BlackRock Corporate High Yield Fund (HYT) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21318

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

Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Corporate High Yield Fund, Inc., 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 08/31/2018

Date of reporting period: 02/28/2018

Item 1  – Report to Stockholders

FEBRUARY 28, 2018

SEMI-ANNUAL REPORT (UNAUDITED)

BlackRock Core Bond Trust (BHK)

BlackRock Corporate High Yield Fund, Inc. (HYT)

BlackRock Income Trust, Inc. (BKT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended February 28, 2018, assets with higher risk and return potential, such as stocks and high-yield bonds, continued to deliver strong performance. Faster global growth drove the equity market, while rising interest rates constrained bond returns.

Emerging market stocks posted the strongest performance, as accelerating growth in China, the second-largest economy in the world, improved the outlook for corporate profits and economic growth across most developing nations. Chinese demand for commodities and other raw materials allayed concerns about the country’s banking system, leading to rising equity prices and foreign investment. Higher prices for industrial metals also bolstered the outlook for emerging-market countries.

Rising interest rates worked against high-quality assets with more interest rate sensitivity. Consequently, the 10-year U.S. Treasury — a bellwether of the bond market — posted a negative return, as rising energy prices, higher wages, and steady job growth drove expectations of higher inflation and interest rate increases by the U.S. Federal Reserve (the “Fed”).

The market’s performance reflected reflationary expectations early in the reporting period, as investors began to sense that a global recovery was afoot. Thereafter, many countries experienced sustained and synchronized growth for the first time since the financial crisis. Growth rates and inflation are still relatively low, but they are finally rising together.

The Fed responded to these positive developments by increasing short-term interest rates three times during the year. In October 2017, the Fed also began to reduce its balance sheet, while setting expectations for additional rate hikes in 2018.

By contrast, the European Central Bank (“ECB”) and the Bank of Japan (“BoJ”) continued to expand their balance sheets despite nascent signs of sustained economic growth. Rising global growth and inflation, as well as limited bond supply, put steady pressure on other central banks to follow in the Fed’s footsteps. In October 2017, the ECB announced plans to cut its bond purchases in half for 2018, while the BoJ reiterated its commitment to economic stimulus, as the country’s inflation rate remained below 2.0%.

Rising consumer confidence and improving business sentiment are driving momentum for the U.S. economy. If the Fed maintains a measured pace of stimulus reduction, to the extent that inflation rises, it’s likely to be accompanied by rising real growth and higher wages. That could lead to a favorable combination of moderately higher inflation, steadily rising interest rates, and improving growth in 2018. We continue to believe the primary risks to the economic expansion are trade protectionism, rapidly rising interest rates, and geopolitical tension. In particular, we are closely monitoring trade protectionism and the rise of populism in Western nations.

In December 2017, Congress passed a sweeping tax reform bill. The U.S. tax overhaul is likely to accentuate the existing reflationary themes, including faster growth and rising interest rates. Changing the corporate tax rate to a flat 21% will create many winners and losers among high-and-low tax companies, while the windfall from lower taxes could boost business and consumer spending.

In this environment, investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of February 28, 2018
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	10.84%	17.10%
U.S. small cap equities (Russell 2000® Index)	8.30	10.51
International equities (MSCI Europe, Australasia, Far East Index)	7.12	20.13
Emerging market equities (MSCI Emerging Markets Index)	10.58	30.51
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.58	0.99
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	(5.47)	(2.54)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(2.18)	0.51
Tax-exempt municipal bonds (S&P Municipal Bond Index)	(1.15)	2.32
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	1.11	4.18
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGEISNOT PARTOF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Trust Summaries		4
The Benefits and Risks of Leveraging		13
Derivative Financial Instruments		13
Financial Statements:
Schedules of Investments		14
Statements of Assets and Liabilities		79
Statements of Operations		81
Statements of Changes in Net Assets		82
Statements of Cash Flows		85
Financial Highlights		86
Notes to Financial Statements		89
Trustee and Officer Information		102
Additional Information		103
Glossary of Terms Used in this Report		105

3

Trust Summary  as of February 28, 2018 BlackRock Core Bond Trust

Trust Overview

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 at least 75% of its managed assets in bonds that are investment grade quality at the time of investment. The Trust’s investments will include a broad range of bonds, including 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”), Standard & Poors Ratings Group (“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 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 (“NYSE”)	BHK
Initial Offering Date	November 27, 2001
Current Distribution Rate on Closing Market Price as of February 28, 2018 ($13.21)(a)	5.90%
Current Monthly Distribution per Common Share(b)	$0.0650
Current Annualized Distribution per Common Share(b)	$0.7800
Economic Leverage as of February 28, 2018(c)	32%

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

^(b)  The distribution rate is not constant and is subject to change.

^(c)  Represents reverse repurchase agreements 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). For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

Market Price and Net Asset Value Per Share Summary

	02/28/18		08/31/17		Change			High		Low
Market Price	$	13.21	$	14.10		(6.31	)%	$	14.26	$	12.93
Net Asset Value		14.32		14.96		(4.28	)		15.01		14.21

Market Price and Net Asset Value History For the Past Five Years

4 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Summary  as of February 28, 2018 (continued) BlackRock Core Bond Trust

Performance and Portfolio Management Commentary

Returns for the period ended February 28, 2018 were as follows:

				Average Annual Total Returns
	6 Months			1 Year			3 Years			5 Years
Trust at NAV(a)(b)		(1.55	)%		4.46	%		4.19	%		5.53	%
Trust at Market Price(a)(b)		(3.64	)		4.75			4.80			4.14
Reference Benchmark(c)		(1.93	)		2.15			2.27			3.23
Bloomberg Barclays U.S. Long Government/Credit Index(d)		(3.40	)		2.80			1.76			3.69
Bloomberg Barclays Intermediate Credit Index(e)		(1.62	)		1.02			1.78			2.07
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index(f)		1.11			4.18			5.20			5.34
Bloomberg Barclays CMBS, Eligible for U.S. Aggregate(g)		(2.29	)		0.75			1.58			2.02
Bloomberg Barclays MBS Index(h)		(1.89	)		0.16			1.03			1.70
Bloomberg Barclays ABS Index(i)		(0.80	)		0.63			1.26			1.16

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

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

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

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

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

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

^(g)  This unmanaged index is the CMBS component of the Bloomberg Barclays U.S. Aggregate Index.

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

⁽ⁱ⁾  This unmanaged index is the asset-backed securities component of the Bloomberg Barclays 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 indicative of future results.

BHK is presenting the Reference Benchmark to accompany trust performance. The Reference Benchmark is presented for informational purposes only, as the Trust is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Trust may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Trust’s performance to differ materially from that of the Reference Benchmark. The Trust employs leverage as part of its investment strategy, which may change over time at the discretion of BlackRock Advisors, LLC (the “Manager”) as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Trust outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Trust’s performance, such as the performance of the Trust relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

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

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

What factors influenced performance?

• The principal detractors from the Trust’s performance were its allocations to investment grade corporates, U.S. Treasuries, mortgages, commercial mortgage-backed securities (“CMBS”), cash, and sovereign, supranational and agency issues (“SSAs”).

• The largest positive contributions to the Trust’s performance came from its allocations to high yield bonds, asset-backed securities (“ABS”), capital securities and derivatives.

• Derivatives are used by the investment adviser to manage risk and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the portfolio. As noted, during the period, derivatives contributed positively to the Trust’s performance, in particular through the use of financial futures contracts.

Describe recent portfolio activity.

• Over the reporting period, the Trust’s spread duration (sensitivity to changes in credit spreads) was slightly increased, as the portfolio was shifted toward higher yielding spread sectors. In addition, the Trust’s allocation to CMBS was reduced and rotated into collateralized loan obligations within ABS, SSAs, emerging market debt and high yield corporate bonds.

TRUST SUMMARY 5

Trust Summary  as of February 28, 2018 (continued) BlackRock Core Bond Trust

Describe portfolio positioning at period end.

• At period end, the Trust maintained diversified exposure within non-government spread sectors, including investment grade corporates, high yield corporates, CMBS and ABS, as well as smaller allocations to non-agency mortgage-backed securities (“MBS”). The Trust also held exposure to government-related sectors such as U.S. Treasury securities, agency debt and agency MBS.

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

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION

	02/28/18			08/31/17
Corporate Bonds		49	%		50	%
U.S. Treasury Obligations		11			11
U.S. Government Sponsored Agency Securities		10			8
Preferred Securities		9			9
Asset-Backed Securities		9			8
Non-Agency Mortgage-Backed Securities		7			8
Foreign Agency Obligations		3			2
Municipal Bonds		2			2
Floating Rate Loan Interests		1			1
Options Purchased		—	(a)		1
Short-Term Securities		—	(a)		1
Options Written		(1	)(a)		(1	)

^(a)  Representing less than 1% of the Trust’s total investments.

CREDIT QUALITY ALLOCATION ^(b)(c)

	02/28/18			08/31/17
AAA/Aaa(d)		23	%		23	%
AA/Aa		6			6
A		16			16
BBB/Baa		30			28
BB/Ba		11			12
B		10			8
CCC/Caa		2			2
N/R		2			5

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

^(c)  Excludes Short-Term Securities, Options Purchased and Options Written.

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

6 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Summary  as of February 28, 2018 BlackRock Corporate High Yield Fund, Inc.

Trust Overview

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 investment 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 objectives will be achieved.

Trust Information

Symbol on NYSE	HYT
Initial Offering Date	May 30, 2003
Current Distribution Rate on Closing Market Price as of February 28, 2018 ($10.56)(a)	7.95%
Current Monthly Distribution per Common Share(b)	$0.0700
Current Annualized Distribution per Common Share(b)	$0.8400
Economic Leverage as of February 28, 2018(c)	30%

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

^(b) The distribution rate is not constant and is subject to change.

^(c) Represents bank borrowings 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). For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

Market Price and Net Asset Value Per Share Summary

	02/28/18		08/31/17		Change			High		Low
Market Price	$	10.56	$	11.13		(5.12	)%	$	11.47	$	10.47
Net Asset Value		12.04		12.22		(1.47	)		12.37		11.91

Market Price and Net Asset Value History For the Past Five Years

TRUST SUMMARY 7

Trust Summary  as of February 28, 2018 (continued) BlackRock Corporate High Yield Fund, Inc.

Performance and Portfolio Management Commentary

Returns for the period ended February 28, 2018 were as follows:

				Average Annual Total Returns
	6 Months			1 Year			3 Years			5 Years
Trust at NAV(a)(b)		2.33	%		6.51	%		6.61	%		7.55	%
Trust at Market Price(a)(b)		(1.45	)		2.04			5.76			4.98
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index(c)		1.11			4.18			5.20			5.34

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

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

^(c)  An unmanaged index (the “Reference Benchmark”) 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 indicative of future results.

HYT is presenting the Reference Benchmark to accompany trust performance. The Reference Benchmark is presented for informational purposes only, as the Trust is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Trust may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Trust’s performance to differ materially from that of the Reference Benchmark. The Trust employs leverage as part of its investment strategy, which may change over time at the discretion of the Manager as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Trust outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Trust’s performance, such as the performance of the Trust relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

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

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

What factors influenced performance?

• The Trust’s core exposure to high yield corporate bonds provided positive contributions to return over the six-month period. Smaller positions in bank loans and preferred equities also benefitted performance. Within high yield corporates, the most significant contributions to performance came from within the gaming, independent energy, and technology sectors. B-rated names were the best credit quality performers, followed closely by positions in the CCC and BB rating categories.

• The most significant detractors from performance came from within the wireless, cable & satellite, and wirelines sectors. The only other detractors over the period were small allocations to equity positions used to manage risk as the market rallied. There were no absolute detractors from a credit rating perspective during the period.

Describe recent portfolio activity.

• As the high yield market rallied early in the period, the Trust maintained a slightly overweight market sensitivity, while remaining focused on quality and consistent cash-flow stories where balance sheets and asset coverage were strong. While lower-quality and stressed/distressed portions of the high yield market outperformed over the six months, the Trust remained underweight to the riskier, higher yielding portion of the market in order to manage risk. In that vein, the Trust maintained an underweight across the consumer cyclical space, most notably the retail and automotive segments. This positioning reflected the view that the outlook for consumer cyclical continues to deteriorate under pressure from declining sales and secular changes. By contrast, the Trust increased its exposure to energy and chemicals.

Describe portfolio positioning at period end.

• At period end, the Trust held the majority of its portfolio in corporate bonds, with a modest allocation to floating rate bank loans. Within high yield corporates, the Trust was underweight in lower-coupon, more interest rate-sensitive bonds while being slightly overweight in single B-rated bonds. The Trust was overweight in high conviction CCC-rated issues while remaining underweight in the highest yielding segment of the lower-related universe where downside risks are greater if volatility picks up or credit sentiment weakens. The Trust continued to favor select equity/equity-like assets with more upside as a substitute to higher-beta (more market sensitive) CCC-rated notes. The Trust also maintained exposure to equity futures positions to help reduce portfolio risk. At period-end, top issuer overweight positions included Ligado Networks (wireless), Freeport McMoran Inc. (metals & mining), and the Stars Group (gaming). Broadly, the Trust’s positioning within credit remained centered on cash-flow views, identification of a specific catalyst and/or issuer-specific characteristics.

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.

8 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Summary  as of February 28, 2018 (continued) BlackRock Corporate High Yield Fund, Inc.

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION

	02/28/18			08/31/17
Corporate Bonds		80	%		82	%
Floating Rate Loan Interests		9			8
Preferred Securities		5			5
Asset-Backed Securities		3			3
Investment Companies		2			1
Common Stocks		1			1
Other(a)		—			—

^(a)  Representing less than 1% of the Trust’s total investments and Other may include Non-Agency Mortgage-Backed Securities, Warrants, Other Interests, Short-Term Securities, Options Purchased and Options Written.

CREDIT QUALITY ALLOCATION ^(b)(c)

	02/28/18			08/31/17
A		1	%		1	%
BBB/Baa		8			7
BB/Ba		36			37
B		39			41
CCC/Caa		9			9
N/R		7			5

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

^(c)  Excludes Short-Term Securities, Options Purchased and Options Written.

TRUST SUMMARY 9

Trust Summary  as of February 28, 2018 BlackRock Income Trust, Inc.

Trust Overview

BlackRock Income Trust, Inc.’s (BKT) (the “Trust”) investment objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high monthly income. The Trust seeks to achieve its investment objective by investing at least 65% of its assets in mortgage-backed securities. The Trust invests at least 80% of its assets in securities that are (i) issued or guaranteed by the U.S. government or one of its agencies or instrumentalities or (ii) rated at the time of investment either AAA by S&P or Aaa by Moody’s. 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 NYSE	BKT
Initial Offering Date	July 22, 1988
Current Distribution Rate on Closing Market Price as of February 28, 2018 ($5.91)(a)	5.38%
Current Monthly Distribution per Common Share(b)	$0.0265
Current Annualized Distribution per Common Share(b)	$0.3180
Economic Leverage as of February 28, 2018(c)	29%

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

^(b) The distribution rate is not constant and is subject to change.

^(c)  Represents reverse repurchase agreements 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). For a discussion of leveraging techniques utilized by the Trust, please see the Benefits and Risks of Leveraging on page 13.

Market Price and Net Asset Value Per Share Summary

	02/28/18		08/31/17		Change			High		Low
Market Price	$	5.91	$	6.31		(6.34	)%	$	6.40	$	5.76
Net Asset Value		6.45		6.74		(4.30	)		6.76		6.41

Market Price and Net Asset Value History For the Past Five Years

10 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Trust Summary  as of February 28, 2018 (continued) BlackRock Income Trust, Inc.

Performance and Portfolio Management Commentary

Returns for the period ended February 28, 2018 were as follows:

				Average Annual Total Returns
	6 Months			1 Year			3 Years			5 Years
Trust at NAV(a)(b)		(1.80	)%		0.55	%		1.75	%		2.45	%
Trust at Market Price(a)(b)		(3.89	)		(0.66	)		2.53			2.07
FTSE Mortgage Index(c)		(1.96	)		0.11			1.01			1.66

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

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

^(c)  This unmanaged index (formerly known as Citigroup Mortgage Index) (the “Reference Benchmark”) includes all outstanding government sponsored fixed rate mortgage-backed securities, weighted in proportion to their current market capitalization.

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

Past performance is not indicative of future results.

BKT is presenting the Reference Benchmark to accompany trust performance. The Reference Benchmark is presented for informational purposes only, as the Trust is actively managed and does not seek to track or replicate the performance of the Reference Benchmark or any other index. The portfolio investments of the Trust may differ substantially from the securities that comprise the indices within the Reference Benchmark, which may cause the Trust’s performance to differ materially from that of the Reference Benchmark. The Trust employs leverage as part of its investment strategy, which may change over time at the discretion of the Manager as market and other conditions warrant. In contrast, the Reference Benchmark is not adjusted for leverage. Therefore, leverage generally may result in the Trust outperforming the Reference Benchmark in rising markets and underperforming in declining markets. The Board considers additional factors to evaluate the Trust’s performance, such as the performance of the Trust relative to a peer group of funds, a leverage-adjusted benchmark and/or other information provided by the Manager.

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

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

What factors influenced performance?

• The only material detractor from performance during the period was the Trust’s underweight within 30-year agency mortgage-backed securities (“MBS”).

• The largest contributors to performance included the Trust’s allocation to agency collateralized mortgage obligations (“CMOs”), as well as interest rate-based strategies such as duration (sensitivity to interest rate changes) and yield curve positioning. Strategies utilizing U.S. Treasury futures held as short positions against long positions in agency MBS aided performance as interest rates moved higher. Selection within 30-year agency MBS contributed positively driven by the outperformance of specified pool holdings, allocations to agency interest-only tranches, and positioning in legacy (i.e., issued prior to 2008) non-agency residential MBS. Other contributors included allocations to 15-year agency MBS, swap- and swaption-based strategies, and allocations to agency securities as well as to commercial mortgage-backed securities (“CMBS”).

• The Trust held interest rate derivatives including futures, options, swaps and swaptions, mainly for the purpose of managing duration, convexity (the rate at which duration changes in response to interest rate movements) and yield curve positioning. The Trust’s use of derivatives had a positive effect on performance during the period.

Describe recent portfolio activity.

• The Trust kept overall exposure to agency MBS relatively unchanged during the period, while decreasing exposure to pass-throughs in favor of CMOs within this allocation. The Trust also added exposure to agency mortgage derivatives and CMBS, while paring its holdings in U.S. government securities. The Trust’s allocation to asset-backed securities remained minimal.

Describe portfolio positioning at period end.

• The Trust was positioned with a marginally constructive stance regarding the mortgage sector, on the view that MBS valuations appeared relatively attractive and that the unwinding of the Fed’s balance sheet was not likely to have a material impact on the overall MBS market. The Trust maintained an overweight to high quality and well-structured agency CMOs and specified mortgage pools where the attributes of the underlying borrower help to improve the overall risk profile. With spreads in most risk assets at their tightest levels since mid-2014, the Trust’s exposures to non-benchmark positions such as legacy non-agency residential MBS and CMBS were minimal at period end.

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

TRUST SUMMARY 11

Trust Summary  as of February 28, 2018 (continued) BlackRock Income Trust, Inc.

Overview of the Trust’s Total Investments

PORTFOLIO COMPOSITION

	02/28/18			08/31/17
U.S. Government Sponsored Agency Securities		116	%		113	%
U.S. Treasury Obligations		—			2
Short-Term Securities		1			2
Non-Agency Mortgage-Backed Securities		1			1
Asset-Backed Securities(a)		—			—
Borrowed Bonds(a)		—			—
TBA Sale Commitments		(18	)		(18	)

^(a)  Representing less than 1% of the Trust’s total investments.

CREDIT QUALITY ALLOCATION ^(b)(c)

	02/28/18			08/31/17
AAA/Aaa(d)		100	%		99	%
BBB		—	(a)		1

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

^(c)  Excludes Money Market Funds.

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

12 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

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, these objectives cannot 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 the Trusts (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trusts’ shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings 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 the Trusts’ return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trusts 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 value of the Trusts’ obligations under their respective leverage arrangements 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 the Trusts’ 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 Fund 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 the Trusts’ 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.

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

If a Trust segregates or designates on its books and records cash or liquid assets having a value not less than the value of a Trust’s obligations under the reverse repurchase agreement (including accrued interest) then such transaction is not considered a senior security and is not subject to the foregoing limitations and requirements imposed by the 1940 Act.

Derivative Financial Instruments

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

THE BENEFITSAND RISKSOF LEVERAGING 13

Schedule of Investments  (unaudited) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Asset-Backed Securities — 12.6%
Asset-Backed Securities — 12.5%
AIMCO CLO, Series 2014-AA, Class DR, (3 mo. LIBOR US + 3.25%), 4.99%, 07/20/26(a)(b)		USD	795	$	800,519
ALM VI Ltd., Series 2012-6A, Class B2RR, (3 mo. LIBOR US + 2.05%), 3.77%, 07/15/26(a)(b)			1,000		1,007,693
ALM XVI Ltd./ALM XVI LLC, Series 2015-16A, Class C2R, (3 mo. LIBOR US + 3.20%), 4.92%, 07/15/27(a)(b)			2,080		2,110,925
Anchorage Capital CLO 2013-1 Ltd., Series 2013-1A, Class CR, 4.92%, 10/13/30(b)(c)			1,000		1,020,520
Anchorage Capital CLO Ltd.(a)(b):
Series 2016-8A, Class D, (3 mo. LIBOR US + 4.20%), 5.96%, 07/28/28			1,000		1,008,816
Series 2016-9A, Class D, (3 mo. LIBOR US + 4.00%), 5.72%, 01/15/29			650		663,557
Ares XXVIII CLO Ltd., Series 2013-3A, Class DR, (3 mo. LIBOR US + 3.25%), 4.98%, 10/17/24(a)(b)			1,000		1,004,590
Ares XXXII CLO Ltd., Series 2014-32A, Class CR, (3 mo. LIBOR US + 3.45%), 5.29%, 11/15/25(a)(b)			1,250		1,251,507
Atlas Senior Loan Fund Ltd.(3 mo. LIBOR US + 3.90%), 5.38%, 11/30/28(a)(b)			1,250		1,265,162
Ballyrock CLO LLC, Series 2014-1A, Class CR, (3 mo. LIBOR US + 3.65%), 5.39%, 10/20/26(a)(b)			1,970		1,970,589
Battalion CLO VII Ltd., Series 2014-7A, Class C, (3 mo. LIBOR US + 3.90%), 5.63%, 10/17/26(a)(b)			1,000		1,001,801
Battalion CLO X Ltd., Series 2016-10A, Class C, (3 mo. LIBOR US + 4.25%), 5.99%, 01/24/29(a)(b)			1,000		1,022,460
BlueMountain CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 3.20%), 4.92%, 10/15/26(a)(b)			1,000		1,005,948
Bowman Park CLO Ltd., Series 2014-1A, Class D2R, (3 mo. LIBOR US + 3.35%), 5.27%, 11/23/25(a)(b)			3,000		3,005,155
CenterPoint Energy Transition Bond Co. IV LLC, Series 2012-1, Class A3, 3.03%, 10/15/25			2,210		2,206,513
CIFC Funding Ltd., Series 2014-4A, Class D, (3 mo. LIBOR US + 3.40%), 5.13%, 10/17/26(a)(b)			2,000		2,006,855
Countrywide Asset-Backed Certificates, Series 2006-13, Class 3AV2, (1 mo. LIBOR US + 0.15%), 1.77%, 01/25/37(a)			203		202,096
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44(b)			3,819		3,898,041
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, 1.00%, 04/15/31(b)(c)(d)			2,550		2,550,000
Dryden Senior Loan Fund(a)(b):
Series 2014-31A, Class DR, (3 mo. LIBOR US + 3.35%), 5.08%, 04/18/26			1,250		1,254,190
Series 2014-34A, Class CR, (3 mo. LIBOR US + 2.15%), 3.87%, 10/15/26			1,000		1,000,408
Series 2015-41A, Class A, (3 mo. LIBOR US + 1.50%), 3.22%, 01/15/28			2,550		2,550,896
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class B1LR, (3 mo. LIBOR US + 3.15%), 4.99%, 08/15/30(a)(b)			1,000		1,014,435
Galaxy XIV CLO Ltd., Series 2012-14A, Class DR, (3 mo. LIBOR US + 4.30%), 6.14%, 11/15/26(a)(b)			1,000		1,004,476
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class D, 5.26%, 10/29/26(c)			1,000		1,005,735
Highbridge Loan Management 3-2014, Series 3A-2014, Class CR, (3 mo. LIBOR US + 3.60%), 5.33%, 07/18/29(a)(b)			1,000		1,023,821
Highbridge Loan Management Ltd., Series 5A-2015(a)(b):
Class C1R, (3 mo. LIBOR US + 2.10%), 3.86%, 01/29/26			4,000		4,023,175
Class D1R, (3 mo. LIBOR US + 3.30%), 5.06%, 01/29/26			500		501,169

Security	Par (000)			Value
Asset-Backed Securities (continued)
Lendmark Funding Trust, Series 2017-2A, Class A, 2.80%, 05/20/26(b)		USD	2,880	$	2,864,715
Limerock CLO III LLC, Series 2014-3A, Class C, (3 mo. LIBOR US + 3.60%), 5.34%, 10/20/26(a)(b)			3,750		3,764,897
Madison Park Funding XV Ltd., Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.20%), 3.96%, 01/27/26(a)(b)			1,800		1,805,275
Nelnet Student Loan Trust, Series 2006-1, Class A5, (3 mo. LIBOR US + 0.11%), 2.03%, 08/23/27(a)			554		553,294
Neuberger Berman CLO XV, Series 2013-15A, Class DR, 4.77%, 10/15/29(b)(c)			1,000		1,006,817
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR, (3 mo. LIBOR US + 4.25%), 6.08%, 11/14/27(a)(b)			2,250		2,284,967
OCP CLO Ltd., Series 2012-2A, Class DR, (3 mo. LIBOR US + 4.47%), 6.37%, 11/22/25(a)(b)			1,000		1,016,582
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 3.65%), 5.48%, 11/14/26(a)(b)			2,000		2,001,944
OHA Credit Partners XIII Ltd., Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 8.89%, 01/21/30(a)(b)			595		613,457
OHA Loan Funding 2016-1 Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 3.75%), 5.49%, 01/20/28(a)(b)			2,500		2,548,851
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 07/18/25(b)			5,000		4,996,520
OZLM Funding III Ltd., Series 2013-3A, Class BR, (3 mo. LIBOR US + 3.00%), 4.74%, 01/22/29(a)(b)			1,500		1,529,118
OZLM VII Ltd., Series 2014-7A, Class CR, (3 mo. LIBOR US + 3.50%), 5.23%, 07/17/26(a)(b)			950		956,055
OZLM VIII Ltd., Series 2014-8A, Class CR, (3 mo. LIBOR US + 3.40%), 5.13%, 10/17/26(a)(b)			1,750		1,755,982
OZLM XXI, Series 2017-21A, Class C, 4.42%, 01/20/31(b)(c)			1,000		1,005,207
Regatta V Funding Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 3.45%), 5.20%, 10/25/26(a)(b)			2,000		2,007,823
Rockford Tower CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.25%), 4.97%, 04/15/29(a)(b)			1,750		1,773,955
Shackleton CLO Ltd., Series 2013-3A, Class DR, 4.74%, 07/15/30(b)(c)			500		503,358
SLM Private Education Loan Trust(b):
Series 2012-A, Class A2, 3.83%, 01/17/45			397		400,217
Series 2014-A, Class B, 3.50%, 11/15/44			500		498,838
SMB Private Education Loan Trust, Series 2015-C, Class C, 4.50%, 09/17/46(b)			5,900		5,932,134
Sound Point CLO IV Ltd., Series 2013-3A, Class DR, (3 mo. LIBOR US + 3.40%), 5.14%, 01/21/26(a)(b)			700		701,446
Sound Point CLO VII Ltd., Series 2014-3A, Class D, (3 mo. LIBOR US + 3.60%), 5.34%, 01/23/27(a)(b)			1,250		1,255,940
Sound Point CLO XIV Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 3.85%), 5.59%, 01/23/29(a)(b)			1,550		1,582,451
Structured Asset Securities Corp., Series 2002-AL1, Class A2, 3.45%, 02/25/32			576		570,798
THL Credit Wind River CLO Ltd., Series 2014-3A, Class DR, (3 mo. LIBOR US + 3.35%), 5.09%, 01/22/27(a)(b)			1,000		1,002,483
Voya CLO 2017-3 Ltd., Series 2017-3A, Class C, (3 mo. LIBOR US + 3.55%), 5.29%, 07/20/30(a)(b)			1,000		1,020,665
Voya CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 6.85%), 8.58%, 10/18/27(a)(b)			615		630,075
Wellfleet CLO 2015-1 Ltd., Series 2015-1A, Class DR, 4.54%, 10/20/27(b)(c)			2,000		2,004,410

14 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Asset-Backed Securities (continued)
World Financial Network Credit Card Master Trust, Series 2012-C, Class C, 4.55%, 08/15/22		USD	2,360	$	2,382,991
York CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 5.34%, 10/20/29(a)(b)			1,750		1,789,700
York CLO-4 Ltd., Series 2016-2A, Class D, (3 mo. LIBOR US + 4.10%), 5.84%, 01/20/30(a)(b)			1,500		1,545,280
					96,687,297
Interest Only Asset-Backed Securities — 0.1%
Sterling Bank Trust, Series 2004-2, Class Note, 2.08%, 03/30/30(b)(e)			2,637		155,331
Sterling Coofs Trust, Series 2004-1, Class A, 2.36%, 04/15/29(b)(c)(e)			3,146		165,127
					320,458
Total Asset-Backed Securities — 12.6% (Cost — $95,460,142)					97,007,755
Corporate Bonds — 71.4%
Aerospace & Defense — 1.3%
Arconic, Inc.:
5.40%, 04/15/21			340		353,600
5.13%, 10/01/24			923		956,459
5.90%, 02/01/27			70		75,250
6.75%, 01/15/28			38		43,320
5.95%, 02/01/37			30		32,028
Bombardier, Inc.(b):
7.75%, 03/15/20			122		130,235
8.75%, 12/01/21			459		503,179
6.00%, 10/15/22			13		12,968
6.13%, 01/15/23			198		198,495
7.50%, 12/01/24			414		430,042
7.50%, 03/15/25			602		617,802
7.45%, 05/01/34			100		102,000
Eaton Corp., 4.15%, 11/02/42			500		492,383
EnPro Industries, Inc., 5.88%, 09/15/22			74		76,705
KLX, Inc., 5.88%, 12/01/22(b)			800		824,000
Koppers, Inc., 6.00%, 02/15/25(b)			151		156,285
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(b)			114		118,845
Lockheed Martin Corp., 4.09%, 09/15/52			1,410		1,371,345
Moog, Inc., 5.25%, 12/01/22(b)			180		185,400
Pioneer Holdings LLC/Pioneer Finance Corp., 9.00%, 11/01/22(b)			116		122,090
TransDigm, Inc.:
6.00%, 07/15/22			758		776,002
6.50%, 07/15/24			191		196,969
6.50%, 05/15/25			132		135,300
6.38%, 06/15/26			70		71,575
United Technologies Corp., 6.13%, 07/15/38			1,450		1,793,464
					9,775,741
Air Freight & Logistics — 0.2%
Air Medical Merger Sub Corp., 6.38%, 05/15/23(b)			60		57,000
FedEx Corp., 4.75%, 11/15/45			1,250		1,299,008
XPO Logistics, Inc., 6.50%, 06/15/22(b)			495		514,181
					1,870,189
Airlines — 2.2%
Air Canada Pass-Through Trust, Series 2015-1, Class B, 3.88%, 09/15/24(b)			1,710		1,705,240
American Airlines Pass-Through Trust:
Series 2013-2, Class A, 4.95%, 07/15/24(f)			3,288		3,445,360
Series 2015-2, Class A, 4.00%, 03/22/29			1,393		1,405,668

Security	Par (000)			Value
Airlines (continued)
Series 2015-2, Class AA, 3.60%, 03/22/29		USD	1,393	$	1,383,296
Series 2017-1, Class B, 4.95%, 08/15/26			1,797		1,857,324
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20			302		308,040
Continental Airlines Pass-Through Trust:
Series 2010-1, Class B, 6.00%, 07/12/20			227		232,007
Series 2012-3, Class C, 6.13%, 04/29/18			150		150,938
Latam Finance Ltd., 6.88%, 04/11/24(b)			257		269,850
Mexico City Airport Trust, 5.50%, 07/31/47(b)			260		242,775
United Airlines Pass-Through Trust:
Series 2013-1, Class A, 4.30%, 02/15/27			3,310		3,413,047
Series 2014-2, Class B, 4.63%, 03/03/24			2,231		2,275,992
					16,689,537
Auto Components — 0.3%
Adient Global Holdings Ltd., 3.50%, 08/15/24		EUR	100		125,050
Allison Transmission, Inc., 5.00%, 10/01/24(b)		USD	19		19,261
Aptiv PLC, 4.40%, 10/01/46			465		451,300
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23		EUR	100		127,033
HP Pelzer Holding GmbH, 4.13%, 04/01/24			100		124,257
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 08/01/20		USD	20		20,390
6.25%, 02/01/22			347		352,205
6.75%, 02/01/24			237		241,740
6.38%, 12/15/25			106		106,397
IHO Verwaltungs GmbH(g):
(2.75% Cash or 3.50% PIK), 2.75%, 09/15/21		EUR	100		124,269
(3.25% Cash or 4.00% PIK), 3.25%, 09/15/23			100		126,026
(4.13% Cash or 4.88% PIK), 4.13%, 09/15/21(b)		USD	200		199,500
(4.50% Cash or 5.25% PIK), 4.50%, 09/15/23(b)			205		200,900
Tesla, Inc., 5.30%, 08/15/25(b)(f)			360		341,658
					2,559,986
Automobiles — 0.9%
Ford Motor Co., 4.75%, 01/15/43(f)			4,255		3,927,517
General Motors Co., 6.25%, 10/02/43			2,506		2,799,247
					6,726,764
Banks — 1.8%
Allied Irish Banks PLC(5 year EUR Swap + 3.95%), 4.13%, 11/26/25(h)		EUR	100		131,707
Banco Inbursa SA Institucion de Banca Multiple, 4.13%, 06/06/24(b)		USD	255		252,705
Banco Popolare, 2.75%, 07/27/20		EUR	100		127,316
Bank of Ireland Group PLC, 3.13%, 09/19/27(c)		GBP	100		135,988
Bankia SA(5 year EUR Swap + 3.17%), 4.00%, 05/22/24(h)		EUR	100		126,673
Barclays PLC, 3.65%, 03/16/25(f)		USD	4,320		4,154,700
CaixaBank SA(5 year EUR Swap + 3.35%), 3.50%, 02/15/27(h)		EUR	100		130,169
CIT Group, Inc., 5.00%, 08/01/23		USD	375		385,313
Cooperatieve Rabobank UA, 3.95%, 11/09/22			1,500		1,522,380
HSBC Holdings PLC, 6.10%, 01/14/42			610		786,606
Inversiones Atlantida SA, 8.25%, 07/28/22(b)			200		204,750
National Bank of Greece SA, 2.75%, 10/19/20		EUR	100		124,783
Santander Holdings USA, Inc., 4.50%, 07/17/25		USD	2,000		2,028,495
Santander UK Group Holdings PLC, 2.88%, 08/05/21			1,250		1,223,963
Wells Fargo & Co., 3.90%, 05/01/45(f)			2,250		2,163,463
					13,499,011
Beverages — 0.7%
Anheuser-Busch InBev Finance, Inc., 4.90%, 02/01/46			4,600		4,905,614

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Beverages (continued)
BWAY Holding Co., 7.25%, 04/15/25(b)		USD	78	$	80,535
Central American Bottling Corp., 5.75%, 01/31/27(b)			222		228,660
OI European Group BV, 4.00%, 03/15/23(b)			158		152,865
Silgan Holdings, Inc., 3.25%, 03/15/25		EUR	100		124,416
					5,492,090
Biotechnology — 0.5%
Amgen, Inc., 4.40%, 05/01/45(f)		USD	2,250		2,232,291
Baxalta, Inc., 5.25%, 06/23/45			500		538,807
Gilead Sciences, Inc., 4.80%, 04/01/44			1,000		1,060,719
Illumina, Inc., 0.50%, 06/15/21			215		257,677
Senvion Holding GmbH, 3.88%, 10/25/22		EUR	100		112,850
					4,202,344
Building Materials — 0.0%
American Woodmark Corp., Co. GUAR 144A 03/26 4.875, 4.88%, 03/15/26(b)		USD	69		68,483
Jeld-Wen, Inc., 4.63%, 12/15/25(b)			66		64,515
Titan Global Finance PLC, 3.50%, 06/17/21		EUR	100		129,015
					262,013
Building Products — 0.2%
Beacon Escrow Corp., 4.88%, 11/01/25(b)		USD	288		280,886
Building Materials Corp. of America, 6.00%, 10/15/25(b)			200		211,250
CPG Merger Sub LLC, 8.00%, 10/01/21(b)			218		224,540
Masonite International Corp., 5.63%, 03/15/23(b)			354		365,948
Ply Gem Industries, Inc., 6.50%, 02/01/22			147		152,377
Standard Industries, Inc.(b):
5.50%, 02/15/23			100		102,750
5.38%, 11/15/24			29		29,653
USG Corp., 4.88%, 06/01/27(b)			273		268,905
					1,636,309
Building: Roofing, Wallboard & Plumbing — 0.0%
Quintiles IMS, Inc., 4.88%, 05/15/23(b)			74		76,035
Cable Television Services — 0.0%
CB Escrow Corp., 8.00%, 10/15/25(b)			127		124,143
Capital Markets — 2.8%
Blackstone CQP Holdco LP(b):
6.50%, 03/20/21			1,375		1,387,031
6.00%, 08/18/21			224		225,064
CDP Financial, Inc., 5.60%, 11/25/39(b)(f)			5,890		7,480,621
Goldman Sachs Group, Inc., 3.75%, 05/22/25(f)			8,965		8,930,014
Morgan Stanley:
4.00%, 07/23/25			905		916,639
3.13%, 07/27/26(f)			2,000		1,899,370
NFP Corp., 6.88%, 07/15/25(b)			62		62,155
Raymond James Financial, Inc., 4.95%, 07/15/46			400		433,761
SURA Asset Management SA, 4.38%, 04/11/27(b)			259		255,763
					21,590,418
Chemicals — 1.2%
Air Liquide Finance SA, 3.50%, 09/27/46(b)			360		327,455
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(b)			600		603,000
Axalta Coating Systems LLC, 4.88%, 08/15/24(b)			161		161,805
Blue Cube Spinco, Inc.:
9.75%, 10/15/23			319		370,040
10.00%, 10/15/25			183		218,227
CF Industries, Inc.:
7.13%, 05/01/20			38		40,518
5.15%, 03/15/34			60		58,800
4.95%, 06/01/43			116		105,560
Chemours Co.:
6.63%, 05/15/23			182		191,328

Security	Par (000)			Value
Chemicals (continued)
7.00%, 05/15/25		USD	44	$	47,410
5.38%, 05/15/27			390		390,975
Cydsa SAB de C.V., 6.25%, 10/04/27(b)			319		318,601
Hexion, Inc., 10.38%, 02/01/22(b)			122		118,950
Ineos Finance PLC, 4.00%, 05/01/23		EUR	100		125,045
Methanex Corp., 3.25%, 12/15/19		USD	1,650		1,647,357
Mexichem SAB de CV(b):
4.00%, 10/04/27			200		191,500
5.50%, 01/15/48			200		190,300
Momentive Performance Materials, Inc., 3.88%, 10/24/21			735		764,400
NOVA Chemicals Corp., 4.88%, 06/01/24(b)			183		180,713
Olin Corp., 5.00%, 02/01/30			82		79,130
Platform Specialty Products Corp.(b):
6.50%, 02/01/22			1,265		1,298,206
5.88%, 12/01/25			446		443,770
PQ Corp.(b):
6.75%, 11/15/22			251		264,805
5.75%, 12/15/25			289		293,335
PSPC Escrow Corp., 6.00%, 02/01/23		EUR	100		127,185
Tronox Finance PLC, 5.75%, 10/01/25(b)		USD	123		122,078
Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25(b)			100		101,750
Versum Materials, Inc., 5.50%, 09/30/24(b)			81		84,645
WR Grace & Co-Conn(b):
5.13%, 10/01/21			333		344,655
5.63%, 10/01/24			80		84,000
					9,295,543
Commercial Services & Supplies — 0.8%
ADT Corp.:
6.25%, 10/15/21			86		91,321
3.50%, 07/15/22			143		136,565
4.13%, 06/15/23			264		256,740
4.88%, 07/15/32(b)			337		306,670
Advanced Disposal Services, Inc., 5.63%, 11/15/24(b)			151		154,020
Aviation Capital Group Corp., 7.13%, 10/15/20(b)			1,800		1,975,735
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(b)			388		385,090
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25(b)			291		288,090
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/22(b)			28		28,840
Harland Clarke Holdings Corp., 8.38%, 08/15/22(b)			284		293,940
Iron Mountain, Inc., 6.00%, 08/15/23			80		82,800
KAR Auction Services, Inc., 5.13%, 06/01/25(b)			200		201,500
Mobile Mini, Inc., 5.88%, 07/01/24			343		356,720
Paprec Holding SA, 5.25%, 04/01/22		EUR	100		125,077
Park Aerospace Holdings Ltd.(b):
3.63%, 03/15/21		USD	166		159,775
5.25%, 08/15/22			267		267,334
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(b)			226		228,554
United Rentals North America, Inc.:
5.75%, 11/15/24			46		47,495
4.63%, 10/15/25			342		333,450
5.88%, 09/15/26			77		80,657
5.50%, 05/15/27			111		113,608
Wrangler Buyer Corp., 6.00%, 10/01/25(b)			79		79,988
					5,993,969
Commercial Services & Supplies — 0.0%
Waste Pro USA, Inc., 5.50%, 02/15/26(b)			134		134,670
Communications Equipment — 0.3%
CommScope Technologies LLC, 5.00%, 03/15/27(b)			114		111,221

16 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Communications Equipment (continued)
CommScope, Inc.(b):
5.00%, 06/15/21		USD	250	$	253,437
5.50%, 06/15/24			154		156,888
Nokia OYJ:
3.38%, 06/12/22			72		70,013
4.38%, 06/12/27			101		96,960
6.63%, 05/15/39			135		145,800
Zayo Group LLC/Zayo Capital, Inc.:
6.00%, 04/01/23			776		806,070
6.38%, 05/15/25			108		112,873
5.75%, 01/15/27(b)			421		423,105
					2,176,367
Construction & Engineering — 0.8%
Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27(b)			370		385,858
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)			370		404,225
BlueLine Rental Finance Corp., 9.25%, 03/15/24(b)			798		862,837
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25(b)			244		251,930
Engility Corp., 8.88%, 09/01/24			176		186,560
ITR Concession Co. LLC, 4.20%, 07/15/25(b)			4,000		3,695,387
SPIE SA, 3.13%, 03/22/24		EUR	100		125,975
Tutor Perini Corp., 6.88%, 05/01/25(b)		USD	154		161,700
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25(b)			51		50,985
					6,125,457
Construction Materials — 0.3%
American Tire Distributors, Inc., 10.25%, 03/01/22(b)			262		272,839
HD Supply, Inc., 5.75%, 04/15/24(b)			1,364		1,430,495
Navistar International Corp., 6.63%, 11/01/25(b)			192		197,760
New Enterprise Stone & Lime Co., Inc., 10.13%, 04/01/22(b)			108		117,045
PulteGroup, Inc.:
5.50%, 03/01/26			17		17,276
6.00%, 02/15/35			27		27,675
Rexel SA, 3.50%, 06/15/23		EUR	100		127,850
Williams Scotsman International, Inc., 7.88%, 12/15/22(b)		USD	78		81,705
					2,272,645
Consumer Discretionary — 0.1%
Arch Merger Sub, Inc., 8.50%, 09/15/25(b)			130		124,800
Elis SA, 1.88%, 02/15/23		EUR	100		123,068
Nielsen Co. Luxembourg SARL, 5.00%, 02/01/25(b)		USD	30		29,953
ServiceMaster Co. LLC, 5.13%, 11/15/24(b)			168		165,480
Viking Cruises Ltd.(b):
6.25%, 05/15/25			95		96,425
5.88%, 09/15/27			382		372,450
					912,176
Consumer Finance — 1.9%
Ally Financial, Inc., 8.00%, 11/01/31			946		1,173,040
Capital One Financial Corp., 4.75%, 07/15/21(f)			1,935		2,027,651
CDK Global, Inc., 4.88%, 06/01/27(b)			209		207,370
Corivas Campus Living USG LLC, 5.30%, 07/01/50(e)			5,700		5,700,980
Credivalores-Crediservicios SAS, 9.75%, 07/27/22(b)			200		205,000
Ford Motor Credit Co. LLC(f):
8.13%, 01/15/20			1,530		1,663,605
4.25%, 09/20/22			1,600		1,629,978
IHS Markit Ltd. (b):
4.75%, 02/15/25			156		159,510
4.00%, 03/01/26			86		83,420

Security	Par (000)			Value
Consumer Finance (continued)
Navient Corp.:
5.00%, 10/26/20		USD	180	$	181,125
6.63%, 07/26/21			99		103,455
6.50%, 06/15/22			159		165,757
5.50%, 01/25/23			280		277,200
7.25%, 09/25/23			173		183,812
6.13%, 03/25/24			21		21,210
5.88%, 10/25/24			56		55,440
6.75%, 06/25/25			112		114,974
5.63%, 08/01/33			101		89,890
OneMain Financial Holdings LLC, 7.25%, 12/15/21(b)			152		157,909
Springleaf Finance Corp.:
6.13%, 05/15/22			50		51,250
5.63%, 03/15/23			78		77,220
					14,329,796
Containers & Packaging — 0.9%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.25%, 09/15/22(b)			200		199,250
4.63%, 05/15/23(b)			271		270,661
6.75%, 05/15/24		EUR	100		133,133
7.25%, 05/15/24(b)		USD	1,475		1,580,094
6.00%, 02/15/25(b)			2		2,050
4.75%, 07/15/27		GBP	100		133,870
Ball Corp.:
5.00%, 03/15/22		USD	141		146,287
4.00%, 11/15/23			256		253,440
BWAY Holding Co., 5.50%, 04/15/24(b)			529		540,902
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26			75		71,062
JH-Holding Finance SA, (8.25% PIK), 8.25%, 12/01/22(g)		EUR	100		128,787
Mercer International, Inc.:
7.75%, 12/01/22		USD	29		30,668
6.50%, 02/01/24			76		79,610
5.50%, 01/15/26(b)			83		82,585
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20			188		190,827
6.88%, 02/15/21			163		164,908
(3 mo. LIBOR US + 3.50%), 5.22%, 07/15/21(a)(b)			352		355,960
5.13%, 07/15/23(b)			161		164,019
7.00%, 07/15/24(b)			851		896,209
Sappi Papier Holding GmbH, 4.00%, 04/01/23		EUR	100		127,045
Sealed Air Corp., 4.88%, 12/01/22(b)		USD	533		548,990
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 05/01/22(b)			389		402,615
Verallia Packaging SASU, 5.13%, 08/01/22		EUR	100		126,280
					6,629,252
Diversified Consumer Services — 0.3%
APX Group, Inc.:
6.38%, 12/01/19		USD	21		21,315
8.75%, 12/01/20			184		185,380
7.88%, 12/01/22			121		127,504
Ascend Learning LLC, 6.88%, 08/01/25(b)			212		218,360
GW Honos Security Corp., 8.75%, 05/15/25(b)			58		62,422
Laureate Education, Inc., 8.25%, 05/01/25(b)			210		223,650
Matthews International Corp., 5.25%, 12/01/25(b)			44		44,110
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(b)			1,127		1,227,021

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Diversified Consumer Services (continued)
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(b)		USD	153	$	150,705
					2,260,467
Diversified Financial Services — 3.9%
Aircastle Ltd.:
6.25%, 12/01/19			353		367,561
5.50%, 02/15/22			48		49,920
Banca IFIS SpA, 4.50%, 10/17/27(c)		EUR	100		123,983
Bank of America Corp.:
5.63%, 07/01/20		USD	2,200		2,333,766
3.25%, 10/21/27(f)			5,500		5,227,559
Docuformas SAPI de C.V., 9.25%, 10/11/22(b)			200		191,500
DPL, Inc., 7.25%, 10/15/21			21		22,890
FBM Finance, Inc., 8.25%, 08/15/21(b)			185		195,175
FMR LLC, 4.95%, 02/01/33(b)(f)			2,300		2,522,118
General Electric Co., 6.15%, 08/07/37(f)			2,150		2,583,594
General Motors Financial Co., Inc., 4.25%, 05/15/23			807		822,796
IntercontinentalExchange Group, Inc., 4.00%, 10/15/23			470		485,983
Intesa Sanpaolo SpA, 5.02%, 06/26/24(b)(f)			3,151		3,144,125
Intrum Justitia AB, 2.75%, 07/15/22		EUR	100		119,867
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 04/01/20(b)		USD	595		602,146
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(g)		EUR	100		123,854
Mercury Bondco PLC, (8.25% Cash or 9.00% PIK), 8.25%, 05/30/21(g)			100		127,710
Moody’s Corp., 4.50%, 09/01/22(f)		USD	1,800		1,881,458
Northern Trust Corp., 3.95%, 10/30/25(f)			8,000		8,221,541
SPARC EM SPC Panama Metro Line 2 SP, 0.00%, 12/05/22(b)			280		255,150
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(b)			345		347,587
UniCredit SpA(5 year EUR Swap + 4.10%), 5.75%, 10/28/25(h)		EUR	107		144,768
Vantiv LLC/Vanity Issuer Corp.(b):
3.88%, 11/15/25		GBP	100		136,314
4.38%, 11/15/25		USD	200		193,750
WMG Acquisition Corp., 5.50%, 04/15/26(b)			84		84,000
					30,309,115
Diversified Telecommunication Services — 3.6%
AT&T, Inc.(f):
6.38%, 03/01/41			520		606,846
5.15%, 03/15/42			2,400		2,426,054
4.75%, 05/15/46			2,710		2,567,613
CenturyLink, Inc.:
Series P, 7.60%, 09/15/39			7		6,108
Series S, 6.45%, 06/15/21			383		391,618
Series T, 5.80%, 03/15/22			172		169,635
Series U, 7.65%, 03/15/42			138		120,060
Series W, 6.75%, 12/01/23(f)			163		160,555
Cincinnati Bell, Inc., 7.00%, 07/15/24(b)			271		257,450
Frontier Communications Corp.:
7.13%, 03/15/19			220		223,850
7.13%, 01/15/23			113		75,286
7.63%, 04/15/24			89		56,515
6.88%, 01/15/25			802		489,220
11.00%, 09/15/25			71		55,646
Level 3 Financing, Inc.:
5.38%, 08/15/22			127		128,270
5.63%, 02/01/23			254		256,540
5.13%, 05/01/23			95		95,000
5.38%, 01/15/24			114		113,430

Security	Par (000)			Value
Diversified Telecommunication Services (continued)
5.38%, 05/01/25		USD	123	$	122,078
5.25%, 03/15/26			835		803,679
OTE PLC, 3.50%, 07/09/20		EUR	100		129,015
Qwest Corp., 6.75%, 12/01/21		USD	90		96,110
SoftBank Group Corp.:
(5 year USD ICE Swap + 4.85%), 6.88%(h)(i)			215		212,173
4.75%, 09/19/24			200		194,053
Telecom Italia Capital SA:
6.38%, 11/15/33			229		250,755
6.00%, 09/30/34			252		263,970
7.20%, 07/18/36			202		236,340
7.72%, 06/04/38			48		58,800
Telecom Italia SpA:
1.13%, 03/26/22(j)		EUR	100		120,170
3.63%, 01/19/24			200		268,504
Verizon Communications, Inc.(f):
6.40%, 02/15/38		USD	6,879		8,220,510
6.55%, 09/15/43			6,751		8,399,383
					27,575,236
Electric Utilities — 6.2%
Berkshire Hathaway Energy Co., 6.50%, 09/15/37(f)			5,515		7,292,793
Black Hills Corp., 3.15%, 01/15/27			405		383,415
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(b)			299		299,000
Cleveland Electric Illuminating Co., 5.95%, 12/15/36			434		520,350
CMS Energy Corp., 5.05%, 03/15/22(f)			1,832		1,941,684
Duke Energy Carolinas LLC:
6.10%, 06/01/37			640		798,231
6.00%, 01/15/38			1,675		2,146,856
4.25%, 12/15/41			750		785,095
Duke Energy Florida LLC, 6.40%, 06/15/38			770		1,020,966
E.ON International Finance BV, 6.65%, 04/30/38(b)			3,100		3,901,288
Electricite de France SA, 5.60%, 01/27/40(b)(f)			2,800		3,253,785
Enel Finance International NV, 3.63%, 05/25/27(b)			1,250		1,200,943
Energuate Trust, 5.88%, 05/03/27(b)			201		204,015
Florida Power Corp., 6.35%, 09/15/37(f)			2,775		3,666,779
Jersey Central Power & Light Co., 7.35%, 02/01/19			490		509,279
NextEra Energy Operating Partners LP, 4.25%, 09/15/24(b)			128		126,240
Ohio Power Co., Series D, 6.60%, 03/01/33(f)			3,000		3,929,029
PacifiCorp, 6.25%, 10/15/37(f)			1,225		1,589,732
Pampa Energia SA, 7.50%, 01/24/27(b)			367		384,432
Public Service Co. of Colorado, Series 17, 6.25%, 09/01/37(f)			2,550		3,304,623
Southern California Edison Co.:
5.63%, 02/01/36(f)			1,300		1,557,568
Series A, 5.95%, 02/01/38			2,175		2,741,108
Southern Co., 4.40%, 07/01/46			1,000		1,003,618
Talen Energy Supply LLC, 6.50%, 06/01/25			125		96,562
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37			3,920		4,901,913
					47,559,304
Electrical Equipment — 0.0%
Anixter, Inc., 5.63%, 05/01/19			35		35,744
Areva SA, 4.88%, 09/23/24		EUR	50		67,530
					103,274
Electronic Equipment, Instruments & Components — 0.4%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23		USD	134		136,010
5.50%, 12/01/24			458		478,610
5.00%, 09/01/25			72		72,540
Corning, Inc., 4.38%, 11/15/57			2,000		1,872,291

18 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Electronic Equipment, Instruments & Components (continued)
Itron, Inc., 5.00%, 01/15/26(b)		USD	18	$	17,910
SESI LLC, 7.75%, 09/15/24(b)			140		145,600
					2,722,961
Energy Equipment & Services — 0.6%
Ensco PLC, 5.20%, 03/15/25			25		20,750
Enterprise Products Operating LLC, 6.13%, 10/15/39(f)			1,400		1,689,339
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22(b)			238		242,165
Halliburton Co., 5.00%, 11/15/45			500		540,545
Noble Holding International Ltd., 7.70%, 04/01/25			155		138,725
Oceaneering International, Inc., 6.00%, 02/01/28			151		148,825
Pattern Energy Group, Inc., 5.88%, 02/01/24(b)			148		152,410
Pioneer Energy Services Corp., 6.13%, 03/15/22			133		120,199
Precision Drilling Corp.:
6.50%, 12/15/21			48		48,840
5.25%, 11/15/24			90		85,725
Transocean, Inc.:
5.80%, 10/15/22			256		248,359
9.00%, 07/15/23(b)			501		541,080
6.80%, 03/15/38			17		13,685
Trinidad Drilling Ltd., 6.63%, 02/15/25(b)			243		234,799
Weatherford International Ltd.:
7.75%, 06/15/21			185		184,306
8.25%, 06/15/23			55		53,350
9.88%, 02/15/24			307		303,930
					4,767,032
Environmental, Maintenance, & Security Service — 0.0%
Tervita Escrow Corp., 7.63%, 12/01/21(b)			276		277,380
Food & Staples Retailing — 0.5%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24			124		114,235
5.75%, 03/15/25			68		59,500
Casino Guichard Perrachon SA, 4.56%, 01/25/23		EUR	100		135,196
CVS Health Corp., 5.13%, 07/20/45		USD	2,000		2,089,603
Rite Aid Corp., 6.13%, 04/01/23(b)			164		164,820
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44			1,000		999,452
					3,562,806
Food Products — 0.4%
Acosta, Inc., 7.75%, 10/01/22(b)			144		102,960
Aramark Services, Inc., 4.75%, 06/01/26			151		149,113
Arcor SAIC, 6.00%, 07/06/23(b)			228		236,026
B&G Foods, Inc., 5.25%, 04/01/25			96		92,400
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(b)			267		278,347
JBS USA LLC/JBS USA Finance, Inc.(b):
5.88%, 07/15/24			66		64,363
5.75%, 06/15/25			485		463,175
MARB BondCo PLC, 7.00%, 03/15/24			200		196,702
Marfrig Holdings Europe BV, 8.00%, 06/08/23(b)			222		229,104
Minerva Luxembourg SA, 6.50%, 09/20/26(b)			222		220,335
Pilgrim’s Pride Corp.(b):
5.75%, 03/15/25			167		166,165
5.88%, 09/30/27			144		140,011
Post Holdings, Inc.(b):
5.50%, 03/01/25			71		71,444
5.00%, 08/15/26			126		119,700
5.75%, 03/01/27			416		410,800
5.63%, 01/15/28			51		49,661
					2,990,306

Security	Par (000)			Value
Forest Products — 0.0%
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(b)		USD	205	$	202,991
Health Care Equipment & Supplies — 0.5%
Avantor, Inc.(b):
6.00%, 10/01/24			1,115		1,115,000
9.00%, 10/01/25			289		289,723
Crimson Merger Sub, Inc., 6.63%, 05/15/22(b)			801		794,992
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21(b)			580		562,600
Mallinckrodt International Finance SA/Mallinckrodt CB LLC(b):
5.75%, 08/01/22			12		10,620
5.63%, 10/15/23			142		117,505
5.50%, 04/15/25			308		243,320
Medtronic, Inc., 4.50%, 03/15/42			750		786,207
Teleflex, Inc., 5.25%, 06/15/24			170		174,250
					4,094,217
Health Care Providers & Services — 1.5%
Acadia Healthcare Co., Inc.:
5.63%, 02/15/23			95		97,465
6.50%, 03/01/24			258		266,385
Aetna, Inc., 4.50%, 05/15/42			575		564,821
Amsurg Corp., 5.63%, 07/15/22			245		248,981
Centene Corp.:
5.63%, 02/15/21			227		232,391
6.13%, 02/15/24			359		376,950
CHS/Community Health Systems, Inc.:
8.00%, 11/15/19			118		110,980
5.13%, 08/01/21			39		35,978
6.25%, 03/31/23			123		111,930
DaVita, Inc., 5.13%, 07/15/24			187		185,714
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22(b)(g)			177		177,002
Envision Healthcare Corp.(b):
5.13%, 07/01/22			163		164,223
6.25%, 12/01/24			68		71,570
HCA, Inc.:
6.50%, 02/15/20			824		869,320
5.88%, 03/15/22			63		66,780
4.75%, 05/01/23			562		571,835
5.00%, 03/15/24			469		477,794
5.38%, 02/01/25			516		524,550
5.25%, 04/15/25			364		374,010
5.88%, 02/15/26			335		346,725
5.25%, 06/15/26			323		331,075
4.50%, 02/15/27			157		153,271
5.50%, 06/15/47			585		577,687
HealthSouth Corp., 5.75%, 11/01/24			26		26,260
MEDNAX, Inc., 5.25%, 12/01/23(b)			90		92,138
Molina Healthcare, Inc., 4.88%, 06/15/25(b)			71		67,983
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(b)			353		371,533
Northwell Healthcare, Inc., 4.26%, 11/01/47			725		706,944
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22(b)(g)			510		520,200
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(b)			97		101,850
Sterigenics-Nordion Holdings LLC, 6.50%, 05/15/23(b)			95		96,425
Surgery Center Holdings, Inc.(b):
8.88%, 04/15/21			98		101,675
6.75%, 07/01/25(f)			183		172,020
Tenet Healthcare Corp.:
6.00%, 10/01/20			261		271,437

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Health Care Providers & Services (continued)
7.50%, 01/01/22(b)		USD	118	$	124,490
8.13%, 04/01/22			947		999,085
6.75%, 06/15/23(f)			302		302,000
4.63%, 07/15/24(b)			126		120,960
THC Escrow Corp. III(b):
5.13%, 05/01/25			424		411,280
7.00%, 08/01/25			56		55,860
Vizient, Inc., 10.38%, 03/01/24(b)			228		255,360
WellCare Health Plans, Inc., 5.25%, 04/01/25			58		58,703
					11,793,640
Health Care Technology — 0.0%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(b)			147		147,000
Quintiles IMS, Inc., 3.25%, 03/15/25(b)		EUR	100		123,075
					270,075
Hotels, Restaurants & Leisure — 2.8%
Arcos Dorados Holdings, Inc., 5.88%, 04/04/27(b)		USD	257		263,592
Burger King France SAS(3 mo. Euribor + 5.25%), 5.25%, 05/01/23(a)		EUR	100		124,299
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21			100		127,130
CPUK Finance Ltd., 4.25%, 02/28/47		GBP	100		139,059
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25(b)		USD	249		243,398
Eldorado Resorts, Inc., 6.00%, 04/01/25			77		79,310
ESH Hospitality, Inc., 5.25%, 05/01/25(b)			88		87,780
GLP Capital LP/GLP Financing II, Inc.:
5.38%, 11/01/23			90		93,825
5.38%, 04/15/26			42		43,365
Golden Nugget, Inc., 6.75%, 10/15/24(b)			282		289,050
International Game Technology PLC, 4.75%, 02/15/23		EUR	100		135,279
Jacobs Entertainment, Inc., 7.88%, 02/01/24(b)		USD	60		64,125
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 5.25%, 06/01/26(b)			158		159,975
McDonald’s Corp., 3.70%, 01/30/26			510		511,568
Melco Resorts Finance Ltd., 4.88%, 06/06/25(b)			250		244,567
MGM Resorts International:
5.25%, 03/31/20			97		100,031
6.75%, 10/01/20			122		130,235
6.63%, 12/15/21			835		902,259
7.75%, 03/15/22			76		84,740
New Red Finance, Inc.(b):
4.25%, 05/15/24			171		163,305
5.00%, 10/15/25			1,062		1,034,786
Sabre GLBL, Inc.(b):
5.38%, 04/15/23			62		62,465
5.25%, 11/15/23			133		133,998
Scientific Games International, Inc.:
7.00%, 01/01/22(b)			363		382,057
10.00%, 12/01/22			819		888,615
5.00%, 10/15/25(b)			320		316,400
Six Flags Entertainment Corp., 4.88%, 07/31/24(b)			615		613,518
Station Casinos LLC, 5.00%, 10/01/25(b)			222		216,450
Unique Pub Finance Co. PLC:
Series A3, 6.54%, 03/30/21		GBP	1,871		2,725,075
Series A4, 5.66%, 06/30/27			1,027		1,582,912
Series M, 7.40%, 03/28/24			3,000		4,621,914
Series N, 6.46%, 03/30/32			2,390		3,215,421
Vue International Bidco PLC, 7.88%, 07/15/20			100		139,735
Wyndham Worldwide Corp., 4.15%, 04/01/24		USD	1,076		1,078,074
Wynn Macau Ltd., 5.50%, 10/01/27(b)			200		196,940

Security	Par (000)			Value
Hotels, Restaurants & Leisure (continued)
Yum! Brands, Inc., 3.88%, 11/01/23		USD	27	$	26,190
					21,221,442
Household Durables — 0.6%
Algeco Scotsman Global Finance 2 PLC, 10.00%, 08/15/23(b)			200		199,000
Algeco Scotsman Global Finance PLC, 8.00%, 02/15/23(b)			200		201,450
Brookfield Residential Properties, Inc., 6.38%, 05/15/25(b)			47		48,704
Century Communities, Inc., 6.88%, 05/15/22			460		476,726
K Hovnanian Enterprises, Inc., 10.00%, 07/15/22(b)			143		156,049
Lennar Corp.:
8.38%, 01/15/21(b)			53		59,121
6.25%, 12/15/21(b)			276		294,575
4.13%, 01/15/22			77		76,230
5.38%, 10/01/22(b)			2		2,085
4.75%, 11/15/22			136		136,680
4.88%, 12/15/23			85		86,169
4.75%, 05/30/25			180		179,100
5.25%, 06/01/26(b)			18		18,360
4.75%, 11/29/27(b)			255		246,712
Mattamy Group Corp.(b):
6.88%, 12/15/23			94		98,582
6.50%, 10/01/25			129		134,805
MDC Holdings, Inc., 6.00%, 01/15/43			130		123,500
Meritage Homes Corp., 5.13%, 06/06/27			52		51,350
Newell Brands, Inc., 4.20%, 04/01/26			1,000		989,606
PulteGroup, Inc., 6.38%, 05/15/33			256		273,280
Tempur Sealy International, Inc.:
5.63%, 10/15/23			2		2,020
5.50%, 06/15/26			132		129,690
TRI Pointe Group, Inc.:
4.88%, 07/01/21			73		73,365
5.25%, 06/01/27			34		33,617
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.:
4.38%, 06/15/19			10		10,025
5.88%, 06/15/24			177		182,310
William Lyon Homes, Inc., 5.88%, 01/31/25			66		65,835
					4,348,946
Household Products — 0.0%
ACCO Brands Corp., 5.25%, 12/15/24(b)			59		59,295
Prestige Brands, Inc., 6.38%, 03/01/24(b)			42		43,050
Spectrum Brands, Inc., 6.63%, 11/15/22			170		175,738
					278,083
Independent Power and Renewable Electricity Producers — 0.5%
AES Corp.:
4.88%, 05/15/23			202		203,768
5.50%, 03/15/24			8		8,170
5.50%, 04/15/25			64		65,600
6.00%, 05/15/26			217		227,850
5.13%, 09/01/27			244		247,050
Calpine Corp.(b):
5.88%, 01/15/24			258		263,482
5.25%, 06/01/26			512		496,640
Colbun SA, 3.95%, 10/11/27(b)			200		194,000
Dynegy, Inc.:
7.38%, 11/01/22			155		163,331
5.88%, 06/01/23			26		26,650
8.00%, 01/15/25(b)			198		215,077
8.13%, 01/30/26(b)			115		125,925
Genneia SA, 8.75%, 01/20/22(b)			370		399,382

20 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc.:
6.63%, 01/15/27		USD	728	$	751,660
5.75%, 01/15/28(b)			42		41,467
NRG Yield Operating LLC, 5.38%, 08/15/24			155		156,646
QEP Resources, Inc., 5.38%, 10/01/22			51		51,765
TerraForm Power Operating LLC(b):
4.25%, 01/31/23			128		125,440
6.63%, 06/15/25(k)			15		16,238
5.00%, 01/31/28			128		123,878
					3,904,019
Industrial Conglomerates — 0.5%
General Electric Co.:
6.75%, 03/15/32(f)			2,500		3,107,773
6.88%, 01/10/39			135		175,562
Smiths Group PLC, 3.63%, 10/12/22(b)			360		355,534
Vertiv Group Corp., 9.25%, 10/15/24(b)			381		401,955
					4,040,824
Insurance — 3.1%
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/25(b)			126		123,165
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25			1,495		1,465,514
American International Group, Inc., 3.75%, 07/10/25(f)			3,380		3,363,672
Aon PLC:
3.88%, 12/15/25			1,445		1,459,506
4.60%, 06/14/44			500		516,818
Ardonagh Midco 3 PLC:
8.38%, 07/15/23		GBP	100		140,833
8.63%, 07/15/23(b)		USD	200		206,500
Assicurazioni Generali SpA (3 mo. Euribor + 7.11%), 7.75%, 12/12/42(h)		EUR	100		155,042
AssuredPartners, Inc., 7.00%, 08/15/25(b)		USD	33		33,743
AXA SA(3 mo. Euribor + 3.05%), 5.25%, 04/16/40(h)		EUR	500		671,916
Fidelity National Financial, Inc., 4.25%, 08/15/18		USD	73		224,570
Five Corners Funding Trust, 4.42%, 11/15/23(b)(f)			2,050		2,150,613
Groupama SA, 6.00%, 01/23/27		EUR	100		150,164
Hartford Financial Services Group, Inc., 5.13%, 04/15/22		USD	1,860		1,986,842
HUB International Ltd., 7.88%, 10/01/21(b)			802		827,062
Liberty Mutual Group, Inc., 6.50%, 05/01/42(b)(f)			2,000		2,522,662
MetLife, Inc., 6.40%, 12/15/66			2,554		2,879,635
Muenchener Rueckversicherungs AG(3 mo. Euribor + 3.50%), 6.00%, 05/26/41(h)		EUR	400		570,376
Nationwide Building Society, 4.13%, 10/18/32(b)(c)		USD	720		693,666
Prudential Financial, Inc.:
5.90%, 03/17/36			500		601,003
5.70%, 12/14/36(f)			1,625		1,955,543
Radian Group, Inc.:
5.25%, 06/15/20			28		28,980
4.50%, 10/01/24			177		176,611
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(b)			700		696,369
USIS Merger Sub, Inc., 6.88%, 05/01/25(b)			41		41,513
Wayne Merger Sub LLC, 8.25%, 08/01/23(b)			625		650,000
					24,292,318
Internet Software & Services — 0.2%
Equinix, Inc.:
2.88%, 03/15/24(d)		EUR	100		122,000
2.88%, 10/01/25			100		120,856
5.88%, 01/15/26		USD	435		455,662

Security	Par (000)			Value
Internet Software & Services (continued)
Netflix, Inc.:
4.38%, 11/15/26		USD	115	$	110,400
3.63%, 05/15/27		EUR	100		122,569
Symantec Corp., 5.00%, 04/15/25(b)		USD	124		125,807
United Group BV, 4.38%, 07/01/22		EUR	126		155,995
ZPG PLC, 3.75%, 07/15/23		GBP	100		136,228
					1,349,517
IT Services — 0.5%
Ceridian HCM Holding, Inc., 11.00%, 03/15/21(b)		USD	270		278,999
Fidelity National Information Services, Inc., 4.50%, 08/15/46			1,000		982,495
First Data Corp.(b):
7.00%, 12/01/23			756		794,745
5.00%, 01/15/24			220		221,375
5.75%, 01/15/24			1,261		1,283,068
Gartner, Inc., 5.13%, 04/01/25(b)			141		144,525
WEX, Inc., 4.75%, 02/01/23(b)			382		384,626
					4,089,833
Leisure Products — 0.0%
Mattel, Inc.:
6.75%, 12/31/25(b)			218		221,815
6.20%, 10/01/40			48		44,640
5.45%, 11/01/41			28		24,640
					291,095
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc., 5.30%, 02/01/44			1,000		1,128,250
Machinery — 0.2%
Cleaver-Brooks, Inc., 7.88%, 03/01/23(b)			64		67,520
Platin 1426 GmbH, 5.38%, 06/15/23		EUR	100		121,238
SPX FLOW, Inc.(b):
5.63%, 08/15/24		USD	115		117,013
5.88%, 08/15/26			213		218,857
Terex Corp., 5.63%, 02/01/25(b)			455		459,550
Wabash National Corp., 5.50%, 10/01/25(b)			176		174,240
					1,158,418
Marine — 0.3%
Nakilat, Inc., Series A, 6.07%, 12/31/33(b)			2,150		2,397,680
Media — 5.1%
21st Century Fox America, Inc., 7.63%, 11/30/28			385		495,056
Altice Financing SA(b):
6.63%, 02/15/23			200		199,750
7.50%, 05/15/26			607		611,552
Altice Luxembourg SA:
7.75%, 05/15/22(b)			642		598,665
6.25%, 02/15/25		EUR	100		113,802
Altice US Finance I Corp., 5.38%, 07/15/23(b)		USD	970		985,762
AMC Networks, Inc.:
5.00%, 04/01/24			114		114,285
4.75%, 08/01/25			206		199,563
Cablevision SA, 6.50%, 06/15/21(b)			222		232,117
Cablevision Systems Corp., 8.00%, 04/15/20			325		345,377
CBS Radio, Inc., 7.25%, 11/01/24(b)			53		54,579
CCO Holdings LLC/CCO Holdings Capital Corp.(b):
4.00%, 03/01/23			252		245,385
5.13%, 05/01/23			73		74,369
5.13%, 05/01/27			1,628		1,567,634
5.00%, 02/01/28			221		208,635
Cequel Communications Holdings I LLC/Cequel Capital Corp.(b):
5.13%, 12/15/21			562		558,966
7.75%, 07/15/25			960		1,022,400

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Media (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25(f)		USD	4,700	$	4,831,602
Clear Channel International BV, 8.75%, 12/15/20(b)			317		331,265
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			1,921		1,969,676
Series B, 7.63%, 03/15/20			443		442,446
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22(f)			2,600		3,303,006
Comcast Corp.:
6.45%, 03/15/37			790		1,011,471
4.60%, 08/15/45			2,000		2,085,777
CSC Holdings LLC:
10.13%, 01/15/23(b)			1,190		1,329,825
5.25%, 06/01/24			398		383,075
10.88%, 10/15/25(b)			764		901,520
Discovery Communications LLC:
3.25%, 04/01/23			1,850		1,798,282
3.45%, 03/15/25			210		200,880
DISH DBS Corp.:
6.75%, 06/01/21			350		359,625
5.88%, 07/15/22			470		458,250
5.00%, 03/15/23			264		242,550
5.88%, 11/15/24			36		33,750
7.75%, 07/01/26			534		525,990
DISH Network Corp., 3.38%, 08/15/26(j)			155		155,940
eircom Finance DAC, 4.50%, 05/31/22		EUR	100		124,989
GTT Communications, Inc., 7.88%, 12/31/24(b)		USD	159		165,261
Hughes Satellite Systems Corp.:
7.63%, 06/15/21			64		68,880
5.25%, 08/01/26			324		315,900
Intelsat Jackson Holdings SA:
7.25%, 10/15/20			185		172,281
5.50%, 08/01/23			325		268,531
9.75%, 07/15/25(b)			377		357,679
Interpublic Group of Cos., Inc., 3.75%, 02/15/23			2,000		2,009,947
LG Finance Co. Corp., 5.88%, 11/01/24(b)			57		59,542
LGE HoldCo VI BV, 7.13%, 05/15/24		EUR	100		131,760
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24(b)		USD	61		59,018
MDC Partners, Inc., 6.50%, 05/01/24(b)			228		227,430
Meredith Corp., 6.88%, 02/01/26(b)			110		113,438
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23(b)			148		156,325
Numericable Group SA, 5.38%, 05/15/22		EUR	106		132,027
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25(b)		USD	104		101,140
Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, 02/15/23(b)			43		42,893
SFR Group SA(b):
6.00%, 05/15/22			345		335,081
7.38%, 05/01/26			1,101		1,062,795
Sirius XM Radio, Inc., 5.00%, 08/01/27(b)			41		39,873
TCI Communications, Inc., 7.88%, 02/15/26(f)			610		782,810
TEGNA, Inc., 5.50%, 09/15/24(b)			45		46,238
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(b)			200		193,000
Telesat Canada/Telesat LLC, 8.88%, 11/15/24(b)			167		183,283
Time Warner, Inc., 6.10%, 07/15/40			830		960,445
Tribune Media Co., 5.88%, 07/15/22			16		16,320
Univision Communications, Inc.(b):
5.13%, 05/15/23			272		257,720
5.13%, 02/15/25			28		25,865

Security	Par (000)			Value
Media (continued)
UPCB Finance IV Ltd., 4.00%, 01/15/27		EUR	100	$	126,841
Viacom, Inc., 5.85%, 09/01/43		USD	645		704,432
Videotron Ltd., 5.13%, 04/15/27(b)			222		223,971
Virgin Media Finance PLC, 5.75%, 01/15/25(b)			515		505,987
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24		GBP	100		139,771
Virgin Media Secured Finance PLC:
5.25%, 01/15/26(b)		USD	303		296,940
4.88%, 01/15/27		GBP	100		137,326
6.25%, 03/28/29			100		146,607
Ziggo Bond Finance BV, 5.88%, 01/15/25(b)		USD	260		250,250
Ziggo Secured Finance BV, 5.50%, 01/15/27(b)			150		143,813
					39,079,236
Metals & Mining — 1.5%
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(b)			121		127,958
Cleveland-Cliffs, Inc., 4.88%, 01/15/24(b)			131		127,889
CONSOL Mining Corp., 11.00%, 11/15/25(b)			266		284,620
Constellium NV(b):
5.75%, 05/15/24			582		586,365
5.88%, 02/15/26			269		271,690
First Quantum Minerals Ltd., 7.00%, 02/15/21(b)			435		448,594
Freeport-McMoRan, Inc.:
3.10%, 03/15/20			759		751,410
4.00%, 11/14/21			121		120,395
3.55%, 03/01/22			530		515,584
3.88%, 03/15/23			774		750,780
5.40%, 11/14/34			278		271,050
5.45%, 03/15/43			647		624,355
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(b)			399		421,942
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22(b)			115		128,035
Kaiser Aluminum Corp., 5.88%, 05/15/24			74		77,537
Kinross Gold Corp.:
4.50%, 07/15/27(b)			82		79,540
6.88%, 09/01/41			53		61,083
Novelis Corp.(b):
6.25%, 08/15/24			823		841,517
5.88%, 09/30/26			602		606,515
Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24		EUR	100		125,033
Ovako AB, 5.00%, 10/05/22			100		124,206
Rio Tinto Finance USA PLC, 4.75%, 03/22/42		USD	400		443,521
Steel Dynamics, Inc.:
5.25%, 04/15/23			345		352,331
5.50%, 10/01/24			48		49,680
4.13%, 09/15/25			142		137,385
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25(b)			193		201,202
Teck Resources Ltd.:
4.50%, 01/15/21			96		97,248
3.75%, 02/01/23			502		490,705
8.50%, 06/01/24(b)			1,096		1,219,300
5.20%, 03/01/42			312		301,860
5.40%, 02/01/43			188		186,120
thyssenKrupp AG, 1.38%, 03/03/22		EUR	75		92,324
United States Steel Corp.:
8.38%, 07/01/21(b)		USD	171		183,398
6.88%, 08/15/25			185		194,250
Vale Overseas Ltd., 6.25%, 08/10/26			237		267,265
VM Holdings SA, 5.38%, 05/04/27(b)			299		308,568
					11,871,255

22 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Multi-Utilities — 0.1%
NGL Energy Partners LP/NGL Energy Finance Corp.:
5.13%, 07/15/19		USD	28	$	28,070
6.88%, 10/15/21			459		462,442
					490,512
Multiline Retail — 0.0%
Neiman Marcus Group Ltd., 8.00%, 10/15/21(b)			145		87,725
Offshore Drilling & Other Services — 0.0%
Entegris, Inc., 4.63%, 02/10/26(b)			135		132,638
Oil, Gas & Consumable Fuels — 7.5%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24			79		84,135
Anadarko Petroleum Corp., 5.55%, 03/15/26			1,500		1,635,203
Andeavor Logistics LP, Series A, 6.88%(c)(i)			232		236,495
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.25%, 12/01/27			250		244,363
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24			35		35,788
Antero Resources Corp.:
5.13%, 12/01/22			52		52,455
5.63%, 06/01/23			51		52,275
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(b)			139		148,035
Berry Petroleum Co. LLC, 7.00%, 02/15/26(b)			195		198,412
California Resources Corp., 8.00%, 12/15/22(b)			195		154,537
Callon Petroleum Co., 6.13%, 10/01/24			261		266,220
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
6.50%, 04/15/21			18		17,550
7.63%, 01/15/22			92		91,540
Canadian Natural Resources Ltd., 3.90%, 02/01/25			500		497,341
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23			138		138,345
8.25%, 07/15/25			65		69,388
Cenovus Energy, Inc., 4.25%, 04/15/27(f)			400		390,873
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			178		199,182
5.88%, 03/31/25			384		406,080
5.13%, 06/30/27			473		478,321
Cheniere Energy Partners LP, 5.25%, 10/01/25(b)			124		125,240
Chesapeake Energy Corp.(b):
8.00%, 01/15/25			68		67,150
8.00%, 06/15/27(f)			523		501,426
Cia Latinoamericana de Infraestructura & Servicios SA, 9.50%, 07/20/23(b)			370		382,950
Citgo Holding, Inc., 10.75%, 02/15/20(b)			95		101,888
ConocoPhillips Canada Funding Co., 5.95%, 10/15/36			685		847,477
ConocoPhillips Co., 6.50%, 02/01/39			600		784,677
CONSOL Energy, Inc.:
5.88%, 04/15/22			1,321		1,328,431
8.00%, 04/01/23			48		50,820
Continental Resources, Inc.:
3.80%, 06/01/24			207		201,049
4.38%, 01/15/28(b)			250		243,750
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(b)			295		299,425
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23			20		20,600
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(b)			625		612,500
DCP Midstream LLC(b):
4.75%, 09/30/21			55		55,963

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
6.45%, 11/03/36		USD	128	$	140,800
6.75%, 09/15/37			159		177,285
Denbury Resources, Inc., 9.25%, 03/31/22(b)			332		340,300
Devon Energy Corp., 5.85%, 12/15/25			1,000		1,135,727
Diamond Offshore Drilling, Inc., 7.88%, 08/15/25			62		62,930
Diamondback Energy, Inc., 5.38%, 05/31/25			177		177,000
Eclipse Resources Corp., 8.88%, 07/15/23			45		45,225
Enbridge, Inc., 6.25%, 03/01/78(c)(d)			1,935		1,950,934
Endeavor Energy Resources LP/EER Finance, Inc.(b):
5.50%, 01/30/26			87		86,348
5.75%, 01/30/28			160		160,000
Energy Transfer Equity LP:
4.25%, 03/15/23			128		125,560
5.88%, 01/15/24			264		279,840
5.50%, 06/01/27			165		170,775
Energy Transfer LP:
4.75%, 01/15/26			1,250		1,269,523
5.30%, 04/15/47			540		519,687
Energy Transfer Partners LP, 4.05%, 03/15/25			500		491,332
Ensco Jersey Finance Ltd., 3.00%, 01/31/24			165		135,713
Ensco PLC, 7.75%, 02/01/26			223		210,735
Enterprise Products Operating LLC, 3.70%, 02/15/26			500		499,073
EOG Resources, Inc.:
4.15%, 01/15/26			1,000		1,033,573
5.10%, 01/15/36			200		219,896
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 05/01/20			6		5,580
9.38%, 05/01/24(b)			288		212,400
8.00%, 11/29/24(b)(f)			275		283,250
Extraction Oil & Gas, Inc.(b):
7.38%, 05/15/24			281		296,455
5.63%, 02/01/26			272		266,560
Genesis Energy LP/Genesis Energy Finance Corp.:
6.50%, 10/01/25			97		96,758
6.25%, 05/15/26			112		108,360
GNL Quintero SA, 4.63%, 07/31/29(b)			200		203,000
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(b)			350		364,875
Gulfport Energy Corp.:
6.63%, 05/01/23			115		118,163
6.00%, 10/15/24			68		66,810
6.38%, 05/15/25			63		62,134
6.38%, 01/15/26(b)			76		74,909
Halcon Resources Corp.:
6.75%, 02/15/25(b)			108		108,810
Series WI, 6.75%, 02/15/25			334		337,340
Hess Corp., 4.30%, 04/01/27			1,100		1,076,775
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26(b)			243		243,000
Indigo Natural Resources LLC, 6.88%, 02/15/26(b)			131		128,081
Jones Energy Holdings LLC/Jones Energy Finance Corp., 9.25%, 03/15/23(b)			70		68,775
KeySpan Gas East Corp., 5.82%, 04/01/41(b)(f)			1,010		1,254,969
Kinder Morgan, Inc.:
4.30%, 06/01/25			1,750		1,765,917
5.05%, 02/15/46			1,750		1,715,869
Marathon Petroleum Corp., 6.50%, 03/01/41(f)			2,049		2,465,673
Matador Resources Co., 6.88%, 04/15/23			570		595,650
MEG Energy Corp.(b):
6.38%, 01/30/23			1		858
7.00%, 03/31/24			320		272,800
6.50%, 01/15/25			364		357,175

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
MidAmerican Energy Co., 5.80%, 10/15/36(f)		USD	1,500	$	1,852,357
MidAmerican Energy Holdings Co., 5.95%, 05/15/37			1,750		2,183,675
Murphy Oil Corp.:
6.88%, 08/15/24			177		186,094
5.75%, 08/15/25			14		13,951
5.88%, 12/01/42			31		28,985
Nabors Industries, Inc.(b):
0.75%, 01/15/24			262		199,245
5.75%, 02/01/25			110		104,981
Newfield Exploration Co., 5.63%, 07/01/24			75		78,938
NGPL PipeCo LLC(b):
4.38%, 08/15/22			127		126,683
7.77%, 12/15/37			354		433,650
Noble Holding International Ltd.:
7.75%, 01/15/24(f)			187		170,871
7.88%, 02/01/26(b)			539		541,695
Oasis Petroleum, Inc.:
6.50%, 11/01/21			35		35,700
6.88%, 03/15/22			72		73,755
6.88%, 01/15/23			53		54,060
2.63%, 09/15/23			495		510,021
Paramount Resources Ltd., 6.88%, 06/30/23(b)			325		338,000
Parker Drilling Co., 7.50%, 08/01/20			43		39,668
Parsley Energy LLC/Parsley Finance Corp.(b):
6.25%, 06/01/24			48		49,680
5.38%, 01/15/25			209		206,910
5.25%, 08/15/25			52		51,220
5.63%, 10/15/27			61		60,504
PBF Holding Co. LLC/ PBF Finance Corp., 7.25%, 06/15/25			143		148,005
PDC Energy, Inc.:
6.13%, 09/15/24			24		24,540
5.75%, 05/15/26(b)			125		123,400
Petrobras Global Finance BV:
8.75%, 05/23/26			222		260,572
6.00%, 01/27/28(b)			239		235,415
Petroleos Mexicanos(b):
5.38%, 03/13/22			27		28,215
6.50%, 03/13/27			148		158,193
5.35%, 02/12/28			123		120,909
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 06/01/22			1,000		987,088
Precision Drilling Corp.:
7.75%, 12/15/23			50		52,750
7.13%, 01/15/26(b)			159		160,391
Range Resources Corp.:
5.88%, 07/01/22			244		247,660
5.00%, 08/15/22			53		52,205
5.00%, 03/15/23			88		86,020
4.88%, 05/15/25			24		22,980
Resolute Energy Corp., 8.50%, 05/01/20			279		278,651
Rockies Express Pipeline LLC(b):
5.63%, 04/15/20			565		586,894
6.88%, 04/15/40			229		268,502
Rowan Cos., Inc.:
4.88%, 06/01/22			50		47,000
4.75%, 01/15/24			64		55,680
7.38%, 06/15/25			326		321,925
RSP Permian, Inc.:
6.63%, 10/01/22			179		186,607
5.25%, 01/15/25			102		102,765
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26			1,750		1,910,837
Sanchez Energy Corp.:
7.75%, 06/15/21			548		523,340

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
6.13%, 01/15/23		USD	128	$	96,000
7.25%, 02/15/23(b)			110		111,375
SESI LLC, 7.13%, 12/15/21			60		61,200
Seven Generations Energy Ltd., 5.38%, 09/30/25(b)			197		192,567
SM Energy Co.:
6.50%, 11/15/21			50		50,750
6.50%, 01/01/23(f)			194		194,000
5.00%, 01/15/24			30		28,200
5.63%, 06/01/25			191		182,524
6.75%, 09/15/26			92		92,460
Southwestern Energy Co.:
6.70%, 01/23/25			70		68,600
7.50%, 04/01/26			124		125,240
7.75%, 10/01/27			162		165,240
Suncor Energy, Inc., 6.50%, 06/15/38			1,000		1,282,664
Sunoco Logistics Partners Operations LP, 3.90%, 07/15/26			310		296,470
Sunoco LP/Sunoco Finance Corp.(b):
4.88%, 01/15/23			298		296,480
5.88%, 03/15/28			4		4,015
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b):
5.50%, 09/15/24			284		292,514
5.50%, 01/15/28			212		212,530
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			10		10,144
5.13%, 02/01/25			77		76,807
5.38%, 02/01/27			52		52,000
5.00%, 01/15/28(b)			278		270,007
TransCanada PipeLines Ltd., 4.63%, 03/01/34			500		529,086
Transocean, Inc., 7.50%, 01/15/26(b)			310		312,325
Weatherford International Ltd.:
6.50%, 08/01/36			75		57,000
7.00%, 03/15/38			124		98,580
5.95%, 04/15/42			128		92,160
Western Gas Partners LP, 5.38%, 06/01/21			1,425		1,491,341
Whiting Petroleum Corp., 6.63%, 01/15/26(b)			305		311,100
WildHorse Resource Development Corp., 6.88%, 02/01/25			100		102,500
Williams Cos., Inc., 5.75%, 06/24/44			647		687,437
Williams Partners LP:
3.90%, 01/15/25			1,150		1,141,410
4.00%, 09/15/25			750		747,657
WPX Energy, Inc.:
7.50%, 08/01/20			34		36,380
6.00%, 01/15/22			139		144,213
8.25%, 08/01/23			45		50,963
5.25%, 09/15/24			192		192,000
YPF SA, 8.50%, 07/28/25			370		410,811
					57,701,023
Oil: Crude Producers — 0.0%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 01/15/28			235		222,075
Paper & Forest Products — 0.2%
International Paper Co., 6.00%, 11/15/41			870		1,038,488
Norbord, Inc., 6.25%, 04/15/23(b)			120		128,286
					1,166,774
Pharmaceuticals — 2.0%
AbbVie, Inc.:
3.60%, 05/14/25			870		860,413
3.20%, 05/14/26			500		477,405

24 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Pharmaceuticals (continued)
4.45%, 05/14/46		USD	2,095	$	2,090,666
Actavis Funding SCS:
3.80%, 03/15/25			3,250		3,206,808
4.55%, 03/15/35			2,140		2,135,322
Endo Finance LLC/Endo Finco, Inc.(b):
5.38%, 01/15/23			62		46,345
6.00%, 07/15/23			315		236,250
Forest Laboratories LLC, 5.00%, 12/15/21(b)			758		797,929
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24(b)			108		115,560
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23(b)			795		798,975
Mylan NV, 3.95%, 06/15/26			750		725,377
Nidda Healthcare Holding AG, 3.50%, 09/30/24		EUR	100		122,238
Synlab Bondco PLC, 6.25%, 07/01/22			100		127,222
Team Health Holdings, Inc., 6.38%, 02/01/25(b)(f)		USD	267		244,305
Teva Pharmaceutical Finance Netherlands II BV, 1.25%, 03/31/23		EUR	100		108,579
Teva Pharmaceutical Finance Netherlands III BV, 1.70%, 07/19/19		USD	225		219,532
Valeant Pharmaceuticals International, Inc.(b):
7.50%, 07/15/21			60		60,300
6.75%, 08/15/21			301		293,475
5.63%, 12/01/21			261		246,645
6.50%, 03/15/22			276		287,040
5.50%, 03/01/23			297		262,845
5.88%, 05/15/23			1,318		1,171,372
7.00%, 03/15/24			320		336,800
6.13%, 04/15/25			318		279,045
5.50%, 11/01/25			143		141,481
					15,391,929
Real Estate Investment Trusts (REITs) — 1.2%
ERP Operating LP, 4.50%, 06/01/45			1,155		1,204,617
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)			102		103,530
HCP, Inc., 4.00%, 06/01/25(f)			2,000		2,007,150
Hilton Domestic Operating Co., Inc., 4.25%, 09/01/24			67		65,828
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25			48		48,180
iStar, Inc.:
4.63%, 09/15/20			25		25,125
6.00%, 04/01/22			96		96,480
5.25%, 09/15/22			112		110,040
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24			1,182		1,222,779
4.50%, 09/01/26			364		346,710
NH Hotel Group SA, 3.75%, 10/01/23		EUR	128		163,382
Simon Property Group LP, 4.75%, 03/15/42		USD	1,670		1,781,989
Starwood Property Trust, Inc.:
5.00%, 12/15/21			345		352,763
4.75%, 03/15/25(b)			68		65,960
Trust F/1401, 6.95%, 01/30/44			476		499,205
Ventas Realty LP, 4.13%, 01/15/26			870		878,281
Ventas Realty LP/Ventas Capital Corp., 4.75%, 06/01/21			550		574,215
					9,546,234
Real Estate Management & Development — 0.7%
ADLER Real Estate AG, 2.13%, 02/06/24		EUR	100		121,292
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(b)		USD	124		125,550

Security	Par (000)			Value
Real Estate Management & Development (continued)
Howard Hughes Corp., 5.38%, 03/15/25(b)		USD	148	$	145,965
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29(b)(f)			4,600		4,342,113
Realogy Group LLC/Realogy Co-Issuer Corp.(b):
5.25%, 12/01/21			133		134,662
4.88%, 06/01/23			109		105,458
RESIDOMO Sro, 3.38%, 10/15/24		EUR	100		122,610
					5,097,650
Restaurants — 0.0%
IRB Holding Corp., 6.75%, 02/15/26(b)		USD	136		135,789
Road & Rail — 1.2%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.13%, 06/01/22(b)(f)			261		260,348
Burlington Northern Santa Fe LLC, 5.75%, 05/01/40(f)			1,890		2,322,397
CSX Corp., 4.75%, 05/30/42			350		369,410
EC Finance PLC, 2.38%, 11/15/22		EUR	100		123,660
Flexi-Van Leasing, Inc., 10.00%, 02/15/23(b)		USD	146		145,270
Herc Rentals, Inc.(b):
7.50%, 06/01/22			254		271,780
7.75%, 06/01/24			82		89,355
Hertz Corp., 7.63%, 06/01/22(b)			288		295,920
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)			5,000		5,279,500
Loxam SAS, 3.50%, 05/03/23		EUR	100		125,667
United Rentals North America, Inc.:
4.63%, 07/15/23		USD	72		73,620
5.50%, 07/15/25			93		95,790
					9,452,717
Semiconductors & Semiconductor Equipment — 0.9%
Advanced Micro Devices, Inc., 7.50%, 08/15/22			51		55,972
Analog Devices, Inc.:
3.90%, 12/15/25			470		475,938
3.50%, 12/05/26			345		336,876
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27			2,850		2,732,635
Microchip Technology, Inc., 1.63%, 02/15/25			351		610,872
Micron Technology, Inc.:
5.25%, 01/15/24(b)			27		27,675
5.50%, 02/01/25			7		7,263
Series G, 3.00%, 11/15/43(j)			128		216,223
Microsemi Corp., 9.13%, 04/15/23(b)			14		15,505
NXP BV/NXP Funding LLC(b):
4.13%, 06/15/20			420		427,350
4.13%, 06/01/21			278		282,921
3.88%, 09/01/22			200		200,440
5.75%, 03/15/23			260		267,644
ON Semiconductor Corp., 1.00%, 12/01/20			383		535,754
QUALCOMM, Inc., 4.65%, 05/20/35			250		255,189
Sensata Technologies BV, 5.00%, 10/01/25(b)			312		314,340
					6,762,597
Software — 2.0%
ACI Worldwide, Inc., 6.38%, 08/15/20(b)			320		323,200
BMC Software Finance, Inc., 8.13%, 07/15/21(b)			323		324,211
CA, Inc., 3.60%, 08/15/22			705		704,937
Citrix Systems, Inc., 0.50%, 04/15/19			99		131,612
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24(b)			434		480,112
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 08/01/22(b)			31		31,078

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Software (continued)
Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 05/01/21(b)(g)		USD	305	$	310,337
Infor US, Inc., 6.50%, 05/15/22			1,096		1,120,660
Informatica LLC, 7.13%, 07/15/23(b)			492		501,594
Microsoft Corp., 3.50%, 11/15/42(f)			4,000		3,812,871
Nuance Communications, Inc.:
5.38%, 08/15/20(b)			39		39,341
6.00%, 07/01/24			182		190,472
5.63%, 12/15/26			81		82,013
Oracle Corp., 5.38%, 07/15/40(f)			3,025		3,649,659
PTC, Inc., 6.00%, 05/15/24			125		131,406
Rackspace Hosting, Inc., 8.63%, 11/15/24(b)(f)			135		140,590
RP Crown Parent LLC, 7.38%, 10/15/24(b)			210		218,925
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(b)			1,122		1,259,782
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(b)			210		221,288
TIBCO Software, Inc., 11.38%, 12/01/21(b)			553		602,870
Veritas US, Inc./Veritas Bermuda Ltd.(b):
7.50%, 02/01/23			400		406,000
10.50%, 02/01/24			400		382,000
					15,064,958
Specialty Retail — 0.6%
Asbury Automotive Group, Inc., 6.00%, 12/15/24			244		253,150
Catalent Pharma Solutions, Inc., 4.88%, 01/15/26(b)			231		228,690
Group 1 Automotive, Inc.:
5.00%, 06/01/22			110		112,200
5.25%, 12/15/23(b)			13		13,325
Hexion US Finance Corp., 6.63%, 04/15/20			78		72,540
Home Depot, Inc., 5.88%, 12/16/36			1,660		2,112,103
JC Penney Corp., Inc.:
8.13%, 10/01/19			28		29,365
6.38%, 10/15/36			14		9,450
7.40%, 04/01/37			39		28,080
L Brands, Inc.:
6.88%, 11/01/35			285		282,863
6.75%, 07/01/36			49		48,020
Lowe’s Cos, Inc., 4.38%, 09/15/45			1,000		1,027,804
Penske Automotive Group, Inc., 5.50%, 05/15/26			22		21,945
PetSmart, Inc., 5.88%, 06/01/25(b)			93		72,540
PVH Corp., 3.13%, 12/15/27		EUR	100		121,339
Shop Direct Funding PLC, 7.75%, 11/15/22		GBP	100		128,071
					4,561,485
Technology Hardware, Storage & Peripherals — 0.8%
Apple, Inc., 4.65%, 02/23/46(f)		USD	2,400		2,617,802
Dell International LLC/EMC Corp.(b):
4.42%, 06/15/21			20		20,420
7.13%, 06/15/24			438		471,398
6.02%, 06/15/26			110		117,442
8.35%, 07/15/46			45		57,010
Hewlett Packard Enterprise Co., 4.90%, 10/15/25			1,500		1,554,863
Riverbed Technology, Inc., 8.88%, 03/01/23(b)			133		124,688
Western Digital Corp.:
7.38%, 04/01/23(b)			638		693,506
4.75%, 02/15/26			617		621,627
					6,278,756
Textiles, Apparel & Luxury Goods — 0.0%
BiSoho SAS, 5.88%, 05/01/23		EUR	54		70,419
Springs Industries, Inc., 6.25%, 06/01/21		USD	36		36,630
					107,049
Thrifts & Mortgage Finance — 0.1%
Jerrold Finco PLC, 6.25%, 09/15/21		GBP	100		140,492

Security	Par (000)			Value
Thrifts & Mortgage Finance (continued)
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(b):
5.25%, 03/15/22		USD	23	$	23,173
5.25%, 10/01/25			209		203,252
					366,917
Tobacco — 1.5%
Altria Group, Inc.:
9.95%, 11/10/38			516		849,341
10.20%, 02/06/39			894		1,504,403
5.38%, 01/31/44(f)			4,030		4,616,522
3.88%, 09/16/46			1,250		1,162,539
Reynolds American, Inc.:
4.45%, 06/12/25			635		653,693
7.00%, 08/04/41			1,000		1,289,860
5.85%, 08/15/45			1,500		1,746,499
					11,822,857
Transportation Infrastructure — 0.3%
CEVA Group PLC, 7.00%, 03/01/21(b)			310		305,350
I 595 Express LLC, 3.31%, 12/31/31(e)(l)			889		837,770
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26(b)			490		469,374
Rumo Luxembourg Sarl, 7.38%, 02/09/24(b)			370		396,603
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26(b)			580		585,026
					2,594,123
Utilities — 0.2%
AES Argentina Generacion SA, 7.75%, 02/02/24(b)			370		391,334
AES Panama SRL, 6.00%, 06/25/22(b)			228		236,550
ContourGlobal Power Holdings SA, 5.13%, 06/15/21		EUR	100		124,245
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23(b)		USD	370		405,150
Stoneway Capital Corp., 10.00%, 03/01/27(b)(f)			530		584,988
					1,742,267
Wireless Telecommunication Services — 1.6%
CoreCivic, Inc., 4.75%, 10/15/27			120		114,600
CyrusOne LP/CyrusOne Finance Corp.:
5.00%, 03/15/24			356		358,670
5.38%, 03/15/27			35		35,088
Digicel Group Ltd., 8.25%, 09/30/20(b)			223		209,062
Digicel Ltd., 6.00%, 04/15/21(b)			1,550		1,489,937
GEO Group, Inc.:
5.13%, 04/01/23			278		276,610
6.00%, 04/15/26			40		39,862
Matterhorn Telecom SA(3 mo. Euribor + 3.25%), 3.25%, 02/01/23(a)		EUR	15		17,433
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25(b)		USD	152		145,540
Rogers Communications, Inc., 7.50%, 08/15/38			2,325		3,173,745
SBA Communications Corp., 4.88%, 09/01/24			112		110,600
Sprint Capital Corp.:
6.90%, 05/01/19			140		144,948
8.75%, 03/15/32			621		673,785
Sprint Communications, Inc., 7.00%, 03/01/20(b)			776		819,650
Sprint Corp.:
7.88%, 09/15/23			711		735,885
7.13%, 06/15/24			1,000		993,100
7.63%, 02/15/25(f)			707		707,000
7.63%, 03/01/26			216		215,212
T-Mobile USA, Inc.:
4.00%, 04/15/22			132		132,000

26 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Wireless Telecommunication Services (continued)
6.00%, 03/01/23		USD	205	$	213,200
6.50%, 01/15/24			240		251,400
6.00%, 04/15/24			306		318,240
6.38%, 03/01/25			37		39,035
4.50%, 02/01/26			249		244,331
4.75%, 02/01/28			312		304,319
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25%, 10/15/23			287		267,627
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23			100		110,861
Xplornet Communications, Inc., (9.63% Cash or 10.63% PIK), 9.63%, 06/01/22(b)(g)			83		86,549
					12,228,289
Total Corporate Bonds — 71.4% (Cost — $530,888,870)					551,268,539
Floating Rate Loan Interests(l) — 2.0%
Aerospace & Defense — 0.1%
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.75% 1.00% Floor), 5.40%, 08/18/24			330		331,870
Sequa Mezzanine Holdings LLC, 2nd Lien Term Loan, (3 mo. LIBOR + 9.00% 1.00% Floor), 10.75%, 04/28/22			40		40,533
					372,403
Air Freight & Logistics — 0.0%
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%), 6.50%, 03/19/21(e)			18		17,811
CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.27%, 03/19/21			18		18,163
CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.27%, 03/19/21			3		2,710
CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 7.27%, 03/19/21			26		25,815
XPO Logistics, Inc., 2018 Term Loan B, 02/23/25(m)			95		94,919
					159,418
Auto Components — 0.0%
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 4.69%, 05/16/24			56		55,760
Banks — 0.0%
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.02%, 11/01/24			71		70,956
Chemicals — 0.1%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.69%, 01/31/24			81		81,119
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.19%, 06/28/24			35		35,372
H.B. Fuller Co., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 3.84%, 10/20/24			188		189,353
Invictus:
1st Lien Term Loan, 01/24/25(m)			76		76,862
2nd Lien Term Loan, 01/23/26(m)			42		42,289
PQ Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%), 8.94%, 02/08/25			56		56,008
WR Grace & Co. (m):
Term Loan B1, 02/12/25			64		64,144
Term Loan B2, 02/12/25			110		110,203
					655,350

Security	Par (000)			Value
Commercial Services & Supplies — 0.0%
Asurion LLC, 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.65%, 08/04/25		USD	43	$	44,043
Convergint Technologies LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 4.66%, 02/03/25			38		38,453
West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.65%, 10/10/24			144		144,909
					227,405
Construction & Engineering — 0.1%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 6.01%, 06/21/24			1,074		1,081,918
Diversified Consumer Services — 0.0%
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.65%, 07/12/24			41		41,034
Laureate Education, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50% 1.00% Floor), 5.15%, 04/26/24			147		147,620
					188,654
Diversified Financial Services — 0.1%
Endo Luxembourg Finance Company I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 5.94%, 04/29/24			486		484,736
Diversified Telecommunication Services — 0.1%
CenturyLink, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.40%, 01/31/25			516		506,841
MTN Infrastructure TopCo, Inc., MTN Topco Term Loan, 11/17/24(m)			41		41,185
					548,026
Electrical Equipment — 0.0%
Gates Global LLC, 2017 Repriced Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.44%, 04/01/24			162		162,655
Generac Power Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 2.00%), 3.69%, 05/31/23			111		111,231
					273,886
Energy Equipment & Services — 0.1%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00% 1.00% Floor), 7.59%, 03/01/24			194		194,646
GrafTech Finance, Inc., 2018 Term Loan B, (OR + 3.50% 1.00% Floor), 5.08%, 02/12/25(e)			121		120,849
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75% 1.00% Floor), 9.33%, 11/08/22			420		436,275
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.30%), 3.95%, 07/13/20			176		173,619
					925,389
Food Products — 0.0%
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.15%, 10/10/23			41		40,960
JBS USA LLC, 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.10%, 10/30/22			190		189,050
					230,010
Health Care Equipment & Supplies — 0.1%
DJO Finance LLC, 2015 Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.90%, 06/08/20			498		493,715
Immucor, Inc., Extended Term Loan B, (2 mo. LIBOR + 5.00% 1.00% Floor), 6.65%, 06/15/21			512		520,963
Ortho-Clinical Diagnostics SA, Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.44%, 06/30/21			20		19,944
					1,034,622

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Health Care Providers & Services — 0.1%
Quorum Health Corporation, Term Loan B, 04/29/22(m)		USD	97	$	99,138
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.40%, 02/06/24			227		220,429
					319,567
Health Care Technology — 0.0%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.40%, 03/01/24			189		189,331
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 3.69%, 03/07/24			22		22,148
					211,479
Hotels, Restaurants & Leisure — 0.1%
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 4.40%, 12/22/24			302		303,851
Cineworld Ltd., 2018 Term Loan, 02/18/25(m)			180		179,730
IRB Holding Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.83%, 02/05/25			61		61,567
					545,148
Industrial Conglomerates — 0.1%
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.58%, 11/30/23			217		217,715
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00% 1.00% Floor), 6.55%, 11/28/21			114		115,760
					333,475
Insurance — 0.1%
Genworth Financial, Inc., Term Loan, 02/25/23(m)			88		89,100
Sedgwick Claims Management Services, Inc.:
1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 5.44%, 03/01/21			230		230,000
2nd Lien Term Loan, (1 mo. LIBOR + 5.75% 1.00% Floor), 5.44%, 02/28/22			96		96,420
					415,520
IT Services — 0.0%
Access CIG LLC(m):
2018 2nd Lien Delayed Draw Term Loan, 02/13/26			3		2,619
2018 2nd Lien Term Loan, 02/02/26			14		14,360
2018 Delayed Draw Term Loan, 02/14/25			9		8,693
2018 1st Lien Term Loan, 02/02/25(m)			41		41,652
Peak 10 Holding Corp. :
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.19%, 08/01/24			102		101,948
2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 9.02%, 08/01/25			43		43,150
WEX, Inc., 2017 Term Loan B2, (3 mo. LIBOR + 2.25%), 3.90%, 06/30/23			71		71,444
					283,866
Life Sciences Tools & Services — 0.0%
Albany Molecular Research, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.90%, 08/30/24			62		61,977
Machinery — 0.0%
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.15%, 08/05/24			38		38,047

Security	Par (000)			Value
Media — 0.4%
Charter Communications Operating LLC, 2017 Term Loan A2, 7.27%, 03/31/23		USD	962	$	960,797
CSC Holdings LLC, 2018 Term Loan B, (3 mo. LIBOR + 2.50%), 4.14%, 01/25/26			102		102,085
Intelsat Jackson Holdings SA:
2017 Term Loan B3, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.71%, 11/27/23			64		63,905
2017 Term Loan B4, (3 mo. LIBOR + 4.50% 1.00% Floor), 6.46%, 01/14/24			161		163,932
2017 Term Loan B5, (Fixed + 6.63%), 6.63%, 01/14/24			1,138		1,140,979
Lamar Media Corp., 2018 Term Loan B, 02/16/25(m)			69		69,345
PSAV Holdings LLC(m):
2018 1st Lien Term Loan, 02/21/25			91		91,228
2018 2nd Lien Term Loan, 08/22/25(e)			74		74,185
Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.09%, 01/15/26			224		224,653
					2,891,109
Multiline Retail — 0.0%
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.83%, 10/25/20			187		158,034
Oil, Gas & Consumable Fuels — 0.3%
BCP Renaissance Parent LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 5.77%, 10/31/24			141		142,150
California Resources Corp., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 6.34%, 12/31/22			496		501,580
Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.50% 1.00% Floor), 9.44%, 08/23/21			1,005		1,069,969
CONSOL Energy, Inc., 1st Lien Term Loan B, (3 mo. LIBOR + 6.00% 1.00% Floor), 7.99%, 10/26/22			19		19,412
Lucid Energy Group II LLC, 2018 1st Lien Term Loan, 4.44%, 02/17/25			116		116,073
Medallion Midland Acquisition LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.90%, 10/30/24(e)			78		78,195
Vine Oil & Gas LP, Term Loan B, (1 mo. LIBOR + 6.87% 1.00% Floor), 8.52%, 12/12/21(e)			189		189,000
					2,116,379
Professional Services — 0.0%
Information Resources, Inc., 1st Lien Term Loan, (OR + 4.25% 1.00% Floor), 6.19%, 01/18/24			49		48,921
Software — 0.2%
Applied Systems, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.94%, 09/19/24			22		21,886
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 8.69%, 09/19/25			21		21,656
BMC Software Finance, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 4.90%, 09/10/22			91		91,266
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.65%, 04/27/24			75		75,305
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 8.40%, 04/27/25			23		23,357
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.75%), 5.02%, 05/28/24			305		305,812
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.25% 1.00% Floor), 10.02%, 11/01/24			353		361,605
Mitchell International, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.94%, 11/29/24			96		95,901

28 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Software (continued)
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 8.94%, 11/20/25		USD	101	$	101,606
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 4.65%, 05/01/24			92		92,382
					1,190,776
Specialty Retail — 0.0%
Belron Finance US LLC, Term Loan B, (3 mo. LIBOR + 2.50%), 4.29%, 11/07/24			85		85,425
Textiles, Apparel & Luxury Goods — 0.0%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25% 1.00% Floor), 6.94%, 08/12/22(e)			185		185,629
Trading Companies & Distributors — 0.0%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 3.83%, 01/02/25			92		92,384
Transportation — 0.0%
Direct ChassisLink, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.67%, 06/15/23(e)			33		33,495
Utilities — 0.0%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 4.47%, 11/28/24(e)			55		55,343
Wireless Telecommunication Services — 0.0%
Syniverse Holdings, Inc., 2018 Term Loan, 02/08/23(m)			74		74,578
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.25%), 3.60%, 12/20/24			170		170,615
					245,193
Total Floating Rate Loan Interests — 2.0% (Cost — $15,479,691)					15,620,300
Foreign Agency Obligations — 4.5%
Argentine Republic Government International Bond:
5.63%, 01/26/22			414		421,659
7.50%, 04/22/26			3,875		4,138,500
6.88%, 01/26/27			969		984,514
5.88%, 01/11/28			158		147,651
7.63%, 04/22/46			3,121		3,096,032
Bahrain Government International Bond, 6.75%, 09/20/29(b)			230		218,787
Brazil Letras do Tesouro Nacional, 0.00%, 07/01/18(n)		BRL	1,000		301,542
Brazilian Government International Bond, 6.00%, 04/07/26		USD	786		860,277
Cyprus Government International Bond, 4.63%, 02/03/20(b)		EUR	1,210		1,603,847
Egypt Government International Bond:
5.75%, 04/29/20		USD	941		970,284
8.50%, 01/31/47(b)			291		325,786
Iceland Government International Bond, 5.88%, 05/11/22(f)			3,555		3,961,825
Indonesia Government International Bond, 4.75%, 01/08/26			580		604,683
Italian Government International Bond, 5.38%, 06/15/33			2,925		3,320,866
Lebanon Government International Bond, 6.85%, 03/23/27			577		543,822
Mexican Bonos:
8.00%, 06/11/20		MXN	3,100		165,913
7.50%, 06/03/27			5,100		267,831

Security	Par (000)			Value
Foreign Agency Obligations (continued)
Portugal Government International Bond, 5.13%, 10/15/24(b)(f)		USD	3,970	$	4,212,091
Republic of South Africa Government International Bond:
5.50%, 03/09/20			188		195,144
5.88%, 05/30/22			672		724,087
4.88%, 04/14/26			288		288,685
5.65%, 09/27/47			200		197,020
Russian Federal Bond — OFZ:
6.40%, 05/27/20		RUB	24,900		442,608
7.05%, 01/19/28			51,400		921,110
Russian Foreign Bond — Eurobond:
4.75%, 05/27/26(b)		USD	400		419,488
4.25%, 06/23/27			1,200		1,211,342
Saudi Government International Bond, 3.63%, 03/04/28			691		657,486
Slovenia Government International Bond, 5.85%, 05/10/23(b)			864		968,039
Turkey Government International Bond:
7.00%, 06/05/20			674		716,826
5.63%, 03/30/21			567		589,364
5.13%, 03/25/22			739		756,736
6.25%, 09/26/22			200		213,350
7.38%, 02/05/25			211		236,531
6.00%, 03/25/27			282		288,881
Total Foreign Agency Obligations — 4.5% (Cost — $34,449,289)					34,972,607
Municipal Bonds — 3.1%
California — 0.9%
East Bay Municipal Utility District, RB, Build America Bonds, 5.87%, 06/01/40			1,900		2,415,033
State of California, GO, Build America Bonds, Various Purpose:
7.55%, 04/01/39			280		421,582
7.63%, 03/01/40			1,720		2,584,024
University of California, RB, Build America Bonds, 5.95%, 05/15/45			885		1,106,551
					6,527,190
Georgia — 0.3%
Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4, Refunding RB, Build America Bonds, Series A, 7.06%, 04/01/57			2,000		2,362,800
Illinois — 0.2%
State of Illinois, GO, Pension, 5.10%, 06/01/33			2,000		1,885,660
Indiana — 0.4%
Indianapolis Local Public Improvement Bond Bank, RB, Build America Bonds, 6.12%, 01/15/40			2,535		3,169,460
New York — 1.3%
City of New York New York Municipal Water Finance Authority, Refunding RB, 2nd General Resolution:
Series EE, 5.50%, 06/15/43			930		1,018,015
Series GG, Build America Bonds, 5.72%, 06/15/42			1,390		1,796,088
Water & Sewer System, Series EE, 5.38%, 06/15/43			770		840,055
Metropolitan Transportation Authority, RB, Build America Bonds, Series C, 7.34%, 11/15/39			1,295		1,920,252
New York State Dormitory Authority, RB, Build America Bonds:
5.63%, 03/15/39			1,100		1,327,590

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
New York (continued)
5.60%, 03/15/40		USD	1,900	$	2,331,490
Port Authority of New York & New Jersey, RB, 159th Series, 6.04%, 12/01/29			780		961,366
					10,194,856
Total Municipal Bonds — 3.1% (Cost — $20,472,799)					24,139,966
Non-Agency Mortgage-Backed Securities — 9.1%
Collateralized Mortgage Obligations — 0.5%
Banc of America Funding Corp., Series 2007-2, Class 1A2, 6.00%, 03/25/37			587		526,031
Countrywide Alternative Loan Trust:
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35			1,147		1,141,853
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.19%), 1.78%, 03/20/47(a)			860		730,014
GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 5A1, 3.76%, 06/19/35(c)			311		303,526
GSR Mortgage Loan Trust:
Series 2006-4F, Class 1A1, 5.00%, 05/25/36			55		92,893
Series 2007-4F, Class 3A1, 6.00%, 07/25/37			191		175,098
JPMorgan Mortgage Trust, Series 2006-S3, Class 1A12, 6.50%, 08/25/36			75		62,710
Merrill Lynch Mortgage Investors, Inc., Series 2006-A3, Class 3A1, 3.72%, 05/25/36(c)			571		533,523
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 1.97%, 05/25/47(a)			206		196,108
					3,761,756
Commercial Mortgage-Backed Securities — 8.5%
Banc of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.60%, 04/14/33(b)(c)			4,170		4,129,359
Citigroup Commercial Mortgage Trust, Series 2013-GC15, Class B, 5.10%, 09/10/46(c)			7,183		7,665,554
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class AM, 5.65%, 10/15/48			1,618		1,677,362
Commercial Mortgage Trust:
Series 2013-300P, Class A1, 4.35%, 08/10/30(b)			1,330		1,394,615
Series 2013-CR11, Class B, 5.16%, 08/10/50(c)			7,000		7,415,316
Series 2013-LC6, Class B, 3.74%, 01/10/46			1,390		1,376,537
Series 2015-3BP, Class A, 3.18%, 02/10/35(b)			7,570		7,444,313
Series 2015-CR22, Class C, 4.12%, 03/10/48(c)			5,000		4,876,834
Series 2015-LC19, Class C, 4.26%, 02/10/48(c)			3,500		3,474,809
Core Industrial Trust, Series 2015-TEXW, Class D, 3.85%, 02/10/34(b)(c)			4,585		4,601,954
CSAIL Commercial Mortgage Trust, Series 2015-C1(c):
Class B, 4.04%, 04/15/50			1,110		1,116,230
Class C, 4.30%, 04/15/50			1,000		989,353
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX, 3.38%, 12/15/34(b)(c)			6,170		6,149,535
GS Mortgage Securities Corp. II, Series 2013-GC10, Class B, 3.68%, 02/10/46(b)			2,505		2,495,112
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-NINE, Class A, 2.85%, 10/06/38(b)(c)			4,800		4,550,707
Morgan Stanley Capital I Trust, Series 2014-CPT, Class G, 3.45%, 07/13/29(b)(c)			3,200		3,090,951
WF-RBS Commercial Mortgage Trust, Series 2012-C8:
Class B, 4.31%, 08/15/45			1,395		1,430,863
Class C, 4.89%, 08/15/45(c)			1,795		1,825,692
					65,705,096

Security	Par (000)			Value
Interest Only Commercial Mortgage-Backed Securities — 0.1%
Commercial Mortgage Loan Trust, Series 2015-LC21, Class XA, 0.84%, 07/10/48(c)		USD	19,166	$	748,558
Total Non-Agency Mortgage-Backed Securities — 9.1% (Cost — $70,193,478)					70,215,410
Preferred Securities – 12.8%
Capital Trusts — 11.6%
Auto Components — 0.0%
General Motors Financial Co., Inc., Series A, 5.75%(c)(i)			264		267,670
Banks — 3.4%
ABN AMRO Bank NV, 5.75%(h)(i)			200		267,790
Banco Bilbao Vizcaya Argentaria SA, 6.13%(c)(f)(i)			2,000		2,035,000
Banco Santander SA, 6.25%(h)(i)			100		127,795
BNP Paribas SA, 7.20%(b)(h)(i)			2,000		2,265,000
Capital One Financial Corp., Series E, 5.55%(h)(i)			3,500		3,606,050
CIT Group, Inc., Series A, 5.80%(h)(i)			163		164,630
Citigroup, Inc.(h)(i):
Series M, 6.30%			4,000		4,210,800
Series P, 5.95%			2,200		2,286,900
Series Q, 5.95%			100		103,580
Series R, 6.13%			605		639,412
Cooperatieve Rabobank UA, 6.63%(h)(i)			200		281,286
Credit Agricole SA(b)(h)(i):
6.63%			1,400		1,452,500
7.88%			1,000		1,116,250
Intesa Sanpaolo SpA, 7.00%(h)(i)			200		271,094
Nordea Bank AB, 6.13%(b)(h)(i)			2,960		3,109,480
Wells Fargo & Co.(h)(i):
Series S, 5.90%			3,450		3,600,938
Series U, 5.88%			525		558,143
					26,096,648
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series P, 5.00%(c)(i)			545		530,078
Morgan Stanley, Series H, 5.45%(h)(i)			2,627		2,686,107
State Street Corp., Series F, 5.25%(h)(i)			2,000		2,075,000
					5,291,185
Chemicals — 0.0%
Solvay Finance SA, 5.12%(h)(i)			100		136,335
Diversified Financial Services — 5.0%
ATF Netherlands BV, 3.75%(h)(i)			100		128,389
Bank of America Corp.(h)(i):
Series AA, 6.10%			300		318,000
Series V, 5.13%			385		389,331
Series X, 6.25%			4,620		4,967,424
Bank of New York Mellon Corp.(h)(i):
Series D, 4.50%(f)			8,400		8,190,000
Series E, 4.95%			2,000		2,047,500
Barclays PLC, 7.25%(h)(i)			200		300,464
Credit Suisse Group AG, 6.25%(h)(i)			200		210,440
HBOS Capital Funding LP, 6.85%(i)			100		102,016
HSBC Holdings PLC, 6.00%(h)(i)			435		444,352
JPMorgan Chase & Co.(h)(i):
Series 1, 7.90%			7,000		7,061,250
Series Q, 5.15%			3,000		3,020,100
Series U, 6.13%			500		528,500
Series V, 5.00%			6,710		6,743,550
Series X, 6.10%			160		169,840
Royal Bank of Scotland Group PLC, 8.63%(h)(i)			200		221,000

30 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

Security	Par (000)				Value
Diversified Financial Services (continued)
Societe Generale SA(b)(f)(h)(i):
6.00%		USD		3,000	$	3,065,700
7.88%				1,000		1,112,500
						39,020,356
Diversified Telecommunication Services — 0.1%
SoftBank Group Corp., 6.00%(h)(i)				215		207,475
Telefonica Europe BV, 4.20%(h)(i)				200		257,405
						464,880
Electric Utilities — 0.6%
ComEd Financing III, 6.35%(h)(i)				300		320,250
Electricite de France SA, 5.25%(b)(h)(i)				4,200		4,212,600
Gas Natural Fenosa Finance BV, 4.13%(h)(i)				100		130,693
						4,663,543
Industrial Conglomerates — 0.3%
General Electric Co., Series D, 5.00%(h)(i)				2,131		2,104,363
Insurance — 1.5%
Allstate Corp.(h):
5.75%				2,000		2,135,000
6.50%				4,100		4,879,000
Voya Financial, Inc., 5.65%(h)				4,500		4,635,000
						11,649,000
Total Capital Trusts — 11.6% (Cost — $86,744,047)						89,693,980
			Shares
Preferred Stocks — 1.1%
Banks — 0.4%
Wells Fargo & Co.(i):
Series Q, 5.85%(h)				75,000		1,991,250
Series Y, 5.63%				50,000		1,248,500
						3,239,750
Capital Markets — 0.6%
Goldman Sachs Group, Inc., Series J, 5.50%(h)(i)				92,000		2,435,240
Morgan Stanley, Series K, 5.85%(h)(i)				66,567		1,770,016
SCE Trust III, Series H, 5.75%(h)(i)				25,314		670,568
						4,875,824
Machinery — 0.1%
Stanley Black & Decker, Inc., 5.38%(h)(i)				2,500		294,625
Thrifts & Mortgage Finance — 0.0%
Fannie Mae, Series S, 8.25%(c)(i)				10,000		70,500
Total Preferred Stocks — 1.1% (Cost — $8,114,477)						8,480,699
Trust Preferred – 0.1%
Diversified Financial Services — 0.1%
Citigroup Capital XIII, 7.88, 10/30/40(h)				29,583		805,545
Total Trust Preferred — 0.1% (Cost — $779,529)						805,545
Total Preferred Securities — 12.8%						98,980,224

		Par (000)			Value
U.S. Government Sponsored Agency Securities — 14.6%
Agency Obligations — 1.5%
Fannie Mae, 5.63%, 07/15/37(f)	USD		1,600		$	2,128,176
Federal Home Loan Bank(f):
5.25%, 12/09/22			1,375			1,527,989
5.37%, 09/09/24			2,175			2,505,661
Residual Funding Corp., 0.00%, 04/15/30(m)			6,055			4,049,329
Resolution Funding Corp., 0.00%, 07/15/18 — 10/15/18(m)			1,050			1,039,287
						11,250,442
Collateralized Mortgage Obligations — 4.1%
Fannie Mae Mortgage-Backed Securities:
Series 2015-47, Class GL, 3.50%, 07/25/45			1,636			1,580,542
Series 2005-5, Class PK, 5.00%, 12/25/34			85			85,956
Series 1991-87, Class S, (1 mo. LIBOR + 26.68%), 22.39%, 08/25/21(a)			2			2,552
Series G-49, Class S, (1 mo. LIBOR + 1034.80%), 866.25%, 12/25/21(a)			—	(o)		6
Series G-17, Class S, 914.37%, 06/25/21(c)			—	(o)		—
Series G-07, Class S, (1 mo. LIBOR + 1144.57%), 961.77%, 03/25/21(a)			—	(o)		68
Series G-33, Class PV, 1,078.42%, 10/25/21			—	(o)		—
Series 1991-46, Class S, (1 mo. LIBOR + 2519.00%), 2,147.86%, 05/25/21(a)			—	(o)		—
Freddie Mac Mortgage-Backed Securities:
Series 4350, Class DY, 4.00%, 06/15/44			2,830			2,901,922
Series 4480, Class ZX, 4.00%, 11/15/44			6,118			6,107,169
Series 4549, Class TZ, 4.00%, 11/15/45			2,681			2,760,943
Series 4398, Class ZX, 4.00%, 09/15/54			8,796			9,047,727
Series 0173, Class R, 9.00%, 11/15/21(e)			—	(o)		—
Series 0173, Class RS, 11.10%, 11/15/21(c)(e)			—	(o)		2
Series 1057, Class J, 1,008.00%, 03/15/21			—	(o)		—
Series 0192, Class U, 1,009.03%, 02/15/22(c)			—	(o)		—
Ginnie Mae Mortgage-Backed Securities, Series 2014-72, Class MQ, 4.00%, 02/20/44			8,858			8,939,211
						31,426,098
Commercial Mortgage-Backed Securities — 0.2%
Freddie Mac, Series K013, Class A2, 3.97%, 01/25/21(c)			1,870			1,930,079
Interest Only Collateralized Mortgage Obligations — 0.6%
Fannie Mae Mortgage-Backed Securities:
Series 1997-50, Class SI, (1 mo. LIBOR + 9.20%), 1.20%, 04/25/23(a)			31			703
Series 2012-96, Class DI, 4.00%, 02/25/27			4,563			360,464
Series 2012-47, Class NI, 4.50%, 04/25/42			4,380			1,019,857
Series G92-05, Class H, 9.00%, 01/25/22			—	(o)		8
Series 094, Class 2, 9.50%, 08/25/21			—	(o)		17
Series 1990-136, Class S, 18.46%, 11/25/20(a)			1			1
Series 1991-139, Class PT, 648.35%, 10/25/21			—	(o)		—
Series 1991-099, Class L, 930.00%, 08/25/21			—	(o)		—
Series G-10, Class S, 930.47%, 05/25/21(a)			—	(o)		—
Series G-12, Class S, (1 mo. LIBOR + 1175.53%), 986.90%, 05/25/21(a)			—	(o)		—
Series 1990-123, Class M, 1,009.50%, 10/25/20			—	(o)		—
Freddie Mac Mortgage-Backed Securities:
Series K707, Class X1, 1.51%, 12/25/18(c)			4,619			35,500
Series 2611, Class QI, 5.50%, 09/15/32			224			5,553
Series 1254, Class Z, 8.50%, 04/15/22			13			1,775
Series 1043, Class H, (1 mo. LIBOR + 45.00%), 37.86%, 02/15/21(a)			1			1
Series 1054, Class I, (1 mo. LIBOR + 881.40%), 743.22%, 03/15/21(a)			—	(o)		—

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK) (Percentages shown are based on Net Assets)

		Par (000)			Value
Interest Only Collateralized Mortgage Obligations (continued)
Series 1148, Class E, (1 mo. LIBOR + 1196.85%), 1,009.67%, 10/15/21(a)	USD		—	(o)	$	—
Series 0176, Class M, 1,010.00%, 07/15/21			—	(o)		—
Series 1056, Class KD, 1,084.50%, 03/15/21			—	(o)		—
Series 0019, Class R, 6,696.22%, 03/15/20(c)(e)			—	(o)		—
Ginnie Mae Mortgage-Backed Securities(a):
Series 2009-78, Class SD, (1 mo. LIBOR + 6.20%), 4.61%, 09/20/32			4,908			475,159
Series 2009-116, Class KS, (1 mo. LIBOR + 6.47%), 4.88%, 12/16/39			1,762			225,063
Series 2011-52, Class NS, (1 mo. LIBOR + 6.67%), 5.08%, 04/16/41			14,036			2,203,058
						4,327,159
Mortgage-Backed Securities — 8.2%
Fannie Mae Mortgage-Backed Securities(f):
3.00%, 8/01/43			9,576			9,345,490
4.00%, 12/01/41 — 04/01/56			31,006			32,024,864
4.50%, 07/01/41 — 07/01/55			17,600			18,593,492
5.00%, 8/01/34			1,748			1,887,144
5.50%, 6/01/38			839			920,460
6.00%, 12/01/38			707			788,372
Freddie Mac Mortgage-Backed Securities, 6.00%, 09/01/18 — 12/01/18			7			6,576
Ginnie Mae Mortgage-Backed Securities:
5.50%, 8/15/33			56			60,324
8.00%, 7/15/24			—	(o)		89
						63,626,811
Principal Only Collateralized Mortgage Obligations — 0.0%
Fannie Mae Mortgage-Backed Securities (m):
Series 1993-51, Class E, 0.00%, 02/25/23			6			5,414
Series 203, Class 1, 0.00%, 02/25/23			2			1,638
Series 1993-70, Class A, 0.00%, 05/25/23			1			907
Series 0228, Class 1, 0.00%, 06/25/23			1			1,312
						9,271
Total U.S. Government Sponsored Agency Securities — 14.6% (Cost — $113,229,425)						112,569,860
U.S. Treasury Obligations — 15.6%
U.S. Treasury Bonds(f):
3.00%, 11/15/44			61,400			60,006,508
2.50%, 02/15/46			66,500			58,668,066
U.S. Treasury Notes, 2.75%, 11/15/47(f)			2,000			1,852,969
Total U.S. Treasury Obligations — 15.6% (Cost — $132,027,630)						120,527,543
Total Long-Term Investments — 145.7% (Cost — $1,107,839,377)						1,125,302,204

		Shares		Value
Short-Term Securities — 0.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.29%(p)(q)	USD		2,711,662	$	2,711,662
Total Short-Term Securities — 0.4% (Cost — $2,711,662)					2,711,662
Options Purchased — 0.5% (Cost — $4,020,844)					3,494,413
Total Investments Before Options Written — 146.6% (Cost — $1,114,571,883)					1,131,508,279
Options Written — (0.7)% (Premiums Received — $3,581,260)					(5,205,701	)
Total Investments, Net of Options Written — 145.9% (Cost — $1,110,990,623)					1,126,302,578
Liabilities in Excess of Other Assets — (45.9)%					(354,127,931	)
Net Assets — 100.0%				$	772,174,647

^(a)  Floating rate security. Rate shown is the rate in effect as of period end.

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

^(c) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(d)  When-issued security.

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

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

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

^(h)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

⁽ⁱ⁾  Perpetual security with no stated maturity date.

^(j)  Convertible security.

^(k)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(l)  Variable rate security. Rate shown is the rate in effect as of period end.

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

⁽ⁿ⁾  Zero-coupon bond.

^(o) Amount is less than $500.

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

^(q)  During the six months ended February 28, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated	Shares Held at 08/31/17		Net Activity			Shares Held at 02/28/18		Value at 02/28/18		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		4,374,729		(1,663,067	)		2,711,662	$	2,711,662	$	43,782	$	36	$	—

^(a)  Includes net capital gain distributions, if applicable.

32 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

BNP Paribas Securities Corp.

1.44

%

12/29/16

Open

$

60,555,750

$

61,315,153

U.S. Treasury Obligations

Open/Demand

Deutsche Bank AG

1.43

02/27/17

Open

22,562,500

22,822,677

U.S. Treasury Obligations

Open/Demand

BNP Paribas Securities Corp.

1.86

06/15/17

Open

802,000

811,491

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.75

06/19/17

Open

3,648,000

3,688,179

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.75

06/19/17

Open

3,665,000

3,705,366

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.75

06/19/17

Open

8,069,000

8,157,871

Capital Trusts

Open/Demand

HSBC Securities (USA), Inc.

1.75

06/19/17

Open

3,945,000

3,988,450

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

2.00

06/19/17

Open

3,823,000

3,871,849

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

3,329,300

3,368,083

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

2,586,000

2,616,124

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

3,558,938

3,600,395

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

2,472,500

2,501,302

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

3,251,250

3,289,123

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

3,080,000

3,115,879

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

7,128,138

7,211,172

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

3,660,000

3,702,635

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

3,315,000

3,353,616

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/19/17

Open

4,634,500

4,688,487

Corporate Bonds

Open/Demand

Nomura Securities International, Inc.

1.46

06/20/17

Open

28,687,500

28,945,767

U.S. Treasury Obligations

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

1,930,000

1,952,312

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

1,807,500

1,828,396

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

1,555,750

1,573,735

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

2,091,000

2,115,173

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

1,641,500

1,660,477

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

4,850,000

4,906,069

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

2,480,000

2,508,670

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

2,300,003

2,326,592

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

2,286,900

2,313,338

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

1,867,500

1,886,697

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

3,306,250

3,344,472

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

1,928,180

1,950,471

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

06/21/17

Open

2,002,725

2,025,878

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

06/27/17

Open

1,220,838

1,233,748

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

06/27/17

Open

590,200

596,442

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

06/27/17

Open

2,544,013

2,570,916

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

06/27/17

Open

1,564,875

1,581,424

Corporate Bonds

Open/Demand

Credit Suisse Securities (USA) LLC

1.75

06/27/17

Open

2,370,000

2,395,064

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

08/30/17

Open

3,509,000

3,538,717

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

08/30/17

Open

1,901,250

1,917,351

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

08/30/17

Open

2,154,375

2,172,620

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

08/30/17

Open

2,227,500

2,246,364

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

2.20

09/12/17

Open

6,960,000

7,027,087

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

09/29/17

Open

1,584,000

1,595,386

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

09/29/17

Open

1,644,750

1,656,573

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

09/29/17

Open

1,850,000

1,863,298

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

09/29/17

Open

3,885,700

3,913,631

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.92

10/05/17

Open

4,135,000

4,164,978

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.92

10/05/17

Open

5,225,000

5,262,880

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

2.00

10/05/17

Open

4,604,000

4,638,882

Corporate Bonds

Open/Demand

Citigroup Global Market, Inc.

0.00

11/01/17

Open

225,000

224,911

Corporate Bonds

Open/Demand

Citigroup Global Market, Inc.

0.50

11/01/17

Open

195,435

195,035

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

11/03/17

Open

134,048

134,215

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

0.50

11/16/17

Open

118,294

118,123

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.52

12/14/17

Open

1,311,750

1,316,359

U.S. Government Sponsored Agency Securities

Open/Demand

BNP Paribas Securities Corp.

1.52

12/14/17

Open

797,125

799,926

U.S. Government Sponsored Agency Securities

Open/Demand

BNP Paribas Securities Corp.

1.52

12/14/17

Open

1,409,169

1,414,120

U.S. Government Sponsored Agency Securities

Open/Demand

UBS Securities LLC

1.80

12/14/17

Open

3,804,917

3,819,375

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

1.85

12/14/17

Open

3,875,514

3,890,650

Foreign Agency Obligations

Open/Demand

UBS Securities LLC

2.00

12/14/17

Open

341,325

342,766

Corporate Bonds

Open/Demand

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

Reverse Repurchase Agreements (continued)

Counterparty

Interest Rate

Trade Date

Maturity Date (a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements  (a)

UBS Securities LLC

2.00

%

12/14/17

Open

$

2,654,718

$

2,665,926

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

(0.15

)

01/08/18

Open

219,313

219,266

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

(0.30

)

01/08/18

Open

157,620

157,553

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

(0.50

)

01/08/18

Open

2,358,750

2,357,079

Capital Trusts

Open/Demand

J.P. Morgan Securities LLC

0.60

01/08/18

Open

149,623

149,750

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.00

01/09/18

Open

165,241

165,471

Corporate Bonds

Open/Demand

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1.46

01/22/18

Open

761,063

762,218

U.S. Government Sponsored Agency Securities

Open/Demand

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1.46

01/22/18

Open

1,263,125

1,265,043

U.S. Government Sponsored Agency Securities

Open/Demand

Deutsche Bank AG

(0.75

)

01/25/18

Open

71,000

70,950

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

01/30/18

Open

2,590,750

2,594,590

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

01/30/18

Open

8,151,615

8,163,698

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

01/30/18

Open

8,404,995

8,417,453

Corporate Bonds

Open/Demand

RBC Capital Markets LLC

1.84

01/30/18

Open

7,171,075

7,181,704

Corporate Bonds

Open/Demand

Barclays Capital, Inc.

(1.50

)

02/01/18

Open

138,679

138,604

Corporate Bonds

Open/Demand

BNP Paribas Securities Corp.

1.52

02/01/18

Open

856,832

856,832

Corporate Bonds

Open/Demand

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

2,637,000

2,638,805

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

2,379,000

2,380,628

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

9,079,000

9,085,214

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

7,581,993

7,592,905

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

1,844,000

1,845,262

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

890,000

890,609

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

2,064,000

2,065,413

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

5,008,000

5,011,428

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

18,940,000

18,952,963

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

7,890,000

7,895,400

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

760,000

760,520

U.S. Government Sponsored Agency Securities

Up to 30 days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

2,785,000

2,786,906

U.S. Government Sponsored Agency Securities

Up to 30 days

J.P. Morgan Securities LLC

0.00

02/13/18

Open

211,410

211,410

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

0.30

02/13/18

Open

398,788

398,837

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

(0.75

)

02/13/18

Open

897,500

897,220

Capital Trusts

Open/Demand

J.P. Morgan Securities LLC

0.90

02/13/18

Open

1,645,000

1,645,617

Capital Trusts

Open/Demand

Citigroup Global Market, Inc.

1.10

02/21/18

Open

586,376

586,502

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.00

02/21/18

Open

358,500

358,570

Corporate Bonds

Open/Demand

J.P. Morgan Securities LLC

1.39

02/28/18

3/01/18

1,862,500

1,862,572

U.S. Treasury Obligations

Up to 30 days

$

365,936,228

$

368,809,658

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

34 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Long Contracts:
Euro Stoxx 600 Index		1		03/16/18	$	9	$	242
Ultra Long U.S. Treasury Bond		12		06/20/18		1,871		8,276
90-Day Euro Future		449		03/18/19		109,315		(357,749	)
								(349,231	)
Short Contracts:
10-Year U.S. Treasury Note		363		06/20/18		43,577		75,622
10-Year U.S. Ultra Long Treasury Note		94		06/20/18		12,038		(8,071	)
Long U.S. Treasury Bond		20		06/20/18		2,869		(9,519	)
Long Gilt Future		1		06/27/18		121		(15	)
2-Year U.S. Treasury Note		464		06/29/18		98,586		67,341
5-Year U.S. Treasury Note		196		06/29/18		22,330		37,840
90-Day Euro Future		449		03/16/20		109,028		471,211
								634,409
							$	285,178

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	5,001,349	EUR	4,029,500	BNP Paribas S.A.		03/05/18	$	84,443
USD	5,031,508	EUR	4,029,500	Barclays Bank PLC		03/05/18		114,602
USD	1,380,726	EUR	1,112,000	HSBC Bank USA N.A.		03/05/18		23,833
USD	1,388,571	EUR	1,112,000	HSBC Bank USA N.A.		03/05/18		31,678
USD	2,025,097	GBP	1,427,000	Barclays Bank PLC		03/05/18		60,370
USD	12,086,116	GBP	8,516,573	Barclays Bank PLC		03/05/18		360,297
USD	146,667	NZD	198,000	Australia and New Zealand Bank Group		03/05/18		3,875
USD	185,501	EUR	148,929	Citibank N.A.		03/19/18		3,579
USD	36,909	EUR	29,900	HSBC Bank USA N.A.		03/19/18		385
USD	2,495,328	EUR	2,036,000	Bank of America N.A.		04/04/18		5,017
USD	9,467,783	EUR	7,725,000	Bank of America N.A.		04/04/18		19,034
USD	1,947,484	GBP	1,408,000	Standard Chartered Bank		04/04/18		6,023
USD	11,783,031	GBP	8,517,000	Toronto-Dominion Bank		04/04/18		39,128
USD	142,855	NZD	198,000	Westpac Banking Corp.		04/04/18		98
USD	227,000	ARS	4,653,500	Deutsche Bank AG		05/02/18		3,113
								755,475
EUR	178,829	USD	224,301	Barclays Bank PLC		03/19/18		(5,856	)
ARS	4,671,660	USD	227,000	Citibank N.A.		05/02/18		(2,239	)
								(8,095	)
							$	747,380

Interest Rate Caps Purchased

Description	Exercise Rate			Counterparty	Expiration Date		Notional Amount (000)		Value		Premiums Paid		Unrealized Depreciation
2Y – 10Y CMS Index Cap		0.24	%	Barclays Bank PLC		01/24/19		USD  18,000	$	19,022	$	25,560	$	(6,538	)
2Y – 10Y CMS Index Cap		0.33		Barclays Bank PLC		01/30/19		USD  19,180		14,049		21,098		(7,049	)
									$	33,071	$	46,658	$	(13,587	)

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Purchased

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

2-Year Interest Rate Swap, 10/19/20

3-Month LIBOR

Quarterly

1.25

%

Semi-annual

Deutsche Bank AG

10/17/18

1.25

%

USD

10,000

$

168

10-Year Interest Rate Swap, 03/15/29

3-Month LIBOR

Quarterly

2.75

Semi-annual

Barclays Bank PLC

03/13/19

2.75

USD

2,290

36,624

2-Year Interest Rate Swap, 03/29/21

3-Month LIBOR

Quarterly

2.25

Semi-annual

Deutsche Bank AG

03/27/19

2.25

USD

20,000

25,201

2-Year Interest Rate Swap, 04/27/21

3-Month LIBOR

Quarterly

2.35

Semi-annual

Barclays Bank PLC

04/25/19

2.35

USD

20,000

34,795

10-Year Interest Rate Swap, 02/16/30

3-Month LIBOR

Quarterly

3.09

Semi-annual

Deutsche Bank AG

02/14/20

3.09

USD

1,870

70,313

15-Year Interest Rate Swap, 06/10/35

6-Month LIBOR

Semi-annual

0.65

Semi-annual

Barclays Bank PLC

06/08/20

0.65

JPY

125,000

25,026

Call

15-Year Interest Rate Swap, 09/16/35

6-Month LIBOR

Semi-annual

0.66

Semi-annual

Morgan Stanley & Co. International PLC

09/14/20

0.66

JPY

50,000

10,243

15-Year Interest Rate Swap, 09/16/35

6-Month LIBOR

Semi-annual

0.66

Semi-annual

Barclays Bank PLC

09/14/20

0.66

JPY

50,000

10,243

10-Year Interest Rate Swap, 01/27/37(a)

3-Month LIBOR

Quarterly

2.60

Semi-annual

Deutsche Bank AG

01/25/27

2.60

USD

1,900

(57,941

)

10-Year Interest Rate Swap, 02/10/37

3-Month LIBOR

Quarterly

2.40

Semi-annual

Deutsche Bank AG

02/08/27

2.40

USD

1,875

63,404

218,076

Put

5-Year Interest Rate Swap, 10/07/23

3.00

%

Semi-annual

3-Month LIBOR

Quarterly

Bank of America N.A.

10/05/18

3.00

USD

6,120

40,481

5-Year Interest Rate Swap, 01/31/24

3.05

Semi-annual

3-Month LIBOR

Quarterly

Deutsche Bank AG

01/29/19

3.05

USD

23,110

200,525

5-Year Interest Rate Swap, 02/15/24

2.95

Semi-annual

3-Month LIBOR

Quarterly

Deutsche Bank AG

02/13/19

2.95

USD

25,700

281,397

30-Year Interest Rate Swap, 02/05/50

4.00

Semi-annual

3-Month LIBOR

Quarterly

Goldman Sachs Bank USA

02/03/20

4.00

USD

1,600

25,057

10-Year Interest Rate Swap, 02/16/30

3.09

Semi-annual

3-Month LIBOR

Quarterly

Deutsche Bank AG

02/14/20

3.09

USD

1,870

56,776

10-Year Interest Rate Swap, 02/20/30

3.35

Semi-annual

3-Month LIBOR

Quarterly

Deutsche Bank AG

02/18/20

3.35

USD

3,710

81,293

15-Year Interest Rate Swap, 05/17/35

1.10

Semi-annual

6-Month LIBOR

Semi-annual

Barclays Bank PLC

05/15/20

1.10

JPY

250,000

15,416

15-Year Interest Rate Swap, 06/10/35

0.65

Semi-annual

6-Month LIBOR

Semi-annual

Barclays Bank PLC

06/08/20

0.65

JPY

125,000

21,758

Put

15-Year Interest Rate Swap, 09/16/35

0.66

Semi-annual

6-Month LIBOR

Semi-annual

Barclays Bank PLC

09/14/20

0.66

JPY

50,000

9,559

15-Year Interest Rate Swap, 09/16/35

0.66

Semi-annual

6-Month LIBOR

Semi-annual

Morgan Stanley & Co. International PLC

09/14/20

0.66

JPY

50,000

9,559

10-Year Interest Rate Swap, 02/03/21

3.50

Semi-annual

3-Month LIBOR

Quarterly

Bank of America N.A.

02/01/21

3.50

USD

4,000

98,834

10-Year Interest Rate Swap, 02/03/21

3.50

Semi-annual

3-Month LIBOR

Quarterly

Citibank N.A.

02/01/21

3.50

USD

4,380

108,223

10-Year Interest Rate Swap, 01/13/32

1.25

Semi-annual

6-Month LIBOR

Semi-annual

Credit Suisse International

01/11/22

1.25

JPY

250,000

14,447

10-Year Interest Rate Swap, 02/24/32

1.55

Semi-annual

6-Month LIBOR

Semi-annual

Credit Suisse International

02/22/22

1.55

JPY

250,000

11,113

10-Year Interest Rate Swap, 03/18/32

1.60

Semi-annual

6-Month LIBOR

Semi-annual

JPMorgan Chase Bank N.A.

03/16/22

1.60

JPY

250,000

10,893

10-Year Interest Rate Swap, 04/06/32

1.45

Semi-annual

6-Month LIBOR

Semi-annual

JPMorgan Chase Bank N.A.

04/04/22

1.45

JPY

250,000

12,836

15-Year Interest Rate Swap, 05/05/37

3.25

Semi-annual

3-Month LIBOR

Quarterly

Goldman Sachs Bank USA

05/03/22

3.25

USD

4,050

211,222

10-Year Interest Rate Swap, 08/18/32

3.00

Semi-annual

3-Month LIBOR

Quarterly

JPMorgan Chase Bank N.A.

08/16/22

3.00

USD

22,000

1,090,361

36 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Purchased (continued)

Description

Paid by the Trust

Received by the Trust

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

30-Year Interest Rate Swap, 02/15/53

3.35

%

Semi-annual

3-Month LIBOR

Quarterly

Barclays Bank PLC

02/13/23

3.35

%

USD

9,557

$

704,416

10-Year Interest Rate Swap, 04/14/37

3.00

Semi-annual

3-Month LIBOR

Quarterly

JPMorgan Chase Bank N.A.

04/12/27

3.00

USD

2,590

150,073

Put

20-Year Interest Rate Swap, 08/11/53

4.00

Annual

6-Month EURIBOR

Semi-annual

Barclays Bank PLC

08/09/33

4.00

EUR

2,410

89,027

3,243,266

$

3,461,342

^(a)  Forward settling swaption.

OTC Interest Rate Swaptions Written

Description	Paid by the Trust				Received by the Trust			Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)		Value
	Rate			Frequency	Rate		Frequency
Call
2-Year Interest Rate Swap, 03/03/20		1.60	%	Semi-annual		3-Month LIBOR	Quarterly	Goldman Sachs Bank USA		03/01/18		1.60	%	USD	24,400	$	(2	)
5-Year Interest Rate Swap, 03/15/23		0.10		Annual		6-Month EURIBOR	Semi-annual	Barclays Bank PLC		03/13/18		0.10		EUR	11,520		(1	)
10-Year Interest Rate Swap, 07/15/28		2.45		Semi-annual		3-Month LIBOR	Quarterly	Deutsche Bank AG		07/13/18		2.45		USD	2,000		(5,079	)
10-Year Interest Rate Swap, 08/18/28		2.97		Semi-annual		3-Month LIBOR	Quarterly	Barclays Bank PLC		08/16/18		2.97		USD	3,710		(66,158	)
10-Year Interest Rate Swap, 08/23/28		2.99		Semi-annual		3-Month LIBOR	Quarterly	JPMorgan Chase Bank N.A.		08/21/18		2.99		USD	1,855		(35,249	)
2-Year Interest Rate Swap, 10/19/20		0.90		Semi-annual		3-Month LIBOR	Quarterly	Deutsche Bank AG		10/17/18		0.90		USD	10,000		(53	)
10-Year Interest Rate Swap, 01/05/29		0.65		Annual		6-Month EURIBOR	Semi-annual	Morgan Stanley & Co. International PLC		01/03/19		0.65		EUR	1,380		(1,722	)
10-Year Interest Rate Swap,		3.02		Semi-annual		3-Month LIBOR	Quarterly	Bank of America N.A.		02/28/19		3.02		USD	2,670		(70,267	)
10-Year Interest Rate Swap, 03/15/29		2.00		Semi-annual		3-Month LIBOR	Quarterly	Barclays Bank PLC		03/13/19		2.00		USD	4,580		(12,292	)
2-Year Interest Rate Swap, 03/23/21		1.60		Semi-annual		3-Month LIBOR	Quarterly	Goldman Sachs Bank USA		03/21/19		1.60		USD	15,400		(3,212	)
2-Year Interest Rate Swap, 03/29/21		1.75		Semi-annual		3-Month LIBOR	Quarterly	Deutsche Bank AG		03/27/19		1.75		USD	30,000		(9,846	)
2-Year Interest Rate Swap, 03/30/21		1.75		Semi-annual		3-Month LIBOR	Quarterly	JPMorgan Chase Bank N.A.		03/28/19		1.75		USD	8,470		(2,789	)
2-Year Interest Rate Swap, 04/14/21		1.60		Semi-annual		3-Month LIBOR	Quarterly	JPMorgan Chase Bank N.A.		04/12/19		1.60		USD	6,700		(1,597	)
2-Year Interest Rate Swap, 04/27/21		1.85		Semi-annual		3-Month LIBOR	Quarterly	Barclays Bank PLC		04/25/19		1.85		USD	40,000		(19,754	)
2-Year Interest Rate Swap, 11/06/21		1.70		Semi-annual		3-Month LIBOR	Quarterly	Barclays Bank PLC		11/04/19		1.70		USD	11,900		(8,622	)
2-Year Interest Rate Swap, 02/09/22		2.20		Semi-annual		3-Month LIBOR	Quarterly	Deutsche Bank AG		02/07/20		2.20		USD	10,790		(25,708	)
2-Year Interest Rate Swap, 02/16/22		2.35		Semi-annual		3-Month LIBOR	Quarterly	Deutsche Bank AG		02/14/20		2.35		USD	10,690		(33,377	)
2-Year Interest Rate Swap, 02/23/22		2.35		Semi-annual		3-Month LIBOR	Quarterly	UBS AG		02/21/20		2.35		USD	10,600		(33,361	)
5-Year Interest Rate Swap, 01/07/27		1.70		Semi-annual		3-Month LIBOR	Quarterly	Goldman Sachs Bank USA		01/05/22		1.70		USD	5,000		(32,790	)
5-Year Interest Rate Swap, 02/10/27		1.75		Semi-annual		3-Month LIBOR	Quarterly	Deutsche Bank AG		02/08/22		1.75		USD	5,000		(35,565	)
																	(397,444	)

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Written (continued)

Description	Paid by the Trust			Received by the Trust				Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)		Value
	Rate		Frequency	Rate			Frequency
Put
2-Year Interest Rate Swap, 04/08/20		3-Month LIBOR	Quarterly		2.15	%	Semi-annual	JPMorgan Chase Bank N.A.		04/06/18		2.15	%	USD	8,320	$	(72,837	)
2-Year Interest Rate Swap, 04/14/20		3-Month LIBOR	Quarterly		1.75		Semi-annual	Goldman Sachs Bank USA		04/12/18		1.75		USD	38,200		(633,097	)
2-Year Interest Rate Swap, 06/29/20		3-Month LIBOR	Quarterly		1.45		Semi-annual	Goldman Sachs Bank USA		06/27/18		1.45		USD	10,000		(235,761	)
10-Year Interest Rate Swap, 07/15/28		3-Month LIBOR	Quarterly		2.45		Semi-annual	Deutsche Bank AG		07/13/18		2.45		USD	2,000		(86,477	)
10-Year Interest Rate Swap, 01/18/28		3-Month LIBOR	Quarterly		2.75		Semi-annual	JPMorgan Chase Bank N.A.		07/16/18		2.75		USD	2,000		(46,126	)
10-Year Interest Rate Swap, 01/21/28		3-Month LIBOR	Quarterly		2.70		Semi-annual	Deutsche Bank AG		07/19/18		2.70		USD	3,240		(85,150	)
10-Year Interest Rate Swap, 08/18/28		3-Month LIBOR	Quarterly		2.70		Semi-annual	JPMorgan Chase Bank N.A.		08/16/18		2.70		USD	31,000		(864,602	)
10-Year Interest Rate Swap, 08/18/28		3-Month LIBOR	Quarterly		2.97		Semi-annual	Barclays Bank PLC		08/16/18		2.97		USD	3,710		(54,194	)
10-Year Interest Rate Swap, 08/23/28		3-Month LIBOR	Quarterly		2.99		Semi-annual	JPMorgan Chase Bank N.A.		08/21/18		2.99		USD	1,855		(26,160	)
10-Year Interest Rate Swap, 09/08/28		3-Month LIBOR	Quarterly		2.45		Semi-annual	Barclays Bank PLC		09/06/18		2.45		USD	2,400		(110,114	)
2-Year Interest Rate Swap, 09/08/20		3-Month LIBOR	Quarterly		1.50		Semi-annual	Goldman Sachs Bank USA		09/06/18		1.50		USD	26,000		(615,416	)
2-Year Interest Rate Swap, 10/19/20		3-Month LIBOR	Quarterly		2.50		Semi-annual	Barclays Bank PLC		10/17/18		2.50		USD	5,000		(32,149	)
10-Year Interest Rate Swap, 01/05/29		6-Month EURIIBOR	Semi-annual		1.65		Annual	Morgan Stanley & Co. International PLC		01/03/19		1.65		EUR	1,380		(10,298	)
2-Year Interest Rate Swap, 01/27/21		3-Month LIBOR	Quarterly		2.75		Semi-annual	Deutsche Bank AG		01/25/19		2.75		USD	13,400		(65,610	)
Put
2-Year Interest Rate Swap, 01/31/21		3-Month LIBOR	Quarterly		2.95		Semi-annual	Deutsche Bank AG		01/29/19		2.95		USD	58,330		(182,397	)
2-Year Interest Rate Swap, 02/17/21		3-Month LIBOR	Quarterly		3.05		Semi-annual	Deutsche Bank AG		02/15/19		3.05		USD	24,800		(66,425	)
10-Year Interest Rate Swap, 02/20/29		6-Month EURIBOR	Semi-annual		1.65		Annual	Barclays Bank PLC		02/18/19		1.65		EUR	8,490		(81,212	)
10-Year Interest Rate Swap, 02/22/29		6-Month EURIBOR	Semi-annual		1.70		Annual	Barclays Bank PLC		02/20/19		1.70		EUR	8,490		(71,734	)
10-Year Interest Rate Swap,		3-Month LIBOR	Quarterly		3.02		Semi-annual	Bank of America N.A.		02/28/19		3.02		USD	2,670		(58,668	)
2-Year Interest Rate Swap, 03/23/21		3-Month LIBOR	Quarterly		2.60		Semi-annual	Goldman Sachs Bank USA		03/21/19		2.60		USD	15,400		(112,538	)
2-Year Interest Rate Swap, 03/30/21		3-Month LIBOR	Quarterly		2.75		Semi-annual	JPMorgan Chase Bank N.A.		03/28/19		2.75		USD	8,470		(48,087	)
2-Year Interest Rate Swap, 04/10/21		3-Month LIBOR	Quarterly		2.35		Semi-annual	JPMorgan Chase Bank N.A.		04/08/19		2.35		USD	7,530		(82,492	)
2-Year Interest Rate Swap, 04/14/21		3-Month LIBOR	Quarterly		2.60		Semi-annual	JPMorgan Chase Bank N.A.		04/12/19		2.60		USD	13,400		(101,383	)
2-Year Interest Rate Swap, 11/06/21		3-Month LIBOR	Quarterly		2.70		Semi-annual	Barclays Bank PLC		11/04/19		2.70		USD	11,900		(100,580	)
2-Year Interest Rate Swap,		3-Month LIBOR	Quarterly		2.70		Semi-annual	JPMorgan Chase Bank N.A.		11/06/19		2.70		USD	20,000		(168,894	)
2-Year Interest Rate Swap, 12/18/21		3-Month LIBOR	Quarterly		2.70		Semi-annual	JPMorgan Chase Bank N.A.		12/16/19		2.70		USD	7,950		(69,837	)
2-Year Interest Rate Swap, 01/23/22		3-Month LIBOR	Quarterly		2.85		Semi-annual	JPMorgan Chase Bank N.A.		01/21/20		2.85		USD	18,900		(141,670	)
Put
2-Year Interest Rate Swap, 02/05/22		3-Month LIBOR	Quarterly		3.15		Semi-annual	Barclays Bank PLC		02/03/20		3.15		USD	35,510		(181,708	)
2-Year Interest Rate Swap, 02/09/22		3-Month LIBOR	Quarterly		3.20		Semi-annual	Deutsche Bank AG		02/07/20		3.20		USD	10,790		(51,683	)
2-Year Interest Rate Swap, 02/16/22		3-Month LIBOR	Quarterly		3.35		Semi-annual	Deutsche Bank AG		02/14/20		3.35		USD	10,690		(42,094	)

38 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Written (continued)

Description	Paid by the Trust		Received by the Trust				Counterparty	Expiration Date		Exercise Rate			Notional Amount (000)		Value
	Rate	Frequency	Rate			Frequency
2-Year Interest Rate Swap, 02/23/22	3-Month LIBOR	Quarterly		3.35	%	Semi-annual	UBS AG		02/21/20		3.35	%	USD	10,600	$	(42,067	)
15-Year Interest Rate Swap, 05/17/35	6-Month LIBOR	Semi-annual		2.10		Semi-annual	Barclays Bank PLC		05/15/20		2.10		JPY	250,000		(3,922	)
10-Year Interest Rate Swap, 02/03/21	3-Month LIBOR	Quarterly		5.50		Semi-annual	Bank of America N.A.		02/01/21		5.50		USD	10,000		(26,811	)
10-Year Interest Rate Swap, 02/03/21	3-Month LIBOR	Quarterly		5.50		Semi-annual	Citibank N.A.		02/01/21		5.50		USD	10,950		(29,358	)
5-Year Interest Rate Swap, 05/05/27	3-Month LIBOR	Quarterly		3.25		Semi-annual	Goldman Sachs Bank USA		05/03/22		3.25		USD	10,130		(206,706	)
																(4,808,257	)
															$	(5,205,701	)

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Termination Date	Credit Rating(a)		Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Chesapeake Energy Corp.		5.00	%		Quarterly	12/20/21		CCC		USD	270	$	(1,723	)	$	(8,601	)	$	6,878
Markit iTraxx XO, Series 28, Version 1		5.00			Quarterly	12/20/22		N/A		EUR	130		17,929			16,435			1,494
												$	16,206		$	7,834		$	8,372

^(a)  Using Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable.

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

Centrally Cleared Interest Rate Swaps

Paid by the Trust				Received by the Trust				Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate			Frequency	Rate			Frequency
	3-Month LIBOR		Quarterly		1.59	%	Semi-annual		06/13/18	(a)		08/01/18		USD	357,000	$	(128,798	)	$	3,632	$	(132,430	)
	1.61	%	Semi-annual		3-Month LIBOR		Quarterly		08/01/18	(a)		09/26/18		USD	312,000		145,433			3,174		142,259
	1.75		Semi-annual		3-Month LIBOR		Quarterly		05/21/18	(a)		05/21/20		USD	10,950		186,202			—		186,202
	1.87		Semi-annual		3-Month LIBOR		Quarterly		07/03/18	(a)		07/03/20		USD	2,810		42,729			—		42,729
	1.94		Semi-annual		3-Month LIBOR		Quarterly		07/09/18	(a)		07/07/20		USD	6,000		83,211			—		83,211
	2.20		Semi-annual		3-Month LIBOR		Quarterly		12/03/18	(a)		12/01/20		USD	4,000		43,336			47		43,289
	2.20		Semi-annual		3-Month LIBOR		Quarterly		12/03/18	(a)		12/03/20		USD	22,400		244,391			263		244,128
	2.27		Semi-annual		3-Month LIBOR		Quarterly		12/14/18	(a)		12/14/20		USD	4,000		38,494			47		38,447
	3-Month LIBOR		Quarterly		2.32		Semi-annual		12/17/19	(a)		12/17/20		USD	39,000		(203,238	)		417		(203,655	)
	2.31		Semi-annual		3-Month LIBOR		Quarterly		12/21/18	(a)		12/21/20		USD	5,460		49,595			64		49,531
	2.33		Semi-annual		3-Month LIBOR		Quarterly		12/24/18	(a)		12/24/20		USD	3,760		32,882			44		32,838
	2.40		Semi-annual		3-Month LIBOR		Quarterly		01/11/19	(a)		01/11/21		USD	2,750		20,901			32		20,869
	2.44		Semi-annual		3-Month LIBOR		Quarterly		01/11/19	(a)		01/11/21		USD	5,010		34,348			59		34,289
	2.44		Semi-annual		3-Month LIBOR		Quarterly		01/14/19	(a)		01/12/21		USD	5,120		34,695			60		34,635
	2.47		Semi-annual		3-Month LIBOR		Quarterly		01/15/19	(a)		01/15/21		USD	2,485		15,582			29		15,553
	2.48		Semi-annual		3-Month LIBOR		Quarterly		01/15/19	(a)		01/15/21		USD	2,485		15,155			29		15,126
	2.50		Semi-annual		3-Month LIBOR		Quarterly		01/22/19	(a)		01/22/21		USD	2,500		14,151			29		14,122
	2.52		Semi-annual		3-Month LIBOR		Quarterly		01/22/19	(a)		01/22/21		USD	3,870		20,725			46		20,679
	2.60		Semi-annual		3-Month LIBOR		Quarterly		01/24/19	(a)		01/24/21		USD	3,800		15,034			45		14,989
	2.66		Semi-annual		3-Month LIBOR		Quarterly		01/31/19	(a)		01/31/21		USD	17,170		47,939			202		47,737
	2.68		Semi-annual		3-Month LIBOR		Quarterly		02/04/19	(a)		02/04/21		USD	2,825		6,774			33		6,741
	2.68		Semi-annual		3-Month LIBOR		Quarterly		02/04/19	(a)		02/04/21		USD	2,825		6,962			33		6,929
	2.81		Semi-annual		3-Month LIBOR		Quarterly		02/20/19	(a)		02/20/21		USD	8,260		1,243			97		1,146
	2.20		Semi-annual		3-Month LIBOR		Quarterly		11/08/19	(a)		11/08/21		USD	5,900		76,195			69		76,126
	2.36		Semi-annual		3-Month LIBOR		Quarterly		12/17/20	(a)		12/17/21		USD	39,000		201,959			417		201,542
	2.62		Semi-annual		3-Month LIBOR		Quarterly		01/22/20	(a)		01/22/22		USD	7,200		38,350			85		38,265
	2.85		Semi-annual		3-Month LIBOR		Quarterly		02/07/20	(a)		02/07/22		USD	13,020		14,278			153		14,125
	2.92		Semi-annual		3-Month LIBOR		Quarterly		02/18/20	(a)		02/18/22		USD	2,595		(563	)		31		(594	)
	2.93		Semi-annual		3-Month LIBOR		Quarterly		02/18/20	(a)		02/18/22		USD	2,595		(853	)		31		(884	)
	2.96		Semi-annual		3-Month LIBOR		Quarterly		02/18/20	(a)		02/18/22		USD	3,700		(3,655	)		44		(3,699	)
	2.96		Semi-annual		3-Month LIBOR		Quarterly		02/24/20	(a)		02/24/22		USD	3,930		(3,667	)		46		(3,713	)
	2.99		Semi-annual		3-Month LIBOR		Quarterly		02/25/20	(a)		02/25/22		USD	2,530		(3,527	)		30		(3,557	)
	3.02		Semi-annual		3-Month LIBOR		Quarterly		02/25/20	(a)		02/25/22		USD	5,620		(11,017	)		66		(11,083	)

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Trust				Received by the Trust				Effective Date			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate			Frequency	Rate			Frequency
	2.97	%	Semi-annual		3-Month LIBOR		Quarterly		03/02/20	(a)		03/02/22		USD	6,180	$	(7,405	)	$	73		$	(7,478	)
	2.97		Semi-annual		3-Month LIBOR		Quarterly		03/02/20	(a)		03/02/22		USD	3,090		(3,359	)		36			(3,395	)
	3-Month LIBOR		Quarterly		2.41	%	Semi-annual		07/05/18	(a)		08/31/22		USD	18,420		(4,704	)		243			(4,947	)
	2.45		Semi-annual		3-Month LIBOR		Quarterly		07/05/18	(a)		08/31/22		USD	7,730		(1,836	)		102			(1,938	)
	3-Month LIBOR		Quarterly		2.16		Semi-annual		N/A			10/27/22		USD	6,540		(126,407	)		80			(126,487	)
	2.66		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/13/23		USD	700		2,619			(661	)		3,280
	3-Month LIBOR		Quarterly		2.66		Semi-annual		N/A			02/15/23		USD	5,490		(21,448	)		72			(21,520	)
	3-Month LIBOR		Quarterly		2.78		Semi-annual		03/02/18	(a)		03/02/23		USD	3,140		3,957			41			3,916
	6-Month EURIBOR		Semi-annual		0.27		Annual		03/07/18	(a)		03/07/23		EUR	1,000		(11,874	)		16			(11,890	)
	3-Month LIBOR		Quarterly		2.65		Semi-annual		01/25/19	(a)		01/25/24		USD	4,670		(48,853	)		62			(48,915	)
	3-Month LIBOR		Quarterly		2.75		Semi-annual		01/31/19	(a)		01/31/24		USD	7,480		(43,995	)		99			(44,094	)
	3-Month LIBOR		Quarterly		2.93		Semi-annual		02/25/19	(a)		02/25/24		USD	3,660		6,679			48			6,631
	3-Month LIBOR		Quarterly		2.97		Semi-annual		02/26/19	(a)		02/26/24		USD	2,260		9,132			30			9,102
	2.90		Semi-annual		3-Month LIBOR		Quarterly		02/26/19	(a)		02/26/24		USD	1,560		(1,083	)		21			(1,104	)
	3-Month LIBOR		Quarterly		2.92		Semi-annual		03/04/19	(a)		03/04/24		USD	1,810		2,984			24			2,960
	2.90		Semi-annual		3-Month LIBOR		Quarterly		06/29/18	(a)		01/31/25		USD	2,550		(6,804	)		36			(6,840	)
	3-Month LIBOR		Quarterly		2.75		Semi-annual		01/05/22	(a)		01/05/27		USD	1,430		(14,365	)		18			(14,383	)
	3-Month LIBOR		Quarterly		2.32		Semi-annual		N/A			05/03/27		USD	1,020		(38,663	)		—			(38,663	)
	6-Month EURIBOR		Semi-annual		1.40		Annual		06/08/22	(a)		06/08/27		EUR	200		(2,666	)		—			(2,666	)
	2.34		Semi-annual		3-Month LIBOR		Quarterly		N/A			10/12/27		USD	4,100		158,445			61			158,384
	2.38		Semi-annual		3-Month LIBOR		Quarterly		N/A			10/25/27		USD	2,050		72,660			31			72,629
	2.47		Semi-annual		3-Month LIBOR		Quarterly		N/A			10/27/27		USD	2,640		71,758			40			71,718
	2.46		Semi-annual		3-Month LIBOR		Quarterly		N/A			10/27/27		USD	1,660		47,267			25			47,242
	2.96		Semi-annual		3-Month LIBOR		Quarterly		06/29/18	(a)		11/15/27		USD	9,940		(44,555	)		156			(44,711	)
	2.96		Semi-annual		3-Month LIBOR		Quarterly		06/29/18	(a)		11/15/27		USD	2,135		(9,468	)		33			(9,501	)
	2.95		Semi-annual		3-Month LIBOR		Quarterly		06/29/18	(a)		11/15/27		USD	2,135		(1,345	)		33			(1,378	)
	2.47		Semi-annual		3-Month LIBOR		Quarterly		N/A			12/28/27		USD	2,000		68,605			31			68,574
	2.50		Semi-annual		3-Month LIBOR		Quarterly		N/A			01/08/28		USD	1,400		44,469			22			44,447
	2.56		Semi-annual		3-Month LIBOR		Quarterly		N/A			01/16/28		USD	1,365		35,730			21			35,709
	2.60		Semi-annual		3-Month LIBOR		Quarterly		N/A			01/19/28		USD	800		18,557			12			18,545
	2.64		Semi-annual		3-Month LIBOR		Quarterly		N/A			01/22/28		USD	1,055		20,259			16			20,243
	2.66		Semi-annual		3-Month LIBOR		Quarterly		N/A			01/22/28		USD	1,055		18,950			16			18,934
	2.69		Semi-annual		3-Month LIBOR		Quarterly		N/A			01/23/28		USD	1,000		14,939			16			14,923
	2.74		Semi-annual		3-Month LIBOR		Quarterly		N/A			01/23/28		USD	600		6,437			9			6,428
	2.72		Semi-annual		3-Month LIBOR		Quarterly		N/A			01/29/28		USD	600		7,756			9			7,747
	6-Month LIBOR		Semi-annual		0.37		Annual		N/A			01/29/28		JPY	181,730		6,869			28			6,841
	2.78		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/02/28		USD	500		4,009			8			4,001
	2.84		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/05/28		USD	500		1,387			8			1,379
	2.90		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/06/28		USD	700		(2,308	)		11			(2,319	)
	2.89		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/06/28		USD	500		(1,228	)		8			(1,236	)
	2.89		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/09/28		USD	500		(837	)		8			(845	)
	2.91		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/12/28		USD	200		(726	)		3			(729	)
	2.88		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/15/28		USD	2,860		(1,830	)		45			(1,875	)
	2.98		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/20/28		USD	550		(4,991	)		9			(5,000	)
	2.98		Semi-annual		3-Month LIBOR		Quarterly		N/A			02/23/28		USD	420		(3,861	)		7			(3,868	)
	2.93		Semi-annual		3-Month LIBOR		Quarterly		03/02/18	(a)		03/02/28		USD	1,630		(6,751	)		26			(6,777	)
	3-Month LIBOR		Quarterly		2.88		Semi-annual		11/30/18	(a)		11/30/28		USD	1,120		(6,710	)		18			(6,728	)
	2.47		Semi-annual		3-Month LIBOR		Quarterly		12/11/18	(a)		12/11/28		USD	1,510		62,516			23			62,493
	2.46		Semi-annual		3-Month LIBOR		Quarterly		12/18/18	(a)		12/18/28		USD	2,090		88,521			32			88,489
	1.37		Annual		6-Month EURIBOR		Semi-annual		02/20/19	(a)		02/20/29		EUR	1,970		(12,891	)		44			(12,935	)
	1.38		Annual		6-Month EURIBOR		Semi-annual		02/22/19	(a)		02/22/29		EUR	2,280		(17,238	)		51			(17,289	)
	3-Month LIBOR		Quarterly		2.65		Semi-annual		12/09/22	(a)		12/09/32		USD	1,820		(57,873	)		28			(57,901	)
	3-Month LIBOR		Quarterly		2.63		Semi-annual		12/19/22	(a)		12/18/32		USD	2,290		(76,322	)		35			(76,357	)
	2.90		Semi-annual		3-Month LIBOR		Quarterly		01/27/27	(a)		01/27/37		USD	730		9,504			10			9,494
	3.07		Semi-annual		3-Month LIBOR		Quarterly		03/22/27	(a)		03/20/37		USD	1,000		888			14			874
	2.68		Semi-annual		3-Month LIBOR		Quarterly		06/28/27	(a)		06/28/37		USD	1,130		31,579			—			31,579
	2.80		Semi-annual		3-Month LIBOR		Quarterly		09/29/27	(a)		09/29/37		USD	760		14,651			12			14,639
	3-Month LIBOR		Quarterly		3.06		Semi-annual		02/15/23	(a)		02/15/53		USD	3,210		51,389			72			51,317
																$	1,375,366		$	10,725		$	1,364,641

^(a)  Forward swap.

40 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Counterparty		Termination Date		Credit Rating(a)		Notional Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Jaguar Land Rover Automotive PLC		5.00	%	Quarterly		Credit Suisse International		06/20/22		BB+		EUR	20	$	3,847		$	3,408		$	439
Jaguar Land Rover Automotive PLC		5.00		Quarterly		Barclays Bank PLC		12/20/22		BB+		EUR	20		4,025			3,882			143
Telecom Italia SpA/Milano		1.00		Quarterly		Citibank N.A.		12/20/22		N/R		EUR	20		(280	)		(398	)		118
Markit CMBX North America, Series 8		3.00		Monthly		Barclays Bank PLC		10/17/57		N/R		USD	5,000		(767,581	)		(517,900	)		(249,681	)
Markit CMBX North America, Series 8		3.00		Monthly		Credit Suisse International		10/17/57		N/R		USD	2,500		(383,790	)		(255,900	)		(127,890	)
Markit CMBX North America, Series 8		3.00		Monthly		Morgan Stanley & Co. International PLC		10/17/57		N/R		USD	5,550		(852,940	)		(756,605	)		(96,335	)
Markit CMBX North America, Series 9		3.00		Monthly		Morgan Stanley & Co. International PLC		09/17/58		N/R		USD	9,450		(1,121,961	)		(1,190,710	)		68,749
Markit CMBX North America, Series 9		3.00		Monthly		Credit Suisse International		09/17/58		N/R		USD	5,000		(593,630	)		(553,247	)		(40,383	)
Markit CMBX North America, Series 9		3.00		Monthly		Credit Suisse International		09/17/58		N/R		USD	5,000		(593,630	)		(553,247	)		(40,383	)
Markit CMBX North America, Series 9		3.00		Monthly		Credit Suisse International		09/17/58		N/R		USD	5,000		(593,629	)		(547,204	)		(46,425	)
Markit CMBX North America, Series 9		3.00		Monthly		Credit Suisse International		09/17/58		N/R		USD	5,000		(593,630	)		(553,195	)		(40,435	)
														$	(5,493,199	)	$	(4,921,116	)	$	(572,083	)

^(a) Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

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

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

	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation			Value
Centrally Cleared Swaps(a)	$	27,821	$	(9,262	)	$	2,316,397	$	(943,384	)	$	—
OTC Derivatives		7,290		(4,928,406	)		69,449		(641,532	)		—
Options Written		—		—			—		—			(5,205,701	)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	—	$	—	$	242	$	—	$	660,290	$	—	$	660,532
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		755,475		—		—		755,475
Options purchased(b)
Investments at value — unaffiliated(c)		—		—		—		—		3,494,413		—		3,494,413
Swaps — centrally cleared
Net unrealized appreciation(a)		—		8,372		—		—		2,308,025		—		2,316,397
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		76,739		—		—		—		—		76,739
	$	—	$	85,111	$	242	$	755,475	$	6,462,728	$	—	$	7,303,556

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	—	$	—	$	—	$	—	$	375,354	$	—	$	375,354
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		8,095		—		—		8,095
Options written
Options written at value		—		—		—		—		5,205,701		—		5,205,701
Swaps — centrally cleared
Net unrealized depreciation(a)		—		—		—		—		943,384		—		943,384
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		5,569,938		—		—		—		—		5,569,938
	$	—	$	5,569,938	$	—	$	8,095	$	6,524,439	$	—	$	12,102,472

^(a)  Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

^(b) Includes forward settling swaptions.

^(c)  Includes options purchased at value as reported in the Schedule of Investments.

For the period ended February 28, 2018, the effect of derivative financial instruments in the Statements of Operations were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—		$	4,448,403		$	—	$	4,448,403
Forward foreign currency exchange contracts		—		—		—		(1,264,152	)		—			—		(1,264,152	)
Options purchased(a)		—		—		—		(2,721,451	)		(355,733	)		—		(3,077,184	)
Options written		—		—		—		2,503,278			529,579			—		3,032,857
Swaps		—		693,874		—		—			(285,827	)		—		408,047
	$	—	$	693,874	$	—	$	(1,482,325	)	$	4,336,422		$	—	$	3,547,971
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	242	$	—		$	728,717		$	—	$	728,959
Forward foreign currency exchange contracts		—		—		—		454,620			—			—		454,620
Options purchased(b)		—		—		—		(1,139,453	)		408,586			—		(730,867	)
Options written		—		—		—		949,329			(2,390,132	)		—		(1,440,803	)
Swaps		—		49,064		—		—			1,056,266			—		1,105,330
	$	—	$	49,064	$	242	$	264,496		$	(196,563	)��	$	—	$	117,239

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

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	121,430,595
Average notional value of contracts — short	$	296,338,221
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	124,987,756
Average amounts sold — in USD	$	71,706,817
Options:
Average value of option contracts purchased	$	295,995
Average value of option contracts written	$	277,040
Average notional value of swaption contracts purchased	$	252,427,470
Average notional value of swaption contracts written	$	595,880,641
Credit default swaps:
Average notional amount — buy protection	$	1,000	(a)
Average notional amount — sell protection	$	42,903,754
Interest rate swaps:
Average notional amount — pays fixed rate	$	571,635,000
Average notional amount — receives fixed rate	$	446,990,030

^(a)  Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter.

42 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

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
Futures contracts	$	7,258		$	197,562
Swaps — Centrally cleared		—			117,964
Forward foreign currency exchange contracts		755,475			8,095
Options(a)		3,494,413	(b)		5,205,701
Swaps — OTC(c)		76,739			5,569,938
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	4,333,885		$	11,099,260
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(7,258	)		(315,526	)
Total derivative assets and liabilities subject to an MNA	$	4,326,627		$	10,783,734

^(a)  Includes forward settling swaptions.

^(b)  Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

^(c)  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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received		Cash Collateral Received (b)			Net Amount of Derivative Asset  (c)(f)
Australia and New Zealand Bank Group	$	3,875	$	—		$	—	$	—		$	3,875
Bank of America N.A.		163,366		(155,746	)		—		—			7,620
Barclays Bank PLC		1,519,229		(1,515,877	)		—		—			3,352
BNP Paribas S.A.		84,443		—			—		—			84,443
Citibank N.A.		111,920		(31,995	)		—		(79,925	)		—
Credit Suisse International		29,407		(29,407	)		—		—			—
Deutsche Bank AG		724,249		(689,464	)		—		—			34,785
Goldman Sachs Bank USA		236,279		(236,279	)		—		—			—
HSBC Bank USA N.A.		55,896		—			—		—			55,896
JPMorgan Chase Bank N.A.		1,264,163		(1,264,163	)		—		—			—
Morgan Stanley & Co. International PLC		88,551		(88,551	)		—		—			—
Standard Chartered Bank		6,023		—			—		—			6,023
Toronto-Dominion Bank		39,128		—			—		—			39,128
Westpac Banking Corp.		98		—			—		—			98
	$	4,326,627	$	(4,011,482	)	$	—	$	(79,925	)	$	235,220
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged		Cash Collateral Pledged (d)			Net Amount of Derivative Liabilities (e)(f)
Bank of America N.A.	$	155,746	$	(155,746	)	$	—	$	—		$	—
Barclays Bank PLC		1,515,877		(1,515,877	)		—		—			—
Citibank N.A.		31,995		(31,995	)		—		—			—
Credit Suisse International		2,758,309		(29,407	)		—		(1,800,000	)		928,902
Deutsche Bank AG		689,464		(689,464	)		—		—			—
Goldman Sachs Bank USA		1,839,522		(236,279	)		—		(1,350,000	)		253,243
JPMorgan Chase Bank N.A.		1,661,723		(1,264,163	)		—		(380,000	)		17,560
Morgan Stanley & Co. International PLC		2,055,670		(88,551	)		—		(1,730,000	)		237,119
UBS AG		75,428		—			—		—			75,428
	$	10,783,734	$	(4,011,482	)	$	—	$	(5,260,000	)	$	1,512,252

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

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

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

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

^(d)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

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

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

Fair Value Hierarchy as of Period End

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—		$	96,687,297		$	320,458	$	97,007,755
Corporate Bonds		630,191			544,099,598			6,538,750		551,268,539
Floating Rate Loan Interests		—			14,921,136			699,164		15,620,300
Foreign Agency Obligations		—			34,972,607			—		34,972,607
Municipal Bonds		—			24,139,966			—		24,139,966
Non-Agency Mortgage-Backed Securities		—			70,215,410			—		70,215,410
Preferred Securities		9,286,244			89,693,980			—		98,980,224
U.S. Government Sponsored Agency Securities		—			112,569,858			2		112,569,860
U.S. Treasury Obligations		—			120,527,543			—		120,527,543
Short-Term Securities		2,711,662			—			—		2,711,662
Options Purchased:
Interest Rate Contracts		—			3,494,413			—		3,494,413
Unfunded Floating Rate Loan Interests(a)		—			61			—		61
	$	12,628,097		$	1,111,321,869		$	7,558,374	$	1,131,508,340
Derivative Financial Instruments(b)
Assets:
Credit contracts	$	—		$	77,821		$	—	$	77,821
Forward foreign currency contracts		—			755,475			—		755,475
Equity contracts		242			—			—		242
Interest rate contracts		660,290			2,308,025			—		2,968,315
Liabilities:
Credit contracts		—			(641,532	)		—		(641,532	)
Forward foreign currency contracts		—			(8,095	)		—		(8,095	)
Interest rate contracts		(375,354	)		(6,149,085	)		—		(6,524,439	)
	$	285,178		$	(3,657,391	)	$	—	$	(3,372,213	)

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

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

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $368,809,658 are categorized as level 2 within the disclosure hierarchy.

During the six months ended February 28, 2018, there were no transfers between Level 1 and Level 2.

44 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Core Bond Trust (BHK)

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset-Backed Securities			Corporate Bonds			Floating Rate Loan Interests			U.S. Government Sponsored Agency Securities		Total
Assets:
Opening Balance, as of August 31, 2017	$	2,069,938		$	7,166,469		$	707,182		$	2	$	9,943,591
Transfers into Level 3		—			—			16,993			—		16,993
Transfers out of Level 3		(1,750,000	)		—			(218,961	)		—		(1,968,961	)
Accrued discounts (premiums)		(54,627	)		—			1,699			—		(52,928	)
Net realized gain (loss)		—			—			15,889			—		15,889
Net change in unrealized appreciation (depreciation)(a)(b)		55,147			(185,246	)		3,229			—		(126,870	)
Purchases		—			—			589,908			—		589,908
Sales		—			(442,473	)		(416,775	)		—		(859,248	)
Closing Balance, as of February 28, 2018	$	320,458		$	6,538,750		$	699,164		$	2	$	7,558,374
Net change in unrealized appreciation (depreciation) on investments still held at February 28, 2018(b)	$	55,147		$	(185,246	)	$	3,841		$	—	$	(126,258	)

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

^(b)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2018 is generally due to derivative financial investments no longer held or categorized as Level 3 at period end.

The Trust’s investments 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 investments.

SCHEDULES OF INVESTMENTS 45

Consolidated Schedule of Investments  (unaudited) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Shares		Value
Common Stocks — 2.2%
Chemicals — 0.3%
Advanced Emissions Solutions, Inc.			168,580	$	1,625,111
Platform Specialty Products Corp.(a)			291,753		3,045,902
					4,671,013
Consumer Finance — 0.0%
Ally Financial, Inc.			2		56
Diversified Financial Services — 0.4%
Concrete Investments II S.C.A.(b)			4,997		—
Kcad Holdings I Ltd.(a)(b)			2,223,465,984		5,914,420
					5,914,420
Energy Equipment & Services — 0.1%
Larcina Energy Ltd.(a)(b)(q)			211,764		2
Osum Oil Sands Corp.(a)(b)(q)			400,000		1,050,499
					1,050,501
Health Care Providers & Services — 0.2%
Tenet Healthcare Corp.(a)			49,760		1,025,056
Universal Health Services, Inc., Class B			13,160		1,502,872
					2,527,928
IT Services — 0.1%
First Data Corp., Class A(a)			135,954		2,123,601
Machinery — 0.0%
Gates Industrial Corp. PLC(a)			18,410		319,598
Media — 0.1%
Altice USA, Inc., Class A(a)			87,736		1,596,795
Emmis Communications Corp., Class A(a)			7,210		30,066
					1,626,861
Metals & Mining — 0.2%
Constellium NV, Class A(a)			259,089		3,005,432
Peninsula Energy Ltd.(a)			1,361,116		301,296
					3,306,728
Oil, Gas & Consumable Fuels — 0.5%
Gener8 Maritime Corp.			965,338		5,357,626
Halcon Resources Corp.(a)			112,050		677,902
SPDR S&P Biotech ETF			11,280		1,019,261
					7,054,789
Real Estate Investment Trusts (REITs) — 0.1%
Gaming and Leisure Properties, Inc.			57,580		1,915,111
Semiconductors & Semiconductor Equipment — 0.0%
SunPower Corp.(a)			1,025		7,267
Specialty Retail — 0.0%
Asbury Automotive Group, Inc.(a)			806		53,075
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)			59,550		3,609,325
Total Common Stocks — 2.2% (Cost — $80,626,722)					34,180,273
		Par (000)
Asset-Backed Securities — 4.0%
Accunia European CLO I BV, Series 1X, Class E, (3 mo. Euribor + 7.00%), 7.00%, 07/15/29(c)	EUR		1,400		1,742,394
Allegro CLO II Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 3.85%), 5.59%, 01/21/27(c)(d)	USD		1,000		1,002,030
Allegro CLO VI Ltd., Series 2017-2A, Class D, 4.48%, 01/17/31(d)(e)			450		450,579

Security		Par (000)		Value
Asset-Backed Securities (continued)
ALM Loan Funding(c)(d):
Series 2013-7R2A, Class BR, (3 mo. LIBOR US + 2.75%), 4.47%, 10/15/27	USD		500	$	505,102
Series 2013-8A, Class CR, (3 mo. LIBOR US + 3.95%), 5.67%, 10/15/28			1,400		1,418,864
ALM VII R Ltd., Series 2013-7RA, Class BR, (3 mo. LIBOR US + 2.70%), 4.42%, 10/15/28(c)(d)			500		510,942
ALM XII Ltd., Series 2015-12A(c)(d):
Class BR, (3 mo. LIBOR US + 2.05%), 3.77%, 04/16/27			500		503,570
Class C1R, (3 mo. LIBOR US + 3.20%), 4.92%, 04/16/27			1,500		1,508,803
ALM XVI Ltd/ALM XVI LLC, Series 2015-16A(c)(d):
Class BR, (3 mo. LIBOR US + 2.05%), 3.77%, 07/15/27			590		594,469
Class C1R, (3 mo. LIBOR US + 3.20%), 4.92%, 07/15/27			742		753,539
AMMC CLO 18 Ltd., Series 2016-18A, Class D, (3 mo. LIBOR US + 5.00%), 6.94%, 05/26/28(c)(d)			500		503,513
AMMC CLO 19 Ltd., Series 2016-19A, Class C, (3 mo. LIBOR US + 2.80%), 4.52%, 10/15/28(c)(d)			413		418,987
Anchorage Capital CLO Ltd.(d):
Series 2014-3RA, Class D, 4.36%, 01/28/31(e)			500		500,174
Series 2014-4RA, Class D, 4.36%, 01/28/31(e)			1,000		1,000,348
Series 2016-8A, Class D, (3 mo. LIBOR US + 4.20%), 5.96%, 07/28/28(c)			1,000		1,008,816
Apidos CLO XVIII, Series 2014-18A, Class CR, (3 mo. LIBOR US + 3.25%), 4.99%, 07/22/26(c)(d)			550		557,047
Apidos CLO XX, Series 2015-20A, Class BR, (3 mo. LIBOR US + 2.60%), 4.32%, 01/16/27(c)(d)			250		250,654
Apidos CLO XXIII, Series 2015-23A, Class D2, (3 mo. LIBOR US + 5.95%), 7.67%, 01/15/27(c)(d)			750		750,558
Ares XXVII CLO Ltd., Series 2013-2A, Class DR, (3 mo. LIBOR US + 3.75%), 5.51%, 07/28/29(c)(d)			500		513,065
Ares XXVIII CLO Ltd., Series 2013-3A, Class DR, (3 mo. LIBOR US + 3.25%), 4.98%, 10/17/24(c)(d)			350		351,607
Ares XXXII CLO Ltd., Series 2014-32A, Class CR, (3 mo. LIBOR US + 3.45%), 5.29%, 11/15/25(c)(d)			750		750,904
Ares XXXIII CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 4.20%), 5.69%, 12/05/25(c)(d)			1,000		1,024,654
Ares XXXVII CLO Ltd., Series 2015-4A(d)(e):
Class CR, 4.37%, 10/15/30			1,000		1,006,541
Class DR, 7.87%, 10/15/30			500		509,222
Atlas Senior Loan Fund X Ltd., Series 2018-10A(d)(e):
Class B, 3.21%, 01/15/31			400		400,764
Class C, 3.56%, 01/15/31			625		626,725
Class D, 4.46%, 01/15/31			500		500,162
Aurium CLO II DAC, Series 2X, Class E, (3 mo. Euribor + 5.95%), 5.95%, 07/13/29(c)	EUR		2,024		2,495,895

46 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities (continued)
Ballyrock CLO Ltd., Series 2016-1A, Class C, (3 mo. LIBOR US + 2.70%), 4.42%, 10/15/28(c)(d)	USD		1,000	$	1,011,680
Betony CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.85%), 4.57%, 04/15/27(c)(d)			250		250,840
Cairn CLO VII BV, Series 2016-7X, Class E, (3 mo. Euribor + 6.35%), 6.35%, 01/31/30(c)	EUR		900		1,120,694
Carlyle Global Market Strategies CLO Ltd.(d):
Series 2012-4A, Class DR, (3 mo. LIBOR US + 4.10%), 5.84%, 01/20/29(c)	USD		500		511,805
Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.75%), 4.48%, 04/17/25(c)			500		500,103
Series 2015-3A, Class D, 7.46%, 07/28/28(e)			500		506,467
Series 2016-3A, Class D, (3 mo. LIBOR US + 7.00%), 8.74%, 10/20/29(c)			500		512,982
Series 2017-1A, Class D, (3 mo. LIBOR US + 6.00%), 7.74%, 04/20/31(c)			500		511,365
Cedar Funding Ltd., Series 2017-8A, Class D, 4.98%, 10/17/30(d)(e)			535		543,711
CIFC Funding I Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.50%), 5.24%, 04/23/29(c)(d)			500		508,093
CIFC Funding III Ltd., Series 2015-3A, Class E, (3 mo. LIBOR US + 6.05%), 7.79%, 10/19/27(c)(d)			750		750,486
CIFC Funding Ltd.(d)(e)(f):
Series 2014-2A, Class A3LRSeries 2018-1A, Class C, 1.00%, 04/18/31			500		498,601
Series 2018-1A, Class B, 1.00%, 04/18/31			435		435,765
CIFC Funding V Ltd.(c)(d):
Series 2014-5A, Class CR, (3 mo. LIBOR US + 2.70%), 4.43%, 01/17/27			750		754,309
Series 2015-5A, Class D, (3 mo. LIBOR US + 6.30%), 8.05%, 10/25/27			500		502,339
Dryden 37 Senior Loan Fund, Series 2015-37A, Class DR, 4.22%, 01/15/31(d)(e)			500		500,613
Dryden Senior Loan Fund(c)(d):
Series 2014-31A, Class DR, (3 mo. LIBOR US + 3.35%), 5.08%, 04/18/26			500		501,676
Series 2014-36A, Class DR, (3 mo. LIBOR US + 4.24%), 5.96%, 01/15/28			1,500		1,530,668
Series 2017-50A, Class C, (3 mo. LIBOR US + 2.25%), 3.97%, 07/15/30			500		508,464
Greenwood Park CLO Ltd., Series 2018-1A, Class D, 1.00%, 04/15/31(b)(d)(e)(f)			500		500,000
Highbridge Loan Management Ltd., Series 5A-2015(c)(d):
Class C1R, (3 mo. LIBOR US + 2.10%), 3.86%, 01/29/26			500		502,897
Class D1R, (3 mo. LIBOR US + 3.30%), 5.06%, 01/29/26			500		501,169
Class D2R, (3 mo. LIBOR US + 3.30%), 5.06%, 01/29/26			500		501,169
HPS Loan Management Ltd., Series 9A-2016, Class D2, (3 mo. LIBOR US + 6.45%), 8.19%, 07/19/27(c)(d)			800		811,695
LCM XV LP, Series 15A, Class CR, (3 mo. LIBOR US + 2.40%), 3.14%, 07/20/30(c)(d)			500		509,795
Madison Park Funding XIV Ltd., Series 2014-14A, Class DR, (3 mo. LIBOR US + 3.25%), 4.99%, 07/20/26(c)(d)			500		504,028

Security		Par (000)		Value
Asset-Backed Securities (continued)
Madison Park Funding XV Ltd., Series 2014-15A, Class CR, (3 mo. LIBOR US + 3.45%), 5.21%, 01/27/26(c)(d)	USD		500	$	501,639
Madison Park Funding XVI Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.50%), 7.24%, 04/20/26(c)(d)			500		500,996
Mill Creek II CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.75%), 9.49%, 04/20/28(c)(d)			500		504,404
MP CLO VI Ltd., Series 2014-2A, Class DR, (3 mo. LIBOR US + 3.50%), 5.22%, 01/15/27(c)(d)			1,000		1,014,550
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class D, 4.22%, 01/15/28(d)(e)			500		500,889
Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, (3 mo. LIBOR US + 3.65%), 5.39%, 04/22/29(c)(d)			500		510,582
Neuberger Berman CLO XVIII Ltd., Series 2014-18A(c)(d):
Class BR, (3 mo. LIBOR US + 2.55%), 4.38%, 11/14/27			500		506,041
Class CR, (3 mo. LIBOR US + 4.25%), 6.08%, 11/14/27			1,500		1,523,311
Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class E, (3 mo. LIBOR US + 6.75%), 8.48%, 10/17/27(c)(d)			500		510,143
Neuberger Berman CLO XXIII Ltd., Series 2016-23A, Class E, (3 mo. LIBOR US + 6.58%), 8.31%, 10/17/27(c)(d)			500		509,592
OCP CLO Ltd., Series 2015-8A, Class CR, 4.53%, 04/17/27(d)(e)			250		250,662
Octagon Investment Partners Ltd.(d):
Series 2013-1A, Class A1R2, 3.02%, 01/25/31(e)			1,500		1,500,000
Series 2013-1A, Class BR2, 3.42%, 01/25/31(e)			500		500,000
Series 2013-1A, Class CR2, 3.72%, 01/25/31(e)			750		750,000
Series 2016-1A, Class D, (3 mo. LIBOR US + 4.95%), 6.67%, 04/15/27(c)			500		501,981
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, 4.49%, 01/22/30(d)(e)			1,000		999,694
Octagon Investment Partners XXVII Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.10%), 8.82%, 07/15/27(c)(d)			1,000		1,018,066
Octagon Investment Partners XXXII Ltd., Series 2017-1A, Class E, 7.92%, 07/15/29(d)(e)			500		513,940
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 07/18/25(d)			200		199,861
OZLM IX Ltd., Series 2014-9A Class CR, (3 mo. LIBOR US + 3.55%), 5.29%, 01/20/27(c)(d)			1,000		1,004,514
OZLM XIX Ltd., Series 2017-19A, Class C, 4.47%, 11/22/30(d)(e)			500		507,255
OZLME III DAC, Series 3X, Class E, 4.80%, 08/24/30(e)	EUR		200		246,649
Palmer Square CLO Ltd., Series 2014-1A, Class BR2, 3.58%, 01/17/31(d)(e)	USD		500		503,377
Stewart Park CLO Ltd., Series 2015-1A(d)(e):
Class DR, 4.32%, 01/15/30			1,000		999,768
Class ER, 7.00%, 01/15/30			1,000		984,803
Symphony CLO Ltd., Series 2016-17A, Class D, (3 mo. LIBOR US + 4.80%), 6.52%, 04/15/28(c)(d)			250		250,949

SCHEDULES OF INVESTMENTS 47

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities (continued)
Symphony CLO XII Ltd., Series 2013-12A, Class DR, (3 mo. LIBOR US + 3.25%), 4.97%, 10/15/25(c)(d)	USD		1,000	$	1,001,013
Venture XXVI CLO Ltd., Series 2017-26A, Class D, (3 mo. LIBOR US + 4.25%), 5.99%, 01/20/29(c)(d)			750		774,252
Voya CLO Ltd., Series 2016-3A(c)(d):
Class C, (3 mo. LIBOR US + 3.85%), 5.58%, 10/18/27			1,000		1,013,008
Class D, (3 mo. LIBOR US + 6.85%), 8.58%, 10/18/27			500		512,256
Westcott Park CLO Ltd., Series 2016-1A(c)(d):
Class D, (3 mo. LIBOR US + 4.35%), 6.09%, 07/20/28			500		513,051
Class E, (3 mo. LIBOR US + 7.20%), 8.94%, 07/20/28			500		518,043
York CLO Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.60%), 5.34%, 10/20/29(c)(d)			500		511,343
York CLO-3 Ltd., Series 2016-1A, Class ER, (3 mo. LIBOR US + 6.40%), 8.14%, 10/20/29(c)(d)			500		508,540
Total Asset-Backed Securities — 4.0% (Cost — $59,077,130)					60,616,514
Corporate Bonds — 114.9%
Aerospace & Defense — 3.3%
Arconic, Inc.:
6.15%, 08/15/20			1,540		1,630,213
5.87%, 02/23/22			705		747,300
5.13%, 10/01/24			4,924		5,102,495
5.90%, 02/01/27			1,890		2,031,750
6.75%, 01/15/28			689		785,460
5.95%, 02/01/37			674		719,562
Bombardier, Inc.(d):
7.75%, 03/15/20			1,434		1,530,795
8.75%, 12/01/21			3,830		4,198,637
6.00%, 10/15/22			1,369		1,365,577
6.13%, 01/15/23			438		439,095
7.50%, 12/01/24			3,060		3,178,575
7.50%, 03/15/25			5,799		5,951,224
7.45%, 05/01/34			686		699,720
EnPro Industries, Inc., 5.88%, 09/15/22			978		1,013,746
KLX, Inc., 5.88%, 12/01/22(d)			5,590		5,757,700
Koppers, Inc., 6.00%, 02/15/25(d)			1,190		1,231,650
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(d)			1,089		1,135,283
Pioneer Holdings LLC/Pioneer Finance Corp., 9.00%, 11/01/22(d)			1,077		1,133,543
Telecom Italia SpA/Milano, 2.38%, 10/12/27	EUR		130		156,329
TransDigm, Inc.:
6.00%, 07/15/22	USD		6,361		6,512,074
6.50%, 07/15/24			3,382		3,487,687
6.50%, 05/15/25			1,160		1,189,000
6.38%, 06/15/26			96		98,160
					50,095,575
Air Freight & Logistics — 0.4%
Air Medical Merger Sub Corp., 6.38%, 05/15/23(d)			805		764,750
XPO Logistics, Inc., 6.50%, 06/15/22(d)			5,442		5,652,877
					6,417,627

Security		Par (000)		Value
Airlines — 0.3%
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 05/15/23	USD		2,862	$	2,977,079
Virgin Australia Trust, Series 2013-1, Class C, 7.13%, 10/23/18(d)			1,716		1,740,283
					4,717,362
Auto Components — 1.1%
Adient Global Holdings Ltd., 3.50%, 08/15/24	EUR		456		570,228
Allison Transmission, Inc., 5.00%, 10/01/24(d)	USD		827		838,371
Faurecia, 3.63%, 06/15/23	EUR		180		230,400
Fiat Chrysler Automobiles NV, 3.75%, 03/29/24			400		530,700
Fiat Chrysler Finance Europe, 4.75%, 07/15/22			367		503,988
Gestamp Funding Luxembourg SA, 3.50%, 05/15/23			100		127,033
Goodyear Tire & Rubber Co., 5.00%, 05/31/26	USD		471		471,000
Grupo-Antolin Irausa SA, 3.25%, 04/30/24	EUR		316		396,442
HP Pelzer Holding GmbH, 4.13%, 04/01/24			286		355,375
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
6.00%, 08/01/20	USD		140		142,730
6.25%, 02/01/22			1,452		1,473,780
6.75%, 02/01/24			1,586		1,617,720
6.38%, 12/15/25			982		985,683
IHO Verwaltungs GmbH(g):
(2.75% Cash or 3.50% PIK), 2.75%, 09/15/21	EUR		262		326,205
(3.25% Cash or 4.00% PIK), 3.25%, 09/15/23			615		775,060
(3.75% Cash or 4.50% PIK), 3.75%, 09/15/26			225		289,598
(4.13% Cash or 4.88% PIK), 4.13%, 09/15/21(d)	USD		1,280		1,276,800
(4.50% Cash or 5.25% PIK), 4.50%, 09/15/23(d)			1,367		1,339,660
Jaguar Land Rover Automotive PLC, 2.20%, 01/15/24	EUR		200		244,305
Schaeffler Finance BV, 4.75%, 05/15/23(d)	USD		1,440		1,465,200
Tesla, Inc., 5.30%, 08/15/25(d)			3,044		2,888,908
ZF North America Capital, Inc.:
2.75%, 04/27/23	EUR		100		130,708
4.75%, 04/29/25(d)	USD		159		163,571
					17,143,465
Banks — 0.7%
Allied Irish Banks PLC(5 year EUR Swap + 3.95%), 4.13%, 11/26/25(h)	EUR		710		935,122
Alpha Bank AE, 2.50%, 02/05/23			425		516,881
Banco Espirito Santo SA, 4.00%, 01/21/19(a)(i)			1,100		402,600
Banco Popolare, 2.75%, 07/27/20			800		1,018,530
Banco Popolare di Milano Scarl, 4.25%, 01/30/19			200		252,511
Bank of Ireland (5 year EUR Swap + 3.55%), 4.25%, 06/11/24(h)			540		688,753
Bank of Ireland Group PLC, 3.13%, 09/19/27(e)	GBP		100		135,988
Bankia SA(h):
(5 year EUR Swap + 3.17%), 4.00%, 05/22/24	EUR		700		886,712
(5 year EUR Swap + 3.35%), 3.38%, 03/15/27			200		258,742
CaixaBank SA(h):
(5 year EUR Swap + 3.35%), 3.50%, 02/15/27			200		260,338
(5 year EUR Swap + 2.35%), 2.75%, 07/14/28			100		125,936

48 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
CIT Group, Inc.:
5.00%, 08/15/22	USD		278	$	286,687
5.00%, 08/01/23			404		415,110
6.00%, 04/01/36			2,800		2,646,000
Deutsche Pfandbriefbank AG, 4.60%, 02/22/27	EUR		100		135,145
IKB Deutsche Industriebank AG, 4.00%, 01/31/28(e)			200		247,050
Intesa Sanpaolo SpA, 6.63%, 09/13/23			956		1,446,508
National Bank of Greece SA, 2.75%, 10/19/50			455		567,762
					11,226,375
Beverages — 0.2%
ARD Finance SA, (6.63% Cash or 7.38% PIK), 6.63%, 09/15/23(g)			200		259,494
BWAY Holding Co., 7.25%, 04/15/25(d)	USD		981		1,012,882
Horizon Parent Holdings Sarl, (8.25% Cash or 9.00% PIK), 8.25%, 02/15/22(g)	EUR		350		451,190
OI European Group BV:
4.00%, 03/15/23(d)	USD		1,461		1,413,517
3.13%, 11/15/24	EUR		175		218,128
Silgan Holdings, Inc., 3.25%, 03/15/25			230		286,156
					3,641,367
Biotechnology — 0.0%
Senvion Holding GmbH, 3.88%, 10/25/22			301		339,679
Building Materials — 0.1%
Jeld-Wen, Inc., 4.63%, 12/15/25(d)	USD		608		594,320
Titan Global Finance PLC:
3.50%, 06/17/21	EUR		400		516,060
2.38%, 11/16/24			346		417,899
					1,528,279
Building Products — 1.3%
American Builders & Contractors Supply Co., Inc.(d):
5.63%, 04/15/21	USD		526		532,575
5.75%, 12/15/23			982		1,023,735
Beacon Escrow Corp., 4.88%, 11/01/25(d)			3,473		3,387,217
BMBG Bond Finance SCA, 3.00%, 06/15/21	EUR		225		278,070
Building Materials Corp. of America, 6.00%, 10/15/25(d)	USD		2,308		2,437,825
CPG Merger Sub LLC, 8.00%, 10/01/21(d)			2,165		2,229,950
Masonite International Corp., 5.63%, 03/15/23(d)			3,698		3,822,807
Ply Gem Industries, Inc., 6.50%, 02/01/22			1,249		1,294,688
Standard Industries, Inc.(d):
5.50%, 02/15/23			1,708		1,754,970
5.38%, 11/15/24			299		305,728
USG Corp.(d):
5.50%, 03/01/25			904		940,160
4.88%, 06/01/27			1,586		1,562,210
					19,569,935
Cable Television Services — 0.1%
CB Escrow Corp., 8.00%, 10/15/25(d)			703		687,182
Capital Markets — 1.1%
Blackstone CQP Holdco LP(d):
6.50%, 03/20/21			13,913		14,034,739
6.00%, 08/18/21			2,265		2,275,759
LPL Holdings, Inc., 5.75%, 09/15/25(d)			323		327,037
NFP Corp., 6.88%, 07/15/25(d)			559		560,397
					17,197,932
Chemicals — 3.8%
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 02/01/25(d)			4,500		4,522,500

Security		Par (000)		Value
Chemicals (continued)
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR		385	$	493,584
Axalta Coating Systems LLC, 4.88%, 08/15/24(d)	USD		1,451		1,458,255
Blue Cube Spinco, Inc.:
9.75%, 10/15/23			2,534		2,939,440
10.00%, 10/15/25			1,565		1,866,262
CF Industries, Inc.:
7.13%, 05/01/20			404		430,765
5.15%, 03/15/34			540		529,200
4.95%, 06/01/43			1,517		1,380,470
Chemours Co.:
6.13%, 05/15/23	EUR		100		128,303
6.63%, 05/15/23	USD		375		394,219
7.00%, 05/15/25			1,387		1,494,492
5.38%, 05/15/27			1,453		1,456,633
CTC Bond Co. GmbH, 5.25%, 12/15/25	EUR		207		252,262
Hexion, Inc., 10.38%, 02/01/22(d)	USD		1,360		1,326,000
Huntsman International LLC:
4.88%, 11/15/20			1,304		1,333,705
5.13%, 11/15/22			1,445		1,491,963
INEOS Finance PLC, 4.00%, 05/01/23	EUR		448		560,202
INEOS Group Holdings SA, 5.38%, 08/01/24			300		386,500
Kronos International, Inc., 3.75%, 09/15/25			232		291,537
Momentive Performance Materials, Inc., 3.88%, 10/24/21	USD		6,758		7,028,320
NOVA Chemicals Corp., 4.88%, 06/01/24(d)			1,815		1,792,312
Olin Corp., 5.00%, 02/01/30			109		105,185
Platform Specialty Products Corp.(d):
6.50%, 02/01/22			10,527		10,803,334
5.88%, 12/01/25			4,158		4,137,210
PQ Corp.(d):
6.75%, 11/15/22			2,337		2,465,535
5.75%, 12/15/25			2,471		2,508,065
PSPC Escrow Corp., 6.00%, 02/01/23	EUR		394		501,109
Tronox Finance PLC, 5.75%, 10/01/25(d)	USD		1,206		1,196,955
Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25(d)			764		777,370
Versum Materials, Inc., 5.50%, 09/30/24(d)			834		871,530
WR Grace & Co-Conn, 5.13%, 10/01/21(d)			2,483		2,569,905
					57,493,122
Commercial Services & Supplies — 2.3%
ADT Corp.:
6.25%, 10/15/21			347		368,471
3.50%, 07/15/22			1,723		1,645,465
4.13%, 06/15/23			1,781		1,732,022
4.88%, 07/15/32(d)			3,731		3,395,210
Advanced Disposal Services, Inc., 5.63%, 11/15/24(d)			1,563		1,594,260
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(d)			3,107		3,083,697
Catalent Pharma Solutions, Inc., 4.75%, 12/15/24	EUR		100		129,194
CD&R Waterworks Merger Sub LLC, 6.13%, 08/15/25(d)	USD		2,453		2,428,470
Fortress Transportation & Infrastructure Investors LLC, 6.75%, 03/15/22(d)			252		259,560
Harland Clarke Holdings Corp., 8.38%, 08/15/22(d)			2,752		2,848,320
KAR Auction Services, Inc., 5.13%, 06/01/25(d)			3,528		3,554,460
La Financiere Atalian SAS, 4.00%, 05/15/24	EUR		415		523,145
Mobile Mini, Inc., 5.88%, 07/01/24	USD		3,503		3,643,120
Paprec Holding SA, 5.25%, 04/01/22	EUR		271		338,958

SCHEDULES OF INVESTMENTS 49

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Services & Supplies (continued)
Park Aerospace Holdings Ltd.(d):
3.63%, 03/15/21	USD		1,473	$	1,417,762
5.25%, 08/15/22			2,560		2,563,200
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(d)			1,289		1,303,566
United Rentals North America, Inc.:
5.75%, 11/15/24			1,354		1,398,005
5.50%, 05/15/27			1,128		1,154,508
Verisure Holding AB, 6.00%, 11/01/22	EUR		167		214,591
Wrangler Buyer Corp., 6.00%, 10/01/25(d)	USD		718		726,975
					34,322,959
Commercial Services & Supplies — 0.1%
Waste Pro USA, Inc., 5.50%, 02/15/26(d)			828		832,140
Communications Equipment — 1.6%
CommScope Technologies Finance LLC, 6.00%, 06/15/25(d)			147		151,822
CommScope Technologies LLC, 5.00%, 03/15/27(d)			1,781		1,737,588
CommScope, Inc.(d):
5.00%, 06/15/21			2,278		2,309,322
5.50%, 06/15/24			1,804		1,837,825
Nokia OYJ:
3.38%, 06/12/22			714		694,294
4.38%, 06/12/27			852		817,920
6.63%, 05/15/39			3,486		3,764,880
Telefonaktiebolaget LM Ericsson, Series 7Y, 1.88%, 03/01/24	EUR		200		235,094
Zayo Group LLC/Zayo Capital, Inc.:
6.00%, 04/01/23	USD		4,308		4,474,935
6.38%, 05/15/25			3,973		4,152,262
5.75%, 01/15/27(d)			3,962		3,981,810
					24,157,752
Construction & Engineering — 1.1%
BlueLine Rental Finance Corp., 9.25%, 03/15/24(d)			8,405		9,087,906
Brand Energy & Infrastructure Services, Inc., 8.50%, 07/15/25(d)			3,931		4,058,758
Engility Corp., 8.88%, 09/01/24			1,728		1,831,680
SPIE SA, 3.13%, 03/22/24	EUR		300		377,924
Tutor Perini Corp., 6.88%, 05/01/25(d)	USD		1,357		1,424,850
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 08/15/25(d)			474		473,858
					17,254,976
Construction Materials — 1.3%
American Tire Distributors, Inc., 10.25%, 03/01/22(d)			1,953		2,033,796
Autodis SA:
(3 mo. Euribor + 4.38%), 4.38%, 05/01/22(c)	EUR		100		122,680
4.38%, 05/01/22			150		187,264
Beacon Roofing Supply, Inc., 6.38%, 10/01/23	USD		366		390,248
HD Supply, Inc., 5.75%, 04/15/24(d)			10,906		11,437,667
LKQ Italia Bondco SpA, 3.88%, 04/01/24	EUR		220		287,524
Navistar International Corp., 6.63%, 11/01/25(d)	USD		1,781		1,834,430
New Enterprise Stone & Lime Co., Inc., 10.13%, 04/01/22(d)			1,106		1,198,627
Rexel SA:
3.50%, 06/15/23	EUR		461		589,388
2.63%, 06/15/24			250		313,023
Williams Scotsman International, Inc., 7.88%, 12/15/22(d)	USD		771		807,622
					19,202,269

Security		Par (000)		Value
Consumer Discretionary — 0.5%
Arch Merger Sub, Inc., 8.50%, 09/15/25(d)			1,356	$	1,301,760
Elis SA, 1.88%, 02/15/23	EUR		100		123,067
Live Nation Entertainment, Inc., 4.88%, 11/01/24(d)	USD		296		294,150
Nielsen Co. Luxembourg SARL, 5.00%, 02/01/25(d)			463		462,278
ServiceMaster Co. LLC, 5.13%, 11/15/24(d)			606		596,910
Viking Cruises Ltd.(d):
6.25%, 05/15/25			889		902,335
5.88%, 09/15/27			3,641		3,549,975
					7,230,475
Consumer Finance — 2.4%
Alliance Data Systems Corp.(d):
5.88%, 11/01/21			3,207		3,279,157
5.38%, 08/01/22			2,329		2,337,734
Ally Financial, Inc.:
5.13%, 09/30/24			1,230		1,276,125
8.00%, 11/01/31			11,400		14,136,000
CDK Global, Inc., 4.88%, 06/01/27(d)			1,848		1,833,586
IHS Markit Ltd.(d):
4.75%, 02/15/25			1,125		1,150,312
4.00%, 03/01/26			614		595,580
Iron Mountain UK PLC, 3.88%, 11/15/25	GBP		180		235,735
Navient Corp.:
6.63%, 07/26/21	USD		1,454		1,519,430
6.50%, 06/15/22			2,048		2,135,040
5.50%, 01/25/23			932		922,680
7.25%, 09/25/23			1,100		1,168,750
6.13%, 03/25/24			642		648,420
5.88%, 10/25/24			723		715,770
6.75%, 06/25/25			730		749,382
5.63%, 08/01/33			1,821		1,620,690
OneMain Financial Holdings LLC, 7.25%, 12/15/21(d)			796		826,945
Springleaf Finance Corp.:
6.13%, 05/15/22			490		502,250
5.63%, 03/15/23			1,212		1,199,880
					36,853,466
Containers & Packaging — 3.9%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.00%, 06/30/21(d)			3,968		4,057,280
4.25%, 09/15/22(d)			627		624,649
4.13%, 05/15/23	EUR		275		351,473
4.63%, 05/15/23(d)	USD		1,738		1,735,828
2.75%, 03/15/24	EUR		231		285,627
6.75%, 05/15/24			450		599,096
7.25%, 05/15/24(d)	USD		9,905		10,610,731
6.00%, 02/15/25(d)			5,909		6,056,725
4.75%, 07/15/27(d)	GBP		427		571,624
4.75%, 07/15/27			362		484,608
Ball Corp.:
5.00%, 03/15/22	USD		710		736,625
4.00%, 11/15/23			1,606		1,589,940
4.38%, 12/15/23	EUR		100		137,833
BWAY Holding Co., 5.50%, 04/15/24(d)	USD		4,925		5,035,813
Crown European Holdings SA, 3.38%, 05/15/25	EUR		303		383,788
Hercule Debtco Sarl, (6.75% Cash or 7.50% PIK), 6.75%, 06/30/24(g)			100		122,763
Horizon Holdings I SASU, 7.25%, 08/01/23			100		127,996
JH-Holding Finance SA, (8.25% PIK), 8.25%, 12/01/22(c)			200		257,573

50 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Containers & Packaging (continued)
Mercer International, Inc.:
6.50%, 02/01/24	USD		1,446	$	1,514,685
5.50%, 01/15/26(d)			767		763,165
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20			6,255		6,348,440
(3 mo. LIBOR US + 3.50%), 5.22%, 07/15/21(c)(d)			3,030		3,064,088
5.13%, 07/15/23(d)			1,259		1,282,606
7.00%, 07/15/24(d)			6,231		6,562,022
Sappi Papier Holding GmbH, 4.00%, 04/01/23	EUR		150		190,567
Sealed Air Corp.:
4.88%, 12/01/22(d)	USD		1,223		1,259,690
4.50%, 09/15/23	EUR		560		765,649
6.88%, 07/15/33(d)	USD		700		787,500
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 05/01/22(d)			1,754		1,815,390
Verallia Packaging SASU, 5.13%, 08/01/22	EUR		575		726,109
					58,849,883
Diversified Consumer Services — 1.6%
APX Group, Inc.:
6.38%, 12/01/19	USD		216		219,240
8.75%, 12/01/20			1,972		1,986,790
7.88%, 12/01/22			1,874		1,974,727
Ascend Learning LLC, 6.88%, 08/01/25(d)			2,023		2,083,690
Cognita Financing PLC, 7.75%, 08/15/21	GBP		225		319,205
GW Honos Security Corp., 8.75%, 05/15/25(d)	USD		586		630,683
Laureate Education, Inc., 8.25%, 05/01/25(d)			591		629,415
Matthews International Corp., 5.25%, 12/01/25(d)			774		775,935
Pinnacle Bidco PLC, 6.38%, 02/15/25	GBP		177		246,092
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(d)	USD		12,368		13,465,660
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(d)			1,406		1,384,910
					23,716,347
Diversified Financial Services — 1.8%
Aircastle Ltd.:
7.63%, 04/15/20			128		137,600
5.13%, 03/15/21			643		660,682
5.50%, 02/15/22			2,471		2,569,840
Arrow Global Finance PLC:
5.13%, 09/15/24	GBP		125		173,719
(3 mo. Euribor + 2.88%), 2.88%, 04/01/25(c)	EUR		254		304,445
Banca IFIS SpA, 4.50%, 10/17/27(e)			375		464,934
Cabot Financial Luxembourg SA:
6.50%, 04/01/21	GBP		100		139,391
7.50%, 10/01/23			220		320,174
DPL, Inc., 7.25%, 10/15/21	USD		230		250,700
FBM Finance, Inc., 8.25%, 08/15/21(d)			2,660		2,806,300
Garfunkelux Holdco 3 SA, 4.50%, 09/01/23(e)	EUR		220		254,996
Intrum Justitia AB:
2.75%, 07/15/22			437		523,818
3.13%, 07/15/24			310		367,314
Jefferies Finance LLC/JFIN Co-Issuer Corp.(d):
7.38%, 04/01/20	USD		2,695		2,727,367
6.88%, 04/15/22			2,552		2,552,000
Lehman Brother Holding Escrow, 1.00%, 09/22/18(b)			430		17,415
Lehman Brothers Holdings, Inc.(b)(e):
5.38%, 10/17/18	EUR		350		18,147
4.75%, 01/16/19			1,890		97,997

Security		Par (000)		Value
Diversified Financial Services (continued)
Lehman Brothers Holdings, Inc.(b)(e) (continued):
1.00%, 02/05/19	EUR		3,950	$	204,808
1.00%, 12/31/49	USD		1,535		62,167
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(g)	EUR		584		723,310
Lincoln Finance Ltd., 6.88%, 04/15/21			100		126,785
Mercury Bondco PLC(g):
(7.13% Cash or 7.88% PIK), 7.13%, 05/30/21			525		663,096
(8.25% Cash or 9.00% PIK), 8.25%, 05/30/21			564		720,002
Newco GB SAS, 8.00%, 12/15/22(g)			117		144,167
Pershing Square Holdings Ltd., 5.50%, 07/15/22(d)	USD		2,100		2,161,845
ProGroup AG:
5.13%, 05/01/22	EUR		206		257,824
(3 mo. Euribor + 2.50%), 2.50%, 03/31/24(c)			112		137,337
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(d)	USD		3,093		3,116,197
UniCredit SpA:
6.95%, 10/31/22	EUR		375		561,896
(5 year EUR Swap + 4.10%), 5.75%, 10/28/25(h)			700		947,078
(5 year EUR Swap + 4.32%), 4.38%, 01/03/27(h)			567		752,536
Vantiv LLC/Vanity Issuer Corp.(d):
3.88%, 11/15/25	GBP		357		486,643
4.38%, 11/15/25	USD		1,168		1,131,500
Verisure Midholding AB, 5.75%, 12/01/23	EUR		250		304,646
WMG Acquisition Corp.:
4.13%, 11/01/24			250		320,021
5.50%, 04/15/26(d)(f)	USD		776		776,000
					27,984,697
Diversified Telecommunication Services — 3.2%
CenturyLink, Inc.:
5.63%, 04/01/25			845		764,725
Series P, 7.60%, 09/15/39			54		47,115
Series S, 6.45%, 06/15/21			7,518		7,687,155
Series T, 5.80%, 03/15/22			1,539		1,517,839
Series U, 7.65%, 03/15/42			743		646,410
Cincinnati Bell, Inc., 7.00%, 07/15/24(d)			2,236		2,124,200
Frontier Communications Corp.:
7.13%, 03/15/19			1,445		1,470,288
7.13%, 01/15/23			719		479,034
7.63%, 04/15/24			1,188		754,380
6.88%, 01/15/25			5,097		3,109,170
11.00%, 09/15/25			2,166		1,697,602
Level 3 Financing, Inc.:
5.38%, 08/15/22			243		245,430
5.63%, 02/01/23			1,971		1,990,710
5.13%, 05/01/23			1,292		1,292,000
5.38%, 01/15/24			1,521		1,513,395
5.38%, 05/01/25			2,469		2,450,482
5.25%, 03/15/26			5,666		5,453,468
OTE PLC, 3.50%, 07/09/20	EUR		470		606,371
Qwest Corp., 6.75%, 12/01/21	USD		680		726,165
SoftBank Group Corp.:
(5 year USD ICE Swap + 4.85%), 6.88%(h)(j)			1,935		1,909,555
4.75%, 09/19/24			700		679,187
4.75%, 07/30/25	EUR		415		532,881
Telecom Italia Capital SA:
6.38%, 11/15/33	USD		831		909,945
6.00%, 09/30/34			6,039		6,325,852

SCHEDULES OF INVESTMENTS 51

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Telecom Italia Capital SA (continued):
7.20%, 07/18/36	USD		958	$	1,120,860
7.72%, 06/04/38			134		164,150
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR		280		508,293
Telecom Italia SpA:
1.13%, 03/26/22(k)			100		120,170
3.25%, 01/16/23			300		398,009
5.88%, 05/19/23	GBP		400		628,884
3.63%, 01/19/24	EUR		200		268,504
5.30%, 05/30/24(d)	USD		431		446,624
					48,588,853
Electric Utilities — 0.2%
AES Corp., 5.50%, 04/15/25			682		699,050
NextEra Energy Operating Partners LP, 4.25%, 09/15/24(d)			1,225		1,208,156
Talen Energy Supply LLC, 6.50%, 06/01/25			1,782		1,376,595
Viridian Group FinanceCo PLC/Viridian Power and Energy, 4.00%, 09/15/25	EUR		100		114,375
					3,398,176
Electrical Equipment — 0.1%
Areva SA, 4.88%, 09/23/24			550		742,837
Belden, Inc., 5.50%, 04/15/23			13		16,375
					759,212
Electronic Equipment, Instruments & Components — 0.9%
CDW LLC/CDW Finance Corp.:
5.00%, 09/01/23	USD		3,624		3,678,360
5.50%, 12/01/24			6,605		6,902,225
5.00%, 09/01/25			714		719,355
Itron, Inc., 5.00%, 01/15/26(d)			231		229,845
SESI LLC, 7.75%, 09/15/24(d)			1,389		1,444,560
					12,974,345
Energy Equipment & Services — 1.6%
Ensco PLC, 5.20%, 03/15/25			270		224,100
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22(d)			2,780		2,828,650
Noble Holding International Ltd., 7.70%, 04/01/25			1,234		1,104,430
Oceaneering International, Inc., 6.00%, 02/01/28			1,378		1,358,152
Pattern Energy Group, Inc., 5.88%, 02/01/24(d)			935		962,863
Pioneer Energy Services Corp., 6.13%, 03/15/22			1,431		1,293,266
Precision Drilling Corp.:
6.50%, 12/15/21			530		539,275
5.25%, 11/15/24			600		571,500
Transocean, Inc.:
5.80%, 10/15/22			1,246		1,208,807
9.00%, 07/15/23(d)			5,675		6,129,000
6.80%, 03/15/38			703		565,915
Trinidad Drilling Ltd., 6.63%, 02/15/25(d)			2,272		2,195,320
Weatherford International Ltd.:
7.75%, 06/15/21			1,271		1,266,234
8.25%, 06/15/23			300		291,000
9.88%, 02/15/24			3,161		3,129,390
					23,667,902
Environmental, Maintenance, & Security Service — 0.2%
Tervita Escrow Corp., 7.63%, 12/01/21(d)			2,397		2,408,985

Security		Par (000)		Value
Food & Staples Retailing — 0.8%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 06/15/24	USD		874	$	805,173
5.75%, 03/15/25			1,011		884,625
B&M European Value Retail SA, 4.13%, 02/01/22	GBP		225		318,991
Casino Guichard Perrachon SA:
4.56%, 01/25/23	EUR		300		405,588
4.50%, 03/07/24			500		661,157
Dollar Tree, Inc.:
5.25%, 03/01/20	USD		262		265,275
5.75%, 03/01/23			5,504		5,717,280
Post Holdings, Inc., 5.63%, 01/15/28(d)			484		471,295
Rite Aid Corp., 6.13%, 04/01/23(d)			2,735		2,748,675
					12,278,059
Food Products — 1.2%
Acosta, Inc., 7.75%, 10/01/22(d)			1,307		934,505
Aramark Services, Inc., 5.13%, 01/15/24			1,104		1,126,080
B&G Foods, Inc., 5.25%, 04/01/25			1,705		1,641,063
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(d)			2,638		2,750,115
Darling Global Finance BV, 4.75%, 05/30/22	EUR		100		125,096
JBS USA LLC/JBS USA Finance, Inc.(d):
5.88%, 07/15/24	USD		402		392,030
5.75%, 06/15/25			3,803		3,631,865
Pilgrim’s Pride Corp.(d)(f):
5.75%, 03/15/25			1,548		1,540,260
5.88%, 09/30/27			1,341		1,303,854
Post Holdings, Inc.(d):
5.50%, 03/01/25			847		852,294
5.00%, 08/15/26			2,006		1,905,700
5.75%, 03/01/27			1,884		1,860,450
					18,063,312
Forest Products — 0.1%
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(d)			1,884		1,865,537
Health Care Equipment & Supplies — 2.1%
Avantor, Inc.:
4.75%, 10/01/24	EUR		304		368,215
6.00%, 10/01/24(d)	USD		9,366		9,366,000
9.00%, 10/01/25(d)			2,620		2,626,550
Crimson Merger Sub, Inc., 6.63%, 05/15/22(d)			7,426		7,370,305
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 06/15/21(d)			7,026		6,815,220
Mallinckrodt International Finance SA/Mallinckrodt CB LLC(d):
4.88%, 04/15/20			1,110		1,073,925
5.75%, 08/01/22			2,210		1,955,850
5.63%, 10/15/23			67		55,443
5.50%, 04/15/25			1,794		1,417,260
Teleflex, Inc., 4.88%, 06/01/26			684		677,160
					31,725,928
Health Care Providers & Services — 6.3%
Acadia Healthcare Co., Inc.:
5.13%, 07/01/22			408		412,937
5.63%, 02/15/23			974		999,275
6.50%, 03/01/24			1,734		1,790,355
Amsurg Corp., 5.63%, 07/15/22			4,779		4,856,659
Centene Corp.:
5.63%, 02/15/21			2,080		2,129,400
4.75%, 05/15/22			2,467		2,508,631
6.13%, 02/15/24			391		410,550

52 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.:
8.00%, 11/15/19	USD		993	$	933,926
6.25%, 03/31/23			1,990		1,810,900
DaVita, Inc., 5.00%, 05/01/25			1,938		1,901,662
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22(d)(g)			1,776		1,776,018
Envision Healthcare Corp.(d):
5.13%, 07/01/22			373		375,798
6.25%, 12/01/24			1,060		1,115,650
HCA, Inc.:
6.50%, 02/15/20			6,990		7,374,450
5.88%, 03/15/22			2,345		2,485,700
4.75%, 05/01/23			512		520,960
5.88%, 05/01/23			2,009		2,112,463
5.00%, 03/15/24			4,059		4,135,106
5.38%, 02/01/25			5,861		5,958,117
5.25%, 04/15/25			549		564,098
5.88%, 02/15/26			1,216		1,258,560
5.25%, 06/15/26			4,345		4,453,625
4.50%, 02/15/27			670		654,088
5.50%, 06/15/47			7,321		7,229,487
HealthSouth Corp., 5.75%, 11/01/24			1,170		1,181,700
MEDNAX, Inc., 5.25%, 12/01/23(d)			790		808,762
Molina Healthcare, Inc., 4.88%, 06/15/25(d)			685		655,887
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(d)			3,886		4,090,015
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22(d)(g)			4,239		4,323,780
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(d)			1,287		1,351,350
Sterigenics-Nordion Holdings LLC, 6.50%, 05/15/23(d)			424		430,360
Surgery Center Holdings, Inc.(d):
8.88%, 04/15/21			1,066		1,105,975
6.75%, 07/01/25			1,254		1,178,760
Tenet Healthcare Corp.:
4.75%, 06/01/20			210		213,150
6.00%, 10/01/20			4,540		4,721,555
7.50%, 01/01/22(d)			1,284		1,354,620
8.13%, 04/01/22			5,090		5,369,950
6.75%, 06/15/23			4,529		4,529,000
4.63%, 07/15/24(d)			2,138		2,052,480
THC Escrow Corp. III(d):
5.13%, 05/01/25			300		291,000
7.00%, 08/01/25			1,430		1,426,425
Unilabs Subholding AB, 5.75%, 05/15/25	EUR		173		213,157
Vizient, Inc., 10.38%, 03/01/24(d)	USD		1,875		2,100,000
WellCare Health Plans, Inc., 5.25%, 04/01/25			706		714,557
					95,880,898
Health Care Technology — 0.2%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(d)			1,607		1,607,000
Quintiles IMS, Inc.:
3.25%, 03/15/25(d)	EUR		350		430,763
3.25%, 03/15/25			570		701,527
					2,739,290
Hotels, Restaurants & Leisure — 4.5%
Burger King France SAS:
(3 mo. Euribor + 5.25%), 5.25%, 05/01/23(c)			305		379,110
6.00%, 05/01/24			325		420,246
Cirsa Funding Luxembourg SA:
5.75%, 05/15/21			100		126,179
5.88%, 05/15/23			100		126,176

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21	EUR		210	$	266,973
CPUK Finance Ltd.:
4.25%, 02/28/47	GBP		274		381,022
4.88%, 02/28/47			153		211,242
CRC Escrow Issuer LLC/CRC Finco, Inc., 5.25%, 10/15/25(d)	USD		3,113		3,042,957
Eldorado Resorts, Inc., 6.00%, 04/01/25			938		966,140
ESH Hospitality, Inc., 5.25%, 05/01/25(d)			1,800		1,795,500
GLP Capital LP/GLP Financing II, Inc.:
5.38%, 11/01/23			256		266,880
5.38%, 04/15/26			950		980,875
Golden Nugget, Inc., 6.75%, 10/15/24(d)			2,648		2,714,200
International Game Technology PLC, 4.75%, 02/15/23	EUR		210		284,085
Jacobs Entertainment, Inc., 7.88%, 02/01/24(d)	USD		473		505,519
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(d):
5.00%, 06/01/24			255		257,550
5.25%, 06/01/26			1,878		1,901,475
4.75%, 06/01/27			783		765,383
Melco Resorts Finance Ltd., 4.88%, 06/06/25(d)			1,847		1,806,865
MGM Resorts International:
5.25%, 03/31/20			920		948,750
6.75%, 10/01/20			2,998		3,200,365
6.63%, 12/15/21			1,724		1,862,868
4.63%, 09/01/26			3,124		3,053,679
New Red Finance, Inc.(d):
4.25%, 05/15/24			3,189		3,045,495
5.00%, 10/15/25			7,726		7,528,021
Pizzaexpress Financing 2 PLC, 6.63%, 08/01/21	GBP		110		143,763
Sabre GLBL, Inc.(d):
5.38%, 04/15/23	USD		1,516		1,527,370
5.25%, 11/15/23			745		750,588
Schumann SpA, 7.00%, 07/31/23	EUR		410		520,845
Scientific Games International, Inc.:
7.00%, 01/01/22(d)	USD		2,070		2,178,675
10.00%, 12/01/22			9,118		9,893,030
5.00%, 10/15/25(d)			3,466		3,427,007
3.38%, 02/15/26	EUR		100		119,150
5.50%, 02/15/26			142		165,444
Six Flags Entertainment Corp.(d):
4.88%, 07/31/24	USD		4,933		4,921,111
5.50%, 04/15/27			301		302,129
Snai SpA, 6.38%, 11/07/21	EUR		200		258,762
Station Casinos LLC, 5.00%, 10/01/25(d)	USD		2,555		2,491,125
Stonegate Pub Co. Financing PLC:
4.88%, 03/15/22	GBP		187		254,858
(3 mo. LIBOR GBP + 4.38%), 4.89%, 03/15/22(c)			150		205,989
Unique Pub Finance Co. PLC, Series N, 6.46%, 03/30/32			1,000		1,345,364
Vue International Bidco PLC, 7.88%, 07/15/20			520		726,622
Wyndham Worldwide Corp., 4.15%, 04/01/24	USD		1,110		1,112,140
Wynn Macau Ltd.(d):
4.88%, 10/01/24			860		842,800
5.50%, 10/01/27			200		196,940
Yum! Brands, Inc., 3.88%, 11/01/23			721		699,370
					68,920,637
Household Durables — 2.1%
Algeco Scotsman Global Finance 2 PLC, 10.00%, 08/15/23(d)			396		394,020

SCHEDULES OF INVESTMENTS 53

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security			Par (000)		Value
Household Durables (continued)
Algeco Scotsman Global Finance PLC, 8.00%, 02/15/23(d)	USD	��		1,644	$	1,655,919
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22(d)				1,604		1,656,130
K Hovnanian Enterprises, Inc., 10.00%, 07/15/22(d)				1,273		1,389,161
Lennar Corp.:
4.50%, 11/15/19				2,482		2,516,127
6.63%, 05/01/20(d)				1,160		1,226,700
8.38%, 01/15/21(d)				2,810		3,134,555
4.75%, 04/01/21				314		320,673
4.13%, 01/15/22				1,014		1,003,860
4.75%, 11/15/22				1,542		1,549,710
4.88%, 12/15/23				968		981,310
5.25%, 06/01/26(d)				302		308,040
4.75%, 11/29/27(d)				2,510		2,428,425
Mattamy Group Corp.(d):
6.88%, 12/15/23				1,062		1,113,773
6.50%, 10/01/25				1,107		1,156,815
MDC Holdings, Inc., 6.00%, 01/15/43				1,106		1,050,700
Meritage Homes Corp., 5.13%, 06/06/27				404		398,950
PulteGroup, Inc., 6.38%, 05/15/33				2,805		2,994,337
Tempur Sealy International, Inc., 5.50%, 06/15/26				2,203		2,164,447
Toll Brothers Finance Corp., 6.75%, 11/01/19				220		231,000
TRI Pointe Group, Inc.:
4.38%, 06/15/19				1,060		1,062,650
4.88%, 07/01/21				1,275		1,281,375
5.25%, 06/01/27				644		636,755
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/24				770		793,100
William Lyon Homes, Inc., 5.88%, 01/31/25				769		767,078
						32,215,610
Household Products — 0.3%
ACCO Brands Corp., 5.25%, 12/15/24(d)				539		541,695
Diamond (BC) BV, 5.63%, 08/15/25	EUR			149		177,063
Prestige Brands, Inc., 6.38%, 03/01/24(d)	USD			2,034		2,084,850
Spectrum Brands, Inc., 6.63%, 11/15/22				1,385		1,431,744
						4,235,352
Independent Power and Renewable Electricity Producers — 2.2%
AES Corp.:
4.88%, 05/15/23				129		130,129
5.50%, 03/15/24				196		200,165
6.00%, 05/15/26				1,880		1,974,000
5.13%, 09/01/27				2,691		2,724,638
Calpine Corp.(d):
6.00%, 01/15/22				251		258,216
5.88%, 01/15/24				1,903		1,943,439
5.25%, 06/01/26				4,767		4,623,990
Dynegy, Inc.:
7.38%, 11/01/22				1,935		2,039,006
5.88%, 06/01/23				183		187,575
8.00%, 01/15/25(d)				1,653		1,795,571
8.13%, 01/30/26(d)				1,136		1,243,920
MPM Escrow LLC, 8.88%, 10/15/20(b)(e)				3,738		—
NRG Energy, Inc.:
6.25%, 07/15/22				1,384		1,428,980
6.25%, 05/01/24				469		485,415
6.63%, 01/15/27				7,549		7,794,343
5.75%, 01/15/28(d)				1,736		1,713,953
NRG Yield Operating LLC, 5.38%, 08/15/24				1,789		1,807,999
QEP Resources, Inc., 5.38%, 10/01/22				914		927,710

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
TerraForm Power Operating LLC(d):
4.25%, 01/31/23	USD		1,191	$	1,167,180
6.63%, 06/15/25(l)			140		151,550
5.00%, 01/31/28			1,185		1,146,843
					33,744,622
Industrial Conglomerates — 0.3%
Colfax Corp., 3.25%, 05/15/25	EUR		489		605,104
Vertiv Group Corp., 9.25%, 10/15/24(d)	USD		3,892		4,106,060
					4,711,164
Insurance — 1.5%
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/25(d)			1,183		1,156,382
Ardonagh Midco 3 PLC:
8.38%, 07/15/23	GBP		500		704,167
8.63%, 07/15/23(d)	USD		3,012		3,109,890
Assicurazioni Generali SpA(h):
(3 mo. Euribor + 7.11%), 7.75%, 12/12/42	EUR		400		620,168
(3 mo. Euribor + 5.35%), 5.50%, 10/27/47			200		284,990
AssuredPartners, Inc., 7.00%, 08/15/25(d)	USD		441		450,923
BNP Paribas Cardif SA(3 mo. Euribor + 3.93%), 4.03%(h)(j)	EUR		100		134,818
Credit Agricole Assurances SA(5 year EUR Swap + 4.35%), 4.50%(h)(j)			200		275,110
Delta Lloyd NV(3 mo. Euribor + 3.90%), 4.38%(h)(j)			190		253,666
Groupama SA, 6.00%, 01/23/27			300		450,493
HUB International Ltd., 7.88%, 10/01/21(d)	USD		5,484		5,655,375
Radian Group, Inc.:
5.25%, 06/15/20			107		110,745
7.00%, 03/15/21			192		209,760
4.50%, 10/01/24			1,279		1,276,186
USIS Merger Sub, Inc., 6.88%, 05/01/25(d)			544		550,800
Wayne Merger Sub LLC, 8.25%, 08/01/23(d)			6,569		6,831,760
					22,075,233
Internet Software & Services — 0.7%
Equinix, Inc.:
5.38%, 01/01/22			1,110		1,150,237
2.88%, 03/15/24(f)	EUR		395		481,900
5.88%, 01/15/26	USD		3,197		3,348,857
Netflix, Inc.:
5.38%, 02/01/21			210		218,138
5.50%, 02/15/22			2,087		2,170,480
4.38%, 11/15/26			836		802,560
3.63%, 05/15/27	EUR		274		335,838
Symantec Corp., 5.00%, 04/15/25(d)	USD		1,596		1,619,263
United Group BV:
4.38%, 07/01/22	EUR		258		319,418
(3 mo. Euribor + 4.38%), 4.38%, 07/01/23(c)			395		484,310
ZPG PLC, 3.75%, 07/15/23	GBP		268		365,090
					11,296,091
IT Services — 2.3%
Ceridian HCM Holding, Inc., 11.00%, 03/15/21(d)	USD		1,631		1,685,361
First Data Corp.(d):
7.00%, 12/01/23			8,023		8,434,179
5.75%, 01/15/24			18,420		18,742,350
Gartner, Inc., 5.13%, 04/01/25(d)			1,176		1,205,400
WEX, Inc., 4.75%, 02/01/23(d)			5,476		5,513,647
					35,580,937

54 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Leisure Products — 0.2%
Mattel, Inc.:
6.75%, 12/31/25(d)	USD		1,983	$	2,017,702
6.20%, 10/01/40			566		526,380
5.45%, 11/01/41			332		292,160
					2,836,242
Machinery — 0.6%
Cleaver-Brooks, Inc., 7.88%, 03/01/23(d)			600		633,000
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		258		312,793
SPX FLOW, Inc.(d):
5.63%, 08/15/24	USD		993		1,010,378
5.88%, 08/15/26			993		1,020,307
Terex Corp., 5.63%, 02/01/25(d)			4,399		4,442,990
Wabash National Corp., 5.50%, 10/01/25(d)			1,510		1,494,900
					8,914,368
Media — 13.1%
Altice Financing SA(d):
6.63%, 02/15/23			1,145		1,143,569
7.50%, 05/15/26			6,130		6,175,975
Altice Luxembourg SA:
7.25%, 05/15/22	EUR		674		792,851
7.75%, 05/15/22(d)	USD		6,488		6,050,060
6.25%, 02/15/25	EUR		350		398,306
Altice US Finance I Corp.(d):
5.38%, 07/15/23	USD		7,810		7,936,912
5.50%, 05/15/26			1,711		1,693,890
AMC Networks, Inc.:
5.00%, 04/01/24			1,165		1,167,912
4.75%, 08/01/25			2,152		2,084,750
Banijay Group SAS, 4.00%, 07/01/22	EUR		129		163,549
Block Communications, Inc., 6.88%, 02/15/25(d)	USD		685		708,975
Cablevision Systems Corp., 8.00%, 04/15/20			2,224		2,363,445
Capital Stage Finance BV, 5.25%(e)(j)(k)	EUR		100		137,708
CBS Radio, Inc., 7.25%, 11/01/24(d)	USD		526		541,675
CCO Holdings LLC/CCO Holdings Capital Corp.(d):
4.00%, 03/01/23			1,937		1,886,154
5.13%, 05/01/23			137		139,569
5.13%, 05/01/27			15,268		14,701,863
5.00%, 02/01/28			1,960		1,850,338
Cellnex Telecom SA:
2.38%, 01/16/24	EUR		200		247,782
Series CLNX, 1.50%, 01/16/26(k)			100		123,839
Cequel Communications Holdings I LLC/Cequel Capital Corp.(d):
6.38%, 09/15/20	USD		210		212,363
5.13%, 12/15/21			7,150		7,112,020
7.75%, 07/15/25			7,299		7,773,435
Clear Channel International BV, 8.75%, 12/15/20(d)			4,201		4,390,045
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			14,259		14,617,892
Series B, 7.63%, 03/15/20			7,377		7,367,779
CSC Holdings LLC:
7.63%, 07/15/18			351		355,388
10.13%, 01/15/23(d)			4,866		5,437,755
5.25%, 06/01/24			4,789		4,609,412
6.63%, 10/15/25(d)			419		439,950
10.88%, 10/15/25(d)			11,138		13,142,840
DISH DBS Corp.:
6.75%, 06/01/21			74		76,035
5.88%, 07/15/22			2,966		2,891,850
5.00%, 03/15/23			1,948		1,789,725
5.88%, 11/15/24			3,024		2,835,000
7.75%, 07/01/26			4,963		4,888,555

Security		Par (000)		Value
Media (continued)
DISH Network Corp., 3.38%, 08/15/26(k)	USD		1,514	$	1,523,182
eircom Finance DAC, 4.50%, 05/31/22	EUR		300		374,967
GTT Communications, Inc., 7.88%, 12/31/24(d)	USD		2,446		2,542,311
Hughes Satellite Systems Corp.:
7.63%, 06/15/21			595		640,369
5.25%, 08/01/26			2,908		2,835,300
Intelsat Jackson Holdings SA:
7.25%, 10/15/20			2,603		2,424,044
5.50%, 08/01/23			2,702		2,232,527
9.75%, 07/15/25(d)			3,508		3,328,215
LG Finance Co. Corp., 5.88%, 11/01/24(d)			598		624,671
LGE HoldCo VI BV, 7.13%, 05/15/24	EUR		300		395,280
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 05/15/24(d)	USD		639		618,232
MDC Partners, Inc., 6.50%, 05/01/24(d)			2,003		1,997,992
Meredith Corp., 6.88%, 02/01/26(d)			776		800,250
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23(d)			1,100		1,161,875
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 08/01/18(d)			2,039		2,039,000
Numericable Group SA:
5.38%, 05/15/22	EUR		280		348,750
6.00%, 05/15/22	USD		200		194,250
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25(d)			1,450		1,410,125
Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, 02/15/23(d)			390		389,025
Radio One, Inc., 7.38%, 04/15/22(d)			805		807,012
SFR Group SA(d):
6.00%, 05/15/22			5,489		5,331,191
7.38%, 05/01/26			9,382		9,056,445
Sirius XM Radio, Inc.(d):
4.63%, 05/15/23			230		229,425
5.00%, 08/01/27			409		397,753
TEGNA, Inc.:
5.13%, 10/15/19			457		463,284
5.50%, 09/15/24(d)			344		353,460
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(d)			1,800		1,737,000
Telenet Finance V Luxembourg SCA, 6.75%, 08/15/24	EUR		982		1,269,923
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27			290		382,412
Telesat Canada/Telesat LLC, 8.88%, 11/15/24(d)	USD		2,154		2,364,015
Townsquare Media, Inc., 6.50%, 04/01/23(d)			517		491,150
Tribune Media Co., 5.88%, 07/15/22			172		175,440
Unitymedia GmbH, 3.75%, 01/15/27	EUR		300		385,508
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
5.63%, 04/15/23			146		183,789
3.50%, 01/15/27			200		256,810
6.25%, 01/15/29			800		1,105,808
Univision Communications, Inc.(d):
5.13%, 05/15/23	USD		2,315		2,193,462
5.13%, 02/15/25			1,036		957,005
UPCB Finance IV Ltd.:
5.38%, 01/15/25(d)			1,974		1,951,792
4.00%, 01/15/27	EUR		400		507,364
UPCB Finance VII Ltd., 3.63%, 06/15/29			300		357,289
Videotron Ltd., 5.13%, 04/15/27(d)	USD		2,383		2,404,161

SCHEDULES OF INVESTMENTS 55

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Virgin Media Finance PLC:
4.50%, 01/15/25	EUR		183	$	229,355
5.75%, 01/15/25(d)	USD		4,788		4,704,210
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP		778		1,087,419
Virgin Media Secured Finance PLC:
5.13%, 01/15/25			210		298,170
4.88%, 01/15/27			309		424,337
6.25%, 03/28/29			829		1,215,376
Ziggo Bond Finance BV:
4.63%, 01/15/25	EUR		300		371,446
5.88%, 01/15/25(d)	USD		2,643		2,543,887
Ziggo Secured Finance BV:
4.25%, 01/15/27	EUR		260		319,983
5.50%, 01/15/27(d)	USD		756		724,815
					199,410,027
Metals & Mining — 7.2%
Alcoa Nederland Holding BV, 7.00%, 09/30/26(d)			681		735,480
ArcelorMittal:
3.00%, 04/09/21	EUR		100		131,158
3.13%, 01/14/22			100		132,385
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(d)	USD		1,407		1,487,903
Cleveland-Cliffs, Inc., 4.88%, 01/15/24(d)			1,222		1,192,978
CONSOL Energy, Inc., 11.00%, 11/15/25(d)			2,194		2,347,580
Constellium NV:
5.75%, 05/15/24(d)			1,392		1,402,440
6.63%, 03/01/25(d)			1,231		1,274,085
4.25%, 02/15/26	EUR		151		186,339
5.88%, 02/15/26(d)	USD		3,427		3,461,270
First Quantum Minerals Ltd.(d):
7.00%, 02/15/21			4,991		5,146,969
7.25%, 05/15/22			791		814,730
6.50%, 03/01/24			1,503		1,493,606
6.88%, 03/01/26			1,789		1,780,055
Freeport-McMoRan, Inc.:
2.38%, 03/15/18			15,430		15,417,656
3.10%, 03/15/20			2,976		2,946,240
4.00%, 11/14/21			2,078		2,067,610
3.55%, 03/01/22			5,170		5,029,376
3.88%, 03/15/23			6,256		6,068,320
5.40%, 11/14/34			689		671,775
5.45%, 03/15/43			7,358		7,100,470
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(d)			2,662		2,815,065
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22 (d)			1,378		1,534,196
Kaiser Aluminum Corp., 5.88%, 05/15/24			773		809,949
Kinross Gold Corp.:
4.50%, 07/15/27 (d)			807		782,790
6.88%, 09/01/41			551		635,028
Novelis Corp.(d):
6.25%, 08/15/24			8,460		8,650,350
5.88%, 09/30/26			4,503		4,536,772
Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24	EUR		530		662,673
Ovako AB, 5.00%, 10/05/22			400		496,825
Schmolz+Bickenbach Luxembourg Finance SA, 5.63%, 07/15/22			100		126,270
Steel Dynamics, Inc.:
5.13%, 10/01/21	USD		3,215		3,255,187
5.25%, 04/15/23			949		969,166

Security		Par (000)		Value
Metals & Mining (continued)
Steel Dynamics, Inc. (continued):
5.50%, 10/01/24	USD		1,540	$	1,593,900
4.13%, 09/15/25			1,275		1,233,563
5.00%, 12/15/26			470		479,400
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25(d)			1,660		1,730,550
Teck Resources Ltd.:
4.50%, 01/15/21			902		913,726
3.75%, 02/01/23			2,259		2,208,173
8.50%, 06/01/24(d)			4,081		4,540,112
5.20%, 03/01/42			2,547		2,464,222
5.40%, 02/01/43			3,691		3,654,090
ThyssenKrupp AG:
2.75%, 03/08/21	EUR		100		128,954
1.38%, 03/03/22			675		830,912
2.50%, 02/25/25			100		129,381
United States Steel Corp.:
8.38%, 07/01/21(d)	USD		1,768		1,896,180
6.88%, 08/15/25			1,912		2,007,600
					109,973,459
Multi-Utilities — 0.2%
NGL Energy Partners LP/NGL Energy Finance Corp.:
5.13%, 07/15/19			980		982,450
6.88%, 10/15/21			1,624		1,636,180
					2,618,630
Multiline Retail — 0.1%
Neiman Marcus Group Ltd., 8.00%, 10/15/21(d)			1,214		734,470
Offshore Drilling & Other Services — 0.1%
Entegris, Inc., 4.63%, 02/10/26(d)			1,250		1,228,125
Oil, Gas & Consumable Fuels — 13.9%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24			801		853,065
Andeavor Logistics LP, Series A, 6.88%(e)(j)			2,138		2,179,424
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 09/15/24			385		393,663
Antero Resources Corp.:
5.13%, 12/01/22			744		750,510
5.63%, 06/01/23			644		660,100
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 04/01/22(d)			1,471		1,566,615
Berry Petroleum Co. LLC, 7.00%, 02/15/26(d)			1,774		1,805,045
California Resources Corp., 8.00%, 12/15/22(d)			2,740		2,171,450
Callon Petroleum Co., 6.13%, 10/01/24			3,050		3,111,000
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
6.50%, 04/15/21			124		120,900
7.63%, 01/15/22			1,484		1,476,580
Carrizo Oil & Gas, Inc.:
6.25%, 04/15/23			1,034		1,036,585
8.25%, 07/15/25			711		758,993
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			1,928		2,157,432
5.88%, 03/31/25			2,359		2,494,642
5.13%, 06/30/27			5,605		5,668,056
Cheniere Energy Partners LP, 5.25%, 10/01/25(d)			2,065		2,085,650
Chesapeake Energy Corp.:
5.75%, 03/15/23			216		197,640
8.00%, 01/15/25(d)			475		469,063
8.00%, 06/15/27(d)			5,527		5,299,011

56 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
CONSOL Energy, Inc.:
5.88%, 04/15/22	USD		7,131	$	7,171,112
8.00%, 04/01/23			786		832,178
Continental Resources, Inc.:
3.80%, 06/01/24			2,909		2,825,366
4.38%, 01/15/28(d)			2,200		2,145,000
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(d)			2,297		2,331,455
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 04/01/23			385		396,550
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(d)			5,172		5,068,560
DCP Midstream LLC(d):
6.45%, 11/03/36			1,258		1,383,800
6.75%, 09/15/37			1,490		1,661,350
DEA Finance SA, 7.50%, 10/15/22	EUR		330		442,813
Denbury Resources, Inc., 9.25%, 03/31/22(d)	USD		3,335		3,418,375
Diamond Offshore Drilling, Inc., 7.88%, 08/15/25			620		629,300
Diamondback Energy, Inc., 5.38%, 05/31/25			1,487		1,487,000
Eclipse Resources Corp., 8.88%, 07/15/23			550		552,750
Endeavor Energy Resources LP/EER Finance, Inc.(d):
5.50%, 01/30/26			804		797,970
5.75%, 01/30/28			1,470		1,470,000
Energy Transfer Equity LP:
7.50%, 10/15/20			665		721,525
4.25%, 03/15/23			1,164		1,141,814
5.88%, 01/15/24			2,263		2,398,780
5.50%, 06/01/27			1,774		1,836,090
Ensco PLC, 7.75%, 02/01/26			2,037		1,924,965
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 05/01/20			122		113,460
9.38%, 05/01/24(d)			2,753		2,030,337
8.00%, 11/29/24(d)			3,116		3,209,480
Extraction Oil & Gas, Inc.(d):
7.38%, 05/15/24			1,181		1,245,955
5.63%, 02/01/26			2,689		2,635,220
Genesis Energy LP/Genesis Energy Finance Corp.:
6.50%, 10/01/25			966		963,585
6.25%, 05/15/26			1,040		1,006,200
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(d)			2,055		2,142,337
Gulfport Energy Corp.:
6.63%, 05/01/23			1,334		1,370,685
6.00%, 10/15/24			490		481,425
6.38%, 05/15/25			470		463,538
6.38%, 01/15/26(d)			1,335		1,315,843
Halcon Resources Corp.:
6.75%, 02/15/25(d)			893		899,698
Series WI, 6.75%, 02/15/25			3,026		3,056,260
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26(d)			2,470		2,470,000
Indigo Natural Resources LLC, 6.88%, 02/15/26(d)			1,204		1,177,175
Jones Energy Holdings LLC/Jones Energy Finance Corp., 9.25%, 03/15/23(d)			630		618,975
Matador Resources Co., 6.88%, 04/15/23			6		6,270
MEG Energy Corp.(d):
6.38%, 01/30/23			1,897		1,626,677
7.00%, 03/31/24			2,222		1,894,255
6.50%, 01/15/25			3,410		3,346,062

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Murphy Oil Corp.:
6.88%, 08/15/24	USD		2,221	$	2,335,115
5.75%, 08/15/25			106		105,629
5.88%, 12/01/42			247		230,945
Nabors Industries, Inc.:
4.63%, 09/15/21			303		295,425
5.75%, 02/01/25(d)			780		744,413
Newfield Exploration Co., 5.63%, 07/01/24			872		917,780
NGPL PipeCo LLC(d):
4.38%, 08/15/22			1,254		1,250,865
7.77%, 12/15/37			4,720		5,782,000
Noble Holding International Ltd.:
7.75%, 01/15/24			1,479		1,351,436
7.88%, 02/01/26(d)			4,810		4,834,050
Oasis Petroleum, Inc.:
6.50%, 11/01/21			837		853,740
6.88%, 03/15/22			1,432		1,466,905
6.88%, 01/15/23			663		676,260
Paramount Resources Ltd., 6.88%, 06/30/23(d)			3,070		3,192,800
Parker Drilling Co., 7.50%, 08/01/20			335		309,038
Parsley Energy LLC/Parsley Finance Corp.(d):
6.25%, 06/01/24			458		474,030
5.38%, 01/15/25			2,170		2,148,300
5.25%, 08/15/25			532		524,020
5.63%, 10/15/27			1,647		1,633,618
PBF Holding Co. LLC/ PBF Finance Corp., 7.25%, 06/15/25			1,424		1,473,840
PDC Energy, Inc.:
6.13%, 09/15/24			250		255,625
5.75%, 05/15/26(d)			1,540		1,520,288
Petroleos Mexicanos, 5.38%, 03/13/22(d)			270		282,150
Precision Drilling Corp., 7.13%, 01/15/26(d)			2,023		2,040,701
Range Resources Corp.:
5.88%, 07/01/22			2,612		2,651,180
5.00%, 08/15/22			530		522,050
5.00%, 03/15/23			317		309,868
4.88%, 05/15/25			250		239,375
Resolute Energy Corp., 8.50%, 05/01/20			2,474		2,470,907
Rockies Express Pipeline LLC(d):
6.00%, 01/15/19			1,984		2,028,640
5.63%, 04/15/20			695		721,931
6.88%, 04/15/40			2,829		3,317,002
Rowan Cos., Inc.:
4.88%, 06/01/22			195		183,300
4.75%, 01/15/24			716		622,920
7.38%, 06/15/25			4,173		4,120,837
RSP Permian, Inc.:
6.63%, 10/01/22			2,395		2,496,787
5.25%, 01/15/25			1,046		1,053,845
Sanchez Energy Corp.:
7.75%, 06/15/21			3,355		3,204,025
6.13%, 01/15/23			1,822		1,366,500
7.25%, 02/15/23(d)			1,536		1,555,200
SESI LLC, 7.13%, 12/15/21			655		668,100
Seven Generations Energy Ltd., 5.38%, 09/30/25(d)			2,373		2,319,607
SM Energy Co.:
6.50%, 11/15/21			845		857,675
6.13%, 11/15/22			1,620		1,636,200
6.50%, 01/01/23			1,339		1,339,000
5.00%, 01/15/24			318		298,920
5.63%, 06/01/25			324		309,623
6.75%, 09/15/26			112		112,560

SCHEDULES OF INVESTMENTS 57

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co.:
6.70%, 01/23/25	USD		232	��	$	227,360
7.50%, 04/01/26			1,684			1,700,840
7.75%, 10/01/27			1,290			1,315,800
Sunoco LP/Sunoco Finance Corp.(d):
4.88%, 01/15/23			2,733			2,719,062
5.88%, 03/15/28			808			811,030
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(d):
5.50%, 09/15/24			2,617			2,695,458
5.50%, 01/15/28			1,823			1,827,557
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.25%, 05/01/23			78			79,122
4.25%, 11/15/23			845			823,875
5.13%, 02/01/25			548			546,625
5.38%, 02/01/27			531			531,000
5.00%, 01/15/28(d)			2,308			2,241,645
Transocean, Inc., 7.50%, 01/15/26(d)			1,753			1,766,147
Tullow Oil PLC:
6.00%, 11/01/20(d)			200			202,000
6.00%, 11/01/20			200			202,000
Weatherford International Ltd.:
6.50%, 08/01/36			1,021			775,960
7.00%, 03/15/38			1,523			1,210,785
5.95%, 04/15/42			959			690,480
Whiting Petroleum Corp., 6.63%, 01/15/26(d)			2,879			2,936,580
WildHorse Resource Development Corp., 6.88%, 02/01/25			898			920,450
Williams Cos., Inc.:
4.55%, 06/24/24			1,614			1,626,105
5.75%, 06/24/44			4,897			5,203,062
WPX Energy, Inc.:
7.50%, 08/01/20			258			276,060
6.00%, 01/15/22			1,165			1,208,688
8.25%, 08/01/23			1,245			1,409,963
5.25%, 09/15/24			754			754,000
						211,772,293
Oil: Crude Producers — 0.1%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.50%, 01/15/28			2,133			2,015,685
Paper & Forest Products — 0.1%
Norbord, Inc., 6.25%, 04/15/23(d)			1,711			1,829,145
Stora Enso OYJ, 2.50%, 06/07/27	EUR		200			247,050
						2,076,195
Pharmaceuticals — 3.0%
Endo Finance LLC/Endo Finco, Inc.(d):
7.25%, 01/15/22	USD		1,176			981,960
6.00%, 07/15/23			931			698,250
Ephios Bondco PLC, 6.25%, 07/01/22	EUR		675			858,746
Ephios Holdco II PLC, 8.25%, 07/01/23			159			207,770
Grifols SA, 3.20%, 05/01/25			200			245,867
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24(d)	USD		878			939,460
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23(d)			10,081			10,131,405
Nidda BondCo GmbH, 5.00%, 09/30/25	EUR		204			246,428
Nidda Healthcare Holding AG, 3.50%, 09/30/24			150			183,357
Synlab Bondco PLC, 6.25%, 07/01/22			210			267,165

Security		Par (000)		Value
Pharmaceuticals (continued)
Team Health Holdings, Inc., 6.38%, 02/01/25(d)	USD		3,064	$	2,803,560
Teva Pharmaceutical Finance Netherlands II BV, 1.25%, 03/31/23	EUR		390		423,459
Teva Pharmaceutical Finance Netherlands III BV, 1.70%, 07/19/19	USD		1,590		1,551,361
Valeant Pharmaceuticals International, Inc.:
7.50%, 07/15/21(d)			1,841		1,850,205
6.75%, 08/15/21(d)			2,471		2,409,225
5.63%, 12/01/21(d)			724		684,180
6.50%, 03/15/22(d)			2,043		2,124,720
5.50%, 03/01/23(d)			930		823,050
4.50%, 05/15/23	EUR		926		986,991
5.88%, 05/15/23(d)	USD		5,709		5,073,874
7.00%, 03/15/24(d)			3,210		3,378,525
6.13%, 04/15/25(d)			5,935		5,207,963
5.50%, 11/01/25(d)			3,825		3,784,359
					45,861,880
Real Estate Investment Trusts (REITs) — 1.4%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(d)			985		999,775
Hilton Domestic Operating Co., Inc., 4.25%, 09/01/24			1,269		1,246,793
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25			556		558,085
iStar, Inc.:
4.63%, 09/15/20			221		222,105
6.00%, 04/01/22			901		905,505
5.25%, 09/15/22			1,012		994,290
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24			9,671		10,004,649
4.50%, 09/01/26			3,280		3,124,200
NH Hotel Group SA, 3.75%, 10/01/23	EUR		262		334,423
Starwood Property Trust, Inc.:
5.00%, 12/15/21	USD		1,695		1,733,138
4.75%, 03/15/25(d)			776		752,720
					20,875,683
Real Estate Management & Development — 0.6%
ADLER Real Estate AG:
4.75%, 04/08/20	EUR		134		170,300
2.13%, 02/06/24			325		394,200
Aroundtown Property Holdings PLC, 1.50%, 01/18/21(k)			100		150,143
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(d)	USD		1,158		1,172,475
Howard Hughes Corp., 5.38%, 03/15/25(d)			1,568		1,546,440
Realogy Group LLC/Realogy Co-Issuer Corp.(d):
4.50%, 04/15/19			806		817,083
5.25%, 12/01/21			2,296		2,324,700
4.88%, 06/01/23			1,235		1,194,863
RESIDOMO Sro, 3.38%, 10/15/24	EUR		420		514,962
Rialto Holdings LLC/Rialto Corp., 7.00%, 12/01/18(d)	USD		761		761,152
Summit Germany Ltd., 2.00%, 01/31/25	EUR		145		172,693
					9,219,011
Restaurants — 0.1%
IRB Holding Corp., 6.75%, 02/15/26(d)	USD		1,241		1,239,076
Road & Rail — 0.9%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.13%, 06/01/22(d)			927		924,682
Avis Budget Finance PLC, 4.13%, 11/15/24	EUR		250		310,492

58 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Road & Rail (continued)
CMA CGM SA, 5.25%, 01/15/25	EUR		100	$	114,941
EC Finance PLC, 2.38%, 11/15/22			203		251,031
Europcar Drive Designated Activity Co., 4.13%, 11/15/24			387		473,556
Europcar Groupe SA, 5.75%, 06/15/22			110		139,222
Flexi-Van Leasing, Inc., 10.00%, 02/15/23(d)	USD		1,326		1,319,370
Herc Rentals, Inc.(d):
7.50%, 06/01/22			1,406		1,504,420
7.75%, 06/01/24			1,201		1,308,730
Hertz Corp., 7.63%, 06/01/22(d)			2,628		2,700,270
Loxam SAS:
3.50%, 04/15/22	EUR		168		212,319
3.50%, 05/03/23			150		188,501
4.25%, 04/15/24			100		128,971
6.00%, 04/15/25			108		141,620
United Rentals North America, Inc.:
4.63%, 07/15/23	USD		944		965,240
4.63%, 10/15/25			2,460		2,398,500
Watco Cos. LLC/Watco Finance Corp., 6.38%, 04/01/23(d)			1,093		1,120,325
					14,202,190
Semiconductors & Semiconductor Equipment — 1.1%
Advanced Micro Devices, Inc.:
7.50%, 08/15/22			422		463,145
7.00%, 07/01/24			409		428,939
Micron Technology, Inc.:
5.50%, 02/01/25			58		60,175
Series G, 3.00%, 11/15/43(k)			1,251		2,113,246
Microsemi Corp., 9.13%, 04/15/23(d)			134		148,405
NXP BV/NXP Funding LLC(d):
4.13%, 06/15/20			2,409		2,451,157
4.13%, 06/01/21			1,448		1,473,630
4.63%, 06/15/22			1,319		1,358,715
3.88%, 09/01/22			1,138		1,140,504
5.75%, 03/15/23			1,070		1,101,458
4.63%, 06/01/23			928		954,912
Sensata Technologies BV(d):
5.63%, 11/01/24			903		965,352
5.00%, 10/01/25			3,297		3,321,727
					15,981,365
Software — 4.5%
BMC Software Finance, Inc., 8.13%, 07/15/21(d)			3,715		3,728,931
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24(d)			3,875		4,286,719
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 08/01/22(d)			1,444		1,447,610
Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 05/01/21(d)(g)			3,521		3,582,618
Infor US, Inc., 6.50%, 05/15/22			11,511		11,769,997
Informatica LLC, 7.13%, 07/15/23(d)			4,124		4,204,418
Nuance Communications, Inc.:
5.38%, 08/15/20(d)			356		359,115
6.00%, 07/01/24			1,630		1,705,877
5.63%, 12/15/26			1,410		1,427,625
PTC, Inc., 6.00%, 05/15/24			1,996		2,098,295
Rackspace Hosting, Inc., 8.63%, 11/15/24(d)			1,828		1,903,697
RP Crown Parent LLC, 7.38%, 10/15/24(d)			2,666		2,779,305
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(d)			10,664		11,973,539
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(d)			1,553		1,636,474

Security		Par (000)		Value
Software (continued)
TIBCO Software, Inc., 11.38%, 12/01/21(d)	USD		7,252	$	7,905,985
Veritas US, Inc./Veritas Bermuda Ltd.:
7.50%, 02/01/23	EUR		200		256,200
7.50%, 02/01/23(d)	USD		3,130		3,176,950
10.50%, 02/01/24(d)			4,492		4,289,860
					68,533,215
Specialty Retail — 0.8%
Asbury Automotive Group, Inc., 6.00%, 12/15/24			2,505		2,598,937
Catalent Pharma Solutions, Inc., 4.88%, 01/15/26(d)			1,907		1,887,930
Group 1 Automotive, Inc., 5.25%, 12/15/23(d)			264		270,600
Hexion US Finance Corp., 6.63%, 04/15/20			658		611,940
JC Penney Corp., Inc.:
8.13%, 10/01/19			218		228,628
6.38%, 10/15/36			554		373,950
7.40%, 04/01/37			230		165,600
L Brands, Inc.:
6.88%, 11/01/35			2,579		2,559,658
6.75%, 07/01/36			384		376,320
Masaria Investments SAU, 5.00%, 09/15/24	EUR		186		230,040
Penske Automotive Group, Inc.:
5.75%, 10/01/22	USD		729		749,048
5.50%, 05/15/26			346		345,135
PetSmart, Inc., 5.88%, 06/01/25(d)			897		699,660
PVH Corp., 3.13%, 12/15/27	EUR		542		657,658
Shop Direct Funding PLC, 7.75%, 11/15/22	GBP		440		563,511
					12,318,615
Technology Hardware, Storage & Peripherals — 1.0%
Dell International LLC/EMC Corp.(d):
7.13%, 06/15/24	USD		4,522		4,866,802
6.02%, 06/15/26			1,390		1,484,042
Riverbed Technology, Inc., 8.88%, 03/01/23(d)			1,221		1,144,688
Western Digital Corp.:
7.38%, 04/01/23(d)			1,534		1,667,458
4.75%, 02/15/26			6,121		6,166,907
					15,329,897
Textiles, Apparel & Luxury Goods — 0.1%
3AB Optique Developpement SAS, 4.00%, 10/01/23	EUR		196		238,534
BiSoho SAS, 5.88%, 05/01/23			108		140,838
Levi Strauss & Co., 3.38%, 03/15/27			225		282,980
Springs Industries, Inc., 6.25%, 06/01/21	USD		274		278,795
					941,147
Thrifts & Mortgage Finance — 0.2%
Jerrold Finco PLC:
6.25%, 09/15/21	GBP		225		316,107
6.13%, 01/15/24			545		754,338
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(d):
5.25%, 03/15/22	USD		352		354,640
5.25%, 10/01/25			2,176		2,116,160
					3,541,245
Trading Companies & Distributors — 0.0%
Ashtead Capital, Inc., 5.63%, 10/01/24(d)			278		290,510
Transportation Infrastructure — 0.1%
Swissport Financing Sarl:
6.75%, 12/15/21	EUR		227		287,361
9.75%, 12/15/22			100		127,800
WFS Global Holding SAS, 9.50%, 07/15/22			565		734,704
					1,149,865

SCHEDULES OF INVESTMENTS 59

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)			Value
Utilities — 0.0%
ContourGlobal Power Holdings SA, 5.13%, 06/15/21	EUR		300		$	372,734
Viridian Group FinanceCo PLC/Viridian Power and Energy, 4.75%, 09/15/24	GBP		100			129,410
						502,144
Wireless Telecommunication Services — 5.7%
CoreCivic, Inc., 4.75%, 10/15/27	USD		1,135			1,083,925
CyrusOne LP/CyrusOne Finance Corp.:
5.00%, 03/15/24			3,400			3,425,500
5.38%, 03/15/27			325			325,813
Digicel Group Ltd., 7.13%, 04/01/22(d)			2,085			1,809,780
Digicel Ltd., 6.00%, 04/15/21(d)			5,495			5,282,069
Equinix, Inc., 2.88%, 10/01/25	EUR		420			507,594
GEO Group, Inc.:
5.88%, 01/15/22	USD		350			359,187
5.13%, 04/01/23			300			298,500
5.88%, 10/15/24			2,030			2,050,300
6.00%, 04/15/26			630			627,826
Iron Mountain, Inc., 3.00%, 01/15/25	EUR		150			182,122
Matterhorn Telecom SA:
3.88%, 05/01/22			635			786,321
4.00%, 11/15/27			405			483,586
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25(d)	USD		1,539			1,473,592
SBA Communications Corp.:
4.00%, 10/01/22(d)			2,644			2,591,120
4.88%, 09/01/24			2,489			2,457,887
Sprint Capital Corp.:
6.90%, 05/01/19			640			662,618
8.75%, 03/15/32			934			1,013,390
Sprint Communications, Inc., 7.00%, 03/01/20(d)			6,062			6,402,987
Sprint Corp.:				��
7.88%, 09/15/23			5,424			5,613,840
7.13%, 06/15/24			18,967			18,836,128
7.63%, 02/15/25			9,310			9,310,000
7.63%, 03/01/26			1,956			1,948,861
T-Mobile USA, Inc.:
4.00%, 04/15/22			1,337			1,337,000
6.00%, 03/01/23			2,169			2,255,760
6.50%, 01/15/24			2,638			2,763,305
6.38%, 03/01/25			994			1,048,670
4.50%, 02/01/26			2,486			2,439,387
4.75%, 02/01/28			3,741			3,648,897
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 8.25%, 10/15/23			2,418			2,254,785
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23			1,327			1,469,753
Wind Tre SpA:
2.63%, 01/20/23	EUR		170			188,406
3.13%, 01/20/25			210			228,659
Xplornet Communications, Inc., (9.63% Cash or 10.63% PIK), 9.63%, 06/01/22(d)(g)	USD		809			841,387
						86,008,955
Total Corporate Bonds — 114.9% (Cost — $1,733,977,958)						1,745,167,299
Floating Rate Loan Interests (m) — 12.9%
Aerospace & Defense — 0.2%
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.29%, 08/18/24			3,261			3,277,588

Security		Par (000)		Value
Aerospace & Defense (continued)
Sequa Mezzanine Holdings LLC, 2nd Lien Term Loan, (3 mo. LIBOR + 9.00% 1.00% Floor), 4.69%, 04/28/22	USD		385	$	390,132
					3,667,720
Air Freight & Logistics — 0.3%
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.50%), 4.40%, 03/19/21(b)			916		897,512
CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 9.44%, 03/19/21			934		916,246
CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 5.15%, 03/19/21			142		139,134
CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.50% 1.00% Floor), 10.19%, 03/19/21			1,329		1,304,604
XPO Logistics, Inc., 2018 Term Loan B, 02/23/25(n)			859		860,790
					4,118,286
Airlines — 0.1%
Northwest Airlines, Inc.(b)(n):
Term Loan, 09/10/18			1,078		1,070,358
Term Loan, 09/10/18			546		542,718
					1,613,076
Auto Components — 0.0%
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 6.19%, 05/16/24			591		589,463
Banks — 0.1%
Banco Espirito Santo SA, 4.75%, 01/15/19(i)	EUR		1,900		678,015
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 4.40%, 11/01/24	USD		657		656,593
					1,334,608
Capital Markets — 0.1%
Horizon Holdings III SAS, EUR Term Loan B4, 10/29/22(n)	EUR		1,000		1,217,609
Chemicals — 0.4%
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.50% 1.00% Floor), 4.94%, 06/28/24	USD		345		348,667
H.B. Fuller Co., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 6.50%, 10/20/24			1,758		1,765,293
Invictus(n):
1st Lien Term Loan, 01/24/25			684		689,155
2nd Lien Term Loan, 01/23/26			374		376,573
PQ Corp., 2018 Term Loan B, 02/08/25(n)			447		449,180
WR Grace & Co.(n):
Term Loan B1, 02/12/25			738		738,634
Term Loan B2, 02/12/25			1,085		1,085,706
					5,453,208
Commercial Services & Supplies — 0.4%
Asurion LLC, 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 4.40%, 08/04/25			577		590,992
Convergint Technologies LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.00%), 5.58%, 02/03/25			355		354,215
Silk Bidco AS, EUR Term Loan B, 02/07/25(n)	EUR		1,000		1,219,805
West Corp., 2017 Term Loan, (1 mo. LIBOR + 4.00% 1.00% Floor), 5.65%, 10/10/24	USD		3,350		3,377,134
					5,542,146

60 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Construction & Engineering — 0.6%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25% 1.00% Floor), 7.27%, 06/21/24	USD		9,047	$	9,110,233
Diversified Consumer Services — 0.4%
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00% 1.00% Floor), 5.88%, 07/12/24			404		405,333
Gol LuxCo SA, 1st Lien Term Loan, (Fixed + 6.50%), 7.59%, 08/31/20(b)			3,885		3,962,700
Laureate Education, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 5.15%, 04/26/24			1,364		1,371,517
					5,739,550
Diversified Financial Services — 0.1%
Endo Luxembourg Finance Company I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 5.19%, 04/29/24			1,880		1,875,080
Diversified Telecommunication Services — 0.4%
CenturyLink, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 4.40%, 01/31/25			5,161		5,069,392
Eircom Finco Sarl, EUR Term Loan B6, 04/19/24(n)	EUR		1,000		1,220,818
MTN Infrastructure TopCo, Inc., MTN Topco Term Loan, 11/17/24(n)					380,079
					6,670,289
Electrical Equipment — 0.1%
Generac Power Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 2.00%), 4.47%, 05/31/23			1,393		1,395,897
Energy Equipment & Services — 0.6%
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00% 1.00% Floor), 5.94%, 03/01/24			1,779		1,784,924
GrafTech Finance, Inc., 2018 Term Loan B, (OR + 3.50% 1.00% Floor), 3.69%, 02/12/25(b)			1,147		1,145,566
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75% 1.00% Floor), 5.19%, 11/08/22			3,921		4,072,939
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.30%), 5.65%, 07/13/20			1,758		1,736,194
					8,739,623
Food Products — 0.2%
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50% 1.00% Floor), 4.66%, 10/10/23			397		399,604
Froneri International PLC, 2018 EUR Term Loan B, 3.74%, 01/22/25	EUR		1,000		1,223,819
JBS USA LLC, 2017 Term Loan B, (3 mo. LIBOR + 2.50%), 4.83%, 10/30/22	USD		1,790		1,781,050
					3,404,473
Health Care Equipment & Supplies — 0.5%
DJO Finance LLC, 2015 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.90%, 06/08/20			3,308		3,275,923
Immucor, Inc., Extended Term Loan B, (2 mo. LIBOR + 5.00% 1.00% Floor), 5.15%, 06/15/21			4,335		4,411,354
Ortho-Clinical Diagnostics SA, Term Loan B, (3 mo. LIBOR + 3.75% 1.00% Floor), 5.44%, 06/30/21			238		239,320
					7,926,597

Security		Par (000)		Value
Health Care Providers & Services — 0.2%
Quorum Health Corporation, Term Loan B, 04/29/22(n)	USD		895	$	913,276
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75% 1.00% Floor), 4.40%, 02/06/24			1,695		1,647,236
					2,560,512
Health Care Technology — 0.1%
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75% 1.00% Floor), 3.62%, 03/01/24			1,747		1,750,057
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 3.69%, 03/07/24			460		463,105
					2,213,162
Hotels, Restaurants & Leisure — 0.7%
Bronco Midstream Funding LLC, Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 7.27%, 08/15/20			4,685		4,728,584
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 7.27%, 12/22/24			2,931		2,948,967
Cineworld Ltd., 2018 Term Loan, 02/18/25(n)			1,630		1,627,555
IRB Holding Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 6.63%, 02/05/25			569		574,286
					9,879,392
Industrial Conglomerates — 0.2%
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.00% 1.00% Floor), 4.65%, 11/30/23			1,986		1,995,363
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (3 mo. LIBOR + 5.00% 1.00% Floor), 4.65%, 11/28/21			1,163		1,176,729
					3,172,092
Insurance — 0.3%
Genworth Financial, Inc., Term Loan, 02/22/23(n)			800		810,000
Sedgwick Claims Management Services, Inc.(n):
1st Lien Term Loan, 03/01/21			2,406		2,404,635
2nd Lien Term Loan, 02/28/22			887		890,885
					4,105,520
IT Services — 0.3%
Access CIG LLC(n):
2018 1st Lien Term Loan, 02/15/25			376		378,820
2018 2nd Lien Delayed Draw Term loan, 02/13/26			24		24,098
2018 2nd Lien Term Loan, 02/02/26			129		129,524
2018 Delayed Draw Term Loan, 02/27/25			78		78,884
Altran Technologies SA, EUR 1st Lien Term Loan B, 01/17/25(n)	EUR		1,000		1,220,378
Peak 10 Holding Corp.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50% 1.00% Floor), 5.44%, 08/01/24	USD		995		996,497
2nd Lien Term Loan, (3 mo. LIBOR + 7.25% 1.00% Floor), 5.44%, 08/01/25			420		421,470
WEX, Inc., 2017 Term Loan B2, (3 mo. LIBOR + 2.25%), 5.65%, 06/30/23			638		641,988
					3,891,659
Life Sciences Tools & Services — 0.0%
Albany Molecular Research, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.90%, 08/30/24			733		736,246

SCHEDULES OF INVESTMENTS 61

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Machinery — 0.0%
Hayward Industries, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.08%, 08/05/24	USD		371	$	372,461
Media — 1.8%
Charter Communications Operating LLC, 2017 Term Loan A2, 7.99%, 03/31/23			8,839		8,827,951
CSC Holdings LLC, 2018 Term Loan B, (3 mo. LIBOR + 2.50%), 8.40%, 01/25/26			720		720,598
Intelsat Jackson Holdings SA:
2017 Term Loan B3, (3 mo. LIBOR + 3.75% 1.00% Floor), 6.65%, 11/27/23			559		554,310
2017 Term Loan B4, (3 mo. LIBOR + 4.50% 1.00% Floor), 4.44%, 01/14/24			1,478		1,504,914
2017 Term Loan B5, (Fixed + 6.62%), 6.62%, 01/14/24			10,381		10,412,233
Lamar Media Corp., 2018 Term Loan B, 02/16/25(n)			626		629,130
PSAV Holdings LLC(n):
2018 1st Lien Term Loan, 02/21/25			823		825,057
2018 2nd Lien Term Loan, 08/22/25(b)			666		667,665
Tele Columbus AG, 2017 EUR Term Loan A, 10/15/24(n)			1,000		1,221,013
Unitymedia Finance LLC, USD Term Loan D, (1 mo. LIBOR + 2.25%), 4.69%, 01/15/26			710		709,155
Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 3.95%, 01/15/26			1,079		1,082,726
					27,154,752
Multiline Retail — 0.2%
EG Group Ltd.(n):
2018 EUR Delayed Draw Term Loan B, 01/18/25	EUR		336		409,382
2018 EUR Term Loan B, 01/18/25			511		620,911
2018 EUR Term Loan B2, 01/31/25			153		185,896
LSF9 Robin Investments Ltd., EUR 2017 Term Loan B4, (EURIBOR + 3.00%), 3.74%, 12/14/23			1,000		1,218,854
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 2.68%, 10/25/20	USD		1,419		1,200,373
					3,635,416
Oil, Gas & Consumable Fuels — 1.2%
BCP Renaissance Parent LLC, 2017 Term Loan B, (3 mo. LIBOR + 4.00% 1.00% Floor), 6.34%, 10/31/24			1,285		1,295,520
California Resources Corp., 2017 1st Lien Term Loan, (1 mo. LIBOR + 4.75%), 4.40%, 12/31/22			4,018		4,063,202
Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.50% 1.00% Floor), 7.65%, 08/23/21			7,832		8,338,968
CONSOL Energy, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 6.00% 1.00% Floor), 4.57%, 10/26/22			176		179,814
Lucid Energy Group II LLC, 2018 1st Lien Term Loan, 3.00%, 02/17/25			1,063		1,063,670
Medallion Midland Acquisition LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25% 1.00% Floor), 4.90%, 10/30/24(b)			969		971,422
Vine Oil & Gas LP, Term Loan B, (1 mo. LIBOR + 6.87% 1.00% Floor), 4.09%, 12/12/21(b)			1,753		1,753,000
					17,665,596
Professional Services — 0.0%
Information Resources, Inc., 1st Lien Term Loan, (OR + 4.25% 1.00% Floor), 8.44%, 01/18/24			504		507,185

Security		Par (000)		Value
Software — 1.3%
Applied Systems, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 6.01%, 09/19/24	USD		153	$	153,760
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.00% 1.00% Floor), 5.99%, 09/19/25			186		191,812
BMC Software Finance, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 6.50%, 09/10/22			2,570		2,575,917
Cypress Intermediate Holdings III, Inc.:
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00% 1.00% Floor), 4.65%, 04/27/24			764		766,023
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75% 1.00% Floor), 5.02%, 04/27/25			212		215,286
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.02%, 05/28/24			616		617,029
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.25% 1.00% Floor), 4.10%, 11/01/24			3,634		3,728,379
McAfee LLC, 2017 Term Loan B, (1 mo. LIBOR + 4.50% 1.00% Floor), 6.15%, 09/30/24			1,794		1,802,829
Mitchell International, Inc.:
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25% 1.00% Floor), 4.94%, 11/29/24			943		945,100
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%), 8.94%, 11/20/25			920		925,520
SS&C Technologies Holdings Europe Sarl, 2018 Term Loan B4, 2/25/28(n)			1,802		1,803,529
SS&C Technologies Inc., 2018 Term Loan B3, 2/25/28(n)			5,052		5,055,688
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 3.84%, 05/01/24			642		643,722
					19,424,594
Specialty Retail — 0.1%
Belron Finance US LLC, Term Loan B, (3 mo. LIBOR + 2.50%), 4.40%, 11/07/24			798		801,990
Textiles, Apparel & Luxury Goods — 0.3%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.25% 1.00% Floor), 5.87%, 08/12/22(b)			5,268		5,287,758
Trading Companies & Distributors — 0.1%
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 5.02%, 01/02/25			858		861,578
Transportation — 0.0%
Direct ChassisLink, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%), 7.65%, 06/15/23(b)			300		304,500
Utilities — 0.0%
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00% 1.00% Floor), 5.19%, 11/28/24			510		514,183
Wireless Telecommunication Services — 1.6%
Ligado Networks LLC, 2015 2nd Lien Term Loan, 12/07/20(n)			38,881		21,523,539
Syniverse Holdings, Inc., 2018 Term Loan, 02/08/23(n)			679		684,303
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 8.52%, 12/20/24			1,709		1,716,422
					23,924,264
Total Floating Rate Loan Interests — 12.9% (Cost — $210,803,679)					195,410,718

62 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Shares/Par (000)/ Beneficial Interest (000)		Value
Investment Companies — 1.9%
Capital Markets — 1.5%
iShares iBoxx USD High Yield Corporate Bond ETF(r)			262,556	$	22,627,076
Diversified Financial Services — 0.2%
Financial Select Sector SPDR Fund			110,107		3,178,789
Energy Equipment & Services — 0.2%
SPDR S&P Oil & Gas Exploration & Production ETF			79,711		2,635,246
Total Investment Companies — 1.9% (Cost — $29,319,585)					28,441,111
Non-Agency Mortgage-Backed Securities — 0.1%
Commercial Mortgage-Backed Securities — 0.1%
GAHR Commercial Mortgage Trust NRF, Series 2015-NRF, Class FFX, 3.38%, 12/15/34(d)(e)	USD		1,515		1,489,485
Total Non-Agency Mortgage-Backed Securities — 0.1% (Cost — $ 1,464,052)					1,489,485
Other Interests (o) — 0.0%
United States — 0.0%
Lear Corp. Escrow(b)			1,250		12
Total Other Interests — 0.0% (Cost — $—)					12
Preferred Securities — 7.8%
Capital Trusts — 5.5%
Aerospace — 0.0%
Telefonica Europe BV, 2.63%(e)(j)	EUR		300		360,510
Auto Components — 0.2%
General Motors Financial Co., Inc., Series A, 5.75%(e)(j)	USD		2.167		2,197,121
Banks — 1.5%
ABN AMRO Bank NV(j):
4.75%(e)	EUR		200		257,725
5.75%(h)			300		401,685
Allied Irish Banks PLC, 7.38%(h)(j)			210		288,545
Banco Bilbao Vizcaya Argentaria SA, 8.88%(h)(j)	EUR		200		292,116
Banco Santander SA, 6.25%(h)(j)			400		511,180
Bankia SA, 6.00%(h)(j)			200		261,690
CIT Group, Inc., Series A, 5.80%(h)(j)	USD		1,647		1,663,470
Citigroup, Inc.(h)(j):
5.95%			1,405		1,457,688
Series O, 5.88%			2,405		2,489,175
Series P, 5.95%			2,442		2,538,459
Series Q, 5.95%			1,165		1,206,707
Series R, 6.13%			615		649,981
Cooperatieve Rabobank UA(h)(j):
5.50%	EUR		200		265,960
6.63%			400		562,571
Danske Bank A/S, 5.75%(h)(j)			200		263,859
Erste Group Bank AG, 6.50%(h)(j)			400		566,690
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 2.00%(c)(j)	USD		400		368,944

Security		Par (000)		Value
Banks (continued)
HSBC Holdings PLC(h)(j):
6.00%	USD		2,298	$	2,347,407
6.38%			210		221,288
Intesa Sanpaolo SpA, 7.00%(h)(j)	EUR		375		508,302
KBC Group NV, 5.63%(h)(j)			200		254,675
National Westminster Bank PLC, Series C, 2.25%(e)(j)	USD		200		182,000
Swedbank Hypotek AB, 6.00%(h)(j)			200		206,490
Wells Fargo & Co.(h)(j):
Series S, 5.90%			1,730		1,805,688
Series U, 5.88%			2,055		2,184,732
					21,757,027
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series P, 5.00%(e)(j)			5,140		4,999,267
Morgan Stanley(h)(j):
Series H, 5.45%			3,309		3,383,452
Series J, 5.55%			440		455,972
UBS Group AG (h)(j):
5.75%	EUR		800		1,096,669
7.00%	USD		425		468,435
					10,403,795
Chemicals — 0.1%
Solvay Finance SA, 5.12%(h)(j)	EUR		730		995,246
Diversified Financial Services — 2.4%
ATF Netherlands BV, 3.75%(h)(j)			200		256,778
Banco Santander SA, 6.75%(h)(j)			300		418,539
Bank of America Corp.(h)(j):
Series AA, 6.10%	USD		5,271		5,587,260
Series V, 5.13%			2,205		2,229,806
Series X, 6.25%			2,874		3,090,125
Series Z, 6.50%			1,816		1,991,153
Barclays PLC, 7.25%(h)(j)	GBP		680		1,021,576
BNP Paribas SA, 6.13%(h)(j)	EUR		220		309,946
Credit Agricole SA, 6.50%(h)(j)			600		831,362
Credit Suisse Group AG, 6.25%(h)(j)	USD		300		315,660
HBOS Capital Funding LP, 6.85%(j)			800		816,128
JPMorgan Chase & Co.(h)(j):
Series Q, 5.15%	USD		850		855,695
Series S, 6.75%			5,324		5,883,020
Series U, 6.13%			4,228		4,468,996
Series V, 5.00%			3,075		3,090,375
Series X, 6.10%			2,425		2,574,138
Royal Bank of Scotland Group PLC (h)(j):
7.50%			200		209,680
8.63%			982		1,085,110
Societe Generale SA, 8.88%(h)(j)	GBP		200		279,621
UBS Group Funding Switzerland AG, 5.00%(e)(j)	USD		375		361,682
UniCredit SpA(h)(j):
6.75%	EUR		200		268,581
9.25%			425		633,218
					36,578,449
Diversified Telecommunication Services — 0.4%
Koninklijke KPN NV(h):
6.13%(j)			561		704,987
6.88%	GBP		230		342,352
SoftBank Group Corp. (h)(j)	USD		706		681,290

SCHEDULES OF INVESTMENTS 63

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT) (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Telefonica Europe BV(h)(j):
3.75%	EUR		200		256,932
4.20%			1,500		1,930,541
6.50%			600		756,200
6.75%	GBP		200		303,782
7.63%	EUR		300		439,611
					5,415,695
Electric Utilities — 0.1%
Enel SpA(h):
6.50%			489		627,489
7.75%	GBP		105		164,581
Origin Energy Finance Ltd., 4.00%(h)			410		523,960
RWE AG, 2.75%(h)			100		126,118
					1,442,148
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%			200		258,591
Insurance — 0.0%
Achmea BV, 4.25%(h)(j)			200		257,687
Groupama SA, 6.38%(h)(j)			200		287,616
					545,303
Media — 0.0%
NBCUniversal Enterprise, Inc., 5.25%(d)(j)	USD		400		412,000
Oil, Gas & Consumable Fuels — 0.1%
Gas Natural Fenosa Finance BV(j):
3.38%(e)	EUR		500		621,993
4.13%(h)			100		130,692
Repsol International Finance BV(h):
3.88%(j)			300		392,077
4.50%			678		913,332
					2,058,094
Real Estate — 0.0%
AT Securities BV, 5.25%(h)(j)	USD		500		491,847
Real Estate Management & Development — 0.0%
Fastighets AB Balder, Series ., 3.00%(e)	EUR		100		120,296
Total Capital Trusts — 5.5% (Cost — $78,860,392)					83,036,122
		Shares
Preferred Stocks — 1.9%
Auto Components — 0.2%
UCI International, Inc., 0.00%			164,729		2,985,713
Diversified Financial Services — 0.0%
Concrete Investments II, 0.00%(b)			4,997		164,601
Hotels, Restaurants & Leisure — 1.6%
Stars Group, Inc., 0.00%(b)(k)			15,609		24,193,220
Machinery — 0.1%
Rexnord Corp., Series A, 5.75%(k)			21,600		1,362,528
Wireless Telecommunication Services — 0.0%
CF-B L2 (D) LLC, (Acquired 04/08/15, cost $642,898), 0.00%(p)			649,556		558,164
Total Preferred Stocks — 1.9% (Cost — $23,828,183)					29,264,226

Security	Shares		Value
Trust Preferred
Diversified Financial Services — 0.4%
GMAC Capital Trust I, Series 2, 7.10% 2/15/2040(e)		256,246		6,611,147
Total Trust Preferred — 0.4% (Cost — $6,729,957)				6,611,147
Total Preferred Securities — 7.8% (Cost — $109,418,532)				118,911,495
Warrants — 0.0%
Metals & Mining — 0.0%
Peninsula Energy Ltd. (1 Share for 1 Warrant, Expires 12/31/18, Strike Price AUD 0.05 )		515,378		2,004
Software — 0.0%
HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27)(b)		6,494		—
Total Warrants — 0.0% (Cost — $5,592)				2,004
Total Long-Term Investments — 143.8% (Cost — $2,224,693,250)				2,184,218,911
Options Purchased — 0.0% (Cost — $67,640)				1,596
Total Investments — 143.8% (Cost — $2,224,760,890)				2,184,220,507
Liabilities in Excess of Other Assets — (43.8)%				(665,410,911	)
Net Assets Applicable to Common Shares — 100.0%			$	1,518,809,596

^(a)  Non-income producing security.

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

^(c)  Floating rate security. Rate shown is the rate in effect as of period end.

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

^(e)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(f)  When-issued security.

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

^(h)  Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

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

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

^(k)  Convertible security.

^(l)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(m)  Variable rate security. Rate shown is the rate in effect as of period end.

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

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

^(p)  Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $558,164 and an original cost of $642,898, which was less than 0.05% of its net assets.

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

64 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT)

^(r)  During the six month ended February 28, 2018, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Trust were as follows:

Affiliate Persons and/or Related Parties	Shares Held at 08/31/17		Shares Purchased		Shares Sold			Shares Held at 02/28/18		Value at 02/28/18		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		—		—			—	$	—	$	13,693	$	10		$	—
iShares iBoxx USD High Yield Corporate Bond ETF		349,667		85,000		(172,111	)		262,556		22,627,076		625,592		(186,055	)		(458,974	)
										$	22,627,076	$	639,285	$	(186,045	)	$	(458,974	)

^(a)  Includes net capital gain distributions, if applicable.

For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts:
Euro Stoxx 50 Index		4		03/16/18	$	168	$	1,043
Euro Stoxx 600 Index		6		03/16/18		68		1,368
								2,411
Short Contracts:
10-Year U.S. Treasury Note		103		06/20/18		12,365		21,473
Long Gilt Future		2		06/27/18		333		(57	)
								21,416
							$	23,827

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,104,158	AUD	1,364,000	Nomura International PLC		03/05/18	$	44,739
USD	868,897	CAD	1,077,000	State Street Bank and Trust Co.		03/05/18		29,548
USD	50,895,708	EUR	40,760,000	Barclays Bank PLC		03/05/18		1,159,244
USD	719,309	EUR	575,000	State Street Bank and Trust Co.		03/05/18		17,679
USD	50,588,581	EUR	40,760,000	UBS AG		03/05/18		852,117
USD	13,809,544	GBP	9,731,000	Barclays Bank PLC		03/05/18		411,673
USD	240,274	GBP	173,000	Nomura International PLC		03/05/18		2,083
USD	1,022,040	AUD	1,309,000	National Australia Bank Ltd.		04/04/18		5,297
USD	95,598,260	EUR	78,001,000	Bank of America N.A.		04/04/18		192,196
USD	12,682,288	GBP	9,167,000	Toronto-Dominion Bank		04/04/18		42,114
								2,756,690
EUR	3,600,000	USD	4,422,315	State Street Bank and Trust Co.		03/05/18		(29,497	)
GBP	587,000	USD	819,450	State Street Bank and Trust Co.		03/05/18		(11,255	)
								(40,752	)
							$	2,715,938

SCHEDULES OF INVESTMENTS 65

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Euro Stoxx 50 Index		30		03/16/18	EUR	3,700.00	EUR	10,300	$	165
Euro Stoxx Banks		67		03/16/18	EUR	142.50	EUR	900		1,431
									$	1,596

OTC Options Purchased

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Marsico Parent Superholdco LLC	Goldman Sachs & Co.		39		12/14/19	USD	942.86	USD	—	$	—

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Termination Date		Credit Rating  (a)		Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Chesapeake Energy Corp.		5.00	%		Quarterly		12/20/21		CCC		USD	425	$	(2,711	)	$	(13,538	)	$	10,827
Markit iTraxx XO, Series 28, Version 1		5.00	%		Quarterly		12/20/22		BB-		EUR	1,320		182,042			166,390			15,652
Markit CDX North America High Yield Index, Series 29, Version 1		5.00	%		Quarterly		12/20/22		N/R		USD	23,883		1,851,843			1,893,374			(41,531	)
													$	2,031,174		$	2,046,226		$	(15,052	)

^(a)  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

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

OTC Credit Default Swaps — Sell Protection

Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency		Counterparty	Termination Date		Credit Rating  (a)		Notional Amount (000) (b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Jaguar Land Rover Automotive PLC		5.00	%		Quarterly	Credit Suisse International		06/20/22		BB+		EUR	150	$	28,853		$	25,560		$	3,293
Saipem Finance International BV		5.00			Quarterly	Credit Suisse International		06/20/22		BB+		EUR	200		36,677			12,723			23,954
Casino Guichard Perrachon SA		1.00			Quarterly	J.P. Morgan Chase Bank N.A.		12/20/22		BB+		EUR	150		(5,705	)		(6,261	)		556
Fiat Chrysler Automobiles NV		5.00			Quarterly	Citibank N.A.		12/20/22		BB+		EUR	100		21,496			20,786			710
Jaguar Land Rover Automotive PLC		5.00			Quarterly	Barclays Bank PLC		12/20/22		BB+		EUR	150		30,182			29,113			1,069
Telecom Italia SpA/Milano		1.00			Quarterly	Citibank N.A.		12/20/22		BB+		EUR	170		(2,382	)		(3,383	)		1,001
														$	109,121		$	78,538		$	30,583

^(a)  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

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

66 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT)

OTC Total Return Swaps

Paid by the Trust

Received by the Trust

Counterparty

Effective Date

Termination Date

Notional Amount/ Contract Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Reference

Frequency

Rate

Frequency

iShares iBoxx $ High Yield Corporate Bond ETF

Monthly

1-Month LIBOR

Monthly

Goldman Sachs International

N/A

03/01/18

USD

92

$

(53,969

)

$

—

$

(53,969

)

iBoxx USD Liquid High Yield Index

Quarterly

3-Month LIBOR

Quarterly

Bank of America N.A.

N/A

03/20/18

USD

5,800

(23,957

)

—

(23,957

)

iBoxx USD Liquid High Yield Index

Quarterly

3-Month LIBOR

Quarterly

Bank of America N.A.

N/A

03/20/18

USD

10,000

43,248

—

43,248

iBoxx USD Liquid High Yield Index

Quarterly

3-Month LIBOR

Quarterly

Morgan Stanley & Co. International PLC

N/A

03/20/18

USD

3,600

19,668

—

19,668

iBoxx USD Liquid High Yield Index

Quarterly

3-Month LIBOR

Quarterly

Goldman Sachs International

N/A

06/20/18

USD

8,900

97,052

(22,102

)

119,154

iBoxx USD Liquid High Yield Index

Quarterly

3-Month LIBOR

Quarterly

Morgan Stanley & Co. International PLC

N/A

06/20/18

USD

8,000

(33,044

)

—

(33,044

)

iBoxx USD Liquid High Yield Index

Quarterly

3-Month LIBOR

Quarterly

Goldman Sachs International

N/A

09/20/18

USD

9,800

106,866

(21,682

)

128,548

iBoxx USD Liquid High Yield Index

Quarterly

3-Month LIBOR

Quarterly

Morgan Stanley & Co. International PLC

N/A

09/20/18

USD

4,000

9,732

(9,031

)

18,763

$

165,596

$

(52,815

)

$

218,411

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

	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	2,059,764	$	(13,538	)	$	26,479	$	(41,531	)
OTC Derivatives		88,182		(62,459	)		359,964		(110,970	)

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

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	—	$	—	$	2,411	$	—	$	21,473	$	—	$	23,884
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		2,756,690		—		—		2,756,690
Options purchased
Investments at value — unaffiliated(b)		—		—		1,596		—		—		—		1,596
Swaps — centrally cleared
Net unrealized appreciation(a)		—		26,479		—		—		—		—		26,479
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		118,765		—		—		329,381		—		448,146
	$	—	$	145,244	$	4,007	$	2,756,690	$	350,854	$	—		3,256,795
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	—	$	—	$	—	$	—	$	57	$	—	$	57
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		40,752		—		—		40,752
Swaps — centrally cleared
Net unrealized depreciation(a)		—		41,531		—		—		—		—		41,531
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		9,644		53,969		—		109,816		—		173,429
	$	—	$	51,175	$	53,969	$	40,752	$	109,873	$	—	$	255,769

^(a) Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.

^(b) Includes options purchased at value as reported in the Consolidated Schedule of Investments.

SCHEDULES OF INVESTMENTS 67

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT)

For the six month ended February 28, 2018, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—		$	133,804		$	—		$	750,290		$	—	$	884,094
Forward foreign currency exchange contracts		—		—			—			(5,376,710	)		—			—		(5,376,710	)
Options purchased(a)		—		(35,500	)		(743,815	)		—			108,150			—		(671,165	)
Options written		—		41,000			327,794			—			(89,730	)		—		279,064
Swaps		—		876,820			42,700			—			194,955			—		1,114,475
	$	—	$	882,320		$	(239,517	)	$	(5,376,710	)	$	963,665		$	—	$	(3,770,242	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$	2,411		$	—		$	49,739		$	—	$	52,150
Forward foreign currency exchange contracts		—		—			—			3,765,354			—			—		3,765,354
Options purchased(b)		—		24,909			133,338			—			—			—		158,247
Options written		—		(35,453	)		(104,342	)		—			—			—		(139,795	)
Swaps		—		(354,602	)		(40,051	)		—			(171,212	)		—		(565,865	)
	$	—	$	(365,146	)	$	(8,644	)	$	3,765,354		$	(121,473	)	$	—	$	3,270,091

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

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	117,815
Average notional value of contracts — short	$	14,735,359
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	245,025,393
Average amounts sold — in USD	$	3,484,175
Options:
Average value of option contracts purchased	$	27,199
Average value of option contracts written	$	7,038
Average notional value of swaption contracts purchased	$	9,000,000
Average notional value of swaption contracts written	$	18,000,000
Credit default swaps:
Average notional value — sell protection	$	13,788,206
Interest rate swaps:
Average notional value — receives fixed rate	$	212,500
Total return swaps:
Average notional amount	$	63,670,252

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 Period End

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

	Assets			Liabilities
Futures contracts	$	—		$	28,059
Forward foreign currency exchange contracts		2,756,690			40,752
Options(a)		1,596			—
Swaps — Centrally cleared		—			53,869
Swaps — OTC(b)		448,146			173,429
Total derivative assets and liabilities in the Consolidated Statements of Assets and Liabilities	$	3,206,432		$	296,109
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,596	)		(81,928	)
Total derivative assets and liabilities subject to an MNA	$	3,204,836		$	214,181

^(a)  Includes options purchased at value which is included in Investments at value — unaffiliated in the Consolidated Statements of Assets and Liabilities and reported in the Consolidated Schedule of Investments.

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

68 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT)

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received		Cash Collateral Received (b)			Net Amount of Derivative Assets  (c)(d)
Bank of America N.A.	$	235,444	$	(23,957	)	$	—	$	—		$	211,487
Barclays Bank PLC		1,601,099		—			—		—			1,601,099
Citibank N.A.		22,497		(3,383	)		—		(19,114	)		—
Credit Suisse International		65,530		—			—		—			65,530
Goldman Sachs International		247,702		(97,753	)		—		—			149,949
J.P. Morgan Chase Bank N.A.		556		(556	)		—		—			—
Morgan Stanley & Co. International PLC		38,431		(38,431	)		—		—			—
National Australia Bank Ltd.		5,297		—			—		—			5,297
Nomura International PLC		46,822		—			—		—			46,822
State Street Bank and Trust Co.		47,227		(40,752	)		—		—			6,475
Toronto-Dominion Bank		42,114		—			—		—			42,114
UBS AG		852,117		—			—		—			852,117
Total	$	3,204,836	$	(204,832	)	$	—	$	(19,114	)	$	2,980,890

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities  (d)(e)
Bank of America N.A.	$	23,957	$	(23,957	)	$	—	$	—	$	—
Citibank N.A.		3,383		(3,383	)		—		—		—
Goldman Sachs International		97,753		(97,753	)		—		—		—
J.P. Morgan Chase Bank N.A.		6,261		(556	)		—				5,705
Morgan Stanley & Co. International PLC		42,075		(38,431	)		—		—		3,644
State Street Bank and Trust Co.		40,752		(40,752	)		—		—		—
Total	$	214,181	$	(204,832	)	$	—	$	—	$	9,349

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

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

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

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

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

SCHEDULES OF INVESTMENTS 69

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT)

Fair Value Hierarchy as of Period End

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—		$	60,116,514		$	500,000	$	60,616,514
Common Stocks		21,857,699			5,357,654			6,964,920		34,180,273
Corporate Bonds		531,859			1,744,635,440			—		1,745,167,299
Floating Rate Loan Interests		—			178,807,519			16,603,199		195,410,718
Investment Companies		28,441,111			—			—		28,441,111
Non-Agency Mortgage-Backed Securities		—			1,489,485			—		1,489,485
Other Interests		—			—			12		12
Preferred Securities		7,973,674			86,021,835			24,357,822		118,353,331
Warrants		2,002			2			—		2,004
Options Purchased:
Equity contracts		1,596			—			—		1,596
Unfunded Floating Rate Loan Interests(a)		—			580			—		580
Subtotal	$	58,807,941		$	2,076,429,029		$	48,425,953	$	2,183,662,923
Investments Valued at NAV(b)										558,164
Total Investments									$	2,184,221,087
Derivative Financial Instruments(c)
Assets:
Credit contracts	$	—		$	57,062		$	—	$	57,062
Equity contracts		2,411			—			—		2,411
Forward foreign currency contracts		—			2,756,690			—		2,756,690
Interest rate contracts		21,473			329,381			—		350,854
Liabilities:
Credit contracts		—			(41,531	)		—		(41,531	)
Equity contracts		—			(53,969	)		—		(53,969	)
Forward foreign currency contracts		—			(40,752	)		—		(40,752	)
Interest rate contracts		(57	)		(57,001	)		—		(57,058	)
	$	23,827		$	2,949,880		$	—	$	2,973,707

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

^(b)  As of February 28, 2018, certain investments of the Trust were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

During the six months ended February 28, 2018, there were no transfers between Level 1 and Level 2.

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 $663,000,000 are categorized as Level 2 within the disclosure hierarchy.

70 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Corporate High Yield Fund, Inc. (HYT)

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks		Asset- Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Other Interests			Preferred Securities			Warrants			Total
Assets:
Opening Balance, as of August 31, 2017	$	3,840,544	$	2,508,240		$	4,761,900		$	12,998,092		$	13		$	19,946,198		$	455		$	44,055,442
Transfers into Level 3(a)		—		—			—			4,833,568			—			—			—			4,833,568
Transfers out of Level 3(b)		—		(2,508,240	)		—			(2,174,312	)		—			(2,696,614	)		—			(7,379,166	)
Accrued discounts/premiums		—		—			—			39,197			—			—			—			39,197
Net realized gain (loss)		—		—			117,268			172,143			—			1,026,536			—			1,315,947
Net change in unrealized appreciation (depreciation)(c)(d)		3,124,376		—			48,100			24,244			(1	)		9,115,051			(455	)		12,311,315
Purchases		—		500,000			—			5,398,480			—			—			—			5,898,480
Sales		—		—			(4,927,268	)		(4,688,213	)		—			(3,033,349	)		—			(12,648,830	)
Closing Balance, as of February 28, 2018	$	6,964,920	$	500,000		$	—		$	16,603,199		$	12		$	24,357,822		$	—		$	48,425,953
Net change in unrealized appreciation (depreciation) on investments still held at February 28, 2018(d)	$	3,124,376	$	—		$	—		$	23,721		$	(1	)	$	9,115,051		$	(455	)	$	12,262,692

^(a)  As of August 31, 2017, the Trust used observable inputs in determining the value of certain investments. As of February 28, 2018, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

^(b)  As of August 31, 2017, the Trust used significant unobservable inputs in determining the value of certain investments. As of February 28, 2018, the Trust used observable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 3 to Level 2 in the disclosure hierarchy.

^(c)  Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statements of Operations.

^(d)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2018 is generally due to investments no longer held or categorized as Level 3 at period end.

The Trust’s investments 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 investments.

SCHEDULES OF INVESTMENTS 71

Schedule of Investments  (unaudited) February 28, 2018 BlackRock Income Trust, Inc. (BKT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities – 0.5%
Asset-Backed Securities — 0.5%
Securitized Asset Backed Receivables LLC Trust, Series 2005-OP2, Class M1, (1 mo. LIBOR US + 0.43%), 2.05%, 10/25/35(a)	$	1,875	$	1,857,494
Interest Only Asset-Backed Securities — 0.0%
Small Business Administration Participation Certificates, Series 2000-1, 1.80%, 03/15/21(b)(c)		230		2,015
Sterling Bank Trust, Series 2004-2, Class Note, 2.08%, 03/30/30(b)(d)		1,404		81,609
Sterling Coofs Trust, Series 2004-1, Class A, 2.36%, 04/15/29(b)(c)(d)		1,958		102,746
				186,370
Total Asset-Backed Securities — 0.5% (Cost — $2,341,732)				2,043,864
Non-Agency Mortgage-Backed Securities — 0.5%
Collateralized Mortgage Obligations — 0.1%
Deutsche Securities, Inc. Mortgage Alternate Loan Trust, Series 2006-AR5, Class 22A, 5.50%, 10/25/21		112		108,481
Kidder Peabody Acceptance Corp., Series 1993-1, Class A6, (1 mo. LIBOR + 16.62%), 13.61%, 08/25/23(a)		29		31,025
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-11, Class A, 3.49%, 08/25/34(c)		522		510,420
				649,926
Interest Only Collateralized Mortgage Obligations — 0.3%
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 05/25/37		348		79,218
IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 4AX, 0.17%, 01/25/37(b)		36,329		4
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3AX, 0.48%, 04/25/34(b)(e)		3,619		72,384
MASTR Alternative Loans Trust, Series 2003-9, Class 15X2, 6.00%, 01/25/19		30		66
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 1AX, 5.00%, 05/25/19		20		47
Sequoia Mortgage Trust, Series 2005-2, Class XA, 0.72%, 03/20/35(b)(c)		18,999		522,461
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-7, Class 3AS, 1.66%, 08/25/36(b)(c)		8,451		612,721
Vendee Mortgage Trust, Series 1999-2, Class 1, 0.00%, 05/15/29(c)		20,814		21
				1,286,922
Principal Only Collateralized Mortgage Obligations — 0.1%
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-J8, 0.00%, 09/25/23(f)		23		21,217
Residential Asset Securitization Trust, Series 2005-A15, Class 1A8, 0.00%, 02/25/36(f)		256		217,291
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-9, Class CP, 0.00%, 11/25/35(f)		115		85,627
				324,135
Total Non-Agency Mortgage-Backed Securities — 0.5% (Cost — $1,288,065)				2,260,983
U.S. Government Sponsored Agency Securities — 145.1%
Agency Obligations — 2.6%
Federal Housing Administration(b):
USGI Projects, Series 99, 7.43%, 06/01/21 - 10/01/23		1,888		1,803,734

Security	Par (000)			Value
Agency Obligations (continued)
General Motors Acceptance Corp. Projects, Series 56, 7.43%, 11/01/22	$	—	(g)	$	1
Merrill Lynch Projects, Series 54, 7.43%, 05/15/23		1			919
Reilly Projects, Series 41, 8.77%, 03/01/20(c)		13			13,552
Residual Funding Corp., 0.00%, 04/15/30(f)		13,000			8,693,852
					10,512,058
Collateralized Mortgage Obligations — 67.3%
Fannie Mae Mortgage-Backed Securities:
Series 2017-90, Class WB, 3.00%, 11/25/47		5,594			5,132,648
Series 2017-76, Class PB, 3.00%, 10/25/57		3,415			3,065,322
Series 2011-142, Class PE, 3.50%, 01/25/42		15,567			15,008,670
Series 2014-28, Class BD, 3.50%, 08/25/43		5,116			5,164,828
Series 2010-136, Class CY, 4.00%, 12/25/40		3,060			3,151,522
Series 2011-8, Class ZA, 4.00%, 02/25/41		6,502			6,693,269
Series 2011-117, Class CP, 4.00%, 11/25/41		14,350			14,769,340
Series 2011-99, Class CB, 4.50%, 10/25/41		43,000			45,928,313
Series 2010-47, Class JB, 5.00%, 05/25/30		8,338			8,765,208
Series 2003-135, Class PB, 6.00%, 01/25/34		5,479			5,674,910
Series 2004-31, Class ZG, 7.50%, 05/25/34		5,156			6,068,723
9.99%, 04/25/34(c)		2,305			2,620,954
Series 1993-247, Class SN, (11th District Cost of Funds + 63.85%), 10.00%, 12/25/23(a)		76			88,194
Series 2005-73, Class DS, (1 mo. LIBOR + 17.55%), 13.34%, 08/25/35(a)		307			339,542
Series 1991-87, Class S, (1 mo. LIBOR + 26.68%), 22.39%, 08/25/21(a)		5			5,576
Series G-49, Class S, (1 mo. LIBOR + 1034.80%), 866.25%, 12/25/21(a)		—	(g)		13
Series G-07, Class S, (1 mo. LIBOR + 1144.57%), 961.77%, 03/25/21(a)		—	(g)		146
Freddie Mac Mortgage-Backed Securities:
Series 0173, Class RS, 0.00%, 11/15/21(b)(c)		—	(g)		2
Series T-11, Class A9, 3.16%, 01/25/28(c)		636			648,214
Series 4242, Class PA, 3.50%, 05/15/41		5,146			5,226,402
Series 4384, Class LB, 3.50%, 08/15/43		5,100			5,105,468
Series 4748, Class BM, 3.50%, 11/15/47		3,351			3,222,492
Series 3745, Class ZA, 4.00%, 10/15/40		1,166			1,199,887
Series 3762, Class LN, 4.00%, 11/15/40		2,000			2,039,420
Series 3780, Class ZA, 4.00%, 12/15/40		2,201			2,267,469
Series 4269, Class PM, 4.00%, 08/15/41		8,884			8,904,762
Series 4016, Class BX, 4.00%, 09/15/41		15,408			16,048,452
Series 3960, Class PL, 4.00%, 11/15/41		2,859			2,926,272
Series 3688, Class PB, 4.50%, 08/15/32		8,346			8,452,713
Series 4316, Class VB, 4.50%, 03/15/34		10,787			11,240,346
Series 3856, Class PB, 5.00%, 05/15/41		10,000			10,707,276
Series 2927, Class BZ, 5.50%, 02/15/35		4,235			4,605,616
Series 2542, Class UC, 6.00%, 12/15/22		1,179			1,234,233
Series 0040, Class K, 6.50%, 08/17/24		75			82,883
Series 0019, Class F, 8.50%, 03/15/20		2			1,651
Series 2218, Class Z, 8.50%, 03/15/30		1,606			1,847,281
Series 1160, Class F, (1 mo. LIBOR + 40.16%), 33.42%, 10/15/21(a)		3			3,923
Ginnie Mae Mortgage-Backed Securities:
Series 2010-099, Class JM, 3.75%, 12/20/38		13,398			13,514,450
Series 2010-112, Class TL, 4.00%, 01/20/39		12,259			12,423,698
Series 2011-80, Class PB, 4.00%, 10/20/39		9,514			9,677,713
Series 2012-16, Class HJ, 4.00%, 09/20/40		10,000			10,122,456
Series 2011-88, Class PY, 4.00%, 06/20/41		15,402			15,470,255
Series 2015-96, Class ZM, 4.00%, 07/20/45		6,959			7,266,404
Series 2004-89, Class PE, 6.00%, 10/20/34		32			33,116
					276,750,032

72 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Income Trust, Inc. (BKT) (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Interest Only Collateralized Mortgage Obligations — 7.4%
Fannie Mae Mortgage-Backed Securities:
Series 2015-M1, Class X2, 0.55%, 09/25/24(c)	$	38,404		$	1,161,966
Series 1997-50, Class SI, (1 mo. LIBOR + 9.20%), 1.20%, 04/25/23(a)		62			1,405
Series G92-60, Class SB, (11th District Cost of Funds + 9.35%), 1.60%, 10/25/22(a)		31			854
Series 2013-10, Class PI, 3.00%, 02/25/43		12,251			1,442,717
Series 2012-96, Class DI, 4.00%, 02/25/27		2,896			228,798
Series 2013-45, Class EI, 4.00%, 04/25/43		5,530			999,545
Series 2016-81, Class CS, (1 mo. LIBOR + 6.10%), 4.48%, 11/25/46(a)		9,831			1,358,451
Series 2015-66, Class AS, (1 mo. LIBOR + 6.25%), 4.63%, 09/25/45(a)(b)		57,355			8,726,089
Series 2011-100, Class S, (1 mo. LIBOR + 6.45%), 4.83%, 10/25/41(a)		3,103			449,374
Series 2006-36, Class PS, (1 mo. LIBOR + 6.60%), 4.98%, 05/25/36(a)		5,995			895,863
Series 2010-74, Class DI, 5.00%, 12/25/39		2,467			131,516
Series 2016-64, Class BI, 5.00%, 09/25/46		12,423			2,462,220
Series 2011-124, Class GS, (1 mo. LIBOR + 6.70%), 5.08%, 03/25/37(a)		5,079			277,477
Series 1997-90, Class M, 6.00%, 01/25/28		1,026			119,621
Series 1999-W4, 6.50%, 12/25/28		101			8,979
Series G92-05, Class H, 9.00%, 01/25/22		—	(g)		21
Series 094, Class 2, 9.50%, 08/25/21		—	(g)		36
Series 1990-136, Class S, 18.46%, 11/25/20(a)		1			1
Series G-10, Class S, 930.47%, 05/25/21(a)		—	(g)		1
Freddie Mac Mortgage-Backed Securities:
Series 2559, Class IO, 0.50%, 08/15/30(c)		18			62
Series 3745, Class IN, 4.00%, 01/15/35		5,527			205,838
Series 3744, Class PI, 4.00%, 06/15/39		7,354			856,976
Series 4026, Class IO, 4.50%, 04/15/32		2,311			311,110
Series 4611, Class BS, (1 mo. LIBOR + 6.10%), 4.51%, 06/15/41(a)		22,904			3,095,134
Series 3796, Class WS, (1 mo. LIBOR + 6.55%), 4.96%, 02/15/40(a)		5,361			476,773
Series 2611, Class QI, 5.50%, 09/15/32		205			5,068
Series 1043, Class H, (1 mo. LIBOR + 45.00%), 37.86%, 02/15/21(a)		2			2
Ginnie Mae Mortgage-Backed Securities:
Series 2013-63, Class IO, 0.79%, 09/16/51(c)		12,391			663,394
Series 2014-169, Class IO, 0.86%, 10/16/56(c)		34,597			1,828,681
Series 2012-97, Class JS, (1 mo. LIBOR + 6.25%), 4.66%, 08/16/42(a)		16,623			1,922,782
Series 2009-116, Class KS, (1 mo. LIBOR + 6.47%), 4.88%, 12/16/39(a)		1,021			130,425
Series 2011-52, Class MJ, (1 mo. LIBOR + 6.65%), 5.06%, 04/20/41(a)		7,965			1,115,781
Series 2011-52, Class NS, (1 mo. LIBOR + 6.67%), 5.08%, 04/16/41(a)		9,256			1,452,799
					30,329,759
Mortgage-Backed Securities — 67.7%
Fannie Mae Mortgage-Backed Securities:
2.50%, 3/01/33(h)		180			175,514
3.00%, 01/01/43 - 10/01/46(i)		55,875			54,485,305
3.50%, 10/01/42 - 04/01/48(h)(i)		61,824			61,892,379
4.00%, 01/01/41 - 06/01/46(i)		34,273			35,367,522
4.50%, 08/01/25 - 09/01/41(i)		45,616			48,257,207
5.00%, 01/01/23 - 10/01/41(i)		27,902			30,143,825
5.50%, 03/01/18 - 10/01/39(i)		10,618			11,714,415
6.50%, 12/01/37 - 10/01/39		3,747			4,174,855
7.50%, 2/01/22		—	(g)		4
9.50%, 01/01/19 - 09/01/19		—	(g)		464

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Freddie Mac Mortgage-Backed Securities:
3.50%, 8/01/46(i)	$	12,690		$	12,745,400
(1 year CMT + 2.43%), 3.68%, 10/01/34(a)		95			97,297
5.00%, 02/01/22 - 04/01/22		95			98,625
5.50%, 1/01/39(i)		14,240			15,627,224
9.00%, 9/01/20		1			1,451
Ginnie Mae Mortgage-Backed Securities:
5.00%, 10/20/39		3,551			3,815,348
7.50%, 12/15/21 - 11/15/23		47			48,601
8.00%, 10/15/22 - 08/15/27		27			28,783
9.00%, 04/15/20 - 09/15/21		2			1,445
					278,675,664
Principal Only Collateralized Mortgage Obligations — 0.1%
Fannie Mae Mortgage-Backed Securities(f):
Series 1991-7, Class J, 0.00%, 02/25/21		1			1,004
Series G93-2, Class KB, 0.00%, 01/25/23		38			36,088
Series 1993-51, Class E, 0.00%, 02/25/23		12			11,623
Series 203, Class 1, 0.00%, 02/25/23		4			3,516
Series 1993-70, Class A, 0.00%, 05/25/23		2			1,947
Series 0228, Class 1, 0.00%, 06/25/23		3			2,818
Series 1999-W4, 0.00%, 02/25/29		44			40,010
Series 2002-13, Class PR, 0.00%, 03/25/32		82			73,243
Freddie Mac Mortgage-Backed Securities(f):
Series 1418, Class M, 0.00%, 11/15/22		12			11,754
Series 1571, Class G, 0.00%, 08/15/23		97			91,432
Series 1691, Class B, 0.00%, 03/15/24		204			187,514
Series T-8, Class A10, 0.00%, 11/15/28		18			17,524
					478,473
Total U.S. Government Sponsored Agency Securities — 145.1% (Cost — $629,472,801)					596,745,986
Total Long-Term Investments — 146.1% (Cost — $633,102,598)					601,050,833
	Shares
Short-Term Securities — 1.9%
Money Market Funds — 1.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.29%(l)(m)		6,967,792		$	6,967,792
	Par (000)
Borrowed Bond Agreement(j)(k) — 0.2%
Credit Suisse Securities (USA) LLC, 1.43%, Open (Purchased on 12/28/17 to be repurchased at $925,252. Collateralized by U.S. Treasury Bonds, 2.75%, 11/15/42, par and fair values of $917,000 and $860,010, respectively)	$	925			925,024
Total Short-Term Securities — 1.9% (Cost — $7,892,816)					7,892,816
Total Investments Before Borrowed Bonds and TBA Sale Commitments — 148.0% (Cost — $640,995,414)					608,943,649
Borrowed Bonds — (0.2)%
U.S. Treasury Bonds, 2.75%, 11/15/42		(917	)		(860,010	)
Total Borrowed Bonds — (0.2)% (Proceeds — $842,347)					(860,010	)

SCHEDULES OF INVESTMENTS 73

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Income Trust, Inc. (BKT) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
TBA Sale Commitments — (22.4)%
Mortgage-Backed Securities — (22.4)%
Fannie Mae Mortgage-Backed Securities(h):
3.00%, 03/01/48	$	46,200	$	(44,748,918	)
3.50%, 03/01/48		12,664		(12,640,108	)
4.00%, 03/01/48		20,500		(20,994,483	)
5.00%, 03/01/48		12,900		(13,768,384	)
Total TBA Sale Commitments — (22.4)% (Proceeds — $92,280,819)				(92,151,893	)
Total Investments, Net of Borrowed Bonds and TBA Sale Commitments — 125.4% (Cost — $547,872,248)				515,931,746
Liabilities in Excess of Other Assets — (25.4)%				(104,554,277	)
Net Assets — 100.0%			$	411,377,469

^(a)  Floating rate security. Rate shown is the rate in effect as of period end.

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

^(c)  Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

^(e)  Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(f)  Zero-coupon bond.

^(g)  Amount is less than $500.

^(h)  Represents or includes a TBA transaction.

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

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

^(k)  The amount to be repurchased assumes the maturity will be the day after period end.

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

^(m)  During the six months ended February 28, 2018, investments in issuers considered to be an affiliate of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 08/31/17		Net Activity			Shares Held at 02/28/18		Value at 02/28/18		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		8,868,413		(1,900,621	)		6,967,792	$	6,967,792	$	47,263	$	27	$	—

^(a)  Includes net capital gain distributions, if applicable.

Reverse Repurchase Agreements

Counterparty

Interest Rate

Trade Date

Maturity Date

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

HSBC Securities (USA), Inc.

1.54

%

02/12/18

3/13/18

$

11,768,000

$

11,776,055

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

6,989,000

6,993,784

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

15,196,000

15,206,401

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

14,243,000

14,252,748

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

16,774,000

16,785,481

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

8,581,000

8,586,873

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

14,673,000

14,683,043

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

12,375,000

12,383,470

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

7,698,000

7,703,269

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

8,672,000

8,677,935

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

12,155,000

12,163,319

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

14,788,000

14,798,122

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

17,550,000

17,562,012

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.54

02/12/18

3/13/18

9,142,000

9,148,257

U.S. Government Sponsored Agency Securities

Up to 30 Days

$

170,604,000

$

170,720,769

74 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Income Trust, Inc. (BKT)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Short Contracts:
90-Day Euro Future		54		09/17/18	$	13,177	$	75,744
90-Day Euro Future		55		12/17/18		13,402		80,118
90-Day Euro Dollar		54		06/18/18		13,193		71,939
90-Day Euro Dollar		48		03/19/18		11,746		57,332
10-Year U.S. Treasury Note		157		06/20/18		18,847		32,735
10-Year U.S. Ultra Long Treasury Note		67		06/20/18		8,580		(5,753	)
5-Year U.S. Treasury Note		108		06/29/18		12,304		20,664
Long U.S. Treasury Bond		348		06/20/18		49,916		(459,855	)
90-Day Euro Future		9		12/16/19		2,186		4,808
90-Day Euro Dollar		54		03/18/19		13,147		82,617
90-Day Euro-Dollar		24		06/17/19		5,837		36,195
90-Day Euro-Dollar		14		09/16/19		3,403		13,870
							$	10,414

OTC Interest Rate Swaps

Paid by the Trust		Received by the Trust		Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
4.31%	Semi-annual	3-Month LIBOR	Quarterly	Deutsche Bank AG		N/A		10/01/18	USD	60,000	$	(1,657,004	)	$	—		$	(1,657,004	)
3-Month LIBOR	Quarterly	3.43%	Semi-annual	JPMorgan Chase Bank N.A.		N/A		03/28/21	USD	6,000		207,776			(88,185	)		295,961
3-Month LIBOR	Quarterly	5.41	Semi-annual	JPMorgan Chase Bank N.A.		N/A		08/15/22	USD	9,565		1,100,147			—			1,100,147
											$	(349,081	)	$	(88,185	)	$	(260,896	)

Balances Reported in the Statements of Assets and Liabilities for OTC Derivatives

	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Derivatives	$	—	$	(88,185	)	$	1,396,108	$	(1,657,004	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Net unrealized appreciation(a)	$	—	$	—	$	—	$	—	$	476,022	$	—	$	476,022
Swaps — OTC
Unrealized appreciation on OTC swaps		—		—		—		—		1,396,108		—		1,396,108
	$	—	$	—	$	—	$	—	$	1,872,130	$	—	$	1,872,130

SCHEDULES OF INVESTMENTS 75

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Income Trust, Inc. (BKT)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Net unrealized depreciation(a)	$	—	$	—	$	—	$	—	$	465,608	$	—	$	465,608
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		—		—		1,745,189		—		1,745,189
	$	—	$	—	$	—	$	—	$	2,210,797	$	—	$	2,210,797

^(a)  Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the period ended February 28, 2018, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	—	$	—	$	6,611,092		$	—	$	6,611,092
Swaps		—		—		—		—		(615,717	)		—		(615,717	)
	$	—	$	—	$	—	$	—	$	5,995,375		$	—	$	5,995,375
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—	$	613,450		$	—	$	613,450
Swaps		—		—		—		—		292,109			—		292,109
	$	—	$	—	$	—	$	—	$	905,559		$	—	$	905,559

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	85,768,281	(a)
Average notional value of contracts — short	$	187,112,864
Interest rate swaps:
Average notional amount-pays fixed rate	$	60,000,000
Average notional amount-receives fixed rate	$	15,565,000

^(a) Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter.

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

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	391,197
Swaps — OTC(a)		1,396,108		1,745,189
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	1,396,108	$	2,136,386
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(391,197	)
Total derivative assets and liabilities subject to an MNA	$	1,396,108	$	1,745,189

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

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Received		Cash Collateral Received (b)			Net Amount of Derivative Assets  (c)
JPMorgan Chase Bank N.A.	$	1,396,108	$	(88,185	)	$	—	$	(1,307,923	)	$	—

76 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Income Trust, Inc. (BKT)

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities  (d)
Deutsche Bank AG	$	1,657,004	$	—		$	—	$	(1,640,000	)	$	17,004
JPMorgan Chase Bank N.A.		88,185		(88,185	)		—		—			—
	$	1,745,189	$	(88,185	)	$	—	$	(1,640,000	)	$	17,004

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

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

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

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

Fair Value Hierarchy as of Period End

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

The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—		$	1,857,494		$	186,370	$	2,043,864
Non-Agency Mortgage-Backed Securities		—			1,053,413			1,207,570		2,260,983
U.S. Government Sponsored Agency Securities		—			586,201,689			10,544,297		596,745,986
Short-Term Securities:
Money Market Funds		6,967,792			—			—		6,967,792
Borrowed Bond Agreement		—			925,024			—		925,024
Liabilities:
Investments:
Borrowed Bonds		—			(860,010	)		—		(860,010	)
TBA Sale Commitments		—			(92,151,893	)		—		(92,151,893	)
	$	6,967,792		$	497,025,717		$	11,938,237	$	515,931,746
Derivative Financial Instruments (a)
Assets:
Interest rate contracts	$	476,022		$	1,396,108		$	—	$	1,872,130
Liabilities:
Interest rate contracts		(465,608	)		(1,657,004	)		—		(2,122,612	)
	$	10,414		$	(260,896	)	$	—	$	(250,482	)

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and futures 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, reverse repurchase agreements of $170,720,769 are categorized as Level 2 within the disclosure hierarchy.

During the six months ended February 28, 2018, there were no transfers between levels.

SCHEDULES OF INVESTMENTS 77

Schedule of Investments  (unaudited) (continued) February 28, 2018 BlackRock Income Trust, Inc. (BKT)

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset-Backed Securities			Non-Agency Mortgage- Backed Securities			U.S. Government Sponsored Agency Securities			Total
Assets:
Opening Balance, as of August 31, 2017	$	186,351		$	1,363,970		$	2,060,128		$	3,610,449
Transfers into Level 3(a)		—			—			8,737,596			8,737,596
Transfers out of Level 3		—			—			—			—
Accrued discounts/premiums		(34,901	)		—			(694,491	)		(729,392	)
Net realized gain (loss)								(4,014	)		(4,014	)
Net change in unrealized appreciation (depreciation)(b)(c)		34,920			(156,400	)		(1,086,009	)		(1,207,489	)
Purchases		—			—			1,784,284			1,784,284
Sales		—			—			(253,197	)		(253,197	)
Closing Balance, as of February 28, 2018	$	186,370		$	1,207,570		$	10,544,297		$	11,938,237
Net change in unrealized appreciation (depreciation) on investments held as February 28, 2018(c)	$	34,920		$	(156,400	)	$	(1,086,009	)	$	(1,207,489	)

^(a)  As of August 31, 2017, the Trust used observable inputs in determining the value of certain investments. As of February 28, 2018, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 2 to Level 3 in the disclosure hierarchy.

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

^(c)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments held as of February 28, 2018 is generally due to investments no longer held or categorized as Level 3 at period end.

The Trust’s investments 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 inputs could result in a significantly lower or higher value of such Level 3 investments.

78 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

February 28, 2018

	BHK		HYT(a)		BKT
ASSETS
Investments at value — unaffiliated(b)	$	1,128,796,617	$	2,161,593,431	$	601,975,857
Investments at value — affiliated(c)		2,711,662		22,627,076		6,967,792
Cash		366,174		1,595,943		—
Cash pledged:
Collateral — OTC derivatives		5,260,000		—		1,640,000
Collateral — reverse repurchase agreements		6,581,000		—		—
Centrally cleared swaps		1,832,940		1,604,000		—
Futures contracts		913,970		126,150		1,228,260
Foreign currency at value(d)		2,061,165		994,103		—
Receivables:
Interest — unaffiliated		11,565,562		30,708,092		2,170,201
Investments sold		1,267,409		19,748,509		109,808
Options written		127,626		—		—
Dividends — unaffiliated		45,000		43,462		—
Dividends — affiliated		7,309		1,272		9,861
Variation margin on futures contracts		7,258		—		—
Swaps		4,005		—		—
TBA sale commitments		—		—		92,280,819
Swap premiums paid		7,290		88,182		—
Unrealized appreciation on:
Forward foreign currency exchange contracts		755,475		2,756,690		—
OTC derivatives		69,449		359,964		1,396,108
Unfunded floating rate loan interests		61		580		—
Prepaid expenses		20,043		39,553		10,521
Other assets		4,077		—		527
Total assets		1,162,404,092		2,242,287,007		707,789,754
LIABILITIES
Borrowed bonds at value(e)		—		—		860,010
Bank overdraft		—		—		270,397
Cash received:
Collateral — OTC derivatives		280,000		350,000		1,520,000
TBA Commitments		—		—		11,000
Options written at value(f)		5,205,701		—		—
Reverse repurchase agreements at value		368,809,658		—		170,720,769
Payables:
Investments purchased		8,813,148		54,460,831		27,880,408
Investment advisory fees		437,984		998,473		204,993
Other accrued expenses		300,401		775,507		138,327
Swaps		207,805		68,653		—
Trustees’ and Officer’s fees		206,793		581,456		212,258
Variation margin on futures contracts		197,562		28,059		391,197
Variation margin on centrally cleared swaps		117,964		53,869		—
Income dividends		74,396		560,609		50,112
Capital shares redeemed		—		1,034,350		200,946
Bank borrowings		—		663,000,000		—
Administration fees		—		—		47,402
Interest expense		—		1,351,423		7,384
Swap premiums received		4,928,406		62,459		88,185
TBA sale commitments at value(g)		—		—		92,151,893
Unrealized depreciation on:
OTC derivatives		641,532		110,970		1,657,004
Forward foreign currency exchange contracts		8,095		40,752		—
Contingencies		—		—		—
Total liabilities		390,229,445		723,477,411		296,412,285
NET ASSETS	$	772,174,647	$	1,518,809,596	$	411,377,469

FINANCIAL STATEMENTS 79

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2018

	BHK			HYT(a)			BKT
NET ASSETS CONSIST OF
Paid-in capital(g)(h)(i)	$	755,543,973		$	1,678,408,835		$	477,559,560
Undistributed (distributions in excess of) net investment income		133,636			(2,135,232	)		(899,278	)
Accumulated net realized loss		(581,098	)		(119,788,239	)		(33,092,359	)
Net unrealized appreciation (depreciation)		17,078,136			(37,675,768	)		(32,190,454	)
NET ASSETS	$	772,174,647		$	1,518,809,596		$	411,377,469
Net asset value	$	14.32		$	12.04		$	6.45
(a) Consolidated Statement of Assets and Liabilities
(b) Investments at cost — unaffiliated	$	1,111,860,221		$	2,201,673,371		$	634,027,622
(c) Investments at cost — affiliated	$	2,711,662		$	23,087,519		$	6,967,792
(d) Foreign currency at cost	$	2,062,817		$	996,459		$	—
(e) Proceeds received from borrowed bonds	$	—		$	—		$	842,347
(f)  Premiums received	$	3,581,260		$	—		$	—
(g) Proceeds from TBA sale commitments	$	—		$	—		$	92,280,819
(h) See Note 12 of the Notes to Financial Statements for details of contingencies.
(g) Par value	$	0.001		$	0.100		$	0.010
(h) Shares outstanding		53,935,126			126,125,087			63,822,874
(i)  Shares authorized		Unlimited			200 million			200 million

80 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended February 28, 2018

	BHK			HYT(a)			BKT
INVESTMENT INCOME
Interest — unaffiliated	$	24,914,298		$	66,242,087		$	10,705,298
Dividends — unaffiliated		244,082			329,477			—
Dividends — affiliated		43,782			639,285			47,263
Other income		3,551			341,078			—
Foreign taxes withheld		(1,169	)		(1,625	)		—
Total investment income		25,204,544			67,550,302			10,752,561
EXPENSES
Investment advisory		2,814,853			6,564,600			1,360,612
Administration		—			—			313,988
Professional		79,651			140,712			51,584
Custodian		65,140			111,119			20,071
Accounting services		51,975			109,658			30,804
Transfer agent		43,987			51,799			76,561
Trustees and Officer		40,251			81,422			21,662
Printing		12,666			17,212			18,270
Registration		7,124			16,721			8,446
Miscellaneous		53,809			58,449			23,485
Total expenses excluding interest expense		3,169,456			7,151,692			1,925,483
Interest expense		2,588,376			7,011,302			1,241,310
Total expenses		5,757,832			14,162,994			3,166,793
Less fees waived by the Manager		(2,855	)		(71,977	)		(3,356	)
Total expenses after fees waived		5,754,977			14,091,017			3,163,437
Net investment income		19,449,567			53,459,285			7,589,124
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(848,985	)		13,380,844			1,421,171
Investments — affiliated		—			(186,055	)		—
Futures contracts		4,448,403			884,094			6,611,092
Forward foreign currency exchange contracts		(1,264,152	)		(5,376,710	)		—
Foreign currency transactions		(516,732	)		218,311			—
Capital gain distributions from investment companies — affiliated		36			10			27
Options written		3,032,857			279,064			—
Swaps		408,047			1,114,475			(615,717	)
		5,259,474			10,314,033			7,416,573
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(39,072,934	)		(35,943,863	)		(24,562,236	)
Investments — affiliated		—			(458,974	)		—
Futures contracts		728,959			52,150			613,450
Forward foreign currency exchange contracts		454,620			3,765,354			—
Foreign currency translations		(122,686	)		(619,948	)		—
Options written		(1,440,803	)		(139,795	)		—
Swaps		1,105,330			(565,865	)		292,109
Borrowed bonds		—			—			68,130
Unfunded floating rate loan interests		61			580			—
		(38,347,453	)		(33,910,361	)		(23,588,547	)
Net realized and unrealized loss		(33,087,979	)		(23,596,328	)		(16,171,974	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,638,412	)	$	29,862,957		$	(8,582,850	)

^(a)  Consolidated Statement of Operations.

FINANCIAL STATEMENTS 81

Statements of Changes in Net Assets

	BlackRock Core Bond Trust (BHK)
	Six Months Ended 02/28/18 (unaudited)			Year Ended 08/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	19,449,567		$	40,810,546
Net realized gain		5,259,474			7,829,575
Net change in unrealized appreciation (depreciation)		(38,347,453	)		(22,271,872	)
Net increase (decrease) in net assets resulting from operations		(13,638,412	)		26,368,249
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(21,034,700	)		(42,069,403	)
NET ASSETS
Total decrease in net assets		(34,673,112	)		(15,701,154	)
Beginning of period		806,847,759			822,548,913
End of period	$	772,174,647		$	806,847,759
Undistributed net investment income, end of period	$	133,636		$	1,718,769

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

82 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Statements of Changes in Net Assets

	BlackRock Corporate High Yield Fund, Inc. (HYT)
	Six Months Ended 02/28/18 (unaudited)			Year Ended 08/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	53,459,285		$	107,040,262
Net realized gain		10,314,033			35,747,683
Net change in unrealized appreciation (depreciation)		(33,910,361	)		24,170,407
Net increase in net assets resulting from operations		29,862,957			166,958,352
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(53,112,775	)		(112,731,371	)
CAPITAL SHARE TRANSACTIONS
Cost of shares redeemed		(3,562,736	)		(1,553,292	)
NET ASSETS
Total increase (decrease) in net assets		(26,812,554	)		52,673,689
Beginning of period		1,545,622,150			1,492,948,461
End of period	$	1,518,809,596		$	1,545,622,150
Distributions in excess of net investment income, end of period	$	(2,135,232	)	$	(2,481,742	)

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

FINANCIAL STATEMENTS 83

Statements of Changes in Net Assets

	BlackRock Income Trust, Inc. (BKT)
	Six Months Ended 02/28/18 (unaudited)			Year Ended 08/31/17
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,589,124		$	15,746,349
Net realized gain		7,416,573			4,516,347
Net change in unrealized appreciation (depreciation)		(23,588,547	)		(13,981,411	)
Net increase (decrease) in net assets resulting from operations		(8,582,850	)		6,281,285
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(10,166,864	)		(20,333,729	)
CAPITAL SHARE TRANSACTIONS
Cost of shares redeemed		(702,494	)		—
NET ASSETS
Total decrease in net assets		(19,452,208	)		(14,052,444	)
Beginning of period		430,829,677			444,882,121
End of period	$	411,377,469		$	430,829,677
Undistributed (distributions in excess of) net investment income, end of period	$	(899,278	)	$	1,678,462

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

84 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Statements of Cash Flows  (unaudited)

Six Months Ended February 28, 2018

	BHK			HYT (a)			BKT
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase (decrease) in net assets resulting from operations	$	(13,638,412	)	$	29,862,957		$	(8,582,850	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Proceeds from sales of long-term investments and principal paydowns		130,004,568			714,161,196			1,032,680,268
Purchases of long-term investments		(204,800,504	)		(719,167,671	)		(1,028,876,904	)
Net proceeds from sales of short-term securities		1,663,067			—			1,831,846
Amortization of premium and accretion of discount on investments		1,839,015			(266,892	)		4,396,475
Paid-in-kind income		—			(2,754,951	)		—
Premiums received from options written		4,002,357			449,738			—
Premiums paid on closing options written		(1,385,220	)		(367,020	)		—
Net realized gain on investments and options written		(1,810,501	)		(13,473,853	)		(1,421,171	)
Net unrealized loss on investments, options written, swaps, unfunded floating rate loan interests and foreign currency translations		40,042,525			33,133,164			24,201,997
(Increase) Decrease in Assets:
Cash pledged:
Futures contracts		224,952			(56,000	)		627,000
Collateral — OTC derivatives		(810,000	)		—			900,000
Centrally cleared swaps		(1,368,000	)		1,766,000			—
Collateral — reverse repurchase agreements		(6,122,000	)		—			—
Receivables:
Interest — unaffiliated		(559,855	)		991,409			(18,389	)
Swaps		(3,996	)		108			—
Dividends — affiliated		5,197			187			2,970
Dividends — unaffiliated		—			(1,337	)		—
Variation margin on futures contracts		30,804			589			213,750
Variation margin on centrally cleared swaps		—			113,214			—
Swap premiums paid		(454	)		(17,523	)		—
Prepaid expenses		(5,906	)		(9,683	)		990
Increase (Decrease) in Liabilities:
Cash received:
Collateral — OTC derivatives		(420,000	)		(500,000	)		(520,000	)
Collateral — reverse repurchase agreements		(4,798,000	)		—			—
Collateral — TBA sale commitments		—			—			11,000
Payables:
Investment advisory fees		(28,308	)		(98,104	)		(31,618	)
Interest expense and fees		1,820,319			46,260			(49,944	)
Administration fees		—			—			(7,399	)
Trustees’ and Officer’s		(2,081	)		(1,252	)		1,604
Variation margin on futures contracts		18,321			28,059			23,357
Variation margin on centrally cleared swaps		109,179			53,869			—
Swaps		207,805			68,653			—
Other accrued expenses		20,302			438			(1,827	)
Swap premiums received		(34,378	)		(90,172	)		(13,701	)
Net cash provided by (used for) operating activities		(55,799,204	)		43,871,383			25,367,454
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Payments on redemption of Common Shares		—			(2,528,386	)		(501,548	)
Net borrowing of reverse repurchase agreements		77,911,301			—			(14,998,806	)
Proceeds from bank borrowings		—			303,000,000			—
Payments for bank borrowings		—			(289,000,000	)		—
Cash dividends paid to Common Shareholders		(21,030,166	)		(52,959,622	)		(10,164,637	)
Increase in bank overdraft		—			—			270,397
Net cash (provided by) used for financing activities		56,881,135			(41,488,008	)		(25,394,594	)
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS
Cash impact from foreign exchange fluctuations	$	8,771		$	(2,502	)	$	—
CASH AND FOREIGN CURRENCY
Net increase (decrease) in cash and foreign currency at value		1,090,702			2,380,873			(27,140	)
Cash and foreign currency at value at beginning of period		1,336,637			209,173			27,140
Cash and foreign currency at value at end of period	$	2,427,339		$	2,590,046		$	—
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest expense	$	768,057		$	6,965,042		$	1,291,254

^(a)  Consolidated Statement of Cash Flows.

See notes to financial statements.

FINANCIAL STATEMENTS 85

Financial Highlights

(For a share outstanding throughout each period)

	BHK
	Six Months Ended 02/28/18 (Unaudited)			Year Ended August 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	14.96		$	15.25		$	14.29		$	15.24		$	14.05		$	15.21
Net investment income(a)		0.36			0.76			0.79			0.86			0.87			0.89
Net realized and unrealized gain (loss)		(0.61	)		(0.27	)		1.01			(0.73	)		1.23			(1.11	)
Net increase (decrease) from investment operations		(0.25	)		0.49			1.80			0.13			2.10			(0.22	)
Distributions:(b)
From net investment income		(0.39	)		(0.78	)		(0.84	)		(1.04	)		(0.91	)		(0.94	)
In excess of net investment income(c)		—			—			—			(0.04	)		—			—
Total distributions		(0.39	)		(0.78	)		(0.84	)		(1.08	)		(0.91	)		(0.94	)
Net asset value, end of period	$	14.32		$	14.96		$	15.25		$	14.29		$	15.24		$	14.05
Market price, end of period	$	13.21		$	14.10		$	14.33		$	12.63		$	13.64		$	12.50
Total Return(d)
Based on net asset value		(1.55	)%(e)		3.88	%		13.67	%		1.62	%		16.09	%(f)		(1.42	)%
Based on market price		(3.64	)%(e)		4.20	%		20.85	%		0.35	%		16.78	%		(13.43	)%
Ratios to Average Net Assets
Total expenses		1.46	%(g)		1.16	%		0.97	%		0.95	%(h)		1.06	%(h)		1.03	%
Total expenses after fees waived		1.46	%(g)		1.16	%		0.97	%		0.95	%(h)		1.02	%(h)		0.98	%
Total expenses after fees waived and excluding interest expense		0.80	%(g)		0.78	%		0.78	%		0.82	%(h)		0.91	%(h)		0.86	%
Net investment income		4.92	%(g)		5.19	%		5.48	%		5.83	%		5.94	%		5.92	%
Supplemental Data
Net assets applicable to Common Shareholders, end of period (000)	$	772,175		$	806,848		$	822,549		$	770,822		$	412,078		$	379,913
Borrowings outstanding, end of period (000)	$	368,810		$	289,078		$	288,239		$	303,651		$	168,301		$	172,537
Portfolio turnover rate(i)		11	%		32	%		35	%		55	%		82	%		100	%

^(a)  Based on average shares outstanding.

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

^(c)  Taxable distribution.

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

^(e)  Aggregate total return.

^(f)  Includes proceeds received from a settlement of litigation, which impacted the Trust’s total return. Excluding these proceeds, the total return would have been 16.01%.

^(g)  Annualized.

^(h)  Includes reorganization costs associated with the Trust’s merger. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 0.94%, 0.94% and 0.82% for the year ended August 31, 2015 and 1.00%, 0.96% and 0.85% for the year ended August 31, 2014, respectively.

⁽ⁱ⁾  Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended 02/28/18 (Unaudited)			Year Ended August 31,
				2017			2016			2015			2014			2013
Portfolio turnover rate (excluding MDRs)		11	%		32	%		35	%		51	%		48	%		63	%

See notes to financial statements.

86 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	HYT
	Six Months Ended 02/28/18 (Unaudited)			Year Ended August 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	12.22		$	11.79		$	12.06		$	13.47		$	12.62		$	12.32
Net investment income(a)		0.42			0.85			0.82			0.87			0.98			1.00
Net realized and unrealized gain (loss)		(0.18	)		0.47			(0.10	)		(1.31	)		0.91			0.41
Net increase (decrease) from investment operations		0.24			1.32			0.72			(0.44	)		1.89			1.41
Distributions from net investment income(b)		(0.42	)		(0.89	)		(0.99	)		(0.97	)		(1.04	)		(1.11	)
Net asset value, end of period	$	12.04		$	12.22		$	11.79		$	12.06	(c)	$	13.47		$	12.62
Market price, end of period	$	10.56		$	11.13		$	10.88		$	9.97		$	12.07		$	11.37
Total Return(d)
Based on net asset value		2.33	%(e)		12.41	%(f)		7.76	%		(2.40	)%(c)		16.21	%		11.90	%
Based on market price		(1.45	)%(e)		10.94	%		20.29	%		(9.96	)%		15.58	%		(4.16	)%
Ratios to Average Net Assets
Total expenses(g)		1.85	%(h)		1.54	%		1.39	%(g)		1.37	%		1.35	%(i)		1.54	%(j)
Total expenses after fees waived(g)		1.84	%(h)		1.54	%		1.39	%		1.37	%		1.35	%(i)		1.54	%(j)
Total expenses after fees waived and excluding interest expense(g)		0.92	%(h)		0.91	%		0.93	%		0.96	%		0.98	%(i)		1.16	%(j)(k)
Net investment income(g)		6.97	%(h)		7.04	%		7.30	%		6.88	%		7.40	%		7.83	%
Supplemental Data
Net assets, end of period (000)	$	1,518,810		$	1,545,622		$	1,492,948		$	1,527,307		$	1,705,422		$	446,847
Borrowings outstanding, end of period (000)	$	663,000		$	649,000		$	604,000		$	631,000		$	723,000		$	191,000
Asset coverage, end of period per $1,000 of bank borrowing	$	3,292		$	3,382		$	3,472		$	3,419		$	3,359		$	3,340
Portfolio turnover rate		33	%		75	%		66	%		57	%		64	%		77	%

^(a)  Based on average shares outstanding.

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

^(c)  For financial reporting purposes, the market value of certain total return swaps were adjusted as of report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on net asset value presented herein are different than the information previously published on August 31, 2015.

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

^(e)  Aggregate total return.

^(f)  Includes payment received from an affiliate, which had no impact on the Trust’s total return.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 02/28/18 (unaudited)			Year Ended August 31,
				2017			2016			2015			2014			2013
Investments in underlying funds		0.01	%		0.04	%		0.11	%		—	%		—	%		—	%

^(h)  Annualized.

⁽ⁱ⁾  Includes reorganization costs. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 1.34%, 1.34% and 0.97%, respectively.

^(j)  Includes reorganization costs. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding interest expense would have been 1.50%, 1.50% and 1.12%, respectively.

^(k) For the year ended August 31, 2013, the total expense ratio after fees waived and paid indirectly and excluding interest expense, borrowing costs and income tax was 1.15%.

FINANCIAL HIGHLIGHTS 87

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BKT
	Six Months Ended 02/28/18 (Unaudited)			Year Ended August 31,
				2017			2016			2015			2014			2013
Net asset value, beginning of period	$	6.74		$	6.96		$	7.08		$	7.27		$	7.32		$	7.94
Net investment income(a)		0.12			0.25			0.28			0.32			0.35			0.32
Net realized and unrealized gain (loss)		(0.25	)		(0.15	)		(0.05	)		(0.11	)		0.03			(0.46	)
Net increase (decrease) from investment operations		(0.13	)		0.10			0.23			0.21			0.38			(0.14	)
Distributions from net investment income(b)		(0.16	)		(0.32	)		(0.35	)		(0.40	)		(0.43	)		(0.48	)
Net asset value, end of period	$	6.45		$	6.74		$	6.96		$	7.08		$	7.27		$	7.32
Market price, end of period	$	5.91		$	6.31		$	6.60		$	6.30		$	6.42		$	6.40
Total Return(c)
Based on net asset value		(1.80	)%(d)		1.82	%		3.64	%		3.56	%		6.05	%		(1.45	)%
Based on market price		(3.89	)%(d)		0.53	%		10.44	%		4.35	%		7.12	%		(10.34	)%
Ratios to Average Net Assets
Total expenses		1.52	%(e)		1.29	%(f)		1.08	%		0.99	%(g)		1.02	%(g)		1.00	%
Total expenses after fees waived		1.52	%(e)		1.28	%(f)		1.08	%		0.99	%(g)		1.02	%(g)		1.00	%
Total expenses after fees waived and excluding interest expense		0.92	%(e)		0.90	%(f)		0.89	%		0.90	%(g)		0.96	%(g)		0.90	%
Net investment income		3.63	%(e)		3.63	%(f)		4.01	%		4.48	%		4.74	%		4.18	%
Supplemental Data
Net assets, end of period (000)	$	411,377		$	430,830		$	444,882		$	452,616		$	464,933		$	467,948
Borrowings outstanding, end of period (000)	$	170,721		$	185,769		$	152,859		$	173,695		$	205,415		$	148,344
Portfolio turnover rate(h)		197	%		346	%		141	%		191	%		256	%		358	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Aggregate total return.

^(e)  Annualized.

^(f)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Includes reorganization costs. Without these costs, total expenses, total expenses after fees waived, and total expenses after fees waived and excluding interest expense would have been 0.99%, 0.99% and 0.89% for the year ended August 31, 2015 and 0.97%, 0.97% and 0.90% for the year ended August 31, 2014, respectively.

^(h)  Includes MDRs. Additional information regarding portfolio turnover rate is as follows:.

	Six Months Ended 02/28/18 (Unaudited)			Year Ended August 31,
				2017			2016			2015			2014			2013
Portfolio turnover rate (excluding MDRs)		85	%		161	%		63	%		78	%		125	%		196	%

See notes to financial statements.

88 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements

1. ORGANIZATION

The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:

Trust Name	Herein Referred to As	Organized	Diversification Classification
BlackRock Core Bond Trust	BHK	Delaware	Diversified
BlackRock Corporate High Yield Trust, Inc.	HYT	Maryland	Diversified
BlackRock Income Trust, Inc.	BKT	Maryland	Diversified

The Boards of Directors and Board of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Trustees.” The Trusts determine and make available for publication the net asset value (“NAV”) 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, is included in a complex of closed-end funds referred to as the Closed-End Complex.

Basis of Consolidation: The accompanying consolidated financial statements of HYT include the accounts of BLK HYT (Luxembourg) Investments, S.a.r.l., BLK HYV (Luxembourg) Investments, S.a.r.l., BLK COY (Luxembourg) Investments, S.a.r.l. and BLK CYE (Luxembourg) Investments, S.a.r.l. (collectively, the “Taxable Subsidiaries”), which are wholly-owned taxable subsidiaries of HYT which hold shares of private Canadian companies, Laricina Energy Ltd. and Osum Oil Sands Corp. Gains on the sale of such shares will generally not be subject to capital gains taxes in Canada. Income earned on the investment held by the Taxable Subsidiary may be taxable to such subsidiary in Luxembourg. A tax provision, if any, is included in expenses in the Consolidated Statements of Operations for HYT. The net assets of the Taxable Subsidiaries as of period end were $731,493, which is less than 0.1% of HYT’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiaries are 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 entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trusts are informed of the ex-dividend date. 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, some 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, is recognized on an accrual basis.

Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Trust does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. 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.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., dollar rolls, To-be-announced (“TBA”) sale commitments, futures contracts, forward foreign currency exchange contracts, options written, swaps and short sales) or certain borrowings (e.g., reverse repurchase transactions,) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowing to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. 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 independent Trustees (“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

NOTESTO FINANCIAL STATEMENTS 89

Notes to Financial Statements  (continued)

common shares of certain other BlackRock Closed-End Funds 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 other BlackRock Closed-End Funds.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, if applicable. Deferred compensation liabilities 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.

Recent Accounting Standards: In November 2016, the Financial Accounting Standards Board issued Accounting Standards Update “Restricted Cash” which will require entities to include the total of cash, cash equivalents, restricted cash, and restricted cash equivalents in the beginning and ending cash balances in the Statements of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is evaluating the impact, if any, of this guidance on the Trusts’ presentation in the Statements of Cash Flows.

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update “Premium Amortization of Purchased Callable Debt Securities” which amends the amortization period for certain purchased callable debt securities. Under the new guidance, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices will be amortized to the earliest call date. The guidance will be applied on a modified retrospective basis and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management is currently evaluating the impact of this guidance to the Trusts.

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 trusts, including other trusts managed by the Manager, are prorated among those trusts on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Trusts’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Trusts would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trusts determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

• Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a trust may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Trusts’ net assets. Each business day, the Trusts use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

• Investments in open-end U.S. mutual funds are valued at NAV each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

90 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. OTC options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

• Swap agreements are valued utilizing quotes received daily by the Trusts’ pricing service or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

• TBA commitments are valued on the basis of last available bid prices or current market quotations provided by pricing services.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investments, or in the event that the application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee will include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement.

The Global Valuation Committee, or its delegate, employs various methods for calibrating valuation approaches for investments where an active market does not exist, including regular due diligence of each Trust’s pricing vendors, regular reviews of key inputs and assumptions, transactional back-testing or disposition analysis to compare unrealized gains and losses to realized gains and losses, reviews of missing or stale prices and large movements in market values and reviews of any market related activity. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis. As a result of the inherent uncertainty in valuation of these investments, the fair values may differ from the values that would have been used had an active market existed.

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 third party pricing services utilize one or a combination of, but not limited to, the following inputs.

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii)   recapitalizations and other transactions across the capital structure; and (iii)  market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii)   quoted prices for similar investments or assets in active markets; and (iii)  other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.
Cost approach	(i)  audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; (ii)   changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii)  relevant news and other public sources; and (iv)  known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Trust. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Trust has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

NOTESTO FINANCIAL STATEMENTS 91

Notes to Financial Statements  (continued)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Trust’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Trust’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

As of February 28, 2018, certain investments of HYT were valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a trust may subsequently have to reinvest the proceeds at lower interest rates. If a trust has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

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 trust’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.

92 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants: Warrants entitle a trust 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 trust 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 trust 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 trust to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a trust’s investment policies.

When a trust 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 trust 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 trust upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A trust 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 trust 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 trust having a contractual relationship only with the lender, not with the borrower. A trust 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 trust 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 trust may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a trust assumes the credit risk of both the borrower and the lender that is selling the Participation. A trust’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 trust 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 trust having a direct contractual relationship with the borrower, and a trust may enforce compliance by the borrower with the terms of the loan agreement.

In connection with floating rate loan interests, certain trusts may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a trust 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	Borrower	Par		Commitment Amount		Value		Unrealized Appreciation
BHK	Convergint Technologies LLC		4,111	$	4,100	$	4,103	$	3
	Mitchell International, Inc.		7,931		7,891		7,949		58
HYT	Convergint Technologies LLC		38,026		37,929		37,953		24
	Mitchell International, Inc.		75,901		75,521		76,077		556

NOTESTO FINANCIAL STATEMENTS 93

Notes to Financial Statements  (continued)

Forward Commitments and When-Issued Delayed Delivery Securities: Certain 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. A trust 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, a trust may be required to pay more at settlement than the security is worth. In addition, a trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a trust assumes 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, a trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of 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 trust 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.

In order to better define contractual rights and to secure rights that will help a trust mitigate their counterparty risk, TBA commitments may be entered into by a trust 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 trust and the counterparty. Cash collateral that has been pledged to cover the obligations of a trust and cash collateral received from the counterparty, if any, is reported separately on 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 trust, if any, is noted in the Schedules of Investments. Typically, a trust 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 trust is not fully collateralized, contractually or otherwise, a trust bears the risk of loss from counterparty non-performance.

Mortgage Dollar Roll Transactions: Certain 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 trust is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a trust is required to purchase may decline below the agreed upon repurchase price of those securities.

Borrowed Bond Agreements: Repurchase agreements may be referred to as borrowed bond agreements when entered into in connection with short sales of bonds. In a borrowed bond agreement, a trust borrows a bond from a counterparty in exchange for cash collateral. The agreement contains a commitment that the security and the cash will be returned to the counterparty and a trust at a mutually agreed upon date. Certain agreements have no stated maturity and can be terminated by either party at any time. Earnings on cash collateral and compensation to the lender of the bond are based on agreed upon rates between a trust and the counterparty. The value of the underlying cash collateral approximates the market value and accrued interest of the borrowed bond. To the extent that a borrowed bond transaction exceeds one business day, the value of the cash collateral in the possession of the counterparty is monitored on a daily basis to ensure the adequacy of the collateral. As the market value of the borrowed bond changes, the cash collateral is periodically increased or decreased with a frequency and in amounts prescribed in the borrowed bond agreement. A trust may also experience delays in gaining access to the collateral.

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third party broker dealers in which a trust sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A trust receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a trust 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 trust 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 trust suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a trust would still be required to pay the full repurchase price. Further, a trust remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a trust 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 trust 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 trust may receive a fee for the use of the security by the counterparty, which may result in interest income to a trust.

For the six months ended February 28, 2018, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rates for the Trusts were as follows:

	Average Amount Outstanding		Daily Weighted Average Interest Rate
BHK	$	338,379,828		1.54	%
BKT		180,449,493		1.39

Borrowed bond agreements and reverse repurchase transactions are entered into by a trust under Master Repurchase Agreements (each, an “MRA”), which permit a trust, 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 trust. With borrowed bond agreements and reverse repurchase transactions,

94 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

typically a trust 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 trust 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 trust upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a trust is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

As of period end, the following table is a summary of BHK’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

BHK
Counterparty	Reverse Repurchase Agreements		Fair Value of Non-cash Collateral Pledged Including Accrued Interest (a)			Cash Collateral Pledged/Received			Net Amount
Barclays Capital, Inc.	$	390,942	$	(390,942	)	$	—		$	—
BNP Paribas Securities Corp.		80,580,621		(80,580,621	)		—			—
Citigroup GlobalMarket, Inc.		1,006,447		(1,006,447	)		—			—
Credit Suisse Securities (USA) LLC		8,377,594		(8,377,594	)		—			—
Deutsche Bank AG		22,893,627		(22,148,336	)		(745,291	)		—
HSBC Securities (USA), Inc.		85,317,767		(85,317,767	)		—			—
J.P. Morgan Securities LLC		8,423,344		(8,423,344	)		—			—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		2,027,261		(2,027,261	)		—			—
Nomura Securities International, Inc.		28,945,767		(26,495,802	)		(2,449,965	)		—
RBC Capital Markets LLC		120,127,570		(120,127,570	)		—			—
UBS Securities LLC		10,718,718		(10,718,718	)		—			—
	$	368,809,658	$	(365,614,402	)	$	(3,195,256	)	$	—

^(a)  Net collateral, including accrued interest, with a value of $387,401,872 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

As of period end, the following table is a summary of BKT’s open borrowed bond agreements and reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:

BKT
Counterparty	Borrowed Bonds Agreements (a)		Reverse Repurchase Agreements			Borrowed Bonds at Value including Accrued Interest (b)			Net Amount before Collateral			Non-cash Collateral Received		Cash Collateral Received		Fair Value Noncash Collateral Pledged Including Accrued Interest (c)		Cash Collateral Pledged		Net Collateral Received) / Pledged		Net Exposure Due (to) /from Counterparty (d)
HSBC Securities (USA), Inc.	$	—	$	(170,720,769	)	$	—		$	(170,720,769	)	$	—	$	—	$	170,720,769	$	—	$	—	$	—
Credit Suisse Securities (USA) LLC		925,024		—			(867,394	)		57,630			—		—		—		—		—		57,630
	$	925,024	$	170,720,769		$	(867,394	)	$	(170,663,139	)	$	—	$	—	$	170,720,769	$	—	$	—	$	57,630

^(a)  Included in Investments at value-unaffiliated in the Statements of Assets and Liabilities.

^(b)  Includes accrued interest on borrowed bonds in the amount of $7,384 which is included in interest expense payable in the Statements of Assets and Liabilities.

^(c)  Net collateral with a value of $176,518,638 has been pledged in connection with open reverse repurchase agreements. Excess of net collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(d)  Net exposure represents the net receivable (payable) that would be due from/to the counterparty in the event of default.

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a trust’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 trust’s obligation to repurchase the securities.

Short Sale Transactions: In short sale transactions, a trust sells a security it does not hold in anticipation of a decline in the market price of that security. When a trust makes a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal to the proceeds received by a trust is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. A trust is required to repay the counterparty interest on the security sold short, which, if applicable, is included in interest expense in the Statements of Operations. A trust is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a trust sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a trust will be able to close out a short position at a particular time or at an acceptable price.

NOTESTO FINANCIAL STATEMENTS 95

Notes to Financial Statements  (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk), changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are 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.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is 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, 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 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.

Options: Certain Trusts 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, such option is covered by cash in an amount sufficient to cover the obligation.

• Swaptions — Certain Trusts purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Trusts’ holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

• Foreign currency options — Certain Trusts purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when it 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”).

96 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Trusts’ counterparty on the swap agreement becomes the CCP. The Trusts are required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, 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 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. 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 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, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

• 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 trust is not otherwise exposed (credit risk).

The Trusts may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trusts will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trusts will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one market (e.g., fixed-income) with another 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 in exchange for fixed or floating rate interest payments. If the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or make a payment to the counterparty.

• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

• Forward swaps — Certain Trusts enter into forward interest rate swaps and forward total return swaps. In a forward swap, each Trust and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Trusts may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each 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, each 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. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trust and the counterparty.

Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately on 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.

NOTESTO FINANCIAL STATEMENTS 97

Notes to Financial Statements  (continued)

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 their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, they bear 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

The PNC Financial Services Group, Inc. is the largest stockholder and an affiliate of BlackRock, Inc. (“BlackRock”) for 1940 Act purposes.

Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser, an indirect, wholly-owned subsidiary of 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 pays the Manager a monthly fee based on an annual rate of 0.50% of the average weekly value of the Trust’s managed assets. For purposes of calculating this fee, “managed assets” means the total assets of the Trust minus the sum of its accrued liabilities (other than the aggregate indebtedness constituting financial leverage).

For such services, HYT pays the Manager a monthly fee at an annual rate equal to 0.60% of the average daily value of the Trust’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.

For such services, BKT pays the Manager a monthly fee at an annual rate equal to 0.65% of the average weekly value of the Trust’s net assets. For purposes of calculating this fee, “net assets” means the total assets of the Trust minus the sum of its accrued liabilities (including the aggregate indebtedness constituting financial leverage).

The Manager provides investment management and other services to the Taxable Subsidiaries. The Manager does not receive separate compensation from the Taxable Subsidiaries 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 Subsidiaries.

Distribution Fees: HYT had entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of HYT’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”); however, HYT no longer actively engaged in a Shelf Offering, has no effective registration statement or current prospectus, and the Distribution Agreement has been terminated.

Administration: BKT has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of BKT’s average weekly net assets. For BKT, the Manager may reduce or discontinue these arrangements at any time without notice.

Expense Waivers: The Manager voluntarily 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”). These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended February 28, 2018, the amounts waived were as follows:

	BHK		HYT		BKT
Amounts waived	$	2,855	$	971	$	3,356

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, 2018. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the six months ended February 28, 2018, HYT waived $71,006 in investment advisory fees pursuant to these arrangements.

Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended February 28, 2018, the purchase and sale transactions and any net realized gains (losses) with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act were as follows:

	Purchases		Sales		Net Realized Gain
BHK	$	1,401,542	$	247,549	$	4,354
HYT		15,348,520		—		—

98 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

7. PURCHASES AND SALES

For the six months ended February 28, 2018, purchases and sales of investments, including paydowns and mortgage dollar rolls and excluding short-term securities, were as follows:

Purchases
	BHK		HYT		BKT
Non-U.S. Government Securities	$	191,704,737	$	758,794,661	$	1,025,511,309
U.S. Government Securities		12,801,394		—		—
	$	204,506,131	$	758,794,661	$	1,025,511,309

Sales
	BHK		HYT		BKT
Non-U.S. Government Securities	$	126,685,412	$	722,914,977	$	1,016,048,020
U.S. Government Securities		—		—		12,563,222
	$	126,685,412	$	722,914,977	$	1,028,611,242

For the six months ended February 28, 2018, purchases and sales related to mortgage dollar rolls for BKT were $584,944,858 and $584,474,047, respectively.

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 each of the four years ended August 31, 2017. 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 February 28, 2018, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements.

As of August 31, 2017, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:

Expires	BHK		HYT		BKT
No expiration date(a)	$	6,194,640	$	75,431,788	$	41,910,926
2018		—		55,665,607		—
	$	6,194,640	$	131,097,395	$	41,910,926

^(a)  Must be utilized prior to losses subject to expiration.

As of February 28, 2018, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	BHK			HYT			BKT
Tax cost	$	1,114,390,482		$	2,227,194,547		$	641,039,354
Gross unrealized appreciation	$	50,138,584		$	58,243,048		$	14,898,710
Gross unrealized depreciation		(32,811,740	)		(98,243,382	)		(47,133,634	)
Net unrealized appreciation (depreciation)	$	17,326,844		$	(40,000,334	)	$	(32,234,924	)

9. BANK BORROWINGS

HYT is 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. As of period end, HYT has not received any notice to terminate. HYT has granted a security interest in substantially all of its assets to SSB.

The SSB Agreement allows for the maximum commitment of $732,000,000 for HYT.

Advances will be made by SSB to HYT, at HYT’s option of (a) the higher of (i) 0.80% above the Fed Funds rate and (ii) 0.80% above Overnight LIBOR or (b) 0.80% above 7-day, 30-day, 60-day or 90-day LIBOR. Overnight LIBOR and LIBOR rates are subject to a 0% floor.

In addition, HYT paid a commitment fee (based on the daily unused portion of the commitments). The fees associated with each of the agreements are included in the Statements of Operations as borrowing costs, if any. Advances to HYT as of period end are shown in the Statements of Assets and Liabilities as bank borrowings payable. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.

NOTESTO FINANCIAL STATEMENTS 99

Notes to Financial Statements  (continued)

HYT may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding short-term borrowings is less than 300%.

For the six months ended February 28, 2018, the average amount of bank borrowings and the daily weighted average interest rates for HYT for loans under the revolving credit agreements were $659,441,989 and 2.14%, respectively.

10. PRINCIPAL RISKS

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

Inventories of municipal bonds held by brokers and dealers may decrease, which would lessen their ability to make a market in these securities. Such a reduction in market making capacity could potentially decrease a Trust’s ability to buy or sell bonds. As a result, a Trust may sell a security at a lower price, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative impact on performance. If a Trust needed to sell large blocks of bonds, those sales could further reduce the bonds’ prices and impact performance.

In the normal course of business, certain Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations.

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.

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 and may experience difficulty in selling those investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. 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.

A Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Trust.

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 the Trusts deposit collateral with its counterparty to a written option.

With exchange-traded options purchased and 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.

100 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Notes to Financial Statements  (continued)

Concentration Risk: Certain Trusts may invest in securities that are rated below investment grade quality (sometimes called “junk bonds”), which are predominantly speculative, have greater credit risk and generally are less liquid and have more volatile prices than higher quality securities.

Certain Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

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. Investment percentages in these securities are presented in the Schedules of Investments. 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.

11. CAPITAL SHARE TRANSACTIONS

BHK is authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. HYT is authorized to issue 200 million shares, par value $0.10, all of which were initially classified as Common Shares. BKT is authorized to issue 200 million shares, par value $0.01, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.

Common Shares: The Board previously approved each Trust’s participation in an open market share repurchase program that allowed each Trust to purchase, at prevailing market prices, up to 5% of its common shares outstanding as of the close of business on October 28, 2016 through November 30, 2017, subject to certain conditions. On September 6, 2017, the Board approved a renewal of this program. Commencing December 1, 2017, each Trust may purchase through November 30, 2018, up to 5% of its common shares outstanding as of the close of business on November 30, 2017, subject to certain conditions. The total amount of repurchases is reflected in the Trusts’ Statements of Changes in Net Assets.

For the periods shown, shares repurchased and cost, including transaction costs were as follows:

	HYT				BKT
	Shares		Amount		Shares		Amount
Six Months Ended February 28, 2018		333,901	$	3,562,736		119,661	$	702,494
Year Ended August 31, 2017		140,680		1,553,292		—		—

For the six months ended February 28, 2018 and year ended August 31, 2017, shares issued and outstanding remained constant for BHK.

12. CONTINGENCIES

In May 2015, the Motors Liquidation Company Avoidance Action Trust, as the Trust Administrator and Trustee of the General Motors bankruptcy estate, began serving amended complaints on defendants, which include former holders of certain General Motors debt (the “Debt”), in an adversary proceeding in the United States Bankruptcy Court for the Southern District of New York. In addition to HYT, the lawsuit also names over five hundred other institutional investors as defendants, some of which are also managed by BlackRock Advisors, LLC or its affiliates. The plaintiffs are seeking an order that HYT and other defendants return proceeds received in 2009 in full payment of the principal and interest on the Debt. The holders received a full repayment of a term loan pursuant to a court order in the General Motors bankruptcy proceeding with the understanding that the Debt was fully secured at the time of repayment. The plaintiffs contend that HYT and other defendants were not secured creditors at the time of the 2009 payments and therefore not entitled to the payments in full. HYT cannot predict the outcome of the lawsuit, or the effect, if any, on HYT’s NAV. As such, no liability for litigation related to this matter is reflected in the financial statements. Management cannot determine the amount of loss that will be realized by HYT but does not expect the loss to exceed the payment received in 2009. The amount of the proceeds received in 2009 is $3,528,671.

13. 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:

	Common Dividend Per Share
	Paid (a)		Declared (b)
BHK	$	0.0650	$	0.0650
HYT		0.0700		0.0700
BKT		0.0265		0.0265

^(a)  Net investment income dividend paid on March 29, 2018 to Common Shareholders of record on March 15, 2018.

^(b)  Net investment income dividend declared on April 2, 2018, payable to Common Shareholders of record on April 16, 2018.

NOTESTO FINANCIAL STATEMENTS 101

Trustee and Officer Information

Richard E. Cavanagh, Chair of the Board and Trustee

Karen P. Robards, Vice Chair of the Board and Trustee

Michael J. Castellano, Trustee

Cynthia L. Egan, Trustee

Frank J. Fabozzi, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Catherine A. Lynch, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Jonathan Diorio, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Janey Ahn, Secretary

Effective December 31, 2017, Jerrold B. Harris retired as a Trustee of the Funds.

Effective February 16, 2018, Barbara G. Novick resigned, and Robert Fairbairn was appointed, as an interested Trustee of the Funds.

Investment Adviser	Transfer Agent
BlackRock Advisors, LLC	Computershare Trust Company, N.A.
Wilmington, DE 19809	Canton, MA 02021
Distributor	Legal Counsel
BlackRock Investments, LLC(a)	Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10022	Boston, MA 02116
Accounting Agent and Custodian	Independent Registered Public Accounting Firm
State Street Bank and Trust Company	Deloitte & Touche LLP
Boston, MA 02111	Boston, MA 02116
	Address of the Trusts
	100 Bellevue Parkway
	Wilmington, DE 19809

^(a)  For HYT.

102 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

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 U.S. Securities and Exchange Commission (“SEC”) the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

Dividend Policy

Each Trust’s dividend policy is to distribute all or a portion of its net investment income to its shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the distributions paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, which are measured on a tax basis, will constitute a nontaxable return of capital. Distributions in excess of a Trust’s taxable income and net capital gains, but not in excess of a Trust’s earnings and profits, will be taxable to shareholders as ordinary income and will not constitute a nontaxable return of capital. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

The Trusts do not make available copies of their Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after the completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.

In accordance with Section 23(c) of the Investment Company Act of 1940, as amended, the Trusts from time to time may purchase shares of its Common Shares in the open market or in private transactions.

Except as described below, during the period, there were no material changes in the Trusts’ investment objectives or policies or 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 or in the principal risk factors associated with investment in the Trusts. Other than as reported on page 110, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

On January 30, 2018, the Board of BKT received a non-binding shareholder proposal for the annual meeting requesting that the Board authorize a self-tender offer for all outstanding shares of common stock of the Trust.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.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 by enrolling in the Trusts’ electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:

Please contact your financial advisor. 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 annual and semi-annual reports 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 schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room or how to access documents on the SEC’s website without charge may be obtained by calling (800) SEC-0330. The Trusts’ Forms N-Q may also be obtained upon request and without charge by calling (800) 882-0052.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 882-0052; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

ADDITIONAL INFORMATION 103

Additional Information  (continued)

Availability of Proxy Voting Record

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 upon request and without charge (1) at http://www.blackrock.com or by calling (800) 882-0052; and (2) on the SEC’s website at http://www.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 http://www.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.

Section 19(a) Notices

BHK’s amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Trust’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The 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.

February 28, 2018

	Total Fiscal Year to Date Cumulative Distributions by Character										% of Fiscal Year to Date Cumulative Distributions by Character
	Net Investment Income		Net Realized Capital Gains Short Term		Net Realized Capital Gains Long Term		Return of Capital		Total Per Common Share		Net Investment Income			Net Realized Capital Gains Short Term			Net Realized Capital Gains Long Term			Return of Capital			Total Per Common Share
BHK	$	0.390000	$	—	$	—	$	—	$	0.390000		100	%		0	%		0	%		0	%		100	%

The Trust estimates that it has distributed more than the amount of earned income and net realized 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 the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Trust's net asset value per share.

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

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

104 2018 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS

Glossary of Terms Used in this Report

Currency Abbreviations
ARS	Argentine Peso
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
NZD	New Zealand Dollar
USD	U.S. Dollar

Portfolio Abbreviations
CLO	Collateralized Loan Obligation
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GO	General Obligation Bonds
IO	Interest Only
LIBOR	London Interbank Offered Rate
MTN	Medium-Term Note
PIK	Payment-In-Kind
RB	Revenue Bonds

GLOSSARYOF TERMS USEDINTHIS REPORT 105

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. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

CEFBHK-2/18-SAR

Item 2  – Code of Ethics – Not Applicable to this semi-annual report

Item 3  – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4  – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5  – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

Item 6  – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7  – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

Item 8  – Portfolio Managers of Closed-End Management Investment Companies

(a) Not Applicable to this semi-annual report.

(b) As of the date of this filing, there have been no changes in any of the portfolio managers identified in the most recent annual report on Form N-CSR.

Item 9  – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Period	(a) Total Number of     Shares Purchased	(b) Average Price Paid per     Share	(c) Total Number of Shares Purchased as Part     of Publicly Announced Plans or Programs	(d) Maximum Number of     Shares that May Yet Be Purchased Under the Plans or Programs1
September 1-30, 2017	N/A	N/A	N/A	6,189,303
October 1-31, 2017	N/A	N/A	N/A	6,189,303
November 1-30, 2017	N/A	N/A	N/A	6,189,303
December 1-31, 2017	N/A	N/A	N/A	6,322,949
January 1-31, 2018	N/A	N/A	N/A	6,322,949
February 1-28, 2018	333,901	$10.6600	333,901	5,989,048
Total:	333,901	$10.6600	333,901	5,989,048

¹The Fund announced an open market share repurchase program on October 28, 2016 pursuant to which the Fund was authorized to repurchase, through November 30, 2017, up to 5% of its outstanding common shares based on common shares outstanding on October 28, 2016 (6,329,983 common shares), in open market transactions. On September 6, 2017, the Fund announced a continuation of the open market share repurchase program, which commenced on December 1, 2017. The Fund may repurchase up to 5% of its outstanding shares based on common shares outstanding on November 30, 2017, in open market transactions, subject to certain conditions.

Item 10  – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11  – Controls and Procedures    

(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date

2

within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12  – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(a) The following table shows the dollar amounts of income, and dollar amounts of fees and/or compensation paid, relating to the Fund’s securities lending activities during the semi-annual period ended February 28, 2018. The Fund did not engage in any securities lending activity during the semi-annual period ended February 28, 2018.

	BlackRock Corporate High Yield Fund, Inc.
(1)	Gross income from securities lending activities			$0
(2)	Fees and/or compensation for securities lending activities and related services
	(a)	Securities lending income paid to BIM for services as securities lending agent	$0
	(b)	Collateral management expenses (including fees deducted from a polled cash collateral vehicle) not included in (a)	$0
	(c)	Administrative fees not included in (a)	$0
	(d)	Indemnification fees not included in (a)	$0
	(e)	Rebate (paid to borrowers)	$0
	(f)	Other fees not included in (a)	$0
(3)	Aggregate fees/compensation for securities lending activities			$0
(4)	Net income from securities lending activities			$0

(b) BlackRock Investment Management, LLC (“BIM”) serves as securities lending agent for the Fund and in that role administers the Fund’s securities lending program pursuant to the terms of a securities lending agency agreement entered into between the Fund and BIM.

Item 13  – Exhibits attached hereto

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(a)(4) – Not Applicable

(b) – Certifications – Attached hereto

3

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Corporate High Yield Fund, Inc.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Corporate High Yield Fund, Inc.

Date: May 4, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Corporate High Yield Fund, Inc.

Date: May 4, 2018

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Corporate High Yield Fund, Inc.

Date: May 4, 2018

4