International, Inc. | 4.48 <br><sup>(b)</sup><br>| 06/04/25 | Open | &nbsp;&nbsp; 423563 | &nbsp;&nbsp; 424986 | Corporate Bonds | Open/Demand |
| BNP Paribas SA | 4.49 <br><sup>(b)</sup><br>| 06/09/25 | Open | &nbsp;&nbsp; 79664 | &nbsp;&nbsp; 79882 | Corporate Bonds | Open/Demand |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 06/09/25 | Open | &nbsp;&nbsp; 543346 | &nbsp;&nbsp; 544840 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 463240 | &nbsp;&nbsp; 464201 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.15 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 759225 | &nbsp;&nbsp; 760800 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.20 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 237308 | &nbsp;&nbsp; 237806 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 364033 | &nbsp;&nbsp; 364806 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.25 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 152663 | &nbsp;&nbsp; 152987 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.30 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 143443 | &nbsp;&nbsp; 143751 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 3057675 | &nbsp;&nbsp; 3064325 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2310000 | &nbsp;&nbsp; 2315024 | Capital Trusts | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 734580 | &nbsp;&nbsp; 736178 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 346875 | &nbsp;&nbsp; 347629 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 989152 | &nbsp;&nbsp; 991304 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 861900 | &nbsp;&nbsp; 863775 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 4046830 | &nbsp;&nbsp; 4055632 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.35 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 848242 | &nbsp;&nbsp; 850087 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 566612 | &nbsp;&nbsp; 567858 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1240562 | &nbsp;&nbsp; 1243292 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 616353 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1632295 | &nbsp;&nbsp; 1635886 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1673359 | &nbsp;&nbsp; 1677040 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 158445 | &nbsp;&nbsp; 158794 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 186865 | &nbsp;&nbsp; 187276 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1431306 | &nbsp;&nbsp; 1434455 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1458191 | &nbsp;&nbsp; 1461399 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.40 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1158400 | &nbsp;&nbsp; 1160949 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 187550 | &nbsp;&nbsp; 187967 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 386418 | &nbsp;&nbsp; 387277 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2354572 | &nbsp;&nbsp; 2359811 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1932500 | &nbsp;&nbsp; 1936800 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 614625 | &nbsp;&nbsp; 615993 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2754544 | &nbsp;&nbsp; 2760673 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 7125000 | &nbsp;&nbsp; 7140853 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 4995000 | &nbsp;&nbsp; 5006114 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1574265 | &nbsp;&nbsp; 1577768 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 4980495 | &nbsp;&nbsp; 4991577 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 88481 | &nbsp;&nbsp; 88678 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 260179 | &nbsp;&nbsp; 260758 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 451001 | &nbsp;&nbsp; 452005 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 223155 | &nbsp;&nbsp; 223652 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 515185 | &nbsp;&nbsp; 516331 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1438244 | &nbsp;&nbsp; 1441444 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1274875 | &nbsp;&nbsp; 1277712 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 78881 | &nbsp;&nbsp; 79057 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 297814 | &nbsp;&nbsp; 298476 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 537938 | &nbsp;&nbsp; 539134 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 630315 | &nbsp;&nbsp; 631717 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1643250 | &nbsp;&nbsp; 1646906 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 3962500 | &nbsp;&nbsp; 3971317 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.45 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 6123250 | &nbsp;&nbsp; 6136874 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.48 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 10890000 | &nbsp;&nbsp; 10914394 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.48 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 5037500 | &nbsp;&nbsp; 5048784 | Capital Trusts | Up to 30 Days |
| BofA Securities, Inc. | 4.48 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2820000 | &nbsp;&nbsp; 2826317 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.49 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 5298075 | &nbsp;&nbsp; 5309969 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 9877687 | &nbsp;&nbsp; 9899912 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 5314604 | &nbsp;&nbsp; 5326562 | Corporate Bonds | Up to 30 Days |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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*<sup>(a)</sup><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*<sup>(a)</sup><br>|
| BofA Securities, Inc. | 4.50<br> % <br>| 06/13/25 | 07/15/25 | &nbsp;&nbsp; $4755000 | &nbsp;&nbsp; $4765699 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 4805300 | &nbsp;&nbsp; 4816112 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 5713894 | &nbsp;&nbsp; 5726750 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 4215250 | &nbsp;&nbsp; 4224734 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 4016737 | &nbsp;&nbsp; 4025775 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 6707587 | &nbsp;&nbsp; 6722680 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 2709552 | &nbsp;&nbsp; 2715649 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 4572000 | &nbsp;&nbsp; 4582287 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.60 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 1096875 | &nbsp;&nbsp; 1099398 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.62 | 06/13/25 | 07/15/25 | &nbsp;&nbsp; 170156 | &nbsp;&nbsp; 170549 | Corporate Bonds | Up to 30 Days |
| TD Securities (USA) LLC | 4.50 <br><sup>(b)</sup><br>| 06/13/25 | Open | &nbsp;&nbsp; 2158406 | &nbsp;&nbsp; 2163263 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 2387500 | &nbsp;&nbsp; 2391977 | Capital Trusts | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 1722487 | &nbsp;&nbsp; 1725717 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 1181227 | &nbsp;&nbsp; 1183442 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 2820271 | &nbsp;&nbsp; 2825559 | Foreign Agency Obligations | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 1075450 | &nbsp;&nbsp; 1077467 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 4131806 | &nbsp;&nbsp; 4139553 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 978811 | &nbsp;&nbsp; 980647 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 1045500 | &nbsp;&nbsp; 1047460 | Corporate Bonds | Open/Demand |
| HSBC Securities (USA), Inc. | 4.50 <br><sup>(b)</sup><br>| 06/16/25 | Open | &nbsp;&nbsp; 709900 | &nbsp;&nbsp; 711231 | Corporate Bonds | Open/Demand |
| Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 207561 | &nbsp;&nbsp; 207700 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 3.00 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 140862 | &nbsp;&nbsp; 140956 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 3.75 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 125071 | &nbsp;&nbsp; 125175 | Foreign Agency Obligations | 31 - 90 Days |
| Barclays Capital, Inc. | 4.00 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 159843 | &nbsp;&nbsp; 159985 | Foreign Agency Obligations | 31 - 90 Days |
| Barclays Capital, Inc. | 4.37 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 3348610 | &nbsp;&nbsp; 3351861 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.45 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 4393750 | &nbsp;&nbsp; 4398095 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 7670000 | &nbsp;&nbsp; 7677653 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 4436500 | &nbsp;&nbsp; 4440927 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 11850000 | &nbsp;&nbsp; 11861824 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 3047512 | &nbsp;&nbsp; 3050553 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1554403 | &nbsp;&nbsp; 1555954 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 11303000 | &nbsp;&nbsp; 11314278 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp; 1951946 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1875000 | &nbsp;&nbsp; 1876871 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 2322131 | &nbsp;&nbsp; 2324448 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 3122156 | &nbsp;&nbsp; 3125272 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1740375 | &nbsp;&nbsp; 1742112 | Corporate Bonds | 31 - 90 Days |
| Barclays Capital, Inc. | 4.49 | 06/23/25 | 08/01/25 | &nbsp;&nbsp; 1959334 | &nbsp;&nbsp; 1961289 | Corporate Bonds | 31 - 90 Days |
| J.P. Morgan Securities LLC | 4.25 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 3420000 | &nbsp;&nbsp; 3422019 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.30 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 692933 | &nbsp;&nbsp; 693346 | Corporate Bonds | Up to 30 Days |
| J.P. Morgan Securities LLC | 4.40 | 06/26/25 | 07/29/25 | &nbsp;&nbsp; 182813 | &nbsp;&nbsp; 182924 | Corporate Bonds | Up to 30 Days |
| TD Securities (USA) LLC | 4.49 <br><sup>(b)</sup><br>| 06/30/25 | Open | &nbsp;&nbsp; 2794382 | &nbsp;&nbsp; 2794382 | Corporate Bonds | Open/Demand |
| BofA Securities, Inc. | 4.45 | 06/30/25 | 07/15/25 | &nbsp;&nbsp; 2221912 | &nbsp;&nbsp; 2221913 | Corporate Bonds | Up to 30 Days |
| BofA Securities, Inc. | 4.50 | 06/30/25 | 07/15/25 | &nbsp;&nbsp; 3956080 | &nbsp;&nbsp; 3956080 | Corporate Bonds | Up to 30 Days |
|  |  |  |  | &nbsp;&nbsp; $578104283 | &nbsp;&nbsp; $580832515 |  |  |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<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  |  |  |  |  |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 946 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $106070 | &nbsp;&nbsp;&nbsp;&nbsp; $2096700 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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 (continued) |  |  |  |  |
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; $47019 | &nbsp;&nbsp;&nbsp;&nbsp; $127489 |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; 55162 | &nbsp;&nbsp;&nbsp;&nbsp; 742250 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2966439 |
| Short Contracts  |  |  |  |  |
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 92543 | &nbsp;&nbsp;&nbsp;&nbsp; (2127352)<br>|
| U.S. Long Bond | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 101503 | &nbsp;&nbsp;&nbsp;&nbsp; (3836379)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 19511 | &nbsp;&nbsp;&nbsp;&nbsp; (674833)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (6638564)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(3672125)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *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 | 113000 | USD | 133050 | HSBC Bank PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $735 |
| USD | 3296021 | EUR | 2853000 | Toronto-Dominion Bank | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81766)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(81031)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *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> % <br>| Quarterly | 06/20/30<br> B | USD | 74250 | &nbsp;&nbsp;&nbsp; $5704847 | &nbsp;&nbsp;&nbsp; $2084617 | &nbsp;&nbsp;&nbsp; $3620230 |

---

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <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<sup>(a)</sup> | &nbsp;&nbsp; $2084617 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3620230 | &nbsp;&nbsp;&nbsp; $— |

---

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

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

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<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<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2966439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2966439 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $735 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $735 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3620230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3620230 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3620230 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $735 | &nbsp;&nbsp; $2966439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6587404 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6638564 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6638564 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81766 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81766 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81766 | &nbsp;&nbsp; $6638564 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6720330 |

---

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

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

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(54647)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6716033 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6661386 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (220905)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (220905)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (215583)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1690073)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1905656)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 75377 | &nbsp;&nbsp; — | &nbsp;&nbsp; 829772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 905149 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (2757120)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2757120)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2757120)<br>| &nbsp;&nbsp; $(194853)<br>| &nbsp;&nbsp; $(220905)<br>| &nbsp;&nbsp; $5855732 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2682854 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6702372)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6702372)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (115681)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (115681)<br>|
| Options purchased<sup>(b)</sup> | &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; 7692094 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7692094 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7692094 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(115681)<br>| &nbsp;&nbsp; $(6254041)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1322372 |

---

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

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

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

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $230363719 |
| Average notional value of contracts — short | &nbsp;&nbsp; 204513813 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 2738308 |
| Average amounts sold — in USD | &nbsp;&nbsp; 66525 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 122959 |
| Average value of option contracts written | &nbsp;&nbsp; 70263 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 27225000 |
| Average notional value — sell protection | &nbsp;&nbsp; 62025000 |

---

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

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $962689 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp; 81766 |
| Swaps — centrally cleared | &nbsp;&nbsp; 270829 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 271564 | &nbsp;&nbsp;&nbsp;&nbsp; 1044455 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (270829)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (962689)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $735 | &nbsp;&nbsp;&nbsp;&nbsp; $81766 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| HSBC Bank PLC | &nbsp;&nbsp; $735 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $735 |

---

&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*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Toronto-Dominion Bank | &nbsp;&nbsp; $81766 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $81766 |

---

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

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

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

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

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

<sup>(e)</sup> 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $204124856 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $204124856 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37183 | &nbsp;&nbsp;&nbsp;&nbsp; 276282 | &nbsp;&nbsp;&nbsp;&nbsp; 313465 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1176957433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1176957433 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 426820 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 426820 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78980077 | &nbsp;&nbsp;&nbsp;&nbsp; 1988356 | &nbsp;&nbsp;&nbsp;&nbsp; 80968433 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20158893 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20158893 |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19368 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19368 |
| Fixed Income Funds | &nbsp;&nbsp; 3556400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3556400 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10568586 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10568586 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116262939 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116262939 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3965 | &nbsp;&nbsp;&nbsp;&nbsp; 6601741 | &nbsp;&nbsp;&nbsp;&nbsp; 6605706 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158947015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158947015 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $6120572 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6120572 |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 276 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (169)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (169)<br>|
|  | &nbsp;&nbsp; $9676972 | &nbsp;&nbsp;&nbsp;&nbsp; $1766487218 | &nbsp;&nbsp;&nbsp;&nbsp; $8866403 | &nbsp;&nbsp;&nbsp;&nbsp; $1785030593 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3620230 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3620230 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
| Interest Rate Contracts | &nbsp;&nbsp; 2966439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2966439 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81766)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (6638564)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6638564)<br>|
|  | &nbsp;&nbsp; $(3672125)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $3539199 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(132926)<br>|

---

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

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

<sup>(b)</sup> Derivative financial instruments are swaps, futures contracts and 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 $580,832,515 are categorized as Level 2 within the fair value hierarchy.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *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%), 8.18%, 05/15/37<sup>(a)(b)</sup><br>| 1000 | $993803 |
| Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-<br> mo. CME Term SOFR + 4.25%), 8.52%, 04/20/37<sup>(a)(b)</sup><br>| 1880 | 1862490 |
| Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo. <br> CME Term SOFR + 2.65%), 6.89%, 01/05/38<sup>(a)(b)</sup><br>| 1000 | 997307 |
| **Total Asset-Backed Securities — 1.2%** <br>**(Cost: $3,880,000)** | **Total Asset-Backed Securities — 1.2%** <br>**(Cost: $3,880,000)** | 3853600 |

---

&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 | 16907 |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |  |
| Mcdermott International Ltd.<sup>(c)</sup> | 613 | 6743 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** |  |
| Learfield Communications LLC, (Acquired 09/06/23, Cost: <br> $46,647)<sup>(c)(d)(e)</sup><br>| 3712 | 330368 |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** |  |
| Aimbridge Acquisition Co., Inc.<sup>(c)(d)</sup> | 10658 | 628823 |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc.<sup>(c)</sup> | 902 | 902 |
| **Health Care Providers & Services — 0.0%** | **Health Care Providers & Services — 0.0%** |  |
| Envision Healthcare Corp., (Acquired 11/03/23, Cost: <br> $259,435)<sup>(c)(e)</sup><br>| 8353 | 132604 |
| **Household Products — 0.0%** | **Household Products — 0.0%** |  |
| Berkline Benchcraft Equity LLC<sup>(c)(d)</sup> | 6155 |  |
| **Industrial Conglomerates**<sup>(c)</sup> **— 0.0%** | **Industrial Conglomerates**<sup>(c)</sup> **— 0.0%** |  |
| Ameriforge Group, Inc.<sup>(d)</sup> | 832 |  |
| SVP Singer | 10903 | 51789 |
|  |  | 51789 |
| **IT Services — 0.1%** | **IT Services — 0.1%** |  |
| Travelport Finance Luxembourg SARL<sup>(c)(d)</sup> | 165 | 443358 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |  |
| TMK Hawk Parent Corp.<sup>(c)(d)</sup> | 14592 | 145916 |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |  |
| Incora Top Holdco LLC<sup>(c)(d)</sup> | 13201 | 304679 |
| **Total Common Stocks — 0.6%** <br>**(Cost: $3,258,332)** | **Total Common Stocks — 0.6%** <br>**(Cost: $3,258,332)** | 2062089 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Chemicals**<sup>(b)</sup> **— 0.1%** | **Chemicals**<sup>(b)</sup> **— 0.1%** | **Chemicals**<sup>(b)</sup> **— 0.1%** |
| Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, <br> 07/01/28<br>| $32 | 32157 |
| WR Grace Holdings LLC, 5.63%, 08/15/29 | 409 | 370221 |
|  |  | 402378 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** | **Construction & Engineering — 0.0%** |
| Brand Industrial Services, Inc., 10.38%, 08/01/30<sup>(b)</sup> | $154 | $142086 |
| **Diversified Telecommunication Services**<sup>(b)</sup> **— 0.1%** | **Diversified Telecommunication Services**<sup>(b)</sup> **— 0.1%** | **Diversified Telecommunication Services**<sup>(b)</sup> **— 0.1%** |
| Ligado Networks LLC, (15.50% PIK), 15.50%, <br> 11/01/23<sup>(c)(f)(g)</sup><br>| 226 | 75569 |
| Zayo Group Holdings, Inc., 6.13%, 03/01/28 | 155 | 133761 |
|  |  | 209330 |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |
| Texas Competitive Electric Holdings, Series M, 8.50%, <br> 11/10/21<sup>(c)(d)(f)</sup><br>| 1050 |  |
| **Entertainment**<sup>(b)</sup> **— 0.2%** | **Entertainment**<sup>(b)</sup> **— 0.2%** | **Entertainment**<sup>(b)</sup> **— 0.2%** |
| Caesars Entertainment, Inc., 4.63%, 10/15/29 | 240 | 229089 |
| Odeon Finco PLC, 12.75%, 11/01/27 | 374 | 390787 |
|  |  | 619876 |
| **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<sup>(b)</sup> | 742 | 729960 |
| **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<sup>(b)(g)</sup><br>| 304 | 325814 |
| **Hotels, Restaurants & Leisure**<sup>(b)</sup> **— 0.3%** | **Hotels, Restaurants & Leisure**<sup>(b)</sup> **— 0.3%** | **Hotels, Restaurants & Leisure**<sup>(b)</sup> **— 0.3%** |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance <br> Co., Inc., 6.75%, 01/15/30<br>| 395 | 364507 |
| Sabre GLBL, Inc., 11.13%, 07/15/30 | 480 | 502080 |
|  |  | 866587 |
| **Household Durables — 0.0%** | **Household Durables — 0.0%** | **Household Durables — 0.0%** |
| SWF Holdings I Corp., 6.50%, 10/06/29<sup>(b)</sup> | 193 | 91594 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Berkline Benchcraft LLC, 4.50%, 06/01/22<sup>(c)(d)(f)</sup> | 400 |  |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer, 6.75%, 10/15/27<sup>(b)</sup><br>| 220 | 219870 |
| **Internet Software & Services**<sup>(b)</sup> **— 0.2%** | **Internet Software & Services**<sup>(b)</sup> **— 0.2%** | **Internet Software & Services**<sup>(b)</sup> **— 0.2%** |
| Getty Images, Inc., 11.25%, 02/21/30 | 283 | 280878 |
| Uber Technologies, Inc. |  |  |
| 6.25%, 01/15/28 | 137 | 137635 |
| 4.50%, 08/15/29 | 235 | 233341 |
|  |  | 651854 |
| **Machinery**<sup>(b)</sup> **— 0.2%** | **Machinery**<sup>(b)</sup> **— 0.2%** | **Machinery**<sup>(b)</sup> **— 0.2%** |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower <br> LLC, 9.00%, 02/15/29<br>| 216 | 225838 |
| Vertiv Group Corp., 4.13%, 11/15/28 | 556 | 542092 |
|  |  | 767930 |
| **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<sup>(b)</sup> | 285 | 314604 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(b)</sup> | 530 | 534647 |
| **Software**<sup>(b)</sup> **— 0.3%** | **Software**<sup>(b)</sup> **— 0.3%** | **Software**<sup>(b)</sup> **— 0.3%** |
| AthenaHealth Group, Inc., 6.50%, 02/15/30 | 490 | 482290 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., <br> Inc., 8.00%, 06/15/29<br>| 118 | 97574 |
| Cloud Software Group, Inc., 9.00%, 09/30/29 | 379 | 392843 |
| Ellucian Holdings, Inc., 6.50%, 12/01/29 | 219 | 223970 |
|  |  | 1196677 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** | **Transportation Infrastructure — 0.1%** |
| Incora Top Holdco LLC, 6.00%, 01/31/33<sup>(d)</sup> | $277 | $256079 |
| **Total Corporate Bonds — 2.2%** <br>**(Cost: $7,169,889)** | **Total Corporate Bonds — 2.2%** <br>**(Cost: $7,169,889)** | 7329286 |
| **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<sup>(d)</sup><br>| 37 |  |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | 715 | 717825 |
| **IT Services — 0.0%** | **IT Services — 0.0%** | **IT Services — 0.0%** |
| X Corp., 2025 Fixed Term Loan, 9.50%, 10/26/29 | 123 | 119515 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, <br> 12/09/31<br>| 1140 | 1148550 |
| **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $2,012,871)** | **Total Fixed Rate Loan Interests — 0.6%** <br>**(Cost: $2,012,871)** | 1985890 |
| **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> | **Floating Rate Loan Interests**<sup>(a)</sup> |
| **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** | **Aerospace & Defense — 3.6%** |
| Arcline FM Holdings LLC, 2025 Term Loan, (6-mo. CME <br> Term SOFR at 0.75% Floor + 3.50%), 7.58%, 06/24/30<br>| 559 | 561197 |
| Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, 10/31/30<br>| 758 | 759376 |
| Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. <br> CME Term SOFR + 3.93%), 8.18%, 08/03/29<br>| 778 | 778455 |
| Cubic Corp. |  |  |
| Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + <br> 4.51%), 8.84%, 05/25/28<br>| 2153 | 1115065 |
| Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + <br> 4.51%), 8.84%, 05/25/28<br>| 438 | 226462 |
| Dynasty Acquisition Co., Inc. |  |  |
| 2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>| 1668 | 1668467 |
| 2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.33%, 10/31/31<br>| 632 | 632356 |
| Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.33%, 01/27/32<br>| 379 | 379429 |
| Kaman Corp., 2025 Term Loan B, (6-mo. CME Term SOFR <br> at 0.50% Floor + 2.75%), 7.08%, 02/26/32<br>| 416 | 415635 |
| Peraton Corp. |  |  |
| 2nd Lien Term Loan B1, (3-mo. CME Term SOFR + <br> 7.85%), 12.18%, 02/01/29<br>| 299 | 207570 |
| Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + <br> 3.85%), 8.18%, 02/01/28<br>| 1188 | 1046202 |
| Propulsion BC Newco LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/14/29<br>| 134 | 134528 |
| Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.05%, <br> 11/05/28<br>| 413 | 414916 |
| Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.00%), 7.30%, 12/11/31<sup>(d)</sup><br>| 215 | 215447 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** | **Aerospace & Defense (continued)** |
| TransDigm, Inc. |  |  |
| 2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.80%, 02/28/31<br>| 2838 | $2842280 |
| 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor <br> + 2.50%), 6.80%, 01/19/32<br>| 580 | 580397 |
| 2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 03/22/30<br>| 72 | 72314 |
|  |  | 12050096 |
| **Automobile Components — 1.9%** | **Automobile Components — 1.9%** | **Automobile Components — 1.9%** |
| Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 4.75%), 9.08%, 02/23/29<br>| 391 | 363993 |
| Clarios Global LP |  |  |
| 2024 USD Term Loan B, (1-mo. CME Term SOFR + <br> 2.50%), 6.83%, 05/06/30<br>| 1985 | 1978102 |
| 2025 USD Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.75%), 7.08%, 01/28/32<br>| 1023 | 1023644 |
| Dealer Tire Financial LLC, 2024 1st Lien Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 07/02/31<sup>(d)</sup><br>| 810 | 805051 |
| Garrett LX I SARL, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.53%, 01/30/32<sup>(d)</sup><br>| 71 | 71088 |
| Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR <br> + 1.75%), 6.08%, 06/04/31<br>| 1214 | 1212714 |
| RealTruck Group, Inc., 2023 Incremental Term Loan, (1-mo. <br> CME Term SOFR + 5.11%), 9.44%, 01/31/28<br>| 286 | 259900 |
| Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 5.10%), 9.42%, 11/17/28<br>| 771 | 750954 |
|  |  | 6465446 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Naked Juice LLC |  |  |
| 2025 FLFO Term Loan, (3-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.80%, 01/24/29<br>| 957 | 946747 |
| 2025 FLSO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.35%), 7.65%, 01/24/29<br>| 604 | 479139 |
| 2025 FLTO Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 6.10%), 10.40%, 01/24/30<br>| 404 | 186657 |
| Sazerac Co., Inc., Term Loan B, 06/25/32<sup>(d)(h)</sup> | 539 | 538326 |
|  |  | 2150869 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| Parexel International Corp., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.83%, 11/15/28<br>| 1774 | 1773548 |
| **Broadline Retail — 0.8%** | **Broadline Retail — 0.8%** | **Broadline Retail — 0.8%** |
| Fanatics Commerce Intermediate Holdco LLC, Term Loan <br> B, (1-mo. CME Term SOFR + 3.36%), 7.69%, 11/24/28<sup>(d)</sup><br>| 318 | 317305 |
| StubHub Holdco Sub LLC, 2024 Extended Term Loan B, <br> (1-mo. CME Term SOFR + 4.75%), 9.08%, 03/15/30<br>| 2569 | 2487167 |
|  |  | 2804472 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.00%), 6.33%, 09/26/31<br>| 559 | 558491 |
| AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), <br> 6.83%, 05/13/29<br>| 79 | 79369 |
| Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR <br> + 3.35%), 7.68%, 11/03/28<br>| 1930 | 1931415 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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 Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term <br> SOFR + 3.50%), 7.83%, 10/02/28<br>| 859 | $857237 |
| Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 4.25%), 8.55%, 08/05/31<br>| 1739 | 1710065 |
|  |  | 5136577 |
| **Capital Markets — 3.1%** | **Capital Markets — 3.1%** | **Capital Markets — 3.1%** |
| AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 08/02/28<br>| 1315 | 1316456 |
| Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.04%, 02/15/31<br>| 1276 | 1264639 |
| Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, 08/09/30<br>| 371 | 370993 |
| Axalta Coating Systems U.S. Holdings, Inc., 2024 Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 1.75%), 6.05%, 12/20/29<br>| 767 | 768437 |
| Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, 04/30/31<br>| 427 | 428003 |
| BCPE Pequod Buyer, Inc., USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/25/31<br>| 836 | 836741 |
| Citadel Securities LP, 2024 First Lien Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 10/31/31<br>| 925 | 928745 |
| Edelman Financial Engines Center LLC, 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 04/07/28<br>| 898 | 898134 |
| Focus Financial Partners LLC, 2025 Incremental Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 09/15/31<br>| 915 | 912761 |
| Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, 12/15/31<br>| 1383 | 1381229 |
| Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.32%, 10/21/31<br>| 450 | 450302 |
| Osaic Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.50%), 7.83%, 08/17/28<br>| 714 | 715591 |
| OVG Business Services LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.00%), 7.33%, 06/25/31<sup>(d)</sup><br>| 164 | 163143 |
|  |  | 10435174 |
| **Chemicals — 3.6%** | **Chemicals — 3.6%** | **Chemicals — 3.6%** |
| Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term <br> SOFR + 3.00%), 7.33%, 08/18/28<br>| 443 | 441560 |
| Derby Buyer LLC, 2024 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.31%, 11/01/30<br>| 1154 | 1148729 |
| Discovery Purchaser Corp., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 3.75%), 8.02%, 10/04/29<br>| 104 | 103254 |
| Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME <br> Term SOFR + 1.75%), 6.08%, 12/18/30<br>| 966 | 968383 |
| Fortis 333, Inc., USD Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 3.50%), 7.80%, 03/29/32<br>| 352 | 351451 |
| H.B. Fuller Co., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.08%, 02/15/30<br>| 176 | 176976 |
| INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 02/18/30<br>| 410 | 392077 |
| INEOS U.S. Petrochem LLC, 2024 USD Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, <br> 10/07/31<br>| 356 | 324058 |
| Lonza Group AG, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.03%), 8.32%, 07/03/28<br>| 844 | 767782 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, 11/26/31<br>| 598 | $597248 |
| Momentive Performance Materials, Inc., 2023 Term Loan, <br> (1-mo. CME Term SOFR + 4.00%), 8.33%, 03/29/28<br>| 1334 | 1336933 |
| Nouryon Finance BV, 2024 USD Term Loan B1, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.51%, 04/03/28<br>| 756 | 758424 |
| Oxea Holding Drei GmbH, 2017 USD Term Loan B2, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.06%), 7.35%, <br> 04/08/31<br>| 995 | 932897 |
| Paint Intermediate III LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.30%, 10/09/31<br>| 345 | 341684 |
| Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.30%, 06/20/31<br>| 1525 | 1505076 |
| Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.00%), 7.32%, 08/02/30<br>| 1010 | 998374 |
| WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 7.55%, 09/22/28<br>| 841 | 841437 |
|  |  | 11986343 |
| **Commercial Services & Supplies — 6.4%** | **Commercial Services & Supplies — 6.4%** | **Commercial Services & Supplies — 6.4%** |
| Action Environmental Group, Inc., 2023 Term Loan B, (3-<br> mo. CME Term SOFR + 3.75%), 8.05%, 10/24/30<sup>(d)</sup><br>| 563 | 562756 |
| Allied Universal Holdco LLC, 2021 USD Incremental Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.85%), 8.18%, 05/12/28<br>| 2595 | 2606830 |
| Anticimex International AB, 2024 Term Loan B6, (3-mo. <br> SOFR + 3.40%), 7.66%, 11/16/28<br>| 429 | 430097 |
| Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, 06/22/30<br>| 719 | 719959 |
| Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.85%), 6.18%, 09/07/27<br>| 1253 | 1255482 |
| Citrin Cooperman Advisors LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.32%, <br> 04/01/32<br>| 506 | 505268 |
| Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 10/09/28<br>| 624 | 628927 |
| Froneri U.S., Inc., 2024 USD Term Loan B4, (6-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.24%, 09/30/31<br>| 2733 | 2700644 |
| Garda World Security Corp., 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.31%, <br> 02/01/29<br>| 1061 | 1061914 |
| GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.82%, 03/03/32<br>| 1488 | 1486765 |
| Grant Thornton Advisors LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 06/02/31<br>| 391 | 390745 |
| JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.07%, 10/17/30<br>| 429 | 429641 |
| LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME <br> Term SOFR at 0.50% Floor + 5.10%), 9.43%, 10/30/28<br>| 1110 | 996840 |
| NEP Group, Inc., 2018 1st Lien Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.51%), 7.84%, 08/19/26<br>| 100 | 90434 |
| Novelis Holdings, Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.30%, 03/11/32<br>| 1555 | 1557046 |
| Prime Security Services Borrower LLC |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.32%, 10/13/30<br>| 441 | 440564 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 1.75%), 6.07%, 03/07/32<br>| 1038 | 1028145 |
| Quartz Acquireco LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.55%, 06/28/30<br>| 1303 | 1306258 |
| Reworld Holding Corp , Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>| 684 | 684655 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(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)** |
| Reworld Holding Corp., Term Loan C, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.56%, 11/30/28<br>| 53 | $52864 |
| Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.50%), 7.83%, 11/14/30<br>| 50 | 50410 |
| Summer BC Holdco B SARL, 2024 USD Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 5.26%), 9.56%, <br> 02/15/29<br>| 173 | 172996 |
| Tempo Acquisition LLC, 2025 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 08/31/28<br>| 1568 | 1560561 |
| TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + <br> 4.10%), 8.43%, 11/02/27<br>| 436 | 413220 |
| Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), <br> 6.58%, 02/22/31<br>| 552 | 527898 |
|  |  | 21660919 |
| **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%), 6.07%, 10/24/30<br>| 848 | 851642 |
| Viasat, Inc. |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 4.61%), 8.93%, 05/30/30<br>| 214 | 203545 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 4.61%), 8.94%, 03/02/29<br>| 141 | 135220 |
|  |  | 1190407 |
| **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** | **Construction & Engineering — 0.9%** |
| Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 4.50%), 8.78%, <br> 08/01/30<br>| 2313 | 1926465 |
| Construction Partners, Inc., Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.83%, 11/03/31<br>| 197 | 197503 |
| Legence Holdings LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.25%), 7.58%, 12/18/28<br>| 257 | 257113 |
| Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME <br> Term SOFR + 3.11%), 7.44%, 01/21/28<br>| 643 | 646548 |
|  |  | 3027629 |
| **Construction Materials — 2.0%** | **Construction Materials — 2.0%** | **Construction Materials — 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%), 6.08%, 01/31/31<br>| 988 | 990692 |
| New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term <br> SOFR at 0.50% Floor + 6.00%), 10.33%, 03/08/29<br>| 509 | 460443 |
| Oscar AcquisitionCo LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.25%), 8.55%, 04/29/29<br>| 524 | 481579 |
| Potters Borrower LP, 2025 Repriced Term Loan B, (3-mo. <br> CME Term SOFR at 0.75% Floor + 3.00%), 7.33%, <br> 12/14/27<br>| 318 | 318782 |
| Quikrete Holdings, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), <br> 6.58%, 03/19/29<br>| 726 | 725455 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.58%, 02/10/32<br>| 1537 | 1534458 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Construction Materials (continued)** | **Construction Materials (continued)** | **Construction Materials (continued)** |
| Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME <br> Term SOFR + 1.75%), 6.07%, 09/22/28<br>| 324 | $324100 |
| White Cap Supply Holdings LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, <br> 10/19/29<br>| 2033 | 2018424 |
|  |  | 6853933 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| EG America LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.25%), 8.58%, 02/07/28<br>| 224 | 225025 |
| U.S. Foods, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, 10/03/31<br>| 579 | 583497 |
|  |  | 808522 |
| **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** |
| Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo. <br> CME Term SOFR at 0.75% Floor + 2.75%), 7.06%, <br> 11/29/30<br>| 2361 | 2368258 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.25%), 7.58%, 04/01/32<br>| 5 | 4681 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.25%), 7.58%, 04/01/32<br>| 1055 | 1050807 |
| Colossus Acquireco LLC, Term Loan B, 06/11/32<sup>(h)</sup> | 727 | 721729 |
| Mauser Packaging Solutions Holding Co., 2024 Term Loan <br> B, (1-mo. CME Term SOFR + 3.00%), 7.32%, 04/15/27<br>| 815 | 814428 |
| Pregis TopCo Corp., 2025 Refinancing Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, <br> 02/01/29<br>| 1040 | 1042518 |
| Reynolds Consumer Products LLC, 2025 Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 03/04/32<br>| 720 | 722207 |
| Trident TPI Holdings, Inc., 2024 Term Loan B7, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.75%), 8.05%, 09/15/28<br>| 777 | 761920 |
|  |  | 7486548 |
| **Diversified Consumer Services — 1.7%** | **Diversified Consumer Services — 1.7%** | **Diversified Consumer Services — 1.7%** |
| Bright Horizons Family Solutions LLC, 2024 Term Loan B, <br> (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), <br> 6.08%, 11/24/28<br>| 889 | 890728 |
| Hoya Midco LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.53%, 02/03/29<br>| 570 | 492969 |
| KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.55%, 06/12/30<br>| 531 | 531391 |
| Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, <br> (3-mo. CME Term SOFR + 4.00%), 8.29%, 08/11/28<br>| 134 | 133328 |
| OMNIA Partners LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.50%), 6.78%, 07/25/30<br>| 408 | 408546 |
| PG Polaris BidCo SARL, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.75%), 7.05%, 03/26/31<br>| 371 | 371877 |
| Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR + 3.00%), 7.33%, 02/07/31<br>| 288 | 289365 |
| Spring Education Group, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 10/04/30<br>| 947 | 949801 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** | **Diversified Consumer Services (continued)** |
| Veritiv Operating Co., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.30%, 11/30/30<br>| 340 | $341221 |
| Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 01/30/31<br>| 1306 | 1299731 |
|  |  | 5708957 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 05/20/30<br>| 299 | 297966 |
| **Diversified Telecommunication Services — 3.2%** | **Diversified Telecommunication Services — 3.2%** | **Diversified Telecommunication Services — 3.2%** |
| Altice Financing SA, USD 2017 1st Lien Term Loan, (Prime <br> + 1.75%), 9.25%, 01/31/26<sup>(d)</sup><br>| 925 | 855883 |
| Connect Finco SARL, 2024 Extended Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 4.50%), 8.83%, <br> 09/27/29<br>| 465 | 440417 |
| Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 2.25%), 6.58%, 09/20/30<br>| 395 | 394825 |
| Level 3 Financing, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 4.25%), 8.58%, 03/27/32<br>| 1999 | 2019410 |
| Lumen Technologies, Inc. |  |  |
| 2024 Extended Term Loan B1, (1-mo. CME Term SOFR <br> at 2.00% Floor + 2.46%), 6.79%, 04/16/29<br>| 766 | 756013 |
| 2024 Extended Term Loan B2, (1-mo. CME Term SOFR <br> at 2.00% Floor + 2.46%), 6.79%, 04/15/30<br>| 461 | 455107 |
| 2024 Term Loan A, (1-mo. CME Term SOFR at 2.00% <br> Floor + 6.00%), 10.33%, 06/01/28<br>| 74 | 76116 |
| ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at <br> 0.75% Floor + 4.51%), 8.76%, 09/01/28<br>| 355 | 319416 |
| Radiate Holdco LLC, 2025 FLFO Term Loan, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.25%), 7.69%, 09/25/29<br>| 1936 | 1683710 |
| Virgin Media Bristol LLC |  |  |
| 2020 USD Term Loan Q, (1-mo. CME Term SOFR + <br> 3.36%), 7.68%, 01/31/29<br>| 278 | 275284 |
| USD Term Loan N, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.61%), 6.93%, 01/31/28<br>| 609 | 600696 |
| Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.11%), 7.44%, 03/09/27<br>| 3114 | 2955346 |
|  |  | 10832223 |
| **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** | **Electric Utilities — 0.6%** |
| NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.03%, 04/16/31<br>| 947 | 948147 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo. <br> CME Term SOFR + 1.75%), 6.08%, 12/20/30<br>| 889 | 890695 |
|  |  | 1838842 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Celestica, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 1.75%), 6.07%, 06/20/31<sup>(d)</sup><br>| 273 | 273240 |
| Coherent Corp., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/02/29<br>| 1068 | 1068349 |
|  |  | 1341589 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Covia Holdings LLC, 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.57%, 02/26/32<br>| 208 | 208347 |
| **Entertainment — 3.3%** | **Entertainment — 3.3%** | **Entertainment — 3.3%** |
| City Football Group Ltd., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.04%, 07/22/30<br>| 866 | 860488 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| Creative Artists Agency LLC, 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.08%, 10/01/31<br>| 2069 | $2074225 |
| Delta 2 Lux SARL |  |  |
| 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% <br> Floor + 2.00%), 6.30%, 09/30/31<br>| 1185 | 1185209 |
| 2024 Term Loan B2, 09/30/31<sup>(h)</sup> | 592 | 592506 |
| Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.85%), 6.17%, 10/19/26<br>| 1141 | 1139989 |
| Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.80%, 11/12/29<br>| 846 | 802803 |
| NEP Group, Inc., 2023 Term Loan B, (3-mo. CME Term <br> SOFR + 3.51%, 1.76% PIK), 9.34%, 08/19/26<sup>(g)</sup><br>| 474 | 435484 |
| Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME <br> Term SOFR + 2.86%), 7.19%, 03/13/28<br>| 588 | 577360 |
| UFC Holdings LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.57%, 11/21/31<br>| 1613 | 1618611 |
| WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/24/31<br>| 1829 | 1830189 |
|  |  | 11116864 |
| **Financial Services — 5.9%** | **Financial Services — 5.9%** | **Financial Services — 5.9%** |
| ABG Intermediate Holdings 2 LLC |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 12/21/28<br>| 866 | 864635 |
| 2025 Delayed Draw Term Loan, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.58%, 02/13/32<br>| 618 | 616644 |
| Apex Group Treasury LLC, 2025 USD Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.82%, <br> 02/27/32<br>| 1030 | 1025499 |
| APi Group DE, Inc., 2025 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/03/29<br>| 1317 | 1317489 |
| Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.05%, 10/16/31<br>| 2187 | 2194164 |
| Boost Newco Borrower LLC, 2025 USD Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.30%, <br> 01/31/31<br>| 2375 | 2379735 |
| CPI Holdco B LLC |  |  |
| 2024 Incremental Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.25%), 6.58%, 05/17/31<br>| 522 | 521348 |
| 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), <br> 6.33%, 05/19/31<br>| 1246 | 1241407 |
| Deerfield Dakota Holding LLC |  |  |
| 2020 USD Term Loan B, (3-mo. CME Term SOFR at <br> 1.00% Floor + 3.75%), 8.05%, 04/09/27<br>| 1796 | 1742800 |
| 2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR <br> at 0.75% Floor + 7.01%), 11.31%, 04/07/28<br>| 650 | 618885 |
| EOC Borrower LLC, Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 3.00%), 7.33%, 03/24/32<br>| 2164 | 2164671 |
| FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.58%, 06/27/29<br>| 374 | 375626 |
| Gryphon Debt Merger Sub, Inc., Term Loan B, 06/18/32<sup>(h)</sup> | 531 | 530559 |
| Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.50%), 7.80%, 01/31/30<br>| 209 | 207758 |
| Howden Group Holdings Ltd., 2024 USD Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, <br> 04/18/30<br>| 124 | 124268 |
| Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan <br> B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.33%, 02/15/31<br>| 1219 | 1222588 |
| Orion US Finco, 1st Lien Term Loan, 05/20/32<sup>(h)</sup> | 658 | 659974 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.25%), 7.55%, <br> 05/30/31<br>| 1362 | $1365972 |
| WEX, Inc. |  |  |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 03/31/28<br>| 224 | 223747 |
| 2025 Incremental Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 1.75%), 6.08%, 03/05/32<br>| 294 | 293344 |
|  |  | 19691113 |
| **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** |
| Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, 10/25/27<br>| 2489 | 2494545 |
| H-Food Holdings LLC, 2025 Exit Term Loan, (1-mo. CME <br> Term SOFR at 2.00% Floor + 6.50%), 10.83%, 03/29/30<br>| 99 | 100141 |
| Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.54%, 11/12/29<br>| 611 | 610540 |
| Primo Brands Corp., 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.55%, 03/31/28<br>| 568 | 570198 |
| UTZ Quality Foods LLC, 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/29/32<br>| 982 | 981163 |
| Wellness Pet LLC |  |  |
| 2025 First Out Exchange Term Loan, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.95%), 8.28%, 12/31/29<br>| 159 | 133322 |
| 2025 Second Out Exchange Term Loan, (3-mo. CME <br> Term SOFR at 0.75% Floor + 4.01%), 8.08%, <br> 12/31/29<br>| 89 | 48836 |
|  |  | 4938745 |
| **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** | **Ground Transportation — 1.1%** |
| Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. <br> CME Term SOFR + 1.86%), 6.19%, 08/06/27<br>| 396 | 391704 |
| Genesee & Wyoming, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.05%, 04/10/31<br>| 2210 | 2197168 |
| Hertz Corp. |  |  |
| 2021 Term Loan B, (3-mo. CME Term SOFR + 3.76%), <br> 8.04%, 06/30/28<br>| 699 | 579019 |
| 2021 Term Loan C, (3-mo. CME Term SOFR + 3.76%), <br> 8.04%, 06/30/28<br>| 137 | 113670 |
| SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term <br> SOFR at 2.00% Floor + 8.00%), 12.32%, 08/20/29<br>| 654 | 255200 |
|  |  | 3536761 |
| **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** | **Health Care Equipment & Supplies — 0.6%** |
| Bausch & Lomb Corp. |  |  |
| 2023 Incremental Term Loan, (1-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.33%, 09/29/28<br>| 570 | 569138 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.67%, 06/26/30<br>| 1311 | 1307968 |
|  |  | 1877106 |
| **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** |
| Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.10%), 6.43%, 11/08/27<br>| 71 | 71561 |
| CHG Healthcare Services, Inc., 2024 Term Loan B1, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.33%, <br> 09/29/28<br>| 615 | 617064 |
| CNT Holdings I Corp., 2025 Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 2.50%), 6.78%, 11/08/32<br>| 917 | 919123 |
| Concentra Health Services, Inc., 2025 Repriced Term Loan <br> B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.33%, 07/26/31<br>| 428 | 429410 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + <br> 2.75%), 7.07%, 05/01/31<br>| 1428 | $1420216 |
| Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.28%, 08/01/29<br>| 965 | 967957 |
| Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.75%), 7.08%, 11/01/28<br>| 1384 | 1387232 |
| EyeCare Partners LLC |  |  |
| 2024 Second Out Term Loan B, (6-mo. CME Term SOFR <br> at 0.00% Floor + 1.10%, 3.71% PIK), 8.84%, <br> 11/30/28<sup>(g)</sup><br>| 343 | 268818 |
| 2024 Superpriority New Money 1st Out Term Loan A, <br> (6-mo. CME Term SOFR at 0.00% Floor + 5.75%), <br> 9.88%, 08/31/28<br>| 389 | 394419 |
| 2024 Third Out Term Loan C, (3-mo. CME Term SOFR + <br> 6.85%, 10.98% PIK), 10.98%, 11/30/28<sup>(c)(f)(g)</sup><br>| 29 | 7354 |
| Fortrea Holdings, Inc., Term Loan B, (1-mo. CME Term <br> SOFR + 3.75%), 8.08%, 07/01/30<br>| 69 | 61118 |
| Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.10%), 8.40%, 10/01/27<br>| 937 | 900959 |
| ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, <br> 07/03/28<br>| 347 | 348795 |
| Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term <br> SOFR + 4.36%), 8.70%, 03/06/28<br>| 471 | 186064 |
| LifePoint Health, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.75%), 8.01%, <br> 05/19/31<br>| 589 | 582132 |
| Medical Solutions Holdings, Inc. |  |  |
| 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.60%), 7.88%, 11/01/28<br>| 550 | 284972 |
| 2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at <br> 0.50% Floor + 7.10%), 11.38%, 11/01/29<br>| 377 | 158970 |
| Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.58%, <br> 10/23/28<br>| 5073 | 5075466 |
| Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME <br> Term SOFR + 2.25%), 6.58%, 10/27/28<br>| 490 | 491994 |
| Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.01%), 8.29%, 06/02/28<br>| 1715 | 1669533 |
| PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 2.00%), 6.30%, <br> 07/03/28<br>| 86 | 86903 |
| Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/19/31<br>| 347 | 346541 |
| Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.00%), 8.30%, 09/27/30<br>| 631 | 624495 |
| Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 12/19/30<br>| 950 | 952841 |
| Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 6.08%, 08/01/31<br>| 230 | 230077 |
|  |  | 18484014 |
| **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** | **Health Care Technology — 1.0%** |
| AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.08%, 02/15/29<br>| 2731 | 2726941 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Technology (continued)** | **Health Care Technology (continued)** | **Health Care Technology (continued)** |
| PointClickCare Technologies, Inc., 2024 USD Term Loan B, <br> (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), <br> 7.42%, 11/03/31<br>| 486 | $487328 |
| Waystar Technologies, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.58%, 10/22/29<br>| 296 | 296287 |
|  |  | 3510556 |
| **Hotels, Restaurants & Leisure — 7.1%** | **Hotels, Restaurants & Leisure — 7.1%** | **Hotels, Restaurants & Leisure — 7.1%** |
| 1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 09/20/30<br>| 1304 | 1296803 |
| Aimbridge Acquisition Co., Inc. |  |  |
| 2025 1st Lien Second Out Term Loan, (1-mo. CME Term <br> SOFR at 1.00% Floor + 7.50%), 11.93%, 03/11/30<br>| 124 | 121939 |
| 2025 First Out Term Loan, (1-mo. CME Term SOFR at <br> 1.00% Floor + 5.50%), 9.93%, 03/11/30<br>| 137 | 136192 |
| Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.00%), 7.33%, 05/31/30<br>| 564 | 565093 |
| Bally's Corp., 2021 Term Loan B, (3-mo. CME Term SOFR <br> at 0.50% Floor + 3.51%), 7.78%, 10/02/28<br>| 1068 | 941552 |
| Caesars Entertainment, Inc. |  |  |
| 2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), <br> 6.58%, 02/06/31<br>| 2004 | 1999819 |
| Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.58%, <br> 02/06/30<br>| 627 | 625768 |
| Carnival Corp., 2025 Term Loan (2027), (1-mo. CME Term <br> SOFR at 0.75% Floor + 2.00%), 6.31%, 08/08/27<br>| 138 | 137326 |
| Crown Finance U.S., Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 5.25%), 9.57%, 12/02/31<br>| 488 | 487102 |
| DK Crown Holdings, Inc., 2025 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.07%, 03/04/32<br>| 1259 | 1254373 |
| Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, <br> 01/27/29<br>| 2482 | 2477851 |
| Flutter Financing B.V., 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 1.75%), 6.05%, 11/30/30<br>| 2412 | 2402604 |
| Flutter Financing BV, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.00%), 6.30%, 06/04/32<sup>(d)</sup><br>| 384 | 383520 |
| Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, <br> 11/30/29<br>| 1924 | 1933588 |
| Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 4.75%), 9.07%, <br> 11/01/29<br>| 508 | 495695 |
| Herschend Entertainment Co. LLC, 2025 Term Loan B, (1-<br> mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.57%, <br> 05/27/32<br>| 598 | 601612 |
| Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, <br> (1-mo. CME Term SOFR + 1.75%), 6.07%, 11/08/30<br>| 485 | 486440 |
| IRB Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.50%), 6.83%, 12/15/27<br>| 1161 | 1160507 |
| Light & Wonder International, Inc., 2024 Term Loan B2, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), <br> 6.56%, 04/14/29<br>| 688 | 687359 |
| Ontario Gaming GTA LP, Term Loan B, (3-mo. CME Term <br> SOFR at 0.50% Floor + 4.25%), 8.55%, 08/01/30<br>| 135 | 133185 |
| Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term <br> SOFR at 0.75% Floor + 3.35%), 7.68%, 03/09/28<br>| 546 | 292070 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/03/29<br>| 892 | $892578 |
| Scientific Games Holdings LP, 2024 USD Term Loan B, <br> (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), <br> 7.28%, 04/04/29<br>| 256 | 255729 |
| SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.33%, 12/04/31<br>| 332 | 331208 |
| Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, <br> 05/01/31<br>| 206 | 206440 |
| Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.00%), 6.33%, 03/14/31<br>| 1234 | 1235869 |
| Voyager Parent LLC, Term Loan B, 05/09/32<sup>(h)</sup> | 749 | 740469 |
| Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.83%, 08/03/28<br>| 793 | 793322 |
| Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, <br> 05/24/30<br>| 832 | 834470 |
|  |  | 23910483 |
| **Household Durables — 1.1%** | **Household Durables — 1.1%** | **Household Durables — 1.1%** |
| Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.25%), 7.55%, 01/20/32<br>| 1757 | 1748834 |
| Madison Safety & Flow LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, <br> 09/26/31<br>| 410 | 410676 |
| Serta Simmons Bedding LLC, 2023 New Term Loan, (3-mo. <br> CME Term SOFR + 7.61%), 11.91%, 06/29/28<br>| 305 | 277396 |
| Somnigroup International, Inc., 1st Lien Term Loan B, (3-<br> mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.57%, <br> 10/24/31<br>| 307 | 307192 |
| Springs Windows Fashions, LLC, 2024 First Lien Second <br> Out Term Loan A2, (1-mo. CME Term SOFR at 1.00% <br> Floor + 4.11%), 8.44%, 10/06/28<br>| 481 | 366295 |
| SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo. <br> CME Term SOFR at 1.00% Floor + 4.50%), 8.83%, <br> 12/19/29<br>| 105 | 104166 |
| Weber-Stephen Products LLC, Term Loan B, (1-mo. CME <br> Term SOFR at 0.75% Floor + 3.36%), 7.69%, 10/30/27<br>| 584 | 579474 |
|  |  | 3794033 |
| **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** | **Independent Power and Renewable Electricity Producers — 0.8%** |
| Calpine Construction Finance Co. LP, 2023 Refinancing <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 2.00%), 6.33%, 07/31/30<br>| 1130 | 1129486 |
| Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.08%, 01/31/31<br>| 487 | 486820 |
| Constellation Renewables LLC, 2020 Term Loan, (3-mo. <br> CME Term SOFR at 1.00% Floor + 2.25%), 6.58%, <br> 12/15/27<br>| 666 | 667576 |
| Talen Energy Supply LLC, 2024-1 Incremental Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.81%, 12/15/31<br>| 420 | 420742 |
|  |  | 2704624 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| Beach Acquisition Bidco LLC, USD Term Loan B, <br> 06/25/32<sup>(d)(h)</sup><br>| 220 | 221100 |
| Cube Industrials Buyer, Inc., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.00% Floor + 3.25%), 7.52%, 10/17/31<br>| 132 | 132536 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** | **Industrial Conglomerates (continued)** |
| EMRLD Borrower LP |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% <br> Floor + 2.50%), 6.83%, 08/04/31<br>| 1047 | $1044669 |
| Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.50%), 6.83%, 05/31/30<br>| 1324 | 1322278 |
| Stitch Acquisition Corp., 2024 2nd Out Term Loan, (3-mo. <br> CME Term SOFR + 7.50%), 12.06%, 12/31/29<br>| 144 | 119192 |
|  |  | 2839775 |
| **Insurance — 6.5%** | **Insurance — 6.5%** | **Insurance — 6.5%** |
| Alliant Holdings Intermediate LLC, 2024 Term Loan B6, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), <br> 7.07%, 09/19/31<br>| 4801 | 4801617 |
| AmWINS Group, Inc., 2025 Term Loan B, (1-mo. CME Term <br> SOFR at 0.75% Floor + 2.25%), 6.58%, 01/30/32<br>| 1792 | 1792317 |
| Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 12/29/31<br>| 1649 | 1647857 |
| AssuredPartners, Inc., 2024 Incremental Term Loan B5, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), <br> 7.83%, 02/14/31<br>| 1630 | 1633586 |
| Baldwin Insurance Group Holdings LLC, 2024 Repriced <br> Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.31%, 05/26/31<br>| 1203 | 1201953 |
| HUB International Ltd., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.50%), 6.77%, 06/20/30<br>| 2885 | 2893347 |
| Jones Deslauriers Insurance Management, Inc., 2025 Term <br> Loan B, (3-mo. CME Term SOFR at 0.00% Floor + <br> 2.75%), 7.03%, 03/15/30<br>| 756 | 751155 |
| Ryan Specialty LLC, 2024 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/15/31<br>| 1302 | 1300237 |
| Truist Insurance Holdings LLC |  |  |
| 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.75%), 7.05%, 05/06/31<br>| 1803 | 1802218 |
| 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% <br> Floor + 4.75%), 9.05%, 05/06/32<br>| 325 | 328721 |
| USI, Inc. |  |  |
| 2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 09/29/30<br>| 1221 | 1217106 |
| 2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 11/21/29<br>| 2462 | 2456735 |
|  |  | 21826849 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 2.75%), 7.08%, 01/31/31<br>| 1047 | 1034692 |
| **IT Services — 6.5%** | **IT Services — 6.5%** | **IT Services — 6.5%** |
| Asurion LLC |  |  |
| 2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + <br> 5.36%), 9.69%, 01/31/28<br>| 689 | 656849 |
| 2021 2nd Lien Term Loan B4, (1-mo. CME Term SOFR + <br> 5.36%), 9.69%, 01/20/29<br>| 654 | 605460 |
| 2021 Term Loan B9, (1-mo. CME Term SOFR at 0.00% <br> Floor + 3.36%), 7.69%, 07/31/27<br>| 148 | 147851 |
| 2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.35%), 8.68%, 08/19/28<br>| 983 | 971882 |
| 2024 Term Loan B12, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.25%), 8.58%, 09/19/30<br>| 234 | 228329 |
| 2025 Term Loan B13, (3-mo. CME Term SOFR at 0.00% <br> Floor + 4.25%), 8.55%, 09/19/30<br>| 1150 | 1115872 |
| Central Parent LLC, 2024 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.55%, 07/06/29<br>| 2055 | 1711154 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Clearwater Analytics LLC, 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.53%, 04/21/32<sup>(d)</sup><br>| 693 | $692134 |
| Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), <br> 6.28%, 06/12/31<br>| 988 | 980046 |
| Epicor Software Corp., 2024 Term Loan E, (1-mo. CME <br> Term SOFR at 0.75% Floor + 2.75%), 7.08%, 05/30/31<br>| 1806 | 1809532 |
| Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 3.50%), 7.83%, 06/27/31<sup>(d)</sup><br>| 385 | 385646 |
| Go Daddy Operating Co. LLC |  |  |
| 2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), <br> 6.08%, 05/30/31<br>| 883 | 883864 |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 11/09/29<br>| 1030 | 1030622 |
| Magenta Security Holdings LLC |  |  |
| 2024 First Out Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 7.01%), 11.29%, 07/27/28<br>| 287 | 239709 |
| 2024 Second Out Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 7.00%, % PIK), 11.54%, 07/27/28<sup>(g)</sup><br>| 334 | 153595 |
| 2024 Third Out Term Loan, (3-mo. CME Term SOFR at <br> 0.75% Floor + 1.76%, 5.76% PIK), 11.54%, <br> 07/27/28<sup>(c)(f)(g)</sup><br>| 665 | 153988 |
| Mitchell International, Inc. |  |  |
| 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.58%, 06/17/31<br>| 1395 | 1392231 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + <br> 5.25%), 9.58%, 06/17/32<br>| 329 | 322338 |
| Modena Buyer LLC, Term Loan, (3-mo. CME Term SOFR at <br> 0.00% Floor + 4.50%), 8.78%, 07/01/31<br>| 416 | 399542 |
| Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan B1, <br> (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 11/17/31<br>| 1103 | 1104537 |
| Project Alpha Intermediate Holding, Inc., 2024 1st Lien Term <br> Loan B, (3-mo. CME Term SOFR at 0.50% Floor + <br> 3.25%), 7.55%, 10/26/30<br>| 595 | 597981 |
| Project Boost Purchaser LLC, 2025 Refinancing Term Loan, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.30%, 07/16/31<br>| 1179 | 1180411 |
| Sedgwick Claims Management Services, Inc., 2023 Term <br> Loan B, (1-mo. CME Term SOFR at 0.00% Floor + <br> 3.00%), 7.33%, 07/31/31<br>| 2627 | 2635151 |
| Shift4 Payments LLC, 2025 Term Loan, 05/07/32<sup>(h)</sup> | 486 | 489796 |
| X Corp., Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.60%), 10.93%, 10/26/29<br>| 1696 | 1655354 |
| X.AI LLC, 1st Lien Term Loan, 06/28/30<sup>(h)</sup> | 438 | 417011 |
|  |  | 21960885 |
| **Machinery — 5.3%** | **Machinery — 5.3%** | **Machinery — 5.3%** |
| Aggreko Holdings, Inc., 2025 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 08/16/29<br>| 1217 | 1217894 |
| AI Aqua Merger Sub, Inc., 2024 1st Lien Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 07/31/28<br>| 1423 | 1420014 |
| Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term <br> SOFR + 2.50%), 6.79%, 03/15/30<br>| 362 | 362340 |
| Columbus McKinnon Corp., 2024 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.50%), 6.80%, 05/14/28<sup>(d)</sup><br>| 188 | 187745 |
| Filtration Group Corp., 2025 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.33%, 10/21/28<br>| 2137 | 2143975 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Machinery (continued)** | **Machinery (continued)** | **Machinery (continued)** |
| Generac Power Systems, Inc., 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, <br> 07/03/31<br>| 198 | $198417 |
| Husky Injection Molding Systems Ltd., 2024 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), <br> 8.73%, 02/15/29<br>| 2661 | 2666670 |
| Indicor LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 2.75%), 7.05%, 11/22/29<br>| 577 | 575044 |
| Madison IAQ LLC |  |  |
| 2025 Term Loan B, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.25%), 7.56%, 05/06/32<br>| 1014 | 1016140 |
| Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.76%, 06/21/28<br>| 2236 | 2236090 |
| SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 3.00%), 7.33%, 04/05/29<br>| 1318 | 1322192 |
| TK Elevator U.S. Newco, Inc., 2025 USD Term Loan B, <br> (3-mo. CME Term SOFR + 3.00%), 7.24%, 04/30/30<br>| 1711 | 1714408 |
| Vertiv Group Corp., 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 1.75%), 6.07%, 03/02/27<br>| 1525 | 1526268 |
| Vortex Opco LLC, Second Out Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.36%), 8.66%, 12/17/28<br>| 413 | 179247 |
| WEC U.S. Holdings, Inc., 2024 Term Loan, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.57%, 01/27/31<br>| 1037 | 1036927 |
| Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + <br> 2.11%), 6.44%, 10/04/28<br>| 68 | 68430 |
|  |  | 17871801 |
| **Media — 2.6%** | **Media — 2.6%** | **Media — 2.6%** |
| Altice France SA, 2023 USD Term Loan B14, (3-mo. CME <br> Term SOFR at 0.00% Floor + 5.50%), 9.76%, 08/15/28<br>| 1389 | 1255316 |
| Charter Communications Operating LLC |  |  |
| 2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.30%, 12/07/30<br>| 846 | 845226 |
| 2024 Term Loan B5, (3-mo. CME Term SOFR at 0.00% <br> Floor + 2.25%), 6.55%, 12/15/31<br>| 589 | 589958 |
| Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, <br> (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), <br> 8.44%, 08/23/28<br>| 439 | 434326 |
| CSC Holdings LLC |  |  |
| 2019 Term Loan B5, (Prime + 1.50%), 9.00%, 04/15/27 | 1372 | 1335107 |
| 2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% <br> Floor + 4.50%), 8.81%, 01/18/28<br>| 272 | 267485 |
| DirecTV Financing LLC, Term Loan, (3-mo. CME Term <br> SOFR at 0.75% Floor + 5.26%), 9.54%, 08/02/27<br>| 185 | 185154 |
| ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, <br> 09/03/30<br>| 648 | 647170 |
| Fleet U.S. Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. <br> CME Term SOFR at 0.00% Floor + 2.75%), 7.06%, <br> 02/21/31<sup>(d)</sup><br>| 244 | 244460 |
| Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term <br> SOFR + 5.25%), 9.57%, 06/04/29<br>| 148 | 147512 |
| Learfield Communications LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, <br> 06/30/28<br>| 386 | 388429 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Speedster Bidco GmbH, 2024 USD Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.55%, <br> 12/10/31<br>| 1498 | $1504807 |
| Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.61%), 6.93%, 04/30/28<br>| 733 | 715511 |
|  |  | 8560461 |
| **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** | **Oil, Gas & Consumable Fuels — 1.5%** |
| Buckeye Partners LP, 2025 Term Loan B2, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/22/30<br>| 244 | 243767 |
| Freeport LNG Investments LLLP, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.50% Floor + 3.25%), 7.52%, <br> 12/21/28<br>| 1397 | 1396551 |
| GIP Pilot Acquisition Partners LP, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, <br> 10/04/30<br>| 167 | 167023 |
| Hilcorp Energy I LP, Term Loan B, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.31%, 02/11/30<br>| 479 | 478800 |
| M6 ETX Holdings II Midco LLC, 2025 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, <br> 04/01/32<br>| 378 | 379349 |
| Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 1.75%), 6.07%, 04/07/32<br>| 216 | 217503 |
| New Fortress Energy, Inc., 2025 Incremental Term Loan B, <br> (3-mo. CME Term SOFR at 0.75% Floor + 5.50%), <br> 9.81%, 10/30/28<br>| 142 | 75590 |
| NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. <br> CME Term SOFR + 3.75%), 8.08%, 02/03/31<br>| 192 | 189763 |
| Oryx Midstream Services Permian Basin LLC, 2025 Term <br> Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.25%), 6.57%, 10/05/28<br>| 1861 | 1859118 |
| Whitewater Matterhorn Holdings LLC, 2025 Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), <br> 6.57%, 06/16/32<br>| 178 | 177740 |
|  |  | 5185204 |
| **Passenger Airlines — 1.3%** | **Passenger Airlines — 1.3%** | **Passenger Airlines — 1.3%** |
| AAdvantage Loyalty IP Ltd., 2025 Term Loan B, 05/28/32<sup>(h)</sup> | 455 | 457503 |
| Air Canada, 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 2.00%), 6.32%, 03/21/31<br>| 1055 | 1054413 |
| American Airlines, Inc. |  |  |
| Series AA, 2017 1st Lien Term Loan, (6-mo. CME Term <br> SOFR at 0.00% Floor + 1.85%), 5.98%, 01/29/27<br>| 164 | 162133 |
| 2023 1st Lien Term Loan, (6-mo. CME Term SOFR at <br> 0.00% Floor + 2.25%), 6.51%, 06/04/29<br>| 913 | 903939 |
| 2025 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor <br> + 2.25%), 6.52%, 04/20/28<br>| 564 | 559730 |
| JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.75%), 9.07%, 08/27/29<br>| 569 | 532179 |
| United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.00%), 6.28%, <br> 02/22/31<br>| 727 | 727080 |
|  |  | 4396977 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. <br> CME Term SOFR at 0.00% Floor + 5.50%), 9.83%, <br> 05/04/28<br>| 714 | 724662 |
| Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term <br> SOFR + 1.85%), 6.17%, 08/01/27<br>| 554 | 553674 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1-<br> mo. CME Term SOFR + 2.25%), 6.58%, 05/05/28<br>| 1100 | $1104449 |
| Opal U.S. LLC, USD Term Loan B, 04/28/32<sup>(h)</sup> | 1240 | 1244266 |
| Organon & Co., 2024 USD Term Loan, (1-mo. CME Term <br> SOFR at 0.50% Floor + 2.25%), 6.57%, 05/19/31<br>| 334 | 327730 |
| Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29<br>| 518 | 517524 |
|  |  | 4472305 |
| **Professional Services — 4.6%** | **Professional Services — 4.6%** | **Professional Services — 4.6%** |
| AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME <br> Term SOFR at 0.50% Floor + 2.61%), 6.94%, 02/04/28<br>| 1199 | 1203101 |
| Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/31<br>| 1018 | 1015267 |
| CoreLogic, Inc. |  |  |
| 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.61%), 10.94%, 06/04/29<br>| 333 | 323065 |
| Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + <br> 3.61%), 7.94%, 06/02/28<br>| 1179 | 1164831 |
| Corpay Technologies Operating Co. LLC, Term Loan B5, <br> (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), <br> 6.08%, 04/28/28<br>| 1792 | 1791897 |
| Dayforce, Inc., 2025 Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.28%, 03/01/31<sup>(d)</sup><br>| 1142 | 1141499 |
| Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.57%, 01/18/29<br>| 3395 | 3391804 |
| Element Materials Technology Group U.S. Holdings, Inc., <br> 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.75%), 8.05%, 07/06/29<br>| 309 | 309611 |
| Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term <br> SOFR at 0.50% Floor + 5.00%), 10.03%, 07/31/30<br>| 295 | 273008 |
| Skopima Consilio Parent LLC, 2024 Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), <br> 8.08%, 05/12/28<br>| 590 | 582009 |
| Trans Union LLC |  |  |
| 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 06/24/31<br>| 1223 | 1224389 |
| 2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% <br> Floor + 1.75%), 6.08%, 06/24/31<br>| 1122 | 1122810 |
| Zelis Payments Buyer, Inc. |  |  |
| 5th Amendment Term Loan, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.25%), 7.58%, 11/26/31<br>| 1192 | 1184396 |
| Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.08%, <br> 09/28/29<br>| 579 | 574511 |
|  |  | 15302198 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Cushman & Wakefield U.S. Borrower LLC, 2024 Tranche <br> 2 Incremental Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.25%), 7.58%, 01/31/30<br>| 379 | 380421 |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |
| Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 1.75%), 6.06%, 07/06/29<br>| 451 | 453702 |
| MKS Instruments, Inc., 2025 USD Repriced Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), <br> 6.32%, 08/17/29<br>| 762 | 762422 |
|  |  | 1216124 |
| **Software — 11.8%** | **Software — 11.8%** | **Software — 11.8%** |
| Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.80%, <br> 02/24/31<br>| 2224 | 2232230 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 4.50%), 8.78%, 08/15/29<br>| $772 | $638577 |
| Boxer Parent Co., Inc., 2025 USD 1st Lien Term Loan B, <br> (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), <br> 7.33%, 07/30/31<br>| 2101 | 2087332 |
| Capstone Borrower, Inc., 2025 Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.05%, 06/17/30<br>| 819 | 817865 |
| CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME <br> Term SOFR + 2.00%), 6.33%, 01/23/32<br>| 1595 | 1594966 |
| Cloud Software Group, Inc. |  |  |
| 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 3.50%), 7.80%, 03/29/29<br>| 2455 | 2456827 |
| 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% <br> Floor + 3.75%), 8.05%, 03/21/31<br>| 1865 | 1867717 |
| Cloudera, Inc. |  |  |
| 2021 Second Lien Term Loan, (1-mo. CME Term SOFR <br> at 0.50% Floor + 6.10%), 10.43%, 10/08/29<br>| 427 | 385637 |
| 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.85%), 8.18%, 10/08/28<br>| 1155 | 1106897 |
| Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 4.00%), 8.31%, 12/09/31<br>| 2296 | 2296712 |
| DS Admiral Bidco LLC, 2024 Term Loan B, (3-mo. CME <br> Term SOFR + 4.25%), 8.55%, 06/26/31<sup>(d)</sup><br>| 450 | 447338 |
| Ellucian Holdings, Inc. |  |  |
| 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at <br> 0.50% Floor + 3.00%), 7.33%, 10/09/29<br>| 1703 | 1705700 |
| 2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at <br> 0.50% Floor + 4.75%), 9.08%, 11/22/32<sup>(d)</sup><br>| 352 | 359040 |
| Gen Digital, Inc. |  |  |
| 2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), <br> 6.08%, 09/12/29<br>| 1882 | 1878159 |
| 2025 Term Loan B, (1-mo. CME Term SOFR at 0.50% <br> Floor + 1.75%), 6.08%, 04/16/32<br>| 202 | 201546 |
| Genesys Cloud Services, Inc., 2025 USD Term Loan B, <br> (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), <br> 6.83%, 01/30/32<br>| 3098 | 3095996 |
| Informatica LLC, 2024 Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 2.25%), 6.58%, 10/27/28<br>| 985 | 988680 |
| Kaseya, Inc., 2025 1st Lien Term Loan B, (1-mo. CME Term <br> SOFR at 0.00% Floor + 3.25%), 7.58%, 03/20/32<br>| 1833 | 1839712 |
| McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. <br> CME Term SOFR at 0.50% Floor + 3.00%), 7.32%, <br> 03/01/29<br>| 1615 | 1566125 |
| MH Sub I LLC |  |  |
| 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 4.25%), 8.58%, 05/03/28<br>| 443 | 415139 |
| 2024 Term Loan B4, (1-mo. CME Term SOFR at 0.50% <br> Floor + 4.25%), 8.58%, 12/31/31<br>| 368 | 318800 |
| Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. <br> CME Term SOFR at 0.00% Floor + 3.50%), 7.80%, <br> 12/17/27<br>| 217 | 211087 |
| Proofpoint, Inc. |  |  |
| 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor <br> + 3.00%), 7.33%, 08/31/28<br>| 2127 | 2127698 |
| 2025 Fungible Term Loan, 08/31/28<sup>(h)</sup> | 230 | 230025 |
| QXO, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% <br> Floor + 3.00%), 7.30%, 04/30/32<br>| 302 | 303643 |
| RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term <br> SOFR + 3.26%), 7.56%, 04/24/28<br>| 1287 | 1276780 |
| Sabre GLBL, Inc. |  |  |
| 2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.61%), 7.94%, 12/17/27<br>| 117 | 114442 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 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)** |
| Sabre GLBL, Inc. (continued) |  |  |
| 2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% <br> Floor + 3.61%), 7.94%, 12/17/27<br>| 66 | $65160 |
| 2022 1st Lien Term Loan B, (3-mo. CME Term SOFR at <br> 0.50% Floor + 5.10%), 9.43%, 06/30/28<br>| 33 | 32933 |
| 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.10%), 10.43%, 11/15/29<br>| 557 | 554404 |
| 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% <br> Floor + 6.10%), 10.43%, 11/15/29<br>| 163 | 153340 |
| SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME <br> Term SOFR at 0.00% Floor + 2.00%), 6.33%, 05/09/31<br>| 1947 | 1956026 |
| UKG, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at <br> 0.00% Floor + 3.00%), 7.31%, 02/10/31<br>| 2626 | 2635682 |
| Voyage Australia Pty. Ltd., USD Term Loan, (3-mo. CME <br> Term SOFR at 0.50% Floor + 3.76%), 8.03%, 07/20/28<br>| 143 | 142747 |
| VS Buyer LLC, 2024 1st Lien Term Loan B, (3-mo. CME <br> Term SOFR at 0.00% Floor + 2.75%), 7.02%, 04/12/31<br>| 1628 | 1634150 |
|  |  | 39739112 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| Fender Musical Instruments Corp., 2021 Term Loan B, (1-<br> mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.43%, <br> 12/01/28<br>| 69 | 61644 |
| LS Group OpCo Acquistion LLC, 2025 Term Loan B, (3-mo. <br> CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, <br> 04/23/31<br>| 548 | 546836 |
| Mavis Tire Express Services Topco Corp., 2025 Repriced <br> Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + <br> 3.00%), 7.33%, 05/04/28<br>| 2149 | 2146653 |
| PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR <br> at 0.75% Floor + 3.85%), 8.18%, 02/11/28<br>| 578 | 570865 |
| Restoration Hardware, Inc., 2022 Incremental Term Loan, <br> (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), <br> 7.68%, 10/20/28<br>| 203 | 197420 |
|  |  | 3523418 |
| **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** | **Trading Companies & Distributors — 1.8%** |
| Core & Main LP |  |  |
| 2024 Term Loan D, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 07/27/28<br>| 2123 | 2121640 |
| 2024 Term Loan E, (6-mo. CME Term SOFR at 0.00% <br> Floor + 2.00%), 6.27%, 02/09/31<br>| 482 | 482121 |
| Foundation Building Materials, Inc., 2024 Term Loan B2, <br> (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), <br> 8.28%, 01/29/31<br>| 1483 | 1449202 |
| Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31<br>| 327 | 327489 |
| GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term <br> SOFR + 2.25%), 6.58%, 05/12/30<br>| 408 | 408486 |
| Herc Holdings, Inc., Term Loan B, (3-mo. CME Term SOFR <br> at 0.00% Floor + 2.00%), 6.32%, 06/02/32<br>| 200 | 200584 |
| PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term <br> SOFR at 0.75% Floor + 4.01%), 8.29%, 10/28/27<br>| 534 | 408575 |
| TMK Hawk Parent Corp., 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 1.00% Floor + 2.00%, 3.25% PIK), 9.58%, <br> 06/30/29<sup>(d)(g)</sup><br>| 1129 | 677243 |
|  |  | 6075340 |
| **Transportation Infrastructure — 1.5%** | **Transportation Infrastructure — 1.5%** | **Transportation Infrastructure — 1.5%** |
| Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term SOFR <br> at 0.00% Floor + 2.50%), 6.83%, 09/23/31<br>| 2158 | 2151962 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** | **Transportation Infrastructure (continued)** |
| Brown Group Holding LLC |  |  |
| 2022 Incremental Term Loan B2, (3-mo. CME Term <br> SOFR at 0.50% Floor + 2.50%), 6.81%, 07/01/31<br>| 871 | $872126 |
| Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + <br> 2.50%), 6.83%, 07/01/31<br>| 1204 | 1204476 |
| OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR <br> at 0.75% Floor + 6.35%), 10.68%, 12/15/26<br>| 509 | 505629 |
| Rand Parent LLC, 2025 Term Loan B, (3-mo. CME Term <br> SOFR at 0.00% Floor + 3.00%), 7.30%, 03/18/30<br>| 148 | 146427 |
|  |  | 4880620 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. <br> CME Term SOFR + 3.86%), 8.19%, 04/30/28<br>| 567 | 556075 |
| SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME <br> Term SOFR at 0.00% Floor + 1.75%), 6.08%, 01/25/31<br>| 932 | 932533 |
|  |  | 1488608 |
| **Total Floating Rate Loan Interests — 109.5%** <br>**(Cost: $372,571,194)** | **Total Floating Rate Loan Interests — 109.5%** <br>**(Cost: $372,571,194)** | 368377496 |

---

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

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Equity Funds — 3.0%** | **Equity Funds — 3.0%** |  |
| Hearthside Equity | 5718 | 109214 |
| Janus Henderson AAA CLO ETF | 100000 | 5075000 |
| SPDR Blackstone Senior Loan ETF | 120000 | 4990800 |
|  |  | 10175014 |
| **Fixed Income Funds — 7.0%** | **Fixed Income Funds — 7.0%** |  |
| Invesco Senior Loan ETF | 540400 | 11305168 |
| iShares 0-5 Year High Yield Corporate Bond ETF<sup>(i)</sup> | 5000 | 215700 |
| iShares Broad USD High Yield Corporate Bond ETF<sup>(i)</sup> | 195000 | 7314450 |
| iShares iBoxx $ High Yield Corporate Bond ETF<sup>(i)</sup> | 58000 | 4677700 |
|  |  | 23513018 |
| **Total Investment Companies — 10.0%** <br>**(Cost: $33,399,365)** | **Total Investment Companies — 10.0%** <br>**(Cost: $33,399,365)** | 33688032 |

---

&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<sup>(d)(j)</sup> | $991 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Millennium Corp.<sup>(d)(j)</sup> | 930 |
| **Total Other Interests — 0.0%** <br>**(Cost: $—)** | **Total Other Interests — 0.0%** <br>**(Cost: $—)** |

---

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.0%**<sup>(c)</sup> | **Preferred Stocks — 0.0%**<sup>(c)</sup> | **Preferred Stocks — 0.0%**<sup>(c)</sup> |
| **Ground Transportation — 0.0%** | **Ground Transportation — 0.0%** |  |
| Sirva BGRS Holdings, Inc., 07/21/30 | 207 | $36167 |
| **IT Services**<sup>(d)</sup> **— 0.0%** | **IT Services**<sup>(d)</sup> **— 0.0%** |  |
| Veritas Kapital Assurance PLC |  |  |
| Series G | 1121 | 25225 |
| Series G-1 | 774 | 17418 |
|  |  | 42643 |
|  |  | 78810 |
| **Total Preferred Securities — 0.0%** <br>**(Cost: $184,682)** | **Total Preferred Securities — 0.0%** <br>**(Cost: $184,682)** | 78810 |
| **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)<sup>(c)</sup><br>| 1675 |  |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Investments — 124.1%** <br>**(Cost: $422,476,333)** | **Total Investments — 124.1%** <br>**(Cost: $422,476,333)** | 417375203 |
| **Liabilities in Excess of Other Assets — (24.1)%** | **Liabilities in Excess of Other Assets — (24.1)%** | (80947616)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $336427587 |

---

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

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

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

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

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

<sup>(e)</sup> Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $462,972, representing 0.1% of its net assets as of period end, and an original cost of $306,082. 

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

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

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

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

<sup>(j)</sup> 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.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Trust during the six months ended June 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*12/31/24*<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>*06/30/25*<br>| *Shares* <br>*Held at* <br>*06/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares<sup>(a)</sup> | &nbsp;&nbsp; $— | $31044294 | $(31044294)<br>| $— | $— | $— |  | $10656 | $— |
| iShares 0-5 Year High Yield Corporate Bond ETF | &nbsp;&nbsp; 213050 |  |  |  | 2650 | 215700 | 5000 | 6411 |  |
| iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp; — | 7193559 |  |  | 120891 | 7314450 | 195000 | 173302 |  |
| iShares iBoxx $ High Yield Corporate Bond ETF | &nbsp;&nbsp; 2202200 | 6688650 | (4285672)<br>| (42278)<br>| 114800 | 4677700 | 58000 | 171268 |  |
|  |  |  |  | $(42278)<br>| $238341 | $12207850 |  | $361637 | $— |

---

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

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

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

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency 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 | 24363 | GBP | 18000 | Morgan Stanley & Co. International PLC | 09/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(357)<br>|

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *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; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *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> % <br>| Quarterly | 12/20/29<br> B | USD | 4000 | &nbsp;&nbsp;&nbsp; $299867 | &nbsp;&nbsp;&nbsp; $304092 | &nbsp;&nbsp;&nbsp; $(4225)<br>|
| CDX.NA.HY.44.V1 | 5.00 | Quarterly | 06/20/30<br> B | USD | 300 | &nbsp;&nbsp;&nbsp; 23050 | &nbsp;&nbsp;&nbsp; 16229 | &nbsp;&nbsp;&nbsp; 6821 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $322917 | &nbsp;&nbsp;&nbsp; $320321 | &nbsp;&nbsp;&nbsp; $2596 |

---

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

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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, 4.45% | Quarterly | Markit iBoxx USD <br> Liquid Leveraged <br> Loan Index<br>| At Termination | Barclays Bank PLC | N/A | 09/20/25 | USD | 5000 | $68074 | $(21765)<br>| $89839 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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<sup>(a)</sup> | &nbsp;&nbsp; $320321 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $6821 | &nbsp;&nbsp;&nbsp; $(4225)<br>|
| OTC Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21765)<br>| &nbsp;&nbsp;&nbsp; 89839 | &nbsp;&nbsp;&nbsp; — |

---

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

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

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<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** |  |  |  |  |  |  |  |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6821 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6821 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 89839 | &nbsp;&nbsp; — | &nbsp;&nbsp; 89839 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6821 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $89839 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $96660 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $357 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 4225 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4225 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21765 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4225 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $357 | &nbsp;&nbsp; $21765 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26347 |

---

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

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

For the period ended June 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *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:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1564)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1564)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 71795 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46259 | &nbsp;&nbsp; — | &nbsp;&nbsp; 118054 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $71795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1564)<br>| &nbsp;&nbsp; $46259 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $116490 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(623)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(623)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 21888 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (139450)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (117562)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(623)<br>| &nbsp;&nbsp; $(139450)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(118185)<br>|

---

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

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; $23813 |
| Average amounts sold — in USD | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Credit default swaps: |  |
| Average notional value — sell protection | &nbsp;&nbsp; 4150000 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 5000000 |

---

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

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

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

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

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $357 |
| Swaps — centrally cleared | &nbsp;&nbsp; 14510 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 89839 | &nbsp;&nbsp;&nbsp;&nbsp; 21765 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 104349 | &nbsp;&nbsp;&nbsp;&nbsp; 22122 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (14510)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $89839 | &nbsp;&nbsp;&nbsp;&nbsp; $22122 |

---

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $89839 | &nbsp;&nbsp; $(21765)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68074 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

&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*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(d)(e)</sup><br>|
| Barclays Bank PLC | &nbsp;&nbsp; $21765 | &nbsp;&nbsp; $(21765)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 357 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 357 |
|  | &nbsp;&nbsp; $22122 | &nbsp;&nbsp; $(21765)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $357 |

---

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

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

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

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

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

<sup>(e)</sup> 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3853600 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3853600 |
| Common Stocks  |  |  |  |  |
| Automobile Components | &nbsp;&nbsp; 16907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16907 |
| Construction & Engineering | &nbsp;&nbsp; 6743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6743 |
| Entertainment | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330368 | &nbsp;&nbsp;&nbsp;&nbsp; 330368 |
| Financial Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 628823 | &nbsp;&nbsp;&nbsp;&nbsp; 628823 |
| Ground Transportation | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
| Health Care Providers & Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132604 |
| Household Products | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Industrial Conglomerates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51789 |
| IT Services | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 443358 | &nbsp;&nbsp;&nbsp;&nbsp; 443358 |
| Trading Companies & Distributors | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 145916 | &nbsp;&nbsp;&nbsp;&nbsp; 145916 |
| Transportation Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304679 | &nbsp;&nbsp;&nbsp;&nbsp; 304679 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7073207 | &nbsp;&nbsp;&nbsp;&nbsp; 256079 | &nbsp;&nbsp;&nbsp;&nbsp; 7329286 |
| Fixed Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1985890 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1985890 |
| Floating Rate Loan Interests | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 359835532 | &nbsp;&nbsp;&nbsp;&nbsp; 8541964 | &nbsp;&nbsp;&nbsp;&nbsp; 368377496 |
| Investment Companies  |  |  |  |  |
| Equity Funds | &nbsp;&nbsp; 10065800 | &nbsp;&nbsp;&nbsp;&nbsp; 109214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10175014 |
| Fixed Income Funds | &nbsp;&nbsp; 23513018 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23513018 |
| 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; 42643 | &nbsp;&nbsp;&nbsp;&nbsp; 78810 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 314 |
| Liabilities |  |  |  |  |
| Unfunded Floating Rate Loan Interests<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (598)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (598)<br>|
|  | &nbsp;&nbsp; $33602468 | &nbsp;&nbsp;&nbsp;&nbsp; $373078509 | &nbsp;&nbsp;&nbsp;&nbsp; $10693942 | &nbsp;&nbsp;&nbsp;&nbsp; $417374919 |
| Derivative Financial Instruments<sup>(b)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6821 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6821 |
| Interest Rate Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89839 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

June 30, 2025

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4225)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4225)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (357)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (357)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $92078 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $92078 |

---

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

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $74,000,000 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 period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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><sup>(a)</sup><br>| &nbsp;&nbsp; $37905 | $— | 17998121 |
| Transfers into Level 3<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; — |  | 18456 | 2084013 |  | &nbsp;&nbsp; — | 11 | 2102480 |
| Transfers out of Level 3<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; — |  | (1168705)<br>| (8740065)<br>|  | &nbsp;&nbsp; — |  | (9908770)<br>|
| Accrued discounts/premiums | &nbsp;&nbsp;&nbsp; — | 3048 | 357 | 2396 |  | &nbsp;&nbsp; — |  | 5801 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 34468 | 69 | 3224 | 3163 |  | &nbsp;&nbsp; — |  | 40924 |
| Net change in unrealized appreciation (depreciation)<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp; (599370)<br>| 128657 | (15950)<br>| 39584 |  | &nbsp;&nbsp; 4738 | 101 | (442240)<br>|
| Purchases | &nbsp;&nbsp;&nbsp; 1464295 | 139455 | 1963 | 4615765 |  | &nbsp;&nbsp; — |  | 6221478 |
| Sales | &nbsp;&nbsp;&nbsp; (40500)<br>| (153989)<br>| (460000)<br>| (4669363)<br>|  | &nbsp;&nbsp; — |  | (5323852)<br>|
| Closing balance, as of June 30, 2025 | &nbsp;&nbsp;&nbsp; $1853144 | $256079 | $— | $8541964 | $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $42643 | $112 | 10693942 |
| Net change in unrealized appreciation (depreciation) on investments still held at <br> June 30, 2025<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp; $(599370)<br>| $114027 | $(20420)<br>| $72958 | $— | &nbsp;&nbsp; $4738 | $101 | (427966)<br>|

---

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

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

<sup>(b)</sup> As of December 31, 2024, the Trust used observable inputs in determining the value of certain investments. As of June 30, 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. 

<sup>(c)</sup> As of December 31, 2024, the Trust used significant unobservable inputs in determining the value of certain investments. As of June 30, 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. 

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

<sup>(e)</sup> Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 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 Semi-Annual Report to Shareholders

------

Statements of Assets and Liabilities (unaudited)

June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<sup>(a)</sup> <br>| BTZ | BGT |
| **ASSETS** |  |  |  |  |
| Investments, at value — unaffiliated<sup>(b)</sup> | $944278386 | $1996351983 | $1778909914 | $405167353 |
| Investments, at value — affiliated<sup>(c)</sup> | 8232852 | 18310657 | 6120572 | 12207850 |
| Cash |  | 388150 |  |  |
| Cash pledged: |  |  |  |  |
| Collateral — reverse repurchase agreements | 2072046 |  |  |  |
| Collateral — exchange-traded options written |  |  | 1478000 |  |
| Futures contracts | 6509000 |  | 4679000 |  |
| Centrally cleared swaps | 678000 | 2893000 | 6072000 | 328000 |
| Foreign currency, at value<sup>(d)</sup> | 846094 | 1391667 | 1218 | 2676 |
| Receivables: |  |  |  |  |
| Investments sold | 989733 | 7763801 | 7591130 | 4473712 |
| Capital shares sold |  |  |  | 522598 |
| Dividends — unaffiliated |  | 193205 |  |  |
| Dividends — affiliated | 20565 | 5216 | 19272 | 1222 |
| Interest — unaffiliated | 13176388 | 32568348 | 23676996 | 3780101 |
| Variation margin on futures contracts | 1406328 |  |  |  |
| Variation margin on centrally cleared swaps |  | 127286 | 270829 | 14510 |
| Swap premiums paid | 5999 | 64174 |  |  |
| Unrealized appreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts | 1320 | 7183 | 735 |  |
| OTC swaps | 6263 | 1476703 |  | 89839 |
| Unfunded floating rate loan interests | 175 | 1508 | 276 | 314 |
| Deferred offering costs | 147962 | 187510 |  | 122504 |
| Prepaid expenses | 12095 | 52339 | 21188 | 10749 |
| Total assets | 978383206 | 2061782730 | 1828841130 | 426721428 |
| **LIABILITIES** |  |  |  |  |
| Bank overdraft | 103318 |  | 110228 | 485727 |
| Cash received: |  |  |  |  |
| Collateral — reverse repurchase agreements | 1945079 |  | 1667527 |  |
| Collateral — OTC derivatives |  | 880000 |  |  |
| Collateral — TBA commitments |  |  | 1589046 |  |
| Reverse repurchase agreements, at value | 230795648 |  | 580832515 |  |
| Payables: |  |  |  |  |
| Investments purchased | 14826351 | 45570064 | 174998977 | 14856451 |
| Reverse repurchase agreements | 163505 |  | 5733758 |  |
| Accounting services fees | 82181 | 130984 | 122844 | 43555 |
| Bank borrowings |  | 458000000 |  | 74000000 |
| Custodian fees | 31215 | 34236 | 50987 | 10990 |
| Income dividend distributions | 126549 |  | 377909 |  |
| Interest expense |  | 1977562 |  | 345060 |
| Investment advisory fees | 387981 | 968076 | 824833 | 243850 |
| Offering costs | 127976 | 37769 |  |  |
| Trustees' and Officer's fees | 238362 | 635396 | 748835 | 173760 |
| Other accrued expenses | 15621 | 69747 | 15172 | 20881 |
| Principal payups | 2655004 |  |  |  |
| Professional fees | 55051 | 75708 | 45351 | 68593 |
| Proxy fees |  |  | 67446 |  |
| Transfer agent fees | 46181 | 95966 | 64989 | 22254 |
| Variation margin on futures contracts | 170731 |  | 962689 |  |
| Variation margin on centrally cleared swaps | 38146 |  |  |  |
| Swap premiums received | 4022 | 447428 |  | 21765 |

---

Financial Statements

------

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<sup>(a)</sup> | BTZ | BGT |
| Unrealized depreciation on: |  |  |  |  |
| Forward foreign currency exchange contracts | $125667 | $822091 | $81766 | $357 |
| OTC swaps | 565 | 6140 |  |  |
| Unfunded floating rate loan interests | 140 | 1071 | 169 | 598 |
| Total liabilities | 251939293 | 509752238 | 768295041 | 90293841 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $726443913 | $1552030492 | $1060546089 | $336427587 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital<sup>(e)(f)(g)</sup> | $886689639 | $1798208695 | $1164140752 | $387299829 |
| Accumulated loss | (160245726) | (246178203) | (103594663) | (50872242) |
| NET ASSETS | $726443913 | $1552030492 | $1060546089 | $336427587 |
| Net asset value | $10.06 | $9.69 | $11.36 | $12.17 |
| <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. | <sup>(a)</sup> Consolidated Statement of Assets and Liabilities. |
| <sup>(b)</sup> Investments, at cost—unaffiliated | $954202729 | $1939635679 | $1775618016 | $410610782 |
| <sup>(c)</sup> Investments, at cost—affiliated | $8232852 | $17754161 | $6120572 | $11865551 |
| <sup>(d)</sup> Foreign currency, at cost | $838389 | $1382750 | $1156 | $2590 |
| <sup>(e)</sup> Shares outstanding | 72224224 | 160169592 | 93324457 | 27639266 |
| <sup>(f)</sup> Shares authorized | Unlimited | 250 million | Unlimited | Unlimited |
| <sup>(g)</sup> Par value | $0.001 | $0.10 | $0.001 | $0.001 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Operations (unaudited)

Six Months Ended June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<sup>(a)</sup> <br>| BTZ | BGT |
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $42845 | &nbsp;&nbsp;&nbsp; $1256079 | &nbsp;&nbsp;&nbsp; $127328 | &nbsp;&nbsp;&nbsp; $534677 |
| Dividends — affiliated | &nbsp;&nbsp; 110563 | &nbsp;&nbsp;&nbsp; 709120 | &nbsp;&nbsp;&nbsp; 129362 | &nbsp;&nbsp;&nbsp; 361637 |
| Interest — unaffiliated | &nbsp;&nbsp; 26052371 | &nbsp;&nbsp;&nbsp; 70072571 | &nbsp;&nbsp;&nbsp; 50067895 | &nbsp;&nbsp;&nbsp; 14091658 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 124753 | &nbsp;&nbsp;&nbsp; 1270909 | &nbsp;&nbsp;&nbsp; 297769 | &nbsp;&nbsp;&nbsp; 169963 |
| Other income — unaffiliated | &nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp; 18428 | &nbsp;&nbsp;&nbsp; 23306 | &nbsp;&nbsp;&nbsp; 84024 |
| Total investment income | &nbsp;&nbsp; 26331394 | &nbsp;&nbsp;&nbsp; 73327107 | &nbsp;&nbsp;&nbsp; 50645660 | &nbsp;&nbsp;&nbsp; 15241959 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 2272633 | &nbsp;&nbsp;&nbsp; 5733415 | &nbsp;&nbsp;&nbsp; 4892377 | &nbsp;&nbsp;&nbsp; 1485071 |
| Offering | &nbsp;&nbsp; 76501 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Professional | &nbsp;&nbsp; 69068 | &nbsp;&nbsp;&nbsp; 129363 | &nbsp;&nbsp;&nbsp; 64734 | &nbsp;&nbsp;&nbsp; 56654 |
| Accounting services | &nbsp;&nbsp; 64324 | &nbsp;&nbsp;&nbsp; 98055 | &nbsp;&nbsp;&nbsp; 93237 | &nbsp;&nbsp;&nbsp; 32926 |
| Transfer agent | &nbsp;&nbsp; 40496 | &nbsp;&nbsp;&nbsp; 83471 | &nbsp;&nbsp;&nbsp; 52359 | &nbsp;&nbsp;&nbsp; 21601 |
| Trustees and Officer | &nbsp;&nbsp; 33283 | &nbsp;&nbsp;&nbsp; 89671 | &nbsp;&nbsp;&nbsp; 80327 | &nbsp;&nbsp;&nbsp; 23610 |
| Custodian | &nbsp;&nbsp; 21400 | &nbsp;&nbsp;&nbsp; 26855 | &nbsp;&nbsp;&nbsp; 37585 | &nbsp;&nbsp;&nbsp; 6406 |
| Registration | &nbsp;&nbsp; 9478 | &nbsp;&nbsp;&nbsp; 30540 | &nbsp;&nbsp;&nbsp; 16275 | &nbsp;&nbsp;&nbsp; 5658 |
| Printing and postage | &nbsp;&nbsp; 6502 | &nbsp;&nbsp;&nbsp; 7113 | &nbsp;&nbsp;&nbsp; 15266 | &nbsp;&nbsp;&nbsp; 6033 |
| Miscellaneous | &nbsp;&nbsp; 15927 | &nbsp;&nbsp;&nbsp; 29113 | &nbsp;&nbsp;&nbsp; 19817 | &nbsp;&nbsp;&nbsp; 6561 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 2609612 | &nbsp;&nbsp;&nbsp; 6227596 | &nbsp;&nbsp;&nbsp; 5271977 | &nbsp;&nbsp;&nbsp; 1644520 |
| Interest expense and fees — unaffiliated | &nbsp;&nbsp; 7968904 | &nbsp;&nbsp;&nbsp; 11129949 | &nbsp;&nbsp;&nbsp; 12430591 | &nbsp;&nbsp;&nbsp; 1936351 |
| Total expenses | &nbsp;&nbsp; 10578516 | &nbsp;&nbsp;&nbsp; 17357545 | &nbsp;&nbsp;&nbsp; 17702568 | &nbsp;&nbsp;&nbsp; 3580871 |
| Less: |  |  |  |  |
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (2062)<br>| &nbsp;&nbsp;&nbsp; (76465)<br>| &nbsp;&nbsp;&nbsp; (2407)<br>| &nbsp;&nbsp;&nbsp; (48083)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 10576454 | &nbsp;&nbsp;&nbsp; 17281080 | &nbsp;&nbsp;&nbsp; 17700161 | &nbsp;&nbsp;&nbsp; 3532788 |
| Net investment income | &nbsp;&nbsp; 15754940 | &nbsp;&nbsp;&nbsp; 56046027 | &nbsp;&nbsp;&nbsp; 32945499 | &nbsp;&nbsp;&nbsp; 11709171 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; (327646)<br>| &nbsp;&nbsp;&nbsp; (5994922)<br>| &nbsp;&nbsp;&nbsp; (2914198)<br>| &nbsp;&nbsp;&nbsp; (2605921)<br>|
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (58113)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (42278)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (496376)<br>| &nbsp;&nbsp;&nbsp; (4163005)<br>| &nbsp;&nbsp;&nbsp; (220905)<br>| &nbsp;&nbsp;&nbsp; (1564)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (22975)<br>| &nbsp;&nbsp;&nbsp; (460020)<br>| &nbsp;&nbsp;&nbsp; 17765 | &nbsp;&nbsp;&nbsp; 50 |
| Futures contracts | &nbsp;&nbsp; (5483472)<br>| &nbsp;&nbsp;&nbsp; 22893 | &nbsp;&nbsp;&nbsp; 6661386 | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 905149 | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; 134673 | &nbsp;&nbsp;&nbsp; (25612)<br>| &nbsp;&nbsp;&nbsp; (2757120)<br>| &nbsp;&nbsp;&nbsp; 118054 |
|  | &nbsp;&nbsp; (6195796)<br>| &nbsp;&nbsp;&nbsp; (10678779)<br>| &nbsp;&nbsp;&nbsp; 1692077 | &nbsp;&nbsp;&nbsp; (2531659)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments — unaffiliated | &nbsp;&nbsp; 12442825 | &nbsp;&nbsp;&nbsp; 31046321 | &nbsp;&nbsp;&nbsp; 21005583 | &nbsp;&nbsp;&nbsp; (747756)<br>|
| Investments — affiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 372721 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 238341 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (274706)<br>| &nbsp;&nbsp;&nbsp; (1505644)<br>| &nbsp;&nbsp;&nbsp; (115681)<br>| &nbsp;&nbsp;&nbsp; (623)<br>|
| Foreign currency translations | &nbsp;&nbsp; 30282 | &nbsp;&nbsp;&nbsp; 31496 | &nbsp;&nbsp;&nbsp; (3015)<br>| &nbsp;&nbsp;&nbsp; 202 |
| Futures contracts | &nbsp;&nbsp; 4697499 | &nbsp;&nbsp;&nbsp; (31915)<br>| &nbsp;&nbsp;&nbsp; (6702372)<br>| &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (478459)<br>| &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp; (40437)<br>| &nbsp;&nbsp;&nbsp; 1126428 | &nbsp;&nbsp;&nbsp; 7692094 | &nbsp;&nbsp;&nbsp; (117562)<br>|
| Unfunded floating rate loan interests | &nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp; 4635 | &nbsp;&nbsp;&nbsp; (721)<br>| &nbsp;&nbsp;&nbsp; (1205)<br>|
|  | &nbsp;&nbsp; 16856050 | &nbsp;&nbsp;&nbsp; 31044042 | &nbsp;&nbsp;&nbsp; 21397429 | &nbsp;&nbsp;&nbsp; (628603)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 10660254 | &nbsp;&nbsp;&nbsp; 20365263 | &nbsp;&nbsp;&nbsp; 23089506 | &nbsp;&nbsp;&nbsp; (3160262)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $26415194 | &nbsp;&nbsp;&nbsp; $76411290 | &nbsp;&nbsp;&nbsp; $56035005 | &nbsp;&nbsp;&nbsp; $8548909 |
| <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> Consolidated Statement of Operations. | <sup>(a)</sup> 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<sup>(a)</sup>  | HYT<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $15754940 | &nbsp;&nbsp;&nbsp; $30991491 | &nbsp;&nbsp;&nbsp; $56046027 | &nbsp;&nbsp;&nbsp; $108305520 |
| Net realized loss | &nbsp;&nbsp; (6195796)<br>| &nbsp;&nbsp;&nbsp; (31564588)<br>| &nbsp;&nbsp;&nbsp; (10678779)<br>| &nbsp;&nbsp;&nbsp; (7309115)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 16856050 | &nbsp;&nbsp;&nbsp; 10094872 | &nbsp;&nbsp;&nbsp; 31044042 | &nbsp;&nbsp;&nbsp; 26090798 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 26415194 | &nbsp;&nbsp;&nbsp; 9521775 | &nbsp;&nbsp;&nbsp; 76411290 | &nbsp;&nbsp;&nbsp; 127087203 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (24236707 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (31728469)<br>| &nbsp;&nbsp;&nbsp; (73460971 )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (113650697)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16662102)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22803870)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (24236707)<br>| &nbsp;&nbsp;&nbsp; (48390571)<br>| &nbsp;&nbsp;&nbsp; (73460971)<br>| &nbsp;&nbsp;&nbsp; (136454567)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57509420 | &nbsp;&nbsp;&nbsp; 95831907 |
| Proceeds from rights offering (Note 11) | &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; 5977750 | &nbsp;&nbsp;&nbsp; 10528206 |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 166972546 | &nbsp;&nbsp;&nbsp; 1179065 | &nbsp;&nbsp;&nbsp; 63487170 | &nbsp;&nbsp;&nbsp; 106360113 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 169151033 | &nbsp;&nbsp;&nbsp; (37689731)<br>| &nbsp;&nbsp;&nbsp; 66437489 | &nbsp;&nbsp;&nbsp; 96992749 |
| Beginning of period | &nbsp;&nbsp; 557292880 | &nbsp;&nbsp;&nbsp; 594982611 | &nbsp;&nbsp;&nbsp; 1485593003 | &nbsp;&nbsp;&nbsp; 1388600254 |
| End of period | &nbsp;&nbsp; $726443913 | &nbsp;&nbsp;&nbsp; $557292880 | &nbsp;&nbsp;&nbsp; $1552030492 | &nbsp;&nbsp;&nbsp; $1485593003 |

---

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

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

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

<sup>(c)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Changes in Net Assets (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BTZ | BTZ | BGT | BGT |
|  | Six Months Ended <br>06/30/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>| &nbsp;&nbsp; Six Months Ended <br>06/30/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>12/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $32945499 | &nbsp;&nbsp;&nbsp; $64589850 | &nbsp;&nbsp;&nbsp; $11709171 | &nbsp;&nbsp;&nbsp; $25830434 |
| Net realized gain (loss) | &nbsp;&nbsp; 1692077 | &nbsp;&nbsp;&nbsp; (4234815)<br>| &nbsp;&nbsp;&nbsp; (2531659)<br>| &nbsp;&nbsp;&nbsp; (3367523)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21397429 | &nbsp;&nbsp;&nbsp; 3002423 | &nbsp;&nbsp;&nbsp; (628603)<br>| &nbsp;&nbsp;&nbsp; 2583268 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 56035005 | &nbsp;&nbsp;&nbsp; 63357458 | &nbsp;&nbsp;&nbsp; 8548909 | &nbsp;&nbsp;&nbsp; 25046179 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| From net investment income | &nbsp;&nbsp; (46979532 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (62856630)<br>| &nbsp;&nbsp;&nbsp; (19204822 )<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (26212029)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31102433)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7131653)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (46979532)<br>| &nbsp;&nbsp;&nbsp; (93959063)<br>| &nbsp;&nbsp;&nbsp; (19204822)<br>| &nbsp;&nbsp;&nbsp; (33343682)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net proceeds from the issuance of shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26289795 | &nbsp;&nbsp;&nbsp; 40437940 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 832604 |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26289795 | &nbsp;&nbsp;&nbsp; 41270544 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 9055473 | &nbsp;&nbsp;&nbsp; (30601605)<br>| &nbsp;&nbsp;&nbsp; 15633882 | &nbsp;&nbsp;&nbsp; 32973041 |
| Beginning of period | &nbsp;&nbsp; 1051490616 | &nbsp;&nbsp;&nbsp; 1082092221 | &nbsp;&nbsp;&nbsp; 320793705 | &nbsp;&nbsp;&nbsp; 287820664 |
| End of period | &nbsp;&nbsp; $1060546089 | &nbsp;&nbsp;&nbsp; $1051490616 | &nbsp;&nbsp;&nbsp; $336427587 | &nbsp;&nbsp;&nbsp; $320793705 |

---

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

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

<sup>(b)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

*See notes to financial statements.*

Financial Statements

------

Statements of Cash Flows (unaudited)

Six Months Ended June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<sup>(a)</sup> <br>| BTZ | BGT |
| **CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES** |  |  |  |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $26415194 | &nbsp;&nbsp; $76411290 | &nbsp;&nbsp; $56035005 | &nbsp;&nbsp; $8548909 |
| 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; 130707713 | &nbsp;&nbsp; 502418882 | &nbsp;&nbsp; 503845338 | &nbsp;&nbsp; 73223863 |
| Purchases of long-term investments | &nbsp;&nbsp; (146563363)<br>| &nbsp;&nbsp; (585531854)<br>| &nbsp;&nbsp; (543943879)<br>| &nbsp;&nbsp; (103872743)<br>|
| Net purchases of short-term securities | &nbsp;&nbsp; (3766600)<br>| &nbsp;&nbsp; (2263769)<br>| &nbsp;&nbsp; (390700)<br>| &nbsp;&nbsp; (61979)<br>|
| Amortization of premium and accretion of discount on investments and other fees | &nbsp;&nbsp; (1892172)<br>| &nbsp;&nbsp; (4708165)<br>| &nbsp;&nbsp; (888212)<br>| &nbsp;&nbsp; (200773)<br>|
| Paid-in-kind income | &nbsp;&nbsp; (124753)<br>| &nbsp;&nbsp; (1270909)<br>| &nbsp;&nbsp; (295218)<br>| &nbsp;&nbsp; (169963)<br>|
| Premiums paid on closing options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (44228)<br>| &nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 119605 | &nbsp;&nbsp; — |
| Net realized loss on investments and options written | &nbsp;&nbsp; 332326 | &nbsp;&nbsp; 6935204 | &nbsp;&nbsp; 2206215 | &nbsp;&nbsp; 2671021 |
| Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency translations <br> and unfunded floating rate loan interests<br>| &nbsp;&nbsp; (12198060)<br>| &nbsp;&nbsp; (30746951)<br>| &nbsp;&nbsp; (20410809)<br>| &nbsp;&nbsp; 650491 |
| (Increase) Decrease in Assets |  |  |  |  |
| Receivables |  |  |  |  |
| Dividends — affiliated | &nbsp;&nbsp; (16684)<br>| &nbsp;&nbsp; 1298 | &nbsp;&nbsp; (7912)<br>| &nbsp;&nbsp; 632 |
| Dividends — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp; (117958)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest — unaffiliated | &nbsp;&nbsp; (3202739)<br>| &nbsp;&nbsp; (1405308)<br>| &nbsp;&nbsp; (929092)<br>| &nbsp;&nbsp; (963102)<br>|
| Variation margin on futures contracts | &nbsp;&nbsp; (1119577)<br>| &nbsp;&nbsp; 2964 | &nbsp;&nbsp; 468938 | &nbsp;&nbsp; — |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (84611)<br>| &nbsp;&nbsp; (270829)<br>| &nbsp;&nbsp; (10984)<br>|
| Swap premiums paid | &nbsp;&nbsp; (1283)<br>| &nbsp;&nbsp; (15019)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; (7064)<br>| &nbsp;&nbsp; (39963)<br>| &nbsp;&nbsp; (11506)<br>| &nbsp;&nbsp; (8248)<br>|
| Deferred offering costs. | &nbsp;&nbsp; (147962)<br>| &nbsp;&nbsp; (37859)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 19866 |
| Increase (Decrease) in Liabilities |  |  |  |  |
| Cash received |  |  |  |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp; 1931079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1667527 | &nbsp;&nbsp; — |
| Collateral — OTC derivatives | &nbsp;&nbsp; — | &nbsp;&nbsp; 880000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral — TBA commitments | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1589046 | &nbsp;&nbsp; — |
| Payables |  |  |  |  |
| Accounting services fees | &nbsp;&nbsp; 32837 | &nbsp;&nbsp; 48568 | &nbsp;&nbsp; 46987 | &nbsp;&nbsp; 16621 |
| Custodian fees | &nbsp;&nbsp; 7904 | &nbsp;&nbsp; 12763 | &nbsp;&nbsp; 18816 | &nbsp;&nbsp; (730)<br>|
| Interest expense | &nbsp;&nbsp; (1484501)<br>| &nbsp;&nbsp; (24621)<br>| &nbsp;&nbsp; 1031077 | &nbsp;&nbsp; 14357 |
| Investment advisory fees | &nbsp;&nbsp; (6090)<br>| &nbsp;&nbsp; 20785 | &nbsp;&nbsp; (14330)<br>| &nbsp;&nbsp; 3438 |
| Trustees' and Officer's fees | &nbsp;&nbsp; 15128 | &nbsp;&nbsp; 8911 | &nbsp;&nbsp; (13470)<br>| &nbsp;&nbsp; (4765)<br>|
| Other accrued expenses | &nbsp;&nbsp; 6289 | &nbsp;&nbsp; 5553 | &nbsp;&nbsp; 12441 | &nbsp;&nbsp; 10938 |
| Professional fees | &nbsp;&nbsp; (45902)<br>| &nbsp;&nbsp; (26089)<br>| &nbsp;&nbsp; (38039)<br>| &nbsp;&nbsp; (38721)<br>|
| Transfer agent fees | &nbsp;&nbsp; 29793 | &nbsp;&nbsp; 69617 | &nbsp;&nbsp; 42745 | &nbsp;&nbsp; 12795 |
| Variation margin on futures contracts | &nbsp;&nbsp; (200076)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 708054 | &nbsp;&nbsp; — |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp; 21839 | &nbsp;&nbsp; — | &nbsp;&nbsp; (31545)<br>| &nbsp;&nbsp; — |
| Swap premiums received | &nbsp;&nbsp; 6 | &nbsp;&nbsp; (130867)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (51240)<br>|
| Other liabilities | &nbsp;&nbsp; (627077)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net cash provided by (used for) operating activities | &nbsp;&nbsp; (11903795)<br>| &nbsp;&nbsp; (39588108)<br>| &nbsp;&nbsp; 502025 | &nbsp;&nbsp; (20210317)<br>|
| **CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES** |  |  |  |  |
| Cash dividends paid to shareholders | &nbsp;&nbsp; (23614448)<br>| &nbsp;&nbsp; (67483221)<br>| &nbsp;&nbsp; (46601623)<br>| &nbsp;&nbsp; (19204822)<br>|
| Payments for offering costs | &nbsp;&nbsp; 127976 | &nbsp;&nbsp; 37769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payments for bank borrowings | &nbsp;&nbsp; — | &nbsp;&nbsp; (289000000)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (53000000)<br>|
| Proceeds from bank borrowings | &nbsp;&nbsp; — | &nbsp;&nbsp; 340000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 65000000 |
| Increase (decrease) in bank overdraft | &nbsp;&nbsp; (28791)<br>| &nbsp;&nbsp; (920425)<br>| &nbsp;&nbsp; 110228 | &nbsp;&nbsp; 485727 |
| Proceeds from issuance of capital shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 57509420 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26404051 |
| Proceeds from rights offering | &nbsp;&nbsp; 166476836 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net borrowing of reverse repurchase agreements | &nbsp;&nbsp; (131841211)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 49486887 | &nbsp;&nbsp; — |
| Net cash provided by financing activities | &nbsp;&nbsp; 11120362 | &nbsp;&nbsp; 40143543 | &nbsp;&nbsp; 2995492 | &nbsp;&nbsp; 19684956 |
| **CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS** |  |  |  |  |
| Cash impact from foreign exchange fluctuations | &nbsp;&nbsp; 28224 | &nbsp;&nbsp; 8245 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 202 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Statements of Cash Flows (unaudited) (continued)

Six Months Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BHK | HYT<sup>(a)</sup> | BTZ | BGT |
| **CASH AND FOREIGN CURRENCY** |  |  |  |  |
| Net increase (decrease) in restricted and unrestricted cash and foreign currency | &nbsp;&nbsp; $(755209)<br>| &nbsp;&nbsp; $563680 | &nbsp;&nbsp; $3497604 | &nbsp;&nbsp; $(525159)<br>|
| Restricted and unrestricted cash and foreign currency at beginning of period | &nbsp;&nbsp; 10860349 | &nbsp;&nbsp; 4109137 | &nbsp;&nbsp; 8732614 | &nbsp;&nbsp; 855835 |
| Restricted and unrestricted cash and foreign currency at end of period  | &nbsp;&nbsp; $10105140 | &nbsp;&nbsp; $4672817 | &nbsp;&nbsp; $12230218 | &nbsp;&nbsp; $330676 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION** |  |  |  |  |
| Cash paid during the period for interest expense | &nbsp;&nbsp; $9453405 | &nbsp;&nbsp; $11154570 | &nbsp;&nbsp; $11399514 | &nbsp;&nbsp; $1921994 |
| **NON-CASH FINANCING ACTIVITIES** |  |  |  |  |
| Reinvestment of distributions | &nbsp;&nbsp; $495710 | &nbsp;&nbsp; $5977750 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY** <br> **AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES**<br>|  |  |  |  |
| Cash | &nbsp;&nbsp; $— | &nbsp;&nbsp; $388150 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Cash pledged |  |  |  |  |
| Collateral — reverse repurchase agreements | &nbsp;&nbsp; 2072046 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral — exchange-traded options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1478000 | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 6509000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4679000 | &nbsp;&nbsp; — |
| Centrally cleared swaps | &nbsp;&nbsp; 678000 | &nbsp;&nbsp; 2893000 | &nbsp;&nbsp; 6072000 | &nbsp;&nbsp; 328000 |
| Foreign currency at value | &nbsp;&nbsp; 846094 | &nbsp;&nbsp; 1391667 | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 2676 |
|  | &nbsp;&nbsp; $10105140 | &nbsp;&nbsp; $4672817 | &nbsp;&nbsp; $12230218 | &nbsp;&nbsp; $330676 |

---

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

<sup>(a)</sup> 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 | BHK |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.30 | &nbsp;&nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $15.47 | &nbsp;&nbsp;&nbsp; $16.45 | &nbsp;&nbsp;&nbsp; $15.32 |
| Net investment income<sup>(a)</sup> | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gain (loss) | 0.06 | &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.24 |
| Net increase (decrease) from investment operations | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.45 )<sup>(c)</sup><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>| &nbsp;&nbsp;&nbsp; (0.64)<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>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.45)<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>| &nbsp;&nbsp;&nbsp; (0.83)<br>|
| Dilutive effect of rights offer (Note 11) | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp;&nbsp; $10.30 | &nbsp;&nbsp;&nbsp; $11.02 | &nbsp;&nbsp;&nbsp; $10.89 | &nbsp;&nbsp;&nbsp; $15.47 | &nbsp;&nbsp;&nbsp; $16.45 |
| **Market price, end of period** | &nbsp;&nbsp; $9.72 | &nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp; $10.91 | &nbsp;&nbsp;&nbsp; $10.38 | &nbsp;&nbsp;&nbsp; $16.51 | &nbsp;&nbsp;&nbsp; $16.30 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.03 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.12<br> %<br>| &nbsp;&nbsp;&nbsp; (24.44)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.24<br> %<br>|
| Based on market price | &nbsp;&nbsp; (2.92 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.38<br> %<br>| &nbsp;&nbsp;&nbsp; (32.52)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.90<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.79 %<sup>(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.79 %<sup>(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.93 %<sup>(h)(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88 %<sup>(j)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Net investment income | 5.65 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.52<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $726444 | &nbsp;&nbsp;&nbsp; $557293 | &nbsp;&nbsp;&nbsp; $594983 | &nbsp;&nbsp;&nbsp; $588071 | &nbsp;&nbsp;&nbsp; $835314 | &nbsp;&nbsp;&nbsp; $886970 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $230796 | &nbsp;&nbsp;&nbsp; $364277 | &nbsp;&nbsp;&nbsp; $292808 | &nbsp;&nbsp;&nbsp; $387219 | &nbsp;&nbsp;&nbsp; $405522 | &nbsp;&nbsp;&nbsp; $296921 |
| Portfolio turnover rate<sup>(k)</sup> | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 132<br> %<br>| &nbsp;&nbsp;&nbsp; 133<br> %<br>| &nbsp;&nbsp;&nbsp; 104<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp; 69<br> %<br>|

---

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

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

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

<sup>(c)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

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

<sup>(f)</sup> Includes payment from an affiliate, which had no impact on the Trust's total return.

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

<sup>(h)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 3.77%, 3.77% and 0.91%, respectively. 

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

<sup>(j)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 3.64%, 3.64% and 0.86%, respectively. 

<sup>(k)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Report to Shareholders

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | HYT<sup>(a)</sup>  | HYT<sup>(a)</sup>  | HYT<sup>(a)</sup>  | HYT<sup>(a)</sup>  | HYT<sup>(a)</sup>  | HYT<sup>(a)</sup>  |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.73 | &nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp; $11.99 | &nbsp;&nbsp;&nbsp; $11.95 | &nbsp;&nbsp;&nbsp; $11.91 |
| Net investment income<sup>(b)</sup> | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net realized and unrealized gain (loss) | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net increase (decrease) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.47 )<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp; (0.82)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Total distributions | &nbsp;&nbsp; (0.47)<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>| &nbsp;&nbsp;&nbsp; (0.93)<br>|
| Dilutive effect of rights offer (Note 11) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.67 | &nbsp;&nbsp;&nbsp; $9.73 | &nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp; $11.99 | &nbsp;&nbsp;&nbsp; $11.95 |
| **Market price, end of period** | &nbsp;&nbsp; $9.75 | &nbsp;&nbsp;&nbsp; $9.81 | &nbsp;&nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp; $8.74 | &nbsp;&nbsp;&nbsp; $12.34 | &nbsp;&nbsp;&nbsp; $11.43 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.80<br> %<br>| &nbsp;&nbsp;&nbsp; (15.71)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.57<br> %<br>|
| Based on market price | 4.32 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.80<br> %<br>| &nbsp;&nbsp;&nbsp; (22.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.45<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 2.33 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 2.32 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest <br> expense and fees<br>| 0.82 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|
| Net investment income | 7.52 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.06<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1552030 | &nbsp;&nbsp;&nbsp; $1485593 | &nbsp;&nbsp;&nbsp; $1388600 | &nbsp;&nbsp;&nbsp; $1319444 | &nbsp;&nbsp;&nbsp; $1465171 | &nbsp;&nbsp;&nbsp; $1456907 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $458000 | &nbsp;&nbsp;&nbsp; $407000 | &nbsp;&nbsp;&nbsp; $596000 | &nbsp;&nbsp;&nbsp; $529000 | &nbsp;&nbsp;&nbsp; $647000 | &nbsp;&nbsp;&nbsp; $685000 |
| Asset coverage, end of period per $1,000 of bank borrowings<sup>(i)</sup> | &nbsp;&nbsp; $4389 | &nbsp;&nbsp;&nbsp; $4650 | &nbsp;&nbsp;&nbsp; $3330 | &nbsp;&nbsp;&nbsp; $3494 | &nbsp;&nbsp;&nbsp; $3265 | &nbsp;&nbsp;&nbsp; $3127 |
| Portfolio turnover rate | &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp;&nbsp; 82<br> %<br>|

---

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

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

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

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

<sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

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

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

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

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

*See notes to financial statements.*

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 | BTZ |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $11.27 | &nbsp;&nbsp;&nbsp; $11.59 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $15.10 | &nbsp;&nbsp;&nbsp; $15.71 | &nbsp;&nbsp;&nbsp; $14.97 |
| Net investment income<sup>(a)</sup> | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 |
| Net realized and unrealized gain (loss) | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.91 |
| Net increase (decrease) from investment operations | 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.50 )<sup>(d)</sup><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>| &nbsp;&nbsp;&nbsp; (0.85)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| Total distributions | &nbsp;&nbsp; (0.50)<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>| &nbsp;&nbsp;&nbsp; (1.01)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.36 | &nbsp;&nbsp;&nbsp; $11.27 | &nbsp;&nbsp;&nbsp; $11.59 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $15.10 | &nbsp;&nbsp;&nbsp; $15.71 |
| **Market price, end of period** | &nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp; $10.46 | &nbsp;&nbsp;&nbsp; $10.32 | &nbsp;&nbsp;&nbsp; $10.10 | &nbsp;&nbsp;&nbsp; $15.05 | &nbsp;&nbsp;&nbsp; $14.71 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.59 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.24<br> %<br>| &nbsp;&nbsp;&nbsp; (19.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.78<br> %<br>|
| Based on market price | 9.36 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.70<br> %<br>| &nbsp;&nbsp;&nbsp; (27.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.07<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.42 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 3.42 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest <br> expense<br>| 1.02 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|
| Net investment income | 6.36 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.69<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $1060546 | &nbsp;&nbsp;&nbsp; $1051491 | &nbsp;&nbsp;&nbsp; $1082092 | &nbsp;&nbsp;&nbsp; $1045886 | &nbsp;&nbsp;&nbsp; $1412147 | &nbsp;&nbsp;&nbsp; $1468153 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $580833 | &nbsp;&nbsp;&nbsp; $536048 | &nbsp;&nbsp;&nbsp; $590829 | &nbsp;&nbsp;&nbsp; $589324 | &nbsp;&nbsp;&nbsp; $587017 | &nbsp;&nbsp;&nbsp; $614172 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 102<br> %<br>| &nbsp;&nbsp;&nbsp; 155<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|

---

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

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

<sup>(b)</sup> Amount is less than $0.005 per share.

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

<sup>(d)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

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

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

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

<sup>(i)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Semi-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 | BGT |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
|  | Six Months Ended <br>06/30/25 <br>(unaudited) | &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 | &nbsp;&nbsp; Year Ended <br>12/31/20 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.57 | &nbsp;&nbsp;&nbsp; $12.90 | &nbsp;&nbsp;&nbsp; $12.43 | &nbsp;&nbsp;&nbsp; $13.44 | &nbsp;&nbsp;&nbsp; $13.40 | &nbsp;&nbsp;&nbsp; $14.10 |
| Net investment income<sup>(a)</sup> | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (0.12)<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 | &nbsp;&nbsp;&nbsp; (0.47)<br>|
| Net increase (decrease) from investment operations | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.72 )<sup>(c)</sup><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>| &nbsp;&nbsp;&nbsp; (0.69)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Total distributions | &nbsp;&nbsp; (0.72)<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>| &nbsp;&nbsp;&nbsp; (0.89)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.17 | &nbsp;&nbsp;&nbsp; $12.57 | &nbsp;&nbsp;&nbsp; $12.90 | &nbsp;&nbsp;&nbsp; $12.43 | &nbsp;&nbsp;&nbsp; $13.44 | &nbsp;&nbsp;&nbsp; $13.40 |
| **Market price, end of period** | &nbsp;&nbsp; $12.52 | &nbsp;&nbsp;&nbsp; $12.86 | &nbsp;&nbsp;&nbsp; $12.38 | &nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp; $13.99 | &nbsp;&nbsp;&nbsp; $11.79 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 2.66 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.69<br> %<br>| &nbsp;&nbsp;&nbsp; (1.32)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>|
| Based on market price | 3.23 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.14<br> %<br>| &nbsp;&nbsp;&nbsp; (16.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.91<br> %<br>| &nbsp;&nbsp;&nbsp; (0.88)%<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 2.21 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 2.18 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense and <br> fees<br>| 0.98 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>|
| Net investment income | 7.24 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.13<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $336428 | &nbsp;&nbsp;&nbsp; $320794 | &nbsp;&nbsp;&nbsp; $287821 | &nbsp;&nbsp;&nbsp; $277978 | &nbsp;&nbsp;&nbsp; $300712 | &nbsp;&nbsp;&nbsp; $300126 |
| Borrowings outstanding, end of period (000) | &nbsp;&nbsp; $74000 | &nbsp;&nbsp;&nbsp; $62000 | &nbsp;&nbsp;&nbsp; $97000 | &nbsp;&nbsp;&nbsp; $91000 | &nbsp;&nbsp;&nbsp; $143000 | &nbsp;&nbsp;&nbsp; $129000 |
| Asset coverage, end of period per $1,000 of bank borrowings<sup>(h)</sup> | &nbsp;&nbsp; $5546 | &nbsp;&nbsp;&nbsp; $6174 | &nbsp;&nbsp;&nbsp; $3967 | &nbsp;&nbsp;&nbsp; $4055 | &nbsp;&nbsp;&nbsp; $3103 | &nbsp;&nbsp;&nbsp; $3327 |
| Portfolio turnover rate | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 50<br> %<br>| &nbsp;&nbsp;&nbsp; 65<br> %<br>|

---

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

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

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

<sup>(c)</sup> A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

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

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

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

<sup>(h)</sup> 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 (unaudited)

&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":

---

| | | | |
|:---|:---|:---|:---|
| *Trust Name*  | *Herein Referred To As*  | *Organized*  | &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 June 30, 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 $24,126, 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.

**Foreign Taxes:** The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**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.

**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 their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trusts' financial statements.

***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 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 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.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

&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.

&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;

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

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

&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).

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.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**Floating Rate Loan Interests:** Floating rate loan interests are typically issued to companies (the "borrower") by banks, other financial institutions, or privately and publicly offered corporations (the "lender"). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Trust Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment* <br>*Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BHK | GrafTech Finance, Inc. | &nbsp;&nbsp; $33947 | $33947 | &nbsp;&nbsp; $34032 | $85 |
|  | Jupiter Buyer, Inc. | &nbsp;&nbsp; 4389 | 4367 | &nbsp;&nbsp; 4417 | 50 |
|  | Kaman Corp. | &nbsp;&nbsp; 9481 | 9469 | &nbsp;&nbsp; 9466 | (3) |
|  | Signia Aerospace LLC | &nbsp;&nbsp; 6372 | 6357 | &nbsp;&nbsp; 6397 | 40 |
|  | Springs Windows Fashions, LLC | &nbsp;&nbsp; 36595 | 36595 | &nbsp;&nbsp; 36458 | (137) |
|  |  |  |  |  | $35 |
| HYT | GrafTech Finance, Inc. | &nbsp;&nbsp; $267440 | $267440 | &nbsp;&nbsp; $268109 | 669 |

---

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Trust Name* | *Borrower* | *Par* | &nbsp;&nbsp; *Commitment*<br> *Amount*<br>| *Value* | &nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| HYT (continued) | Jupiter Buyer, Inc. | &nbsp;&nbsp; $40530 | $40328 | &nbsp;&nbsp; $40794 | $466 |
|  | Kaman Corp. | &nbsp;&nbsp; 211032 | 210768 | &nbsp;&nbsp; 210703 | (65) |
|  | Signia Aerospace LLC | &nbsp;&nbsp; 59697 | 59547 | &nbsp;&nbsp; 59920 | 373 |
|  | Springs Windows Fashions, LLC | &nbsp;&nbsp; 268234 | 268234 | &nbsp;&nbsp; 267228 | (1006) |
|  |  |  |  |  | $437 |
| BTZ | Citrin Cooperman Advisors LLC | &nbsp;&nbsp; $6850 | $6816 | &nbsp;&nbsp; $6839 | 23 |
|  | Clydesdale Acquisition Holdings, Inc. | &nbsp;&nbsp; 2779 | 2780 | &nbsp;&nbsp; 2767 | (13) |
|  | GrafTech Finance, Inc. | &nbsp;&nbsp; 82799 | 82799 | &nbsp;&nbsp; 83006 | 207 |
|  | Kaman Corp. | &nbsp;&nbsp; 8297 | 8287 | &nbsp;&nbsp; 8284 | (3) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp; 5926 | 5896 | &nbsp;&nbsp; 5918 | 22 |
|  | Signia Aerospace LLC | &nbsp;&nbsp; 3760 | 3750 | &nbsp;&nbsp; 3774 | 24 |
|  | Springs Windows Fashions, LLC | &nbsp;&nbsp; 40765 | 40765 | &nbsp;&nbsp; 40612 | (153) |
|  |  |  |  |  | $107 |
| BGT | Citrin Cooperman Advisors LLC | &nbsp;&nbsp; $32652 | $32489 | &nbsp;&nbsp; $32598 | 109 |
|  | Clydesdale Acquisition Holdings, Inc. | &nbsp;&nbsp; 13751 | 13755 | &nbsp;&nbsp; 13690 | (65) |
|  | Kaman Corp. | &nbsp;&nbsp; 39272 | 39221 | &nbsp;&nbsp; 39211 | (10) |
|  | Raven Acquisition Holdings LLC | &nbsp;&nbsp; 24691 | 24568 | &nbsp;&nbsp; 24661 | 93 |
|  | Signia Aerospace LLC | &nbsp;&nbsp; 17932 | 17887 | &nbsp;&nbsp; 17999 | 112 |
|  | Springs Windows Fashions, LLC | &nbsp;&nbsp; 139410 | 139410 | &nbsp;&nbsp; 138887 | (523) |
|  |  |  |  |  | $(284) |

---

**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.

**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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.

For the six months ended June 30, 2025, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trusts were as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Average Amount* <br>*Outstanding*<br>| *Weighted Average* <br>*Interest Rate*<br>|
| BHK | &nbsp;&nbsp; $353893463 | 4.54<br> % <br>|
| BTZ | &nbsp;&nbsp; 546069562 | 4.58 |

---

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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Trust Name/Counterparty* | *Reverse Repurchase* <br>*Agreements*<br>| *Fair Value of* <br>*Non-Cash Collateral* <br>*Pledged Including* <br>*Accrued Interest*<sup>(a)</sup><br>| *Cash Collateral* <br>*Pledged/Received*<sup>(a)</sup><br>| *Net Amount*<sup>(b)</sup> |
| BHK |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $(6701788)<br>| &nbsp;&nbsp; $6701788 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; (59475230)<br>| &nbsp;&nbsp; 59475230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; (23231768)<br>| &nbsp;&nbsp; 23231768 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; (2367883)<br>| &nbsp;&nbsp; 2367883 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; (3876431)<br>| &nbsp;&nbsp; 2044039 | &nbsp;&nbsp; 1832392 | &nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; (93072561)<br>| &nbsp;&nbsp; 93072561 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; (2929575)<br>| &nbsp;&nbsp; 2929575 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; (30850525)<br>| &nbsp;&nbsp; 30850525 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Bancorp Investments, Inc. | &nbsp;&nbsp; (8289887)<br>| &nbsp;&nbsp; 8275612 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14275)<br>|
|  | &nbsp;&nbsp; $(230795648)<br>| &nbsp;&nbsp; $228948981 | &nbsp;&nbsp; $1832392 | &nbsp;&nbsp; $(14275)<br>|

---

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

<sup>(a)</sup> Net collateral, including accrued interest, if any, with a value of $238,976,786 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. 

<sup>(b)</sup> 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*<sup>(a)</sup><br>| *Cash Collateral* <br>*Pledged/Received*<sup>(a)</sup><br>| *Net Amount* |
| BTZ |  |  |  |  |
| Barclays Capital, Inc. | &nbsp;&nbsp; $(61266899)<br>| &nbsp;&nbsp; $61266899 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; (44817942)<br>| &nbsp;&nbsp; 44817942 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; (154374065)<br>| &nbsp;&nbsp; 154374065 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; (4473941)<br>| &nbsp;&nbsp; 4473941 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Securities (USA), Inc. | &nbsp;&nbsp; (16083053)<br>| &nbsp;&nbsp; 16083053 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; (4298289)<br>| &nbsp;&nbsp; 4298289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Nomura Securities International, Inc. | &nbsp;&nbsp; (26116563)<br>| &nbsp;&nbsp; 26116563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets, LLC | &nbsp;&nbsp; (63564041)<br>| &nbsp;&nbsp; 63564041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| TD Securities (USA) LLC | &nbsp;&nbsp; (205837722)<br>| &nbsp;&nbsp; 205837722 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $(580832515)<br>| &nbsp;&nbsp; $580832515 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral, if any, with a value of $631,370,775 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. 

2025 BlackRock Semi-Annual Report to Shareholders

------

Notes to Financial Statements (unaudited) (continued)

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 Trust's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.

**Options:** The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

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

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

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 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

2025 BlackRock Semi-Annual Report to Shareholders

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Notes to Financial Statements (unaudited) (continued)

from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, BHK, BTZ and BGT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of the Trust's managed assets.

---

| | | | |
|:---|:---|:---|:---|
|  | *BHK* | *BTZ* | *BGT* |
| Investment advisory fees | 0.50<br> % <br>| 0.62<br> % <br>| 0.75<br> % <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 June 30, 2025 amounted to $0, $116,473 and $52,086 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 securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BHK | &nbsp;&nbsp; $2062 |
| HYT | &nbsp;&nbsp; 459 |
| BTZ | &nbsp;&nbsp; 2407 |
| BGT | &nbsp;&nbsp; 173 |

---

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 six months ended June 30, 2025, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *Trust Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| HYT | &nbsp;&nbsp; $76006 |
| BGT | &nbsp;&nbsp; 47910 |

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Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

**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 six months ended June 30, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Trust Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| BHK | &nbsp;&nbsp; $40603880 | &nbsp;&nbsp; $45656414 | &nbsp;&nbsp; $112286044 | &nbsp;&nbsp; $79276494 |
| HYT | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 623880128 | &nbsp;&nbsp; 493639044 |
| BTZ | &nbsp;&nbsp; 473027441 | &nbsp;&nbsp; 315221502 | &nbsp;&nbsp; 241389372 | &nbsp;&nbsp; 194883952 |
| BGT | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 105250868 | &nbsp;&nbsp; 73978976 |

---

For the six months ended June 30, 2025, purchases and sales related to mortgage dollar rolls were as follows:

---

| | | |
|:---|:---|:---|
| *Trust Name* | *Purchases* | *Sales* |
| BHK | &nbsp;&nbsp; $11008971 | &nbsp;&nbsp; $11016740 |
| BTZ | &nbsp;&nbsp; 157385011 | &nbsp;&nbsp; 157562211 |

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***8.*** ***INCOME TAX INFORMATION*** 

It is each Trust's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required, except with respect to any taxes related to the Taxable Subsidiaries.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of June 30, 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.

As of December 31, 2024, the Trusts had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

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| | |
|:---|:---|
| *Trust Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<br>|
| BHK | &nbsp;&nbsp; $(138824173)<br>|
| HYT | &nbsp;&nbsp; (272585405)<br>|
| BTZ | &nbsp;&nbsp; (89911261)<br>|
| BGT | &nbsp;&nbsp; (35253439)<br>|

---

As of June 30, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *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; $963033863 | &nbsp;&nbsp; $21316454 | &nbsp;&nbsp; $(28880003)<br>| &nbsp;&nbsp; $(7563549)<br>|
| HYT | &nbsp;&nbsp; 1958878196 | &nbsp;&nbsp; 78773820 | &nbsp;&nbsp; (21613588)<br>| &nbsp;&nbsp; 57160232 |
| BTZ | &nbsp;&nbsp; 1782983876 | &nbsp;&nbsp; 52257329 | &nbsp;&nbsp; (50343645)<br>| &nbsp;&nbsp; 1913684 |
| BGT | &nbsp;&nbsp; 422643281 | &nbsp;&nbsp; 3405295 | &nbsp;&nbsp; (8581295)<br>| &nbsp;&nbsp; (5176000)<br>|

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***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.

2025 BlackRock Semi-Annual Report to Shareholders

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Notes to Financial Statements (unaudited) (continued)

The SSB Agreement allows for the following maximum commitment amounts:

---

| | |
|:---|:---|
| *Trust Name* | *Commitment Amounts* |
| HYT | &nbsp;&nbsp; $758000000 |
| 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 six months ended June 30, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

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| | | | |
|:---|:---|:---|:---|
| *Trust Name* | *Maximum* <br>*Amount Borrowed*<br>| *Average Amount* <br>*Outstanding*<br>| *Daily Weighted Average* <br>*Interest Rate*<br>|
| HYT | &nbsp;&nbsp; $483000000 | &nbsp;&nbsp; $424878453 | 5.16<br> % <br>|
| BGT | &nbsp;&nbsp; 80000000 | &nbsp;&nbsp; 73060773 | 5.16 |

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***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments.

**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, 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

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

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.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

BHK, BTZ and BGT is authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. HYT is authorized to issue 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.

2025 BlackRock Semi-Annual Report to Shareholders

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Notes to Financial Statements (unaudited) (continued)

**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:

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| | | |
|:---|:---|:---|
|  | *Six Months Ended* | *Year Ended* |
| *Trust Name* | *06/30/25* | *12/31/24* |
| BHK | &nbsp;&nbsp; 47771 | &nbsp;&nbsp; 109695 |
| HYT | &nbsp;&nbsp; 622491 | &nbsp;&nbsp; 1085559 |
| BGT | &nbsp;&nbsp; 43040 | &nbsp;&nbsp; 65437 |

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For the six months ended June 30, 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 15,000,000, 45,000,000 and 11,000,000 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 June 30, 2025, 15,000,000, 29,238,378 and 5,784,848 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the period ended June 30, 2025, BHK, HYT and BGT issued 0, 5,963,899 and 2,074,747 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *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; 07/01/25 | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp; $0.074600 |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.074600 |
| HYT | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.077900 |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.077900 |
| BTZ | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.083900 |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.083900 |
| BGT | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.120280 |
|  | &nbsp;&nbsp; 08/01/25 | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;0.120280 |

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Notes to Financial Statements

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

The Boards of Directors/Trustees, as applicable (collectively, the "Board," the members of which are referred to as "Board Members") of BlackRock Core Bond Trust ("BHK"), BlackRock Corporate High Yield Fund, Inc. ("HYT"), BlackRock Credit Allocation Income Trust ("BTZ") and BlackRock Floating Rate Income Trust ("BGT") (collectively, the "Funds" and each, a "Fund") met on May 8, 2025 (the "May Meeting") and June 5-6, 2025 (the "June Meeting") to consider the approval to continue the investment advisory agreements (the "Advisory Agreements") between each Fund and BlackRock Advisors, LLC (the "Manager"), each Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the "Sub-Advisory Agreements") between (1) the Manager, BlackRock International Limited ("BIL") and each Fund and (2) the Manager, BlackRock (Singapore) Limited ("BSL" and together with BIL, the "Sub-Advisors") and each of BHK and BTZ. The Manager and the Sub-Advisors are referred to herein as "BlackRock." The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the "Agreements."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board Members who are not "interested persons" of each Fund, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the May Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) leverage management, as applicable; (c) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (d) Fund operating expenses and how BlackRock allocates expenses to each Fund; (e) the resources devoted to risk oversight of, and compliance reports relating to, implementation of each Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (f) BlackRock's and each Fund's adherence to applicable compliance policies and procedures; (g) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (h) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (i) BlackRock's implementation of the proxy voting policies approved by the Board; (j) execution quality of portfolio transactions; (k) BlackRock's implementation of each Fund's valuation and liquidity procedures; (l) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (m) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; (n) periodic updates on BlackRock's business; and (o) each Fund's market discount/premium compared to peer funds.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, closed-end funds, and open-end funds, under similar investment mandates, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; and (h) various additional information requested by the Board as appropriate regarding BlackRock's and each Fund's operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting, and such responses were reviewed by the Board Members.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more

2025 BlackRock Semi-Annual Report to Shareholders

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of closed-end funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing each Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, registration statements in connection with BHK's, HYT's and BGT's equity shelf programs, and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of each Fund; (iii) oversight of daily accounting and pricing; (iv) responsibility for periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of third-party service providers including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisors with respect to each Fund, as applicable, facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit each Fund and its shareholders.

***B. The Investment Performance of each Fund*** 

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the May meeting. In preparation for the May Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of each Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and certain performance metrics ("Performance Metrics"). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered BHK's performance relative to BHK's Performance Metrics. Based on an overall rating relative to the Performance Metrics, BHK generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BHK, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BHK's underperformance relative to the Performance Metrics.

The Board reviewed and considered HYT's performance relative to HYT's Performance Metrics. Based on an overall rating relative to the Performance Metrics, HYT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for HYT, and that BlackRock has explained its rationale for this belief to the Board.

The Board reviewed and considered BTZ's performance relative to BTZ's Performance Metrics. Based on an overall rating relative to the Performance Metrics, BTZ generally performed below expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BTZ, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed BTZ's underperformance relative to the Performance Metrics.

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

The Board reviewed and considered BGT's performance relative to BGT's Performance Metrics. Based on an overall rating relative to the Performance Metrics, BGT generally performed in line with expectations. The Board noted that BlackRock believes that the Performance Metrics are an appropriate performance comparison for BGT, and that BlackRock has explained its rationale for this belief to the Board.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund's total expense ratio, as well as its actual management fee rate as a percentage of managed assets, which is the total assets of each Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of each Fund's accrued liabilities (other than money borrowed for investment purposes) to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for each Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that BHK's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that HYT's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

The Board noted that BTZ's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the second quartile relative to the Expense Peers.

The Board noted that BGT's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Expense Peers.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit each Fund in a variety of ways as the assets of each Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, and fee waivers, as applicable. The Board considered each Fund's asset levels and whether the current fee was appropriate.

Based on the Board's review and consideration of the issue, the Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. Closed-end funds are typically priced at scale at a fund's inception. The Board noted that although each of BHK, HYT and BGT may from time-to-time make additional share offerings pursuant to its equity shelf program, the growth of each of BHK's, HYT's and BGT's assets will occur primarily through the appreciation of its investment portfolio.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with each Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its

2025 BlackRock Semi-Annual Report to Shareholders

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Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to each Fund, including for administrative, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock-advised funds; and efforts to reduce fund discounts, including continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock's support services included, among other things: sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

**Conclusion**

At the June Meeting, in a continuation of the discussions that occurred during the May Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and each Fund for a one-year term ending June 30, 2026, and the Sub-Advisory Agreements among (1) the Manager, BIL and each Fund and (2) the Manager, BSL and each of BHK and BTZ for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

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Additional Information

**Trust Certification**

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE's listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.

**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.

**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 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.

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:

2025 BlackRock Semi-Annual Report to Shareholders

------

Additional Information (continued)

**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 "Adviser") 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.

**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 filed final prospectuses with the SEC in connection with its Shelf Offering on May 15, 2025, January 31, 2025 and January 3, 2023, respectively. 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<sup>(a)</sup>

079912 Singapore

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

<sup>(a)</sup> For BHK and BTZ.

Additional Information

------

Additional Information (continued)

**Trust and Service Providers (continued)** 

**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 Semi-Annual Report to Shareholders

------

Glossary of Terms Used in this Report

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Company  |
| ETF | Exchange-Traded Fund |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation Bonds |
| PIK | Payment-in-Kind |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |
| SG | Syncora Guarantee  |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| SPDR | Standard & Poor's Depository Receipt |

---

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-06/25-SAR

![](g935575imgf8e334182.jpg)

![](g935575img609bb5151.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 – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrant – Not Applicable to this semi-annual report

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 – The registrant's statement regarding the basis for approval of the investment advisory contract is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 13 – Portfolio Managers of Closed-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable to this semi-annual report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 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.

&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 to this semi-annual report

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(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](d935575dex99cert.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](d935575dex99906cert.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 Floating Rate Income Trust

---

| | |
|:---|:---|
| By: | <u>/s/ John M. Perlowski</u>  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Floating Rate Income Trust |

---

Date: August 22, 2025

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 Floating Rate Income Trust |

---

Date: August 22, 2025

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u>  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Floating Rate Income Trust |

---

Date: August 22, 2025

## 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 Floating Rate Income Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Floating Rate Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Floating Rate Income Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Floating Rate Income Trust, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Floating Rate Income Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Floating Rate Income Trust

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Floating Rate Income Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 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: August 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Floating Rate Income Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Floating Rate Income Trust (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended June 30, 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: August 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Floating Rate Income Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**