UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number:811-21972
Name of Fund: BlackRock Credit Allocation Income Trust (BTZ)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Credit Allocation Income Trust, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800)882-0052, Option 4
Date of fiscal year end: 10/31/2019
Date of reporting period: 04/30/2019
Item 1 – Report to Stockholders
APRIL 30, 2019
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SEMI-ANNUAL REPORT (UNAUDITED) | |  |
BlackRock Credit Allocation Income Trust (BTZ)
BlackRock Floating Rate Income Trust (BGT)
BlackRock Multi-Sector Income Trust (BIT)
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Trust’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call Computershare at(800) 699-1236 to request that you continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC or its affiliates, or all funds held with your financial intermediary, as applicable.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.
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| Not FDIC Insured • May Lose Value • No Bank Guarantee |
The Markets in Review
Dear Shareholder,
In the 12 months ended April 30, 2019, the U.S. equity and bond markets posted positive returns while weathering significant volatility. Though the market’s appetite for risk remained healthy for most of the reporting period, risk taking declined sharply in late 2018. Thereafter, global equity markets rebounded strongly, as inflation diminished and the U.S. Federal Reserve (the “Fed”) announced a shift to less restrictive monetary policy.
Volatility rose in emerging market stocks, as the rising U.S. dollar and higher interest rates in the U.S. disrupted economic growth abroad. U.S.-China trade relations and debt concerns adversely affected the Chinese stock market, while Turkey and Argentina became embroiled in currency crises, largely due to hyperinflation in both countries. An economic slowdown in Europe also led to negative performance for European equities. However, recent economic data indicates that Europe may emerge from its economic soft patch, reinvigorated by a manufacturing rebound and China’s economic stimulus.
In the U.S. equity market, volatility spiked in October, as a wide range of risks were brought to bear on markets, ranging from rising interest rates and slowing global growth to heightened trade tensions and political turmoil in several countries, including the United States. These risks manifested in a broad-basedsell-off in December, leading to the worst December performance on record since 1931.
By comparison, fixed-income securities delivered modest positive returns with relatively low volatility. In fixed-income markets, short-term U.S. Treasury yields rose, while longer-term yields declined slightly. This led to positive returns for U.S. Treasuries and a substantial flattening of the yield curve. Investment-grade and high-yield corporate bonds also posted positive returns, as the credit fundamentals in corporate markets remained relatively solid.
The Fed shifted to a more patient perspective on the economy after increasing interest rates three times. In its last four meetings, the Fed left interest rates unchanged and signaled a slower pace of rate hikes in response to the global economic slowdown. Relatively low inflation and modest economic growth give the Fed room to maintain support for the economy until the economic data builds the case for changing interest rates. Similarly, the European Central Bank signaled a continuation of accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending. The shift toward more stimulative economic policy helped equity markets rebound in 2019.
We continue to believe the probability of recession in 2019 remains relatively low. Economic growth and global earnings are likely to slow somewhat in 2019 because the tax cut stimulus will be less pronounced, and the Fed’s rate hikes in 2018 will gain traction in 2019. We expect profit margins to continue to contract, which tends to happen late in the business cycle.
In this environment, U.S. and emerging market equities remain relatively attractive. Within U.S. equities, we believe that companies with high-quality earnings and strong balance sheets offer the most attractive risk/rewardtrade-off. For bonds, U.S. Treasuries are likely to help buffer against volatility in risk assets, while income from other types of bonds can continue to offer steady returns.
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 visitblackrock.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 April 30, 2019 |
| | | 6-month | | 12-month |
U.S. large cap equities
(S&P 500® Index) | | 9.76% | | 13.49% |
U.S. small cap equities
(Russell 2000® Index) | | 6.06 | | 4.61 |
International equities
(MSCI Europe, Australasia, Far East Index) | | 7.45 | | (3.22) |
Emerging market equities
(MSCI Emerging Markets Index) | | 13.76 | | (5.04) |
3-month Treasury bills
(ICE BofAML3-Month U.S. Treasury Bill Index) | | 1.18 | | 2.18 |
U.S. Treasury securities
(ICE BofAML10-Year U.S. Treasury Index) | | 7.09 | | 6.44 |
U.S. investment grade bonds
(Bloomberg Barclays U.S. Aggregate Bond Index) | | 5.49 | | 5.29 |
Tax-exempt municipal bonds
(S&P Municipal Bond Index) | | 5.36 | | 5.84 |
U.S. high yield bonds
(Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index) | | 5.54 | | 6.74 |
| Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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| 2 | | THIS PAGEISNOT PARTOF YOUR FUND REPORT |
Table of Contents
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| Trust Summary as of April 30, 2019 | | BlackRock Credit Allocation Income Trust |
Investment Objective
BlackRock Credit Allocation Income Trust’s (BTZ) (the “Trust”) investment objective is to provide current income, current gains and capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in credit-related securities, including, but not limited to, investment grade corporate bonds, high yield bonds (commonly referred to as “junk” bonds), bank loans, preferred securities or convertible bonds or derivatives with economic characteristics similar to these credit-related securities. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Trust Information
| | |
Symbol on New York Stock Exchange (“NYSE”) | | BTZ |
Initial Offering Date | | December 27, 2006 |
Current Distribution Rate on Closing Market Price as of April 30, 2019 ($12.68)(a) | | 6.34% |
Current Monthly Distribution per Common Share(b) | | $0.0670 |
Current Annualized Distribution per Common Share(b) | | $0.8040 |
Leverage as of April 30, 2019(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 consists of income, net realized gains and/or a return of capital. Past performance does not guarantee future results. | |
| | (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. | |
| | (c) | Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 13. | |
Market Price and Net Asset Value Per Share Summary
| | | | | | | | | | | | | | | | | | | | |
| | | 04/30/19 | | | 10/31/18 | | | Change | | | High | | | Low | |
Market Price | | $ | 12.68 | | | $ | 11.72 | | | | 8.19 | % | | $ | 12.70 | | | $ | 11.06 | |
Net Asset Value | | | 14.24 | | | | 13.72 | | | | 3.79 | | | | 14.24 | | | | 13.07 | |
Market Price and Net Asset Value History For the Past Five Years
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| 4 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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| Trust Summary as of April 30, 2019 (continued) | | BlackRock Credit Allocation Income Trust |
Performance and Portfolio Management Commentary
Returns for the six months ended April 30, 2019 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | 6-Month
Total Returns | | | Average Annual Total Returns | |
| | | | | | 1 Year | | | 3 Years | | | 5 Years | |
Trust at NAV(a)(b) | | | | | | | 7.32 | % | | | 7.23 | % | | | 6.84 | % | | | 5.38 | % |
Trust at Market Price(a)(b) | | | | | | | 11.87 | | | | 8.05 | | | | 6.77 | | | | 5.49 | |
Reference Benchmark(c) | | | | | | | 6.67 | | | | 6.71 | | | | 4.90 | | | | 4.18 | |
Bloomberg Barclays U.S. Credit Index(d) | | | | | | | 6.90 | | | | 6.38 | | | | 3.23 | | | | 3.46 | |
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index(e) | | | | | | | 5.54 | | | | 6.74 | | | | 7.69 | | | | 4.85 | |
Bloomberg Barclays USD Capital Securities Index(f) | | | | | | | 7.71 | | | | 7.35 | | | | 4.93 | | | | 4.89 | |
| | (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 narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. | |
| | (c) | The Reference Benchmark is comprised of the Bloomberg Barclays U.S. Credit Index (50.36%), the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index (29.93%), and the Bloomberg Barclays USD Capital Securities Index (19.71%). | |
| | (d) | This unmanaged index measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related bond markets. | |
| | (e) | An unmanaged index comprised of issues that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. | |
| | (f) | This unmanaged index tracks fixed-rate, investment grade capital securities denominated in USD. | |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not indicative of future results.
BTZ 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?
Positive contributions to the Trust’s absolute performance over the six-month period came from a wide range of credit-oriented asset classes including U.S. investment grade corporate bonds, high yield corporate bonds and preferred securities. Allocations to high yield corporate bonds which include European investment grade and emerging market related debt provided positive returns.
Detractors from the Trust’s performance were limited over the period, as risk assets performed well and interest rates declined across the curve.
Describe recent portfolio activity.
The Trust made several tactical and strategic changes over the period. These included increasing exposure to U.S. investment grade corporate bonds and marginally adding to its U.S. high yield exposure. The Trust slightly reduced its exposure to emerging markets and to collateralized loan obligations.
Describe portfolio positioning at period end.
The Trust was positioned moderately “risk on,” supported by the Fed’s accommodative policy stance and the still positive, albeit slowing, global growth picture. The Trust continues to hold core allocations to U.S. credit, specifically investment grade and high yield corporate bonds. The Trust also maintains smaller allocations to emerging markets, securitized products, and non-U.S. developed markets with a focus on Europe.
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.
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| Trust Summary as of April 30, 2019 (continued) | | BlackRock Credit Allocation Income Trust |
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION
| | | | | | | | |
| | | 04/30/19 | | | 10/31/18 | |
Corporate Bonds | | | 75 | % | | | 74 | % |
Preferred Securities | | | 17 | | | | 17 | |
Asset-Backed Securities | | | 5 | | | | 6 | |
Foreign Agency Obligations | | | 1 | | | | 2 | |
Municipal Bonds | | | 1 | | | | 1 | |
Other | | | 1 | | | | — | (a) |
| | (a) | Includes a less than 1% holding in each of the following investment types: Short-Term Securities, U.S. Government Sponsored Agency Securities, Options Purchased and Options Written. | |
CREDIT QUALITY ALLOCATION (b)(c)
| | | | | | | | |
| | | 04/30/19 | | | 10/31/18 | |
AAA/Aaa(d) | | | 1 | % | | | 1 | % |
AA/Aa | | | 2 | | | | 2 | |
A | | | 17 | | | | 18 | |
BBB/Baa | | | 48 | | | | 50 | |
BB/Ba | | | 20 | | | | 17 | |
B | | | 9 | | | | 10 | |
CCC/Caa | | | 2 | | | | 2 | |
CC/Ca(e) | | | — | | | | — | |
N/R | | | 1 | | | | — | |
| | (b) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings (“S&P”) or Moody’s Investors Service (“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, individual investments and/or issuer. Using this approach, the investment adviser has deemed U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations as AAA/Aaa. | |
| | (e) | Represents less than 1% of total investments. | |
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| 6 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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| Trust Summary as of April 30, 2019 | | BlackRock Floating Rate Income Trust |
Investment Objective
BlackRock Floating Rate Income Trust’s (BGT) (the “Trust”) primary investment objective is to provide a high level of current income. The Trust’s secondary investment objective is to seek the preservation of capital to the extent consistent with its primary objective of high current income. The Trust seeks to achieve its investment objectives by investing primarily, under normal conditions, at least 80% of its assets in floating and variable rate instruments of U.S. andnon-U.S. issuers, including a substantial portion of its assets in global floating and variable rate securities including senior secured floating rate loans made to corporate and other business entities. Under normal market conditions, the Trust expects that the average effective duration of its portfolio will be no more than 1.5 years. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information
| | |
Symbol on NYSE | | BGT |
Initial Offering Date | | August 30, 2004 |
Current Distribution Rate on Closing Market Price as of April 30, 2019 ($12.61)(a) | | 5.88% |
Current Monthly Distribution per Common Share(b) | | $0.0618 |
Current Annualized Distribution per Common Share(b) | | $0.7416 |
Leverage as of April 30, 2019(c) | | 28% |
| | (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 consists of income, net realized gains and/or a 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 outstanding as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 13. | |
Market Price and Net Asset Value Per Share Summary
| | | | | | | | | | | | | | | | | | | | |
| | | 04/30/19 | | | 10/31/18 | | | Change | | | High | | | Low | |
Market Price | | $ | 12.61 | | | $ | 12.72 | | | | (0.86 | )% | | $ | 12.84 | | | $ | 11.28 | |
Net Asset Value | | | 14.22 | | | | 14.33 | | | | (0.77 | ) | | | 14.34 | | | | 13.33 | |
Market Price and Net Asset Value History For the Past Five Years
| | |
| Trust Summary as of April 30, 2019 (continued) | | BlackRock Floating Rate Income Trust |
Performance and Portfolio Management Commentary
Returns for the six months ended April 30, 2019 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | 6-Month Total Returns | | | Average Annual Total Returns | |
| | | | | | 1 Year | | | 3 Years | | | 5 Years | |
Trust at NAV(a)(b) | | | | | | | 2.64 | % | | | 4.71 | % | | | 6.14 | % | | | 4.99 | % |
Trust at Market Price(a)(b) | | | | | | | 2.54 | | | | (2.77 | ) | | | 4.97 | | | | 3.65 | |
S&P/LSTA Leveraged Loan Index(c) | | | | | | | 2.09 | | | | 4.24 | | | | 5.55 | | | | 3.94 | |
| | (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 market value-weighted index (the “Reference Benchmark”) is designed to measure the performance of the U.S. leveraged loan market based upon market weightings, spreads and interest payments. | |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not indicative of future results.
BGT 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 technology, health care, and consumer cyclical services sectors were the largest positive contributors over the period, although nearly every sector was a positive absolute contributor. By credit rating, B-rated floating rate loan interests (“bank loans”) were the largest contributors to performance followed by BBs. In terms of asset allocation, the strategy’s core bank loan position was the largest generator of return, followed by small allocations to high yield corporate bonds and loan index products.
The only absolute sector detractors were consumer products and independent energy. By credit rating, A-rated and AA-rated positions were slight detractors and represented exposure to collateralized loan obligations (“CLOs”). The allocation to CLOs was the sole absolute detractor by asset class, albeit to a modest degree.
Describe recent portfolio activity.
In terms of credit-rating positioning, the majority of the Trust was invested in B-rated bank loans over the six-month period, with BB-rated names the second largest allocation. Over the period, the Trust increased its B-rated allocation, while reducing positions in higher-rated names. On a sector basis, the strategy added to its broad consumer cyclical exposure, most notably gaming. Additionally, the Trust added to exposure in technology, packaging and aerospace & defense. By contrast, the Trust reduced its oil field services, cable & satellite and consumer products exposure. Finally, from an asset allocation perspective, the Trust substantially reduced its exposure to CLOs and modestly reduced its high yield bond exposure. The Trust’s strategy utilized bank loan liquid products throughout the period, in particular exchange-traded funds and total return swaps.
Describe portfolio positioning at period end.
At period end, the Trust held the majority of its portfolio in bank loans, with a small position in high yield corporate bonds as well. The Trust maintained its highest concentration in B-rated loans of select issuers, while limiting exposure to lower-rated loans, which carry greater downside risk should credit sentiment weaken. From a sector perspective, the Trust’s largest overweight positions were within technology, consumer cyclical services and pharmaceuticals. By contrast, the Trust was underweight in retail and leisure, where fundamentals have continued to deteriorate. Transportation services and consumer products were other underweights. The Trust remained focused on industries and companies with stable business profiles and consistent cash flows, avoiding areas of the market with secular concerns and/or deteriorating fundamental trends. Additionally, the Trust remains focused on larger, more liquid capital structures while keeping an underweight to loan-only issuers, which tend to offer lower liquidity and recovery rates.
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.
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| 8 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
| Trust Summary as of April 30, 2019 (continued) | | BlackRock Floating Rate Income Trust |
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION
| | | | | | | | |
| | | 04/30/19 | | | 10/31/18 | |
Floating Rate Loan Interests | | | 95 | % | | | 92 | % |
Investment Companies | | | 3 | | | | 1 | |
Corporate Bonds | | | 2 | | | | 2 | |
Asset-Backed Securities | | | — | (a) | | | 5 | |
Other | | | — | (b) | | | — | (c) |
| | (a) | Represents less than 1% of total investments. | |
| | (b) | Includes a less than 1% holding in each of the following investment types: Common Stocks, Other Interests, Warrants, Short-Term Securities and Options Purchased. | |
| | (c) | Includes a less than 1% holding in each of the following investment types: Common Stocks, Other Interests, Rights, Warrants, Short-Term Securities and Options Purchased. | |
CREDIT QUALITY ALLOCATION (d)(e)
| | | | | | | | |
| | | 04/30/19 | | | 10/31/18 | |
AA/Aa | | | — | % | | | 1 | % |
A | | | — | (a) | | | 1 | |
BBB/Baa | | | 9 | | | | 10 | |
BB/Ba | | | 34 | | | | 39 | |
B | | | 50 | | | | 43 | |
CCC/Caa | | | 2 | | | | 3 | |
N/R | | | 5 | | | | 3 | |
| | (d) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P’s 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. | |
| | (e) | Excludes Short-Term Securities and Options Purchased. | |
| | |
| Trust Summary as of April 30, 2019 | | BlackRock Multi-Sector Income Trust |
Investment Objective
BlackRock Multi-Sector Income Trust’s (BIT) (the “Trust”) primary investment objective is to seek high current income, with a secondary objective of capital appreciation. The Trust seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its assets in loan and debt instruments and other investments with similar economic characteristics. The Trust may invest directly in such securities or synthetically through the use of derivatives. Additionally, as part of the Trust’s investments in loans, the Trust may make loans directly to borrowers either as a sole lender or by acting as a member of a syndicate of original lenders.
No assurance can be given that the Trust’s investment objectives will be achieved.
Trust Information
| | |
Symbol on NYSE | | BIT |
Initial Offering Date | | February 27, 2013 |
Current Distribution Rate on Closing Market Price as of April 30, 2019 ($17.03)(a) | | 8.22% |
Current Monthly Distribution per Common Share(b) | | $0.1167 |
Current Annualized Distribution per Common Share(b) | | $1.4004 |
Leverage as of April 30, 2019(c) | | 36% |
| | (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 consists of income, net realized gains and/or a return of capital. Past performance does not guarantee future results. | |
| | (b) | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a return of capital or net realized gain. | |
| | (c) | Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments on page 13. | |
Market Price and Net Asset Value Per Share Summary
| | | | | | | | | | | | | | | | | | | | |
| | | 04/30/19 | | | 10/31/18 | | | Change | | | High | | | Low | |
Market Price | | $ | 17.03 | | | $ | 16.25 | | | | 4.80 | % | | $ | 17.12 | | | $ | 14.79 | |
Net Asset Value | | | 18.60 | | | | 18.79 | | | | (1.01 | ) | | | 18.93 | | | | 17.73 | |
Market Price and Net Asset Value History For the Past Five Years
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| 10 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
| Trust Summary as of April 30, 2019 (continued) | | BlackRock Multi-Sector Income Trust |
Performance and Portfolio Management Commentary
Returns for the six months ended April 30, 2019 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | | | | 6-Month
Total Returns | | | Average Annual Total Returns | |
| | | | | | 1 Year | | | 3 Years | | | 5 Years | |
Trust at NAV(a)(b) | | | | | | | 3.31 | % | | | 6.64 | % | | | 10.55 | % | | | 8.00 | % |
Trust at Market Price(a)(b) | | | | | | | 9.38 | | | | 9.22 | | | | 11.77 | | | | 7.89 | |
Lipper General Bond Funds at NAV(c) | | | | | | | 3.84 | | | | 6.00 | | | | 9.02 | | | | 6.09 | |
Lipper General Bond Funds at Market Price(c) | | | | | | | 9.89 | | | | 7.67 | | | | 10.17 | | | | 7.22 | |
| | (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 narrowed during the period, which accounts for the difference between performance based on market price and performance based on NAV. | |
| | (c) | Average return. Returns reflect reinvestment of dividends and/or distributions at NAV on the ex-dividend date as calculated by Lipper. Historical performance shown is calculated based on the composition of the Lipper General Bond Fund category at the time of preparation of this report to shareholders. | |
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.
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 Trust’s positions in high yield and investment grade corporate bonds were among the biggest contributors to returns for the period. Exposure to securitized issues also supported performance, most notably agency mortgage-backed securities (“MBS”) and to a lesser degree commercial mortgage-backed securities (“CMBS”) and non-agency MBS.
The Trust’s position in senior loans represented the largest detractor from returns for the period.
The Trust held derivatives including interest rate swaps and futures as part of its investment strategy. Interest rate derivatives were utilized to manage duration (sensitivity to interest rates) and to express views on swap spreads. The use of interest rate swaps had a negative impact on Trust performance over the period, while the use of futures had a positive impact.
Describe recent portfolio activity.
Unprecedented market volatility during the fourth quarter of 2018 drove interest rate spreads dramatically wider across nearly all fixed income sectors. The price movement affected lower quality sectors more than higher quality, providing an opportunity for the Trust to rotate out of securitized assets and into high yield corporate credit. In particular, allocations to asset-backed securities (“ABS”), CMBS and non-agency MBS were reduced. The Trust also adopted a longer duration stance, as the Fed indicated in March 2019 that it would pause in raising interest rates.
Describe portfolio positioning at period end.
At period end, the Trust maintained diversified exposure within non-government spread sectors. The Trust’s largest sector allocations were to high yield corporate securities, non-agency MBS, investment grade corporate bonds and ABS. The Trust also held allocations to foreign sovereign issues, emerging market 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.
| | |
| Trust Summary as of April 30, 2019 (continued) | | BlackRock Multi-Sector Income Trust |
Overview of the Trust’s Total Investments
PORTFOLIO COMPOSITION
| | | | | | | | |
| | | 04/30/19 | | | 10/31/18 | |
Corporate Bonds | | | 45 | % | | | 42 | % |
Asset-Backed Securities | | | 13 | | | | 15 | |
Preferred Securities | | | 11 | | | | 11 | |
Non-Agency Mortgage-Backed Securities | | | 10 | | | | 11 | |
Foreign Agency Obligations | | | 3 | | | | 10 | |
Floating Rate Loan Interests | | | 9 | | | | 6 | |
U.S. Government Sponsored Agency Securities | | | 7 | | | | 3 | |
U.S. Treasury Obligations | | | 2 | | | | — | |
Short-Term Securities | | | — | (a) | | | 2 | |
Other(b) | | | — | | | | — | |
| | (a) | Represents less than 1% of total investments. | |
| | (b) | Includes a less than 1% holding in Common Stocks. | |
CREDIT QUALITY ALLOCATION (c)(d)
| | | | | | | | |
| | | 04/30/19 | | | 10/31/18 | |
AAA/Aaa(e) | | | 9 | % | | | 2 | % |
AA/Aa | | | 1 | | | | 7 | |
A | | | 5 | | | | 5 | |
BBB/Baa | | | 18 | | | | 18 | |
BB/Ba | | | 23 | | | | 20 | |
B | | | 17 | | | | 17 | |
CCC/Caa | | | 7 | | | | 7 | |
CC/Ca | | | 7 | | | | 8 | |
C | | | 3 | | | | 4 | |
N/R | | | 10 | | | | 12 | |
| | (c) | For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P’s 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. | |
| | (d) | Excludes Short-Term Securities, Options Purchased and Options Written. | |
| | (e) | The investment adviser evaluates the credit quality of not-rated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuer. Using this approach, the investment adviser has deemed U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations as AAA/Aaa. | |
| | |
| 12 | | 2019 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, there is no guarantee that these objectives can be achieved in all interest rate environments.
In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of 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 (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on a Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed 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 amount 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 Trusts 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, BGT 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 / DERIVATIVE FINANCIAL INSTRUMENTS | | | 13 | |
| | |
Schedule of Investments (unaudited) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Asset-Backed Securities — 7.8% | |
Allegro CLOII-S Ltd.,Series 2014-1RA, Class B, 4.74%, 10/21/28(a)(b) | | | USD | | | | 500 | | | $ | 495,569 | |
Allegro CLO VI Ltd.,Series 2017-2A(a)(b): | | | | | | | | | | | | |
Class B, 4.09%, 01/17/31 | | | | | | | 360 | | | | 351,800 | |
Class C, 4.39%, 01/17/31 | | | | | | | 2,400 | | | | 2,300,094 | |
Class D, 5.34%, 01/17/31 | | | | | | | 1,300 | | | | 1,253,179 | |
ALM VI Ltd.,Series 2012-6A, Class BR3, 4.35%, 07/15/26(a)(b) | | | | | | | 1,500 | | | | 1,480,336 | |
ALM VII R Ltd., Series 2013-7R2A(a)(b): | | | | | | | | | | | | |
Class A2R2, 4.25%, 10/15/27 | | | | | | | 750 | | | | 746,377 | |
Class BR2, 4.80%, 10/15/27 | | | | | | | 400 | | | | 394,940 | |
ALM XVI Ltd./ALM XVI LLC,Series 2015-16A(a)(b): | | | | | | | | | | | | |
Class BR2, 4.50%, 07/15/27 | | | | | | | 1,000 | | | | 983,304 | |
Class CR2, 5.30%, 07/15/27 | | | | | | | 1,000 | | | | 986,371 | |
AMMC CLO 22 Ltd.,Series 2018-22A, Class D, 5.28%, 04/25/31(a)(b) | | | | | | | 1,000 | | | | 948,390 | |
AMMC CLO XII Ltd.,Series 2013-12A, Class CR, 4.60%, 11/10/30(a)(b) | | | | | | | 1,500 | | | | 1,439,911 | |
Anchorage Capital CLO Ltd.(a)(b): | | | | | | | | | | | | |
Series 2013-1A, Class BR, 4.75%, 10/13/30 | | | | | | | 1,000 | | | | 981,979 | |
Series 2014-3RA, Class C, 4.43%, 01/28/31 | | | | | | | 1,000 | | | | 962,816 | |
Series 2014-3RA, Class D, 5.18%, 01/28/31 | | | | | | | 1,000 | | | | 956,448 | |
Series 2015-7A, Class CR, 4.30%, 10/15/27 | | | | | | | 1,750 | | | | 1,723,636 | |
Apidos CLO XV,Series 2013-15A(a)(b): | | | | | | | | | | | | |
Class CRR, 4.44%, 04/20/31 | | | | | | | 1,000 | | | | 963,017 | |
Class DRR, 5.29%, 04/20/31 | | | | | | | 1,000 | | | | 958,622 | |
Apidos CLO XX,Series 2015-20A, Class BRR, 4.55%, 07/16/31(a)(b) | | | | | | | 1,000 | | | | 968,229 | |
Ares CLO Ltd.(a)(b): | | | | | | | | | | | | |
4.10%, 10/15/30 | | | | | | | 1,000 | | | | 984,378 | |
4.40%, 10/15/30 | | | | | | | 1,750 | | | | 1,687,507 | |
Ares XLIX CLO Ltd.,Series 2018-49A, Class D, 5.59%, 07/22/30(a)(b)(c) | | | | | | | 1,000 | | | | 977,986 | |
Ares XLVII CLO Ltd.(a)(b): | | | | | | | | | | | | |
Series 2018-47A, Class D, 5.30%, 04/15/30 | | | | | | | 1,500 | | | | 1,432,726 | |
Series 2018-48A, Class C, 4.39%, 07/20/30 | | | | | | | 500 | | | | 479,501 | |
Ares XXXVR CLO Ltd., Series 2015- 35RA, Class D, 5.60%, 07/15/30(a)(b) | | | | | | | 1,000 | | | | 983,002 | |
Atlas Senior Loan Fund VII Ltd.,Series 2016-7A(a)(b): | | | | | | | | | | | | |
Class A1R, 3.92%, 11/27/31 | | | | | | | 2,000 | | | | 1,990,932 | |
Class B1R, 4.44%, 11/27/31 | | | | | | | 550 | | | | 544,679 | |
Atlas Senior Loan Fund X Ltd.,Series 2018-10A(a)(b): | | | | | | | | | | | | |
Class B, 4.10%, 01/15/31 | | | | | | | 500 | | | | 486,763 | |
Class C, 4.45%, 01/15/31 | | | | | | | 1,000 | | | | 961,427 | |
Class D, 5.35%, 01/15/31 | | | | | | | 1,700 | | | | 1,572,599 | |
Atlas Senior Loan Fund XII Ltd.,Series 2018-12A, Class A1, 3.76%, 10/24/31(a)(b) | | | | | | | 400 | | | | 396,480 | |
Atrium XV, Series 15A, Class C, 4.79%, 01/23/31(a)(b) | | | | | | | 250 | | | | 243,796 | |
Benefit Street Partners CLO XII Ltd.,Series 2017-12A(a)(b): | | | | | | | | | | | | |
Class B, 4.60%, 10/15/30 | | | | | | | 1,000 | | | | 971,703 | |
Class C, 5.65%, 10/15/30 | | | | | | | 2,000 | | | | 1,966,159 | |
Bowman Park CLO Ltd., Series 2014- 1A, Class D2R, (3 mo. LIBOR US + 3.35%), 6.00%, 11/23/25(a)(d) | | | | | | | 1,000 | | | | 998,738 | |
Carlyle Global Market Strategies CLO Ltd.(a): | | | | | | | | | | | | |
Series 2013-4A, Class DRR, 5.25%, 01/15/31(b) | | | | | | | 1,000 | | | | 945,001 | |
Series 2014-5A, Class A1RR, 3.74%, 07/15/31(b) | | | | | | | 2,300 | | | | 2,278,548 | |
Series 2016-3A, Class C, (3 mo. LIBOR US + 4.00%), 6.59%, 10/20/29(d) | | | | | | | 1,000 | | | | 999,710 | |
Carlyle US CLO Ltd.(a): | | | | | | | | | | | | |
Series 2016-4A, Class BR, 4.69%, 10/20/27(b) | | | | | | | 250 | | | | 248,308 | |
Series 2017-2A, Class C, (3 mo. LIBOR US + 3.70%), 6.29%, 07/20/31(d) | | | | | | | 500 | | | | 499,013 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Asset-Backed Securities (continued) | |
Cedar Funding VI CLO Ltd.,Series 2016-6A, Class BR, 4.19%, 10/20/28(a)(b) | | | USD | | | | 250 | | | $ | 245,854 | |
Cent CLO 17 Ltd., Series C17A(a)(b): | | | | | | | | | | | | |
Class BR, 4.43%, 04/30/31 | | | | | | | 1,000 | | | | 964,199 | |
Class CR, 5.38%, 04/30/31 | | | | | | | 1,000 | | | | 961,983 | |
CIFC Funding Ltd.(a)(b): | | | | | | | | | | | | |
5.25%, 04/18/31 | | | | | | | 1,200 | | | | 1,149,678 | |
Series 2013-2A, Class A3LR, 4.55%, 10/18/30 | | | | | | | 1,000 | | | | 974,518 | |
Series 2013-2A, Class B1LR, 5.65%, 10/18/30 | | | | | | | 1,000 | | | | 985,914 | |
Series 2014-4RA, Class A2, 4.24%, 10/17/30 | | | | | | | 600 | | | | 596,220 | |
Series 2014-4RA, Class B, 4.79%, 10/17/30 | | | | | | | 400 | | | | 395,626 | |
Series 2014-4RA, Class C, 5.79%, 10/17/30 | | | | | | | 400 | | | | 393,576 | |
Series 2018-1A, Class C, 4.35%, 04/18/31 | | | | | | | 1,000 | | | | 960,137 | |
Elevation CLO Ltd.,Series 2017-7A, Class C, 4.50%, 07/15/30(a)(b) | | | | | | | 1,500 | | | | 1,446,893 | |
Galaxy XX CLO Ltd.,Series 2015-20A, Class D1R, 5.19%, 04/20/31(a)(b) | | | | | | | 1,000 | | | | 943,373 | |
Galaxy XXVII CLO Ltd., Series 2018- 27A, Class C, 4.48%, 05/16/31(a)(b) | | | | | | | 1,500 | | | | 1,426,677 | |
Greenwood Park CLO Ltd., Series 2018- 1A, Class D, 5.13%, 04/15/31(a)(b) | | | | | | | 1,000 | | | | 949,687 | |
Highbridge Loan Management Ltd.(a)(b): | | | | | | | | | | | | |
Series 12A-18, Class B, 4.45%, 07/18/31 | | | | | | | 1,250 | | | | 1,208,639 | |
Series 4A-2014, Class A2R, 4.08%, 01/28/30 | | | | | | | 650 | | | | 635,831 | |
Series 4A-2014, Class BR, 4.43%, 01/28/30 | | | | | | | 750 | | | | 724,242 | |
Series 6A-2015, Class BR, 4.48%, 02/05/31 | | | | | | | 1,500 | | | | 1,434,190 | |
Series 7A-2015, Class CR, 4.38%, 03/15/27 | | | | | | | 2,000 | | | | 1,956,303 | |
Series 7A-2015, Class DR, 5.08%, 03/15/27 | | | | | | | 1,000 | | | | 953,483 | |
Series 8A-2016, Class DR, 5.49%, 07/20/30 | | | | | | | 500 | | | | 482,515 | |
Limerock CLO III LLC,Series 2014-3A, Class C, (3 mo. LIBOR US + 3.60%), 6.19%, 10/20/26(a)(d) | | | | | | | 1,000 | | | | 969,238 | |
Long Point Park CLO Ltd., Series 2017- 1A, Class B, 4.29%, 01/17/30(a)(b) | | | | | | | 1,000 | | | | 957,130 | |
Madison Park Funding XIII Ltd., Series2014-13A, Class CR2, 4.49%, 04/19/30(a)(b) | | | | | | | 1,000 | | | | 981,724 | |
Madison Park Funding XV Ltd., Series2014-15A, Class B1R, (3 mo. LIBOR US + 2.20%), 4.78%, 01/27/26(a)(d) | | | | | | | 2,000 | | | | 2,002,135 | |
Madison Park Funding XXVII Ltd.,Series 2018-27A(a)(b): | | | | | | | | | | | | |
Class B, 4.39%, 04/20/30 | | | | | | | 1,000 | | | | 964,314 | |
Class C, 5.19%, 04/20/30 | | | | | | | 1,000 | | | | 952,569 | |
Madison Park Funding XXX Ltd., Series2018-30A, Class D, 5.10%, 04/15/29(a)(b) | | | | | | | 1,000 | | | | 963,789 | |
Marble Point CLO XI Ltd., Series 2017- 2A(a)(b): | | | | | | | | | | | | |
Class A, 3.78%, 12/18/30 | | | | | | | 1,500 | | | | 1,488,841 | |
Class B, 4.10%, 12/18/30 | | | | | | | 1,000 | | | | 972,329 | |
MP CLO III Ltd.,Series 2013-1A, Class CR, 4.59%, 10/20/30(a)(b) | | | | | | | 1,000 | | | | 965,777 | |
Neuberger Berman CLO XV Ltd.,Series 2013-15A, Class CR, 4.65%, 10/15/29(a)(b) | | | | | | | 1,000 | | | | 974,616 | |
Neuberger Berman CLO XXI Ltd.,Series 2016-21A(a)(b): | | | | | | | | | | | | |
Class CR, 4.19%, 04/20/27 | | | | | | | 1,000 | | | | 963,048 | |
Class DR, 4.99%, 04/20/27 | | | | | | | 1,000 | | | | 956,813 | |
Neuberger Berman CLO XXII Ltd.,Series 2016-22A(a)(b): | | | | | | | | | | | | |
Class BR, 4.24%, 10/17/30 | | | | | | | 400 | | | | 395,446 | |
Class CR, 4.79%, 10/17/30 | | | | | | | 1,000 | | | | 981,049 | |
Neuberger Berman Loan Advisers CLO 26 Ltd.,Series 2017-26A(a)(b): | | | | | | | | | | | | |
Class B, 4.10%, 10/18/30 | | | | | | | 1,000 | | | | 978,894 | |
Class C, 4.35%, 10/18/30 | | | | | | | 1,500 | | | | 1,436,307 | |
Neuberger Berman Loan Advisers CLO 27 Ltd.,Series 2018-27A, Class D, 5.20%, 01/15/30(a)(b) | | | | | | | 1,000 | | | | 954,112 | |
| | |
| 14 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Asset-Backed Securities (continued) | |
Neuberger Berman Loan Advisers CLO Ltd.,Series 2017-26A, Class A, 3.77%, 10/18/30(a)(b) | | | USD | | | | 2,000 | | | $ | 1,992,263 | |
Oak Hill Credit PartnersX-R Ltd., Series 2014-10RA, Class C, 4.79%, 12/12/30(a)(b) | | | | | | | 300 | | | | 292,457 | |
Oak Hill Credit Partners XII Ltd., Series2015-12A, Class DR, 5.49%, 07/23/30(a)(b) | | | | | | | 600 | | | | 577,612 | |
OCP CLO Ltd.,Series 2017-14A, Class B, 4.59%, 11/20/30(a)(b) | | | | | | | 1,000 | | | | 961,210 | |
Octagon Investment Partners Ltd.(a)(b): | | | | | | | | | | | | |
Series 2016-1A, Class DR, 5.45%, 07/15/30 | | | | | | | 500 | | | | 480,548 | |
Series 2017-1A, Class B1, 3.99%, 01/20/30 | | | | | | | 1,000 | | | | 978,355 | |
Series 2017-1A, Class C, 5.34%, 01/20/31 | | | | | | | 1,000 | | | | 959,400 | |
Octagon Investment Partners XIV Ltd.,Series 2012-1A, Class A1AR, 3.77%, 07/15/29(a)(b) | | | | | | | 1,000 | | | | 995,157 | |
Octagon Investment Partners XVII Ltd.,Series 2013-1A(a)(b): | | | | | | | | | | | | |
Class BR2, 3.98%, 01/25/31 | | | | | | | 1,000 | | | | 978,126 | |
Class CR2, 4.28%, 01/25/31 | | | | | | | 1,000 | | | | 957,341 | |
Octagon Investment Partners XXII Ltd.,Series 2014-1A, Class CRR, 4.49%, 01/22/30(a)(b) | | | | | | | 900 | | | | 872,019 | |
OHA Credit Partners XIV Ltd., Series2017-14A, Class C, 4.39%, 01/21/30(a)(b) | | | | | | | 1,250 | | | | 1,202,327 | |
OZLM Funding IV Ltd., 4.79%, 10/22/30(a)(b) | | | | | | | 1,000 | | | | 981,287 | |
OZLM VI Ltd.,Series 2014-6A, Class CS, 5.72%, 04/17/31(a)(b) | | | | | | | 500 | | | | 481,920 | |
OZLM XIX Ltd.,Series 2017-19A, Class C, 5.70%, 11/22/30(a)(b) | | | | | | | 1,000 | | | | 965,121 | |
OZLM XXI Ltd.,Series 2017-21A, Class B, 4.49%, 01/20/31(a)(b) | | | | | | | 1,800 | | | | 1,712,227 | |
Palmer Square CLO Ltd.(a)(b): | | | | | | | | | | | | |
Series 2013-2A, Class A2RR, 4.34%, 10/17/31 | | | | | | | 650 | | | | 643,190 | |
Series 2013-2A, Class BRR, 4.79%, 10/17/31 | | | | | | | 750 | | | | 735,882 | |
Series 2013-2A, Class CRR, 5.79%, 10/17/31 | | | | | | | 250 | | | | 244,424 | |
Series 2018-1A, Class A2, 4.05%, 04/18/31 | | | | | | | 1,500 | | | | 1,466,136 | |
Recette CLO Ltd.,Series 2015-1A(a)(b): | | | | | | | | | | | | |
Class CR, 4.29%, 10/20/27 | | | | | | | 1,500 | | | | 1,479,937 | |
Class DR, 5.34%, 10/20/27 | | | | | | | 1,000 | | | | 991,071 | |
Regatta VII Funding Ltd., Series 2016- 1A, Class DR, 5.38%, 12/20/28(a)(b) | | | | | | | 500 | | | | 487,064 | |
Rockford Tower CLO Ltd., Series 2017- 3A(a)(b): | | | | | | | | | | | | |
Class A, 3.78%, 10/20/30 | | | | | | | 2,000 | | | | 1,983,407 | |
Class D, 5.24%, 10/20/30 | | | | | | | 1,000 | | | | 947,291 | |
Sound Point CLO XXI Ltd., Series 2018- 3A, Class A1A, 3.77%, 10/26/31(a)(b) | | | | | | | 1,400 | | | | 1,388,099 | |
Stewart Park CLO Ltd.,Series 2015-1A, Class DR, 5.20%, 01/15/30(a)(b) | | | | | | | 1,500 | | | | 1,432,740 | |
Tiaa CLO III Ltd.,Series 2017-2A, Class A, 3.75%, 01/16/31(a)(b) | | | | | | | 2,500 | | | | 2,475,002 | |
Voya CLO Ltd.,Series 2018-1A, Class C, 5.19%, 04/19/31(a)(b) | | | | | | | 1,000 | | | | 945,644 | |
York CLO 1 Ltd.,Series 2014-1A, Class ARR, 3.71%, 10/22/29(a)(b) | | | | | | | 2,000 | | | | 1,985,841 | |
YorkCLO-2 Ltd.,Series 2015-1A(a)(b): | | | | | | | | | | | | |
Class CR, 4.44%, 01/22/31 | | | | | | | 1,500 | | | | 1,450,636 | |
Class DR, 5.19%, 01/22/31 | | | | | | | 1,800 | | | | 1,711,776 | |
| | | | | | | | | | | | |
| |
Total Asset-Backed Securities — 7.8%
(Cost — $118,208,546) | | | | 114,947,153 | |
| | | | | | | | | | | | |
| | | |
Corporate Bonds — 104.6% | | | | | | | | | | | | |
| | | |
| Aerospace & Defense — 2.3% | | | | | | | | | |
Arconic, Inc.: | | | | | | | | | | | | |
5.40%, 04/15/21 | | | | | | | 46 | | | | 47,412 | |
5.13%, 10/01/24 | | | | | | | 2,411 | | | | 2,486,223 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Aerospace & Defense (continued) | | | | | | | | | |
BBA US Holdings, Inc., 5.38%, 05/01/26(a) | | | USD | | | | 672 | | | $ | 688,800 | |
Bombardier, Inc.(a): | | | | | | | | | | | | |
8.75%, 12/01/21 | | | | | | | 1,601 | | | | 1,771,106 | |
5.75%, 03/15/22 | | | | | | | 819 | | | | 828,214 | |
6.00%, 10/15/22 | | | | | | | 5 | | | | 5,003 | |
6.13%, 01/15/23 | | | | | | | 86 | | | | 86,108 | |
7.50%, 12/01/24 | | | | | | | 1,631 | | | | 1,658,238 | |
7.50%, 03/15/25 | | | | | | | 1,629 | | | | 1,635,109 | |
7.88%, 04/15/27 | | | | | | | 3,321 | | | | 3,341,756 | |
TransDigm UK Holdings PLC, 6.88%, 05/15/26(a) | | | | | | | 399 | | | | 400,995 | |
TransDigm, Inc.: | | | | | | | | | | | | |
6.00%, 07/15/22 | | | | | | | 1,904 | | | | 1,930,180 | |
6.50%, 05/15/25 | | | | | | | 291 | | | | 293,910 | |
6.25%, 03/15/26(a) | | | | | | | 15,004 | | | | 15,622,915 | |
United Technologies Corp., 4.63%, 11/16/48 | | | | | | | 2,805 | | | | 2,973,842 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,769,811 | |
| | | |
| Air Freight & Logistics — 0.0% | | | | | | | | | |
XPO Logistics, Inc., 6.75%, 08/15/24(a) | | | | | | | 43 | | | | 44,398 | |
| | | | | | | | | | | | |
| | | |
| Airlines — 0.9% | | | | | | | | | |
American Airlines Group, Inc.: | | | | | | | | | | | | |
4.63%, 03/01/20(a) | | | | | | | 692 | | | | 696,159 | |
5.18%, 08/15/23 | | | | | | | 2,676 | | | | 2,648,831 | |
6.57%, 10/15/23(b)(e) | | | | | | | 2,581 | | | | 2,600,118 | |
Delta Air Lines Pass-Through Trust,Series 2002-1,Class G-1, 6.72%, 01/02/23 | | | | | | | 2,391 | | | | 2,542,092 | |
Turkish Airlines Pass-Through Trust,Series 2015-1 Class A, 4.20%, 03/15/27(a) | | | | | | | 2,313 | | | | 2,054,047 | |
United Airlines Pass-Through Trust,Series 2014-1, Class B, 4.75%, 04/11/22(f) | | | | | | | 2,665 | | | | 2,716,402 | |
Virgin Australia Trust,Series 2013-1, Class B, 6.00%, 04/23/22(a) | | | | | | | 228 | | | | 231,717 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,489,366 | |
| | | |
| Auto Components — 0.7% | | | | | | | | | |
Allison Transmission, Inc.(a): | | | | | | | | | | | | |
5.00%, 10/01/24 | | | | | | | 68 | | | | 68,777 | |
5.88%, 06/01/29 | | | | | | | 489 | | | | 503,670 | |
Goodyear Tire & Rubber Co., 5.00%, 05/31/26 | | | | | | | 535 | | | | 520,083 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25 | | | | | | | 388 | | | | 404,490 | |
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.(a): | | | | | | | | | | | | |
6.25%, 05/15/26 | | | | | | | 4,521 | | | | 4,707,491 | |
8.50%, 05/15/27 | | | | | | | 3,590 | | | | 3,712,060 | |
Tesla, Inc., 5.30%, 08/15/25(a) | | | | | | | 384 | | | | 328,320 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,244,891 | |
| | | |
| Automobiles — 0.7% | | | | | | | | | |
Ford Motor Co., 7.45%, 07/16/31(f) | | | | | | | 3,660 | | | | 4,247,944 | |
General Motors Co.: | | | | | | | | | | | | |
4.88%, 10/02/23 | | | | | | | 1,875 | | | | 1,975,262 | |
6.25%, 10/02/43 | | | | | | | 940 | | | | 990,637 | |
5.95%, 04/01/49 | | | | | | | 3,455 | | | | 3,574,143 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,787,986 | |
| | | |
| Banks — 5.8% | | | | | | | | | |
Barclays PLC: | | | | | | | | | | | | |
4.84%, 05/09/28 | | | | | | | 4,000 | | | | 4,010,616 | |
4.97%, 05/16/29(b) | | | | | | | 3,220 | | | | 3,378,201 | |
CIT Group, Inc.: | | | | | | | | | | | | |
5.00%, 08/01/23 | | | | | | | 370 | | | | 386,095 | |
5.25%, 03/07/25 | | | | | | | 925 | | | | 983,969 | |
Cooperatieve Rabobank UA, 3.95%, 11/09/22(f) | | | | | | | 3,775 | | | | 3,843,327 | |
Credit Suisse Group AG, 6.50%, 08/08/23(a)(f) | | | | | | | 6,000 | | | | 6,509,496 | |
Discover Bank/Greenwood, 8.70%, 11/18/19 | | | | | | | 748 | | | | 770,611 | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 15 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Banks (continued) | | | | | | | | | |
Fifth Third Bancorp(3 mo. LIBOR US + 3.03%), 5.10%(g)(h) | | | USD | | | | 5,000 | | | $ | 4,918,750 | |
HSBC Finance Corp., 6.68%, 01/15/21(f) | | | | | | | 5,150 | | | | 5,392,312 | |
Intesa Sanpaolo SpA, 5.71%, 01/15/26(a) | | | | | | | 9,840 | | | | 9,611,541 | |
Lloyds Banking Group PLC(f): | | | | | | | | | | | | |
4.45%, 05/08/25 | | | | | | | 3,665 | | | | 3,818,460 | |
4.65%, 03/24/26 | | | | | | | 8,650 | | | | 8,847,335 | |
RBC USA Holdco Corp., 5.25%, 09/15/20 | | | | | | | 2,900 | | | | 3,001,559 | |
Santander Holdings USA, Inc., 4.40%, 07/13/27 | | | | | | | 830 | | | | 843,156 | |
SunTrust Banks, Inc.(3 mo. LIBOR US + 3.10%),
5.05%(g)(h) | | | | | | | 5,270 | | | | 5,210,712 | |
Wells Fargo & Co.(f): | | | | | | | | | | | | |
4.13%, 08/15/23 | | | | | | | 4,000 | | | | 4,136,951 | |
4.10%, 06/03/26 | | | | | | | 15,000 | | | | 15,356,643 | |
5.61%, 01/15/44 | | | | | | | 4,119 | | | | 4,818,638 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 85,838,372 | |
| | | |
| Beverages — 1.0% | | | | | | | | | |
Anheuser-Busch Cos. LLC/Anheuser- Busch InBev Worldwide, Inc., 4.90%, 02/01/46(a)(f) | | | | | | | 6,170 | | | | 6,260,834 | |
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49 | | | | | | | 5,000 | | | | 5,553,390 | |
Keurig Dr. Pepper, Inc., 4.60%, 05/25/28(a) | | | | | | | 3,215 | | | | 3,369,813 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 15,184,037 | |
| | | |
| Biotechnology — 0.9% | | | | | | | | | |
Amgen, Inc., 4.66%, 06/15/51(f) | | | | | | | 6,709 | | | | 6,777,109 | |
Baxalta, Inc., 5.25%, 06/23/45(f) | | | | | | | 6,000 | | | | 6,777,117 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,554,226 | |
| | | |
| Building Products — 0.3% | | | | | | | | | |
Masonite International Corp.(a): | | | | | | | | | | | | |
5.63%, 03/15/23 | | | | | | | 488 | | | | 498,980 | |
5.75%, 09/15/26 | | | | | | | 382 | | | | 390,595 | |
Standard Industries, Inc.(a): | | | | | | | | | | | | |
5.50%, 02/15/23 | | | | | | | 335 | | | | 340,025 | |
5.38%, 11/15/24 | | | | | | | 410 | | | | 417,688 | |
6.00%, 10/15/25 | | | | | | | 1,965 | | | | 2,051,381 | |
USG Corp., 4.88%, 06/01/27(a) | | | | | | | 445 | | | | 449,450 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,148,119 | |
| | | |
| Cable Television Services — 0.1% | | | | | | | | | |
ViaSat, Inc., 5.63%, 04/15/27(a) | | | | | | | 1,184 | | | | 1,207,680 | |
| | | | | | | | | | | | |
| | | |
| Capital Markets — 2.1% | | | | | | | | | |
Goldman Sachs Group, Inc.: | | | | | | | | | | | | |
5.25%, 07/27/21 | | | | | | | 1,175 | | | | 1,235,442 | |
5.75%, 01/24/22(f) | | | | | | | 5,500 | | | | 5,899,025 | |
Lions Gate Capital Holdings LLC, 6.38%, 02/01/24(a) | | | | | | | 253 | | | | 264,701 | |
Morgan Stanley(f): | | | | | | | | | | | | |
5.63%, 09/23/19 | | | | | | | 6,770 | | | | 6,843,419 | |
5.00%, 11/24/25 | | | | | | | 15,000 | | | | 16,213,076 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 30,455,663 | |
| | | |
| Chemicals — 2.0% | | | | | | | | | |
Axalta Coating Systems LLC, 4.88%, 08/15/24(a) | | | | | | | 715 | | | | 717,896 | |
Basell Finance Co. BV, 8.10%, 03/15/27(a)(f) | | | | | | | 6,000 | | | | 7,347,711 | |
Chemours Co., 5.38%, 05/15/27 | | | | | | | 207 | | | | 206,483 | |
Dow Chemical Co., 5.55%, 11/30/48(a) | | | | | | | 4,820 | | | | 5,493,311 | |
DowDuPont, Inc., 5.42%, 11/15/48 | | | | | | | 7,500 | | | | 8,659,040 | |
Element Solutions, Inc., 5.88%, 12/01/25(a) | | | | | | | 2,862 | | | | 2,929,972 | |
GCP Applied Technologies, Inc., 5.50%, 04/15/26(a) | | | | | | | 448 | | | | 454,308 | |
NOVA Chemicals Corp., 4.88%, 06/01/24(a) | | | | | | | 956 | | | | 934,490 | |
Olin Corp.: | | | | | | | | | | | | |
5.13%, 09/15/27 | | | | | | | 270 | | | | 273,712 | |
5.00%, 02/01/30 | | | | | | | 297 | | | | 294,030 | |
PQ Corp., 6.75%, 11/15/22(a) | | | | | | | 935 | | | | 967,725 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Chemicals (continued) | | | | | | | | | |
WR Grace &Co-Conn, 5.63%, 10/01/24(a) | | | USD | | | | 1,660 | | | $ | 1,780,350 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 30,059,028 | |
| | | |
| Commercial Services & Supplies — 3.0% | | | | | | | | | |
ADT Security Corp.: | | | | | | | | | | | | |
3.50%, 07/15/22 | | | | | | | 181 | | | | 175,570 | |
4.13%, 06/15/23 | | | | | | | 673 | | | | 658,275 | |
4.88%, 07/15/32(a) | | | | | | | 654 | | | | 541,185 | |
Aviation Capital Group Corp.(a): | | | | | | | | | | | | |
6.75%, 04/06/21 | | | | | | | 7,850 | | | | 8,372,353 | |
7.13%, 10/15/20(f) | | | | | | | 31,000 | | | | 32,738,303 | |
Core & Main LP, 6.13%, 08/15/25(a) | | | | | | | 969 | | | | 961,732 | |
KAR Auction Services, Inc., 5.13%, 06/01/25(a) | | | | | | | 446 | | | | 446,000 | |
United Rentals North America, Inc., 4.88%, 01/15/28 | | | | | | | 877 | | | | 870,423 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 44,763,841 | |
| | | |
| Commercial Services & Supplies — 0.1% | | | | | | | | | |
United Rentals North America, Inc., 4.63%, 10/15/25 | | | | | | | 1,034 | | | | 1,026,245 | |
| | | | | | | | | | | | |
| | | |
| Communications Equipment — 0.5% | | | | | | | | | |
CommScope Technologies LLC, 6.00%, 06/15/25(a) | | | | | | | 467 | | | | 474,308 | |
CommScope, Inc.(a): | | | | | | | | | | | | |
5.50%, 03/01/24 | | | | | | | 2,191 | | | | 2,285,487 | |
6.00%, 03/01/26 | | | | | | | 1,925 | | | | 2,038,094 | |
Zayo Group LLC/Zayo Capital, Inc.: | | | | | | | | | | | | |
6.38%, 05/15/25 | | | | | | | 750 | | | | 763,125 | |
5.75%, 01/15/27(a) | | | | | | | 1,479 | | | | 1,501,185 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,062,199 | |
| | | |
| Construction & Engineering — 0.0% | | | | | | | | | |
Brand Industrial Services, Inc., 8.50%, 07/15/25(a) | | | | | | | 494 | | | | 464,360 | |
SRS Distribution, Inc., 8.25%, 07/01/26(a) | | | | | | | 60 | | | | 58,650 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 523,010 | |
| | | |
| Construction Materials — 0.3% | | | | | | | | | |
American Builders & Contractors Supply Co., Inc.(a): | | | | | | | | | | | | |
5.75%, 12/15/23 | | | | | | | 371 | | | | 384,449 | |
5.88%, 05/15/26 | | | | | | | 101 | | | | 104,030 | |
HD Supply, Inc., 5.38%, 10/15/26(a) | | | | | | | 4,350 | | | | 4,502,250 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,990,729 | |
| | | |
| Consumer Discretionary — 0.3% | | | | | | | | | |
Dun & Bradstreet Corp., 6.88%, 08/15/26(a) | | | | | | | 1,759 | | | | 1,828,305 | |
Viking Cruises Ltd., 5.88%, 09/15/27(a) | | | | | | | 2,159 | | | | 2,148,205 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,976,510 | |
| | | |
| Consumer Finance — 1.7% | | | | | | | | | |
Ally Financial, Inc.: | | | | | | | | | | | | |
5.13%, 09/30/24 | | | | | | | 590 | | | | 623,364 | |
8.00%, 11/01/31 | | | | | | | 4,475 | | | | 5,728,000 | |
Capital One Bank USA NA, 3.38%, 02/15/23(f) | | | | | | | 2,000 | | | | 2,003,943 | |
Discover Financial Services, 3.85%, 11/21/22 | | | | | | | 3,252 | | | | 3,334,428 | |
Navient Corp.: | | | | | | | | | | | | |
6.63%, 07/26/21 | | | | | | | 461 | | | | 482,897 | |
6.50%, 06/15/22 | | | | | | | 98 | | | | 103,268 | |
5.50%, 01/25/23 | | | | | | | 224 | | | | 227,920 | |
7.25%, 09/25/23 | | | | | | | 996 | | | | 1,078,170 | |
6.75%, 06/15/26 | | | | | | | 192 | | | | 193,457 | |
Refinitiv US Holdings, Inc.(a): | | | | | | | | | | | | |
6.25%, 05/15/26 | | | | | | | 4,209 | | | | 4,319,486 | |
8.25%, 11/15/26 | | | | | | | 1,294 | | | | 1,311,378 | |
Springleaf Finance Corp.: | | | | | | | | | | | | |
6.13%, 03/15/24 | | | | | | | 899 | | | | 948,445 | |
7.13%, 03/15/26 | | | | | | | 781 | | | | 838,599 | |
Total System Services, Inc., 3.80%, 04/01/21 | | | | | | | 1,630 | | | | 1,652,368 | |
Verscend Escrow Corp., 9.75%, 08/15/26(a) | | | | | | | 2,484 | | | | 2,626,830 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,472,553 | |
| | |
| 16 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Containers & Packaging — 0.5% | | | | | | | | | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a): | | | | | | | | | | | | |
4.63%, 05/15/23 | | | USD | | | | 760 | | | $ | 767,174 | |
7.25%, 05/15/24 | | | | | | | 3,194 | | | | 3,365,039 | |
Crown Americas LLC/Crown Americas Capital Corp. VI: | | | | | | | | | | | | |
4.75%, 02/01/26(f) | | | | | | | 947 | | | | 962,389 | |
4.25%, 09/30/26 | | | | | | | 724 | | | | 704,995 | |
Greif, Inc., 6.50%, 03/01/27(a) | | | | | | | 207 | | | | 213,210 | |
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu: | | | | | | | | | | | | |
6.88%, 02/15/21 | | | | | | | 36 | | | | 36,523 | |
5.13%, 07/15/23(a) | | | | | | | 222 | | | | 225,221 | |
7.00%, 07/15/24(a) | | | | | | | 1,455 | | | | 1,504,106 | |
Sealed Air Corp., 6.88%, 07/15/33(a) | | | | | | | 182 | | | | 198,380 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,977,037 | |
| | | |
| Diversified Consumer Services — 0.6% | | | | | | | | | |
APX Group, Inc., 8.75%, 12/01/20 | | | | | | | 313 | | | | 308,305 | |
Ascend Learning LLC, 6.88%, 08/01/25(a) | | | | | | | 664 | | | | 674,790 | |
Prime Security Services Borrower LLC/Prime Finance, Inc.(a): | | | | | | | | | | | | |
9.25%, 05/15/23 | | | | | | | 736 | | | | 775,707 | |
5.25%, 04/15/24 | | | | | | | 746 | | | | 747,865 | |
5.75%, 04/15/26 | | | | | | | 1,297 | | | | 1,310,229 | |
Service Corp. International, 4.50%, 11/15/20 | | | | | | | 4,382 | | | | 4,387,478 | |
ServiceMaster Co. LLC, 5.13%, 11/15/24(a) | | | | | | | 137 | | | | 138,370 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,342,744 | |
|
| Diversified Financial Services — 6.1% | |
Aircastle Ltd., 6.25%, 12/01/19 | | | | | | | 3,937 | | | | 4,015,699 | |
Bank of America Corp.(f): | | | | | | | | | | | | |
5.00%, 05/13/21 | | | | | | | 17,100 | | | | 17,857,874 | |
4.45%, 03/03/26 | | | | | | | 11,765 | | | | 12,351,562 | |
BNP Paribas SA, 4.38%, 03/01/33(a)(b) | | | | | | | 4,000 | | | | 3,985,541 | |
Citigroup, Inc., 6.68%, 09/13/43(f) | | | | | | | 4,125 | | | | 5,329,730 | |
Ford Motor Credit Co. LLC, 5.88%, 08/02/21(f) | | | | | | | 9,420 | | | | 9,857,330 | |
General Motors Financial Co., Inc.: | | | | | | | | | | | | |
4.38%, 09/25/21 | | | | | | | 2,260 | | | | 2,315,476 | |
4.25%, 05/15/23 | | | | | | | 1,681 | | | | 1,722,848 | |
4.35%, 01/17/27(f) | | | | | | | 4,710 | | | | 4,707,833 | |
Jefferies Financial Group, Inc., 5.50%, 10/18/23 | | | | | | | 4,000 | | | | 4,208,170 | |
Macquarie Group Ltd., 4.15%, 03/27/24(a)(b) | | | | | | | 4,000 | | | | 4,088,417 | |
Resparcs Funding LP I, 8.00%(h)(i)(j) | | | | | | | 4,000 | | | | 1,120,000 | |
Royal Bank of Scotland Group PLC: | | | | | | | | | | | | |
6.10%, 06/10/23 | | | | | | | 2,500 | | | | 2,680,210 | |
6.00%, 12/19/23 | | | | | | | 10,080 | | | | 10,832,400 | |
5.13%, 05/28/24 | | | | | | | 5,250 | | | | 5,456,960 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 90,530,050 | |
|
| Diversified Telecommunication Services — 5.9% | |
AT&T, Inc.: | | | | | | | | | | | | |
6.30%, 01/15/38(f) | | | | | | | 12,000 | | | | 14,317,325 | |
5.15%, 03/15/42 | | | | | | | 250 | | | | 260,071 | |
4.35%, 06/15/45 | | | | | | | 367 | | | | 346,402 | |
CenturyLink, Inc.: | | | | | | | | | | | | |
5.63%, 04/01/25(f) | | | | | | | 1,318 | | | | 1,298,230 | |
Series S, 6.45%, 06/15/21 | | | | | | | 1,176 | | | | 1,225,980 | |
Series U, 7.65%, 03/15/42 | | | | | | | 82 | | | | 72,193 | |
Series Y, 7.50%, 04/01/24(f) | | | | | | | 945 | | | | 1,014,694 | |
Embarq Corp., 8.00%, 06/01/36 | | | | | | | 1,048 | | | | 1,033,590 | |
Frontier Communications Corp.: | | | | | | | | | | | | |
10.50%, 09/15/22 | | | | | | | 551 | | | | 402,230 | |
11.00%, 09/15/25 | | | | | | | 3,846 | | | | 2,490,285 | |
8.50%, 04/01/26(a) | | | | | | | 711 | | | | 670,118 | |
8.00%, 04/01/27(a) | | | | | | | 2,188 | | | | 2,261,845 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Diversified Telecommunication Services (continued) | |
Level 3 Financing, Inc.: | | | | | | | | | | | | |
5.38%, 08/15/22 | | | USD | | | | 2,095 | | | $ | 2,102,856 | |
5.13%, 05/01/23 | | | | | | | 1,183 | | | | 1,195,149 | |
5.38%, 05/01/25 | | | | | | | 614 | | | | 625,420 | |
5.25%, 03/15/26 | | | | | | | 190 | | | | 192,910 | |
Telecom Italia Capital SA, 6.00%, 09/30/34 | | | | | | | 245 | | | | 226,625 | |
Telecom Italia SpA, 5.30%, 05/30/24(a) | | | | | | | 200 | | | | 199,250 | |
Telefonica Emisiones SA, 5.21%, 03/08/47 | | | | | | | 6,000 | | | | 6,191,002 | |
Verizon Communications, Inc.(f): | | | | | | | | | | | | |
5.15%, 09/15/23 | | | | | | | 8,775 | | | | 9,602,801 | |
6.40%, 09/15/33 | | | | | | | 9,475 | | | | 11,687,538 | |
6.55%, 09/15/43 | | | | | | | 13,225 | | | | 17,412,297 | |
5.01%, 04/15/49 | | | | | | | 10,578 | | | | 11,912,652 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 86,741,463 | |
| | | |
| Electric Utilities — 4.7% | | | | | | | | | |
AES Corp.: | | | | | | | | | | | | |
4.50%, 03/15/23 | | | | | | | 400 | | | | 406,460 | |
4.88%, 05/15/23 | | | | | | | 86 | | | | 87,338 | |
5.50%, 04/15/25 | | | | | | | 412 | | | | 427,652 | |
6.00%, 05/15/26 | | | | | | | 843 | | | | 891,472 | |
5.13%, 09/01/27 | | | | | | | 6 | | | | 6,240 | |
CMS Energy Corp., 5.05%, 03/15/22(f) | | | | | | | 9,900 | | | | 10,454,053 | |
DPL, Inc., 7.25%, 10/15/21 | | | | | | | 94 | | | | 101,050 | |
Duke Energy Corp., 3.55%, 09/15/21(f) | | | | | | | 3,650 | | | | 3,703,987 | |
Emera, Inc.,Series 16-A, (3 mo. LIBOR US + 5.44%), 6.75%, 06/15/76(g) | | | | | | | 7,500 | | | | 8,069,025 | |
Evergy, Inc., 5.29%, 06/15/22(f)(k) | | | | | | | 5,550 | | | | 5,868,916 | |
Midland Cogeneration Venture LP, 5.25%, 03/15/25(a)(f) | | | | | | | 3,129 | | | | 3,070,133 | |
NextEra Energy Capital Holdings, Inc., 4.80%, 12/01/77(b) | | | | | | | 5,000 | | | | 4,582,545 | |
NextEra Energy Operating Partners LP(a): | | | | | | | | | | | | |
4.25%, 09/15/24 | | | | | | | 290 | | | | 290,943 | |
4.50%, 09/15/27 | | | | | | | 474 | | | | 465,705 | |
Oncor Electric Delivery Co. LLC: | | | | | | | | | | | | |
4.10%, 06/01/22(f) | | | | | | | 4,150 | | | | 4,299,512 | |
5.30%, 06/01/42 | | | | | | | 2,750 | | | | 3,286,492 | |
Progress Energy, Inc., 7.00%, 10/30/31(f) | | | | | | | 12,000 | | | | 15,722,877 | |
Puget Energy, Inc.: | | | | | | | | | | | | |
6.00%, 09/01/21 | | | | | | | 275 | | | | 292,807 | |
5.63%, 07/15/22(f) | | | | | | | 5,550 | | | | 5,919,174 | |
TerraForm Power Operating LLC(a): | | | | | | | | | | | | |
4.25%, 01/31/23 | | | | | | | 470 | | | | 464,712 | |
5.00%, 01/31/28 | | | | | | | 470 | | | | 463,538 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 68,874,631 | |
|
| Electronic Equipment, Instruments & Components — 0.3% | |
CDW LLC/CDW Finance Corp.: | | | | | | | | | | | | |
5.00%, 09/01/23 | | | | | | | 306 | | | | 312,793 | |
5.50%, 12/01/24 | | | | | | | 2,653 | | | | 2,808,864 | |
Sanmina Corp., 4.38%, 06/01/19(a) | | | | | | | 1,415 | | | | 1,415,891 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,537,548 | |
|
| Energy Equipment & Services — 0.7% | |
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27(a) | | | | | | | 231 | | | | 240,529 | |
Halliburton Co., 5.00%, 11/15/45(f) | | | | | | | 6,615 | | | | 7,082,063 | |
McDermott Technology Americas, Inc./McDermott Technology U.S., Inc., 10.63%, 05/01/24(a) | | | | | | | 628 | | | | 567,178 | |
Oceaneering International, Inc., 4.65%, 11/15/24 | | | | | | | 196 | | | | 186,141 | |
USA Compression Partners LP/USA Compression Finance Corp.: | | | | | | | | | | | | |
6.88%, 04/01/26 | | | | | | | 707 | | | | 743,679 | |
6.88%, 09/01/27(a) | | | | | | | 815 | | | | 857,787 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,677,377 | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 17 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Entertainment — 0.3% | | | | | | | | | |
Netflix, Inc.: | | | | | | | | | | | | |
4.38%, 11/15/26 | | | USD | | | | 905 | | | $ | 894,819 | |
5.88%, 11/15/28 | | | | | | | 1,682 | | | | 1,770,305 | |
5.38%, 11/15/29(a) | | | | | | | 1,195 | | | | 1,209,937 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,875,061 | |
|
| Environmental, Maintenance, & Security Service — 0.1% | |
GFL Environmental, Inc., 8.50%, 05/01/27(a) | | | | | | | 529 | | | | 551,091 | |
Waste Pro USA, Inc., 5.50%, 02/15/26(a) | | | | | | | 303 | | | | 301,485 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 852,576 | |
|
| Equity Real Estate Investment Trusts (REITs) — 1.6% | |
American Tower Corp.: | | | | | | | | | | | | |
5.90%, 11/01/21(f) | | | | | | | 3,770 | | | | 4,038,290 | |
3.60%, 01/15/28 | | | | | | | 4,000 | | | | 3,944,410 | |
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(a) | | | | | | | 383 | | | | 388,266 | |
Host Hotels & Resorts LP, 3.75%, 10/15/23(f) | | | | | | | 3,600 | | | | 3,613,133 | |
Iron Mountain, Inc., 4.88%, 09/15/27(a) | | | | | | | 1,016 | | | | 983,615 | |
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.: | | | | | | | | | | | | |
5.63%, 05/01/24 | | | | | | | 4,627 | | | | 4,852,566 | |
4.50%, 09/01/26 | | | | | | | 2,600 | | | | 2,567,500 | |
4.50%, 01/15/28 | | | | | | | 464 | | | | 445,440 | |
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27 | | | | | | | 1,948 | | | | 1,952,870 | |
Starwood Property Trust, Inc., 5.00%, 12/15/21 | | | | | | | 627 | | | | 640,324 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 23,426,414 | |
| | | |
| Food & Staples Retailing — 1.0% | | | | | | | | | |
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC: | | | | | | | | | | | | |
6.63%, 06/15/24 | | | | | | | 425 | | | | 438,281 | |
5.75%, 03/15/25 | | | | | | | 307 | | | | 304,698 | |
General Mills, Inc., 4.20%, 04/17/28 | | | | | | | 620 | | | | 648,068 | |
Kraft Heinz Foods Co.: | | | | | | | | | | | | |
7.13%, 08/01/39(a) | | | | | | | 4,415 | | | | 5,134,049 | |
4.38%, 06/01/46 | | | | | | | 2,475 | | | | 2,189,613 | |
Walmart, Inc., 5.25%, 09/01/35(f) | | | | | | | 5,150 | | | | 6,197,226 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,911,935 | |
| | | |
| Food Products — 0.4% | | | | | | | | | |
Aramark Services, Inc., 5.00%, 02/01/28(a) | | | | | | | 228 | | | | 232,058 | |
Darling Ingredients, Inc., 5.25%, 04/15/27(a) | | | | | | | 189 | | | | 192,308 | |
JBS USA LUX SA/JBS USA Finance, Inc.(a): | | | | | | | | | | | | |
5.88%, 07/15/24 | | | | | | | 537 | | | | 548,277 | |
5.75%, 06/15/25 | | | | | | | 2,093 | | | | 2,141,442 | |
6.75%, 02/15/28 | | | | | | | 172 | | | | 181,251 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/29(a) | | | | | | | 2,222 | | | | 2,355,320 | |
Post Holdings, Inc., 5.63%, 01/15/28(a) | | | | | | | 428 | | | | 432,657 | |
Simmons Foods, Inc., 7.75%, 01/15/24(a) | | | | | | | 395 | | | | 422,156 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,505,469 | |
| | | |
| Health Care Equipment & Supplies — 0.7% | | | | | | | | | |
Avantor, Inc.(a): | | | | | | | | | | | | |
6.00%, 10/01/24(f) | | | | | | | 6,180 | | | | 6,448,444 | |
9.00%, 10/01/25 | | | | | | | 1,768 | | | | 1,922,700 | |
Hologic, Inc.(a): | | | | | | | | | | | | |
4.38%, 10/15/25 | | | | | | | 209 | | | | 207,040 | |
4.63%, 02/01/28 | | | | | | | 226 | | | | 223,175 | |
Mallinckrodt International Finance SA/Mallinckrodt CB LLC(a): | | | | | | | | | | | | |
4.88%, 04/15/20 | | | | | | | 517 | | | | 514,415 | |
5.75%, 08/01/22(f) | | | | | | | 272 | | | | 250,920 | |
Medtronic, Inc., 4.63%, 03/15/45(f) | | | | | | | 798 | | | | 894,177 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,460,871 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Health Care Providers & Services — 4.0% | | | | | | | | | |
Acadia Healthcare Co., Inc., 5.13%, 07/01/22 | | | USD | | | | 191 | | | $ | 191,955 | |
Aetna, Inc., 3.88%, 08/15/47 | | | | | | | 3,500 | | | | 2,975,244 | |
Anthem, Inc., 4.55%, 03/01/48 | | | | | | | 5,000 | | | | 5,009,931 | |
Centene Corp.: | | | | | | | | | | | | |
6.13%, 02/15/24 | | | | | | | 1,370 | | | | 1,435,075 | |
5.38%, 06/01/26(a) | | | | | | | 4,324 | | | | 4,497,955 | |
CHS/Community Health Systems, Inc.(a): | | | | | | | | | | | | |
8.63%, 01/15/24 | | | | | | | 1,347 | | | | 1,367,205 | |
8.00%, 03/15/26 | | | | | | | 854 | | | | 830,515 | |
DaVita, Inc., 5.13%, 07/15/24 | | | | | | | 761 | | | | 761,000 | |
Encompass Health Corp., 5.75%, 11/01/24 | | | | | | | 637 | | | | 645,759 | |
Envision Healthcare Crop., 8.75%, 10/15/26(a) | | | | | | | 1,221 | | | | 1,150,792 | |
HCA, Inc.: | | | | | | | | | | | | |
7.50%, 02/15/22 | | | | | | | 2,214 | | | | 2,435,400 | |
5.38%, 02/01/25 | | | | | | | 1,108 | | | | 1,166,170 | |
5.38%, 09/01/26 | | | | | | | 861 | | | | 908,355 | |
5.63%, 09/01/28 | | | | | | | 2,084 | | | | 2,219,460 | |
5.88%, 02/01/29 | | | | | | | 1,823 | | | | 1,962,004 | |
MEDNAX, Inc.(a): | | | | | | | | | | | | |
5.25%, 12/01/23 | | | | | | | 323 | | | | 328,653 | |
6.25%, 01/15/27 | | | | | | | 1,749 | | | | 1,783,980 | |
Molina Healthcare, Inc., 5.38%, 11/15/22 | | | | | | | 395 | | | | 412,281 | |
MPH Acquisition Holdings LLC, 7.13%, 06/01/24(a) | | | | | | | 635 | | | | 638,302 | |
NVA Holdings, Inc., 6.88%, 04/01/26(a) | | | | | | | 439 | | | | 442,293 | |
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22(a)(l) | | | | | | | 1,621 | | | | 1,612,564 | |
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 05/01/23(a) | | | | | | | 1,977 | | | | 2,102,416 | |
Surgery Center Holdings, Inc., 10.00%, 04/15/27(a) | | | | | | | 444 | | | | 456,210 | |
Tenet Healthcare Corp.: | | | | | | | | | | | | |
6.00%, 10/01/20 | | | | | | | 4,102 | | | | 4,240,442 | |
8.13%, 04/01/22 | | | | | | | 2,108 | | | | 2,249,152 | |
4.63%, 07/15/24 | | | | | | | 1,145 | | | | 1,148,226 | |
6.25%, 02/01/27(a) | | | | | | | 1,621 | | | | 1,689,892 | |
UnitedHealth Group, Inc., 6.88%, 02/15/38(f) | | | | | | | 10,000 | | | | 13,701,944 | |
WellCare Health Plans, Inc.: | | | | | | | | | | | | |
5.25%, 04/01/25 | | | | | | | 776 | | | | 801,220 | |
5.38%, 08/15/26(a) | | | | | | | 757 | | | | 792,806 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 59,957,201 | |
| | | |
| Health Care Technology — 0.1% | | | | | | | | | |
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(a) | | | | | | | 424 | | | | 420,290 | |
IQVIA, Inc., 5.00%, 10/15/26(a) | | | | | | | 554 | | | | 565,773 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 986,063 | |
|
| Hotels, Restaurants & Leisure — 2.1% | |
1011778 BC ULC/New Red Finance, Inc.(a): | | | | | | | | | | | | |
4.25%, 05/15/24 | | | | | | | 1,707 | | | | 1,681,395 | |
5.00%, 10/15/25 | | | | | | | 3,039 | | | | 3,016,207 | |
Boyd Gaming Corp., 6.00%, 08/15/26 | | | | | | | 330 | | | | 342,788 | |
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25(a) | | | | | | | 886 | | | | 866,065 | |
Churchill Downs, Inc.(a): | | | | | | | | | | | | |
5.50%, 04/01/27 | | | | | | | 1,333 | | | | 1,367,991 | |
4.75%, 01/15/28 | | | | | | | 459 | | | | 449,820 | |
Eldorado Resorts, Inc., 6.00%, 09/15/26 | | | | | | | 277 | | | | 287,388 | |
ESH Hospitality, Inc., 5.25%, 05/01/25(a) | | | | | | | 709 | | | | 711,659 | |
Golden Nugget, Inc., 6.75%, 10/15/24(a) | | | | | | | 1,562 | | | | 1,597,145 | |
Hilton Domestic Operating Co., Inc.: | | | | | | | | | | | | |
4.25%, 09/01/24 | | | | | | | 1,133 | | | | 1,134,530 | |
5.13%, 05/01/26(a) | | | | | | | 1,492 | | | | 1,527,435 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 | | | | | | | 123 | | | | 124,691 | |
IRB Holding Corp., 6.75%, 02/15/26(a) | | | | | | | 156 | | | | 154,830 | |
| | |
| 18 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Hotels, Restaurants & Leisure (continued) | |
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(a): | | | | | | | | | | | | |
5.00%, 06/01/24 | | | USD | | | | 600 | | | $ | 613,500 | |
5.25%, 06/01/26 | | | | | | | 650 | | | | 670,312 | |
4.75%, 06/01/27 | | | | | | | 817 | | | | 811,183 | |
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26(a) | | | | | | | 186 | | | | 195,300 | |
Melco Resorts Finance Ltd., 4.88%, 06/06/25(a)(f) | | | | | | | 444 | | | | 442,373 | |
MGM Resorts International: | | | | | | | | | | | | |
6.63%, 12/15/21 | | | | | | | 4,552 | | | | 4,886,344 | |
7.75%, 03/15/22 | | | | | | | 504 | | | | 557,550 | |
5.50%, 04/15/27 | | | | | | | 627 | | | | 646,594 | |
Sabre GLBL, Inc.(a): | | | | | | | | | | | | |
5.38%, 04/15/23 | | | | | | | 594 | | | | 607,365 | |
5.25%, 11/15/23 | | | | | | | 434 | | | | 442,680 | |
Scientific Games International, Inc.(a): | | | | | | | | | | | | |
5.00%, 10/15/25 | | | | | | | 1,300 | | | | 1,293,094 | |
8.25%, 03/15/26 | | | | | | | 3,430 | | | | 3,554,337 | |
Six Flags Entertainment Corp., 4.88%, 07/31/24(a) | | | | | | | 289 | | | | 289,000 | |
Station Casinos LLC, 5.00%, 10/01/25(a) | | | | | | | 496 | | | | 487,320 | |
Wyndham Destinations, Inc.: | | | | | | | | | | | | |
5.40%, 04/01/24 | | | | | | | 883 | | | | 905,075 | |
5.75%, 04/01/27 | | | | | | | 308 | | | | 309,540 | |
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(a) | | | | | | | 453 | | | | 462,060 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 30,435,571 | |
| | | |
| Household Durables — 0.9% | | | | | | | | | |
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22(a) | | | | | | | 1,314 | | | | 1,339,623 | |
Lennar Corp.: | | | | | | | | | | | | |
2.95%, 11/29/20 | | | | | | | 520 | | | | 514,800 | |
8.38%, 01/15/21 | | | | | | | 3,015 | | | | 3,270,973 | |
4.75%, 11/15/22 | | | | | | | 1,805 | | | | 1,847,508 | |
4.88%, 12/15/23 | | | | | | | 466 | | | | 481,728 | |
5.25%, 06/01/26 | | | | | | | 890 | | | | 923,375 | |
Newell Brands, Inc.: | | | | | | | | | | | | |
4.00%, 12/01/24 | | | | | | | 3,000 | | | | 2,906,954 | |
4.20%, 04/01/26 | | | | | | | 955 | | | | 908,806 | |
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.38%, 06/15/19 | | | | | | | 717 | | | | 715,767 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,909,534 | |
| | | |
| Household Products — 0.2% | | | | | | | | | |
Energizer Holdings, Inc.(a): | | | | | | | | | | | | |
6.38%, 07/15/26 | | | | | | | 222 | | | | 229,146 | |
7.75%, 01/15/27 | | | | | | | 631 | | | | 683,846 | |
Spectrum Brands, Inc.: | | | | | | | | | | | | |
6.63%, 11/15/22 | | | | | | | 555 | | | | 567,376 | |
6.13%, 12/15/24 | | | | | | | 231 | | | | 237,352 | |
5.75%, 07/15/25 | | | | | | | 1,002 | | | | 1,024,846 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,742,566 | |
|
| Independent Power and Renewable Electricity Producers — 0.9% | |
Calpine Corp.: | | | | | | | | | | | | |
6.00%, 01/15/22(a) | | | | | | | 1,858 | | | | 1,876,580 | |
5.38%, 01/15/23 | | | | | | | 1,977 | | | | 1,991,827 | |
5.88%, 01/15/24(a) | | | | | | | 628 | | | | 640,560 | |
5.75%, 01/15/25 | | | | | | | 594 | | | | 588,060 | |
5.25%, 06/01/26(a) | | | | | | | 1,741 | | | | 1,743,176 | |
Clearway Energy Operating LLC: | | | | | | | | | | | | |
5.38%, 08/15/24 | | | | | | | 457 | | | | 464,481 | |
5.75%, 10/15/25(a) | | | | | | | 705 | | | | 720,863 | |
NRG Energy, Inc.: | | | | | | | | | | | | |
6.63%, 01/15/27 | | | | | | | 3,515 | | | | 3,761,050 | |
5.75%, 01/15/28 | | | | | | | 1,245 | | | | 1,318,418 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,105,015 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Industrial Conglomerates — 0.1% | | | | | | | | | |
BWX Technologies, Inc., 5.38%, 07/15/26(a) | | | USD | | | | 862 | | | $ | 879,240 | |
Vertiv Group Corp., 9.25%, 10/15/24(a) | | | | | | | 989 | | | | 966,748 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,845,988 | |
| | | |
| Insurance — 3.5% | | | | | | | | | |
Alliant Holdings Intermediate LLC/Alliant HoldingsCo-Issuer, 8.25%, 08/01/23(a) | | | | | | | 1,782 | | | | 1,831,005 | |
American International Group, Inc., 6.40%, 12/15/20(f) | | | | | | | 8,710 | | | | 9,192,534 | |
Aon Corp., 5.00%, 09/30/20(f) | | | | | | | 7,700 | | | | 7,946,554 | |
Aon PLC, 4.25%, 12/12/42(f) | | | | | | | 6,500 | | | | 6,223,113 | |
Forethought Financial Group, Inc., 8.63%, 04/15/21(a) | | | | | | | 3,400 | | | | 3,730,255 | |
HUB International Ltd., 7.00%, 05/01/26(a) | | | | | | | 1,893 | | | | 1,909,564 | |
Nationstar Mortgage Holdings, Inc.(a): | | | | | | | | | | | | |
8.13%, 07/15/23 | | | | | | | 552 | | | | 556,140 | |
9.13%, 07/15/26 | | | | | | | 262 | | | | 262,655 | |
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40(a)(f) | | | | | | | 12,000 | | | | 15,299,108 | |
Progressive Corp., Series B, 5.38%(b)(h) | | | | | | | 5,000 | | | | 4,987,500 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 51,938,428 | |
|
| Interactive Media & Services — 0.7% | |
Booking Holdings, Inc., 3.55%, 03/15/28 | | | | | | | 3,375 | | | | 3,408,276 | |
Equinix, Inc., 5.88%, 01/15/26 | | | | | | | 1,169 | | | | 1,234,756 | |
Rackspace Hosting, Inc., 8.63%, 11/15/24(a)(f) | | | | | | | 402 | | | | 374,865 | |
SS&C Technologies, Inc., 5.50%, 09/30/27(a) | | | | | | | 3,510 | | | | 3,599,944 | |
Symantec Corp., 5.00%, 04/15/25(a) | | | | | | | 1,292 | | | | 1,317,337 | |
Uber Technologies, Inc., 7.50%, 11/01/23(a)(f) | | | | | | | 636 | | | | 667,800 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,602,978 | |
| | | |
| IT Services — 0.5% | | | | | | | | | |
Alibaba Group Holding Ltd., 4.20%, 12/06/47 | | | | | | | 1,470 | | | | 1,432,147 | |
Banff Merger Sub, Inc., 9.75%, 09/01/26(a) | | | | | | | 637 | | | | 638,592 | |
Fidelity National Information Services, Inc., 5.00%, 10/15/25 | | | | | | | 538 | | | | 585,539 | |
First Data Corp.(a): | | | | | | | | | | | | |
5.38%, 08/15/23 | | | | | | | 1,509 | | | | 1,542,802 | |
5.75%, 01/15/24 | | | | | | | 2,459 | | | | 2,534,307 | |
Gartner, Inc., 5.13%, 04/01/25(a) | | | | | | | 399 | | | | 408,664 | |
WEX, Inc., 4.75%, 02/01/23(a) | | | | | | | 760 | | | | 762,850 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,904,901 | |
|
| Life Sciences Tools & Services — 0.8% | |
Life Technologies Corp., 6.00%, 03/01/20(f) | | | | | | | 12,000 | | | | 12,308,031 | |
| | | | | | | | | | | | |
| | | |
| Machinery — 0.2% | | | | | | | | | |
Colfax Corp.(a): | | | | | | | | | | | | |
6.00%, 02/15/24 | | | | | | | 983 | | | | 1,021,091 | |
6.38%, 02/15/26 | | | | | | | 517 | | | | 547,374 | |
RBS Global, Inc./Rexnord LLC, 4.88%, 12/15/25(a) | | | | | | | 878 | | | | 879,062 | |
Titan Acquisition Ltd./TitanCo-Borrower LLC, 7.75%, 04/15/26(a) | | | | | | | 1,385 | | | | 1,274,200 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,721,727 | |
| | | |
| Media — 9.7% | | | | | | | | | |
A&E Television Networks LLC, 6.57%, 08/22/19(e) | | | | | | | 5,000 | | | | 4,989,000 | |
Altice Financing SA(a): | | | | | | | | | | | | |
6.63%, 02/15/23 | | | | | | | 834 | | | | 854,850 | |
7.50%, 05/15/26 | | | | | | | 1,772 | | | | 1,798,580 | |
Altice France SA(a): | | | | | | | | | | | | |
6.25%, 05/15/24 | | | | | | | 400 | | | | 410,000 | |
7.38%, 05/01/26 | | | | | | | 5,039 | | | | 5,105,137 | |
8.13%, 02/01/27 | | | | | | | 825 | | | | 862,125 | |
Altice Luxembourg SA, 7.75%, 05/15/22(a)(f) | | | | | | | 5,426 | | | | 5,527,737 | |
AMC Networks, Inc.: | | | | | | | | | | | | |
4.75%, 12/15/22 | | | | | | | 685 | | | | 691,645 | |
4.75%, 08/01/25 | | | | | | | 1,104 | | | | 1,098,027 | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 19 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Media (continued) | | | | | | | | | |
CCO Holdings LLC/CCO Holdings Capital Corp.(a): | | | | | | | | | | | | |
4.00%, 03/01/23 | | | USD | | | | 1,216 | | | $ | 1,219,040 | |
5.13%, 05/01/27 | | | | | | | 5,664 | | | | 5,748,960 | |
5.00%, 02/01/28 | | | | | | | 638 | | | | 637,203 | |
Charter Communications Operating LLC/Charter Communications Operating Capital: | | | | | | | | | | | | |
6.38%, 10/23/35 | | | | | | | 479 | | | | 541,195 | |
6.48%, 10/23/45(f) | | | | | | | 9,584 | | | | 10,856,094 | |
5.38%, 05/01/47 | | | | | | | 1,500 | | | | 1,504,382 | |
6.83%, 10/23/55 | | | | | | | 3,540 | | | | 3,992,674 | |
Cinemark USA, Inc., 5.13%, 12/15/22 | | | | | | | 349 | | | | 354,235 | |
Clear Channel Worldwide Holdings, Inc.: | | | | | | | | | | | | |
6.50%, 11/15/22 | | | | | | | 2,758 | | | | 2,822,703 | |
9.25%, 02/15/24(a) | | | | | | | 4,702 | | | | 5,060,527 | |
Series B, 6.50%, 11/15/22 | | | | | | | 7,431 | | | | 7,588,909 | |
Comcast Corp., 4.95%, 10/15/58 | | | | | | | 3,795 | | | | 4,244,314 | |
Cox Communications, Inc.(a): | | | | | | | | | | | | |
8.38%, 03/01/39 | | | | | | | 5,000 | | | | 6,661,774 | |
4.60%, 08/15/47 | | | | | | | 625 | | | | 599,772 | |
CSC Holdings LLC: | | | | | | | | | | | | |
5.38%, 07/15/23(a) | | | | | | | 2,432 | | | | 2,486,720 | |
5.25%, 06/01/24 | | | | | | | 1,061 | | | | 1,079,567 | |
7.75%, 07/15/25(a) | | | | | | | 4,129 | | | | 4,437,385 | |
6.63%, 10/15/25(a) | | | | | | | 1,072 | | | | 1,139,000 | |
10.88%, 10/15/25(a) | | | | | | | 620 | | | | 713,000 | |
5.50%, 05/15/26(a) | | | | | | | 2,266 | | | | 2,326,899 | |
5.38%, 02/01/28(a) | | | | | | | 800 | | | | 813,000 | |
7.50%, 04/01/28(a) | | | | | | | 877 | | | | 957,026 | |
6.50%, 02/01/29(a) | | | | | | | 797 | | | | 855,779 | |
Discovery Communications LLC: | | | | | | | | | | | | |
3.95%, 03/20/28(f) | | | | | | | 8,515 | | | | 8,383,636 | |
4.88%, 04/01/43 | | | | | | | 4,000 | | | | 3,797,584 | |
DISH DBS Corp.: | | | | | | | | | | | | |
5.88%, 07/15/22 | | | | | | | 1,732 | | | | 1,689,912 | |
5.88%, 11/15/24 | | | | | | | 164 | | | | 141,450 | |
Gray Television, Inc., 7.00%, 05/15/27(a) | | | | | | | 554 | | | | 598,147 | |
Hughes Satellite Systems Corp., 5.25%, 08/01/26 | | | | | | | 391 | | | | 393,428 | |
Intelsat Jackson Holdings SA: | | | | | | | | | | | | |
5.50%, 08/01/23 | | | | | | | 154 | | | | 139,370 | |
8.50%, 10/15/24(a) | | | | | | | 1,132 | | | | 1,120,680 | |
9.75%, 07/15/25(a) | | | | | | | 2,711 | | | | 2,782,164 | |
Interpublic Group of Cos., Inc.: | | | | | | | | | | | | |
3.75%, 02/15/23(f) | | | | | | | 6,025 | | | | 6,164,614 | |
5.40%, 10/01/48 | | | | | | | 2,215 | | | | 2,317,386 | |
Lamar Media Corp., 5.75%, 02/01/26(a) | | | | | | | 282 | | | | 296,123 | |
MDC Partners, Inc., 6.50%, 05/01/24(a) | | | | | | | 658 | | | | 556,010 | |
Meredith Corp., 6.88%, 02/01/26 | | | | | | | 396 | | | | 411,840 | |
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22(a) | | | | | | | 1,081 | | | | 1,073,844 | |
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.63%, 02/15/24 | | | | | | | 126 | | | | 129,793 | |
Sirius XM Radio, Inc., 5.00%, 08/01/27(a) | | | | | | | 597 | | | | 601,895 | |
TEGNA, Inc., 5.50%, 09/15/24(a) | | | | | | | 351 | | | | 360,214 | |
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(a) | | | | | | | 1,400 | | | | 1,389,500 | |
Time Warner Cable LLC, 6.55%, 05/01/37 | | | | | | | 3,519 | | | | 3,910,440 | |
Tribune Media Co., 5.88%, 07/15/22 | | | | | | | 1,308 | | | | 1,326,312 | |
Univision Communications, Inc., 5.13%, 05/15/23(a) | | | | | | | 750 | | | | 723,750 | |
UPCB Finance IV Ltd., 5.38%, 01/15/25(a) | | | | | | | 420 | | | | 429,324 | |
Viacom, Inc., 5.85%, 09/01/43 | | | | | | | 1,300 | | | | 1,416,152 | |
Videotron Ltd., 5.13%, 04/15/27(a) | | | | | | | 1,099 | | | | 1,123,727 | |
Virgin Media Secured Finance PLC, 5.50%, 08/15/26(a) | | | | | | | 487 | | | | 499,190 | |
Walt Disney Co., 6.15%, 03/01/37(a)(f) | | | | | | | 9,575 | | | | 12,390,484 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Media (continued) | | | | | | | | | |
Warner Media LLC: | | | | | | | | | | | | |
4.65%, 06/01/44 | | | USD | | | | 28 | | | $ | 27,909 | |
4.85%, 07/15/45 | | | | | | | 97 | | | | 99,076 | |
Ziggo BV, 5.50%, 01/15/27(a) | | | | | | | 813 | | | | 810,967 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 143,082,180 | |
|
| Metals & Mining — 2.4% | |
Alcoa Nederland Holding BV(a): | | | | | | | | | | | | |
7.00%, 09/30/26 | | | | | | | 291 | | | | 313,553 | |
6.13%, 05/15/28 | | | | | | | 236 | | | | 245,440 | |
AngloGold Ashanti Holdings PLC, 5.13%, 08/01/22 | | | | | | | 5,000 | | | | 5,175,425 | |
Commercial Metals Co., 4.88%, 05/15/23 | | | | | | | 2,194 | | | | 2,215,940 | |
Constellium NV: | | | | | | | | | | | | |
4.63%, 05/15/21 | | | EUR | | | | 490 | | | | 550,958 | |
6.63%, 03/01/25(a) | | | USD | | | | 609 | | | | 633,360 | |
5.88%, 02/15/26(a) | | | | | | | 1,451 | | | | 1,472,765 | |
Freeport-McMoRan, Inc.: | | | | | | | | | | | | |
4.00%, 11/14/21 | | | | | | | 500 | | | | 505,000 | |
3.55%, 03/01/22 | | | | | | | 221 | | | | 219,066 | |
3.88%, 03/15/23 | | | | | | | 6,265 | | | | 6,202,350 | |
5.40%, 11/14/34 | | | | | | | 2,250 | | | | 2,112,187 | |
5.45%, 03/15/43 | | | | | | | 4,252 | | | | 3,837,430 | |
Grinding Media,Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(a) | | | | | | | 747 | | | | 730,193 | |
Novelis Corp.(a): | | | | | | | | | | | | |
6.25%, 08/15/24 | | | | | | | 2,381 | | | | 2,479,216 | |
5.88%, 09/30/26 | | | | | | | 1,876 | | | | 1,906,485 | |
Southern Copper Corp., 5.88%, 04/23/45 | | | | | | | 3,870 | | | | 4,324,725 | |
Steel Dynamics, Inc.: | | | | | | | | | | | | |
5.13%, 10/01/21 | | | | | | | 1,105 | | | | 1,111,906 | |
5.25%, 04/15/23 | | | | | | | 309 | | | | 314,021 | |
5.50%, 10/01/24 | | | | | | | 240 | | | | 247,800 | |
4.13%, 09/15/25 | | | | | | | 639 | | | | 634,208 | |
5.00%, 12/15/26 | | | | | | | 35 | | | | 36,050 | |
United States Steel Corp., 6.25%, 03/15/26 | | | | | | | 813 | | | | 729,668 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 35,997,746 | |
|
| Oil, Gas & Consumable Fuels — 17.0% | |
Aker BP ASA, 5.88%, 03/31/25(a) | | | | | | | 570 | | | | 598,500 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27(a) | | | | | | | 87 | | | | 88,740 | |
Antero Resources Corp., 5.00%, 03/01/25(f) | | | | | | | 795 | | | | 779,100 | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(a): | | | | | | | | | | | | |
10.00%, 04/01/22 | | | | | | | 492 | | | | 537,510 | |
7.00%, 11/01/26 | | | | | | | 661 | | | | 644,475 | |
Berry Petroleum Co. LLC, 7.00%, 02/15/26(a) | | | | | | | 105 | | | | 103,031 | |
Carrizo Oil & Gas, Inc.: | | | | | | | | | | | | |
6.25%, 04/15/23(f) | | | | | | | 448 | | | | 435,595 | |
8.25%, 07/15/25 | | | | | | | 826 | | | | 840,455 | |
Cheniere Corpus Christi Holdings LLC: | | | | | | | | | | | | |
7.00%, 06/30/24 | | | | | | | 1,916 | | | | 2,148,315 | |
5.88%, 03/31/25 | | | | | | | 202 | | | | 217,655 | |
5.13%, 06/30/27 | | | | | | | 3,310 | | | | 3,450,675 | |
Cheniere Energy Partners LP, 5.63%, 10/01/26(a) | | | | | | | 596 | | | | 615,644 | |
Chesapeake Energy Corp.: | | | | | | | | | | | | |
6.63%, 08/15/20 | | | | | | | 1,182 | | | | 1,216,278 | |
4.88%, 04/15/22 | | | | | | | 2,734 | | | | 2,689,572 | |
5.75%, 03/15/23 | | | | | | | 85 | | | | 83,938 | |
7.00%, 10/01/24(f) | | | | | | | 1,042 | | | | 1,029,952 | |
8.00%, 01/15/25(f) | | | | | | | 1,105 | | | | 1,118,813 | |
8.00%, 06/15/27 | | | | | | | 282 | | | | 275,733 | |
CNX Resources Corp., 5.88%, 04/15/22 | | | | | | | 5,500 | | | | 5,472,500 | |
Concho Resources, Inc., 4.88%, 10/01/47 | | | | | | | 3,815 | | | | 4,039,729 | |
CONSOL Energy, Inc., 11.00%, 11/15/25(a) | | | | | | | 328 | | | | 369,820 | |
| | |
| 20 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Oil, Gas & Consumable Fuels (continued) | |
Continental Resources, Inc., 4.90%, 06/01/44 | | | USD | | | | 3,500 | | | $ | 3,554,072 | |
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(a) | | | | | | | 569 | | | | 529,170 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27(a) | | | | | | | 1,025 | | | | 1,021,156 | |
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(a) | | | | | | | 2,479 | | | | 2,448,012 | |
DCP Midstream Operating LP: | | | | | | | | | | | | |
5.38%, 07/15/25 | | | | | | | 245 | | | | 257,546 | |
6.45%, 11/03/36(a) | | | | | | | 247 | | | | 251,940 | |
6.75%, 09/15/37(a) | | | | | | | 1,527 | | | | 1,591,897 | |
Denbury Resources, Inc., 9.25%, 03/31/22(a) | | | | | | | 1,134 | | | | 1,148,175 | |
Devon Energy Corp., 5.85%, 12/15/25 | | | | | | | 4,000 | | | | 4,544,182 | |
Diamond Offshore Drilling, Inc., 5.70%, 10/15/39 | | | | | | | 695 | | | | 489,892 | |
Diamondback Energy, Inc., 4.75%, 11/01/24(a) | | | | | | | 464 | | | | 473,860 | |
El Paso LLC: | | | | | | | | | | | | |
7.80%, 08/01/31 | | | | | | | 197 | | | | 256,364 | |
7.75%, 01/15/32 | | | | | | | 4,586 | | | | 6,045,622 | |
El Paso Natural Gas Co. LLC, 8.63%, 01/15/22 | | | | | | | 2,345 | | | | 2,665,307 | |
El Paso Pipeline Partners Operating Co. LLC, 6.50%, 04/01/20(f) | | | | | | | 5,075 | | | | 5,234,958 | |
Enbridge, Inc., 6.25%, 03/01/78(b) | | | | | | | 5,000 | | | | 5,064,600 | |
Endeavor Energy Resources LP/EER Finance, Inc.(a): | | | | | | | | | | | | |
5.50%, 01/30/26 | | | | | | | 1,978 | | | | 2,062,065 | |
5.75%, 01/30/28 | | | | | | | 369 | | | | 392,985 | |
Energy Transfer Operating LP: | | | | | | | | | | | | |
7.50%, 10/15/20 | | | | | | | 598 | | | | 636,015 | |
5.20%, 02/01/22(f) | | | | | | | 10,200 | | | | 10,720,819 | |
4.25%, 03/15/23 | | | | | | | 553 | | | | 566,988 | |
5.88%, 01/15/24 | | | | | | | 3,366 | | | | 3,674,225 | |
5.50%, 06/01/27 | | | | | | | 406 | | | | 441,128 | |
6.13%, 12/15/45 | | | | | | | 3,579 | | | | 3,913,182 | |
EnLink Midstream LLC, 5.38%, 06/01/29 | | | | | | | 188 | | | | 188,713 | |
EnLink Midstream Partners LP: | | | | | | | | | | | | |
4.40%, 04/01/24 | | | | | | | 613 | | | | 608,403 | |
4.15%, 06/01/25 | | | | | | | 66 | | | | 63,525 | |
4.85%, 07/15/26 | | | | | | | 70 | | | | 69,388 | |
5.60%, 04/01/44 | | | | | | | 885 | | | | 797,606 | |
5.05%, 04/01/45 | | | | | | | 774 | | | | 665,640 | |
5.45%, 06/01/47 | | | | | | | 301 | | | | 265,633 | |
Ensco Rowan PLC: | | | | | | | | | | | | |
4.50%, 10/01/24 | | | | | | | 196 | | | | 158,760 | |
7.75%, 02/01/26 | | | | | | | 409 | | | | 353,785 | |
5.75%, 10/01/44 | | | | | | | 512 | | | | 336,640 | |
Enterprise Products Operating LLC: | | | | | | | | | | | | |
4.90%, 05/15/46(f) | | | | | | | 5,375 | | | | 5,776,875 | |
Series E, 5.25%, 08/16/77(b) | | | | | | | 4,800 | | | | 4,588,416 | |
Extraction Oil & Gas, Inc.(a): | | | | | | | | | | | | |
7.38%, 05/15/24 | | | | | | | 222 | | | | 199,800 | |
5.63%, 02/01/26 | | | | | | | 1,242 | | | | 1,018,440 | |
Gulfport Energy Corp.: | | | | | | | | | | | | |
6.00%, 10/15/24 | | | | | | | 650 | | | | 569,972 | |
6.38%, 01/15/26 | | | | | | | 314 | | | | 270,825 | |
Hess Corp., 5.80%, 04/01/47 | | | | | | | 5,000 | | | | 5,410,854 | |
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26(a) | | | | | | | 515 | | | | 526,588 | |
Indigo Natural Resources LLC, 6.88%, 02/15/26(a) | | | | | | | 803 | | | | 744,783 | |
Kinder Morgan Energy Partners LP: | | | | | | | | | | | | |
6.85%, 02/15/20(f) | | | | | | | 12,000 | | | | 12,358,106 | |
4.25%, 09/01/24 | | | | | | | 2,170 | | | | 2,262,870 | |
5.40%, 09/01/44 | | | | | | | 3,615 | | | | 3,771,538 | |
Marathon Petroleum Corp.(a): | | | | | | | | | | | | |
4.75%, 12/15/23 | | | | | | | 1,230 | | | | 1,296,395 | |
5.13%, 12/15/26 | | | | | | | 937 | | | | 1,012,604 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Oil, Gas & Consumable Fuels (continued) | |
Matador Resources Co., 5.88%, 09/15/26 | | | USD | | | | 924 | | | $ | 930,930 | |
MEG Energy Corp., 6.50%, 01/15/25(a) | | | | | | | 2,244 | | | | 2,255,220 | |
Midcontinent Express Pipeline LLC, 6.70%, 09/15/19(a) | | | | | | | 3,500 | | | | 3,530,629 | |
MPLX LP: | | | | | | | | | | | | |
4.13%, 03/01/27 | | | | | | | 825 | | | | 833,972 | |
5.20%, 03/01/47 | | | | | | | 3,500 | | | | 3,604,447 | |
4.70%, 04/15/48(f) | | | | | | | 5,000 | | | | 4,821,244 | |
5.50%, 02/15/49 | | | | | | | 2,640 | | | | 2,849,837 | |
Murphy Oil Corp.: | | | | | | | | | | | | |
5.75%, 08/15/25 | | | | | | | 470 | | | | 482,909 | |
7.05%, 05/01/29 | | | | | | | 74 | | | | 80,710 | |
5.88%, 12/01/42 | | | | | | | 478 | | | | 426,739 | |
Nabors Industries, Inc.: | | | | | | | | | | | | |
4.63%, 09/15/21 | | | | | | | 1,044 | | | | 1,040,085 | |
5.75%, 02/01/25 | | | | | | | 344 | | | | 313,040 | |
Nexen, Inc., 6.40%, 05/15/37 | | | | | | | 2,000 | | | | 2,537,350 | |
NGPL PipeCo LLC(a): | | | | | | | | | | | | |
4.88%, 08/15/27 | | | | | | | 1,709 | | | | 1,764,542 | |
7.77%, 12/15/37 | | | | | | | 1,117 | | | | 1,371,118 | |
Noble Energy, Inc., 5.05%, 11/15/44 | | | | | | | 3,500 | | | | 3,615,260 | |
Noble Holding International Ltd.: | | | | | | | | | | | | |
7.75%, 01/15/24 | | | | | | | 157 | | | | 142,478 | |
7.88%, 02/01/26(a) | | | | | | | 1,607 | | | | 1,554,772 | |
5.25%, 03/15/42 | | | | | | | 118 | | | | 72,865 | |
Northern Oil and Gas, Inc., (8.50% Cash or 1.00% PIK), 9.50%, 05/15/23(a)(l) | | | | | | | 715 | | | | 750,429 | |
Oasis Petroleum, Inc.: | | | | | | | | | | | | |
6.88%, 03/15/22 | | | | | | | 515 | | | | 516,931 | |
6.88%, 01/15/23 | | | | | | | 609 | | | | 609,000 | |
6.25%, 05/01/26(a) | | | | | | | 88 | | | | 84,920 | |
Pacific Drilling SA, 8.38%, 10/01/23(a) | | | | | | | 2,003 | | | | 2,058,082 | |
Parsley Energy LLC/Parsley Finance Corp.(a): | | | | | | | | | | | | |
6.25%, 06/01/24 | | | | | | | 228 | | | | 236,550 | |
5.25%, 08/15/25 | | | | | | | 598 | | | | 603,233 | |
5.63%, 10/15/27 | | | | | | | 1,300 | | | | 1,329,250 | |
Petroleos Mexicanos: | | | | | | | | | | | | |
3.50%, 01/30/23(f) | | | | | | | 5,000 | | | | 4,808,000 | |
4.63%, 09/21/23 | | | | | | | 3,965 | | | | 3,940,219 | |
4.88%, 01/18/24(f) | | | | | | | 2,000 | | | | 1,989,800 | |
Plains All American Pipeline LP, Series B, 6.13%(b)(h) | | | | | | | 2,215 | | | | 2,120,862 | |
Plains All American Pipeline LP/PAA Finance Corp.: | | | | | | | | | | | | |
4.70%, 06/15/44 | | | | | | | 1,498 | | | | 1,411,124 | |
4.90%, 02/15/45 | | | | | | | 2,102 | | | | 2,023,839 | |
Precision Drilling Corp.: | | | | | | | | | | | | |
5.25%, 11/15/24 | | | | | | | 45 | | | | 42,638 | |
7.13%, 01/15/26(a) | | | | | | | 333 | | | | 334,665 | |
QEP Resources, Inc.: | | | | | | | | | | | | |
6.88%, 03/01/21 | | | | | | | 133 | | | | 137,323 | |
5.38%, 10/01/22 | | | | | | | 1,927 | | | | 1,895,686 | |
5.25%, 05/01/23 | | | | | | | 63 | | | | 61,268 | |
5.63%, 03/01/26 | | | | | | | 1,153 | | | | 1,079,992 | |
Range Resources Corp.: | | | | | | | | | | | | |
5.00%, 08/15/22 | | | | | | | 94 | | | | 93,060 | |
4.88%, 05/15/25 | | | | | | | 113 | | | | 104,101 | |
Rockies Express Pipeline LLC(a): | | | | | | | | | | | | |
5.63%, 04/15/20 | | | | | | | 295 | | | | 301,593 | |
6.88%, 04/15/40 | | | | | | | 580 | | | | 630,750 | |
Rowan Cos., Inc., 4.88%, 06/01/22 | | | | | | | 1,446 | | | | 1,397,198 | |
Sabine Pass Liquefaction LLC: | | | | | | | | | | | | |
5.63%, 02/01/21 | | | | | | | 405 | | | | 420,196 | |
5.63%, 04/15/23(f) | | | | | | | 10,510 | | | | 11,337,583 | |
5.75%, 05/15/24 | | | | | | | 2,575 | | | | 2,825,830 | |
5.88%, 06/30/26 | | | | | | | 1,481 | | | | 1,649,633 | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 21 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Oil, Gas & Consumable Fuels (continued) | |
Seven Generations Energy Ltd., 5.38%, 09/30/25(a) | | | USD | | | | 14 | | | $ | 13,580 | |
SM Energy Co.: | | | | | | | | | | | | |
6.13%, 11/15/22 | | | | | | | 44 | | | | 44,440 | |
5.00%, 01/15/24 | | | | | | | 368 | | | | 344,770 | |
5.63%, 06/01/25(f) | | | | | | | 484 | | | | 453,145 | |
6.75%, 09/15/26(f) | | | | | | | 284 | | | | 271,930 | |
Southwestern Energy Co.: | | | | | | | | | | | | |
6.20%, 01/23/25 | | | | | | | 725 | | | | 712,769 | |
7.50%, 04/01/26 | | | | | | | 170 | | | | 172,550 | |
7.75%, 10/01/27 | | | | | | | 58 | | | | 58,725 | |
Sunoco LP/Sunoco Finance Corp.: | | | | | | | | | | | | |
4.88%, 01/15/23 | | | | | | | 989 | | | | 1,005,071 | |
5.88%, 03/15/28 | | | | | | | 317 | | | | 324,925 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a): | | | | | | | | | | | | |
5.50%, 09/15/24 | | | | | | | 284 | | | | 292,520 | |
5.50%, 01/15/28 | | | | | | | 1,314 | | | | 1,338,638 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | | | | | | | | | | | | |
5.25%, 05/01/23 | | | | | | | 37 | | | | 37,463 | |
6.75%, 03/15/24 | | | | | | | 184 | | | | 192,050 | |
5.13%, 02/01/25 | | | | | | | 136 | | | | 139,060 | |
5.88%, 04/15/26 | | | | | | | 669 | | | | 704,332 | |
5.38%, 02/01/27 | | | | | | | 39 | | | | 39,585 | |
6.50%, 07/15/27(a) | | | | | | | 770 | | | | 824,863 | |
5.00%, 01/15/28 | | | | | | | 1,213 | | | | 1,191,724 | |
6.88%, 01/15/29(a) | | | | | | | 1,823 | | | | 1,968,840 | |
TransCanada PipeLines Ltd.: | | | | | | | | | | | | |
4.88%, 01/15/26(f) | | | | | | | 4,485 | | | | 4,829,471 | |
4.88%, 05/15/48 | | | | | | | 4,000 | | | | 4,179,968 | |
TransCanada Trust(3 mo. LIBOR US + 3.53%),
5.63%, 05/20/75(g) | | | | | | | 2,755 | | | | 2,748,663 | |
Transocean Pontus Ltd., 6.13%, 08/01/25(a) | | | | | | | 727 | | | | 744,873 | |
Transocean Poseidon Ltd., 6.88%, 02/01/27(a) | | | | | | | 1,249 | | | | 1,330,185 | |
Transocean, Inc.(a): | | | | | | | | | | | | |
9.00%, 07/15/23 | | | | | | | 1,237 | | | | 1,323,590 | |
7.25%, 11/01/25 | | | | | | | 754 | | | | 746,460 | |
7.50%, 01/15/26 | | | | | | | 1,216 | | | | 1,197,760 | |
Weatherford International Ltd.: | | | | | | | | | | | | |
5.13%, 09/15/20(f) | | | | | | | 170 | | | | 139,400 | |
6.50%, 08/01/36 | | | | | | | 521 | | | | 328,230 | |
Western Midstream Operating LP, 5.38%, 06/01/21 | | | | | | | 5,125 | | | | 5,324,172 | |
Whiting Petroleum Corp., 6.63%, 01/15/26 | | | | | | | 765 | | | | 763,814 | |
Williams Cos., Inc.: | | | | | | | | | | | | |
3.70%, 01/15/23 | | | | | | | 2,245 | | | | 2,282,706 | |
4.55%, 06/24/24 | | | | | | | 527 | | | | 555,442 | |
8.75%, 03/15/32 | | | | | | | 2,478 | | | | 3,464,379 | |
5.10%, 09/15/45(f) | | | | | | | 5,075 | | | | 5,200,588 | |
WPX Energy, Inc.: | | | | | | | | | | | | |
6.00%, 01/15/22 | | | | | | | 72 | | | | 74,880 | |
8.25%, 08/01/23 | | | | | | | 811 | | | | 925,554 | |
5.25%, 09/15/24 | | | | | | | 22 | | | | 22,715 | |
5.75%, 06/01/26 | | | | | | | 428 | | | | 442,445 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 251,834,526 | |
|
| Paper & Forest Products — 1.8% | |
International Paper Co.(f): | | | | | | | | | | | | |
7.50%, 08/15/21 | | | | | | | 7,209 | | | | 7,965,020 | |
8.70%, 06/15/38 | | | | | | | 4,000 | | | | 5,525,403 | |
7.30%, 11/15/39 | | | | | | | 10,000 | | | | 12,571,664 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 26,062,087 | |
|
| Personal Products — 0.0% | |
Coty, Inc., 6.50%, 04/15/26(a) | | | | | | | 302 | | | | 297,848 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Pharmaceuticals — 4.3% | |
Abbott Laboratories, 4.90%, 11/30/46(f) | | | USD | | | | 5,500 | | | $ | 6,269,732 | |
AbbVie, Inc., 4.70%, 05/14/45(f) | | | | | | | 3,255 | | | | 3,117,853 | |
Allergan Funding SCS, 4.75%, 03/15/45 | | | | | | | 5,485 | | | | 5,359,138 | |
Allergan Sales LLC, 5.00%, 12/15/21(a) | | | | | | | 1,631 | | | | 1,699,027 | |
Allergan, Inc., 2.80%, 03/15/23 | | | | | | | 3,000 | | | | 2,937,056 | |
Bausch Health Americas, Inc.(a): | | | | | | | | | | | | |
8.50%, 01/31/27 | | | | | | | 1,804 | | | | 1,965,232 | |
9.25%, 04/01/26 | | | | | | | 176 | | | | 195,800 | |
Bausch Health Cos., Inc.(a): | | | | | | | | | | | | |
5.50%, 03/01/23 | | | | | | | 2,365 | | | | 2,373,869 | |
5.88%, 05/15/23 | | | | | | | 1,153 | | | | 1,161,878 | |
7.00%, 03/15/24 | | | | | | | 1,303 | | | | 1,373,036 | |
6.13%, 04/15/25 | | | | | | | 152 | | | | 153,710 | |
5.50%, 11/01/25 | | | | | | | 2,306 | | | | 2,360,053 | |
9.00%, 12/15/25 | | | | | | | 1,684 | | | | 1,865,030 | |
5.75%, 08/15/27 | | | | | | | 326 | | | | 339,692 | |
Bayer US Finance II LLC, 4.88%, 06/25/48(a) | | | | | | | 7,500 | | | | 7,255,251 | |
Charles River Laboratories International, Inc.,
5.50%, 04/01/26(a) | | | | | | | 806 | | | | 843,277 | |
CVS Health Corp.: | | | | | | | | | | | | |
4.75%, 12/01/22 | | | | | | | 289 | | | | 303,302 | |
5.00%, 12/01/24 | | | | | | | 183 | | | | 194,672 | |
5.13%, 07/20/45 | | | | | | | 3,879 | | | | 3,856,110 | |
5.05%, 03/25/48(f) | | | | | | | 8,205 | | | | 8,095,937 | |
Elanco Animal Health, Inc., 4.90%, 08/28/28(a) | | | | | | | 447 | | | | 473,623 | |
Endo DAC/Endo Finance LLC/Endo Finco, Inc.,
6.00%, 07/15/23(a) | | | | | | | 279 | | | | 227,385 | |
Merck & Co., Inc., 6.50%, 12/01/33(f) | | | | | | | 6,420 | | | | 8,598,728 | |
Par Pharmaceutical, Inc., 7.50%, 04/01/27(a) | | | | | | | 2,134 | | | | 2,213,598 | |
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24(a) | | | | | | | 297 | | | | 311,108 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 63,544,097 | |
|
| Real Estate Management & Development — 0.3% | |
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(a) | | | | | | | 460 | | | | 462,300 | |
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29(a)(f) | | | | | | | 4,485 | | | | 4,383,610 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,845,910 | |
|
| Road & Rail — 1.2% | |
Norfolk Southern Corp., 6.00%, 03/15/05(f) | | | | | | | 12,700 | | | | 14,745,123 | |
United Rentals North America, Inc.: | | | | | | | | | | | | |
4.63%, 07/15/23 | | | | | | | 1,616 | | | | 1,642,260 | |
5.88%, 09/15/26 | | | | | | | 400 | | | | 418,000 | |
5.25%, 01/15/30(c) | | | | | | | 752 | | | | 755,760 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,561,143 | |
|
| Semiconductors & Semiconductor Equipment — 1.1% | |
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27(f) | | | | | | | 7,500 | | | | 7,156,876 | |
Lam Research Corp., 4.88%, 03/15/49 | | | | | | | 875 | | | | 944,195 | |
NXP BV/NXP Funding LLC, 4.63%, 06/15/22(a) | | | | | | | 490 | | | | 509,061 | |
QUALCOMM, Inc.: | | | | | | | | | | | | |
3.25%, 05/20/27(f) | | | | | | | 2,500 | | | | 2,485,860 | |
4.30%, 05/20/47 | | | | | | | 3,500 | | | | 3,538,967 | |
Sensata Technologies BV(a): | | | | | | | | | | | | |
5.63%, 11/01/24 | | | | | | | 695 | | | | 738,438 | |
5.00%, 10/01/25 | | | | | | | 772 | | | | 791,300 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 16,164,697 | |
|
| Software — 1.1% | |
CDK Global, Inc.: | | | | | | | | | | | | |
5.88%, 06/15/26 | | | | | | | 378 | | | | 397,845 | |
4.88%, 06/01/27 | | | | | | | 1,350 | | | | 1,363,500 | |
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24(a) | | | | | | | 1,424 | | | | 1,559,066 | |
| | |
| 22 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Software (continued) | |
Infor US, Inc., 6.50%, 05/15/22 | | | USD | | | | 8,723 | | | $ | 8,878,357 | |
Informatica LLC, 7.13%, 07/15/23(a) | | | | | | | 1,599 | | | | 1,634,977 | |
PTC, Inc., 6.00%, 05/15/24 | | | | | | | 313 | | | | 327,868 | |
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(a) | | | | | | | 2,176 | | | | 2,360,960 | |
Sophia LP/Sophia Finance, Inc., 9.00%, 09/30/23(a) | | | | | | | 480 | | | | 498,000 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 17,020,573 | |
|
| Specialty Retail — 0.5% | |
L Brands, Inc.: | | | | | | | | | | | | |
7.00%, 05/01/20 | | | | | | | 3,050 | | | | 3,156,750 | |
6.88%, 11/01/35(f) | | | | | | | 1,119 | | | | 993,112 | |
Penske Automotive Group, Inc., 5.50%, 05/15/26 | | | | | | | 1,160 | | | | 1,157,100 | |
Staples, Inc., 7.50%, 04/15/26(a) | | | | | | | 2,426 | | | | 2,430,549 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,737,511 | |
|
| Technology Hardware, Storage & Peripherals — 0.4% | |
Dell International LLC/EMC Corp.(a): | | | | | | | | | | | | |
5.88%, 06/15/21 | | | | | | | 615 | | | | 626,305 | |
7.13%, 06/15/24 | | | | | | | 1,800 | | | | 1,904,285 | |
8.35%, 07/15/46 | | | | | | | 2,355 | | | | 2,898,487 | |
Western Digital Corp., 4.75%, 02/15/26 | | | | | | | 1,104 | | | | 1,065,360 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,494,437 | |
|
| Textiles, Apparel & Luxury Goods — 0.1% | |
Levi Strauss & Co., 5.00%, 05/01/25 | | | | | | | 699 | | | | 718,222 | |
William Carter Co., 5.63%, 03/15/27(a) | | | | | | | 365 | | | | 377,319 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,095,541 | |
|
| Thrifts & Mortgage Finance — 0.1% | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(a): | | | | | | | | | | | | |
5.25%, 03/15/22 | | | | | | | 480 | | | | 492,000 | |
5.25%, 10/01/25 | | | | | | | 268 | | | | 266,995 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 758,995 | |
|
| Tobacco — 2.1% | |
Altria Group, Inc., 10.20%, 02/06/39(f) | | | | | | | 13,392 | | | | 19,661,534 | |
BAT Capital Corp., 4.54%, 08/15/47(f) | | | | | | | 8,000 | | | | 7,142,508 | |
Reynolds American, Inc.: | | | | | | | | | | | | |
4.85%, 09/15/23 | | | | | | | 1,120 | | | | 1,179,927 | |
5.85%, 08/15/45 | | | | | | | 2,335 | | | | 2,415,462 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 30,399,431 | |
|
| Trading Companies & Distributors — 0.2% | |
Doric Nimrod Air Alpha Ltd. Pass- Through Trust,Series 2013-1(a): | | | | | | | | | | | | |
Class A, 5.25%, 05/30/23 | | | | | | | 1,575 | | | | 1,605,055 | |
Class B, 6.13%, 11/30/21 | | | | | | | 758 | | | | 762,252 | |
| | | | | | | | |
| | | | | | | | | | | 2,367,307 | |
| | | |
| Transportation Infrastructure — 0.7% | | | | | | | | | |
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.88%, 07/11/22(a)(f) | | | | | | | 10,500 | | | | 11,023,819 | |
| | | | | | | | |
| | | |
| Utilities — 0.1% | | | | | | | | | |
Vistra Operations Co. LLC(a): | | | | | | | | | | | | |
5.50%, 09/01/26 | | | | | | | 70 | | | | 72,100 | |
5.63%, 02/15/27 | | | | | | | 812 | | | | 833,315 | |
| | | | | | | | |
| | | | | | | | | | | 905,415 | |
| | | |
| Wireless Telecommunication Services — 1.9% | | | | | | | | | |
Crown Castle International Corp.: | | | | | | | | | | | | |
4.88%, 04/15/22 | | | | | | | 2,500 | | | | 2,635,464 | |
3.65%, 09/01/27(f) | | | | | | | 8,000 | | | | 7,926,508 | |
CyrusOne LP/CyrusOne Finance Corp., 5.38%, 03/15/27 | | | | | | | 129 | | | | 133,515 | |
Digicel Group Two Ltd., 8.25%, 09/30/22(a) | | | | | | | 98 | | | | 37,913 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Wireless Telecommunication Services (continued) | | | | | | | | | |
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24(a) | | | USD | | | | 835 | | | $ | 833,180 | |
Digicel Ltd., 6.00%, 04/15/21(a)(f) | | | | | | | 628 | | | | 551,384 | |
SBA Communications Corp.: | | | | | | | | | | | | |
4.00%, 10/01/22 | | | | | | | 1,045 | | | | 1,050,225 | |
4.88%, 09/01/24 | | | | | | | 2,995 | | | | 3,041,834 | |
Sprint Communications, Inc., 7.00%, 03/01/20(a) | | | | | | | 389 | | | | 399,698 | |
Sprint Corp.: | | | | | | | | | | | | |
7.88%, 09/15/23 | | | | | | | 1,725 | | | | 1,796,932 | |
7.13%, 06/15/24 | | | | | | | 3,442 | | | | 3,449,529 | |
7.63%, 02/15/25 | | | | | | | 36 | | | | 36,360 | |
7.63%, 03/01/26 | | | | | | | 3,112 | | | | 3,112,000 | |
T-Mobile USA, Inc.: | | | | | | | | | | | | |
6.50%, 01/15/26 | | | | | | | 960 | | | | 1,026,912 | |
4.50%, 02/01/26 | | | | | | | 815 | | | | 818,390 | |
4.75%, 02/01/28 | | | | | | | 1,644 | | | | 1,658,385 | |
| | | | | | | | |
| | | | | | | | | | | 28,508,229 | |
| | | | | | | | |
| |
Total Corporate Bonds — 104.6%
(Cost — $1,472,863,354) | | | | 1,547,471,335 | |
| | | | | | | | |
|
Foreign Agency Obligations — 2.0% | |
Brazilian Government International Bond, 5.00%, 01/27/45 | | | | | | | 6,525 | | | | 5,950,800 | |
Colombia Government International Bond, 5.63%, 02/26/44 | | | | | | | 4,000 | | | | 4,482,000 | |
Indonesia Government International Bond, 5.88%, 01/15/24(a) | | | | | | | 4,400 | | | | 4,872,318 | |
Mexico Government International Bond: | | | | | | | | | | | | |
4.75%, 03/08/44 | | | | | | | 5,800 | | | | 5,715,407 | |
4.60%, 02/10/48 | | | | | | | 5,000 | | | | 4,837,500 | |
Uruguay Government International Bond, 5.10%, 06/18/50 | | | | | | | 3,500 | | | | 3,675,000 | |
| | | | | | | | |
| |
Total Foreign Agency Obligations — 2.0%
(Cost — $28,608,201) | | | | 29,533,025 | |
| | | | | | | | |
|
Municipal Bonds — 1.2% | |
Chicago O’Hare International Airport, Refunding ARB, O’Hare International Airport, General 3rd Lien, Build America Bonds, Series B, 6.85%, 01/01/38 | | | | | | | 5,000 | | | | 5,125,050 | |
Metropolitan Transportation Authority, RB, Build America Bonds,Series B-1, 6.55%, 11/15/31 | | | | | | | 10,000 | | | | 12,379,100 | |
| | | | | | | | |
| |
Total Municipal Bonds — 1.2%
(Cost — $14,840,431) | | | | 17,504,150 | |
| | | | | | | | |
|
Preferred Securities — 24.9% | |
|
Capital Trusts — 22.6% | |
| | | |
| Banks — 6.7% | | | | | | | | | |
Barclays PLC, 8.00%(b)(h) | | | | | | | 4,500 | | | | 4,744,620 | |
BNP Paribas SA(a)(g)(h): | | | | | | | | | | | | |
7.20% | | | | | | | 5,000 | | | | 5,300,000 | |
7.38% | | | | | | | 4,535 | | | | 4,903,469 | |
Capital One Financial Corp., Series E, 5.55%(g)(h) | | | | | | | 5,000 | | | | 5,093,750 | |
CIT Group, Inc., Series A, 5.80%(g)(h) | | | | | | | 3,000 | | | | 3,011,250 | |
Citigroup, Inc., 5.90%(g)(h) | | | | | | | 2,210 | | | | 2,284,698 | |
Credit Suisse Group AG(a)(g)(h): | | | | | | | | | | | | |
6.25% | | | | | | | 7,255 | | | | 7,403,321 | |
7.50% | | | | | | | 3,250 | | | | 3,481,562 | |
HSBC Capital Funding LP, 10.18%(a)(f)(g)(h) | | | | | | | 11,835 | | | | 17,722,912 | |
Lloyds Banking Group PLC, 7.50%(b)(h) | | | | | | | 8,285 | | | | 8,597,759 | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 23 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Banks (continued) | | | | | | | | | |
Macquarie Bank Ltd., 6.13%(a)(g)(h) | | | USD | | | | 1,885 | | | $ | 1,797,819 | |
Nordea Bank AB, 6.13%(a)(g)(h) | | | | | | | 5,540 | | | | 5,470,750 | |
U.S. Bancorp, Series J, 5.30%(f)(g)(h) | | | | | | | 10,415 | | | | 10,831,600 | |
Wells Fargo & Co.(g)(h): | | | | | | | | | | | | |
Series K, 6.38% | | | | | | | 809 | | | | 813,045 | |
Series Q, 5.85% | | | | | | | 551 | | | | 14,478,150 | |
Series S, 5.90% | | | | | | | 281 | | | | 291,959 | |
Series U, 5.88% | | | | | | | 2,655 | | | | 2,867,400 | |
| | | | | | | | |
| | | | | | | | | | | 99,094,064 | |
| | | |
| Capital Markets — 2.7% | | | | | | | | | |
Charles Schwab Corp., Series E, 4.63%(f)(g)(h) | | | | | | | 6,805 | | | | 6,798,808 | |
Goldman Sachs Group, Inc., Series L, 5.70%(g)(h) | | | | | | | 2,950 | | | | 2,957,375 | |
Morgan Stanley, Series H, 5.45%(g)(h) | | | | | | | 8,675 | | | | 8,685,844 | |
State Street Corp. : | | | | | | | | | | | | |
3.61%, 06/01/77(d)(f) | | | | | | | 17,845 | | | | 14,097,550 | |
Series D, 5.90%(g)(h) | | | | | | | 220 | | | | 5,803,428 | |
Series F, 5.25%(g)(h) | | | | | | | 1,855 | | | | 1,892,100 | |
| | | | | | | | |
| | | | | | | | | | | 40,235,105 | |
| | | |
| Commercial Services & Supplies — 0.4% | | | | | | | | | |
AerCap Global Aviation Trust, 6.50%, 06/15/45(a)(g) | | | | | | | 5,000 | | | | 5,100,000 | |
| | | | | | | | |
| | | |
| Consumer Finance — 0.3% | | | | | | | | | |
American Express Co., Series C, 4.90%(g)(h) | | | | | | | 4,510 | | | | 4,523,846 | |
| | | | | | | | |
| | | |
| Diversified Financial Services — 5.9% | | | | | | | | | |
Bank of America Corp.(g)(h): | | | | | | | | | | | | |
Series AA, 6.10% | | | | | | | 8,630 | | | | 9,255,675 | |
Series U, 5.20%(f) | | | | | | | 5,785 | | | | 5,893,295 | |
Barclays PLC, 6.63%(g)(h) | | | | | | | 3,135 | | | | 3,146,110 | |
BNP Paribas SA, 6.75%(a)(g)(h) | | | | | | | 5,000 | | | | 5,168,750 | |
Credit Agricole SA, 8.13%(a)(g)(h) | | | | | | | 5,000 | | | | 5,693,050 | |
Credit Suisse Group AG, 7.50%(a)(b)(h) | | | | | | | 1,865 | | | | 1,965,188 | |
HSBC Holdings PLC(h): | | | | | | | | | | | | |
6.00%(g) | | | | | | | 1,550 | | | | 1,552,914 | |
6.50%(b) | | | | | | | 2,615 | | | | 2,660,763 | |
JPMorgan Chase & Co. : | | | | | | | | | | | | |
8.75%, 09/01/30 | | | | | | | 2,000 | | | | 2,769,877 | |
Series 1, 6.05%(g)(h) | | | | | | | 2,618 | | | | 2,629,964 | |
Series Q, 5.15%(g)(h) | | | | | | | 4,000 | | | | 4,054,940 | |
Series R, 6.00%(f)(g)(h) | | | | | | | 14,130 | | | | 14,836,500 | |
Series S, 6.75%(f)(g)(h) | | | | | | | 9,775 | | | | 10,828,843 | |
Royal Bank of Scotland Group PLC(g)(h): | | | | | | | | | | | | |
8.00% | | | | | | | 970 | | | | 1,056,088 | |
8.63% | | | | | | | 5,135 | | | | 5,520,125 | |
Societe Generale SA, 7.38%(a)(g)(h) | | | | | | | 1,980 | | | | 2,059,200 | |
UBS Group Funding Switzerland AG, 7.00%(a)(b)(h) | | | | | | | 7,500 | | | | 7,818,525 | |
| | | | | | | | |
| | | | | | | | | | | 86,909,807 | |
| | | |
| Electric Utilities — 0.5% | | | | | | | | | |
PPL Capital Funding, Inc., Series A, 5.27%, 03/30/67(g) | | | | | | | 8,300 | | | | 7,616,080 | |
| | | | | | | | |
|
| Equity Real Estate Investment Trusts (REITs) — 0.5% | |
Sovereign Real Estate Investment Trust, 12.00%(a)(h) | | | | | | | 7 | | | | 7,595,000 | |
| | | | | | | | |
| | | |
| Insurance — 2.7% | | | | | | | | | |
ACE Capital Trust II, 9.70%, 04/01/30(f) | | | | | | | 7,000 | | | | 9,660,000 | |
Allstate Corp., Series B, 5.75%, 08/15/53(g) | | | | | | | 5,000 | | | | 5,150,000 | |
American International Group, Inc., 8.18%, 05/15/68(g) | | | | | | | 3,755 | | | | 4,552,938 | |
Equitable of Iowa Cos. Capital Trust II, Series B, 8.42%, 04/01/27 | | | | | | | 5,000 | | | | 5,539,460 | |
Farmers Exchange Capital II, 6.15%, 11/01/53(a)(g) | | | | | | | 4,890 | | | | 5,229,670 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Insurance (continued) | | | | | | | | | |
MetLife, Inc., 6.40%, 12/15/66 | | | USD | | | | 5,000 | | | $ | 5,533,100 | |
Principal Financial Group, Inc., 4.70%, 05/15/55(g) | | | | | | | 5,000 | | | | 4,929,850 | |
| | | | | | | | |
| | | | | | | | | | | 40,595,018 | |
| | | |
| Media — 0.1% | | | | | | | | | |
Viacom, Inc., 5.88%, 02/28/57(g) | | | | | | | 2,111 | | | | 2,126,832 | |
| | | | | | | | |
|
| Oil, Gas & Consumable Fuels — 0.9% | |
Enbridge, Inc.,Series 16-A, 6.00%, 01/15/77(g) | | | | | | | 5,880 | | | | 5,887,056 | |
Energy Transfer Partners LP, Series B, 6.63%(b)(h) | | | | | | | 5,000 | | | | 4,750,000 | |
Enterprise Products Operating LLC, 5.40%, 06/01/67(f)(g) | | | | | | | 2,500 | | | | 2,312,500 | |
| | | | | | | | |
| | | | | | | | | | | 12,949,556 | |
| | | |
| Road & Rail — 0.5% | | | | | | | | | |
BNSF Funding Trust I, 6.61%, 12/15/55(g) | | | | | | | 6,125 | | | | 6,615,000 | |
| | | | | | | | |
|
| Wireless Telecommunication Services — 1.4% | |
Centaur Funding Corp., 9.08%(a) | | | | | | | 15 | | | | 15,975,865 | |
Vodafone Group PLC, 7.00%, 04/04/79(b) | | | | | | | 4,745 | | | | 4,982,909 | |
| | | | | | | | |
| | | | | | | | | | | 20,958,774 | |
| | | | | | | | |
| |
Total Capital Trusts — 22.6%
(Cost — $326,469,532) | | | | 334,319,082 | |
| | | | | | | | |
| | | |
| | | | | | Shares | | | | |
| | | |
| Preferred Stocks — 1.8% | | | | | | | | | |
| | | |
| Banks — 0.9% | | | | | | | | | |
Citigroup, Inc., Series K, 6.88%(g)(h) | | | | | | | 488,320 | | | | 13,536,230 | |
| | | | | | | | |
| | | |
| Capital Markets — 0.3% | | | | | | | | | |
Goldman Sachs Group, Inc., Series J, 5.50%(g)(h) | | | | | | | 162,450 | | | | 4,223,700 | |
| | | | | | | | |
| | | |
| Electric Utilities — 0.1% | | | | | | | | | |
Entergy Louisiana LLC, 5.25% | | | | | | | 90,000 | | | | 2,276,100 | |
| | | | | | | | |
| |
| Equity Real Estate Investment Trusts (REITs) — 0.1% | | | | |
Vornado Realty Trust, Series K, 5.70%(h) | | | | | | | 50,000 | | | | 1,263,000 | |
| | | | | | | | |
| | | |
| Media — 0.4% | | | | | | | | | |
NBCUniversal Enterprise, Inc., 5.25%(a)(h) | | | | | | | 5,600,000 | | | | 5,764,248 | |
| | | | | | | | |
| |
Total Preferred Stocks — 1.8%
(Cost — $25,436,903) | | | | 27,063,278 | |
| | | | | | | | |
|
| Trust Preferreds — 0.5% | |
|
| Diversified Financial Services — 0.5% | |
GMAC Capital Trust I, Series 2, 8.47%(g) | | | | | | | 300,141 | | | | 7,893,708 | |
| | | | | | | | |
| |
Total Trust Preferreds — 0.5%
(Cost — $7,299,341) | | | | 7,893,708 | |
| | | | | | | | |
| |
Total Preferred Securities — 24.9%
(Cost — $359,205,776) | | | | 369,276,068 | |
| | | | | | | | |
| | | |
| | | | | | Par
(000) | | | | |
|
U.S. Government Sponsored Agency Securities — 0.3% | |
|
Agency Obligations — 0.3% | |
Fannie Mae, 0.00%, 10/09/19(f)(m) | | | USD | | | | 3,945 | | | | 3,901,733 | |
| | | | | | | | |
| |
Total U.S. Government Sponsored Agency Securities — 0.3%
(Cost — $3,873,163) | | | | 3,901,733 | |
| | | | | | | | |
| |
Total Long-Term Investments — 140.8%
(Cost — $1,997,599,471) | | | | 2,082,633,464 | |
| | | | | | | | |
| | |
| 24 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Shares | | | Value | |
| | | |
Short-Term Securities — 0.7% | | | | | | | | | | | | |
| | | |
BlackRock Liquidity Funds,T-Fund,
Institutional Class, 2.32%(n)(o) | | | | | | | 9,869,338 | | | $ | 9,869,338 | |
| | | | | | | | |
| |
Total Short-Term Securities — 0.7%
(Cost — $9,869,338) | | | | 9,869,338 | |
| | | | | | | | |
| |
Options Purchased — 0.1%
(Cost — $4,251,851) | | | | 1,666,921 | |
| | | | | | | | |
| |
Total Investments Before Options Written — 141.6%
(Cost — $2,011,720,660) | | | | 2,094,169,723 | |
| | | | | | | | |
| |
Options Written — (0.0)%
(Premiums Received — $362,647) | | | | (63,540 | ) |
| | | | | | | | |
| |
Total Investments, Net of Options Written — 141.6%
(Cost — $2,011,358,013) | | | | 2,094,106,183 | |
| |
Liabilities in Excess of Other Assets — (41.6)% | | | | (614,739,251 | ) |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 1,479,366,932 | |
| | | | | | | | |
| (a) | 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. |
| (b) | 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. |
| (c) | When-issued security. |
| (d) | Variable rate security. Rate shown is the rate in effect as of period end. |
| (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) | 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. |
| (h) | Perpetual security with no stated maturity date. |
| (i) | Issuer filed for bankruptcy and/or is in default. |
| (j) | Non-income producing 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) | 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. |
| (n) | Annualized7-day yield as of period end. |
| (o) | During the six months ended April 30, 2019, 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
10/31/18 | | | Net
Activity | | | Shares
Held at
04/30/19 | | | Value at
04/30/19 | | | Income | | | Net
Realized
Gain (Loss) (a) | | | Change in
Unrealized
Appreciation
(Depreciation) | |
BlackRock Liquidity Funds, T-Fund, Institutional Class | | | 7,903,560 | | | | 1,965,778 | | | | 9,869,338 | | | $ | 9,869,338 | | | $ | 124,719 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Includes net capital gain distributions, if applicable. | |
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industrysub-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 industrysub-classifications for reporting ease.
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) |
Deutsche Bank Securities, Inc. | | | 2.33 | % | | | 05/08/18 | | | | Open | | | $ | 3,806,000 | | | $ | 3,885,193 | | | U.S. Government Sponsored Agency Securities | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 6,747,300 | | | | 6,861,028 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 4,440,150 | | | | 4,514,990 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 10,290,000 | | | | 10,463,441 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 12,480,000 | | | | 12,690,354 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 14,340,000 | | | | 14,581,705 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 5,573,125 | | | | 5,667,062 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 5,555,000 | | | | 5,648,631 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 11,730,000 | | | | 11,927,712 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 1,835,000 | | | | 1,865,929 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 10,375,000 | | | | 10,549,874 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 11,880,000 | | | | 12,080,241 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.31 | | | | 09/19/18 | | | | Open | | | | 1,895,000 | | | | 1,922,116 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.31 | | | | 09/19/18 | | | | Open | | | | 4,518,750 | | | | 4,583,410 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/20/18 | | | | Open | | | | 6,656,250 | | | | 6,766,712 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.00 | | | | 09/28/18 | | | | Open | | | | 5,652,923 | | | | 5,749,933 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 09/28/18 | | | | Open | | | | 7,120,000 | | | | 7,234,349 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.75 | | | | 10/01/18 | | | | Open | | | | 4,535,781 | | | | 4,606,943 | | | Corporate Bonds | | Open/Demand |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 25 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) |
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) |
Barclays Capital, Inc. | | | 2.75 | % | | | 10/01/18 | | | | Open | | | $ | 4,700,000 | | | $ | 4,773,738 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.75 | | | | 10/01/18 | | | | Open | | | | 4,337,500 | | | | 4,405,551 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.95 | | | | 10/26/18 | | | | Open | | | | 5,444,000 | | | | 5,519,142 | | | Capital Trusts | | Open/Demand |
Goldman Sachs & Co. LLC | | | 2.40 | | | | 11/06/18 | | | | Open | | | | 4,200,387 | | | | 4,244,256 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 11/15/18 | | | | Open | | | | 6,634,600 | | | | 6,717,378 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 11/15/18 | | | | Open | | | | 5,536,250 | | | | 5,605,324 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 11/15/18 | | | | Open | | | | 3,030,000 | | | | 3,067,804 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 11/15/18 | | | | Open | | | | 8,895,656 | | | | 9,006,644 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 11/15/18 | | | | Open | | | | 4,604,531 | | | | 4,661,980 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 11/15/18 | | | | Open | | | | 14,729,344 | | | | 14,913,117 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 11/15/18 | | | | Open | | | | 9,771,428 | | | | 9,893,342 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 11/15/18 | | | | Open | | | | 4,696,438 | | | | 4,755,033 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.80 | | | | 11/15/18 | | | | Open | | | | 10,050,000 | | | | 10,177,244 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.80 | | | | 11/15/18 | | | | Open | | | | 9,975,000 | | | | 10,101,295 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.82 | | | | 11/15/18 | | | | Open | | | | 9,887,625 | | | | 10,013,725 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.83 | | | | 11/15/18 | | | | Open | | | | 9,384,675 | | | | 9,504,794 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 11/30/18 | | | | Open | | | | 5,925,000 | | | | 5,993,776 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 5,605,500 | | | | 5,664,921 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 3,984,000 | | | | 4,026,233 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 8,800,000 | | | | 8,893,285 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 13,800,000 | | | | 13,946,288 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 3,946,800 | | | | 3,988,638 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 7,736,100 | | | | 7,818,107 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 5,260,000 | | | | 5,315,759 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 7,488,250 | | | | 7,567,630 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 6,636,000 | | | | 6,706,345 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 2,162,500 | | | | 2,185,424 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 4,575,000 | | | | 4,623,498 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 4,912,500 | | | | 4,964,575 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 8,862,425 | | | | 8,956,372 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 3,520,188 | | | | 3,557,503 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 2,775,000 | | | | 2,804,417 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 4,975,000 | | | | 5,027,738 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 7,040,000 | | | | 7,114,628 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 3,294,000 | | | | 3,328,918 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 5,508,750 | | | | 5,567,146 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 16,629,750 | | | | 16,806,035 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 6,930,000 | | | | 7,003,462 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 7,676,875 | | | | 7,758,254 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 3,211,063 | | | | 3,245,102 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 3,810,000 | | | | 3,850,388 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 19,016,640 | | | | 19,218,227 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 0.50 | | | | 12/14/18 | | | | Open | | | | 793,094 | | | | 794,581 | | | Capital Trusts | | Open/Demand |
Barclays Capital, Inc. | | | 1.70 | | | | 12/14/18 | | | | Open | | | | 265,320 | | | | 267,042 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.00 | | | | 12/14/18 | | | | Open | | | | 1,011,565 | | | | 1,013,666 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.65 | | | | 12/14/18 | | | | Open | | | | 13,125,000 | | | | 13,254,409 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.65 | | | | 12/14/18 | | | | Open | | | | 13,781,250 | | | | 13,917,129 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.65 | | | | 12/14/18 | | | | Open | | | | 9,506,188 | | | | 9,599,916 | | | Capital Trusts | | Open/Demand |
Barclays Capital, Inc. | | | 2.65 | | | | 12/14/18 | | | | Open | | | | 12,858,300 | | | | 12,985,079 | | | Capital Trusts | | Open/Demand |
Barclays Capital, Inc. | | | 2.65 | | | | 12/14/18 | | | | Open | | | | 15,784,931 | | | | 15,940,566 | | | Capital Trusts | | Open/Demand |
Barclays Capital, Inc. | | | 2.65 | | | | 12/14/18 | | | | Open | | | | 10,632,619 | | | | 10,737,453 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.65 | | | | 12/14/18 | | | | Open | | | | 9,048,031 | | | | 9,137,242 | | | Capital Trusts | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 5,430,000 | | | | 5,487,561 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 2,530,000 | | | | 2,556,819 | | | Capital Trusts | | Open/Demand |
Barclays Capital, Inc. | | | 0.25 | | | | 12/17/18 | | | | Open | | | | 163,905 | | | | 164,058 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 12/17/18 | | | | Open | | | | 2,874,300 | | | | 2,903,621 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/17/18 | | | | Open | | | | 3,577,650 | | | | 3,614,803 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/17/18 | | | | Open | | | | 3,421,875 | | | | 3,457,410 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.75 | | | | 12/18/18 | | | | Open | | | | 2,522,685 | | | | 2,542,922 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.70 | | | | 12/18/18 | | | | Open | | | | 2,957,655 | | | | 2,987,167 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.00 | | | | 12/21/18 | | | | Open | | | | 608,730 | | | | 610,945 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.85 | | | | 12/21/18 | | | | Open | | | | 87,434 | | | | 87,755 | | | Corporate Bonds | | Open/Demand |
| | |
| 26 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) |
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) |
RBC Capital Markets LLC | | | 2.79 | % | | | 12/21/18 | | | | Open | | | $ | 4,085,924 | | | $ | 4,127,407 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/21/18 | | | | Open | | | | 14,240,000 | | | | 14,384,572 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/21/18 | | | | Open | | | | 12,525,000 | | | | 12,652,160 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 12/31/18 | | | | Open | | | | 6,015,000 | | | | 6,071,406 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.75 | | | | 01/08/19 | | | | Open | | | | 4,577,381 | | | | 4,608,024 | | | Capital Trusts | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 01/09/19 | | | | Open | | | | 7,897,312 | | | | 7,933,752 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.00 | | | | 01/11/19 | | | | Open | | | | 421,865 | | | | 423,119 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.25 | | | | 01/11/19 | | | | Open | | | | 141,101 | | | | 141,625 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.75 | | | | 01/16/19 | | | | Open | | | | 235,263 | | | | 236,452 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co. LLC | | | 0.75 | | | | 01/18/19 | | | | Open | | | | 107,859 | | | | 108,081 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.00 | | | | 01/24/19 | | | | Open | | | | 362,415 | | | | 364,348 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co. LLC | | | 0.00 | | | | 02/12/19 | | | | Open | | | | 174,785 | | | | 174,785 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co. LLC | | | 2.50 | | | | 02/12/19 | | | | Open | | | | 755,284 | | | | 759,323 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.75 | | | | 02/13/19 | | | | Open | | | | 287,180 | | | | 288,255 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.75 | | | | 02/13/19 | | | | Open | | | | 5,548,125 | | | | 5,580,759 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.75 | | | | 02/13/19 | | | | Open | | | | 903,750 | | | | 909,066 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 02/14/19 | | | | Open | | | | 1,540,000 | | | | 1,549,071 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.75 | | | | 02/28/19 | | | | Open | | | | 5,580,000 | | | | 5,606,428 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co. LLC | | | 1.00 | | | | 03/05/19 | | | | Open | | | | 783,081 | | | | 784,299 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.75 | | | | 03/08/19 | | | | Open | | | | 5,257,500 | | | | 5,279,187 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets LLC | | | 2.79 | | | | 03/11/19 | | | | Open | | | | 845,880 | | | | 849,223 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 0.00 | | | | 03/15/19 | | | | Open | | | | 538,650 | | | | 538,650 | | | Corporate Bonds | | Open/Demand |
Credit Suisse Securities (USA) LLC | | | (1.00 | ) | | | 03/19/19 | | | | Open | | | | 115,211 | | | | 115,077 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.56 | | | | 03/20/19 | | | | Open | | | | 6,111,000 | | | | 6,129,252 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.50 | | | | 04/03/19 | | | | Open | | | | 3,002,738 | | | | 3,008,368 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.60 | | | | 04/03/19 | | | | Open | | | | 911,985 | | | | 913,763 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.50 | | | | 04/16/19 | | | | Open | | | | 838,810 | | | | 839,626 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 0.50 | | | | 04/17/19 | | | | Open | | | | 481,813 | | | | 481,899 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 04/24/19 | | | | Open | | | | 7,080,000 | | | | 7,083,540 | | | Capital Trusts | | Open/Demand |
RBC Capital Markets LLC | | | 3.05 | | | | 04/30/19 | | | | Open | | | | 8,649,560 | | | | 8,650,293 | | | Corporate Bonds | | Open/Demand |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 630,384,058 | | | $ | 637,544,613 | | | | | |
| | | | | | | | | | | | | |
| | (a) | Certain agreements have no stated maturity and can be terminated by either party at any time. | |
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: | | | | | | | | | | | | | | | | |
U.S. Treasury Ultra Bond | | | 330 | | | | 06/19/19 | | | $ | 54,213 | | | $ | 740,365 | |
2-Year U.S. Treasury Note | | | 423 | | | | 06/28/19 | | | | 90,102 | | | | 267,553 | |
5-Year U.S. Treasury Note | | | 347 | | | | 06/28/19 | | | | 40,127 | | | | 273,286 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1,281,204 | |
| | | | | | | | | | | | | | | | |
Short Contracts: | | | | | | | | | | | | | | | | |
10-Year U.S. Treasury Note | | | 1,717 | | | | 06/19/19 | | | | 212,345 | | | | (1,903,456 | ) |
10-Year U.S. Ultra Long Treasury | | | 331 | | | | 06/19/19 | | | | 43,620 | | | | (517,730 | ) |
Long U.S. Treasury Bond | | | 495 | | | | 06/19/19 | | | | 72,997 | | | | (1,149,044 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | (3,570,230 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | (2,289,026 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 27 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) |
Exchange-Traded Options Purchased
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Exercise
Price | | | Notional
Amount (000) | | | Value | |
| Call | | | | | | | | | | | | | | | | | | | |
SPDR S&P 500 ETF Trust | | | 1,299 | | | | 05/03/19 | | | USD | | | 292.00 | | | USD | | | 38,193 | | | $ | 377,359 | |
iShares Russell 2000 ETF | | | 1,331 | | | | 05/03/19 | | | USD | | | 158.00 | | | USD | | | 21,068 | | | | 169,703 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 547,062 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Put | | | | | | | | | | | | | | | | | | | |
10-Year US Treasury Note | | | 1,730 | | | | 05/24/19 | | | USD | | | 122.50 | | | USD | | | 214 | | | | 162,188 | |
10-Year US Treasury Note | | | 806 | | | | 05/24/19 | | | USD | | | 122.00 | | | USD | | | 100 | | | | 37,781 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | 199,969 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 747,031 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
OTC Interest Rate Swaptions Purchased
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Paid by the Trust | | Received by the Trust | | | | Expiration
Date | | | Exercise
Rate | | | | | | Notional
Amount (000) | | | Value | |
| Description | | Rate | | | Frequency | | Rate | | Frequency | | Counterparty |
| Put | | | | | | | | | | | | | | | | | | | | | | | | | | |
30-Year Interest Rate Swap, 06/08/49 | | | 3.50 | % | | Quarterly | | 3-Month LIBOR, 2.58% | | Semi-Annual | | JPMorgan Chase Bank N.A. | | | 06/06/19 | | | | 3.50 | % | | | USD 22,700 | | | $ | 14 | |
30-Year Interest Rate Swap, 06/08/49 | | | 3.50 | | | Quarterly | | 3-Month LIBOR, 2.58% | | Semi-Annual | | Goldman Sachs Bank USA | | | 06/06/19 | | | | 3.50 | | | | USD 25,330 | | | | 16 | |
10-Year Interest Rate Swap, 08/01/29 | | | 3.24 | | | Quarterly | | 3-Month LIBOR, 2.58% | | Semi-Annual | | Goldman Sachs
International | | | 07/29/19 | | | | 3.24 | | | | USD 34,000 | | | | 3,417 | |
10-Year Interest Rate Swap, 03/20/30 | | | 2.90 | | | Quarterly | | 3-Month LIBOR, 2.58% | | Semi-annual | | Citibank N.A. | | | 03/18/20 | | | | 2.90 | | | | USD 78,000 | | | | 499,470 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | 502,917 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OTC Options Purchased
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | | Expiration
Date | | | Exercise
Price | | | Notional
Amount (000) | | | Value | |
Put | | | | | | | | | | | | | | | | | | | | | | | | |
EUR Currency | | | Goldman Sachs International | | | | 05/10/19 | | | USD | | | 1.12 | | | EUR | | | 129,000 | | | $ | 288,215 | |
EUR Currency | | | BNP Paribas S.A. | | | | 07/25/19 | | | USD | | | 1.10 | | | EUR | | | 38,000 | | | | 128,758 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 416,973 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Exchange-Traded Options Written
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Exercise
Price | | | Notional
Amount (000) | | | Value | |
| Call | | | | | | | | | | | | | | | | | | | |
SPDR S&P 500 ETF Trust | | | 1,299 | | | | 05/03/19 | | | USD | | | 297.00 | | | USD | | | 38,193 | | | $ | (25,330 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
OTC Options Written
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Counterparty | | | Expiration
Date | | | Exercise
Price | | | Notional
Amount (000) | | | Value | |
Put | | | | | | | | | | | | | | | | | | | | | | | | |
EUR Currency | | | Goldman Sachs International | | | | 05/10/19 | | | USD | | | 1.09 | | | EUR | | | 129,000 | | | $ | (2,749 | ) |
EUR Currency | | | BNP Paribas S.A. | | | | 07/25/19 | | | USD | | | 1.08 | | | EUR | | | 38,000 | | | | (35,461 | ) |
| | | | | | | | | | | | | | | | | | | | | | �� | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (38,210 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| 28 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) |
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, 2.58% | | Quarterly | | 1.79% | | Semi-annual | | | N/A | | | | 09/30/19 | | | USD | | | 100,370 | | | $ | (425,874 | ) | | $ | 102 | | | $ | (425,976 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OTC Credit Default Swaps — Buy Protection
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reference Obligation/Index | | Financing
Rate Paid
by the Trust | | | Payment
Frequency | | Counterparty | | Termination
Date | | | Notional
Amount (000) | | | Value | | | Upfront
Premium
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
Prudential Financial, Inc. | | | 1.00 | % | | Quarterly | | Citibank N.A. | | | 06/20/21 | | | USD | | | 1,920 | | | $ | (34,277 | ) | | $ | 12,085 | | | $ | (46,362 | ) |
Prudential Financial, Inc. | | | 1.00 | | | Quarterly | | Goldman Sachs International | | | 06/20/21 | | | USD | | | 1,155 | | | | (20,619 | ) | | | 7,733 | | | | (28,352 | ) |
Prudential Financial, Inc. | | | 1.00 | | | Quarterly | | JPMorgan Chase Bank N.A. | | | 06/20/21 | | | USD | | | 9,500 | | | | (169,598 | ) | | | 52,318 | | | | (221,916 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | (224,494 | ) | | $ | 72,136 | | | $ | (296,630 | ) |
| | | | | | | | | | | | | | | | |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps, OTC Swaps and Options Written
| | | | | | | | | | | | | | | | | | | | |
| | | Swap
Premiums
Paid | | | Swap
Premiums
Received | | | Unrealized
Appreciation | | | Unrealized
Depreciation | | | Value | |
Centrally Cleared Swaps(a) | | $ | 102 | | | $ | — | | | $ | — | | | $ | (425,976 | ) | | $ | — | |
OTC Swaps | | | 72,136 | | | | — | | | | — | | | | (296,630 | ) | | | — | |
Options Written | | | N/A | | | | N/A | | | | 299,107 | | | | — | | | | (63,540 | ) |
| | (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 Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. | |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,281,204 | | | $ | — | | | $ | 1,281,204 | |
Options purchased | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments at value — unaffiliated(b) | | | — | | | | — | | | | 547,062 | | | | 416,973 | | | | 702,886 | | | | | | | | 1,666,921 | |
Swaps — OTC | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on OTC swaps; Swap premiums paid | | | — | | | | 72,136 | | | | — | | | | — | | | | — | | | | — | | | | 72,136 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | 72,136 | | | $ | 547,062 | | | $ | 416,973 | | | $ | 1,984,090 | | | $ | — | | | $ | 3,020,261 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| Liabilities — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 3,570,230 | | | $ | — | | | $ | 3,570,230 | |
Options written | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments at value — unaffiliated | | | — | | | | — | | | | 25,330 | | | | 38,210 | | | | — | | | | — | | | | 63,540 | |
Swaps — centrally cleared | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on centrally cleared swaps(a) | | | — | | | | — | | | | — | | | | — | | | | 425,976 | | | | — | | | | 425,976 | |
Swaps — OTC | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on OTC swaps; Swap premiums received | | | — | | | | 296,630 | | | | — | | | | — | | | | — | | | | — | | | | 296,630 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | 296,630 | | | $ | 25,330 | | | $ | 38,210 | | | $ | 3,996,206 | | | $ | — | | | $ | 4,356,376 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
| | (b) | Includes options purchased at value as reported in the Schedule of Investments. | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 29 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) |
For the six months ended April 30, 2019, 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 | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (6,796,763 | ) | | $ | — | | | $ | (6,796,763 | ) |
Options purchased(a) | | | — | | | | — | | | | (900,776 | ) | | | — | | | | (398,385 | ) | | | — | | | | (1,299,161 | ) |
Options written | | | — | | | | — | | | | 321,530 | | | | — | | | | — | | | | — | | | | 321,530 | |
Swaps | | | — | | | | 1,877,333 | | | | — | | | | — | | | | (396,820 | ) | | | — | | | | 1,480,513 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | 1,877,333 | | | $ | (579,246 | ) | | $ | — | | | $ | (7,591,968 | ) | | $ | — | | | $ | (6,293,881 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | (8,907,048 | ) | | $ | — | | | $ | (8,907,048 | ) |
Options purchased(b) | | | — | | | | — | | | | 304,080 | | | | (543,812 | ) | | | (1,835,987 | ) | | | — | | | | (2,075,719 | ) |
Options written | | | — | | | | — | | | | (31,982 | ) | | | 277,985 | | | | — | | | | — | | | | 246,003 | |
Swaps | | | — | | | | (300,446 | ) | | | — | | | | — | | | | 625,963 | | | | — | | | | 325,517 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | (300,446 | ) | | $ | 272,098 | | | $ | (265,827 | ) | | $ | (10,117,072 | ) | | $ | — | | | $ | (10,411,247 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (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 | | $ | 190,422,668 | |
Average notional value of contracts — short | | $ | 332,824,461 | |
Options: | | | | |
Average market value of option contracts purchased | | $ | 667,442 | |
Average market value of option contracts written | | $ | 34,220 | |
Average notional amount of swaption contracts purchased | | $ | 121,030,000 | |
Credit default swaps: | | | | |
Average notional value — buy protection | | $ | 20,925,000 | |
Average notional value — sell protection | | $ | 50,000,000 | |
Interest rate swaps: | | | | |
Average notional value — receives fixed rate | | $ | 100,370,000 | |
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
TheTrust’s derivative assets and liabilities (by type) were as follows:
| | | | | | | | |
| | | Assets | | | Liabilities | |
Derivative Financial Instruments: | | | | | | | | |
Futures contracts | | $ | 324,163 | | | $ | 748,188 | |
Options | | | 1,666,921 | (a) | | | 63,540 | |
Swaps — Centrally cleared | | | 61,449 | | | | — | |
Swaps — OTC(b) | | | 72,136 | | | | 296,630 | |
| | | | | | | | |
Total derivative assets and liabilities in the Statements of Assets and Liabilities | | $ | 2,124,669 | | | $ | 1,108,358 | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | | (1,132,643 | ) | | | (773,518 | ) |
| | | | | | | | |
Total derivative assets and liabilities subject to an MNA | | $ | 992,026 | | | $ | 334,840 | |
| | | | | | | | |
| | (a) | Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments. | |
| | (b) | 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) |
BNP Paribas S.A. | | $ | 128,758 | | | $ | (35,461 | ) | | $ | — | | | $ | — | | | $ | 93,297 | |
Citibank N.A. | | | 511,555 | | | | (46,362 | ) | | | — | | | | (590,000 | ) | | | (124,807 | ) |
Goldman Sachs Bank USA | | | 16 | | | | — | | | | — | | | | — | | | | 16 | |
Goldman Sachs International | | | 299,365 | | | | (31,101 | ) | | | — | | | | (980,000 | ) | | | (711,736 | ) |
JPMorgan Chase Bank N.A. | | | 52,332 | | | | (52,332 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 992,026 | | | $ | (165,256 | ) | | $ | — | | | $ | (1,570,000 | ) | | $ | (743,230 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | |
| 30 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Credit Allocation Income Trust (BTZ) |
| | | | | | | | | | | | | | | | | | | | |
| 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) | |
BNP Paribas S.A. | | $ | 35,461 | | | $ | (35,461 | ) | | $ | — | | | $ | — | | | $ | — | |
Citibank N.A. | | | 46,362 | | | | (46,362 | ) | | | — | | | | — | | | | — | |
Goldman Sachs International | | | 31,101 | | | | (31,101 | ) | | | — | | | | — | | | | — | |
JPMorgan Chase Bank N.A. | | | 221,916 | | | | (52,332 | ) | | | — | | | | — | | | | 169,584 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 334,840 | | | $ | (165,256 | ) | | $ | — | | | $ | — | | | $ | 169,584 | |
| | | | | | | | | | | | | | | | | | | | |
| | (a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. | |
| | (b) | Excess of collateral received 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. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. | |
Fair Value Hierarchy as of Period End
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 | | $ | — | | | $ | 114,947,153 | | | $ | — | | | $ | 114,947,153 | |
Corporate Bonds | | | — | | | | 1,539,882,217 | | | | 7,589,118 | | | | 1,547,471,335 | |
Foreign Agency Obligations | | | — | | | | 29,533,025 | | | | — | | | | 29,533,025 | |
Municipal Bonds | | | — | | | | 17,504,150 | | | | — | | | | 17,504,150 | |
Preferred Securities | | | 49,474,316 | | | | 319,801,752 | | | | — | | | | 369,276,068 | |
U.S. Government Sponsored Agency Securities | | | — | | | | 3,901,733 | | | | — | | | | 3,901,733 | |
Short-Term Securities | | | 9,869,338 | | | | — | | | | — | | | | 9,869,338 | |
Options Purchased | | | | | | | | | | | | | | | | |
Interest rate contracts | | | 199,969 | | | | 502,917 | | | | — | | | | 702,886 | |
Equity contracts | | | 547,062 | | | | — | | | | — | | | | 547,062 | |
Foreign currency exchange contracts | | | — | | | | 416,973 | | | | — | | | | 416,973 | |
| | | | | | | | | | | | | | | | |
| | $ | 60,090,685 | | | $ | 2,026,489,920 | | | $ | 7,589,118 | | | $ | 2,094,169,723 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Interest rate contracts | | $ | 1,281,204 | | | $ | — | | | $ | — | | | $ | 1,281,204 | |
Liabilities: | | | | | | | | | | | | | | | | |
Foreign currency exchange contracts | | | — | | | | (38,210 | ) | | | — | | | | (38,210 | ) |
Credit contracts | | | — | | | | (296,630 | ) | | | — | | | | (296,630 | ) |
Equity contracts | | | (25,330 | ) | | | — | | | | — | | | | (25,330 | ) |
Interest rate contracts | | | (3,570,230 | ) | | | (425,976 | ) | | | — | | | | (3,996,206 | ) |
| | | | | | | | | | | | | | | | |
| | $ | (2,314,356 | ) | | $ | (760,816 | ) | | $ | — | | | $ | (3,075,172 | ) |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are swaps, futures contracts and options written. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. | |
The Trust may hold 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 $637,544,613 are categorized as Level 2 within the disclosure hierarchy.
See notes to financial statements.
| | | | |
| SCHEDULES OF INVESTMENTS | | | 31 | |
| | |
Schedule of Investments (unaudited) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Shares | | | Value | |
| | | |
Common Stocks — 0.1% | | | | | | | | | | | | |
| | | |
Auto Components — 0.0% | | | | | | | | | | | | |
Lear Corp. | | | | | | | 89 | | | $ | 12,727 | |
| | | | | | | | | | | | |
| | | |
| Health Care Management Services — 0.0% | | | | | | | | | |
New Millennium HoldCo, Inc.(a) | | | | | | | 9,191 | | | | 322 | |
| | | | | | | | | | | | |
| | | |
| Household Durables — 0.0% | | | | | | | | | |
Berkline Benchcraft Equity LLC(a)(b) | | | | | | | 6,155 | | | | — | |
| | | | | | | | | | | | |
| | | |
| Interactive Media & Services — 0.0% | | | | | | | | | |
New Holdings LLC(a)(b) | | | | | | | 365 | | | | 125,925 | |
| | | | | | | | | | | | |
| | | |
| Metals & Mining — 0.0% | | | | | | | | | |
Ameriforge Group, Inc.(a) | | | | | | | 832 | | | | 47,424 | |
Preferred Proppants LLC(b) | | | | | | | 7,476 | | | | 16,821 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 64,245 | |
| | | |
| Software — 0.0% | | | | | | | | | |
Avaya Holdings Corp.(a) | | | | | | | 38 | | | | 725 | |
| | | | | | | | | | | | |
| | | |
| Utilities — 0.1% | | | | | | | | | |
Texgen LLC(a)(b) | | | | | | | 5,193 | | | | 207,720 | |
| | | | | | | | | | | | |
| | | |
Total Common Stocks — 0.1%
(Cost — $804,830) | | | | | | | | | | | 411,664 | |
| | | | | | | | | | | | |
| | | |
| | | | | | Par
(000) | | | | |
| | | |
Asset-Backed Securities — 0.2% | | | | | | | | | | | | |
LCM XVIII LP, Series 18A, Class INC, 1.00%, 04/20/31(c)(d) | | | USD | | | | 1,000 | | | | 574,592 | |
| | | | | | | | | | | | |
| | | |
Total Asset Backed Securities — 0.2%
(Cost — $787,781) | | | | | | | | | | | 574,592 | |
| | | | | | | | | | | | |
| | | |
Corporate Bonds — 2.4% | | | | | | | | | | | | |
| | | |
Aerospace & Defense — 0.3% | | | | | | | | | | | | |
TransDigm, Inc., 6.25%, 03/15/26(c) | | | | | | | 938 | | | | 976,692 | |
| | | | | | | | | | | | |
| | | |
| Auto Components — 0.1% | | | | | | | | | |
Panther BF Aggregator 2 LP/Panther Finance Co., Inc., 6.25%, 05/15/26(c) | | | | | | | 130 | | | | 135,363 | |
| | | | | | | | | | | | |
| | | |
| Capital Markets — 0.3% | | | | | | | | | |
Blackstone CQP Holdco LP(c): | | | | | | | | | | | | |
6.50%, 03/20/21 | | | | | | | 941 | | | | 944,529 | |
6.00%, 08/18/21 | | | | | | | 153 | | | | 152,235 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,096,764 | |
| | | |
| Chemicals — 0.2% | | | | | | | | | |
Chemours Co., 6.63%, 05/15/23 | | | | | | | 500 | | | | 517,975 | |
| | | | | | | | | | | | |
| | | |
| Diversified Consumer Services — 0.0% | | | | | | | | | |
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 05/15/23(c) | | | | | | | 106 | | | | 111,719 | |
| | | | | | | | | | | | |
| | | |
| Diversified Telecommunication Services — 0.1% | | | | | | | | | |
Level 3 Financing, Inc., 6.13%, 01/15/21 | | | | | | | 337 | | | | 338,264 | |
| | | | | | | | | | | | |
| | | |
| Electric Utilities — 0.0% | | | | | | | | | |
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., 11.50%, 10/01/20(b)(c) | | | | | | | 654 | | | | — | |
| | | | | | | | | | | | |
| | | |
| Health Care Services — 0.0% | | | | | | | | | |
Avaya, Inc. Escrow, 7.00%, 04/01/19(a)(b)(c)(e) | | | | | | | 827 | | | | — | |
| | | | | | | | | | | | |
| | | |
| Household Products — 0.0% | | | | | | | | | |
Berkline Benchcraft LLC, 4.50%, 06/01/19(a)(b)(e) | | | | | | | 400 | | | | — | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Machinery — 0.0% | | | | | | | | | |
Colfax Corp., 6.00%, 02/15/24(c) | | | USD | | | | 126 | | | $ | 130,883 | |
| | | | | | | | | | | | |
| | | |
| Media — 0.2% | | | | | | | | | |
Clear Channel Worldwide Holdings, Inc., Series B, 6.50%, 11/15/22 | | | | | | | 602 | | | | 614,792 | |
CSC Holdings LLC, 10.88%, 10/15/25(c) | | | | | | | 65 | | | | 74,750 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 689,542 | |
| | | |
| Metals & Mining — 0.3% | | | | | | | | | |
Freeport-McMoRan, Inc.: | | | | | | | | | | | | |
3.55%, 03/01/22 | | | | | | | 660 | | | | 654,225 | |
3.88%, 03/15/23 | | | | | | | 375 | | | | 371,250 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,025,475 | |
|
| Oil, Gas & Consumable Fuels — 0.5% | |
CNX Resources Corp., 5.88%, 04/15/22 | | | | | | | 900 | | | | 895,500 | |
CONSOL Energy, Inc., 11.00%, 11/15/25(c) | | | | | | | 605 | | | | 682,137 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,577,637 | |
| | | |
| Pharmaceuticals — 0.0% | | | | | | | | | |
Bausch Health Cos., Inc., 5.75%, 08/15/27(c) | | | | | | | 55 | | | | 57,310 | |
| | | | | | | | | | | | |
| | | |
| Software — 0.4% | | | | | | | | | |
Infor US, Inc., 6.50%, 05/15/22 | | | | | | | 720 | | | | 732,823 | |
Informatica LLC, 7.13%, 07/15/23(c) | | | | | | | 405 | | | | 414,113 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,146,936 | |
| | | | | | | | | | | | |
| |
Total Corporate Bonds — 2.4%
(Cost — $7,713,843) | | | | 7,804,560 | |
| | | | | | | | | | | | |
|
Floating Rate Loan Interests(f) — 135.3% | |
| | | |
Aerospace & Defense — 3.1% | | | | | | | | | | | | |
1199169 B.C. Unlimited Liability Co., 2019 Term Loan B2, 04/06/26(g) | | | | | | | 1,132 | | | | 1,136,780 | |
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 08/18/24 | | | | | | | 2,289 | | | | 2,287,488 | |
Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.25%, 12/06/25(b) | | | | | | | 719 | | | | 727,289 | |
Dynasty Acquisition Co., Inc., 2019 Term Loan B1, 04/06/26(g) | | | | | | | 2,105 | | | | 2,114,411 | |
Nordam Group, Inc., Term Loan B, 04/03/26(b)(g) | | | | | | | 472 | | | | 472,000 | |
TransDigm, Inc., 2018 Term Loan F, 06/09/23(g) | | | | | | | 3,315 | | | | 3,302,013 | |
WP CPP Holdings LLC, 2018 Term Loan, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.51%, 04/30/25 | | | | | | | 245 | | | | 244,158 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,284,139 | |
| | | |
| Air Freight & Logistics — 0.3% | | | | | | | | | |
Avolon TLB Borrower 1 (US) LLC, Term Loan B3, (1 mo. LIBOR + 2.00%), 4.49%, 01/15/25 | | | | | | | 929 | | | | 928,403 | |
| | | | | | | | | | | | |
| | | |
| Airlines — 0.6% | | | | | | | | | |
Allegiant Travel Co., Term Loan B, (3 mo. LIBOR + 4.50%), 7.23%, 02/05/24 | | | | | | | 926 | | | | 926,000 | |
American Airlines, Inc.: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 4.48%, 10/12/21 | | | | | | | 759 | | | | 756,767 | |
Repriced TL B due 2023, (1 mo. LIBOR + 2.00%), 4.48%, 04/28/23 | | | | | | | 397 | | | | 394,073 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,076,840 | |
| | | |
| Auto Components — 1.5% | | | | | | | | | |
Adient US LLC, Term Loan B, 04/25/24(g) | | | | | | | 531 | | | | 530,835 | |
Panther BF Aggregator 2 LP, Term Loan B, 03/18/26(g) | | | | | | | 1,690 | | | | 1,695,290 | |
USI, Inc., 2017 Repriced Term Loan, 05/16/24(g) | | | | | | | 1,738 | | | | 1,720,160 | |
Wand NewCo 3, Inc., 2019 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.98%, 02/05/26 | | | | | | | 878 | | | | 883,487 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,829,772 | |
| | |
| 32 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Banks — 0.4% | | | | | | | | | |
Capri Finance LLC, 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.25%), 5.99%, 11/01/24 | | | USD | | | | 1,257 | | | $ | 1,244,206 | |
| | | | | | | | | | | | |
| | | |
| Building Materials — 0.4% | | | | | | | | | |
Allied Universal HoldCo LLC, 2015 Term Loan, 07/28/22(g) | | | | | | | 1,007 | | | | 990,874 | |
USAGM HoldCo LLC, 2015 2nd Lien Term Loan, (1 mo. LIBOR + 8.50%, 1.00% Floor), 11.00%, 07/28/23 | | | | | | | 280 | | | | 272,096 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,262,970 | |
| | | |
| Building Products — 1.1% | | | | | | | | | |
CPG International, Inc., 2017 Term Loan, (6 mo. LIBOR + 3.75%, 1.00% Floor), 6.63%, 05/05/24 | | | | | | | 880 | | | | 877,506 | |
Jeld-Wen, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 2.00%), 4.60%, 12/14/24 | | | | | | | 734 | | | | 729,235 | |
Ply Gem Midco, Inc., 2018 Term Loan, (3 mo. LIBOR + 3.75%), 6.35%, 04/12/25 | | | | | | | 269 | | | | 264,504 | |
Wilsonart LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.86%, 12/19/23 | | | | | | | 1,603 | | | | 1,598,545 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,469,790 | |
| | | |
| Capital Markets — 2.7% | | | | | | | | | |
Duff & Phelps Corp., 2017 Term Loan B, 02/13/25(g) | | | | | | | 1,209 | | | | 1,192,078 | |
EIG Management Co. LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.23%, 02/22/25 | | | | | | | 1,038 | | | | 1,034,994 | |
Fortress Investment Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 12/27/22 | | | | | | | 821 | | | | 824,279 | |
Greenhill & Co., Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 5.73%, 04/12/24 | | | | | | | 721 | | | | 720,099 | |
GreenSky Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 03/31/25(b) | | | | | | | 653 | | | | 655,034 | |
RPI Finance Trust, Term Loan B6, (1 mo. LIBOR + 2.00%), 4.50%, 03/27/23 | | | | | | | 1,581 | | | | 1,581,740 | |
Travelport Finance (Luxembourg) Sarl(g): | | | | | | | | | | | | |
2019 2nd Lien Term Loan, 03/31/27 | | | | | | | 705 | | | | 683,850 | |
2019 Term Loan, 03/13/26 | | | | | | | 2,344 | | | | 2,289,315 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,981,389 | |
| | | |
| Chemicals — 5.8% | | | | | | | | | |
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.60%, 01/31/24 | | | | | | | 2,660 | | | | 2,646,848 | |
Axalta Coating Systems US Holdings, Inc., Term Loan, (3 mo. LIBOR + 1.75%), 4.35%, 06/01/24 | | | | | | | 2,171 | | | | 2,157,517 | |
Charter NEX US Holdings, Inc., 2017 Term Loan B, 05/16/24(g) | | | | | | | 1,483 | | | | 1,453,395 | |
Chemours Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 04/03/25 | | | | | | | 898 | | | | 893,127 | |
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (6 mo. LIBOR + 3.50%, 1.00% Floor), 6.15%, 06/28/24 | | | | | | | 375 | | | | 374,079 | |
Encapsys LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 11/07/24 | | | | | | | 620 | | | | 617,246 | |
Hexion Inc, DIP Term Loan, (3 mo. LIBOR + 3.00%), 5.60%, 10/01/20 | | | | | | | 426 | | | | 426,533 | |
Invictus US LLC: | | | | | | | | | | | | |
1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.58%, 03/28/25 | | | | | | | 1,001 | | | | 1,000,142 | |
2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.33%, 03/25/26(b) | | | | | | | 265 | | | | 263,675 | |
Messer Industries LLC, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 5.10%, 03/01/26 | | | | | | | 2,691 | | | | 2,682,604 | |
Momentive Performance Materials Inc., Term Loan B, 04/16/24(b)(g) | | | | | | | 476 | | | | 476,595 | |
Oxea Holding Drei GmbH, 2017 Term Loan B2, (3 mo. LIBOR + 3.50%), 6.13%, 10/14/24 | | | | | | | 2,231 | | | | 2,235,134 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Chemicals (continued) | | | | | | | | | |
Plaskolite LLC, 1st Lien Term Loan, 12/12/25(g) | | | USD | | | | 629 | | | $ | 630,426 | |
PQ Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%), 5.24%, 02/08/25 | | | | | | | 1,673 | | | | 1,671,604 | |
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 3.25%), 5.73%, 10/01/25 | | | | | | | 760 | | | | 756,679 | |
Tata Chemicals North America, Inc., Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.38%, 08/07/20 | | | | | | | 254 | | | | 253,909 | |
Vectra Co., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 03/08/25 | | | | | | | 577 | | | | 554,454 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 19,093,967 | |
|
| Commercial Services & Supplies — 7.7% | |
Advanced Disposal Services, Inc., Term Loan B3, (1 Week LIBOR + 2.25%), 4.66%, 11/10/23 | | | | | | | 1,898 | | | | 1,901,421 | |
Aramark Services, Inc., 2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.25%, 03/11/25 | | | | | | | 169 | | | | 168,122 | |
Asurion LLC: | | | | | | | | | | | | |
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 9.00%, 08/04/25 | | | | | | | 1,406 | | | | 1,432,362 | |
2017 Term Loan B4, (1 mo. LIBOR + 3.00%), 5.50%, 08/04/22 | | | | | | | 1,061 | | | | 1,064,241 | |
2018 Term Loan B6, (1 mo. LIBOR + 3.00%), 5.50%, 11/03/23 | | | | | | | 1,829 | | | | 1,833,405 | |
2018 Term Loan B7, (1 mo. LIBOR + 3.00%), 5.50%, 11/03/24 | | | | | | | 718 | | | | 719,271 | |
BrightView Landscapes LLC, 2018 1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 08/15/25 | | | | | | | 1,152 | | | | 1,150,658 | |
Camelot UK Holdco Ltd., 2017 Repriced Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 10/03/23 | | | | | | | 3,309 | | | | 3,302,597 | |
Catalent Pharma Solutions, Inc., Term Loan B, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.75%, 05/20/24 | | | | | | | 1,175 | | | | 1,173,246 | |
Creative Artists Agency LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.49%, 02/15/24 | | | | | | | 1,861 | | | | 1,860,648 | |
EnergySolutions LLC, 2018 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.35%, 05/09/25 | | | | | | | 356 | | | | 334,929 | |
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 05/30/25 | | | | | | | 2,024 | | | | 2,005,221 | |
Harland Clarke Holdings Corp., Term Loan B7, (3 mo. LIBOR + 4.75%, 1.00% Floor), 7.35%, 11/03/23 | | | | | | | 543 | | | | 475,816 | |
KAR Auction Services, Inc., Term Loan B5, (3 mo. LIBOR + 2.50%), 5.13%, 03/09/23 | | | | | | | 1,530 | | | | 1,528,419 | |
Prime Security Services Borrower LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 05/02/22 | | | | | | | 1,475 | | | | 1,476,141 | |
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 7.00%, 08/27/25 | | | | | | | 3,076 | | | | 3,090,892 | |
West Corp., 2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.63%, 10/10/24 | | | | | | | 1,994 | | | | 1,927,384 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 25,444,773 | |
| | | |
| Communications Equipment — 1.2% | | | | | | | | | |
Avantor, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 11/21/24 | | | | | | | 2,371 | | | | 2,380,891 | |
Avaya, Inc., 2018 Term Loan B, (1 mo. LIBOR + 4.25%), 6.72%, 12/15/24 | | | | | | | 890 | | | | 892,201 | |
Ciena Corp., 2018 Term Loan B, (PRIME + 2.00%), 4.49%, 09/26/25 | | | | | | | 816 | | | | 816,153 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,089,245 | |
|
| Construction & Engineering — 1.3% | |
AECOM, Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 03/13/25 | | | | | | | 444 | | | | 440,601 | |
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (2 mo. LIBOR + 4.25%, 1.00% Floor), 6.84%, 06/21/24 | | | | | | | 1,967 | | | | 1,927,085 | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 33 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Construction & Engineering (continued) | |
Pike Corp., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 03/23/25 | | | USD | | | | 477 | | | $ | 479,227 | |
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 05/23/25 | | | | | | | 850 | | | | 826,376 | |
USIC Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 12/08/23(b) | | | | | | | 560 | | | | 558,770 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,232,059 | |
| | | |
| Construction Materials — 1.5% | | | | | | | | | |
Core & Main LP, 2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.63%, 08/01/24 | | | | | | | 1,928 | | | | 1,929,840 | |
Filtration Group Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 03/29/25 | | | | | | | 2,995 | | | | 3,000,380 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,930,220 | |
| | | |
| Containers & Packaging — 2.0% | | | | | | | | | |
Berry Global, Inc., Term Loan Q, (2 mo. LIBOR + 2.00%), 4.48%, 10/01/22 | | | | | | | 2,803 | | | | 2,797,055 | |
BWAY Holding Co., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.85%, 04/03/24 | | | | | | | 1,513 | | | | 1,493,345 | |
Flex Acquisition Co., Inc.: | | | | | | | | | | | | |
1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.63%, 12/29/23 | | | | | | | 1,431 | | | | 1,408,089 | |
2018 Incremental Term Loan, (3 mo. LIBOR + 3.25%), 5.88%, 06/29/25 | | | | | | | 909 | | | | 893,109 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,591,598 | |
| | | |
| Distributors — 1.2% | | | | | | | | | |
American Builders & Contractors Supply Co., Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 10/31/23 | | | | | | | 2,508 | | | | 2,484,563 | |
TriMark USA LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.00%, 08/28/24 | | | | | | | 1,794 | | | | 1,595,444 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,080,007 | |
|
| Diversified Consumer Services — 4.1% | |
Ascend Learning LLC, 2017 Term Loan B, 07/12/24(g) | | | | | | | 834 | | | | 829,776 | |
Bright Horizons Family Solutions, Inc., 2017 Term Loan B, (PRIME + 0.75%), 4.25%, 11/07/23 | | | | | | | 1,969 | | | | 1,967,100 | |
Equian LLC, Add on Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 05/20/24 | | | | | | | 1,160 | | | | 1,156,751 | |
Genuine Financial Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 07/12/25 | | | | | | | 855 | | | | 853,107 | |
J.D. Power and Associates, 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 09/07/23 | | | | | | | 849 | | | | 842,551 | |
Nomad Foods Europe Midco Ltd., 2017 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.72%, 05/15/24 | | | | | | | 715 | | | | 711,234 | |
Serta Simmons Bedding LLC: | | | | | | | | | | | | |
1st Lien Term Loan, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.97%, 11/08/23 | | | | | | | 586 | | | | 423,333 | |
2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor), 10.47%, 11/08/24 | | | | | | | 79 | | | | 33,272 | |
ServiceMaster Co., 2016 Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 11/08/23 | | | | | | | 157 | | | | 156,734 | |
ServPro Borrower LLC, Term Loan B, 04/11/26(b)(g) | | | | | | | 264 | | | | 264,000 | |
Spin Holdco, Inc., 2017 Term Loan B, 11/14/22(g) | | | | | | | 2,424 | | | | 2,392,047 | |
TruGreen Limited Partnership, 2019 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.22%, 03/19/26(b) | | | | | | | 1,398 | | | | 1,403,021 | |
Uber Technologies: | | | | | | | | | | | | |
2018 Incremental Term Loan, 07/13/23(g) | | | | | | | 1,008 | | | | 1,007,207 | |
2018 Term Loan, (1 mo. LIBOR + 4.00%, 1.00% Floor), 6.48%, 04/04/25 | | | | | | | 794 | | | | 796,811 | |
Weight Watchers International, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.75%), 7.35%, 11/29/24 | | | | | | | 837 | | | | 803,985 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 13,640,929 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Diversified Financial Services — 2.1% | |
AlixPartners LLP, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 04/04/24 | | | USD | | | | 2,627 | | | $ | 2,628,210 | |
CRCI Longhorn Holdings, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.98%, 08/08/25 | | | | | | | 447 | | | | 443,404 | |
EG Finco Ltd., 2018 Term Loan, (3 mo. LIBOR + 4.00%), 6.60%, 02/07/25 | | | | | | | 733 | | | | 723,777 | |
Kingpin Intermediate Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 07/03/24 | | | | | | | 1,184 | | | | 1,185,218 | |
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 6.00%, 09/06/25 | | | | | | | 631 | | | | 621,563 | |
SSH Group Holdings, Inc., 2018 1st Lien Term Loan, 07/30/25(g) | | | | | | | 686 | | | | 679,926 | |
Tank Holding Corp., 2019 Term Loan B, (3 mo. LIBOR + 4.00%), 6.48%, 03/26/26 | | | | | | | 626 | | | | 629,913 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,912,011 | |
|
| Diversified Telecommunication Services — 3.9% | |
CenturyLink, Inc.: | | | | | | | | | | | | |
2017 Term Loan A, (1 mo. LIBOR + 2.75%), 5.25%, 11/01/22 | | | | | | | 369 | | | | 368,762 | |
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 01/31/25 | | | | | | | 1,765 | | | | 1,753,242 | |
Consolidated Communications, Inc., 2016 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.48%, 10/04/23 | | | | | | | 253 | | | | 248,506 | |
Hargray Communications Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 05/16/24 | | | | | | | 914 | | | | 909,348 | |
Level 3 Financing, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.25%), 4.74%, 02/22/24 | | | | | | | 1,753 | | | | 1,753,692 | |
MTN Infrastructure TopCo, Inc, 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 11/15/24 | | | | | | | 1,179 | | | | 1,177,498 | |
Sprint Communications, Inc.: | | | | | | | | | | | | |
1st Lien Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 02/02/24 | | | | | | | 1,001 | | | | 971,422 | |
2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.50%, 02/02/24(f) | | | | | | | 97 | | | | 95,492 | |
TDC A/S, Term Loan, (EURIBOR + 2.75%), 2.75%, 06/04/25 | | | EUR | | | | 819 | | | | 919,575 | |
Telenet Financing USD LLC, Term Loan AN, (1 mo. LIBOR + 2.25%), 4.72%, 08/15/26 | | | USD | | | | 1,830 | | | | 1,822,736 | |
Telesat Canada, Term Loan B4, (3 mo. LIBOR + 2.50%), 5.11%, 11/17/23 | | | | | | | 499 | | | | 496,916 | |
Virgin Media Investment Holdings Ltd., Term Loan L, (LIBOR - GBP + 3.25%), 3.98%, 01/15/27 | | | GBP | | | | 600 | | | | 775,718 | |
Zayo Group LLC: | | | | | | | | | | | | |
2017 Incremental Term Loan, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.75%, 01/19/24 | | | USD | | | | 175 | | | | 174,869 | |
2017 Term Loan B1, (1 mo. LIBOR + 2.00%), 4.50%, 01/19/21 | | | | | | | 1,441 | | | | 1,441,223 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 12,908,999 | |
| | | |
| Electric Utilities — 0.9% | | | | | | | | | |
Dayton Power & Light Co., Term Loan B, (1 mo. LIBOR + 2.00%), 4.48%, 08/24/22 | | | | | | | 314 | | | | 313,814 | |
TEX Operations Co. LLC, Exit Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 08/04/23 | | | | | | | 1,239 | | | | 1,238,495 | |
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc., Term Loan, 1.00%, 11/10/19(b) | | | | | | | 1,050 | | | | — | |
Vistra Energy Corp., 1st Lien Term Loan B3, (1 mo. LIBOR + 2.00%), 4.50%, 12/31/25 | | | | | | | 1,212 | | | | 1,211,776 | |
Vistra Operations Co. LLC, 2016 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.75%, 12/14/23 | | | | | | | 223 | | | | 223,591 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,987,676 | |
| | |
| 34 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Electrical Equipment — 0.8% | | | | | | | | | |
Gates Global LLC, 2017 Repriced Term Loan B, 04/01/24(g) | | | USD | | | | 2,656 | | | $ | 2,658,364 | |
| | | | | | | | | | | | |
|
| Energy Equipment & Services — 0.8% | |
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.48%, 03/01/24 | | | | | | | 609 | | | | 452,758 | |
GrafTech Finance, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 02/12/25(b) | | | | | | | 1,185 | | | | 1,183,699 | |
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor), 10.24%, 11/08/22(b) | | | | | | | 520 | | | | 522,600 | |
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 1.42%), 3.93%, 07/13/20 | | | | | | | 627 | | | | 612,769 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,771,826 | |
|
| Equity Real Estate Investment Trusts (REITs) — 2.5% | |
Capital Automotive LP, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 5.00%, 03/24/24 | | | | | | | 464 | | | | 462,276 | |
Iron Mountain, Inc., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 01/02/26 | | | | | | | 1,179 | | | | 1,154,848 | |
MGM Growth Properties Operating Partnership LP, 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 03/21/25 | | | | | | | 2,471 | | | | 2,468,946 | |
RHP Hotel Properties LP, 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.61%, 05/11/24 | | | | | | | 823 | | | | 822,690 | |
VICI Properties 1 LLC, Replacement Term Loan B, (1 mo. LIBOR + 2.00%), 4.49%, 12/20/24 | | | | | | | 3,293 | | | | 3,285,980 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,194,740 | |
| | | |
| Food & Staples Retailing — 1.6% | | | | | | | | | |
Albertsons LLC, Term Loan B7, (1 mo. LIBOR + 3.00%), 5.50%, 11/17/25 | | | | | | | 1,155 | | | | 1,155,431 | |
Hearthside Food Solutions LLC: | | | | | | | | | | | | |
2018 Incremental Term Loan, (1 mo. LIBOR + 4.00%), 6.50%, 05/23/25 | | | | | | | 1,165 | | | | 1,153,790 | |
2018 Term Loan B, (1 mo. LIBOR + 3.68%), 6.19%, 05/23/25 | | | | | | | 356 | | | | 348,474 | |
Hostess Brands LLC, 2017 Repriced Term Loan, (3 mo. LIBOR + 2.25%), 4.75%, 08/03/22 | | | | | | | 1,561 | | | | 1,557,235 | |
US Foods, Inc., 2016 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 06/27/23 | | | | | | | 977 | | | | 974,757 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,189,687 | |
| | | |
| Food Products — 3.3% | | | | | | | | | |
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.23%, 10/01/25 | | | | | | | 352 | | | | 353,174 | |
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 10/10/23 | | | | | | | 1,491 | | | | 1,470,515 | |
JBS USA LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.98%, 10/30/22 | | | | | | | 2,626 | | | | 2,625,650 | |
JBS USA LUX SA, 2019 Term Loan B, 04/25/26(g) | | | | | | | 1,364 | | | | 1,365,705 | |
Post Holdings, Inc., 2017 Series A Incremental Term Loan, (1 mo. LIBOR + 2.00%), 4.49%, 05/24/24 | | | | | | | 987 | | | | 987,010 | |
Reynolds Group Holdings, Inc., 2017 Term Loan, (1 mo. LIBOR + 2.75%), 5.25%, 02/05/23 | | | | | | | 3,976 | | | | 3,980,730 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 10,782,784 | |
| | | |
| Gas Utilities — 0.3% | | | | | | | | | |
AL Midcoast Holdings LLC, 2018 Term Loan B, (3 mo. LIBOR + 5.50%), 8.10%, 07/31/25 | | | | | | | 975 | | | | 975,361 | |
| | | | | | | | | | | | |
| | | |
| Health Care Equipment & Supplies — 1.8% | | | | | | | | | |
Agiliti Health, Inc, Term Loan, (3 mo. LIBOR + 3.00%), 5.56%, 01/04/26(b) | | | | | | | 452 | | | | 450,870 | |
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.60%, 06/15/21 | | | | | | | 2,221 | | | | 2,232,522 | |
Mallinckrodt International Finance SA, Term Loan B, (3 mo. LIBOR + 2.75%), 5.35%, 09/24/24 | | | | | | | 499 | | | | 446,289 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Health Care Equipment & Supplies (continued) | | | | | | | | | |
Orchid Orthopedic Solutions LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.50%), 7.10%, 02/26/26(b) | | | USD | | | | 377 | | | $ | 379,356 | |
Ortho-Clinical Diagnostics SA, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 06/30/25 | | | | | | | 2,390 | | | | 2,343,485 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,852,522 | |
|
| Health Care Providers & Services — 7.3% | |
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.00%, 06/30/25 | | | | | | | 504 | | | | 504,820 | |
CHG Healthcare Services, Inc., 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.74%, 06/07/23 | | | | | | | 2,484 | | | | 2,482,390 | |
Concentra, Inc.: | | | | | | | | | | | | |
2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.23%, 06/01/22 | | | | | | | 1,130 | | | | 1,128,588 | |
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 8.98%, 06/01/23 | | | | | | | 1,150 | | | | 1,156,700 | |
DaVita HealthCare Partners, Inc., Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 06/24/21 | | | | | | | 504 | | | | 503,997 | |
DentalCorp Perfect Smile ULC, 1.00% Floor)(b): | | | | | | | | | | | | |
1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 6.25%, 06/06/25 | | | | | | | 527 | | | | 520,632 | |
Delayed Draw Term Loan, (1 mo. LIBOR + 3.75%, 6.25%, 06/06/25 | | | | | | | 97 | | | | 95,907 | |
Diplomat Pharmacy, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.50%, 1.00% Floor), 7.00%, 12/20/24 | | | | | | | 610 | | | | 577,399 | |
DuPage Medical Group Ltd.: | | | | | | | | | | | | |
2018 Term Loan, (1 mo. LIBOR + 2.75%), 5.25%, 08/15/24 | | | | | | | 526 | | | | 515,018 | |
2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.48%, 08/15/25 | | | | | | | 245 | | | | 239,794 | |
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 10/10/25 | | | | | | | 1,462 | | | | 1,411,252 | |
Explorer Holdings, Inc., 2016 Term Loan B, (3 mo. LIBOR + 3.75%, 1.00% Floor), 6.35%, 05/02/23 | | | | | | | 653 | | | | 652,840 | |
Gentiva Health Services, Inc.: | | | | | | | | | | | | |
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 07/02/25(f) | | | | | | | 1,015 | | | | 1,016,779 | |
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.50%, 07/02/26 | | | | | | | 484 | | | | 495,918 | |
HC Group Holdings III, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.25%, 04/07/22 | | | | | | | 1,244 | | | | 1,239,987 | |
HCA, Inc.: | | | | | | | | | | | | |
2018 Term Loan B10, (1 mo. LIBOR + 2.00%), 4.50%, 03/13/25 | | | | | | | 589 | | | | 589,998 | |
Term Loan B11, (1 mo. LIBOR + 1.75%), 4.25%, 03/17/23 | | | | | | | 1,380 | | | | 1,382,438 | |
Lifescan Global Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 6.00%), 8.60%, 09/27/24 | | | | | | | 217 | | | | 213,061 | |
MPH Acquisition Holdings LLC, 2016 Term Loan B, (3 mo. LIBOR + 2.75%, 1.00% Floor), 5.35%, 06/07/23 | | | | | | | 2,477 | | | | 2,451,315 | |
nThrive, Inc., 2016 1st Lien Term Loan, 10/20/22(g) | | | | | | | 1,427 | | | | 1,390,966 | |
NVA Holdings, Inc., Term Loan B3, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 02/02/25 | | | | | | | 1,247 | | | | 1,224,557 | |
ScribeAmerica Intermediate Holdco LLC, 2018 Term Loan, (1 mo. LIBOR + 4.50%), 6.97%, 04/03/25 | | | | | | | 640 | | | | 632,571 | |
Sotera Health Holdings LLC, 2017 Term Loan, 05/15/22(g) | | | | | | | 658 | | | | 651,976 | |
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 02/06/24 | | | | | | | 959 | | | | 897,675 | |
Vizient, Inc.: | | | | | | | | | | | | |
2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 02/13/23 | | | | | | | 377 | | | | 376,618 | |
2019 Term Loan B, 04/16/26(g) | | | | | | | 536 | | | | 538,126 | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 35 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Health Care Providers & Services (continued) | |
WP CityMD Bidco LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.10%, 06/07/24 | | | USD | | | | 641 | | | $ | 628,585 | |
Zotec Partners LLC, 2018 Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.48%, 02/14/24(b) | | | | | | | 736 | | | | 734,285 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 24,254,192 | |
| | | |
| Health Care Services — 0.2% | | | | | | | | | |
Sound Inpatient Physicians: | | | | | | | | | | | | |
2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.25%, 06/27/25 | | | | | | | 429 | | | | 428,224 | |
2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%), 9.25%, 06/26/26 | | | | | | | 234 | | | | 233,123 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 661,347 | |
|
| Health Care Technology — 2.1% | |
Change Healthcare Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 03/01/24 | | | | | | | 1,654 | | | | 1,653,086 | |
GoodRx, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.47%, 10/10/25 | | | | | | | 655 | | | | 655,030 | |
Press Ganey Holdings, Inc.: | | | | | | | | | | | | |
2018 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 10/23/23 | | | | | | | 1,168 | | | | 1,166,214 | |
2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 9.00%, 10/21/24 | | | | | | | 359 | | | | 358,277 | |
Quintiles IMS, Inc., 2017 Term Loan B, (3 mo. LIBOR + 2.00%), 4.60%, 03/07/24 | | | | | | | 307 | | | | 306,480 | |
VVC Holding Corp., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 7.20%, 02/11/26 | | | | | | | 2,756 | | | | 2,768,623 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,907,710 | |
|
| Hotels, Restaurants & Leisure — 10.4% | |
Aristocrat Technologies, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 1.75%), 4.34%, 10/19/24 | | | | | | | 971 | | | | 968,503 | |
Boyd Gaming Corp., Term Loan B3, (1 Week LIBOR + 2.25%), 4.67%, 09/15/23 | | | | | | | 2,454 | | | | 2,454,619 | |
Burger King Newco Unlimited Liability Co., Term Loan B3, (1 mo. LIBOR + 2.25%, 1.00% Floor), 4.75%, 02/16/24 | | | | | | | 4,571 | | | | 4,555,538 | |
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 12/22/24 | | | | | | | 2,858 | | | | 2,866,180 | |
CCM Merger, Inc., Term Loan B, (1 mo. LIBOR + 2.25%), 4.75%, 08/08/21 | | | | | | | 915 | | | | 914,756 | |
CEC Entertainment, Inc., Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 02/14/21 | | | | | | | 962 | | | | 958,252 | |
ESH Hospitality, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 08/30/23 | | | | | | | 1,744 | | | | 1,741,929 | |
Four Seasons Hotels Ltd., 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 4.50%, 11/30/23 | | | | | | | 1,597 | | | | 1,596,764 | |
Gateway Casinos & Entertainment Ltd., 2018 Term Loan B, (3 mo. LIBOR + 3.00%), 5.60%, 03/13/25 | | | | | | | 94 | | | | 94,641 | |
Golden Nugget, Inc., 2017 Incremental Term Loan B, 10/04/23(g) | | | | | | | 983 | | | | 983,629 | |
GVC Holdings PLC, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 5.00%, 03/29/24 | | | | | | | 364 | | | | 363,563 | |
Hilton Worldwide Finance LLC, Term Loan B2, (1 mo. LIBOR + 1.75%), 4.23%, 10/25/23 | | | | | | | 1,203 | | | | 1,206,129 | |
IRB Holding Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.72%, 02/05/25 | | | | | | | 2,317 | | | | 2,310,484 | |
KFC Holding Co., 2018 Term Loan B, (1 mo. LIBOR + 1.75%), 4.23%, 04/03/25 | | | | | | | 878 | | | | 876,398 | |
Lakeland Tours LLC, 2017 1st Lien Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.61%, 12/15/24 | | | | | | | 645 | | | | 642,197 | |
Penn National Gaming, Inc., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 2.25%), 4.75%, 10/15/25 | | | | | | | 369 | | | | 369,134 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
|
| Hotels, Restaurants & Leisure (continued) | |
Playa Resorts Holding BV, 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 04/29/24 | | | USD | | | | 774 | | | $ | 761,604 | |
Sabre GLBL, Inc., 2018 Term Loan B, 02/22/24(g) | | | | | | | 1,756 | | | | 1,751,861 | |
Scientific Games International, Inc., 2018 Term Loan B5, (1 mo. LIBOR + 2.75%), 5.33%, 08/14/24 | | | | | | | 1,854 | | | | 1,848,138 | |
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 6.10%, 07/10/25 | | | | | | | 3,672 | | | | 3,687,459 | |
Station Casinos LLC, 2016 Term Loan B, 06/08/23(g) | | | | | | | 1,828 | | | | 1,828,649 | |
Wyndham Hotels & Resorts, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 05/30/25 | | | | | | | 965 | | | | 963,789 | |
Wynn Resorts Ltd., Term Loan B, (1 mo. LIBOR + 2.25%), 4.76%, 10/30/24 | | | | | | | 549 | | | | 543,726 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 34,287,942 | |
| | | |
| Household Products — 0.4% | | | | | | | | | |
Energizer Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.81%, 12/17/25 | | | | | | | 434 | | | | 433,912 | |
Mastronardi Produce Ltd., Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 05/01/25 | | | | | | | 357 | | | | 355,514 | |
SIWF Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.25%), 6.74%, 06/15/25 | | | | | | | 536 | | | | 527,241 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,316,667 | |
|
| Independent Power and Renewable Electricity Producers — 1.7% | |
AES Corp., 2018 Term Loan B, (3 mo. LIBOR + 1.75%), 4.38%, 05/31/22 | | | | | | | 455 | | | | 454,823 | |
Calpine Construction Finance Co. LP, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 01/15/25 | | | | | | | 766 | | | | 764,897 | |
Calpine Corp., Term Loan B9, (3 mo. LIBOR + 2.75%), 5.34%, 04/05/26 | | | | | | | 1,561 | | | | 1,564,903 | |
EIF Channelview Cogeneration LLC, 2018 Term Loan B, (1 mo. LIBOR + 4.25%, 1.00% Floor), 6.75%, 05/03/25 | | | | | | | 263 | | | | 265,006 | |
Granite Acquisition, Inc.: | | | | | | | | | | | | |
Term Loan B, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.09%, 12/19/21 | | | | | | | 1,253 | | | | 1,252,304 | |
Term Loan C, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.10%, 12/19/21 | | | | | | | 166 | | | | 164,172 | |
NRG Energy, Inc., 2016 Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 06/30/23 | | | | | | | 997 | | | | 996,129 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,462,234 | |
| | | |
| Industrial Conglomerates — 1.4% | | | | | | | | | |
Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.63%, 11/30/23(b) | | | | | | | 2,469 | | | | 2,357,549 | |
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.78%, 11/28/21 | | | | | | | 1,143 | | | | 1,129,007 | |
Sundyne US Purchaser, Inc., Term Loan, 04/23/26(b)(g) | | | | | | | 1,079 | | | | 1,080,349 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,566,905 | |
| | | |
| Insurance — 4.2% | | | | | | | | | |
Achilles Acquisition LLC, 2018 Term Loan, (1 mo. LIBOR + 4.00%), 6.50%, 10/03/25 | | | | | | | 505 | | | | 503,737 | |
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 05/09/25 | | | | | | | 2,165 | | | | 2,124,796 | |
AmWINS Group, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 01/25/24 | | | | | | | 2,162 | | | | 2,159,191 | |
AssuredPartners, Inc., 2017 1st LienAdd-On Term Loan, 10/22/24(g) | | | | | | | 1,208 | | | | 1,200,973 | |
Davis Vision, Inc., 1st Lien Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 12/02/24 | | | | | | | 1,122 | | | | 1,103,571 | |
Hub International Ltd., 2018 Term Loan B, (2 mo. LIBOR + 2.75%), 5.34%, 04/25/25 | | | | | | | 1,951 | | | | 1,928,985 | |
Sedgwick Claims Management Services, Inc., Term Loan B, 12/31/25(g) | | | | | | | 4,493 | | | | 4,478,550 | |
| | |
| 36 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Insurance (continued) | | | | | | | | | |
Stratose Intermediate Holdings II LLC, 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 06/22/23 | | | USD | | | | 506 | | | $ | 502,091 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 14,001,894 | |
|
| Interactive Media & Services — 1.6% | |
Go Daddy Operating Co. LLC, 2017 Repriced Term Loan, (1 mo. LIBOR + 2.00%), 4.50%, 02/15/24 | | | | | | | 1,822 | | | | 1,824,408 | |
Inmar Holdings, Inc., 2017 1st Lien Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.60%, 05/01/24 | | | | | | | 639 | | | | 603,903 | |
Rackspace Hosting, Inc., 2017 Incremental 1st Lien Term Loan, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.74%, 11/03/23 | | | | | | | 1,021 | | | | 965,463 | |
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 05/06/24(b) | | | | | | | 778 | | | | 719,352 | |
ZPG PLC, 2018 Term Loan B, (LIBOR - GBP + 4.75%), 5.48%, 06/30/25 | | | GBP | | | | 1,000 | | | | 1,286,070 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,399,196 | |
|
| Internet & Direct Marketing Retail — 0.2% | |
Harbor Freight Tools USA, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 08/18/23 | | | USD | | | | 801 | | | | 796,431 | |
| | | | | | | | | | | | |
| | | |
| IT Services — 5.6% | | | | | | | | | |
Access CIG LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 02/27/25 | | | | | | | 406 | | | | 406,745 | |
Altran Technologies SA, 1st Lien Term Loan, (3 mo. LIBOR + 2.25%), 4.88%, 03/20/25 | | | | | | | 411 | | | | 408,155 | |
Epicor Software Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 06/01/22 | | | | | | | 1,165 | | | | 1,164,163 | |
Evertec Group LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 6.00%, 11/27/24 | | | | | | | 565 | | | | 565,528 | |
First Data Corp., 2024 Term Loan, (1 mo. LIBOR + 2.00%), 4.48%, 04/26/24 | | | | | | | 4,952 | | | | 4,950,233 | |
Flexential Intermediate Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.10%, 08/01/24 | | | | | | | 827 | | | | 760,794 | |
Global Payments, Inc.: | | | | | | | | | | | | |
2018 Term Loan B3, (1 mo. LIBOR + 1.75%), 4.25%, 04/21/23 | | | | | | | 522 | | | | 521,520 | |
2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.25%, 10/17/25 | | | | | | | 175 | | | | 174,180 | |
Greeneden US Holdings II LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 12/01/23 | | | | | | | 989 | | | | 985,298 | |
Optiv Security, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 02/01/24 | | | | | | | 404 | | | | 380,596 | |
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.99%, 08/01/25 | | | | | | | 795 | | | | 701,095 | |
TKC Holdings, Inc.: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.25%, 02/01/23 | | | | | | | 662 | | | | 658,840 | |
2017 2nd Lien Term Loan, (1 mo. LIBOR + 8.00%, 1.00% Floor), 10.50%, 02/01/24 | | | | | | | 515 | | | | 507,173 | |
Trans Union LLC: | | | | | | | | | | | | |
2018 Term Loan B4, (1 mo. LIBOR + 2.00%), 4.50%, 06/19/25 | | | | | | | 11 | | | | 10,909 | |
Term Loan B3, (1 mo. LIBOR + 2.00%), 4.50%, 04/10/23 | | | | | | | 3,002 | | | | 3,002,423 | |
WEX, Inc., 2017 Term Loan B2, (1 mo. LIBOR + 2.25%), 4.75%, 06/30/23 | | | | | | | 2,384 | | | | 2,386,644 | |
Worldpay LLC, 2018 1st Lien Term Loan B4, (1 Week LIBOR + 1.75%), 4.16%, 08/09/24 | | | | | | | 1,055 | | | | 1,054,637 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 18,638,933 | |
| | | |
| Leisure Products — 0.2% | | | | | | | | | |
MND Holdings III Corp., 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.10%, 06/19/24(b) | | | | | | | 634 | | | | 632,497 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Life Sciences Tools & Services — 0.2% | | | | | | | | | |
Albany Molecular Research, Inc.: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 08/30/24(f) | | | USD | | | | 339 | | | $ | 337,380 | |
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 9.50%, 08/30/25 | | | | | | | 240 | | | | 240,300 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 577,680 | |
| | | |
| Machinery — 2.1% | | | | | | | | | |
Clark Equipment Co., 2018 Term Loan B, (3 mo. LIBOR + 2.00%), 4.60%, 05/18/24 | | | | | | | 540 | | | | 537,328 | |
Columbus McKinnon Corp., 2018 Term Loan B, (3 mo. LIBOR + 2.50%, 1.00% Floor), 5.10%, 01/31/24 | | | | | | | 99 | | | | 98,837 | |
Gardner Denver, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 07/30/24 | | | | | | | 1,408 | | | | 1,409,778 | |
Infiltrator Systems, Inc., 2017 1st Lien Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.60%, 05/27/22(b) | | | | | | | 1,190 | | | | 1,191,882 | |
Terex Corp., 2019 Term Loan B1, (1 mo. LIBOR + 2.75%), 5.25%, 01/31/24 | | | | | | | 200 | | | | 200,376 | |
Titan Acquisition Ltd., 2018 Term Loan B, 03/28/25(g) | | | | | | | 2,853 | | | | 2,736,994 | |
Welbilt, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.50%), 5.00%, 10/23/25(b) | | | | | | | 604 | | | | 602,689 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,777,884 | |
| | | |
| Media — 9.7% | | | | | | | | | |
Altice Financing SA: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%), 5.23%, 01/31/26 | | | | | | | 425 | | | | 410,106 | |
2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.22%, 07/15/25 | | | | | | | 165 | | | | 159,076 | |
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 6.47%, 08/14/26 | | | | | | | 2,208 | | | | 2,157,235 | |
Charter Communications Operating LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 04/30/25 | | | | | | | 2,771 | | | | 2,775,497 | |
CSC Holdings LLC: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.25%), 4.72%, 07/17/25 | | | | | | | 833 | | | | 828,518 | |
2018 Term Loan B, (1 mo. LIBOR + 2.50%), 4.97%, 01/25/26 | | | | | | | 1,034 | | | | 1,032,398 | |
EW Scripps Co., Incremental Term Loan B, 04/04/26(b)(g) | | | | | | | 627 | | | | 628,567 | |
Gray Television, Inc.: | | | | | | | | | | | | |
2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.73%, 02/07/24 | | | | | | | 371 | | | | 370,627 | |
2018 Term Loan C, (1 mo. LIBOR + 2.50%), 4.98%, 01/02/26 | | | | | | | 901 | | | | 902,094 | |
Hubbard Radio LLC, 2015 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 03/28/25 | | | | | | | 134 | | | | 133,963 | |
iHeartCommunications, Inc.(a)(e): | | | | | | | | | | | | |
Extended Term Loan E, 12.00%, 07/30/19 | | | | | | | 315 | | | | 233,298 | |
Term Loan D, 11.25%, 01/30/20 | | | | | | | 2,569 | | | | 1,899,235 | |
Intelsat Jackson Holdings SA, 2017 Term Loan B4, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.98%, 01/02/24 | | | | | | | 1,182 | | | | 1,188,267 | |
Learfield Communications LLC, 2016 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 12/01/23 | | | | | | | 1,533 | | | | 1,536,006 | |
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.75%, 03/24/25 | | | | | | | 892 | | | | 887,013 | |
Live Nation Entertainment, Inc., Term Loan B3, (1 mo. LIBOR + 1.75%), 4.25%, 10/31/23 | | | | | | | 288 | | | | 288,033 | |
MCC Iowa LLC, Term Loan N, (1 Week LIBOR + 1.75%), 4.18%, 02/15/24 | | | | | | | 487 | | | | 484,530 | |
Meredith Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 01/31/25 | | | | | | | 520 | | | | 521,812 | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 37 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Media (continued) | | | | | | | | | |
MH Sub I LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.23%, 09/13/24 | | | USD | | | | 513 | | | $ | 513,206 | |
Numericable Group SA, Term Loan B12, (1 mo. LIBOR + 3.68%), 6.16%, 01/31/26 | | | | | | | 333 | | | | 323,941 | |
PSAV Holdings LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 03/01/25 | | | | | | | 628 | | | | 616,516 | |
Radiate Holdco LLC, 1st Lien Term Loan, 02/01/24(g) | | | | | | | 1,280 | | | | 1,275,558 | |
Sinclair Television Group, Inc., Term Loan B2, (1 mo. LIBOR + 2.25%), 4.75%, 01/03/24 | | | | | | | 620 | | | | 619,195 | |
Trader Corp., 2017 Term Loan B, 09/28/23(g) | | | | | | | 2,254 | | | | 2,247,028 | |
Tribune Media Co., Term Loan C, (1 mo. LIBOR + 3.00%), 5.50%, 01/27/24 | | | | | | | 2,255 | | | | 2,254,166 | |
Unitymedia Finance LLC: | | | | | | | | | | | | |
Term Loan B, (1 mo. LIBOR + 2.25%), 4.72%, 09/30/25 | | | | | | | 1,245 | | | | 1,242,410 | |
USD Term Loan D, (1 mo. LIBOR + 2.25%), 4.72%, 01/15/26 | | | | | | | 225 | | | | 224,375 | |
Unitymedia Hessen GmbH & Co. KG, 2018 Term Loan E, (1 mo. LIBOR + 2.00%), 4.47%, 06/01/23 | | | | | | | 599 | | | | 597,134 | |
Univision Communications, Inc., Term Loan C5, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 03/15/24 | | | | | | | 706 | | | | 679,198 | |
Virgin Media Bristol LLC, 2017 Term Loan, (1 mo. LIBOR + 2.50%), 4.97%, 01/15/26 | | | | | | | 1,581 | | | | 1,584,763 | |
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (3 mo. LIBOR + 2.75%), 5.36%, 05/18/25 | | | | | | | 2,085 | | | | 2,028,568 | |
Ziggo Secured Finance Partnership, Term Loan E, (1 mo. LIBOR + 2.50%), 4.97%, 04/15/25 | | | | | | | 1,476 | | | | 1,461,815 | |
| | | | | | | | |
| | | | | | | | | | | 32,104,148 | |
| | | |
| Metals & Mining — 0.4% | | | | | | | | | |
Ball Metalpack LLC, 2018 1st Lien Term Loan B, (1 mo. LIBOR + 4.50%), 7.00%, 07/24/25 | | | | | | | 496 | | | | 495,929 | |
Equinox Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 03/08/24 | | | | | | | 989 | | | | 988,718 | |
| | | | | | | | |
| | | | | | | | | | | 1,484,647 | |
| | | |
| Multiline Retail — 0.7% | | | | | | | | | |
Eyemart Express LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 08/04/24 | | | | | | | 596 | | | | 592,451 | |
Hudson’s Bay Co., 2015 Term Loan B, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.81%, 09/30/22 | | | | | | | 884 | | | | 872,143 | |
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.72%, 10/25/20 | | | | | | | 739 | | | | 683,434 | |
| | | | | | | | |
| | | | | | | | | | | 2,148,028 | |
| | | |
| Oil & Gas Equipment & Services — 0.3% | | | | | | | | | |
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.50%, 05/10/25 | | | | | | | 973 | | | | 962,585 | |
| | | | | | | | |
| | | |
| Oil, Gas & Consumable Fuels — 1.0% | | | | | | | | | |
BCP Raptor II LLC, 1st Lien Term Loan, (3 mo. LIBOR + 4.75%), 7.37%, 11/03/25 | | | | | | | 513 | | | | 496,168 | |
California Resources Corp., Second Out Term Loan, (1 mo. LIBOR + 10.37%, 1.00% Floor), 12.85%, 12/31/21 | | | | | | | 762 | | | | 782,523 | |
CONSOL Energy, Inc., 1st Lien Term Loan B, 8.08%, 09/27/24 | | | | | | | 641 | | | | 636,994 | |
Edgewater Generation LLC, Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 12/13/25 | | | | | | | 491 | | | | 492,610 | |
EG Group Ltd., 2018 Term Loan B, (3 mo. LIBOR + 4.00%), 6.60%, 02/07/25 | | | | | | | 490 | | | | 484,169 | |
MEG Energy Corp., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 12/31/23 | | | | | | | 253 | | | | 253,142 | |
| | | | | | | | |
| | | | | | | | | | | 3,145,606 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Personal Products — 0.4% | | | | | | | | | |
Clover Merger Sub, Inc., 2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.75%), 10.25%, 09/26/25 | | | USD | | | | 280 | | | $ | 229,600 | |
Prestige Brands, Inc., Term Loan B4, (1 mo. LIBOR + 2.00%), 4.50%, 01/26/24 | | | | | | | 933 | | | | 930,585 | |
| | | | | | | | |
| | | | | | | | | | | 1,160,185 | |
| | | |
| Pharmaceuticals — 4.1% | | | | | | | | | |
Akorn, Inc., Term Loan B, (1 mo. LIBOR + 5.50%, 1.00% Floor), 8.00%, 04/16/21 | | | | | | | 203 | | | | 175,728 | |
Amneal Pharmaceuticals LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.50%), 6.00%, 05/04/25 | | | | | | | 1,579 | | | | 1,581,683 | |
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.75%, 04/29/24 | | | | | | | 1,904 | | | | 1,879,833 | |
Grifols Worldwide Operations USA, Inc., 2017 Acquisition Term Loan, (1 Week LIBOR + 2.25%), 4.67%, 01/31/25 | | | | | | | 2,223 | | | | 2,225,052 | |
Jaguar Holding Co. II, 2018 Term Loan, (1 mo. LIBOR + 2.50%, 1.00% Floor), 5.00%, 08/18/22 | | | | | | | 2,817 | | | | 2,797,602 | |
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.47%, 06/02/25 | | | | | | | 4,891 | | | | 4,910,770 | |
| | | | | | | | |
| | | | | | | | | | | 13,570,668 | |
| | | |
| Professional Services — 1.8% | | | | | | | | | |
Cast and Crew Payroll LLC, 2019 1st Lien Term Loan, (1 mo. LIBOR + 4.00%), 6.50%, 02/09/26 | | | | | | | 1,283 | | | | 1,291,339 | |
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 5.00%), 7.48%, 02/01/26 | | | | | | | 2,756 | | | | 2,774,961 | |
Information Resources, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 4.50%), 7.13%, 12/01/25 | | | | | | | 309 | | | | 307,036 | |
ON Assignment, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 04/02/25 | | | | | | | 721 | | | | 720,233 | |
SIRVA Worldwide, Inc., 2018 1st Lien Term Loan, (3 mo. LIBOR + 5.50%), 8.10%, 08/04/25(b) | | | | | | | 696 | | | | 692,147 | |
| | | | | | | | |
| | | | | | | | | | | 5,785,716 | |
|
| Real Estate Management & Development — 2.2% | |
CityCenter Holdings LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.75%, 04/18/24 | | | | | | | 2,892 | | | | 2,888,970 | |
DTZ US Borrower LLC, 2018 Add On Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 08/21/25 | | | | | | | 1,934 | | | | 1,933,983 | |
Forest City Enterprises LP, Term Loan B, (1 mo. LIBOR + 4.00%), 6.47%, 12/07/25 | | | | | | | 1,303 | | | | 1,310,330 | |
Realogy Corp., 2018 Term Loan B, (1 mo. LIBOR + 2.25%), 4.73%, 02/08/25 | | | | | | | 484 | | | | 472,599 | |
SMG Holdings, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 01/23/25 | | | | | | | 737 | | | | 732,014 | |
| | | | | | | | |
| | | | | | | | | | | 7,337,896 | |
| | | |
| Road & Rail — 0.3% | | | | | | | | | |
Moda Ingleside Energy Center LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.75%, 09/29/25 | | | | | | | 452 | | | | 452,857 | |
Road Infrastructure Investment LLC, 2016 1st Lien Term Loan, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.24%, 06/13/23 | | | | | | | 466 | | | | 410,310 | |
| | | | | | | | |
| | | | | | | | | | | 863,167 | |
|
| Semiconductors & Semiconductor Equipment — 1.1% | |
MaxLinear, Inc., Term Loan B, (1 mo. LIBOR + 2.50%), 4.97%, 05/12/24(b) | | | | | | | 150 | | | | 149,460 | |
Microchip Technology, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 05/29/25 | | | | | | | 1,761 | | | | 1,757,405 | |
NEO Technology, Inc, Term Loan B, 04/23/26(b)(g) | | | | | | | 740 | | | | 741,850 | |
ON Semiconductor Corp., 2018 1st Lien Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 03/31/23 | | | | | | | 314 | | | | 312,326 | |
Versum Materials, Inc., Term Loan, (3 mo. LIBOR + 2.00%), 4.60%, 09/29/23 | | | | | | | 575 | | | | 574,894 | |
| | | | | | | | |
| | | | | | | | | | | 3,535,935 | |
| | |
| 38 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Software — 16.5% | | | | | | | | | |
Applied Systems, Inc.: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.50%, 09/19/24 | | | USD | | | | 1,661 | | | $ | 1,658,134 | |
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%, 1.00% Floor), 9.50%, 09/19/25 | | | | | | | 302 | | | | 306,325 | |
BMC Software Finance, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%), 6.85%, 10/02/25 | | | | | | | 1,554 | | | | 1,544,160 | |
Cypress Intermediate Holdings III, Inc.: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 04/26/24 | | | | | | | 556 | | | | 553,877 | |
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 9.25%, 04/27/25 | | | | | | | 496 | | | | 501,788 | |
Dell, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.00%), 4.50%, 09/07/23 | | | | | | | 1,645 | | | | 1,645,073 | |
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.25%), 5.88%, 05/28/24 | | | | | | | 904 | | | | 807,662 | |
DTI Holdco, Inc., 2018 Term Loan B, (3 mo. LIBOR + 4.75%, 1.00% Floor), 7.49%, 09/30/23 | | | | | | | 878 | | | | 824,422 | |
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, 10/01/25(g) | | | | | | | 5,455 | | | | 5,393,267 | |
Help/Systems Holdings, Inc, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 03/28/25 | | | | | | | 720 | | | | 707,870 | |
Infor (US), Inc., Term Loan B6, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 02/01/22 | | | | | | | 4,109 | | | | 4,109,714 | |
Informatica Corp., 2018 Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 08/05/22 | | | | | | | 2,583 | | | | 2,590,331 | |
Kronos, Inc.: | | | | | | | | | | | | |
2017 Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.74%, 11/01/23 | | | | | | | 3,169 | | | | 3,170,774 | |
2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.99%, 11/01/24 | | | | | | | 1,315 | | | | 1,355,278 | |
McAfee LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.23%, 09/30/24 | | | | | | | 2,294 | | | | 2,306,921 | |
Mitchell International, Inc.: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 11/29/24 | | | | | | | 2,381 | | | | 2,347,742 | |
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.75%, 12/01/25 | | | | | | | 523 | | | | 511,558 | |
PowerSchool, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.99%, 08/01/25 | | | | | | | 617 | | | | 613,593 | |
Renaissance Learning, Inc., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 05/30/25 | | | | | | | 432 | | | | 423,427 | |
RP Crown Parent LLC, 2016 Term Loan B, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.25%, 10/12/23 | | | | | | | 728 | | | | 727,228 | |
SolarWinds Holdings, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 02/05/24 | | | | | | | 2,882 | | | | 2,882,669 | |
Solera LLC, Term Loan B, (1 mo. LIBOR + 2.75%), 5.25%, 03/03/23 | | | | | | | 3,321 | | | | 3,323,259 | |
SonicWALL, Inc., 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.18%, 05/16/25 | | | | | | | 348 | | | | 338,238 | |
Sophia LP, 2017 Term Loan B, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.85%, 09/30/22 | | | | | | | 3,550 | | | | 3,550,145 | |
SS&C Technologies Holdings Europe, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.75%, 04/16/25 | | | | | | | 1,077 | | | | 1,077,457 | |
SS&C Technologies, Inc.: | | | | | | | | | | | | |
2017 Term Loan B1, (1 mo. LIBOR + 2.25%), 4.75%, 07/08/22 | | | | | | | 2,032 | | | | 2,033,397 | |
2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 4.75%, 04/16/25 | | | | | | | 1,507 | | | | 1,507,401 | |
2018 Term Loan B5, (1 mo. LIBOR + 2.25%), 4.75%, 04/16/25 | | | | | | | 1,095 | | | | 1,095,274 | |
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.00%), 5.50%, 05/01/24 | | | | | | | 1,565 | | | | 1,565,596 | |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Software (continued) | | | | | | | | | |
Tibco Software, Inc., Repriced Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 12/04/20 | | | USD | | | | 2,622 | | | $ | 2,621,613 | |
Ultimate Software Group, Inc., Term Loan B, 03/15/26(g) | | | | | | | 1,732 | | | | 1,743,258 | |
Vertafore, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.75%, 07/02/25 | | | | | | | 668 | | | | 662,130 | |
| | | | | | | | |
| | | | | | | | | | | 54,499,581 | |
| | | |
| Specialty Retail — 1.5% | | | | | | | | | |
Belron Finance US LLC: | | | | | | | | | | | | |
2018 Term Loan B, (3 mo. LIBOR + 2.50%), 5.19%, 11/13/25 | | | | | | | 278 | | | | 277,782 | |
Term Loan B, (3 mo. LIBOR + 2.25%), 4.99%, 11/07/24 | | | | | | | 1,491 | | | | 1,486,473 | |
CD&R Firefly Bidco Ltd., 2018 GBP Term Loan B1, (LIBOR - GBP + 4.50%), 5.41%, 06/23/25 | | | GBP | | | | 1,000 | | | | 1,294,429 | |
Leslie’s Poolmart, Inc., 2018 Term Loan, (2 mo. LIBOR + 3.50%, 1.00% Floor), 6.08%, 08/16/23 | | | USD | | | | 752 | | | | 730,415 | |
Midas Intermediate Holdco II LLC, Incremental Term Loan B, 08/18/21(g) | | | | | | | 335 | | | | 327,462 | |
National Vision, Inc., 2017 Repriced Term Loan, (1 mo. LIBOR + 2.50%), 5.00%, 11/20/24 | | | | | | | 153 | | | | 153,282 | |
Research Now Group, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 5.50%, 1.00% Floor), 8.00%, 12/20/24 | | | | | | | 770 | | | | 771,937 | |
| | | | | | | | |
| | | | | | | | | | | 5,041,780 | |
| | | |
| Technology Hardware, Storage & Peripherals — 0.8% | | | | | | | | | |
Western Digital Corp., 2018 Term Loan B4, (1 mo. LIBOR + 1.75%), 4.23%, 04/29/23 | | | | | | | 2,674 | | | | 2,646,509 | |
| | | | | | | | |
| | | |
| Textiles, Apparel & Luxury Goods — 0.5% | | | | | | | | | |
Ascend Performance Materials Operations LLC, Term Loan B, (1 mo. LIBOR + 5.25%, 1.00% Floor), 7.75%, 08/12/22 | | | | | | | 1,456 | | | | 1,453,844 | |
Varsity Brands, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 6.00%, 12/15/24 | | | | | | | 326 | | | | 323,899 | |
| | | | | | | | |
| | | | | | | | | | | 1,777,743 | |
| | | |
| Thrifts & Mortgage Finance — 0.6% | | | | | | | | | |
IG Investment Holdings LLC, 2018 1st Lien Term Loan, 05/23/25(g) | | | | | | | 2,070 | | | | 2,069,630 | |
| | | | | | | | |
| | | |
| Trading Companies & Distributors — 1.2% | | | | | | | | | |
Beacon Roofing Supply, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.25%), 4.73%, 01/02/25 | | | | | | | 731 | | | | 725,087 | |
Foundation Building Materials LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.50%, 08/13/25 | | | | | | | 496 | | | | 493,142 | |
HD Supply, Inc., Term Loan B5, (1 mo. LIBOR + 1.75%), 4.25%, 10/17/23 | | | | | | | 2,414 | | | | 2,417,095 | |
Oxbow Carbon LLC, 2017 1st Lien Term Loan B, (1 mo. LIBOR + 3.50%), 6.00%, 01/04/23(b) | | | | | | | 164 | | | | 164,883 | |
United Rentals, Inc., Term Loan B, (1 mo. LIBOR + 1.75%), 4.25%, 10/31/25 | | | | | | | 137 | | | | 137,160 | |
| | | | | | | | |
| | | | | | | | | | | 3,937,367 | |
| | | |
| Transportation — 0.2% | | | | | | | | | |
Gruden Acquisition, Inc., 2017 Term Loan, (3 mo. LIBOR + 5.50%, 1.00% Floor), 8.10%, 08/18/22(b) | | | | | | | 299 | | | | 297,407 | |
Safe Fleet Holdings LLC, 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.48%, 02/01/25 | | | | | | | 513 | | | | 502,451 | |
| | | | | | | | |
| | | | | | | | | | | 799,858 | |
| | | |
| Utilities — 0.1% | | | | | | | | | |
ExGen Renewables IV LLC, Term Loan B, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.63%, 11/28/24 | | | | | | | 299 | | | | 288,145 | |
| | | | | | | | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 39 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
| Security | | | | | Par
(000) | | | Value | |
| | | |
| Wireless Telecommunication Services — 1.4% | | | | | | | | | |
Geo Group, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 03/22/24 | | | USD | | | | 1,219 | | | $ | 1,177,666 | |
Ligado Networks LLC, PIK Exit Term Loan (9.75% PIK), 9.75%, 12/07/20(h) | | | | | | | 1,032 | | | | 785,463 | |
SBA Senior Finance II LLC, 2018 Term Loan B, (1 mo. LIBOR + 2.00%), 4.50%, 04/11/25 | | | | | | | 2,622 | | | | 2,603,986 | |
| | | | | | | | |
| | | | | | | | | | | 4,567,115 | |
| | | | | | | | |
| |
Total Floating Rate Loan Interests — 135.3%
(Cost — $448,882,920) | | | | 446,422,098 | |
| | | | | | | | |
| | | |
| | | | | | Shares | | | | |
|
| Investment Companies — 4.5% | |
| | | |
United States — 4.5% | | | | | | | | | | | | |
Invesco Senior Loan ETF | | | | | | | 650,000 | | | | 14,930,500 | |
| | | | | | | | |
| |
Total Investment Companies — 4.5%
(Cost — $14,717,004) | | | | 14,930,500 | |
| | | | | | | | |
| | |
| | | Beneficial
Interests (000) | | | | |
| | | |
Other Interests(i) — 0.0% | | | | | | | | | | | | |
| | | |
| Afghanistan — 0.0% | | | | | | | | | |
Lear Corp. Escrow(b) | | | | | | | 500 | | | | 5 | |
| | | | | | | | |
| | | |
| United States — 0.0% | | | | | | | | | |
Millennium Corp.(b) | | | | | | | 991 | | | | — | |
Millennium Lender Claims(b) | | | | | | | 930 | | | | — | |
| | | | | | | | |
| | | | | | | | | | | — | |
| | | | | | | | |
| |
Total Other Interests — 0.0%
(Cost — $—) | | | | 5 | |
| | | | | | | | |
| | | |
| | | | | | Shares | | | | |
| | | |
Warrants — 0.0% | | | | | | | | | | | | |
| | | |
| Metals & Mining — 0.0% | | | | | | | | | |
AFGlobal Corp. (Expires 12/20/20)(b) | | | | | | | 2,642 | | | | — | |
| | | | | | | | |
| | | | | | | | | | | | |
| Security | | | | | Shares | | |
Value | |
| | | |
| Software — 0.0% | | | | | | | | | |
Bankruptcy Management Solutions, Inc. (Expires 07/01/19)(b) | | | | | | | 195 | | | $ | — | |
Bankruptcy Management Solutions, Inc. (Expires 07/01/20)(b) | | | | | | | 292 | | | | — | |
HMH Holdings/EduMedia (Issued/exercisable 03/09/10, 19 Shares for 1 Warrant, Expires 06/22/19, Strike Price $42.27)(b) | | | | | | | 1,501 | | | | — | |
| | | | | | | | |
| | | | | | | | | | | — | |
| | | | | | | | |
| |
Total Warrants — 0.0%
(Cost — $4,589) | | | | — | |
| | | | | | | | |
| |
Total Long-Term Investments — 142.5%
(Cost — $472,910,967) | | | | 470,143,419 | |
| | | | | | | | |
| |
Options Purchased — 0.0%
(Cost — $13,865) | | | | 14,625 | |
| | | | | | | | |
| |
Total Investments — 142.5%
(Cost — $472,924,832) | | | | 470,158,044 | |
| |
Liabilities in Excess of Other Assets — (42.5)% | | | | (140,185,365 | ) |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 329,972,679 | |
| | | | | | | | |
| (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) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (d) | 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. |
| (e) | Issuer filed for bankruptcy and/or is in default. |
| (f) | Variable rate security. Rate shown is the rate in effect as of period end. |
| (g) | 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. |
| (h) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (i) | Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. |
During the six months ended April 30, 2019, 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 Trust were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Affiliate Persons and/or Related Parties | | Shares
Held at
10/31/18 | | | Net
Activity | | | Shares
Held at
04/30/19 | | | Value at
04/30/19 | | | Income | | | Net
Realized
Gain (Loss) (a) | | | Change in
Unrealized
Appreciation
(Depreciation) | |
BlackRock Liquidity Funds,T-Fund, Institutional Class | | | 282,908 | | | | (282,908 | ) | | | — | | | $ | — | | | $ | 13,032 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Includes net capital gain distributions, if applicable. | |
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industrysub-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 industrysub-classifications for reporting ease.
| | |
| 40 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
| | | | | | | | | | | | | | | | | | | | |
Currency
Purchased | | | Currency Sold | | | Counterparty | | Settlement Date | | | Unrealized
Appreciation
(Depreciation) | |
| USD | | | 888,994 | | | EUR | | | 789,000 | | | State Street Bank and Trust Co. | | | 05/06/19 | | | $ | 3,818 | |
| USD | | | 3,297,087 | | | GBP | | | 2,526,000 | | | State Street Bank and Trust Co. | | | 05/07/19 | | | | 2,298 | |
| USD | | | 885,561 | | | EUR | | | 787,000 | | | State Street Bank and Trust Co. | | | 06/05/19 | | | | 338 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 6,454 | |
| | | | | | | | | | | | | | | | | | | | |
| EUR | | | 787,000 | | | USD | | | 883,269 | | | State Street Bank and Trust Co. | | | 05/06/19 | | | | (337 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 6,117 | |
| | | | | | | | | | | | | | | | | |
Exchange-Traded Options Purchased
| | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Exercise
Price | | | Notional
Amount (000) | | | Value | |
| Call | |
Health Care Select Sector SPDR | | | 75 | | | | 06/21/19 | | | USD | | | 92.00 | | | USD | | | 669 | | | $ | 5,475 | |
SPDR S&P 500 ETF Trust | | | 50 | | | | 06/21/19 | | | USD | | | 305.00 | | | USD | | | 1,470 | | | | 4,700 | |
iShares iBoxx USD High Yield Corporate Bond ETF | | | 100 | | | | 06/21/19 | | | USD | | | 87.00 | | | USD | | | 869 | | | | 3,450 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 13,625 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Put | |
Invesco Senior Loan ETF | | | 100 | | | | 05/17/19 | | | USD | | | 22.00 | | | USD | | | 230 | | | | 1,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 14,625 | |
| | | | | |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on forward foreign currency exchange contracts | | $ | — | | | $ | — | | | $ | — | | | $ | 6,454 | | | $ | — | | | $ | — | | | $ | 6,454 | |
Options purchased | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments at value—unaffiliated(a) | | | — | | | | — | | | | 14,625 | | | | — | | | | — | | | | — | | | | 14,625 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | — | | | $ | 14,625 | | | $ | 6,454 | | | $ | — | | | $ | — | | | $ | 21,079 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on forward foreign currency exchange contracts | | $ | — | | | $ | — | | | $ | — | | | $ | 337 | | | $ | — | | | $ | — | | | $ | 337 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Includes options purchased at value as reported in the Schedule of Investments. | |
For the six months ended April 30, 2019, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
Net Realized Gain (Loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | $ | — | | | $ | — | | | $ | — | | | $ | 125,530 | | | $ | — | | | $ | — | | | $ | 125,530 | |
Options purchased(a) | | | — | | | | — | | | | (1,425 | ) | | | — | | | | — | | | | — | | | | (1,425 | ) |
Swaps | | | — | | | | — | | | | — | | | | — | | | | (369,288 | ) | | | — | | | | (369,288 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | — | | | $ | (1,425 | ) | | $ | 125,530 | | | $ | (369,288 | ) | | $ | — | | | $ | (245,183 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| SCHEDULES OF INVESTMENTS | | | 41 | |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | $ | — | | | $ | — | | | $ | — | | | $ | (93,648 | ) | | $ | — | | | $ | — | | | $ | (93,648 | ) |
Options purchased(b) | | | — | | | | — | | | | 26,182 | | | | — | | | | — | | | | — | | | | 26,182 | |
Swaps | | | — | | | | — | | | | — | | | | — | | | | (2,500 | ) | | | — | | | | (2,500 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | — | | | $ | 26,182 | | | $ | (93,648 | ) | | $ | (2,500 | ) | | $ | — | | | $ | (69,966 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (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
| | | | |
Forward foreign currency exchange contracts: | |
Average amounts purchased — in USD | | $ | 6,754,499 | |
Average amounts sold — in USD | | $ | 2,561,031 | |
Options: | |
Average market value of option contracts purchased | | $ | 7,313 | |
Total return swaps: | |
Average notional amount | | $ | 1,172,000 | |
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 | |
Forward foreign currency exchange contracts | | $ | 6,454 | | | $ | 337 | |
Options | | | 14,625 | (a) | | | — | |
| | | | | | | | |
Total derivative assets and liabilities in the Statements of Assets and Liabilities | | $ | 21,079 | | | $ | 337 | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | | (14,625 | ) | | | — | |
| | | | | | | | |
Total derivative assets and liabilities subject to an MNA | | $ | 6,454 | | | $ | 337 | |
| | | | | | | | |
| | (a) | Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments. | |
The following table presents the Trust’s derivative assets (and liabilities) by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged ) by the Trust:
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Derivative
Assets
Subject to
an MNA by
Counterparty | | | Derivatives
Available
for Offset (a) | | | Non-cash
Collateral
Received | | | Cash
Collateral
Received | | | Net Amount
of Derivative
Assets (b) | |
State Street Bank and Trust Co. | | $ | 6,454 | | | $ | (337 | ) | | $ | — | | | $ | — | | | $ | 6,117 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| 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 | |
State Street Bank and Trust Co. | | $ | 337 | | | $ | (337 | ) | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| | (a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. | |
| | (b) | Net amount represents the net amount receivable from the counterparty in the event of default. | |
| | |
| 42 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Floating Rate Income Trust (BGT) |
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 | | $ | — | | | $ | 574,592 | | | $ | — | | | $ | 574,592 | |
Common Stocks | | | 13,452 | | | | 47,746 | | | | 350,466 | | | | 411,664 | |
Corporate Bonds | | | — | | | | 7,804,560 | | | | — | | | | 7,804,560 | |
Floating Rate Loan Interests | | | — | | | | 428,455,733 | | | | 17,966,365 | | | | 446,422,098 | |
Investment Companies | | | 14,930,500 | | | | — | | | | — | | | | 14,930,500 | |
Other Interests | | | — | | | | — | | | | 5 | | | | 5 | |
Options Purchased | | | 14,625 | | | | — | | | | — | | | | 14,625 | |
Liabilities: | | | | | | | | | | | | | | | | |
Unfunded Floating Rate Loan Interests(a) | | | — | | | | — | | | | (494 | ) | | | (494 | ) |
| | | | | | | | | | | | | | | | |
| | $ | 14,958,577 | | | $ | 436,882,631 | | | $ | 18,316,342 | | | $ | 470,157,550 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(b) | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Forward foreign currency contracts | | $ | — | | | $ | 6,454 | | | $ | — | | | $ | 6,454 | |
Liabilities: | | | | | | | | | | | | | | | | |
Forward foreign currency contracts | | | — | | | | (337 | ) | | | — | | | | (337 | ) |
| | | | | | | | | | | | | | | | |
| | $ | — | | | $ | 6,117 | | | $ | — | | | $ | 6,117 | |
| | | | | | | | | | | | | | | | |
| | (a) | Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. | |
| | (b) | Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. | |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $126,000,000 are categorized as Level 2 within the disclosure hierarchy.
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 | | | Common
Stocks | | | Corporate
Bonds | | | Floating
Rate Loan
Interests | | | Other
Interests | | | Unfunded
Floating Rate
Loan Interests | | | Warrants | | | Options
Purchased | | | Total | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance, as of October 31, 2018 | | $ | 2,699,975 | | | $ | 529,149 | | | $ | — | | | $ | 27,220,796 | | | $ | 5 | | | $ | (138 | ) | | $ | — | | | $ | — | | | $ | 30,449,787 | |
Transfers into Level 3(a) | | | — | | | | — | | | | — | | | | 5,681,906 | | | | — | | | | — | | | | — | | | | — | | | | 5,681,906 | |
Transfers out of Level 3(b) | | | — | | | | — | | | | — | | | | (13,000,394 | ) | | | | | | | — | | | | — | | | | — | | | | (13,000,394 | ) |
Accrued discounts/premiums | | | — | | | | — | | | | — | | | | 809 | | | | — | | | | — | | | | — | | | | — | | | | 809 | |
Net realized gain (loss) | | | (65,300 | ) | | | 38,883 | | | | 1,621 | | | | (421,070 | ) | | | — | | | | — | | | | (44,528 | ) | | | (25,422 | ) | | | (515,816 | ) |
Net change in unrealized appreciation (depreciation)(c)(d) | | | 25 | | | | (145,925 | ) | | | — | | | | 300,935 | | | | — | | | | (356 | ) | | | 44,528 | | | | 25,422 | | | | 224,629 | |
Purchases | | | — | | | | 131,156 | | | | — | | | | 6,334,003 | | | | — | | | | — | | | | — | | | | — | | | | 6,465,159 | |
Sales | | | (2,634,700 | ) | | | (202,797 | ) | | | (1,621 | ) | | | (8,150,620 | ) | | | — | | | | — | | | | — | | | | — | | | | (10,989,738 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Closing Balance, as of April 30, 2019 | | $ | — | | | $ | 350,466 | | | $ | — | | | $ | 17,966,365 | | | $ | 5 | | | $ | (494 | ) | | $ | — | | | $ | — | | | $ | 18,316,342 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2019(d) | | $ | — | | | $ | (145,925 | ) | | $ | — | | | $ | (105,617 | ) | | $ | — | | | $ | (678 | ) | | $ | — | | | $ | — | | | $ | (252,220 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | As of October 31, 2018, the Trust used observable inputs in determining the value of certain investments. As of April 30, 2019, 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 October 31, 2018, the Trust used significant unobservable inputs in determining the value of certain investments. As of April 30, 2019, 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 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 April 30, 2019 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.
See notes to financial statements.
| | | | |
| SCHEDULES OF INVESTMENTS | | | 43 | |
| | |
Consolidated Schedule of Investments (unaudited) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Shares | | | Value | |
|
Common Stocks — 0.5% | |
|
| Aerospace & Defense — 0.5% | |
United Technologies Corp. | | | | | | | 25,647 | | | $ | 3,657,946 | |
| | | | | | | | |
| |
Total Common Stocks — 0.5%
(Cost — $2,968,842) | | | | 3,657,946 | |
| | | | | | | | |
| | | |
| | | | | | Par
(000) | | | | |
|
| Asset-Backed Securities — 20.5% | |
Ajax Mortgage Loan Trust, Series 2017-D(a): | | | | | | | | | | | | |
Class A, 3.75%, 12/25/57 | | | USD | | | | 3,239 | | | | 3,335,558 | |
Class B, 0.00%, 12/25/57(b)(c) | | | | | | | 937 | | | | 421,720 | |
ALM VI Ltd.(a)(c): | | | | | | | | | | | | |
5.30%, 07/15/26 | | | | | | | 1,010 | | | | 996,277 | |
Series 2012-6A, Class BR3, 4.35%, 07/15/26 | | | | | | | 1,200 | | | | 1,184,269 | |
ALM XII Ltd.,Series 2015-12A, Class C1R2, 5.25%, 04/16/27(a)(c) | | | | | | | 545 | | | | 526,894 | |
American Homes 4 Rent Trust, Series 2014-SFR2, Class E, 6.23%, 10/17/36(a) | | | | | | | 2,000 | | | | 2,192,763 | |
AMMC CLO 19 Ltd.,Series 2016-1A, Class E, (3 mo. LIBOR US + 7.00%), 9.60%, 10/15/28(a)(d) | | | | | | | 1,000 | | | | 994,883 | |
Anchorage Capital CLO Ltd.(a): | | | | | | | | | | | | |
Series 2014-3RA, Class C, 4.43%, 01/28/31(c) | | | | | | | 1,000 | | | | 962,816 | |
Series 2014-5RA, Class E, 8.00%, 01/15/30(c) | | | | | | | 860 | | | | 804,630 | |
Series 2015-6A, Class DR, (3 mo. LIBOR US + 3.55%), 6.15%, 07/15/30(d) | | | | | | | 1,000 | | | | 989,751 | |
Series 2016-8A, Class DR, 5.58%, 07/28/28(c) | | | | | | | 1,000 | | | | 983,208 | |
Ares CLO Ltd.(a)(d): | | | | | | | | | | | | |
Series 2015-1A, Class D, (3 mo. LIBOR US + 6.23%), 8.83%, 12/05/25 | | | | | | | 1,000 | | | | 1,004,702 | |
Series 2016-41A, Class D, (3 mo. LIBOR US + 4.20%), 6.80%, 01/15/29 | | | | | | | 900 | | | | 902,420 | |
Battalion CLO XI Ltd.,Series 2017-11A, Class E, 8.53%, 10/24/29(a)(c) | | | | | | | 325 | | | | 309,801 | |
Bear Stearns Asset-Backed Securities I Trust,Series 2006-HE9, Class 2A, (1 mo. LIBOR US + 0.14%), 2.62%, 11/25/36(d) | | | | | | | 2,899 | | | | 2,817,177 | |
Benefit Street Partners CLO II Ltd.,Series 2013-IIA, Class CR, (3 mo. LIBOR US + 3.70%), 6.30%, 07/15/29(a)(d) | | | | | | | 1,750 | | | | 1,751,629 | |
Benefit Street Partners CLO VI Ltd.,Series 2015-VIA(a)(c): | | | | | | | | | | | | |
Class BR, 5.00%, 10/18/29 | | | | | | | 1,000 | | | | 998,231 | |
Class CR, 6.05%, 10/18/29 | | | | | | | 1,000 | | | | 994,983 | |
Benefit Street Partners CLO XII Ltd.,Series 2017-12A, Class D, 9.01%, 10/15/30(a)(c) | | | | | | | 500 | | | | 491,326 | |
C-BASS Trust,Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.16%), 2.64%, 10/25/36(d) | | | | | | | 6,843 | | | | 5,209,720 | |
Carrington Mortgage Loan Trust,
Series 2006-FRE2(d): | | | | | | | | | | | | |
Class A2, (1 mo. LIBOR US + 0.12%), 2.60%, 10/25/36 | | | | | | | 4,458 | | | | 3,383,036 | |
Class A5, (1 mo. LIBOR US + 0.08%), 2.56%, 03/25/35 | | | | | | | 9,183 | | | | 6,937,347 | |
DCP Rights LLC,Series 2014-1A, Class A, 5.46%, 10/25/44(a) | | | | | | | 3,502 | | | | 3,641,618 | |
Elevation CLO Ltd.,Series 2013-1A, Class CR, (3 mo. LIBOR + 4.68%), 7.36%, 11/15/28(a)(d) | | | | | | | 800 | | | | 802,106 | |
Fremont Home Loan Trust(d): | | | | | | | | | | | | |
Series 2006-A, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.64%, 05/25/36 | | | | | | | 23,167 | | | | 15,785,930 | |
Series 2006-D, Class 2A3, (1 mo. LIBOR US + 0.15%), 2.63%, 11/25/36 | | | | | | | 20,883 | | | | 9,391,045 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Asset-Backed Securities (continued) | |
Galaxy CLO Ltd.,Series 2015-21A, 7.84%, 04/20/31(a)(c) | | | USD | | | | 500 | | | $ | 455,472 | |
Galaxy CLO XXIX Ltd., Series 2018- 29A, Class D, 5.08%, 11/15/26(a)(c) | | | | | | | 530 | | | | 516,903 | |
GSAMP Trust,Series 2007-FM2, Class A2B, (1 mo. LIBOR US + 0.09%), 2.57%, 01/25/37(d) | | | | | | | 6,889 | | | | 4,507,634 | |
Highbridge Loan Management Ltd.(a)(c): | | | | | | | | | | | | |
Series 4A-2014, Class BR, 4.43%, 01/28/30 | | | | | | | 1,750 | | | | 1,689,897 | |
Series 8A-2016, Class ER, 8.09%, 07/20/30 | | | | | | | 1,000 | | | | 912,658 | |
Home Equity Mortgage Loan Asset- Backed Trust,Series 2006-E, Class 2A3, (1 mo. LIBOR US + 0.17%), 2.65%, 04/25/37(d) | | | | | | | 10,922 | | | | 8,077,082 | |
HPS Loan Management Ltd.,Series 10A-16(a)(d): | | | | | | | | | | | | |
Class C, (3 mo. LIBOR US + 3.65%), 6.24%, 01/20/28 | | | | | | | 2,500 | | | | 2,473,711 | |
Class D, (3 mo. LIBOR US + 6.50%), 9.09%, 01/20/28 | | | | | | | 1,000 | | | | 976,068 | |
Invitation Homes Trust, Series 2018- SFR2, Class E, 4.47%, 06/17/37(a)(c) | | | | | | | 3,000 | | | | 3,007,509 | |
Long Beach Mortgage Loan Trust(d): | | | | | | | | | | | | |
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.64%, 11/25/36 | | | | | | | 11,811 | | | | 5,301,905 | |
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.16%), 2.64%, 08/25/36 | | | | | | | 6,598 | | | | 3,428,688 | |
Madison Park Funding X Ltd.,Series 2012-10A, Class ER, (3 mo. LIBOR US + 7.62%), 10.21%, 01/20/29(a)(d) | | | | | | | 1,500 | | | | 1,495,453 | |
Madison Park Funding XI Ltd.,Series 2013-11A, Class ER, 9.04%, 07/23/29(a)(c) | | | | | | | 750 | | | | 727,077 | |
Madison Park Funding XVI Ltd.,Series 2015-16A, Class C, (3 mo. LIBOR US + 3.70%), 6.29%, 04/20/26(a)(d) | | | | | | | 1,000 | | | | 1,002,009 | |
Mastr Asset-Backed Securities Trust(d): | | | | | | | | | | | | |
Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.15%), 2.78%, 06/25/36 | | | | | | | 9,889 | | | | 5,367,839 | |
Series 2006-WMC2, Class A5, (1 mo. LIBOR US + 0.25%), 2.98%, 04/25/36 | | | | | | | 7,348 | | | | 3,077,936 | |
Neuberger Berman CLO XX Ltd.,Series 2015-20A, Class ER, 7.60%, 01/15/28(a)(c) | | | | | | | 710 | | | | 675,945 | |
Oaktree CLO Ltd.,Series 2015-1A, Class DR, 7.79%, 10/20/27(a)(c) | | | | | | | 1,000 | | | | 978,037 | |
Octagon Investment Partners LLC,Series 2017-1A, Class E, (3 mo. LIBOR US + 6.30%), 8.89%, 07/20/30(a)(d) | | | | | | | 500 | | | | 490,026 | |
Octagon Investment Partners XXII Ltd.,Series 2014-1A, Class DRR,
5.34%, 01/22/30(a)(c) | | | | | | | 500 | | | | 479,740 | |
OHA Credit Partners XIII Ltd.,Series 2016-13A, Class E, (3 mo. LIBOR US + 7.15%), 9.74%, 01/21/30(a)(d) | | | | | | | 405 | | | | 405,722 | |
OneMain Financial Issuance Trust,Series 2015-2A, Class C, 4.32%, 07/18/25(a) | | | | | | | 3,075 | | | | 3,078,974 | |
OZLM XIV Ltd.,Series 2015-14A, Class CR, 5.60%, 01/15/29(a)(c) | | | | | | | 1,000 | | | | 971,531 | |
OZLM XIX Ltd.,Series 2017-19A, Class D, 9.20%, 11/22/30(a)(c) | | | | | | | 500 | | | | 489,898 | |
OZLM XV Ltd.,Series 2016-15A, Class D, (3 mo. LIBOR US + 7.15%), 9.74%, 01/20/29(a)(d) | | | | | | | 1,000 | | | | 996,851 | |
OZLM XXI Ltd.,Series 2017-21A, Class D, 8.13%, 01/20/31(a)(c) | | | | | | | 250 | | | | 234,735 | |
Palmer Square Loan Funding Ltd.,Series 2018-5A, Class D, 6.84%, 01/20/27(a)(c) | | | | | | | 500 | | | | 497,838 | |
| | |
| 44 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Asset-Backed Securities (continued) | |
Park Avenue Institutional Advisers CLO Ltd.,Series 2017-1A, Class D, 8.91%, 11/14/29(a)(c) | | | USD | | | | 1,750 | | | $ | 1,690,562 | |
Renaissance Home Equity Loan Trust,Series 2007-3, Class AF2, 7.00%, 09/25/37 | | | | | | | 4,178 | | | | 2,404,221 | |
Rockford Tower CLO Ltd., Series 2017- 2A, Class D, (3 mo. LIBOR US + 3.45%),
6.05%, 10/15/29(a)(d) | | | | | | | 500 | | | | 499,738 | |
Saxon Asset Securities Trust,Series 2007-3, Class 2A3, (1 mo. LIBOR US + 0.40%), 2.88%, 09/25/47(d) | | | | | | | 5,000 | | | | 4,708,904 | |
Scholar Funding Trust,Series 2013-A, Class R, 0.00%(b) | | | | | | | — | (e) | | | 1,681,891 | |
Sound Point CLO XIV Ltd., Series 2016- 3A, Class E, (3 mo. LIBOR US + 6.65%),
9.24%, 01/23/29(a)(d) | | | | | | | 1,000 | | | | 995,300 | |
Thayer Park CLO Ltd.,Series 2017-1A, Class D, (3 mo. LIBOR US + 6.10%),
8.69%, 04/20/29(a)(d) | | | | | | | 500 | | | | 481,758 | |
TICP CLO VII Ltd.,Series 2017-7A, Class E, (3 mo. LIBOR US + 6.51%),
9.11%, 07/15/29(a)(d) | | | | | | | 500 | | | | 490,367 | |
Treman Park CLO Ltd.,Series 2015-1A, Class DRR, 5.24%, 10/20/28(a)(c) | | | | | | | 1,500 | | | | 1,469,842 | |
WaMu Asset-Backed Certificates Trust,Series 2007-HE3, Class 2A3, (1 mo. LIBOR US + 0.24%), 2.72%, 05/25/37(d) | | | | | | | 8,820 | | | | 7,547,617 | |
Wellfleet CLO Ltd.,Series 2017-3A, Class B, 4.54%, 01/17/31(a)(c) | | | | | | | 500 | | | | 479,551 | |
YorkCLO-2 Ltd.,Series 2015-1A, Class ER, 8.24%, 01/22/31(a)(c) | | | | | | | 250 | | | | 232,726 | |
| | | | | | | | |
| |
Total Asset-Backed Securities — 20.5%
(Cost — $137,969,946) | | | | 142,813,455 | |
| | | | | | | | |
|
Corporate Bonds — 69.6% | |
|
| Aerospace — 0.1% | |
Axtel SAB de CV, 6.38%, 11/14/24(a)(f) | | | | | | | 525 | | | | 525,207 | |
SoftBank Group Corp., 4.00%, 04/20/23 | | | EUR | | | | 240 | | | | 289,358 | |
| | | | | | | | |
| | | | | | | | | | | 814,565 | |
|
| Aerospace & Defense — 2.5% | |
Arconic, Inc.: | | | | | | | | | | | | |
5.40%, 04/15/21 | | | USD | | | | 12 | | | | 12,368 | |
5.87%, 02/23/22(f) | | | | | | | 1,065 | | | | 1,117,129 | |
5.13%, 10/01/24(f) | | | | | | | 808 | | | | 833,210 | |
BBA US Holdings, Inc., 5.38%, 05/01/26(a) | | | | | | | 322 | | | | 330,050 | |
Bombardier, Inc.(a): | | | | | | | | | | | | |
8.75%, 12/01/21(f) | | | | | | | 709 | | | | 784,331 | |
5.75%, 03/15/22 | | | | | | | 350 | | | | 353,938 | |
6.00%, 10/15/22 | | | | | | | 10 | | | | 10,006 | |
6.13%, 01/15/23(f) | | | | | | | 670 | | | | 670,838 | |
7.50%, 12/01/24(f) | | | | | | | 1,186 | | | | 1,205,806 | |
7.50%, 03/15/25(f) | | | | | | | 734 | | | | 736,752 | |
7.88%, 04/15/27(f) | | | | | | | 1,982 | | | | 1,994,387 | |
Kratos Defense & Security Solutions, Inc., 6.50%, 11/30/25(a)(f) | | | | | | | 448 | | | | 475,440 | |
Lockheed Martin Corp., 4.09%, 09/15/52(f) | | | | | | | 451 | | | | 456,809 | |
Pioneer Holdings LLC/Pioneer Finance Corp., 9.00%, 11/01/22(a)(f) | | | | | | | 197 | | | | 200,448 | |
TransDigm UK Holdings PLC, 6.88%, 05/15/26(a) | | | | | | | 231 | | | | 232,155 | |
TransDigm, Inc.: | | | | | | | | | | | | |
6.00%, 07/15/22(f) | | | | | | | 325 | | | | 329,469 | |
6.50%, 05/15/25 | | | | | | | 44 | | | | 44,440 | |
6.25%, 03/15/26(a)(f) | | | | | | | 6,725 | | | | 7,002,406 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Aerospace & Defense (continued) | |
6.38%, 06/15/26 | | | USD | | | | 89 | | | $ | 89,223 | |
7.50%, 03/15/27(a) | | | | | | | 96 | | | | 99,000 | |
United Technologies Corp., 3.75%, 11/01/46(f) | | | | | | | 700 | | | | 646,318 | |
| | | | | | | | |
| | | | | | | | | | | 17,624,523 | |
|
| Air Freight & Logistics — 0.1% | |
FedEx Corp.(f): | | | | | | | | | | | | |
3.90%, 02/01/35 | | | | | | | 500 | | | | 473,863 | |
4.75%, 11/15/45 | | | | | | | 500 | | | | 493,663 | |
XPO Logistics, Inc., 6.75%, 08/15/24(a) | | | | | | | 22 | | | | 22,715 | |
| | | | | | | | |
| | | | | | | | | | | 990,241 | |
|
| Airlines — 2.2% | |
Air Canada Pass-Through Trust,Series 2013-1, Class B, 5.38%, 11/15/22(a) | | | | | | | 2,094 | | | | 2,141,711 | |
American Airlines Pass-Through Trust: | | | | | | | | | | | | |
Series 2013-2, Class A, 4.95%, 07/15/24(f) | | | | | | | 1,277 | | | | 1,323,120 | |
Series 2017-1, Class B, 4.95%, 08/15/26 | | | | | | | 1,444 | | | | 1,480,895 | |
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20 | | | | | | | 865 | | | | 855,485 | |
Continental Airlines Pass-Through Trust, Class B: | | | | | | | | | | | | |
Series 2007-1, 6.90%, 10/19/23 | | | | | | | 133 | | | | 137,923 | |
Series 2012-1, 6.25%, 10/11/21 | | | | | | | 225 | | | | 230,088 | |
Delta Air Lines Pass-Through Trust, Class B: | | | | | | | | | | | | |
Series 2007-1, 8.02%, 02/10/24 | | | | | | | 1,201 | | | | 1,318,949 | |
Series 2012-1, 6.88%, 11/07/20(a)(f) | | | | | | | 1,754 | | | | 1,755,434 | |
Latam Finance Ltd., 6.88%, 04/11/24(a) | | | | | | | 737 | | | | 757,990 | |
United Airlines Pass-Through Trust(f): | | | | | | | | | | | | |
Series 2014-2, Class B, 4.63%, 03/03/24 | | | | | | | 1,849 | | | | 1,881,102 | |
Series 2015-1, Class A, 3.70%, 06/01/24 | | | | | | | 3,570 | | | | 3,577,497 | |
| | | | | | | | |
| | | | | | | | | | | 15,460,194 | |
|
| Auto Components — 0.9% | |
Adient US LLC, 7.00%, 05/15/26(a)(g) | | | | | | | 25 | | | | 25,594 | |
Allison Transmission, Inc.(a): | | | | | | | | | | | | |
5.00%, 10/01/24 | | | | | | | 38 | | | | 38,434 | |
5.88%, 06/01/29 | | | | | | | 253 | | | | 260,590 | |
Aptiv PLC(f): | | | | | | | | | | | | |
4.25%, 01/15/26 | | | | | | | 400 | | | | 413,063 | |
4.40%, 10/01/46 | | | | | | | 280 | | | | 250,047 | |
GKN Holdings PLC, 3.38%, 05/12/32 | | | GBP | | | | 100 | | | | 126,031 | |
Goodyear Tire & Rubber Co., 5.00%, 05/31/26 | | | USD | | | | 77 | | | | 74,853 | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp.(f): | | | | | | | | | | | | |
6.25%, 02/01/22 | | | | | | | 341 | | | | 351,326 | |
6.75%, 02/01/24 | | | | | | | 354 | | | | 370,373 | |
6.38%, 12/15/25 | | | | | | | 284 | | | | 296,070 | |
Panther BF Aggregator 2 LP/Panther Finance Co., Inc.: | | | | | | | | | | | | |
4.38%, 05/15/26 | | | EUR | | | | 101 | | | | 116,255 | |
6.25%, 05/15/26(a) | | | USD | | | | 1,545 | | | | 1,608,731 | |
8.50%, 05/15/27(a) | | | | | | | 2,075 | | | | 2,145,550 | |
Tesla, Inc., 5.30%, 08/15/25(a) | | | | | | | 246 | | | | 210,330 | |
| | | | | | | | |
| | | | | | | | | | | 6,287,247 | |
| | | |
| Automobiles — 0.3% | | | | | | | | | |
General Motors Co., 6.25%, 10/02/43(f) | | | | | | | 2,194 | | | | 2,312,189 | |
| | | | | | | | |
| | | |
| Banks — 0.7% | | | | | | | | | |
Allied Irish Banks PLC (5 year EUR Swap + 3.95%), 4.13%, 11/26/25(h) | | | EUR | | | | 100 | | | | 117,267 | |
Banco BPM SpA, 1.75%, 04/24/23 | | | | | | | 100 | | | | 111,722 | |
Banco de Sabadell SA, 2.10%, 05/10/24(g) | | | | | | | 100 | | | | 111,936 | |
Barclays PLC: | | | | | | | | | | | | |
4.38%, 09/11/24(f) | | | USD | | | | 720 | | | | 725,492 | |
5.20%, 05/12/26 | | | | | | | 200 | | | | 206,929 | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 45 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Banks (continued) | | | | | | | | | |
BBVA Bancomer SA, 6.75%, 09/30/22(a) | | | USD | | | | 682 | | | $ | 740,662 | |
CIT Group, Inc.: | | | | | | | | | | | | |
5.00%, 08/01/23(f) | | | | | | | 847 | | | | 883,844 | |
5.25%, 03/07/25 | | | | | | | 339 | | | | 360,611 | |
6.13%, 03/09/28 | | | | | | | 290 | | | | 322,988 | |
HSBC Holdings PLC, 4.38%, 11/23/26(f) | | | | | | | 370 | | | | 380,451 | |
Promerica Financial Corp., 9.70%, 05/14/24(a) | | | | | | | 200 | | | | 209,205 | |
Standard Chartered PLC, 4.87%, 03/15/33(a)(c)(f) | | | | | | | 500 | | | | 509,695 | |
Unione di Banche Italiane SpA, 5.88%, 03/04/29(c) | | | EUR | | | | 100 | | | | 114,850 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,795,652 | |
| | | |
| Beverages — 0.5% | | | | | | | | | |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46(a)(f) | | | USD | | | | 2,160 | | | | 2,191,800 | |
Central American Bottling Corp.,
5.75%, 01/31/27(a) | | | | | | | 637 | | | | 655,871 | |
Horizon Parent Holdings Sarl, (8.25% Cash or 9.00% PIK), 8.25%, 02/15/22(i) | | | EUR | | | | 100 | | | | 114,855 | |
OI European Group BV, 4.00%, 03/15/23(a) | | | USD | | | | 209 | | | | 205,865 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,168,391 | |
| | | |
| Biotechnology — 0.3% | | | | | | | | | |
Amgen, Inc., 4.40%, 05/01/45(f) | | | | | | | 1,100 | | | | 1,080,182 | |
Gilead Sciences, Inc., 4.75%, 03/01/46(f) | | | | | | | 700 | | | | 731,563 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,811,745 | |
| | | |
| Building Materials — 0.0% | | | | | | | | | |
Cemex SAB de CV, 3.13%, 03/19/26 | | | EUR | | | | 100 | | | | 114,684 | |
Jeld-Wen, Inc., 4.63%, 12/15/25(a) | | | USD | | | | 163 | | | | 155,257 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 269,941 | |
| | | |
| Building Products — 0.5% | | | | | | | | | |
American Builders & Contractors Supply Co., Inc., 5.88%, 05/15/26(a) | | | | | | | 317 | | | | 326,510 | |
Beacon Roofing Supply, Inc., 4.88%, 11/01/25(a) | | | | | | | 21 | | | | 20,206 | |
Jeld-Wen, Inc., 4.88%, 12/15/27(a) | | | | | | | 23 | | | | 21,965 | |
Masonite International Corp.(a): | | | | | | | | | | | | |
5.63%, 03/15/23(f) | | | | | | | 373 | | | | 381,392 | |
5.75%, 09/15/26 | | | | | | | 188 | | | | 192,230 | |
PGT Escrow Issuer, Inc., 6.75%, 08/01/26(a) | | | | | | | 125 | | | | 129,963 | |
Standard Industries, Inc.(a): | | | | | | | | | | | | |
5.50%, 02/15/23 | | | | | | | 72 | | | | 73,080 | |
5.38%, 11/15/24 | | | | | | | 522 | | | | 531,787 | |
6.00%, 10/15/25(f) | | | | | | | 659 | | | | 687,970 | |
5.00%, 02/15/27 | | | | | | | 48 | | | | 47,160 | |
4.75%, 01/15/28 | | | | | | | 68 | | | | 65,195 | |
USG Corp.(a)(f): | | | | | | | | | | | | |
5.50%, 03/01/25 | | | | | | | 299 | | | | 302,738 | |
4.88%, 06/01/27 | | | | | | | 366 | | | | 369,660 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,149,856 | |
| | | |
| Cable Television Services — 0.1% | | | | | | | | | |
Cincinnati Bell, Inc., 8.00%, 10/15/25(a)(f) | | | | | | | 173 | | | | 157,862 | |
ViaSat, Inc., 5.63%, 04/15/27(a) | | | | | | | 615 | | | | 627,300 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 785,162 | |
| | | |
| Capital Markets — 0.6% | | | | | | | | | |
Blackstone CQP Holdco LP(a): | | | | | | | | | | | | |
6.50%, 03/20/21(f) | | | | | | | 2,427 | | | | 2,436,101 | |
6.00%, 08/18/21 | | | | | | | 395 | | | | 393,025 | |
Intertrust Group BV, 3.38%, 11/15/25 | | | EUR | | | | 100 | | | | 117,207 | |
Lions Gate Capital Holdings LLC(a): | | | | | | | | | | | | |
6.38%, 02/01/24 | | | USD | | | | 30 | | | | 31,388 | |
5.88%, 11/01/24 | | | | | | | 203 | | | | 207,060 | |
Owl Rock Capital Corp., 5.25%, 04/15/24 | | | | | | | 226 | | | | 227,099 | |
Raymond James Financial, Inc., 4.95%, 07/15/46(f) | | | | | | | 400 | | | | 420,206 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Capital Markets (continued) | | | | | | | | | |
Stevens Holding Co., Inc., 6.13%, 10/01/26(a) | | | USD | | | | 197 | | | $ | 207,343 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,039,429 | |
| | | |
| Chemicals — 1.6% | | | | | | | | | |
Alpha 2 BV, (8.75% Cash or 9.50% PIK), 8.75%, 06/01/23(a)(i) | | | | | | | 306 | | | | 303,705 | |
Alpha 3 BV/Alpha US Bidco, Inc.,
6.25%, 02/01/25(a)(f) | | | | | | | 2,170 | | | | 2,202,550 | |
Axalta Coating Systems LLC, 4.88%, 08/15/24(a)(f) | | | | | | | 265 | | | | 266,073 | |
Blue Cube Spinco LLC(f): | | | | | | | | | | | | |
9.75%, 10/15/23 | | | | | | | 915 | | | | 1,022,512 | |
10.00%, 10/15/25 | | | | | | | 430 | | | | 489,125 | |
Chemours Co.: | | | | | | | | | | | | |
4.00%, 05/15/26 | | | EUR | | | | 100 | | | | 116,637 | |
5.38%, 05/15/27(f) | | | USD | | | | 459 | | | | 457,853 | |
Cydsa SAB de CV, 6.25%, 10/04/27(a)(f) | | | | | | | 914 | | | | 894,719 | |
Element Solutions, Inc., 5.88%, 12/01/25(a)(f) | | | | | | | 1,766 | | | | 1,807,942 | |
GCP Applied Technologies, Inc., 5.50%, 04/15/26(a) | | | | | | | 298 | | | | 302,196 | |
INEOS Finance PLC, 4.00%, 05/01/23 | | | EUR | | | | 115 | | | | 130,274 | |
Mexichem SAB de CV, 5.50%, 01/15/48(a)(f) | | | USD | | | | 526 | | | | 501,015 | |
Montichem Holdco 3 SA, 5.25%, 06/15/21 | | | EUR | | | | 100 | | | | 112,469 | |
NOVA Chemicals Corp., 4.88%, 06/01/24(a)(f) | | | USD | | | | 319 | | | | 311,823 | |
Olin Corp., 5.00%, 02/01/30 | | | | | | | 135 | | | | 133,650 | |
PQ Corp.(a)(f): | | | | | | | | | | | | |
6.75%, 11/15/22 | | | | | | | 437 | | | | 452,295 | |
5.75%, 12/15/25 | | | | | | | 644 | | | | 640,780 | |
Sherwin-Williams Co., 4.50%, 06/01/47(f) | | | | | | | 310 | | | | 307,494 | |
Versum Materials, Inc., 5.50%, 09/30/24(a) | | | | | | | 190 | | | | 202,113 | |
WR Grace &Co-Conn(a)(f): | | | | | | | | | | | | |
5.13%, 10/01/21 | | | | | | | 277 | | | | 286,695 | |
5.63%, 10/01/24 | | | | | | | 300 | | | | 321,750 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,263,670 | |
|
| Commercial Services & Supplies — 1.6% | |
ADT Security Corp.: | | | | | | | | | | | | |
6.25%, 10/15/21(f) | | | | | | | 234 | | | | 245,922 | |
3.50%, 07/15/22(f) | | | | | | | 401 | | | | 388,970 | |
4.13%, 06/15/23 | | | | | | | 157 | | | | 153,565 | |
4.88%, 07/15/32(a) | | | | | | | 365 | | | | 302,038 | |
Advanced Disposal Services, Inc., 5.63%, 11/15/24(a)(f) | | | | | | | 176 | | | | 184,800 | |
Aviation Capital Group Corp., 6.75%, 04/06/21(a)(f) | | | | | | | 5,000 | | | | 5,332,709 | |
Booz Allen Hamilton, Inc., 5.13%, 05/01/25(a)(f) | | | | | | | 455 | | | | 459,550 | |
Core & Main LP, 6.13%, 08/15/25(a)(f) | | | | | | | 968 | | | | 960,740 | |
Fortress Transportation & Infrastructure Investors LLC(a): | | | | | | | | | | | | |
6.75%, 03/15/22 | | | | | | | 85 | | | | 87,338 | |
6.50%, 10/01/25 | | | | | | | 92 | | | | 94,300 | |
Harland Clarke Holdings Corp., 8.38%, 08/15/22(a)(f) | | | | | | | 488 | | | | 433,100 | |
KAR Auction Services, Inc., 5.13%, 06/01/25(a)(f) | | | | | | | 283 | | | | 283,000 | |
Mobile Mini, Inc., 5.88%, 07/01/24(f) | | | | | | | 585 | | | | 602,550 | |
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(a)(f) | | | | | | | 188 | | | | 193,170 | |
United Rentals North America, Inc.: | | | | | | | | | | | | |
5.75%, 11/15/24(f) | | | | | | | 342 | | | | 352,003 | |
4.63%, 10/15/25(f) | | | | | | | 453 | | | | 449,602 | |
5.88%, 09/15/26 | | | | | | | 183 | | | | 191,235 | |
5.50%, 05/15/27 | | | | | | | 395 | | | | 406,850 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,121,442 | |
|
| Communications Equipment — 0.7% | |
CommScope Technologies LLC(a): | | | | | | | | | | | | |
6.00%, 06/15/25 | | | | | | | 5 | | | | 5,078 | |
5.00%, 03/15/27 | | | | | | | 82 | | | | 76,670 | |
| | |
| 46 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Communications Equipment (continued) | |
CommScope, Inc.(a): | | | | | | | | | | | | |
5.50%, 03/01/24(f) | | | USD | | | | 1,247 | | | $ | 1,300,777 | |
6.00%, 03/01/26 | | | | | | | 856 | | | | 906,290 | |
8.25%, 03/01/27 | | | | | | | 99 | | | | 106,920 | |
Nokia OYJ(f): | | | | | | | | | | | | |
3.38%, 06/12/22 | | | | | | | 126 | | | | 125,806 | |
4.38%, 06/12/27 | | | | | | | 177 | | | | 177,443 | |
6.63%, 05/15/39 | | | | | | | 245 | | | | 260,925 | |
Zayo Group LLC/Zayo Capital, Inc.(f): | | | | | | | | | | | | |
6.38%, 05/15/25 | | | | | | | 343 | | | | 349,002 | |
5.75%, 01/15/27(a) | | | | | | | 1,686 | | | | 1,711,290 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 5,020,201 | |
|
| Construction & Engineering — 0.1% | |
Brand Industrial Services, Inc.,
8.50%, 07/15/25(a)(f) | | | | | | | 321 | | | | 301,740 | |
frontdoor, Inc., 6.75%, 08/15/26(a) | | | | | | | 436 | | | | 457,255 | |
SPIE SA, 3.13%, 03/22/24 | | | EUR | | | | 100 | | | | 116,961 | |
SRS Distribution, Inc., 8.25%, 07/01/26(a) | | | USD | | | | 33 | | | | 32,257 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 908,213 | |
| | | |
| Construction Materials — 0.5% | | | | | | | | | |
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23(a) | | | | | | | 136 | | | | 140,930 | |
HD Supply, Inc., 5.38%, 10/15/26(a)(f) | | | | | | | 2,397 | | | | 2,480,895 | |
Navistar International Corp., 6.63%, 11/01/25(a)(f) | | | | | | | 375 | | | | 382,031 | |
New Enterprise Stone & Lime Co., Inc.(a): | | | | | | | | | | | | |
10.13%, 04/01/22 | | | | | | | 162 | | | | 165,928 | |
6.25%, 03/15/26 | | | | | | | 88 | | | | 89,210 | |
Williams Scotsman International, Inc.(a): | | | | | | | | | | | | |
7.88%, 12/15/22 | | | | | | | 129 | | | | 135,128 | |
6.88%, 08/15/23 | | | | | | | 184 | | | | 187,220 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,581,342 | |
|
| Consumer Discretionary — 0.4% | |
AA Bond Co. Ltd., 4.88%, 07/31/43 | | | GBP | | | | 125 | | | | 164,067 | |
Dun & Bradstreet Corp., 6.88%, 08/15/26(a) | | | USD | | | | 1,077 | | | | 1,119,434 | |
Nielsen Co. Luxembourg Sarl, 5.00%, 02/01/25(a)(f) | | | | | | | 156 | | | | 153,660 | |
Viking Cruises Ltd.(a)(f): | | | | | | | | | | | | |
6.25%, 05/15/25 | | | | | | | 300 | | | | 310,500 | |
5.88%, 09/15/27 | | | | | | | 1,040 | | | | 1,034,800 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 2,782,461 | |
| | | |
| Consumer Finance — 1.6% | | | | | | | | | |
Ally Financial, Inc., 8.00%, 11/01/31(f) | | | | | | | 2,734 | | | | 3,499,520 | |
Credit Acceptance Corp., 6.63%, 03/15/26(a) | | | | | | | 187 | | | | 196,818 | |
Credivalores-Crediservicios SAS,
9.75%, 07/27/22(a) | | | | | | | 457 | | | | 441,286 | |
Iron Mountain UK PLC, 3.88%, 11/15/25 | | | GBP | | | | 100 | | | | 126,285 | |
Mulhacen Pte Ltd., (6.5% Cash or 7.25% PIK), 6.50%, 08/01/23(i) | | | EUR | | | | 144 | | | | 163,045 | |
Navient Corp.: | | | | | | | | | | | | |
5.00%, 10/26/20(f) | | | USD | | | | 370 | | | | 375,087 | |
6.63%, 07/26/21(f) | | | | | | | 141 | | | | 147,698 | |
6.50%, 06/15/22(f) | | | | | | | 104 | | | | 109,590 | |
5.50%, 01/25/23 | | | | | | | 399 | | | | 405,982 | |
7.25%, 09/25/23(f) | | | | | | | 306 | | | | 331,245 | |
5.88%, 10/25/24 | | | | | | | 101 | | | | 101,505 | |
6.75%, 06/25/25(f) | | | | | | | 123 | | | | 125,460 | |
6.75%, 06/15/26 | | | | | | | 131 | | | | 131,994 | |
Nexi Capital SpA, 3.63%, 05/01/23(c) | | | EUR | | | | 100 | | | | 113,411 | |
Refinitiv US Holdings, Inc.: | | | | | | | | | | | | |
4.50%, 05/15/26 | | | | | | | 118 | | | | 133,381 | |
4.50%, 05/15/26(a) | | | | | | | 480 | | | | 542,568 | |
6.25%, 05/15/26(a) | | | USD | | | | 257 | | | | 263,746 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Consumer Finance (continued) | | | | | | | | | |
8.25%, 11/15/26(a)(f) | | | USD | | | | 1,372 | | | $ | 1,390,426 | |
Springleaf Finance Corp.: | | | | | | | | | | | | |
6.13%, 05/15/22 | | | | | | | 85 | | | | 89,786 | |
5.63%, 03/15/23 | | | | | | | 9 | | | | 9,349 | |
6.13%, 03/15/24 | | | | | | | 535 | | | | 564,425 | |
6.88%, 03/15/25 | | | | | | | 334 | | | | 358,215 | |
7.13%, 03/15/26 | | | | | | | 175 | | | | 187,906 | |
Verscend Escrow Corp., 9.75%, 08/15/26(a)(f) | | | | | | | 1,375 | | | | 1,454,062 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 11,262,790 | |
| | | |
| Containers & Packaging — 1.3% | | | | | | | | | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a): | | | | | | | | | | | | |
4.63%, 05/15/23 | | | | | | | 1,312 | | | | 1,324,385 | |
7.25%, 05/15/24(f) | | | | | | | 2,108 | | | | 2,220,883 | |
4.75%, 07/15/27 | | | GBP | | | | 100 | | | | 126,956 | |
BWAY Holding Co., 5.50%, 04/15/24(a)(f) | | | USD | | | | 1,541 | | | | 1,530,444 | |
Crown Americas LLC/Crown Americas Capital Corp. VI: | | | | | | | | | | | | |
4.75%, 02/01/26(f) | | | | | | | 543 | | | | 551,824 | |
4.25%, 09/30/26 | | | | | | | 513 | | | | 499,534 | |
Greif, Inc., 6.50%, 03/01/27(a) | | | | | | | 107 | | | | 110,210 | |
Intertape Polymer Group, Inc., 7.00%, 10/15/26(a) | | | | | | | 159 | | | | 162,578 | |
Mercer International, Inc.: | | | | | | | | | | | | |
6.50%, 02/01/24 | | | | | | | 134 | | | | 138,020 | |
5.50%, 01/15/26 | | | | | | | 139 | | | | 137,263 | |
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(a): | | | | | | | | | | | | |
5.13%, 07/15/23 | | | | | | | 48 | | | | 48,696 | |
7.00%, 07/15/24 | | | | | | | 803 | | | | 830,101 | |
Sealed Air Corp.: | | | | | | | | | | | | |
4.50%, 09/15/23 | | | EUR | | | | 100 | | | | 126,062 | |
5.13%, 12/01/24(a) | | | USD | | | | 54 | | | | 56,025 | |
6.88%, 07/15/33(a) | | | | | | | 44 | | | | 47,960 | |
Silgan Holdings, Inc., 3.25%, 03/15/25 | | | EUR | | | | 100 | | | | 115,241 | |
Suzano Austria GmbH, 6.00%, 01/15/29(a) | | | USD | | | | 1,201 | | | | 1,284,446 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 9,310,628 | |
|
| Diversified Consumer Services — 0.6% | |
APX Group, Inc.(f): | | | | | | | | | | | | |
8.75%, 12/01/20 | | | | | | | 351 | | | | 345,735 | |
7.88%, 12/01/22 | | | | | | | 185 | | | | 184,537 | |
Ascend Learning LLC(a): | | | | | | | | | | | | |
6.88%, 08/01/25(f) | | | | | | | 298 | | | | 301,725 | |
6.88%, 08/01/25 | | | | | | | 641 | | | | 651,416 | |
Graham Holdings Co., 5.75%, 06/01/26(a) | | | | | | | 204 | | | | 213,690 | |
Laureate Education, Inc., 8.25%, 05/01/25(a) | | | | | | | 138 | | | | 149,385 | |
Matthews International Corp., 5.25%, 12/01/25(a) | | | | | | | 126 | | | | 123,008 | |
Pinnacle Bidco PLC, 6.38%, 02/15/25 | | | GBP | | | | 100 | | | | 137,572 | |
Prime Security Services Borrower LLC/Prime Finance, Inc.(a): | | | | | | | | | | | | |
9.25%, 05/15/23(f) | | | USD | | | | 236 | | | | 248,732 | |
5.25%, 04/15/24 | | | | | | | 388 | | | | 388,970 | |
5.75%, 04/15/26 | | | | | | | 673 | | | | 679,865 | |
ServiceMaster Co. LLC, 5.13%, 11/15/24(a)(f) | | | | | | | 546 | | | | 551,460 | |
Verisure Holding AB, 3.50%, 05/15/23 | | | EUR | | | | 100 | | | | 116,326 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 4,092,421 | |
|
| Diversified Financial Services — 1.1% | |
Controladora Mabe SA de CV, 5.60%, 10/23/28(a) | | | USD | | | | 624 | | | | 639,525 | |
Docuformas SAPI de CV, 9.25%, 10/11/22(a)(f) | | | | | | | 508 | | | | 491,109 | |
Ford Motor Credit Co. LLC, 4.39%, 01/08/26(f) | | | | | | | 1,250 | | | | 1,223,855 | |
FS Energy & Power Fund, 7.50%, 08/15/23(a) | | | | | | | 93 | | | | 96,043 | |
Garfunkelux Holdco 3 SA, 4.50%, 09/01/23(c) | | | EUR | | | | 100 | | | | 96,458 | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 47 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Diversified Financial Services (continued) | |
General Motors Financial Co., Inc., 4.25%, 05/15/23 | | | USD | | | | 326 | | | $ | 334,116 | |
Gilex Holding Sarl, 8.50%, 05/02/23(a)(g) | | | | | | | 256 | | | | 271,424 | |
Intesa Sanpaolo SpA, 5.02%, 06/26/24(a)(f) | | | | | | | 2,888 | | | | 2,787,047 | |
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 08/15/24(i) | | | EUR | | | | 101 | | | | 115,473 | |
Lincoln Financing Sarl: | | | | | | | | | | | | |
3.63%, 04/01/24 | | | | | | | 100 | | | | 114,992 | |
3.88%, 04/01/24(c) | | | | | | | 100 | | | | 113,257 | |
MSCI, Inc., 5.25%, 11/15/24(a) | | | USD | | | | 127 | | | | 130,810 | |
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 06/01/25(a)(f) | | | | | | | 434 | | | | 443,222 | |
Travelport Corporate Finance PLC,
6.00%, 03/15/26(a) | | | | | | | 204 | | | | 219,300 | |
Vantiv LLC/Vanity Issuer Corp., 3.88%, 11/15/25(a) | | | GBP | | | | 100 | | | | 135,877 | |
Verisure Midholding AB, 5.75%, 12/01/23 | | | EUR | | | | 100 | | | | 115,122 | |
WMG Acquisition Corp.: | | | | | | | | | | | | |
4.13%, 11/01/24 | | | | | | | 90 | | | | 105,587 | |
5.50%, 04/15/26(a) | | | USD | | | | 197 | | | | 201,433 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,634,650 | |
|
| Diversified Telecommunication Services — 2.9% | |
AT&T, Inc., 4.75%, 05/15/46(f) | | | | | | | 2,545 | | | | 2,526,901 | |
CenturyLink, Inc.: | | | | | | | | | | | | |
Series P, 7.60%, 09/15/39 | | | | | | | 61 | | | | 53,375 | |
Series S, 6.45%, 06/15/21(f) | | | | | | | 516 | | | | 537,930 | |
Series U, 7.65%, 03/15/42(f) | | | | | | | 383 | | | | 337,193 | |
Series W, 6.75%, 12/01/23(f) | | | | | | | 386 | | | | 409,643 | |
Series Y, 7.50%, 04/01/24(f) | | | | | | | 934 | | | | 1,002,882 | |
Cincinnati Bell, Inc., 7.00%, 07/15/24(a)(f) | | | | | | | 452 | | | | 416,984 | |
Embarq Corp., 8.00%, 06/01/36 | | | | | | | 507 | | | | 500,029 | |
Frontier Communications Corp.: | | | | | | | | | | | | |
10.50%, 09/15/22 | | | | | | | 159 | | | | 116,070 | |
11.00%, 09/15/25(f) | | | | | | | 1,373 | | | | 889,018 | |
8.00%, 04/01/27(a)(f) | | | | | | | 1,702 | | | | 1,759,442 | |
Level 3 Financing, Inc.: | | | | | | | | | | | | |
5.38%, 08/15/22 | | | | | | | 108 | | | | 108,405 | |
5.63%, 02/01/23 | | | | | | | 146 | | | | 147,460 | |
5.13%, 05/01/23(f) | | | | | | | 360 | | | | 363,697 | |
5.38%, 05/01/25 | | | | | | | 146 | | | | 148,716 | |
5.25%, 03/15/26(f) | | | | | | | 916 | | | | 930,031 | |
Oi SA, (8.00% Cash or 4.00% PIK), 10.00%, 07/27/25(i) | | | | | | | 507 | | | | 532,350 | |
Telecom Italia Capital SA: | | | | | | | | | | | | |
6.38%, 11/15/33 | | | | | | | 69 | | | | 67,081 | |
6.00%, 09/30/34 | | | | | | | 246 | | | | 227,550 | |
Telecom Italia SpA: | | | | | | | | | | | | |
4.00%, 04/11/24 | | | EUR | | | | 100 | | | | 117,507 | |
5.30%, 05/30/24(a) | | | USD | | | | 400 | | | | 398,500 | |
Telecom Italia SpA/Milano, 2.75%, 04/15/25 | | | EUR | | | | 100 | | | | 109,636 | |
Verizon Communications, Inc., 6.55%, 09/15/43(f) | | | USD | | | | 6,500 | | | | 8,558,029 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 20,258,429 | |
| | | |
| Electric Utilities — 1.2% | | | | | | | | | |
AES Corp.: | | | | | | | | | | | | |
4.50%, 03/15/23 | | | | | | | 227 | | | | 230,666 | |
4.88%, 05/15/23(f) | | | | | | | 248 | | | | 251,859 | |
6.00%, 05/15/26 | | | | | | | 256 | | | | 270,720 | |
5.13%, 09/01/27 | | | | | | | 45 | | | | 46,800 | |
DPL, Inc., 7.25%, 10/15/21 | | | | | | | 34 | | | | 36,550 | |
Duke Energy Corp., 4.80%, 12/15/45(f) | | | | | | | 1,500 | | | | 1,616,464 | |
Emera US Finance LP, 4.75%, 06/15/46(f) | | | | | | | 200 | | | | 204,334 | |
Enel Finance International NV,
3.63%, 05/25/27(a)(f) | | | | | | | 1,250 | | | | 1,204,015 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Electric Utilities (continued) | | | | | | | | | |
Energuate Trust, 5.88%, 05/03/27(a)(f) | | | USD | | | | 575 | | | $ | 571,875 | |
Eskom Holdings SOC Ltd., 6.35%, 08/10/28(a) | | | | | | | 1,137 | | | | 1,181,474 | |
Inkia Energy Ltd., 5.88%, 11/09/27(a)(f) | | | | | | | 455 | | | | 455,257 | |
NextEra Energy Operating Partners LP(a): | | | | | | | | | | | | |
4.25%, 09/15/24 | | | | | | | 119 | | | | 119,387 | |
4.50%, 09/15/27 | | | | | | | 150 | | | | 147,375 | |
Southern Co., 4.40%, 07/01/46(f) | | | | | | | 1,000 | | | | 1,005,445 | |
Talen Energy Supply LLC: | | | | | | | | | | | | |
6.50%, 06/01/25 | | | | | | | 60 | | | | 52,650 | |
10.50%, 01/15/26(a) | | | | | | | 60 | | | | 62,400 | |
Virginia Electric & Power Co., Series A, 6.00%, 05/15/37(f) | | | | | | | 750 | | | | 913,962 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 8,371,233 | |
|
| Electronic Equipment, Instruments & Components — 0.4% | |
CDW LLC/CDW Finance Corp.: | | | | | | | | | | | | |
5.00%, 09/01/23(f) | | | | | | | 325 | | | | 332,215 | |
5.50%, 12/01/24(f) | | | | | | | 724 | | | | 766,535 | |
5.00%, 09/01/25 | | | | | | | 127 | | | | 130,334 | |
Corning, Inc., 4.38%, 11/15/57(f) | | | | | | | 1,915 | | | | 1,762,993 | |
Itron, Inc., 5.00%, 01/15/26(a) | | | | | | | 29 | | | | 28,782 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,020,859 | |
|
| Energy Equipment & Services — 0.4% | |
Apergy Corp., 6.38%, 05/01/26 | | | | | | | 173 | | | | 178,622 | |
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27(a) | | | | | | | 173 | | | | 180,136 | |
CSI Compressco LP/CSI Compressco Finance, Inc., 7.50%, 04/01/25(a) | | | | | | | 187 | | | | 181,624 | |
Ensco PLC: | | | | | | | | | | | | |
5.20%, 03/15/25 | | | | | | | 364 | | | | 292,343 | |
5.75%, 10/01/44 | | | | | | | 39 | | | | 25,643 | |
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22(a)(f) | | | | | | | 300 | | | | 300,000 | |
Oceaneering International, Inc., 4.65%, 11/15/24 | | | | | | | 52 | | | | 49,384 | |
Odebrecht Oil & Gas Finance Ltd., 0.00%(a)(j)(k) | | | BRL | | | | 155 | | | | 1,159 | |
Pattern Energy Group, Inc., 5.88%, 02/01/24(a) | | | USD | | | | 263 | | | | 270,945 | |
Pioneer Energy Services Corp., 6.13%, 03/15/22(f) | | | | | | | 193 | | | | 127,380 | |
Transocean, Inc.: | | | | | | | | | | | | |
8.38%, 12/15/21 | | | | | | | 47 | | | | 49,703 | |
7.25%, 11/01/25(a) | | | | | | | 421 | | | | 416,790 | |
USA Compression Partners LP/USA Compression Finance Corp.: | | | | | | | | | | | | |
6.88%, 04/01/26(f) | | | | | | | 329 | | | | 346,069 | |
6.88%, 09/01/27(a) | | | | | | | 489 | | | | 514,672 | |
Weatherford International Ltd., 5.95%, 04/15/42(f) | | | | | | | 182 | | | | 114,660 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 3,049,130 | |
| | | |
| Entertainment — 0.3% | | | | | | | | | |
Netflix, Inc.: | | | | | | | | | | | | |
4.38%, 11/15/26(f) | | | | | | | 164 | | | | 162,155 | |
5.88%, 11/15/28(f) | | | | | | | 904 | | | | 951,460 | |
3.88%, 11/15/29 | | | EUR | | | | 100 | | | | 114,828 | |
5.38%, 11/15/29(a) | | | USD | | | | 566 | | | | 573,075 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,801,518 | |
|
| Environmental, Maintenance, & Security Service — 0.2% | |
GFL Environmental, Inc.(a): | | | | | | | | | | | | |
7.00%, 06/01/26 | | | | | | | 308 | | | | 300,300 | |
8.50%, 05/01/27 | | | | | | | 350 | | | | 364,616 | |
Tervita Escrow Corp., 7.63%, 12/01/21(a)(f) | | | | | | | 383 | | | | 387,787 | |
Waste Pro USA, Inc., 5.50%, 02/15/26(a) | | | | | | | 177 | | | | 176,115 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,228,818 | |
| | |
| 48 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Equity Real Estate Investment Trusts (REITs) — 1.1% | |
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(a) | | | USD | | | | 199 | | | $ | 201,736 | |
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)(f) | | | | | | | 171 | | | | 170,573 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.63%, 04/01/25 | | | | | | | 34 | | | | 34,425 | |
Iron Mountain, Inc., 4.88%, 09/15/27(a) | | | | | | | 471 | | | | 455,987 | |
iStar, Inc.: | | | | | | | | | | | | |
4.63%, 09/15/20 | | | | | | | 40 | | | | 40,400 | |
6.00%, 04/01/22(f) | | | | | | | 96 | | | | 98,280 | |
5.25%, 09/15/22(f) | | | | | | | 81 | | | | 81,608 | |
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(f): | | | | | | | | | | | | |
5.63%, 05/01/24 | | | | | | | 1,745 | | | | 1,830,069 | |
4.50%, 09/01/26 | | | | | | | 715 | | | | 706,062 | |
MPT Operating Partnership LP/MPT Finance Corp.: | | | | | | | | | | | | |
5.50%, 05/01/24 | | | | | | | 88 | | | | 89,980 | |
5.00%, 10/15/27(f) | | | | | | | 1,095 | | | | 1,097,737 | |
Starwood Property Trust, Inc., 5.00%, 12/15/21(f) | | | | | | | 278 | | | | 283,907 | |
Trust F/1401, 6.95%, 01/30/44 | | | | | | | 1,738 | | | | 1,864,692 | |
VICI Properties 1 LLC/VICI FC, Inc., 8.00%, 10/15/23(f) | | | | | | | 168 | | | | 183,631 | |
Wyndham Hotels & Resorts, Inc.,
5.38%, 04/15/26(a) | | | | | | | 148 | | | | 150,960 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 7,290,047 | |
| | | |
| Food & Staples Retailing — 0.2% | | | | | | | | | |
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC: | | | | | | | | | | | | |
6.63%, 06/15/24(f) | | | | | | | 206 | | | | 212,437 | |
5.75%, 03/15/25 | | | | | | | 94 | | | | 93,295 | |
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC, 7.50%, 03/15/26(a) | | | | | | | 127 | | | | 134,620 | |
B&M European Value Retail SA, 4.13%, 02/01/22 | | | GBP | | | | 100 | | | | 132,358 | |
Tesco Corporate Treasury Services PLC, 2.50%, 05/02/25(g) | | | | | | | 100 | | | | 129,997 | |
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44(f) | | | USD | | | | 750 | | | | 703,371 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,406,078 | |
| | | |
| Food Products — 0.9% | | | | | | | | | |
Aramark Services, Inc.: | | | | | | | | | | | | |
5.00%, 04/01/25(a) | | | | | | | 347 | | | | 356,542 | |
4.75%, 06/01/26(f) | | | | | | | 252 | | | | 255,780 | |
5.00%, 02/01/28(a)(f) | | | | | | | 681 | | | | 693,122 | |
B&G Foods, Inc., 5.25%, 04/01/25 | | | | | | | 61 | | | | 59,853 | |
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 04/15/25(a)(f) | | | | | | | 174 | | | | 158,340 | |
Darling Ingredients, Inc., 5.25%, 04/15/27(a) | | | | | | | 49 | | | | 49,857 | |
JBS USA LUX SA/JBS USA Finance, Inc.(a): | | | | | | | | | | | | |
5.88%, 07/15/24 | | | | | | | 594 | | | | 606,474 | |
5.75%, 06/15/25(f) | | | | | | | 1,153 | | | | 1,179,686 | |
6.75%, 02/15/28(f) | | | | | | | 210 | | | | 221,295 | |
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 04/15/29(a) | | | | | | | 822 | | | | 871,320 | |
MARB BondCo PLC: | | | | | | | | | | | | |
7.00%, 03/15/24 | | | | | | | 229 | | | | 233,494 | |
6.88%, 01/19/25(a) | | | | | | | 637 | | | | 634,892 | |
Post Holdings, Inc.(a): | | | | | | | | | | | | |
5.50%, 03/01/25(f) | | | | | | | 273 | | | | 279,484 | |
5.75%, 03/01/27(f) | | | | | | | 294 | | | | 301,350 | |
5.63%, 01/15/28 | | | | | | | 86 | | | | 86,936 | |
Simmons Foods, Inc., 7.75%, 01/15/24(a) | | | | | | | 279 | | | | 298,181 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,286,606 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Health Care Equipment & Supplies — 0.9% | |
Avantor, Inc.(a)(f): | | | | | | | | | | | | |
6.00%, 10/01/24 | | | USD | | | | 2,057 | | | $ | 2,146,351 | |
9.00%, 10/01/25 | | | | | | | 1,379 | | | | 1,499,662 | |
Hologic, Inc.(a): | | | | | | | | | | | | |
4.38%, 10/15/25 | | | | | | | 225 | | | | 222,891 | |
4.63%, 02/01/28 | | | | | | | 141 | | | | 139,238 | |
Immucor, Inc., 11.13%, 02/15/22(a) | | | | | | | 112 | | | | 113,680 | |
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.75%, 08/01/22(a)(f) | | | | | | | 194 | | | | 178,965 | |
Ortho-Clinical Diagnostics, Inc./Ortho- Clinical Diagnostics SA, 6.63%, 05/15/22(a)(f) | | | | | | | 1,888 | | | | 1,844,340 | |
Teleflex, Inc.: | | | | | | | | | | | | |
4.88%, 06/01/26 | | | | | | | 284 | | | | 289,680 | |
4.63%, 11/15/27 | | | | | | | 72 | | | | 71,640 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 6,506,447 | |
|
| Health Care Providers & Services — 3.2% | |
Acadia Healthcare Co., Inc.: | | | | | | | | | | | | |
5.13%, 07/01/22 | | | | | | | 72 | | | | 72,360 | |
5.63%, 02/15/23 | | | | | | | 43 | | | | 43,430 | |
6.50%, 03/01/24 | | | | | | | 357 | | | | 369,495 | |
AHP Health Partners, Inc., 9.75%, 07/15/26(a) | | | | | | | 164 | | | | 177,735 | |
Centene Corp.: | | | | | | | | | | | | |
6.13%, 02/15/24 | | | | | | | 40 | | | | 41,900 | |
5.38%, 06/01/26(a)(f) | | | | | | | 2,334 | | | | 2,427,897 | |
CHS/Community Health Systems, Inc.(a): | | | | | | | | | | | | |
8.63%, 01/15/24 | | | | | | | 709 | | | | 719,635 | |
8.00%, 03/15/26 | | | | | | | 683 | | | | 664,218 | |
DaVita, Inc., 5.13%, 07/15/24(f) | | | | | | | 276 | | | | 276,000 | |
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 05/15/22(a)(f)(i) | | | | | | | 247 | | | | 248,235 | |
Encompass Health Corp., 5.75%, 11/01/24 | | | | | | | 76 | | | | 77,045 | |
Envision Healthcare Crop., 8.75%, 10/15/26(a) | | | | | | | 571 | | | | 538,168 | |
HCA, Inc.: | | | | | | | | | | | | |
5.38%, 02/01/25(f) | | | | | | | 1,326 | | | | 1,395,615 | |
5.88%, 02/15/26 | | | | | | | 54 | | | | 58,185 | |
5.38%, 09/01/26 | | | | | | | 453 | | | | 477,915 | |
5.63%, 09/01/28 | | | | | | | 1,080 | | | | 1,150,200 | |
5.88%, 02/01/29 | | | | | | | 921 | | | | 991,226 | |
MEDNAX, Inc.(a): | | | | | | | | | | | | |
5.25%, 12/01/23(f) | | | | | | | 198 | | | | 201,465 | |
6.25%, 01/15/27 | | | | | | | 844 | | | | 860,880 | |
Molina Healthcare, Inc.: | | | | | | | | | | | | |
5.38%, 11/15/22 | | | | | | | 207 | | | | 216,056 | |
4.88%, 06/15/25(a) | | | | | | | 279 | | | | 277,605 | |
MPH Acquisition Holdings LLC,
7.13%, 06/01/24(a)(f) | | | | | | | 404 | | | | 406,101 | |
Northwell Healthcare, Inc., 4.26%, 11/01/47(f) | | | | | | | 686 | | | | 686,646 | |
NVA Holdings, Inc., 6.88%, 04/01/26(a) | | | | | | | 206 | | | | 207,545 | |
Polaris Intermediate Corp., (8.50% Cash), 8.50%, 12/01/22(a)(f)(i) | | | | | | | 788 | | | | 784,060 | |
Regional Care Hospital Partners Holdings, Inc., 8.25%, 05/01/23(a)(f) | | | | | | | 711 | | | | 756,104 | |
Sotera Health Holdings LLC, 6.50%, 05/15/23(a) | | | | | | | 433 | | | | 437,330 | |
Surgery Center Holdings, Inc.(a): | | | | | | | | | | | | |
6.75%, 07/01/25(f) | | | | | | | 513 | | | | 477,090 | |
10.00%, 04/15/27 | | | | | | | 317 | | | | 325,718 | |
Team Health Holdings, Inc., 6.38%, 02/01/25(a)(f) | | | | | | | 378 | | | | 321,300 | |
Tenet Healthcare Corp.: | | | | | | | | | | | | |
6.00%, 10/01/20 | | | | | | | 862 | | | | 891,092 | |
8.13%, 04/01/22(f) | | | | | | | 1,295 | | | | 1,381,713 | |
4.63%, 07/15/24(f) | | | | | | | 447 | | | | 448,259 | |
6.25%, 02/01/27(a)(f) | | | | | | | 1,503 | | | | 1,566,877 | |
UnitedHealth Group, Inc., 4.38%, 03/15/42(f) | | | | | | | 750 | | | | 781,965 | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 49 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Health Care Providers & Services (continued) | |
Vizient, Inc.(a): | | | | | | | | | | | | |
10.38%, 03/01/24(f) | | | USD | | | | 382 | | | $ | 412,025 | |
6.25%, 05/15/27(g) | | | | | | | 483 | | | | 498,698 | |
WellCare Health Plans, Inc.: | | | | | | | | | | | | |
5.25%, 04/01/25 | | | | | | | 543 | | | | 560,648 | |
5.38%, 08/15/26(a) | | | | | | | 387 | | | | 405,305 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 22,633,741 | |
|
| Health Care Technology — 0.2% | |
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 03/01/25(a) | | | | | | | 525 | | | | 520,407 | |
IQVIA, Inc.: | | | | | | | | | | | | |
3.25%, 03/15/25 | | | EUR | | | | 194 | | | | 221,354 | |
3.25%, 03/15/25(a) | | | | | | | 100 | | | | 114,100 | |
5.00%, 10/15/26(a) | | | USD | | | | 548 | | | | 559,645 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 1,415,506 | |
|
| Hotels, Restaurants & Leisure — 4.9% | |
1011778 BC ULC/New Red Finance, Inc.(a)(f): | | | | | | | | | | | | |
4.25%, 05/15/24 | | | | | | | 576 | | | | 567,360 | |
5.00%, 10/15/25 | | | | | | | 2,621 | | | | 2,601,342 | |
Boyd Gaming Corp., 6.00%, 08/15/26 | | | | | | | 133 | | | | 138,154 | |
Boyne USA, Inc., 7.25%, 05/01/25(a) | | | | | | | 218 | | | | 236,530 | |
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25(a)(f) | | | | | | | 353 | | | | 345,058 | |
Churchill Downs, Inc.(a): | | | | | | | | | | | | |
5.50%, 04/01/27 | | | | | | | 656 | | | | 673,220 | |
4.75%, 01/15/28 | | | | | | | 278 | | | | 272,440 | |
Eldorado Resorts, Inc.: | | | | | | | | | | | | |
6.00%, 04/01/25 | | | | | | | 106 | | | | 109,449 | |
6.00%, 09/15/26 | | | | | | | 138 | | | | 143,175 | |
Enterprise Inns PLC, 6.00%, 10/06/23 | | | GBP | | | | 3,320 | | | | 4,613,784 | |
ESH Hospitality, Inc., 5.25%, 05/01/25(a)(f) | | | USD | | | | 242 | | | | 242,908 | |
GLP Capital LP/GLP Financing II, Inc.: | | | | | | | | | | | | |
5.38%, 11/01/23 | | | | | | | 148 | | | | 155,623 | |
5.25%, 06/01/25 | | | | | | | 124 | | | | 130,317 | |
5.38%, 04/15/26 | | | | | | | 208 | | | | 219,660 | |
Golden Entertainment, Inc., 7.63%, 04/15/26(a) | | | | | | | 134 | | | | 134,335 | |
Golden Nugget, Inc., 6.75%, 10/15/24(a)(f) | | | | | | | 1,429 | | | | 1,461,152 | |
Hilton Domestic Operating Co., Inc.(f): | | | | | | | | | | | | |
4.25%, 09/01/24 | | | | | | | 382 | | | | 382,516 | |
5.13%, 05/01/26(a) | | | | | | | 852 | | | | 872,235 | |
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 | | | | | | | 246 | | | | 249,383 | |
IRB Holding Corp., 6.75%, 02/15/26(a) | | | | | | | 61 | | | | 60,543 | |
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(a): | | | | | | | | | | | | |
5.00%, 06/01/24 | | | | | | | 45 | | | | 46,013 | |
5.25%, 06/01/26(f) | | | | | | | 406 | | | | 418,687 | |
4.75%, 06/01/27 | | | | | | | 9 | | | | 8,936 | |
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26(a) | | | | | | | 48 | | | | 50,400 | |
McDonald’s Corp., 3.70%, 01/30/26(f) | | | | | | | 750 | | | | 771,432 | |
Melco Resorts Finance Ltd., 4.88%, 06/06/25(a)(f) | | | | | | | 245 | | | | 244,102 | |
MGM Resorts International: | | | | | | | | | | | | |
6.63%, 12/15/21(f) | | | | | | | 1,419 | | | | 1,523,226 | |
7.75%, 03/15/22(f) | | | | | | | 296 | | | | 327,450 | |
4.63%, 09/01/26 | | | | | | | 38 | | | | 37,609 | |
5.50%, 04/15/27 | | | | | | | 186 | | | | 191,813 | |
RHP Hotel Properties LP/RHP Finance Corp., 5.00%, 04/15/21(f) | | | | | | | 460 | | | | 460,575 | |
Scientific Games International, Inc.: | | | | | | | | | | | | |
10.00%, 12/01/22(f) | | | | | | | 380 | | | | 399,950 | |
5.00%, 10/15/25(a)(f) | | | | | | | 872 | | | | 867,367 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Hotels, Restaurants & Leisure (continued) | |
3.38%, 02/15/26 | | | EUR | | | | 300 | | | $ | 331,160 | |
8.25%, 03/15/26(a) | | | USD | | | | 930 | | | | 963,712 | |
Six Flags Entertainment Corp.(a): | | | | | | | | | | | | |
4.88%, 07/31/24(f) | | | | | | | 1,796 | | | | 1,796,000 | |
5.50%, 04/15/27 | | | | | | | 99 | | | | 101,079 | |
Station Casinos LLC, 5.00%, 10/01/25(a) | | | | | | | 144 | | | | 141,480 | |
Stonegate Pub Co. Financing PLC: | | | | | | | | | | | | |
7.09%, 03/15/22(c) | | | GBP | | | | 100 | | | | 131,051 | |
4.88%, 03/15/22 | | | | | | | 100 | | | | 132,177 | |
Unique Pub Finance Co. PLC: | | | | | | | | | | | | |
Series A3, 6.54%, 03/30/21 | | | | | | | 946 | | | | 1,290,913 | |
Series M, 7.40%, 03/28/24 | | | | | | | 6,400 | | | | 9,337,894 | |
Wyndham Destinations, Inc.: | | | | | | | | | | | | |
5.40%, 04/01/24 | | | USD | | | | 16 | | | | 16,400 | |
5.75%, 04/01/27 | | | | | | | 76 | | | | 76,380 | |
Wynn Macau Ltd., 5.50%, 10/01/27(a)(f) | | | | | | | 600 | | | | 586,323 | |
Yum! Brands, Inc.: | | | | | | | | | | | | |
3.88%, 11/01/23 | | | | | | | 110 | | | | 109,450 | |
5.35%, 11/01/43 | | | | | | | 7 | | | | 6,160 | |
| | | | | | | | | | | | |
| | | | | | | | | | | 33,976,923 | |
| | | |
| Household Durables — 0.6% | | | | | | | | | |
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 07/01/22(a)(f) | | | | | | | 599 | | | | 610,680 | |
Century Communities, Inc., 6.88%, 05/15/22(f) | | | | | | | 569 | | | | 578,957 | |
Lennar Corp.: | | | | | | | | | | | | |
6.25%, 12/15/21(f) | | | | | | | 450 | | | | 473,625 | |
4.88%, 12/15/23 | | | | | | | 146 | | | | 150,928 | |
4.75%, 05/30/25(f) | | | | | | | 410 | | | | 419,225 | |
5.25%, 06/01/26 | | | | | | | 32 | | | | 33,200 | |
4.75%, 11/29/27(f) | | | | | | | 425 | | | | 433,266 | |
Mattamy Group Corp.(a): | | | | | | | | | | | | |
6.88%, 12/15/23 | | | | | | | 133 | | | | 137,655 | |
6.50%, 10/01/25 | | | | | | | 205 | | | | 208,588 | |
MDC Holdings, Inc., 6.00%, 01/15/43 | | | | | | | 144 | | | | 126,720 | |
Meritage Homes Corp., 5.13%, 06/06/27 | | | | | | | 91 | | | | 89,863 | |
PulteGroup, Inc.: | | | | | | | | | | | | |
6.38%, 05/15/33(f) | | | | | | | 469 | | | | 487,760 | |
6.00%, 02/15/35 | | | | | | | 48 | | | | 47,160 | |
Tempur Sealy International, Inc.,
5.50%, 06/15/26(f) | | | | | | | 191 | | | | 190,035 | |
TRI Pointe Group, Inc., 4.88%, 07/01/21 | | | | | | | 66 | | | | 66,990 | |
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.38%, 06/15/19(f) | | | | | | | 225 | | | | 224,613 | |
| | | | | | | | |
| | | | | | | | | | | 4,279,265 | |
|
| Household Products — 0.1% | |
ACCO Brands Corp., 5.25%, 12/15/24(a) | | | | | | | 102 | | | | 100,980 | |
Energizer Holdings, Inc.(a): | | | | | | | | | | | | |
6.38%, 07/15/26 | | | | | | | 54 | | | | 55,738 | |
7.75%, 01/15/27 | | | | | | | 448 | | | | 485,520 | |
| | | | | | | | |
| | | | | | | | | | | 642,238 | |
|
| Independent Power and Renewable Electricity Producers — 1.1% | |
AES Corp., 5.50%, 04/15/25 | | | | | | | 187 | | | | 194,104 | |
Calpine Corp.: | | | | | | | | | | | | |
5.38%, 01/15/23(f) | | | | | | | 999 | | | | 1,006,492 | |
5.88%, 01/15/24(a)(f) | | | | | | | 453 | | | | 462,060 | |
5.50%, 02/01/24 | | | | | | | 77 | | | | 76,423 | |
5.75%, 01/15/25 | | | | | | | 411 | | | | 406,890 | |
5.25%, 06/01/26(a)(f) | | | | | | | 860 | | | | 861,075 | |
Clearway Energy Operating LLC: | | | | | | | | | | | | |
5.38%, 08/15/24(f) | | | | | | | 379 | | | | 385,204 | |
5.75%, 10/15/25(a) | | | | | | | 384 | | | | 392,640 | |
Genneia SA, 8.75%, 01/20/22(a)(f) | | | | | | | 1,061 | | | | 835,049 | |
| | |
| 50 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Independent Power and Renewable Electricity Producers (continued) | |
NRG Energy, Inc.(f): | | | | | | | | | | | | |
6.63%, 01/15/27 | | | USD | | | | 1,425 | | | $ | 1,524,750 | |
5.75%, 01/15/28 | | | | | | | 672 | | | | 711,628 | |
QEP Resources, Inc., 5.38%, 10/01/22(f) | | | | | | | 516 | | | | 507,615 | |
TerraForm Power Operating LLC(a): | | | | | | | | | | | | |
4.25%, 01/31/23 | | | | | | | 214 | | | | 211,593 | |
6.63%, 06/15/25(l) | | | | | | | 35 | | | | 36,575 | |
5.00%, 01/31/28 | | | | | | | 214 | | | | 211,058 | |
| | | | | | | | |
| | | | | | | | | | | 7,823,156 | |
|
| Industrial Conglomerates — 0.3% | |
Algeco Global Finance PLC: | | | | | | | | | | | | |
6.50%, 02/15/23 | | | EUR | | | | 100 | | | | 117,656 | |
8.00%, 02/15/23(a) | | | | | | | 761 | | | | 778,122 | |
BWX Technologies, Inc., 5.38%, 07/15/26(a) | | | USD | | | | 470 | | | | 479,400 | |
Vertiv Group Corp., 9.25%, 10/15/24(a)(f) | | | USD | | | | 635 | | | | 620,713 | |
| | | | | | | | |
| | | | | | | | | | | 1,995,891 | |
|
| Insurance — 1.0% | |
Acrisure LLC/Acrisure Finance, Inc., 8.13%, 02/15/24(a) | | | | | | | 129 | | | | 134,886 | |
Alliant Holdings Intermediate LLC/Alliant HoldingsCo-Issuer, 8.25%, 08/01/23(a)(f) | | | | | | | 1,505 | | | | 1,546,387 | |
AmWINS Group, Inc., 7.75%, 07/01/26(a) | | | | | | | 262 | | | | 263,965 | |
Aon PLC, 3.88%, 12/15/25(f) | | | | | | | 1,280 | | | | 1,323,390 | |
Assicurazioni Generali SpA(3 mo. EURIBOR + 7.11%), 7.75%, 12/12/42(h) | | | EUR | | | | 100 | | | | 133,808 | |
HUB International Ltd., 7.00%, 05/01/26(a) | | | USD | | | | 1,377 | | | | 1,389,049 | |
Nationstar Mortgage Holdings, Inc.(a): | | | | | | | | | | | | |
8.13%, 07/15/23 | | | | | | | 768 | | | | 773,760 | |
9.13%, 07/15/26 | | | | | | | 171 | | | | 171,427 | |
Nationwide Building Society, 4.13%, 10/18/32(a)(c)(f) | | | | | | | 690 | | | | 655,656 | |
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(a)(f) | | | | | | | 700 | | | | 720,793 | |
USI, Inc., 6.88%, 05/01/25(a) | | | | | | | 72 | | | | 71,730 | |
| | | | | | | | |
| | | | | | | | | | | 7,184,851 | |
|
| Interactive Media & Services — 0.7% | |
Equinix, Inc.: | | | | | | | | | | | | |
2.88%, 03/15/24 | | | EUR | | | | 100 | | | | 115,945 | |
2.88%, 10/01/25 | | | | | | | 100 | | | | 115,244 | |
5.88%, 01/15/26(f) | | | USD | | | | 875 | | | | 924,219 | |
Match Group, Inc., 5.63%, 02/15/29(a) | | | | | | | 209 | | | | 213,703 | |
Rackspace Hosting, Inc., 8.63%, 11/15/24(a)(f) | | | | | | | 182 | | | | 169,715 | |
Sabre GLBL, Inc., 5.25%, 11/15/23(a)(f) | | | | | | | 305 | | | | 311,100 | |
SS&C Technologies, Inc., 5.50%, 09/30/27(a)(f) | | | | | | | 1,829 | | | | 1,875,868 | |
Symantec Corp., 5.00%, 04/15/25(a)(f) | | | | | | | 538 | | | | 548,551 | |
Uber Technologies, Inc., 7.50%, 11/01/23(a)(f) | | | | | | | 328 | | | | 344,400 | |
United Group BV(3 mo. EURIV + 4.38%), 4.38%, 07/01/23(d) | | | EUR | | | | 100 | | | | 112,225 | |
| | | | | | | | |
| | | | | | | | | | | 4,730,970 | |
| | | |
| IT Services — 0.9% | | | | | | | | | |
Banff Merger Sub, Inc.: | | | | | | | | | | | | |
8.38%, 09/01/26 | | | | | | | 130 | | | | 148,306 | |
9.75%, 09/01/26(a)(f) | | | USD | | | | 2,151 | | | | 2,156,377 | |
First Data Corp.(a): | | | | | | | | | | | | |
5.00%, 01/15/24 | | | | | | | 160 | | | | 164,018 | |
5.75%, 01/15/24(f) | | | USD | | | | 2,668 | | | | 2,749,707 | |
Gartner, Inc., 5.13%, 04/01/25(a)(f) | | | | | | | 207 | | | | 212,014 | |
InterXion Holding NV, 4.75%, 06/15/25 | | | EUR | | | | 100 | | | | 119,669 | |
WEX, Inc., 4.75%, 02/01/23(a) | | | USD | | | | 108 | | | | 108,405 | |
Xerox Corp.: | | | | | | | | | | | | |
4.80%, 03/01/35 | | | | | | | 398 | | | | 320,390 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| IT Services (continued) | | | | | | | | | |
6.75%, 12/15/39 | | | USD | | | | 59 | | | $ | 56,198 | |
| | | | | | | | |
| | | | | | | | | | | 6,035,084 | |
| | | |
| Leisure Products — 0.1% | | | | | | | | | |
Mattel, Inc., 6.75%, 12/31/25(a) | | | | | | | 901 | | | | 901,282 | |
| | | | | | | | |
| | | |
| Machinery — 0.6% | | | | | | | | | |
Colfax Corp.(a): | | | | | | | | | | | | |
6.00%, 02/15/24 | | | | | | | 680 | | | | 706,350 | |
6.38%, 02/15/26 | | | | | | | 321 | | | | 339,859 | |
Manitowoc Co., Inc., 9.00%, 04/01/26(a) | | | | | | | 289 | | | | 291,529 | |
Mueller Water Products, Inc., 5.50%, 06/15/26(a) | | | | | | | 377 | | | | 383,598 | |
Platin 1426 GmbH, 5.38%, 06/15/23 | | | EUR | | | | 118 | | | | 131,687 | |
RBS Global, Inc./Rexnord LLC,
4.88%, 12/15/25(a)(f) | | | USD | | | | 607 | | | | 607,734 | |
SPX FLOW, Inc.(a): | | | | | | | | | | | | |
5.63%, 08/15/24(f) | | | | | | | 228 | | | | 233,130 | |
5.88%, 08/15/26 | | | | | | | 93 | | | | 95,325 | |
Terex Corp., 5.63%, 02/01/25(a)(f) | | | | | | | 419 | | | | 424,237 | |
Titan Acquisition Ltd./TitanCo-Borrower LLC, 7.75%, 04/15/26(a)(f) | | | | | | | 900 | | | | 828,000 | |
Wabash National Corp., 5.50%, 10/01/25(a)(f) | | | | | | | 286 | | | | 271,700 | |
| | | | | | | | |
| | | | | | | | | | | 4,313,149 | |
| | | |
| Media — 7.1% | | | | | | | | | |
Altice Financing SA(a)(f): | | | | | | | | | | | | |
6.63%, 02/15/23 | | | | | | | 633 | | | | 648,825 | |
7.50%, 05/15/26 | | | | | | | 849 | | | | 861,735 | |
Altice France SA: | | | | | | | | | | | | |
6.25%, 05/15/24(a) | | | | | | | 406 | | | | 416,150 | |
7.38%, 05/01/26(a)(f) | | | | | | | 2,017 | | | | 2,043,473 | |
5.88%, 02/01/27 | | | EUR | | | | 100 | | | | 118,910 | |
8.13%, 02/01/27(a)(f) | | | USD | | | | 1,400 | | | | 1,463,000 | |
Altice Luxembourg SA, 7.75%, 05/15/22(a)(f) | | | | | | | 1,199 | | | | 1,221,481 | |
AMC Networks, Inc., 4.75%, 08/01/25(f) | | | | | | | 878 | | | | 873,250 | |
CCO Holdings LLC/CCO Holdings Capital Corp.: | | | | | | | | | | | | |
5.13%, 02/15/23(f) | | | | | | | 709 | | | | 720,521 | |
4.00%, 03/01/23(a)(f) | | | | | | | 421 | | | | 422,053 | |
5.13%, 05/01/27(a)(f) | | | | | | | 2,613 | | | | 2,652,195 | |
5.88%, 05/01/27(a) | | | | | | | 54 | | | | 56,093 | |
5.00%, 02/01/28(a)(f) | | | | | | | 471 | | | | 470,411 | |
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.48%, 10/23/45(f) | | | | | | | 3,000 | | | | 3,398,193 | |
Clear Channel International BV,
8.75%, 12/15/20(a)(f) | | | | | | | 906 | | | | 926,385 | |
Clear Channel Worldwide Holdings, Inc.(f): | | | | | | | | | | | | |
6.50%, 11/15/22 | | | | | | | 261 | | | | 267,123 | |
9.25%, 02/15/24(a) | | | | | | | 2,800 | | | | 3,013,500 | |
Series B, 6.50%, 11/15/22 | | | | | | | 2,677 | | | | 2,733,886 | |
Comcast Corp.(f): | | | | | | | | | | | | |
4.60%, 08/15/45 | | | | | | | 1,750 | | | | 1,863,911 | |
4.70%, 10/15/48 | | | | | | | 2,750 | | | | 2,987,562 | |
CSC Holdings LLC: | | | | | | | | | | | | |
5.38%, 07/15/23(a)(f) | | | | | | | 980 | | | | 1,002,050 | |
5.25%, 06/01/24(f) | | | | | | | 789 | | | | 802,807 | |
7.75%, 07/15/25(a)(f) | | | | | | | 830 | | | | 891,991 | |
6.63%, 10/15/25(a) | | | | | | | 288 | | | | 306,000 | |
10.88%, 10/15/25(a)(f) | | | | | | | 1,603 | | | | 1,843,450 | |
5.50%, 05/15/26(a)(f) | | | | | | | 600 | | | | 616,125 | |
5.38%, 02/01/28(a) | | | | | | | 200 | | | | 203,250 | |
6.50%, 02/01/29(a) | | | | | | | 814 | | | | 874,032 | |
Series 144S, 5.13%, 12/15/21(a)(f) | | | | | | | 218 | | | | 218,545 | |
Series 144S, 5.13%, 12/15/21(a) | | | | | | | 542 | | | | 543,355 | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 51 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Media (continued) | | | | | | | | | |
Discovery Communications LLC,
4.95%, 05/15/42(f) | | | USD | | | | 400 | | | $ | 383,554 | |
DISH DBS Corp.(f): | | | | | | | | | | | | |
6.75%, 06/01/21 | | | | | | | 397 | | | | 409,381 | |
5.88%, 07/15/22 | | | | | | | 1,037 | | | | 1,011,801 | |
5.00%, 03/15/23 | | | | | | | 303 | | | | 277,624 | |
5.88%, 11/15/24 | | | | | | | 214 | | | | 184,575 | |
eircom Finance DAC, 3.75%, 05/15/26(g) | | | EUR | | | | 100 | | | | 113,416 | |
Entercom Media Corp.(a): | | | | | | | | | | | | |
7.25%, 11/01/24 | | | USD | | | | 18 | | | | 18,630 | |
6.50%, 05/01/27 | | | | | | | 338 | | | | 344,760 | |
Gray Television, Inc., 7.00%, 05/15/27(a) | | | | | | | 369 | | | | 398,405 | |
Hughes Satellite Systems Corp.,
5.25%, 08/01/26(f) | | | | | | | 217 | | | | 218,348 | |
Intelsat Jackson Holdings SA: | | | | | | | | | | | | |
5.50%, 08/01/23 | | | | | | | 993 | | | | 898,665 | |
8.50%, 10/15/24(a)(f) | | | | | | | 976 | | | | 966,240 | |
9.75%, 07/15/25(a) | | | | | | | 893 | | | | 916,441 | |
Lamar Media Corp., 5.75%, 02/01/26(a) | | | | | | | 146 | | | | 153,312 | |
Level 3 Parent LLC, 5.75%, 12/01/22 | | | | | | | 99 | | | | 99,835 | |
Live Nation Entertainment, Inc., 4.88%, 11/01/24(a) | | | | | | | 34 | | | | 34,669 | |
MDC Partners, Inc., 6.50%, 05/01/24(a)(f) | | | | | | | 312 | | | | 263,640 | |
Meredith Corp., 6.88%, 02/01/26 | | | | | | | 184 | | | | 191,360 | |
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 08/15/23(a)(f) | | | | | | | 282 | | | | 293,985 | |
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22(a) | | | | | | | 531 | | | | 527,485 | |
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.88%, 03/15/25 | | | | | | | 64 | | | | 66,160 | |
Qualitytech LP/QTS Finance Corp., 4.75%, 11/15/25(a) | | | | | | | 172 | | | | 167,700 | |
Radiate Holdco LLC/Radiate Finance, Inc., 6.88%, 02/15/23(a) | | | | | | | 71 | | | | 71,000 | |
Sable International Finance Ltd.,
5.75%, 09/07/27(a) | | | | | | | 200 | | | | 198,500 | |
Sirius XM Radio, Inc., 5.00%, 08/01/27(a)(f) | | | | | | | 308 | | | | 310,526 | |
TEGNA, Inc., 5.50%, 09/15/24(a) | | | | | | | 79 | | | | 81,074 | |
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28(a) | | | | | | | 800 | | | | 794,000 | |
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27 | | | EUR | | | | 90 | | | | 108,825 | |
Telesat Canada/Telesat LLC, 8.88%, 11/15/24(a)(f) | | | USD | | | | 153 | | | | 165,814 | |
Tribune Media Co., 5.88%, 07/15/22 | | | | | | | 361 | | | | 366,054 | |
Univision Communications, Inc.(a): | | | | | | | | | | | | |
5.13%, 05/15/23(f) | | | | | | | 515 | | | | 496,975 | |
5.13%, 02/15/25 | | | | | | | 70 | | | | 65,713 | |
UPCB Finance IV Ltd.: | | | | | | | | | | | | |
5.38%, 01/15/25(a) | | | | | | | 200 | | | | 204,440 | |
4.00%, 01/15/27 | | | EUR | | | | 103 | | | | 121,118 | |
Viacom, Inc., 5.85%, 09/01/43(f) | | | USD | | | | 645 | | | | 702,629 | |
Videotron Ltd., 5.13%, 04/15/27(a)(f) | | | | | | | 519 | | | | 530,677 | |
Virgin Media Finance PLC, 5.75%, 01/15/25(a)(f) | | | | | | | 1,050 | | | | 1,072,312 | |
Virgin Media Secured Finance PLC: | | | | | | | | | | | | |
5.25%, 01/15/26(a) | | | | | | | 200 | | | | 203,442 | |
4.88%, 01/15/27 | | | GBP | | | | 130 | | | | 171,382 | |
6.25%, 03/28/29 | | | | | | | 175 | | | | 241,538 | |
Warner Media LLC(f): | | | | | | | | | | | | |
4.65%, 06/01/44 | | | USD | | | | 111 | | | | 110,638 | |
4.85%, 07/15/45 | | | | | | | 389 | | | | 397,324 | |
Ziggo Bond Co. BV, 7.13%, 05/15/24 | | | EUR | | | | 177 | | | | 206,464 | |
Ziggo BV, 5.50%, 01/15/27(a)(f) | | | USD | | | | 328 | | | | 327,180 | |
| | | | | | | | |
| | | | | | | | | | | 49,347,873 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Metals & Mining — 2.1% | | | | | | | | | |
Alcoa Nederland Holding BV(a): | | | | | | | | | | | | |
7.00%, 09/30/26 | | | USD | | | | 200 | | | $ | 215,500 | |
6.13%, 05/15/28 | | | | | | | 200 | | | | 208,000 | |
BHP Billiton Finance USA Ltd., 4.13%, 02/24/42(f) | | | | | | | 250 | | | | 261,698 | |
Big River Steel LLC/BRS Finance Corp., 7.25%, 09/01/25(a) | | | | | | | 263 | | | | 279,969 | |
Cleveland-Cliffs, Inc., 4.88%, 01/15/24(a) | | | | | | | 220 | | | | 220,000 | |
Constellium NV(a): | | | | | | | | | | | | |
5.75%, 05/15/24 | | | | | | | 506 | | | | 517,385 | |
6.63%, 03/01/25(f) | | | | | | | 300 | | | | 312,000 | |
5.88%, 02/15/26(f) | | | | | | | 1,443 | | | | 1,464,645 | |
Freeport-McMoRan, Inc.: | | | | | | | | | | | | |
4.00%, 11/14/21 | | | | | | | 276 | | | | 278,760 | |
3.55%, 03/01/22 | | | | | | | 759 | | | | 752,359 | |
3.88%, 03/15/23 | | | | | | | 1,246 | | | | 1,233,540 | |
4.55%, 11/14/24 | | | | | | | 413 | | | | 410,419 | |
5.40%, 11/14/34 | | | | | | | 184 | | | | 172,730 | |
5.45%, 03/15/43 | | | | | | | 2,132 | | | | 1,924,130 | |
Grinding Media,Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(a)(f) | | | | | | | 266 | | | | 260,015 | |
Joseph T Ryerson & Son, Inc., 11.00%, 05/15/22(a) | | | | | | | 155 | | | | 164,300 | |
Kaiser Aluminum Corp., 5.88%, 05/15/24 | | | | | | | 124 | | | | 128,340 | |
Mineral Resources Ltd., 8.13%, 05/01/27(a) | | | | | | | 339 | | | | 347,712 | |
Nexa Resources SA, 5.38%, 05/04/27(a)(f) | | | | | | | 857 | | | | 890,123 | |
Novelis Corp.(a): | | | | | | | | | | | | |
6.25%, 08/15/24 | | | | | | | 1,739 | | | | 1,810,734 | |
5.88%, 09/30/26 | | | | | | | 538 | | | | 546,742 | |
Rio Tinto Finance USA PLC, 4.75%, 03/22/42(f) | | | | | | | 400 | | | | 448,403 | |
Steel Dynamics, Inc.: | | | | | | | | | | | | |
5.25%, 04/15/23(f) | | | | | | | 525 | | | | 533,531 | |
4.13%, 09/15/25(f) | | | | | | | 186 | | | | 184,605 | |
5.00%, 12/15/26 | | | | | | | 15 | | | | 15,450 | |
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25(a) | | | | | | | 116 | | | | 117,015 | |
thyssenkrupp AG, 2.88%, 02/22/24 | | | EUR | | | | 100 | | | | 115,861 | |
United States Steel Corp.: | | | | | | | | | | | | |
6.88%, 08/15/25(f) | | | USD | | | | 270 | | | | 253,368 | |
6.25%, 03/15/26 | | | | | | | 71 | | | | 63,723 | |
Vale Overseas Ltd., 6.25%, 08/10/26(f) | | | | | | | 680 | | | | 743,835 | |
| | | | | | | | |
| | | | | | | | | | | 14,874,892 | |
| | | |
| Multi-Utilities — 0.1% | | | | | | | | | |
Superior Plus LP/Superior General Partner, Inc., 7.00%, 07/15/26(a) | | | | | | | 371 | | | | 380,275 | |
| | | | | | | | |
| | | |
| Multiline Retail — 0.1% | | | | | | | | | |
Target Corp., 4.00%, 07/01/42(f) | | | | | | | 300 | | | | 305,150 | |
| | | | | | | | |
| | | |
| Offshore Drilling & Other Services — 0.0% | | | | | | | | | |
Entegris, Inc., 4.63%, 02/10/26(a) | | | | | | | 225 | | | | 225,000 | |
| | | | | | | | |
| | | |
| Oil, Gas & Consumable Fuels — 9.3% | | | | | | | | | |
Anadarko Petroleum Corp., 4.50%, 07/15/44(f) | | | | | | | 500 | | | | 509,397 | |
Andeavor Logistics LP/Tesoro Logistics Finance Corp., 4.25%, 12/01/27(f) | | | | | | | 235 | | | | 239,042 | |
Antero Midstream Partners LP/Antero Midstream Finance Corp.: | | | | | | | | | | | | |
5.38%, 09/15/24 | | | | | | | 65 | | | | 66,261 | |
5.75%, 03/01/27(a) | | | | | | | 45 | | | | 45,900 | |
Antero Resources Corp.: | | | | | | | | | | | | |
5.13%, 12/01/22 | | | | | | | 92 | | | | 92,345 | |
5.63%, 06/01/23 | | | | | | | 123 | | | | 124,421 | |
5.00%, 03/01/25(f) | | | | | | | 537 | | | | 526,260 | |
Apache Corp., 4.75%, 04/15/43(f) | | | | | | | 800 | | | | 766,524 | |
| | |
| 52 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Oil, Gas & Consumable Fuels (continued) | | | | | | | | | |
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(a): | | | | | | | | | | | | |
10.00%, 04/01/22 | | | USD | | | | 285 | | | $ | 311,362 | |
7.00%, 11/01/26 | | | | | | | 166 | | | | 161,850 | |
Berry Petroleum Co. LLC, 7.00%, 02/15/26(a) | | | | | | | 190 | | | | 186,438 | |
Brazos Valley Longhorn LLC/Brazos Valley Longhorn Finance Corp., 6.88%, 02/01/25 | | | | | | | 188 | | | | 188,940 | |
Bruin E&P Partners LLC, 8.88%, 08/01/23(a) | | | | | | | 232 | | | | 219,240 | |
Callon Petroleum Co.: | | | | | | | | | | | | |
6.13%, 10/01/24(f) | | | | | | | 242 | | | | 248,582 | |
Series WI, 6.38%, 07/01/26 | | | | | | | 192 | | | | 196,320 | |
Carrizo Oil & Gas, Inc.: | | | | | | | | | | | | |
6.25%, 04/15/23(f) | | | | | | | 408 | | | | 396,702 | |
8.25%, 07/15/25 | | | | | | | 231 | | | | 235,043 | |
Centennial Resource Production LLC, 6.88%, 04/01/27(a) | | | | | | | 180 | | | | 186,525 | |
Chaparral Energy, Inc., 8.75%, 07/15/23(a) | | | | | | | 215 | | | | 158,563 | |
Cheniere Corpus Christi Holdings LLC(f): | | | | | | | | | | | | |
7.00%, 06/30/24 | | | | | | | 578 | | | | 648,082 | |
5.88%, 03/31/25 | | | | | | | 604 | | | | 650,810 | |
5.13%, 06/30/27 | | | | | | | 1,190 | | | | 1,240,575 | |
Cheniere Energy Partners LP, 5.63%, 10/01/26(a) | | | | | | | 377 | | | | 389,426 | |
Chesapeake Energy Corp.: | | | | | | | | | | | | |
6.63%, 08/15/20 | | | | | | | 352 | | | | 362,208 | |
4.88%, 04/15/22 | | | | | | | 86 | | | | 84,603 | |
5.75%, 03/15/23 | | | | | | | 22 | | | | 21,725 | |
7.00%, 10/01/24(f) | | | | | | | 344 | | | | 340,022 | |
8.00%, 01/15/25(f) | | | | | | | 434 | | | | 439,425 | |
8.00%, 03/15/26(a) | | | | | | | 194 | | | | 196,367 | |
8.00%, 06/15/27(f) | | | | | | | 610 | | | | 596,444 | |
CNX Resources Corp., 5.88%, 04/15/22(f) | | | | | | | 1,473 | | | | 1,465,635 | |
Comstock Resources, Inc., 9.75%, 08/15/26(a) | | | | | | | 218 | | | | 198,380 | |
CONSOL Energy, Inc., 11.00%, 11/15/25(a)(f) | | | | | | | 500 | | | | 563,750 | |
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 05/15/25(a)(f) | | | | | | | 301 | | | | 279,930 | |
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.: | | | | | | | | | | | | |
6.25%, 04/01/23 | | | | | | | 18 | | | | 18,450 | |
5.63%, 05/01/27(a) | | | | | | | 471 | | | | 469,234 | |
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(a)(f) | | | | | | | 1,295 | | | | 1,278,812 | |
DCP Midstream Operating LP: | | | | | | | | | | | | |
5.38%, 07/15/25 | | | | | | | 359 | | | | 377,384 | |
6.45%, 11/03/36(a)(f) | | | | | | | 254 | | | | 259,080 | |
6.75%, 09/15/37(a)(f) | | | | | | | 396 | | | | 412,830 | |
Denbury Resources, Inc., 9.25%, 03/31/22(a)(f) | | | | | | | 569 | | | | 576,112 | |
Diamond Offshore Drilling, Inc.: | | | | | | | | | | | | |
7.88%, 08/15/25 | | | | | | | 145 | | | | 141,738 | |
5.70%, 10/15/39 | | | | | | | 38 | | | | 26,785 | |
4.88%, 11/01/43 | | | | | | | 340 | | | | 218,450 | |
Diamondback Energy, Inc.: | | | | | | | | | | | | |
4.75%, 11/01/24(a) | | | | | | | 85 | | | | 86,806 | |
4.75%, 11/01/24 | | | | | | | 137 | | | | 139,911 | |
5.38%, 05/31/25(f) | | | | | | | 236 | | | | 246,268 | |
Enbridge, Inc., 6.25%, 03/01/78(c) | | | | | | | 1,865 | | | | 1,889,096 | |
Endeavor Energy Resources LP/EER
Finance, Inc.(a): | | | | | | | | | | | | |
5.50%, 01/30/26 | | | | | | | 670 | | | | 698,475 | |
5.75%, 01/30/28 | | | | | | | 424 | | | | 451,560 | |
Energy Transfer Operating LP(f): | | | | | | | | | | | | |
6.13%, 12/15/45 | | | | | | | 500 | | | | 546,687 | |
5.30%, 04/15/47 | | | | | | | 350 | | | | 347,467 | |
EnLink Midstream LLC, 5.38%, 06/01/29 | | | | | | | 98 | | | | 98,371 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Oil, Gas & Consumable Fuels (continued) | | | | | | | | | |
EnLink Midstream Partners LP: | | | | | | | | | | | | |
4.40%, 04/01/24 | | | USD | | | | 281 | | | $ | 278,892 | |
4.15%, 06/01/25 | | | | | | | 28 | | | | 26,950 | |
4.85%, 07/15/26 | | | | | | | 127 | | | | 125,889 | |
5.60%, 04/01/44 | | | | | | | 301 | | | | 271,276 | |
5.05%, 04/01/45 | | | | | | | 372 | | | | 319,920 | |
5.45%, 06/01/47 | | | | | | | 272 | | | | 240,040 | |
Ensco Jersey Finance Ltd., 3.00%, 01/31/24(m) | | | | | | | 868 | | | | 733,460 | |
Ensco Rowan PLC: | | | | | | | | | | | | |
4.50%, 10/01/24 | | | | | | | 34 | | | | 27,540 | |
7.75%, 02/01/26 | | | | | | | 172 | | | | 148,780 | |
Ensign Drilling, Inc., 9.25%, 04/15/24(a) | | | | | | | 122 | | | | 122,203 | |
Enterprise Products Operating LLC, 5.38%, 02/15/78(c) | | | | | | | 420 | | | | 390,209 | |
Extraction Oil & Gas, Inc.(a): | | | | | | | | | | | | |
7.38%, 05/15/24 | | | | | | | 164 | | | | 147,600 | |
5.63%, 02/01/26(f) | | | | | | | 603 | | | | 494,460 | |
Frontera Energy Corp., 9.70%, 06/25/23(a) | | | | | | | 697 | | | | 736,938 | |
Genesis Energy LP/Genesis Energy Finance Corp.: | | | | | | | | | | | | |
6.00%, 05/15/23 | | | | | | | 93 | | | | 94,017 | |
5.63%, 06/15/24 | | | | | | | 92 | | | | 91,368 | |
6.50%, 10/01/25(f) | | | | | | | 111 | | | | 111,522 | |
6.25%, 05/15/26(f) | | | | | | | 188 | | | | 186,120 | |
Geopark Ltd., 6.50%, 09/21/24(a) | | | | | | | 228 | | | | 230,565 | |
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 09/30/21(a)(f) | | | | | | | 649 | | | | 527,312 | |
Gulfport Energy Corp.: | | | | | | | | | | | | |
6.63%, 05/01/23 | | | | | | | 93 | | | | 89,513 | |
6.00%, 10/15/24 | | | | | | | 176 | | | | 154,331 | |
6.38%, 01/15/26 | | | | | | | 224 | | | | 193,200 | |
Halcon Resources Corp., 6.75%, 02/15/25 | | | | | | | 208 | | | | 133,640 | |
Hess Corp., 4.30%, 04/01/27(f) | | | | | | | 750 | | | | 756,508 | |
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp., 5.63%, 02/15/26(a) | | | | | | | 294 | | | | 300,615 | |
Impulsora Pipeline LLC, 6.05%, 12/31/42(b) | | | | | | | 1,682 | | | | 1,713,278 | |
Indigo Natural Resources LLC, 6.88%, 02/15/26(a) | | | | | | | 431 | | | | 399,752 | |
Kinder Morgan Energy Partners LP,
4.25%, 09/01/24(f) | | | | | | | 2,500 | | | | 2,606,993 | |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(a) | | | | | | | 51 | | | | 52,020 | |
Matador Resources Co., 5.88%, 09/15/26 | | | | | | | 381 | | | | 383,857 | |
MEG Energy Corp., 6.50%, 01/15/25(a)(f) | | | | | | | 789 | | | | 792,945 | |
MGM Growth Properties Operating Partnership LP/MGP Finance Co- Issuer, Inc., 4.50%, 01/15/28 | | | | | | | 338 | | | | 324,480 | |
Murphy Oil Corp.: | | | | | | | | | | | | |
5.75%, 08/15/25 | | | | | | | 244 | | | | 250,702 | |
7.05%, 05/01/29 | | | | | | | 20 | | | | 21,814 | |
5.88%, 12/01/42 | | | | | | | 202 | | | | 180,338 | |
Nabors Industries, Inc.: | | | | | | | | | | | | |
5.00%, 09/15/20 | | | | | | | 54 | | | | 54,810 | |
4.63%, 09/15/21 | | | | | | | 278 | | | | 276,957 | |
5.75%, 02/01/25(f) | | | | | | | 161 | | | | 146,510 | |
NGPL PipeCo LLC(a): | | | | | | | | | | | | |
4.88%, 08/15/27 | | | | | | | 642 | | | | 662,865 | |
7.77%, 12/15/37(f) | | | | | | | 493 | | | | 605,157 | |
Noble Holding International Ltd.: | | | | | | | | | | | | |
7.75%, 01/15/24 | | | | | | | 21 | | | | 19,058 | |
7.88%, 02/01/26(a)(f) | | | | | | | 1,145 | | | | 1,107,787 | |
5.25%, 03/15/42 | | | | | | | 140 | | | | 86,450 | |
Northern Oil and Gas, Inc., (8.50% Cash or 1.00% PIK), 9.50%, 05/15/23(a)(i) | | | | | | | 486 | | | | 510,312 | |
Oasis Petroleum, Inc.: | | | | | | | | | | | | |
6.88%, 03/15/22 | | | | | | | 331 | | | | 332,241 | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 53 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Oil, Gas & Consumable Fuels (continued) | | | | | | | | | |
6.88%, 01/15/23 | | | USD | | | | 54 | | | $ | 54,000 | |
6.25%, 05/01/26(a) | | | | | | | 236 | | | | 227,740 | |
Odebrecht Offshore Drilling Finance(a): | | | | | | | | | | | | |
6.72%, 12/01/22(f) | | | BRL | | | | 268 | | | | 255,656 | |
7.72%, 12/01/26(i) | | | | | | | 30 | | | | 7,520 | |
Pacific Drilling SA, 8.38%, 10/01/23(a) | | | USD | | | | 1,436 | | | | 1,475,490 | |
Parsley Energy LLC/Parsley Finance Corp.(a): | | | | | | | | | | | | |
6.25%, 06/01/24 | | | | | | | 163 | | | | 169,113 | |
5.38%, 01/15/25(f) | | | | | | | 361 | | | | 366,753 | |
5.25%, 08/15/25 | | | | | | | 70 | | | | 70,613 | |
5.63%, 10/15/27 | | | | | | | 427 | | | | 436,607 | |
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25(f) | | | | | | | 252 | | | | 259,560 | |
PDC Energy, Inc.: | | | | | | | | | | | | |
1.13%, 09/15/21(m) | | | | | | | 1,047 | | | | 994,110 | |
6.13%, 09/15/24 | | | | | | | 54 | | | | 54,810 | |
5.75%, 05/15/26 | | | | | | | 121 | | | | 121,151 | |
Petrobras Global Finance BV: | | | | | | | | | | | | |
8.38%, 05/23/21(f) | | | | | | | 126 | | | | 138,411 | |
6.13%, 01/17/22(f) | | | | | | | 310 | | | | 328,677 | |
5.30%, 01/27/25 | | | | | | | 908 | | | | 932,516 | |
8.75%, 05/23/26(f) | | | | | | | 637 | | | | 763,636 | |
6.00%, 01/27/28(f) | | | | | | | 1,093 | | | | 1,121,691 | |
7.25%, 03/17/44 | | | | | | | 480 | | | | 507,185 | |
Petroleos Mexicanos: | | | | | | | | | | | | |
6.38%, 02/04/21 | | | | | | | 330 | | | | 341,550 | |
5.38%, 03/13/22 | | | | | | | 47 | | | | 48,133 | |
6.50%, 03/13/27(f) | | | | | | | 424 | | | | 428,367 | |
5.35%, 02/12/28 | | | | | | | 199 | | | | 186,563 | |
Precision Drilling Corp.: | | | | | | | | | | | | |
5.25%, 11/15/24 | | | | | | | 16 | | | | 15,160 | |
7.13%, 01/15/26(a) | | | | | | | 231 | | | | 232,155 | |
QEP Resources, Inc.: | | | | | | | | | | | | |
6.88%, 03/01/21 | | | | | | | 410 | | | | 423,325 | |
5.25%, 05/01/23 | | | | | | | 235 | | | | 228,538 | |
5.63%, 03/01/26(f) | | | | | | | 481 | | | | 450,543 | |
Range Resources Corp.: | | | | | | | | | | | | |
5.88%, 07/01/22 | | | | | | | 61 | | | | 61,686 | |
5.00%, 08/15/22(f) | | | | | | | 155 | | | | 153,450 | |
5.00%, 03/15/23 | | | | | | | 9 | | | | 8,756 | |
4.88%, 05/15/25 | | | | | | | 113 | | | | 104,101 | |
Rockies Express Pipeline LLC, 4.95%, 07/15/29(a) | | | | | | | 180 | | | | 180,140 | |
Rowan Cos., Inc., 4.88%, 06/01/22 | | | | | | | 521 | | | | 503,416 | |
Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 | | | | | | | 10 | | | | 10,974 | |
Saudi Arabian Oil Co., 3.50%, 04/16/29(a) | | | | | | | 225 | | | | 221,173 | |
SESI LLC: | | | | | | | | | | | | |
7.13%, 12/15/21 | | | | | | | 127 | | | | 107,950 | |
7.75%, 09/15/24 | | | | | | | 123 | | | | 90,713 | |
Seven Generations Energy Ltd.(a): | | | | | | | | | | | | |
6.88%, 06/30/23(f) | | | | | | | 144 | | | | 147,600 | |
5.38%, 09/30/25 | | | | | | | 355 | | | | 344,350 | |
Shell International Finance BV, 4.38%, 05/11/45(f) | | | | | | | 450 | | | | 486,065 | |
SM Energy Co.: | | | | | | | | | | | | |
6.13%, 11/15/22 | | | | | | | 56 | | | | 56,560 | |
5.00%, 01/15/24 | | | | | | | 317 | | | | 296,989 | |
5.63%, 06/01/25(f) | | | | | | | 496 | | | | 464,380 | |
6.75%, 09/15/26 | | | | | | | 26 | | | | 24,895 | |
Southern Star Central Corp., 5.13%, 07/15/22(a) | | | | | | | 187 | | | | 188,206 | |
Southwestern Energy Co.: | | | | | | | | | | | | |
6.20%, 01/23/25 | | | | | | | 136 | | | | 133,706 | |
7.50%, 04/01/26(f) | | | | | | | 59 | | | | 59,885 | |
7.75%, 10/01/27(f) | | | | | | | 248 | | | | 251,100 | |
Suncor Energy, Inc., 6.50%, 06/15/38(f) | | | | | | | 800 | | | | 1,018,587 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Oil, Gas & Consumable Fuels (continued) | | | | | | | | | |
Sunoco LP/Sunoco Finance Corp.: | | | | | | | | | | | | |
6.00%, 04/15/27(a) | | | USD | | | | 49 | | | $ | 50,838 | |
Series WI, 4.88%, 01/15/23 | | | | | | | 372 | | | | 378,045 | |
Series WI, 5.50%, 02/15/26 | | | | | | | 120 | | | | 122,100 | |
Series WI, 5.88%, 03/15/28 | | | | | | | 147 | | | | 150,675 | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a): | | | | | | | | | | | | |
4.75%, 10/01/23 | | | | | | | 31 | | | | 31,327 | |
5.50%, 09/15/24(f) | | | | | | | 572 | | | | 589,160 | |
5.50%, 01/15/28(f) | | | | | | | 1,116 | | | | 1,136,925 | |
Targa Resources Partners LP/Targa Resources Partners Finance Corp.: | | | | | | | | | | | | |
5.25%, 05/01/23 | | | | | | | 16 | | | | 16,200 | |
5.13%, 02/01/25 | | | | | | | 156 | | | | 159,510 | |
5.88%, 04/15/26(f) | | | | | | | 325 | | | | 342,164 | |
5.38%, 02/01/27 | | | | | | | 20 | | | | 20,300 | |
6.50%, 07/15/27(a) | | | | | | | 384 | | | | 411,360 | |
5.00%, 01/15/28(f) | | | | | | | 570 | | | | 560,002 | |
6.88%, 01/15/29(a) | | | | | | | 1,001 | | | | 1,081,080 | |
Transocean Pontus Ltd., 6.13%, 08/01/25(a) | | | | | | | 236 | | | | 242,156 | |
Transocean Poseidon Ltd., 6.88%, 02/01/27(a) | | | | | | | 509 | | | | 542,085 | |
Transocean, Inc.(a): | | | | | | | | | | | | |
9.00%, 07/15/23(f) | | | | | | | 716 | | | | 766,120 | |
7.50%, 01/15/26 | | | | | | | 497 | | | | 489,545 | |
Vantage Drilling International, 9.25%, 11/15/23(a) | | | | | | | 157 | | | | 162,103 | |
Weatherford International Ltd.(f): | | | | | | | | | | | | |
5.13%, 09/15/20 | | | | | | | 260 | | | | 213,200 | |
6.50%, 08/01/36 | | | | | | | 144 | | | | 90,720 | |
Whiting Petroleum Corp., 6.63%, 01/15/26(f) | | | | | | | 414 | | | | 413,358 | |
Williams Partners LP, 4.50%, 11/15/23(f) | | | | | | | 1,750 | | | | 1,838,170 | |
WPX Energy, Inc.: | | | | | | | | | | | | |
8.25%, 08/01/23 | | | | | | | 214 | | | | 244,227 | |
5.25%, 09/15/24(f) | | | | | | | 143 | | | | 147,648 | |
5.75%, 06/01/26 | | | | | | | 50 | | | | 51,688 | |
YPF SA, 8.50%, 07/28/25 | | | | | | | 906 | | | | 828,990 | |
| | | | | | | | |
| | | | | | | | | | | 64,715,758 | |
| | | |
| Paper & Forest Products — 0.0% | | | | | | | | | |
Norbord, Inc., 6.25%, 04/15/23(a) | | | | | | | 182 | | | | 189,280 | |
| | | | | | | | |
| | | |
| Personal Products — 0.0% | | | | | | | | | |
Coty, Inc., 6.50%, 04/15/26(a) | | | | | | | 116 | | | | 114,405 | |
| | | | | | | | |
| | | |
| Pharmaceuticals — 2.5% | | | | | | | | | |
AbbVie, Inc., 4.45%, 05/14/46(f) | | | | | | | 1,000 | | | | 927,406 | |
Allergan Funding SCS, 4.75%, 03/15/45(f) | | | | | | | 500 | | | | 488,527 | |
Allergan Sales LLC, 5.00%, 12/15/21(a)(f) | | | | | | | 718 | | | | 747,947 | |
Bausch Health Americas, Inc.(a): | | | | | | | | | | | | |
8.50%, 01/31/27 | | | | | | | 1,061 | | | | 1,155,827 | |
9.25%, 04/01/26 | | | | | | | 257 | | | | 285,913 | |
Bausch Health Cos., Inc.: | | | | | | | | | | | | |
5.50%, 03/01/23(a)(f) | | | | | | | 2,119 | | | | 2,126,946 | |
4.50%, 05/15/23 | | | EUR | | | | 552 | | | | 624,413 | |
5.88%, 05/15/23(a)(f) | | | USD | | | | 579 | | | | 583,458 | |
7.00%, 03/15/24(a)(f) | | | | | | | 566 | | | | 596,422 | |
6.13%, 04/15/25(a) | | | | | | | 221 | | | | 223,486 | |
5.50%, 11/01/25(a)(f) | | | USD | | | | 1,824 | | | | 1,866,755 | |
9.00%, 12/15/25(a) | | | | | | | 668 | | | | 739,810 | |
5.75%, 08/15/27(a) | | | | | | | 423 | | | | 440,766 | |
Charles River Laboratories International, Inc., 5.50%, 04/01/26(a) | | | | | | | 514 | | | | 537,772 | |
CVS Health Corp., 5.05%, 03/25/48(f) | | | | | | | 1,110 | | | | 1,095,246 | |
Elanco Animal Health, Inc., 4.90%, 08/28/28(a) | | | | | | | 363 | | | | 384,620 | |
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 08/01/23(a)(f) | | | | | | | 1,770 | | | | 1,805,400 | |
| | |
| 54 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Pharmaceuticals (continued) | | | | | | | | | |
Mylan NV, 3.95%, 06/15/26(f) | | | USD | | | | 650 | | | $ | 625,931 | |
Nidda BondCo GmbH, 7.25%, 09/30/25 | | | EUR | | | | 100 | | | | 117,580 | |
Par Pharmaceutical, Inc., 7.50%, 04/01/27(a) | | | USD | | | | 1,183 | | | | 1,227,126 | |
Rossini Sarl, 6.75%, 10/30/25 | | | EUR | | | | 316 | | | | 382,245 | |
Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24(a)(f) | | | USD | | | | 244 | | | | 255,590 | |
| | | | | | | | |
| | | | | | | | | | | 17,239,186 | |
|
| Real Estate Management & Development — 0.1% | |
ADLER Real Estate AG: | | | | | | | | | | | | |
1.88%, 04/27/23 | | | EUR | | | | 100 | | | | 113,186 | |
3.00%, 04/27/26 | | | | | | | 100 | | | | 115,688 | |
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(a) | | | USD | | | | 208 | | | | 209,040 | |
Howard Hughes Corp., 5.38%, 03/15/25(a)(f) | | | | | | | 218 | | | | 219,844 | |
Newmark Group, Inc., 6.13%, 11/15/23 | | | | | | | 128 | | | | 134,336 | |
Residomo SRO, 3.38%, 10/15/24 | | | EUR | | | | 100 | | | | 116,059 | |
| | | | | | | | |
| | | | | | | | | | | 908,153 | |
|
| Road & Rail — 1.0% | |
Burlington Northern Santa Fe LLC,
4.38%, 09/01/42(f) | | | USD | | | | 500 | | | | 533,774 | |
Europcar Mobility Group, 4.00%, 04/30/26 | | | EUR | | | | 100 | | | | 112,597 | |
Flexi-Van Leasing, Inc., 10.00%, 02/15/23(a) | | | USD | | | | 203 | | | | 180,670 | |
Herc Rentals, Inc.(a): | | | | | | | | | | | | |
7.50%, 06/01/22 | | | | | | | 59 | | | | 61,360 | |
7.75%, 06/01/24(f) | | | | | | | 199 | | | | 211,378 | |
Hertz Corp., 7.63%, 06/01/22(a)(f) | | | | | | | 387 | | | | 399,335 | |
Hertz Holdings Netherlands BV, 5.50%, 03/30/23 | | | EUR | | | | 100 | | | | 117,488 | |
Lima Metro Line 2 Finance Ltd.,
5.88%, 07/05/34(a)(f) | | | USD | | | | 4,000 | | | | 4,250,000 | |
Union Pacific Corp., 4.05%, 11/15/45(f) | | | | | | | 500 | | | | 488,793 | |
United Rentals North America, Inc.,
5.25%, 01/15/30(g) | | | | | | | 390 | | | | 391,950 | |
| | | | | | | | |
| | | | | | | | | | | 6,747,345 | |
|
| Semiconductors & Semiconductor Equipment — 0.6% | |
Advanced Micro Devices, Inc., 7.50%, 08/15/22 | | | | | | | 89 | | | | 99,458 | |
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27(f) | | | | | | | 2,600 | | | | 2,481,051 | |
Qorvo, Inc., 5.50%, 07/15/26(a) | | | | | | | 500 | | | | 521,250 | |
QUALCOMM, Inc., 4.65%, 05/20/35(f) | | | | | | | 400 | | | | 433,013 | |
Sensata Technologies BV, 5.00%, 10/01/25(a) | | | | | | | 368 | | | | 377,200 | |
Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26(a) | | | | | | | 222 | | | | 234,487 | |
| | | | | | | | |
| | | | | | | | | | | 4,146,459 | |
|
| Software — 2.3% | |
ACI Worldwide, Inc., 5.75%, 08/15/26(a)(f) | | | | | | | 833 | | | | 861,114 | |
CA, Inc., 3.60%, 08/15/22(f) | | | | | | | 660 | | | | 664,714 | |
CDK Global, Inc., 4.88%, 06/01/27(f) | | | | | | | 1,080 | | | | 1,090,800 | |
Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho, 10.00%, 11/30/24(a)(f) | | | | | | | 1,283 | | | | 1,404,693 | |
Infor US, Inc., 6.50%, 05/15/22(f) | | | | | | | 2,690 | | | | 2,737,909 | |
Informatica LLC, 7.13%, 07/15/23(a)(f) | | | | | | | 1,011 | | | | 1,033,747 | |
Microsoft Corp., 3.70%, 08/08/46(f) | | | | | | | 1,750 | | | | 1,754,505 | |
Nuance Communications, Inc.: | | | | | | | | | | | | |
6.00%, 07/01/24(f) | | | | | | | 204 | | | | 208,845 | |
5.63%, 12/15/26 | | | | | | | 153 | | | | 156,251 | |
Oracle Corp., 4.00%, 07/15/46(f) | | | | | | | 1,500 | | | | 1,489,674 | |
PTC, Inc., 6.00%, 05/15/24(f) | | | | | | | 269 | | | | 281,778 | |
RP Crown Parent LLC, 7.38%, 10/15/24(a)(f) | | | | | | | 883 | | | | 919,424 | |
Solera LLC/Solera Finance, Inc.,
10.50%, 03/01/24(a)(f) | | | | | | | 1,882 | | | | 2,041,970 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Software (continued) | |
Sophia LP/Sophia Finance, Inc.,
9.00%, 09/30/23(a) | | | USD | | | | 54 | | | $ | 56,025 | |
TIBCO Software, Inc., 11.38%, 12/01/21(a)(f) | | | | | | | 929 | | | | 988,224 | |
| | | | | | | | |
| | | | | | | | | | | 15,689,673 | |
|
| Specialty Retail — 0.5% | |
Asbury Automotive Group, Inc., 6.00%, 12/15/24(f) | | | | | | | 395 | | | | 408,825 | |
Catalent Pharma Solutions, Inc.,
4.88%, 01/15/26(a)(f) | | | | | | | 384 | | | | 384,960 | |
Group 1 Automotive, Inc., 5.25%, 12/15/23(a) | | | | | | | 53 | | | | 54,325 | |
L Brands, Inc.: | | | | | | | | | | | | |
6.88%, 11/01/35(f) | | | | | | | 478 | | | | 424,225 | |
6.75%, 07/01/36 | | | | | | | 79 | | | | 68,730 | |
Lowe’s Cos., Inc., 4.65%, 04/15/42(f) | | | | | | | 400 | | | | 409,459 | |
Penske Automotive Group, Inc., 5.50%, 05/15/26 | | | | | | | 32 | | | | 31,920 | |
PVH Corp., 3.13%, 12/15/27 | | | EUR | | | | 114 | | | | 134,884 | |
Staples, Inc.(a): | | | | | | | | | | | | |
7.50%, 04/15/26 | | | USD | | | | 1,426 | | | | 1,428,674 | |
10.75%, 04/15/27 | | | | | | | 229 | | | | 232,721 | |
Tendam Brands SAU, 5.00%, 09/15/24 | | | EUR | | | | 100 | | | | 112,440 | |
| | | | | | | | |
| | | | | | | | | | | 3,691,163 | |
|
| Technology Hardware, Storage & Peripherals — 0.6% | |
Apple, Inc., 4.65%, 02/23/46(f) | | | USD | | | | 1,500 | | | | 1,666,224 | |
Dell International LLC/EMC Corp.(a): | | | | | | | | | | | | |
4.42%, 06/15/21 | | | | | | | 25 | | | | 25,604 | |
7.13%, 06/15/24(f) | | | | | | | 1,104 | | | | 1,167,961 | |
6.02%, 06/15/26(f) | | | | | | | 170 | | | | 184,190 | |
8.35%, 07/15/46(f) | | | | | | | 100 | | | | 123,078 | |
Western Digital Corp., 4.75%, 02/15/26(f) | | | | | | | 698 | | | | 673,570 | |
| | | | | | | | |
| | | | | | | | | | | 3,840,627 | |
|
| Textiles, Apparel & Luxury Goods — 0.0% | |
William Carter Co., 5.63%, 03/15/27(a) | | | | | | | 189 | | | | 195,379 | |
| | | | | | | | |
|
| Thrifts & Mortgage Finance — 0.1% | |
Jerrold Finco PLC, 6.25%, 09/15/21 | | | GBP | | | | 100 | | | | 132,656 | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(a)(f): | | | | | | | | | | | | |
5.25%, 03/15/22 | | | USD | | | | 27 | | | | 27,675 | |
5.25%, 10/01/25 | | | | | | | 338 | | | | 336,732 | |
| | | | | | | | |
| | | | | | | | | | | 497,063 | |
|
| Tobacco — 0.3% | |
Altria Group, Inc., 4.50%, 05/02/43(f) | | | | | | | 750 | | | | 684,119 | |
Philip Morris International, Inc., 4.38%, 11/15/41(f) | | | | | | | 900 | | | | 891,774 | |
Reynolds American, Inc., 5.85%, 08/15/45 | | | | | | | 715 | | | | 739,638 | |
| | | | | | | | |
| | | | | | | | | | | 2,315,531 | |
|
| Trading Companies & Distributors — 0.0% | |
Doric Nimrod Air Alpha Ltd. Pass-Through Trust,Series 2012-1, Class B, 6.50%, 05/30/21(a) | | | | | | | 77 | | | | 77,947 | |
| | | | | | | | |
|
| Transportation Infrastructure — 0.2% | |
Rumo Luxembourg Sarl, 7.38%, 02/09/24(a)(f) | | | | | | | 1,061 | | | | 1,132,564 | |
Transurban Finance Co. Property Ltd., 4.13%, 02/02/26(a)(f) | | | | | | | 520 | | | | 527,685 | |
| | | | | | | | |
| | | | | | | | | | | 1,660,249 | |
|
| Utilities — 0.4% | |
ContourGlobal Power Holdings SA, 3.38%, 08/01/23 | | | EUR | | | | 100 | | | | 116,397 | |
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23(a) | | | USD | | | | 1,061 | | | | 826,254 | |
Orano SA, 3.38%, 04/23/26 | | | EUR | | | | 100 | | | | 113,147 | |
Stoneway Capital Corp., 10.00%, 03/01/27(a)(f) | | | USD | | | | 982 | | | | 839,577 | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 55 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Utilities (continued) | |
Vistra Operations Co. LLC(a): | | | | | | | | | | | | |
5.50%, 09/01/26 | | | USD | | | | 80 | | | $ | 82,400 | |
5.63%, 02/15/27 | | | | | | | 428 | | | | 439,235 | |
| | | | | | | | |
| | | | | | | | | | | 2,417,010 | |
|
| Wireless Telecommunication Services — 1.8% | |
C&W Senior Financing DAC, 6.88%, 09/15/27(a) | | | | | | | 1,143 | | | | 1,144,132 | |
Comunicaciones Celulares SA Via Comcel Trust, 6.88%, 02/06/24(a) | | | | | | | 1,000 | | | | 1,034,675 | |
CyrusOne LP/CyrusOne Finance Corp., 5.38%, 03/15/27 | | | | | | | 244 | | | | 252,540 | |
Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd., 8.75%, 05/25/24(a) | | | | | | | 450 | | | | 449,019 | |
Iron Mountain, Inc., 3.00%, 01/15/25 | | | EUR | | | | 100 | | | | 112,891 | |
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 02/15/25(a) | | | USD | | | | 160 | | | | 157,200 | |
SBA Communications Corp.(f): | | | | | | | | | | | | |
4.00%, 10/01/22 | | | | | | | 475 | | | | 477,375 | |
4.88%, 09/01/24 | | | | | | | 1,636 | | | | 1,661,583 | |
Sprint Corp.: | | | | | | | | | | | | |
7.88%, 09/15/23(f) | | | | | | | 1,268 | | | | 1,320,876 | |
7.13%, 06/15/24 | | | | | | | 1,535 | | | | 1,538,358 | |
7.63%, 02/15/25 | | | | | | | 242 | | | | 244,420 | |
7.63%, 03/01/26(f) | | | | | | | 1,699 | | | | 1,699,000 | |
T-Mobile USA, Inc.: | | | | | | | | | | | | |
4.00%, 04/15/22(f) | | | | | | | 234 | | | | 236,340 | |
6.38%, 03/01/25 | | | | | | | 220 | | | | 228,736 | |
6.50%, 01/15/26 | | | | | | | 286 | | | | 305,934 | |
4.50%, 02/01/26(f) | | | | | | | 612 | | | | 614,546 | |
4.75%, 02/01/28(f) | | | | | | | 942 | | | | 950,242 | |
Wind Tre SpA, 3.13%, 01/20/25 | | | EUR | | | | 100 | | | | 107,100 | |
| | | | | | | | |
| | | | | | | | | | | 12,534,967 | |
| | | | | | | | |
| |
Total Corporate Bonds — 69.6%
(Cost — $478,376,263) | | | | 485,751,559 | |
| | | | | | | | |
|
Floating Rate Loan Interests(d) — 13.2% | |
|
| Aerospace & Defense — 0.1% | |
Accudyne Industries LLC, 2017 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.48%, 08/18/24 | | | USD | | | | 467 | | | | 466,883 | |
Atlantic Aviation FBO, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.24%, 12/06/25(b) | | | | | | | 65 | | | | 65,567 | |
WP CPP Holdings LLC, 2018 Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.33%, 04/30/25 | | | | | | | 62 | | | | 61,536 | |
| | | | | | | | |
| | | | | | | | | | | 593,986 | |
|
| Auto Components — 0.3% | |
Adient US LLC, Term Loan B, 04/25/24(n) | | | | | | | 134 | | | | 133,958 | |
Panther BF Aggregator 2 LP, Term Loan B, 03/18/26(n) | | | | | | | 1,370 | | | | 1,374,288 | |
USI, Inc., 2017 Repriced Term Loan, (3 mo. LIBOR + 3.00%), 5.60%, 05/16/24 | | | | | | | 213 | | | | 211,075 | |
| | | | | | | | |
| | | | | | | | | | | 1,719,321 | |
|
| Capital Markets — 0.1% | |
Travelport Finance (Luxembourg) Sarl, 2019 Term Loan, 03/13/26(n) | | | | | | | 692 | | | | 675,856 | |
| | | | | | | | |
|
| Chemicals — 0.3% | |
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.00%, 1.00% Floor), 5.60%, 01/31/24 | | | | | | | 505 | | | | 502,534 | |
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (6 mo. LIBOR + 3.50%, 1.00% Floor), 6.15%, 06/28/24 | | | | | | | 60 | | | | 60,050 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Chemicals (continued) | |
Invictus US LLC, 2nd Lien Term Loan, (1 mo.
LIBOR + 6.75%), 9.23%, 03/25/26(b) | | | USD | | | | 60 | | | $ | 59,203 | |
Messer Industries LLC, 2018 USD Term Loan, (3 mo. LIBOR + 2.50%), 5.10%, 03/01/26 | | | | | | | 251 | | | | 250,145 | |
Momentive Performance Materials Inc., Term Loan B, 04/16/24(b)(n) | | | | | | | 190 | | | | 190,237 | |
Starfruit Finco BV, 2018 USD Term Loan B, (1 mo. LIBOR + 3.25%), 5.73%, 10/01/25 | | | | | | | 669 | | | | 666,076 | |
| | | | | | | | |
| | | | | | | | | | | 1,728,245 | |
|
| Commercial Services & Supplies — 0.5% | |
Asurion LLC, 2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%), 8.98%, 08/04/25 | | | | | | | 514 | | | | 523,638 | |
GFL Environmental, Inc., 2018 USD Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.48%, 05/30/25 | | | | | | | 575 | | | | 569,681 | |
Verscend Holding Corp., 2018 Term Loan B, (1 mo. LIBOR + 4.50%), 6.98%, 08/27/25 | | | | | | | 1,557 | | | | 1,565,253 | |
West Corp: | | | | | | | | | | | | |
2017 Term Loan, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.63%, 10/10/24 | | | | | | | 496 | | | | 478,974 | |
2018 Term Loan B1, (3 mo. LIBOR + 3.50%, 1.00% Floor), 6.13%, 10/10/24(b) | | | | | | | 85 | | | | 82,154 | |
| | | | | | | | |
| | | | | | | | | | | 3,219,700 | |
|
| Construction & Engineering — 0.3% | |
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%, 1.00% Floor), 6.84%, 06/21/24 | | | | | | | 1,771 | | | | 1,736,070 | |
SRS Distribution, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.73%, 05/23/25 | | | | | | | 440 | | | | 427,494 | |
| | | | | | | | |
| | | | | | | | | | | 2,163,564 | |
|
| Containers & Packaging — 0.0% | |
BWAY Holding Co., 2017 Term Loan B, 04/03/24(n) | | | | | | | 194 | | | | 191,424 | |
| | | | | | | | |
|
| Diversified Consumer Services — 0.0% | |
Ascend Learning LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.48%, 07/12/24 | | | | | | | 71 | | | | 70,565 | |
| | | | | | | | |
|
| Diversified Financial Services — 7.9% | |
Aviron Capital LLC, 2017 Term Loan, (3 mo. LIBOR + 5.00%), 7.58%, 07/17/20(b) | | | | | | | 73,318 | | | | 55,032,500 | |
LTI Holdings, Inc., 2018 Add On 1st Lien Term Loan, (1 mo. LIBOR + 3.50%), 5.98%, 09/06/25 | | | | | | | 67 | | | | 66,438 | |
| | | | | | | | |
| | | | | | | | | | | 55,098,938 | |
|
| Diversified Telecommunication Services — 0.2% | |
CenturyLink, Inc., 2017 Term Loan B, (1 mo. LIBOR + 2.75%), 5.23%, 01/31/25 | | | | | | | 803 | | | | 797,690 | |
Sprint Communications, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.50%, 02/02/24 | | | | | | | 350 | | | | 344,831 | |
| | | | | | | | |
| | | | | | | | | | | 1,142,521 | |
|
| Energy Equipment & Services — 0.2% | |
Gavilan Resources LLC, 2nd Lien Term Loan, (1 mo. LIBOR + 6.00%, 1.00% Floor), 8.48%, 03/01/24 | | | | | | | 174 | | | | 129,068 | |
Pioneer Energy Services Corp., Term Loan, (1 mo. LIBOR + 7.75%, 1.00% Floor),
10.24%, 11/08/22(b) | | | | | | | 865 | | | | 869,325 | |
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 1.43%), 3.92%, 07/13/20 | | | | | | | 349 | | | | 341,539 | |
| | | | | | | | |
| | | | | | | | | | | 1,339,932 | |
| | |
| 56 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Food Products — 0.0% | |
Chobani LLC, 2017 Term Loan B, (1 mo. LIBOR + 3.50%, 1.00% Floor), 5.98%, 10/10/23 | | | USD | | | | 70 | | | $ | 68,623 | |
JBS USA LLC, 2017 Term Loan B, (1 mo. LIBOR + 2.50%), 4.98%, 10/30/22 | | | | | | | 94 | | | | 94,282 | |
| | | | | | | | |
| | | | | | | | | | | 162,905 | |
|
| Gas Utilities — 0.1% | |
AL Midcoast Holdings LLC, 2018 Term Loan B, (3 mo. LIBOR + 5.50%), 8.10%, 07/31/25 | | | | | | | 304 | | | | 304,598 | |
| | | | | | | | |
|
| Health Care Equipment & Supplies — 0.1% | |
Immucor, Inc., Extended Term Loan B, (3 mo. LIBOR + 5.00%, 1.00% Floor), 7.60%, 06/15/21 | | | | | | | 845 | | | | 849,523 | |
| | | | | | | | |
|
| Health Care Providers & Services — 0.4% | |
AHP Health Partners, Inc., 2018 Term Loan, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.98%, 06/30/25 | | | | | | | 173 | | | | 172,911 | |
Concentra, Inc., 2018 2nd Lien Term Loan, (1 mo. LIBOR + 6.50%, 1.00% Floor), 8.98%, 06/01/23 | | | | | | | 262 | | | | 263,526 | |
Envision Healthcare Corp., 2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.23%, 10/10/25 | | | | | | | 1,004 | | | | 969,539 | |
Gentiva Health Services, Inc.: | | | | | | | | | | | | |
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.75%), 6.25%, 07/02/25 | | | | | | | 271 | | | | 271,802 | |
2018 2nd Lien Term Loan, (1 mo. LIBOR + 7.00%), 9.50%, 07/02/26 | | | | | | | 67 | | | | 68,930 | |
Quorum Health Corporation, Term Loan B, (1 mo. LIBOR + 6.75%, 1.00% Floor), 9.23%, 04/29/22 | | | | | | | 248 | | | | 245,446 | |
Sotera Health Holdings LLC, 2017 Term Loan, (1 mo. LIBOR + 3.00%, 1.00% Floor), 5.48%, 05/15/22 | | | | | | | 835 | | | | 827,497 | |
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.23%, 02/06/24 | | | | | | | 120 | | | | 112,794 | |
| | | | | | | | |
| | | | | | | | | | | 2,932,445 | |
|
| Health Care Technology — 0.2% | |
VVC Holding Corp., 2019 Term Loan B, (3 mo. LIBOR + 4.50%), 7.20%, 02/11/26 | | | | | | | 1,210 | | | | 1,215,542 | |
| | | | | | | | |
|
| Hotels, Restaurants & Leisure — 0.2% | |
IRB Holding Corp., 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.72%, 02/05/25 | | | | | | | 231 | | | | 230,434 | |
Stars Group Holdings BV, 2018 USD Incremental Term Loan, (3 mo. LIBOR + 3.50%), 6.10%, 07/10/25 | | | | | | | 1,461 | | | | 1,466,570 | |
| | | | | | | | |
| | | | | | | | | | | 1,697,004 | |
|
| Industrial Conglomerates — 0.1% | |
Cortes NP Acquisition Corp., 2017 Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.63%, 11/30/23(b) | | | | | | | 549 | | | | 524,232 | |
Sequa Mezzanine Holdings LLC, 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.78%, 11/28/21 | | | | | | | 199 | | | | 196,955 | |
| | | | | | | | |
| | | | | | | | | | | 721,187 | |
|
| Insurance — 0.1% | |
Alliant Holdings I, Inc., 2018 Term Loan B, (1 mo. LIBOR + 2.75%), 5.24%, 05/09/25 | | | | | | | 61 | | | | 59,414 | |
Sedgwick Claims Management Services, Inc., Term Loan B, (1 mo. LIBOR + 3.25%), 5.73%, 12/31/25 | | | | | | | 785 | | | | 782,481 | |
| | | | | | | | |
| | | | | | | | | | | 841,895 | |
|
| Interactive Media & Services — 0.0% | |
TierPoint LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.75%, 1.00% Floor),
6.23%, 05/06/24(b) | | | | | | | 172 | | | | 159,328 | |
| | | | | | | | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| IT Services — 0.0% | |
Flexential Intermediate Corp., 2017 1st Lien Term Loan, (3 mo. LIBOR + 3.50%), 6.10%, 08/01/24 | | | USD | | | | 175 | | | $ | 161,216 | |
Peak 10 Holding Corp., 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.99%, 08/01/25 | | | | | | | 75 | | | | 66,141 | |
| | | | | | | | |
| | | | | | | | | | | 227,357 | |
|
| Life Sciences Tools & Services — 0.0% | |
Albany Molecular Research, Inc., 2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.73%, 08/30/24 | | | | | | | 100 | | | | 99,906 | |
| | | | | | | | |
|
| Machinery — 0.1% | |
Titan Acquisition Ltd., 2018 Term Loan B, 03/28/25(n) | | | | | | | 845 | | | | 810,808 | |
| | | | | | | | |
|
| Media — 0.4% | |
Altice France SA, 2018 Term Loan B13, (1 mo. LIBOR + 4.00%), 6.47%, 08/14/26 | | | | | | | 351 | | | | 342,870 | |
Getty Images, Inc., 2019 1st Lien Term Loan, (1 mo. LIBOR + 4.50%), 7.00%, 02/19/26 | | | | | | | 257 | | | | 256,230 | |
Intelsat Jackson Holdings SA: | | | | | | | | | | | | |
2017 Term Loan B3, (1 mo. LIBOR + 3.75%, 1.00% Floor), 6.23%, 11/27/23 | | | | | | | 107 | | | | 106,913 | |
2017 Term Loan B4, (1 mo. LIBOR + 4.50%, 1.00% Floor), 6.98%, 01/02/24 | | | | | | | 330 | | | | 331,608 | |
2017 Term Loan B5, (Fixed + 6.63%), 6.63%, 01/02/24 | | | | | | | 1,841 | | | | 1,853,340 | |
PSAV Holdings LLC: | | | | | | | | | | | | |
2018 1st Lien Term Loan, (1 mo. LIBOR + 3.25%, 1.00% Floor), 5.75%, 03/01/25 | | | | | | | 150 | | | | 146,781 | |
2018 2nd Lien Term Loan, (3 mo. LIBOR + 7.25%, 1.00% Floor), 9.83%, 09/01/25 | | | | | | | 52 | | | | 48,887 | |
| | | | | | | | |
| | | | | | | | | | | 3,086,629 | |
|
| Multiline Retail — 0.0% | |
Neiman Marcus Group, Inc., 2020 Term Loan, (3 mo. LIBOR + 3.25%, 1.00% Floor), 5.72%, 10/25/20 | | | | | | | 322 | | | | 297,593 | |
| | | | | | | | |
|
| Oil & Gas Equipment & Services — 0.3% | |
McDermott Technology Americas, Inc., 2018 1st Lien Term Loan, (1 mo. LIBOR + 5.00%, 1.00% Floor), 7.48%, 05/10/25 | | | | | | | 1,952 | | | | 1,931,347 | |
| | | | | | | | |
|
| Oil, Gas & Consumable Fuels — 0.1% | |
BCP Raptor II LLC, 1st Lien Term Loan, (3 mo. LIBOR + 4.75%), 7.37%, 11/03/25 | | | | | | | 103 | | | | 99,621 | |
California Resources Corp., Second Out Term Loan, (1 mo. LIBOR + 10.37%, 1.00% Floor), 12.85%, 12/31/21 | | | | | | | 416 | | | | 427,009 | |
CONSOL Energy, Inc., 1st Lien Term Loan B, 09/27/24(n) | | | | | | | 248 | | | | 246,450 | |
| | | | | | | | |
| | | | | | | | | | | 773,080 | |
|
| Pharmaceuticals — 0.1% | |
Endo Luxembourg Finance Co. I Sarl, 2017 Term Loan B, (1 mo. LIBOR + 4.25%), 6.75%, 04/29/24 | | | | | | | 363 | | | | 358,490 | |
Valeant Pharmaceuticals International, Inc., 2018 Term Loan B, (1 mo. LIBOR + 3.00%), 5.47%, 06/02/25 | | | | | | | 387 | | | | 388,610 | |
| | | | | | | | |
| | | | | | | | | | | 747,100 | |
|
| Professional Services — 0.1% | |
Dun & Bradstreet Corp., Term Loan, (1 mo. LIBOR + 5.00%), 7.48%, 02/01/26 | | | | | | | 558 | | | | 561,839 | |
| | | | | | | | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 57 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Software — 0.9% | |
BMC Software Finance, Inc., 2017 Term Loan, (3 mo. LIBOR + 4.25%), 6.85%, 10/02/25 | | | USD | | | | 119 | | | $ | 118,251 | |
Cypress Intermediate Holdings III, Inc.: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.24%, 04/26/24 | | | | | | | 131 | | | | 130,513 | |
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 9.23%, 04/27/25 | | | | | | | 40 | | | | 40,467 | |
Financial & Risk US Holdings, Inc., 2018 USD Term Loan, (1 mo. LIBOR + 3.75%), 6.23%, 10/01/25 | | | | | | | 3,759 | | | | 3,717,085 | |
Infor (US), Inc., Term Loan B6, (1 mo. LIBOR + 2.75%, 1.00% Floor), 5.23%, 02/01/22 | | | | | | | 128 | | | | 128,290 | |
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.25%, 1.00% Floor), 10.99%, 11/01/24 | | | | | | | 623 | | | | 642,598 | |
McAfee LLC, 2018 Term Loan B, (1 mo. LIBOR + 3.75%), 6.23%, 09/30/24 | | | | | | | 119 | | | | 119,439 | |
Mitchell International, Inc.: | | | | | | | | | | | | |
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.25%), 5.73%, 11/29/24 | | | | | | | 241 | | | | 237,707 | |
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.25%), 9.73%, 12/01/25 | | | | | | | 112 | | | | 109,480 | |
PowerSchool, 2018 Term Loan B, (1 mo. LIBOR + 3.25%), 5.99%, 08/01/25 | | | | | | | 111 | | | | 110,030 | |
Renaissance Learning, Inc., 2018 Add On Term Loan, (1 mo. LIBOR + 3.25%), 5.73%, 05/30/25 | | | | | | | 72 | | | | 70,393 | |
SS&C Technologies Holdings Europe, 2018 Term Loan B4, (1 mo. LIBOR + 2.25%), 4.73%, 04/16/25 | | | | | | | 137 | | | | 137,149 | |
SS&C Technologies, Inc.: | | | | | | | | | | | | |
2018 Term Loan B3, (1 mo. LIBOR + 2.25%), 4.73%, 04/16/25 | | | | | | | 209 | | | | 209,100 | |
2018 Term Loan B5, (1 mo. LIBOR + 2.25%), 4.73%, 04/16/25 | | | | | | | 268 | | | | 267,601 | |
Ultimate Software Group, Inc., Term Loan B, 03/15/26(n) | | | | | | | 239 | | | | 240,553 | |
| | | | | | | | |
| | | | | | | | | | | 6,278,656 | |
|
| Textiles, Apparel & Luxury Goods — 0.1% | |
Ascend Performance Materials Operations LLC, Term Loan B, (2 mo. LIBOR + 5.25%, 1.00% Floor), 7.79%, 08/12/22 | | | | | | | 305 | | | | 304,380 | |
| | | | | | | | |
|
| Wireless Telecommunication Services — 0.0% | |
Xplornet Communications, Inc., Term Loan B, (3 mo. LIBOR + 4.00%, 1.00% Floor), 6.60%, 09/09/21(b) | | | | | | | 224 | | | | 224,215 | |
| | | | | | | | |
| |
Total Floating Rate Loan Interests — 13.2%
(Cost — $110,530,986) | | | | 92,171,389 | |
| | | | | | | | |
|
| Foreign Agency Obligations — 4.0% | |
Colombia Government International Bond: | | | | | | | | | | | | |
8.13%, 05/21/24 | | | | | | | 826 | | | | 1,000,307 | |
4.50%, 01/28/26(f) | | | | | | | 337 | | | | 355,198 | |
3.88%, 04/25/27(f) | | | | | | | 1,216 | | | | 1,233,632 | |
Cyprus Government International Bond, 4.63%, 02/03/20 | | | EUR | | | | 2,950 | | | | 3,420,772 | |
Egypt Government International Bond: | | | | | | | | | | | | |
5.75%, 04/29/20(f) | | | USD | | | | 2,360 | | | | 2,389,500 | |
7.60%, 03/01/29(a)(f) | | | | | | | 256 | | | | 257,280 | |
6.38%, 04/11/31(a) | | | EUR | | | | 130 | | | | 143,166 | |
Iceland Government International Bond, 5.88%, 05/11/22(f) | | | USD | | | | 3,415 | | | | 3,733,981 | |
Indonesia Government International Bond: | | | | | | | | | | | | |
4.75%, 01/08/26 | | | | | | | 670 | | | | 713,547 | |
4.10%, 04/24/28(f) | | | | | | | 774 | | | | 791,415 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Foreign Agency Obligations (continued) | |
5.35%, 02/11/49(f) | | | USD | | | | 295 | | | $ | 329,401 | |
Indonesia Treasury Bond, 8.38%, 09/15/26 | | | IDR | | | | 17,965,000 | | | | 1,300,691 | |
Mexico Government International Bond: | | | | | | | | | | | | |
4.15%, 03/28/27 | | | USD | | | | 730 | | | | 739,855 | |
3.75%, 01/11/28(f) | | | | | | | 200 | | | | 196,600 | |
Nigeria Government International Bond, 7.63%, 11/21/25 | | | | | | | 440 | | | | 469,700 | |
Paraguay Government International Bond, 5.40%, 03/30/50(a) | | | | | | | 200 | | | | 208,500 | |
Portugal Government International Bond, 5.13%, 10/15/24(a)(f) | | | | | | | 3,680 | | | | 4,009,897 | |
Qatar Government International Bond: | | | | | | | | | | | | |
4.50%, 04/23/28 | | | | | | | 970 | | | | 1,046,388 | |
4.00%, 03/14/29(a)(f) | | | | | | | 1,335 | | | | 1,389,782 | |
Republic of South Africa Government International Bond, 5.88%, 05/30/22 | | | | | | | 1,334 | | | | 1,399,032 | |
Russian Foreign Bond - Eurobond: | | | | | | | | | | | | |
4.75%, 05/27/26 | | | | | | | 400 | | | | 414,050 | |
4.25%, 06/23/27 | | | | | | | 600 | | | | 604,200 | |
Saudi Government International Bond: | | | | | | | | | | | | |
4.38%, 04/16/29(a) | | | | | | | 200 | | | | 209,900 | |
4.50%, 04/17/30 | | | | | | | 764 | | | | 804,874 | |
5.25%, 01/16/50(a) | | | | | | | 200 | | | | 216,911 | |
Turkey Government International Bond, 6.25%, 09/26/22 | | | | | | | 467 | | | | 455,365 | |
| | | | | | | | |
| |
Total Foreign Agency Obligations — 4.0%
(Cost — $27,845,773) | | | | 27,833,944 | |
| | | | | | | | |
|
Non-Agency Mortgage-Backed Securities — 15.1% | |
|
| Collateralized Mortgage Obligations — 15.1% | |
American Home Mortgage Assets Trust,Series 2006-5, Class A1, (12 mo. MTA + 0.92%), 3.37%, 11/25/46(d) | | | | | | | 5,295 | | | | 2,650,025 | |
CHL Mortgage Pass-Through Trust: | | | | | | | | | | | | |
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.24%), 2.72%, 03/25/36(d) | | | | | | | 8,876 | | | | 8,510,568 | |
Series 2007-J2, Class 2A1, (1 mo. LIBOR US + 0.65%), 3.13%, 07/25/37(d) | | | | | | | 3,996 | | | | 1,985,131 | |
Series 2007-J2, Class 2A8, 6.00%, 07/25/37 | | | | | | | 2,206 | | | | 1,510,022 | |
CIM Trust,Series 2017-6, Class A1, 3.02%, 06/25/57(a)(c) | | | | | | | 8,306 | | | | 7,990,274 | |
Citigroup Mortgage Loan Trust,Series 2006-AR7, Class 2A3A, 4.32%, 11/25/36(c) | | | | | | | 4,178 | | | | 3,959,527 | |
Countrywide Alternative Loan Trust: | | | | | | | | | | | | |
Series 2005-9CB, Class 1A3, (1 mo. LIBOR US + 0.45%), 2.93%, 05/25/35(d) | | | | | | | 2,881 | | | | 2,674,286 | |
Series 2006-40T1, Class 2A5, (1 mo. LIBOR US + 0.40%), 2.88%, 12/25/36(d) | | | | | | | 2,379 | | | | 673,899 | |
Series 2006-7CB, Class 2A1, 6.50%, 05/25/36 | | | | | | | 2,363 | | | | 1,623,582 | |
Series 2006-J7, Class 2A1, (11th District Cost of Funds + 1.50%), 2.67%, 11/20/46(d) | | | | | | | 5,598 | | | | 3,896,419 | |
Series 2006-J8, Class A5, 6.00%, 02/25/37 | | | | | | | 1,735 | | | | 1,209,157 | |
Series 2006-OA14, Class 3A1, (12 mo. MTA + 0.85%), 3.30%, 11/25/46(d) | | | | | | | 7,870 | | | | 7,020,311 | |
Series 2006-OA16, Class A2, (1 mo. LIBOR US + 0.19%), 2.67%, 10/25/46(d) | | | | | | | 5,369 | | | | 5,176,840 | |
Series 2006-OA18, Class A1, (1 mo. LIBOR US + 0.12%), 2.60%, 12/25/46(d) | | | | | | | 3,398 | | | | 3,224,853 | |
Series 2006-OA6, Class 1A1A, (1 mo. LIBOR US + 0.21%), 2.69%, 07/25/46(d) | | | | | | | 6,345 | | | | 5,535,304 | |
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.19%), 2.67%, 07/25/46(d) | | | | | | | 2,385 | | | | 2,264,346 | |
| | |
| 58 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
| | | |
| Collateralized Mortgage Obligations (continued) | | | | | | | | | |
Series 2007-12T1, Class A22, 5.75%, 06/25/37 | | | USD | | | | 4,806 | | | $ | 3,436,291 | |
Series 2007-12T1, Class A5, 6.00%, 06/25/37 | | | | | | | 2,332 | | | | 1,714,603 | |
Series 2007-22, Class 2A16, 6.50%, 09/25/37 | | | | | | | 8,819 | | | | 5,924,611 | |
Series 2007-23CB, Class A1, 6.00%, 09/25/37 | | | | | | | 6,186 | | | | 4,961,647 | |
Series 2007-4CB, Class 1A3, (1 mo. LIBOR US + 0.35%), 2.83%, 04/25/37(d) | | | | | | | 3,427 | | | | 2,710,818 | |
Series 2007-OA2, Class 1A1, (12 mo. MTA + 0.84%), 3.29%, 03/25/47(d) | | | | | | | 3,932 | | | | 3,302,150 | |
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006- OA5, Class 3A1, (1 mo. LIBOR US + 0.20%), 2.68%, 04/25/46(d) | | | | | | | 7,482 | | | | 6,965,317 | |
Morgan StanleyRe-REMIC Trust,Series 2010-R5, Class 7B, 3.45%, 05/26/37(a)(b)(l) | | | | | | | 9,648 | | | | 8,152,798 | |
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006- AF1, Class 1A2, 6.16%, 05/25/36(c) | | | | | | | 7,933 | | | | 2,876,036 | |
Residential Asset Securitization Trust,Series 2006-A8, Class 2A5, (1 mo. LIBOR US + 0.60%), 3.08%, 08/25/36(d) | | | | | | | 6,534 | | | | 1,753,995 | |
WaMu Mortgage Pass-Through Certificates,Series 2007-OA4, Class 1A, (12 mo. MTA + 0.77%), 3.22%, 05/25/47(d) | | | | | | | 3,907 | | | | 3,649,039 | |
| | | | | | | | |
| |
TotalNon-Agency Mortgage-Backed Securities — 15.1%
(Cost — $106,039,756) | | | | 105,351,849 | |
| | | | | | | | |
|
Preferred Securities — 16.7% | |
|
Capital Trusts — 12.4% | |
|
| Banks(j) — 4.4% | |
Banco Bilbao Vizcaya Argentaria SA: | | | | | | | | | | | | |
6.13%(c)(f) | | | | | | | 2,000 | | | | 1,822,500 | |
8.88%(h) | | | | | | | 200 | | | | 249,671 | |
Bankia SA, 6.38%(c) | | | | | | | 200 | | | | 228,072 | |
BNP Paribas SA, 7.20%(a)(f)(h) | | | | | | | 4,000 | | | | 4,240,000 | |
Capital One Financial Corp., Series E, 5.55%(f)(h) | | | | | | | 3,500 | | | | 3,565,625 | |
CIT Group, Inc., Series A, 5.80%(f)(h) | | | | | | | 282 | | | | 283,058 | |
Citigroup, Inc.(h): | | | | | | | | | | | | |
5.90%(f) | | | | | | | 2,320 | | | | 2,398,416 | |
Series P, 5.95%(f) | | | | | | | 3,700 | | | | 3,875,750 | |
6.25% | | | | | | | 183 | | | | 196,039 | |
Fifth Third Bancorp, Series J, 4.90%(h) | | | | | | | 3,000 | | | | 2,981,250 | |
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 2.81%(d) | | | | | | | 100 | | | | 73,000 | |
ING Groep NV, 6.75%(c) | | | | | | | 200 | | | | 204,148 | |
Intesa Sanpaolo SpA, 7.00%(h) | | | | | | | 234 | | | | 274,303 | |
Wells Fargo & Co.(f)(h): | | | | | | | | | | | | |
Series S, 5.90% | | | | | | | 8,800 | | | | 9,143,200 | |
Series U, 5.88% | | | | | | | 1,120 | | | | 1,209,600 | |
| | | | | | | | |
| | | | | | | | | | | 30,744,632 | |
|
| Capital Markets(j) — 1.0% | |
Goldman Sachs Group, Inc., Series P, 5.00%(c)(f) | | | | | | | 144 | | | | 137,088 | |
Morgan Stanley, Series H, 5.45%(f)(h) | | | | | | | 5,007 | | | | 5,013,259 | |
State Street Corp., Series F, 5.25%(f)(h) | | | | | | | 1,875 | | | | 1,912,500 | |
UBS Group Funding Switzerland AG, 5.75%(h) | | | | | | | 200 | | | | 247,430 | |
| | | | | | | | |
| | | | | | | | | | | 7,310,277 | |
|
| Diversified Financial Services(j) — 4.8% | |
Bank of America Corp.(h): | | | | | | | | | | | | |
Series AA, 6.10% | | | | | | | 3,890 | | | | 4,172,025 | |
Series DD, 6.30% | | | | | | | 205 | | | | 223,963 | |
Series U, 5.20%(f) | | | | | | | 1,750 | | | | 1,782,760 | |
Series V, 5.13%(f) | | | | | | | 705 | | | | 705,469 | |
Series X, 6.25%(f) | | | | | | | 6,175 | | | | 6,653,562 | |
| | | | | | | | | | | | |
Security | | | | | Par
(000) | | | Value | |
|
| Diversified Financial Services(j) (continued) | |
Series Z, 6.50% | | | USD | | | | 170 | | | $ | 186,694 | |
Bank of New York Mellon Corp., Series D, 4.50%(f)(h) | | | | | | | 4,567 | | | | 4,395,737 | |
Credit Agricole SA, 6.50%(h) | | | | | | | 100 | | | | 121,133 | |
Credit Suisse Group AG, 7.50%(a)(c) | | | | | | | 200 | | | | 210,744 | |
HBOS Capital Funding LP, 6.85% | | | | | | | 200 | | | | 202,000 | |
HSBC Holdings PLC(f): | | | | | | | | | | | | |
6.00%(h) | | | | | | | 695 | | | | 696,307 | |
6.50%(c) | | | | | | | 655 | | | | 666,462 | |
JPMorgan Chase & Co.(h): | | | | | | | | | | | | |
Series 1, 6.05% | | | | | | | 266 | | | | 267,216 | |
Series Q, 5.15%(f) | | | | | | | 5,500 | | | | 5,575,542 | |
Series R, 6.00% | | | | | | | 228 | | | | 239,400 | |
Series S, 6.75% | | | | | | | 100 | | | | 110,781 | |
Series V, 5.00%(f) | | | | | | | 3,830 | | | | 3,839,575 | |
Royal Bank of Scotland Group PLC, 8.63%(h) | | | | | | | 200 | | | | 215,000 | |
Societe Generale SA, 6.75%(a)(c)(f) | | | | | | | 3,000 | | | | 2,910,000 | |
| | | | | | | | |
| | | | | | | | | | | 33,174,370 | |
|
| Diversified Telecommunication Services(j) — 0.1% | |
Telefonica Europe BV: | | | | | | | | | | | | |
3.75%(h) | | | | | | | 100 | | | | 116,769 | |
4.38%(c) | | | | | | | 100 | | | | 116,927 | |
5.88%(h) | | | | | | | 100 | | | | 126,181 | |
| | | | | | | | |
| | | | | | | | | | | 359,877 | |
|
| Electric Utilities — 1.5% | |
Electricite de France SA, 5.25%(a)(f)(h)(j) | | | | | | | 7,500 | | | | 7,575,000 | |
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(c) | | | | | | | 2,500 | | | | 2,539,337 | |
RWE AG, 2.75%, 04/21/75(h) | | | | | | | 20 | | | | 22,927 | |
| | | | | | | | |
| | | | | | | | | | | 10,137,264 | |
|
| Electronic Equipment, Instruments & Components — 0.0% | |
Belden, Inc., 4.13%, 10/15/26 | | | | | | | 100 | | | | 118,316 | |
| | | | | | | | |
| | | |
| Industrial Conglomerates — 0.2% | | | | | | | | | |
General Electric Co., Series D, 5.00%(f)(h)(j) | | | | | | | 1,383 | | | | 1,309,106 | |
| | | | | | | | |
| | | |
| Insurance(f)(h) — 0.4% | | | | | | | | | |
Allstate Corp., Series B, 5.75%, 08/15/53 | | | | | | | 2,000 | | | | 2,060,000 | |
Voya Financial, Inc., 5.65%, 05/15/53 | | | | | | | 1,090 | | | | 1,092,725 | |
| | | | | | | | |
| | | | | | | | | | | 3,152,725 | |
|
| Oil, Gas & Consumable Fuels — 0.0% | |
Naturgy Finance BV, 4.13%(h)(j) | | | | | | | 100 | | | | 120,011 | |
| | | | | | | | |
| |
Total Capital Trusts — 12.4%
(Cost — $84,760,369) | | | | 86,426,578 | |
| | | | | | | | |
| | | |
| | | | | | Shares | | | | |
|
| Preferred Stocks — 4.3% | |
|
| Banks — 0.3% | |
Citigroup, Inc., Series K, 6.88%(h)(j) | | | | | | | 75,000 | | | | 2,079,000 | |
| | | | | | | | |
|
| Capital Markets — 2.2% | |
Goldman Sachs Group, Inc., Series J, 5.50%(h)(j) | | | | | | | 395,017 | | | | 10,270,442 | |
Morgan Stanley(h)(j): | | | | | | | | | | | | |
Series F, 6.88% | | | | | | | 100,000 | | | | 2,756,000 | |
Series K, 5.85% | | | | | | | 60,125 | | | | 1,578,883 | |
SCE Trust III, Series H, 5.75%(h)(j) | | | | | | | 23,730 | | | | 579,012 | |
| | | | | | | | |
| | | | | | | | | | | 15,184,337 | |
|
| Equity Real Estate Investment Trusts (REITs) — 1.8% | |
Firstar Realty LLC, 8.88%(a)(h)(j) | | | | | | | 10,000 | | | | 11,450,000 | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 59 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) (Percentages shown are based on Net Assets) |
| | | | | | | | | | | | |
Security | | | | | Shares | | | Value | |
|
| Equity Real Estate Investment Trusts (REITs) (continued) | |
SunTrust Real Estate Investment Corp., 9.00%(a)(b)(j) | | | | | | | 15 | | | $ | 1,574,592 | |
| | | | | | | | |
| | | | | | | | | | | 13,024,592 | |
| | | | | | | | |
| |
Total Preferred Stocks — 4.3%
(Cost — $31,347,698) | | | | 30,287,929 | |
| | | | | | | | |
| |
Total Preferred Securities — 16.7%
(Cost — $116,108,067) | | | | 116,714,507 | |
| | | | | | | | |
| | | |
| | | | | | Par
(000) | | | | |
|
U.S. Government Sponsored Agency Securities — 10.6% | |
|
| Collateralized Mortgage Obligations — 0.8% | |
Freddie Mac Mortgage-Backed Securities, Series 4480, Class ZX, 4.00%, 11/15/44 | | | USD | | | | 5,244 | | | | 5,481,504 | |
| | | | | | | | |
| | | |
| Mortgage-Backed Securities — 9.8% | | | | | | | | | |
Fannie Mae Mortgage-Backed Securities(f): | | | | | | | | | | | | |
4.00%, 02/01/34 - 04/01/56 | | | | | | | 26,594 | | | | 27,540,319 | |
4.50%, 09/01/48 - 07/01/55 | | | | | | | 38,886 | | | | 41,149,672 | |
| | | | | | | | |
| | | | | | | | | | | 68,689,991 | |
| | | | | | | | |
| |
Total U.S. Government Sponsored Agency Securities — 10.6%
(Cost — $74,547,240) | | | | 74,171,495 | |
| | | | | | | | |
|
U.S. Treasury Obligations — 2.8% | |
U.S. Treasury Note(f): | | | | | | | | | | | | |
2.75%, 09/30/20 | | | | | | | 2,700 | | | | 2,715,188 | |
2.88%, 10/31/20 | | | | | | | 5,000 | | | | 5,039,844 | |
2.75%, 08/31/25 | | | | | | | 7,000 | | | | 7,153,398 | |
3.00%, 09/30/25 | | | | | | | 4,500 | | | | 4,666,113 | |
| | | | | | | | |
| |
Total U.S. Treasury Obligations — 2.8%
(Cost — $19,088,295) | | | | 19,574,543 | |
| | | | | | | | |
| | | |
| | | | | | Shares | | | | |
| | | |
Warrants — 0.0% | | | | | | | | | | | | |
| | | |
| Diversified Financial Services — 0.0% | | | | | | | | | |
Aviron Capital LLC(o) | | | | | | | 10 | | | | — | |
| | | | | | | | |
| |
Total Warrants — 0.0%
(Cost — $—) | | | | — | |
| | | | | | | | |
| |
Total Long-Term Investments — 153.0%
(Cost — $1,073,475,168) | | | | 1,068,040,687 | |
| | | | | | | | |
| | | | | | | | | | | | |
Security | | | | | Shares | | | Value | |
| | | |
| Short-Term Securities — 0.3% | | | | | | | | | |
BlackRock Liquidity Funds,T-Fund, Institutional Class, 2.32%(p)(q) | | | | | | | 1,951,201 | | | $ | 1,951,201 | |
| | | | | | | | |
| |
Total Short-Term Securities — 0.3%
(Cost — $1,951,201) | | | | 1,951,201 | |
| | | | | | | | |
| |
Total Investments — 153.3%
(Cost — $1,075,426,369) | | | | 1,069,991,888 | |
| |
Liabilities in Excess of Other Assets — (53.3)% | | | | (371,844,661 | ) |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 698,147,227 | |
| | | | | | | | |
| (a) | 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. |
| (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) | Variable rate security. Rate shown is the rate in effect as of period end. |
| (e) | Amount is less than $500. |
| (f) | All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
| (g) | When-issued security. |
| (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) | Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (j) | Perpetual security with no stated maturity date. |
| (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) | Convertible security. |
| (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) | 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. |
| (p) | Annualized7-day yield as of period end. |
| (q) | During the six months ended April 30, 2019, investments in issuers considered to be affiliates/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
10/31/18 | | | Net
Activity | | | Shares
Held at
04/30/19 | | | Value at
04/30/19 | | | Income | | | Net
Realized
Gain (Loss) (a) | | | Change in
Unrealized
Appreciation
(Depreciation) | |
BlackRock Liquidity Funds, T-Fund, Institutional Class | | | — | | | | 1,951,201 | | | | 1,951,201 | | | $ | 1,951,201 | | | $ | 67,028 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Includes net capital gain distributions, if applicable. | |
For Trust compliance purposes, the Trust’s industry classifications refer to one or more of the industrysub-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 industrysub-classifications for reporting ease.
| | |
| 60 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
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) |
RBC Capital Markets, LLC | | | 3.05 | % | | | 09/10/18 | | | | Open | | | $ | 217,035 | | | $ | 221,841 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/10/18 | | | | Open | | | | 209,528 | | | | 213,492 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/10/18 | | | | Open | | | | 183,180 | | | | 186,646 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/10/18 | | | | Open | | | | 292,410 | | | | 297,943 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/10/18 | | | | Open | | | | 914,338 | | | | 931,638 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/10/18 | | | | Open | | | | 216,213 | | | | 220,303 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/10/18 | | | | Open | | | | 229,323 | | | | 233,661 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/10/18 | | | | Open | | | | 157,590 | | | | 160,572 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/10/18 | | | | Open | | | | 422,300 | | | | 430,290 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/11/18 | | | | Open | | | | 230,850 | | | | 235,201 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/11/18 | | | | Open | | | | 209,925 | | | | 213,882 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/11/18 | | | | Open | | | | 435,750 | | | | 443,963 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/11/18 | | | | Open | | | | 227,960 | | | | 232,257 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/11/18 | | | | Open | | | | 221,253 | | | | 225,423 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/11/18 | | | | Open | | | | 335,200 | | | | 341,518 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/11/18 | | | | Open | | | | 245,180 | | | | 249,801 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/11/18 | | | | Open | | | | 665,125 | | | | 677,662 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/11/18 | | | | Open | | | | 300,120 | | | | 305,777 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/12/18 | | | | Open | | | | 313,320 | | | | 319,226 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/13/18 | | | | Open | | | | 816,140 | | | | 831,405 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 173,400 | | | | 176,323 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 09/14/18 | | | | Open | | | | 118,750 | | | | 120,752 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 115,900 | | | | 118,043 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 324,815 | | | | 330,820 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 675,315 | | | | 687,800 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 215,970 | | | | 219,963 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 583,255 | | | | 594,038 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 130,900 | | | | 133,320 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 216,645 | | | | 220,650 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 210,013 | | | | 213,895 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 822,165 | | | | 837,365 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 199,565 | | | | 203,254 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 333,325 | | | | 339,487 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 233,373 | | | | 237,687 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 240,470 | | | | 244,916 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 323,850 | | | | 329,837 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 1,947,668 | | | | 1,983,675 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 200,340 | | | | 204,044 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 255,000 | | | | 259,714 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 357,870 | | | | 364,486 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 83,363 | | | | 84,904 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 266,985 | | | | 271,921 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 332,500 | | | | 338,647 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 273,600 | | | | 278,658 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 98,910 | | | | 100,739 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 217,350 | | | | 221,368 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 281,325 | | | | 286,526 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 166,250 | | | | 169,324 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 209,990 | | | | 213,872 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 137,618 | | | | 140,162 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 404,250 | | | | 411,724 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 409,078 | | | | 416,640 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 681,120 | | | | 693,712 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 116,188 | | | | 118,336 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/14/18 | | | | Open | | | | 397,500 | | | | 404,849 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.45 | | | | 09/19/18 | | | | Open | | | | 385,875 | | | | 391,731 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 809,933 | | | | 822,977 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 71,775 | | | | 72,931 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 63,990 | | | | 65,021 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 1,885,438 | | | | 1,915,804 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 379,500 | | | | 385,612 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 684,125 | | | | 695,143 | | | Corporate Bonds | | Open/Demand |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 61 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
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) |
RBC Capital Markets, LLC | | | 2.60 | % | | | 09/19/18 | | | | Open | | | $ | 1,220,625 | | | $ | 1,240,284 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 265,688 | | | | 269,967 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 696,658 | | | | 707,878 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 882,750 | | | | 896,967 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 560,298 | | | | 569,321 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 208,098 | | | | 211,449 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 21,803 | | | | 22,154 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 346,040 | | | | 351,613 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 201,825 | | | | 205,076 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.60 | | | | 09/19/18 | | | | Open | | | | 891,938 | | | | 906,303 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 145,230 | | | | 147,873 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 363,800 | | | | 370,421 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 756,000 | | | | 769,758 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 1,068,930 | | | | 1,088,383 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 141,930 | | | | 144,513 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 159,125 | | | | 162,021 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 318,565 | | | | 324,362 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 370,880 | | | | 377,630 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 137,250 | | | | 139,748 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 200,175 | | | | 203,818 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 150,068 | | | | 152,799 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 151,368 | | | | 154,122 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 130,615 | | | | 132,992 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 118,793 | | | | 120,954 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 151,810 | | | | 154,573 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 09/20/18 | | | | Open | | | | 135,725 | | | | 138,195 | | | Corporate Bonds | | Open/Demand |
UBS Ltd. | | | 2.80 | | | | 09/20/18 | | | | Open | | | | 3,410,731 | | | | 3,467,544 | | | Foreign Agency Obligations | | Open/Demand |
UBS Ltd. | | | 2.95 | | | | 09/20/18 | | | | Open | | | | 279,650 | | | | 284,567 | | | Corporate Bonds | | Open/Demand |
UBS Ltd. | | | 2.95 | | | | 09/20/18 | | | | Open | | | | 379,225 | | | | 385,893 | | | Corporate Bonds | | Open/Demand |
UBS Ltd. | | | 2.95 | | | | 09/20/18 | | | | Open | | | | 355,260 | | | | 361,506 | | | Corporate Bonds | | Open/Demand |
UBS Ltd. | | | 2.95 | | | | 09/20/18 | | | | Open | | | | 405,350 | | | | 412,477 | | | Corporate Bonds | | Open/Demand |
UBS Ltd. | | | 2.95 | | | | 09/20/18 | | | | Open | | | | 283,511 | | | | 288,496 | | | Corporate Bonds | | Open/Demand |
UBS Ltd. | | | 2.95 | | | | 09/20/18 | | | | Open | | | | 3,468,400 | | | | 3,529,381 | | | Foreign Agency Obligations | | Open/Demand |
UBS Ltd. | | | 2.95 | | | | 09/20/18 | | | | Open | | | | 273,700 | | | | 278,512 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.00 | | | | 09/28/18 | | | | Open | | | | 1,564,806 | | | | 1,591,660 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 10/04/18 | | | | Open | | | | 276,223 | | | | 280,957 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 10/04/18 | | | | Open | | | | 250,920 | | | | 255,220 | | | Corporate Bonds | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.65 | | | | 10/09/18 | | | | Open | | | | 2,545,000 | | | | 2,582,044 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.75 | | | | 10/12/18 | | | | Open | | | | 1,012,095 | | | | 1,026,898 | | | Capital Trusts | | Open/Demand |
BNP Paribas S.A. | | | 2.99 | | | | 10/12/18 | | | | Open | | | | 1,417,460 | | | | 1,440,054 | | | Capital Trusts | | Open/Demand |
BNP Paribas S.A. | | | 2.99 | | | | 10/12/18 | | | | Open | | | | 527,461 | | | | 535,869 | | | Capital Trusts | | Open/Demand |
BNP Paribas S.A. | | | 2.99 | | | | 10/12/18 | | | | Open | | | | 188,700 | | | | 191,708 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.99 | | | | 10/12/18 | | | | Open | | | | 550,078 | | | | 558,846 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.99 | | | | 10/12/18 | | | | Open | | | | 1,061,524 | | | | 1,078,444 | | | Corporate Bonds | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.98 | | | | 10/15/18 | | | | Open | | | | 6,877,500 | | | | 6,968,898 | | | U.S. Treasury Obligations | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.98 | | | | 10/15/18 | | | | Open | | | | 2,696,625 | | | | 2,732,172 | | | U.S. Treasury Obligations | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 10/15/18 | | | | Open | | | | 630,487 | | | | 639,892 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 10/15/18 | | | | Open | | | | 182,125 | | | | 185,102 | | | Corporate Bonds | | Open/Demand |
Credit Suisse Securities (USA) LLC | | | 2.50 | | | | 10/18/18 | | | | Open | | | | 637,583 | | | | 644,959 | | | Foreign Agency Obligations | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 10/18/18 | | | | Open | | | | 347,650 | | | | 353,223 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.99 | | | | 10/22/18 | | | | Open | | | | 547,336 | | | | 555,764 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.04 | | | | 10/22/18 | | | | Open | | | | 470,000 | | | | 477,361 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.55 | | | | 10/29/18 | | | | Open | | | | 4,500,000 | | | | 4,555,245 | | | U.S. Treasury Obligations | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 10/30/18 | | | | Open | | | | 182,865 | | | | 185,623 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 11/02/18 | | | | Open | | | | 156,513 | | | | 158,772 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.40 | | | | 11/06/18 | | | | Open | | | | 928,173 | | | | 937,866 | | | Corporate Bonds | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.98 | | | | 11/07/18 | | | | Open | | | | 5,000,000 | | | | 5,058,871 | | | U.S. Treasury Obligations | | Open/Demand |
BNP Paribas S.A. | | | 2.95 | | | | 11/08/18 | | | | Open | | | | 1,269,100 | | | | 1,286,822 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/08/18 | | | | Open | | | | 113,685 | | | | 115,318 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/08/18 | | | | Open | | | | 369,195 | | | | 374,500 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 11/14/18 | | | | Open | | | | 2,193,728 | | | | 2,220,243 | | | Corporate Bonds | | Open/Demand |
| | |
| 62 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
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) |
RBC Capital Markets, LLC | | | 3.05 | % | | | 11/14/18 | | | | Open | | | $ | 188,800 | | | $ | 191,423 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 2.75 | | | | 11/15/18 | | | | Open | | | | 371,000 | | | | 375,704 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 2.75 | | | | 11/15/18 | | | | Open | | | | 131,198 | | | | 132,861 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 2.80 | | | | 11/15/18 | | | | Open | | | | 936,563 | | | | 948,655 | | | Corporate Bonds | | Open/Demand |
Deutsche Bank Securities, Inc. | | | 3.00 | | | | 11/15/18 | | | | Open | | | | 1,838,000 | | | | 1,862,966 | | | Capital Trusts | | Open/Demand |
Deutsche Bank Securities, Inc. | | | 3.00 | | | | 11/15/18 | | | | Open | | | | 2,332,000 | | | | 2,363,676 | | | Corporate Bonds | | Open/Demand |
Deutsche Bank Securities, Inc. | | | 3.00 | | | | 11/15/18 | | | | Open | | | | 1,721,000 | | | | 1,744,377 | | | Capital Trusts | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 162,180 | | | | 164,392 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 66,600 | | | | 67,509 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 246,750 | | | | 250,159 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 159,840 | | | | 162,048 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 244,800 | | | | 248,182 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 369,313 | | | | 374,414 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 676,400 | | | | 685,744 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 163,255 | | | | 165,510 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 184,275 | | | | 186,821 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 82,418 | | | | 83,542 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 174,125 | | | | 176,530 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 188,583 | | | | 191,188 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 484,380 | | | | 491,071 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 461,438 | | | | 467,812 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 269,675 | | | | 273,400 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 1,249,203 | | | | 1,266,459 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 76,800 | | | | 77,861 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 364,770 | | | | 369,809 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 266,880 | | | | 270,567 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 321,850 | | | | 326,296 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 429,570 | | | | 435,504 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 2,187,760 | | | | 2,217,981 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 493,695 | | | | 500,515 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 190,575 | | | | 193,208 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 298,775 | | | | 302,902 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/15/18 | | | | Open | | | | 151,700 | | | | 153,796 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/27/18 | | | | Open | | | | 177,637 | | | | 179,936 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 11/27/18 | | | | Open | | | | 802,556 | | | | 812,943 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.78 | | | | 11/27/18 | | | | Open | | | | 794,330 | | | | 803,687 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.86 | | | | 11/28/18 | | | | Open | | | | 135,975 | | | | 137,604 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 11/30/18 | | | | Open | | | | 128,936 | | | | 130,517 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.09 | | | | 11/30/18 | | | | Open | | | | 603,520 | | | | 611,290 | | | Corporate Bonds | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.65 | | | | 11/30/18 | | | | Open | | | | 708,000 | | | | 715,800 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/10/18 | | | | Open | | | | 156,000 | | | | 157,846 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/11/18 | | | | Open | | | | 1,925,235 | | | | 1,946,059 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/11/18 | | | | Open | | | | 703,030 | | | | 711,295 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/11/18 | | | | Open | | | | 168,950 | | | | 170,936 | | | Corporate Bonds | | Open/Demand |
UBS Ltd. | | | 2.95 | | | | 12/11/18 | | | | Open | | | | 91,390 | | | | 92,429 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.08 | | | | 12/12/18 | | | | Open | | | | 94,435 | | | | 95,549 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/12/18 | | | | Open | | | | 144,450 | | | | 146,137 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/12/18 | | | | Open | | | | 91,640 | | | | 92,710 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/12/18 | | | | Open | | | | 255,825 | | | | 258,812 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/12/18 | | | | Open | | | | 194,910 | | | | 197,186 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/12/18 | | | | Open | | | | 288,435 | | | | 291,803 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/12/18 | | | | Open | | | | 213,665 | | | | 216,160 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/12/18 | | | | Open | | | | 119,178 | | | | 120,569 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/12/18 | | | | Open | | | | 224,000 | | | | 226,616 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/12/18 | | | | Open | | | | 383,675 | | | | 388,155 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 2.75 | | | | 12/13/18 | | | | Open | | | | 166,750 | | | | 168,492 | | | Capital Trusts | | Open/Demand |
Barclays Bank PLC | | | 2.90 | | | | 12/13/18 | | | | Open | | | | 673,200 | | | | 680,604 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 2.95 | | | | 12/13/18 | | | | Open | | | | 4,331,250 | | | | 4,379,820 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 451,500 | | | | 456,639 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 7,953,000 | | | | 8,042,769 | | | Capital Trusts | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 171,911 | | | | 173,848 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 754,050 | | | | 762,633 | | | Corporate Bonds | | Open/Demand |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 63 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
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) |
Barclays Bank PLC | | | 3.00 | % | | | 12/13/18 | | | | Open | | | $ | 2,987,750 | | | $ | 3,021,827 | | | Capital Trusts | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 1,460,188 | | | | 1,476,842 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 641,996 | | | | 649,303 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 548,800 | | | | 555,059 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 1,923,750 | | | | 1,945,691 | | | Capital Trusts | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 451,131 | | | | 456,277 | | | Capital Trusts | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 2,953,125 | | | | 2,986,807 | | | Capital Trusts | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 465,750 | | | | 471,051 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 773,900 | | | | 782,727 | | | Capital Trusts | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 3,882,938 | | | | 3,927,225 | | | Capital Trusts | | Open/Demand |
Barclays Bank PLC | | | 3.05 | | | | 12/13/18 | | | | Open | | | | 976,875 | | | | 988,181 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.05 | | | | 12/13/18 | | | | Open | | | | 382,200 | | | | 386,623 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.10 | | | | 12/13/18 | | | | Open | | | | 386,715 | | | | 391,265 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 0.95 | | | | 12/13/18 | | | | Open | | | | 262,125 | | | | 263,055 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.70 | | | | 12/13/18 | | | | Open | | | | 120,803 | | | | 121,578 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.00 | | | | 12/13/18 | | | | Open | | | | 196,306 | | | | 198,050 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.75 | | | | 12/13/18 | | | | Open | | | | 337,125 | | | | 340,647 | | | Capital Trusts | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 253,980 | | | | 256,877 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 230,740 | | | | 233,372 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 217,493 | | | | 219,973 | | | Capital Trusts | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 245,305 | | | | 248,103 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 238,210 | | | | 240,927 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 264,308 | | | | 267,322 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 294,401 | | | | 297,759 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 216,118 | | | | 218,582 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 207,225 | | | | 209,589 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 12/13/18 | | | | Open | | | | 235,058 | | | | 237,738 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 613,800 | | | | 620,307 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/13/18 | | | | Open | | | | 291,375 | | | | 294,464 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/13/18 | | | | Open | | | | 213,290 | | | | 215,764 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/13/18 | | | | Open | | | | 300,655 | | | | 304,142 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/13/18 | | | | Open | | | | 57,960 | | | | 58,632 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/13/18 | | | | Open | | | | 209,300 | | | | 211,727 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.76 | | | | 12/14/18 | | | | Open | | | | 7,418,125 | | | | 7,494,326 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.84 | | | | 12/14/18 | | | | Open | | | | 454,375 | | | | 459,179 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 673,125 | | | | 680,393 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 5,128,750 | | | | 5,184,126 | | | Capital Trusts | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 462,500 | | | | 467,494 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 2,183,000 | | | | 2,206,570 | | | Foreign Agency Obligations | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 265,169 | | | | 268,032 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 250,560 | | | | 253,265 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 266,490 | | | | 269,367 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 227,370 | | | | 229,825 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 253,575 | | | | 256,313 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.95 | | | | 12/14/18 | | | | Open | | | | 972,770 | | | | 983,456 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.95 | | | | 12/14/18 | | | | Open | | | | 483,378 | | | | 488,687 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.95 | | | | 12/14/18 | | | | Open | | | | 80,535 | | | | 81,420 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.00 | | | | 12/14/18 | | | | Open | | | | 2,010,938 | | | | 2,033,404 | | | Capital Trusts | | Open/Demand |
BNP Paribas S.A. | | | 3.04 | | | | 12/14/18 | | | | Open | | | | 179,220 | | | | 181,267 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.04 | | | | 12/14/18 | | | | Open | | | | 1,265,886 | | | | 1,280,377 | | | Capital Trusts | | Open/Demand |
BNP Paribas S.A. | | | 3.04 | | | | 12/14/18 | | | | Open | | | | 650,508 | | | | 657,938 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 641,250 | | | | 648,534 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 100,704 | | | | 101,848 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 648,750 | | | | 656,120 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 103,320 | | | | 104,494 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.11 | | | | 12/14/18 | | | | Open | | | | 356,470 | | | | 360,600 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.11 | | | | 12/14/18 | | | | Open | | | | 289,820 | | | | 293,177 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.11 | | | | 12/14/18 | | | | Open | | | | 333,120 | | | | 336,979 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.12 | | | | 12/14/18 | | | | Open | | | | 328,500 | | | | 332,318 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.12 | | | | 12/14/18 | | | | Open | | | | 472,023 | | | | 477,508 | | | Corporate Bonds | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.65 | | | | 12/14/18 | | | | Open | | | | 3,318,000 | | | | 3,350,715 | | | Corporate Bonds | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.90 | | | | 12/14/18 | | | | Open | | | | 550,000 | | | | 555,938 | | | Corporate Bonds | | Open/Demand |
| | |
| 64 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
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) |
RBC Capital Markets, LLC | | | 2.79 | % | | | 12/14/18 | | | | Open | | | $ | 407,028 | | | $ | 411,254 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 623,000 | | | | 629,470 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 502,500 | | | | 507,718 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 628,125 | | | | 634,648 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 1,174,400 | | | | 1,186,596 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 2,236,000 | | | | 2,259,220 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 175,500 | | | | 177,323 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 452,500 | | | | 457,199 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 570,975 | | | | 576,904 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 828,750 | | | | 837,356 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 342,320 | | | | 345,875 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 1,421,250 | | | | 1,436,009 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 882,500 | | | | 891,665 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 555,000 | | | | 560,764 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 378,000 | | | | 381,925 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 232,400 | | | | 234,813 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 473,750 | | | | 478,670 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 559,000 | | | | 564,805 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 705,000 | | | | 712,321 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 699,375 | | | | 706,638 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 445,000 | | | | 449,621 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 376,000 | | | | 379,905 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 340,000 | | | | 343,531 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 333,000 | | | | 336,458 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 827,500 | | | | 836,093 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 236,875 | | | | 239,335 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 940,000 | | | | 949,762 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 471,250 | | | | 476,144 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 534,000 | | | | 539,545 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 1,005,000 | | | | 1,015,437 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 435,000 | | | | 439,517 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 907,500 | | | | 916,924 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 1,353,750 | | | | 1,367,808 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 372,000 | | | | 375,863 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 415,000 | | | | 419,310 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 249,000 | | | | 251,586 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 226,875 | | | | 229,231 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 1,090,625 | | | | 1,101,951 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 680,625 | | | | 687,693 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 714,375 | | | | 721,794 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 428,625 | | | | 433,076 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 430,000 | | | | 434,465 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 1,413,750 | | | | 1,428,431 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 942,500 | | | | 952,288 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 266,600 | | | | 269,369 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 334,850 | | | | 338,327 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 392,000 | | | | 396,071 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 447,500 | | | | 452,147 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 433,125 | | | | 437,623 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 364,000 | | | | 367,780 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 271,500 | | | | 274,319 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 92,963 | | | | 93,928 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 792,000 | | | | 800,225 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 238,125 | | | | 240,598 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 558,250 | | | | 564,047 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 491,400 | | | | 496,503 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 12/14/18 | | | | Open | | | | 942,500 | | | | 952,288 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 356,250 | | | | 360,297 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 2,827,500 | | | | 2,859,620 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 793,098 | | | | 802,107 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 2,101,020 | | | | 2,124,887 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 165,083 | | | | 166,958 | | | Corporate Bonds | | Open/Demand |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 65 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
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) |
RBC Capital Markets, LLC | | | 3.05 | % | | | 12/14/18 | | | | Open | | | $ | 192,240 | | | $ | 194,424 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 213,368 | | | | 215,791 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 541,800 | | | | 547,955 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/14/18 | | | | Open | | | | 416,560 | | | | 421,292 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/18/18 | | | | Open | | | | 117,420 | | | | 118,735 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.70 | | | | 12/18/18 | | | | Open | | | | 337,344 | | | | 340,710 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.70 | | | | 12/18/18 | | | | Open | | | | 4,812,500 | | | | 4,860,518 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.70 | | | | 12/18/18 | | | | Open | | | | 7,050,000 | | | | 7,120,343 | | | Capital Trusts | | Open/Demand |
UBS Securities LLC | | | 2.70 | | | | 12/18/18 | | | | Open | | | | 3,860,000 | | | | 3,898,514 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.75 | | | | 12/18/18 | | | | Open | | | | 314,550 | | | | 317,747 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.80 | | | | 12/18/18 | | | | Open | | | | 382,200 | | | | 386,156 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 1,697,850 | | | | 1,716,371 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 318,060 | | | | 321,530 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 382,235 | | | | 386,405 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 407,340 | | | | 411,783 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 491,175 | | | | 496,533 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 387,838 | | | | 392,068 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 451,920 | | | | 456,850 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 246,986 | | | | 249,680 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 152,419 | | | | 154,055 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 3,730,000 | | | | 3,770,688 | | | Capital Trusts | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 275,558 | | | | 278,563 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 131,863 | | | | 133,278 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 337,871 | | | | 341,557 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 509,400 | | | | 514,957 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 12/18/18 | | | | Open | | | | 388,578 | | | | 392,816 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/19/18 | | | | Open | | | | 692,355 | | | | 700,110 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/19/18 | | | | Open | | | | 679,635 | | | | 687,248 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.00 | | | | 12/21/18 | | | | Open | | | | 99,731 | | | | 100,094 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.25 | | | | 12/21/18 | | | | Open | | | | 102,588 | | | | 103,054 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.85 | | | | 12/21/18 | | | | Open | | | | 96,570 | | | | 96,924 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.95 | | | | 12/21/18 | | | | Open | | | | 1,118,720 | | | | 1,130,729 | | | Foreign Agency Obligations | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 12/21/18 | | | | Open | | | | 111,360 | | | | 112,568 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.20 | | | | 12/24/18 | | | | Open | | | | 427,988 | | | | 431,283 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/04/19 | | | | Open | | | | 532,800 | | | | 537,946 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | 3.00 | | | | 01/07/19 | | | | Open | | | | 702,913 | | | | 709,532 | | | Corporate Bonds | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.65 | | | | 01/07/19 | | | | Open | | | | 3,765,000 | | | | 3,796,317 | | | Capital Trusts | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.90 | | | | 01/07/19 | | | | Open | | | | 1,305,000 | | | | 1,316,879 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 01/07/19 | | | | Open | | | | 2,188,700 | | | | 2,207,868 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/07/19 | | | | Open | | | | 1,245,720 | | | | 1,257,752 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/07/19 | | | | Open | | | | 2,152,000 | | | | 2,172,602 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/07/19 | | | | Open | | | | 752,400 | | | | 759,603 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/07/19 | | | | Open | | | | 1,384,080 | | | | 1,397,331 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/07/19 | | | | Open | | | | 1,129,360 | | | | 1,140,172 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/07/19 | | | | Open | | | | 701,470 | | | | 708,186 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/07/19 | | | | Open | | | | 671,670 | | | | 678,100 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/07/19 | | | | Open | | | | 808,860 | | | | 816,604 | | | Corporate Bonds | | Open/Demand |
Barclays Bank PLC | | | (2.75 | ) | | | 01/08/19 | | | | Open | | | | 1,384,688 | | | | 1,384,236 | | | Capital Trusts | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 01/08/19 | | | | Open | | | | 910,000 | | | | 918,210 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.95 | | | | 01/08/19 | | | | Open | | | | 874,415 | | | | 882,440 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.04 | | | | 01/08/19 | | | | Open | | | | 2,038,725 | | | | 2,058,106 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.05 | | | | 01/08/19 | | | | Open | | | | 1,340,955 | | | | 1,353,679 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.08 | | | | 01/08/19 | | | | Open | | | | 641,375 | | | | 647,521 | | | Capital Trusts | | Open/Demand |
BNP Paribas S.A. | | | 3.11 | | | | 01/08/19 | | | | Open | | | | 1,088,470 | | | | 1,099,002 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 01/09/19 | | | | Open | | | | 164,920 | | | | 166,471 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.84 | | | | 01/11/19 | | | | Open | | | | 334,051 | | | | 336,871 | | | Foreign Agency Obligations | | Open/Demand |
BNP Paribas S.A. | | | 2.86 | | | | 01/11/19 | | | | Open | | | | 288,575 | | | | 291,028 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.09 | | | | 01/11/19 | | | | Open | | | | 958,930 | | | | 967,737 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 0.00 | | | | 01/11/19 | | | | Open | | | | 250,106 | | | | 250,106 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 01/14/19 | | | | Open | | | | 264,282 | | | | 266,639 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 1.75 | | | | 01/16/19 | | | | Open | | | | 118,443 | | | | 119,041 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 0.75 | | | | 01/18/19 | | | | Open | | | | 164,961 | | | | 165,301 | | | Corporate Bonds | | Open/Demand |
| | |
| 66 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
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) |
BNP Paribas S.A. | | | 3.04 | % | | | 02/01/19 | | | | Open | | | $ | 133,560 | | | $ | 134,530 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 02/01/19 | | | | Open | | | | 261,625 | | | | 263,531 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 02/08/19 | | | | Open | | | | 50,076 | | | | 50,406 | | | Corporate Bonds | | Open/Demand |
Credit Suisse Securities (USA) LLC | | | 2.75 | | | | 02/12/19 | | | | Open | | | | 167,500 | | | | 168,397 | | | Foreign Agency Obligations | | Open/Demand |
Goldman Sachs & Co LLC | | | (2.00 | ) | | | 02/12/19 | | | | Open | | | | 142,164 | | | | 141,556 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.40 | | | | 02/12/19 | | | | Open | | | | 971,473 | | | | 973,610 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.50 | | | | 02/12/19 | | | | Open | | | | 393,992 | | | | 396,099 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.50 | | | | 02/12/19 | | | | Open | | | | 1,043,954 | | | | 1,049,536 | | | Capital Trusts | | Open/Demand |
Credit Suisse Securities (USA) LLC | | | 1.25 | | | | 02/13/19 | | | | Open | | | | 83,948 | | | | 84,172 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 02/14/19 | | | | Open | | | | 160,000 | | | | 161,017 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.09 | | | | 02/15/19 | | | | Open | | | | 541,500 | | | | 544,800 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 1.50 | | | | 02/20/19 | | | | Open | | | | 671,138 | | | | 673,068 | | | Capital Trusts | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.40 | | | | 02/20/19 | | | | Open | | | | 560,686 | | | | 563,265 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 02/21/19 | | | | Open | | | | 276,450 | | | | 278,043 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 02/27/19 | | | | Open | | | | 323,145 | | | | 324,842 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.89 | | | | 02/28/19 | | | | Open | | | | 5,991,663 | | | | 6,021,291 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/01/19 | | | | Open | | | | 984,380 | | | | 989,217 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.95 | | | | 03/04/19 | | | | Open | | | | 414,720 | | | | 416,657 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 0.75 | | | | 03/04/19 | | | | Open | | | | 402,781 | | | | 403,259 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 1.00 | | | | 03/04/19 | | | | Open | | | | 213,953 | | | | 214,291 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.30 | | | | 03/04/19 | | | | Open | | | | 209,576 | | | | 210,339 | | | Foreign Agency Obligations | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.40 | | | | 03/04/19 | | | | Open | | | | 242,685 | | | | 243,607 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.40 | | | | 03/04/19 | | | | Open | | | | 211,372 | | | | 212,176 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.60 | | | | 03/04/19 | | | | Open | | | | 220,314 | | | | 221,221 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.60 | | | | 03/04/19 | | | | Open | | | | 608,747 | | | | 611,253 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.60 | | | | 03/04/19 | | | | Open | | | | 195,716 | | | | 196,522 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.60 | | | | 03/04/19 | | | | Open | | | | 284,346 | | | | 285,516 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.85 | | | | 03/05/19 | | | | Open | | | | 455,648 | | | | 457,668 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/05/19 | | | | Open | | | | 134,640 | | | | 135,279 | | | Corporate Bonds | | Open/Demand |
UBS Securities LLC | | | 2.95 | | | | 03/05/19 | | | | Open | | | | 540,078 | | | | 542,556 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.50 | | | | 03/11/19 | | | | Open | | | | 348,317 | | | | 349,478 | | | Foreign Agency Obligations | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/11/19 | | | | Open | | | | 636,327 | | | | 639,023 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.04 | | | | 03/14/19 | | | | Open | | | | 122,220 | | | | 122,705 | | | Capital Trusts | | Open/Demand |
BNP Paribas S.A. | | | 3.09 | | | | 03/14/19 | | | | Open | | | | 391,414 | | | | 392,993 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/14/19 | | | | Open | | | | 161,415 | | | | 162,058 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 0.00 | | | | 03/15/19 | | | | Open | | | | 97,256 | | | | 97,372 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.05 | | | | 03/15/19 | | | | Open | | | | 296,353 | | | | 297,533 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/15/19 | | | | Open | | | | 427,220 | | | | 428,806 | | | Corporate Bonds | | Open/Demand |
UBS Ltd. | | | 2.95 | | | | 03/15/19 | | | | Open | | | | 500,650 | | | | 502,578 | | | Corporate Bonds | | Open/Demand |
Credit Suisse Securities (USA) LLC | | | (1.00 | ) | | | 03/19/19 | | | | Open | | | | 329,175 | | | | 328,791 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/19/19 | | | | Open | | | | 259,940 | | | | 260,865 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 03/25/19 | | | | Open | | | | 2,154,304 | | | | 2,160,946 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 03/25/19 | | | | Open | | | | 2,235,295 | | | | 2,242,187 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.04 | | | | 03/26/19 | | | | Open | | | | 824,720 | | | | 827,158 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/28/19 | | | | Open | | | | 1,994,200 | | | | 1,999,944 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/28/19 | | | | Open | | | | 1,016,305 | | | | 1,019,233 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/28/19 | | | | Open | | | | 1,467,772 | | | | 1,472,000 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/29/19 | | | | Open | | | | 226,412 | | | | 226,987 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/29/19 | | | | Open | | | | 2,057,485 | | | | 2,063,237 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 03/29/19 | | | | Open | | | | 1,179,430 | | | | 1,182,727 | | | Corporate Bonds | | Open/Demand |
Credit Suisse Securities (USA) LLC | | | 2.70 | | | | 04/01/19 | | | | Open | | | | 617,094 | | | | 618,436 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/01/19 | | | | Open | | | | 209,475 | | | | 209,990 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/02/19 | | | | Open | | | | 115,920 | | | | 116,195 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.10 | | | | 04/03/19 | | | | Open | | | | 32,980 | | | | 33,032 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/03/19 | | | | Open | | | | 244,500 | | | | 245,059 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 2.60 | | | | 04/04/19 | | | | Open | | | | 327,837 | | | | 328,382 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/04/19 | | | | Open | | | | 205,320 | | | | 205,720 | | | Corporate Bonds | | Open/Demand |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 67 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
Reverse Repurchase Agreements (continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| Counterparty | | Interest
Rate | | | Trade
Date | | | Maturity
Date (a) | | | Face Value | | | Face Value
Including
Accrued Interest | | | Type of Non-Cash Underlying Collateral | | Remaining Contractual
Maturity of the Agreements (a) |
Credit Suisse Securities (USA) LLC | | | 2.45 | % | | | 04/05/19 | | | | Open | | | $ | 279,513 | | | $ | 279,950 | | | Foreign Agency Obligations | | Open/Demand |
RBC Capital Markets, LLC | | | 2.79 | | | | 04/05/19 | | | | Open | | | | 1,121,875 | | | | 1,124,141 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/05/19 | | | | Open | | | | 1,033,600 | | | | 1,035,877 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/05/19 | | | | Open | | | | 1,318,512 | | | | 1,321,416 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/05/19 | | | | Open | | | | 1,383,580 | | | | 1,386,628 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/05/19 | | | | Open | | | | 1,141,000 | | | | 1,143,513 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/05/19 | | | | Open | | | | 1,097,260 | | | | 1,099,677 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/05/19 | | | | Open | | | | 327,240 | | | | 327,878 | | | Corporate Bonds | | Open/Demand |
HSBC Securities (USA), Inc. | | | 2.60 | | | | 04/08/19 | | | | 05/13/19 | | | | 4,877,000 | | | | 4,884,397 | | | U.S. Government Sponsored Agency Securities | | Up to 60 Days |
HSBC Securities (USA), Inc. | | | 2.60 | | | | 04/08/19 | | | | 05/13/19 | | | | 10,228,000 | | | | 10,243,512 | | | U.S. Government Sponsored Agency Securities | | Up to 60 Days |
HSBC Securities (USA), Inc. | | | 2.60 | | | | 04/08/19 | | | | 05/13/19 | | | | 15,077,000 | | | | 15,099,867 | | | U.S. Government Sponsored Agency Securities | | Up to 60 Days |
HSBC Securities (USA), Inc. | | | 2.60 | | | | 04/08/19 | | | | 05/13/19 | | | | 11,399,000 | | | | 11,416,288 | | | U.S. Government Sponsored Agency Securities | | Up to 60 Days |
HSBC Securities (USA), Inc. | | | 2.60 | | | | 04/08/19 | | | | 05/13/19 | | | | 4,127,000 | | | | 4,133,259 | | | U.S. Government Sponsored Agency Securities | | Up to 60 Days |
HSBC Securities (USA), Inc. | | | 2.60 | | | | 04/08/19 | | | | 05/13/19 | | | | 13,432,000 | | | | 13,452,372 | | | U.S. Government Sponsored Agency Securities | | Up to 60 Days |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/09/19 | | | | Open | | | | 1,137,041 | | | | 1,139,068 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.99 | | | | 04/10/19 | | | | Open | | | | 451,421 | | | | 452,170 | | | Corporate Bonds | | Open/Demand |
Goldman Sachs & Co LLC | | | 0.50 | | | | 04/11/19 | | | | Open | | | | 213,960 | | | | 214,027 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/11/19 | | | | Open | | | | 215,280 | | | | 215,627 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.10 | | | | 04/12/19 | | | | Open | | | | 193,725 | | | | 193,992 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.09 | | | | 04/12/19 | | | | Open | | | | 483,640 | | | | 484,314 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 3.00 | | | | 04/15/19 | | | | Open | | | | 251,517 | | | | 251,852 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 679,760 | | | | 680,691 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 1,161,115 | | | | 1,162,689 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 694,058 | | | | 694,998 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 582,960 | | | | 583,750 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 1,146,110 | | | | 1,147,664 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 517,478 | | | | 518,179 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 725,375 | | | | 726,358 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 626,500 | | | | 627,349 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 675,863 | | | | 676,779 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 567,800 | | | | 568,570 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 772,424 | | | | 773,470 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/15/19 | | | | Open | | | | 627,458 | | | | 628,309 | | | Corporate Bonds | | Open/Demand |
Barclays Capital, Inc. | | | 2.50 | | | | 04/16/19 | | | | Open | | | | 276,920 | | | | 277,180 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 2.90 | | | | 04/18/19 | | | | Open | | | | 78,020 | | | | 78,077 | | | Foreign Agency Obligations | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/18/19 | | | | Open | | | | 147,870 | | | | 147,983 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/23/19 | | | | Open | | | | 1,061,950 | | | | 1,062,580 | | | Corporate Bonds | | Open/Demand |
BNP Paribas S.A. | | | 3.11 | | | | 04/24/19 | | | | Open | | | | 218,790 | | | | 218,903 | | | Corporate Bonds | | Open/Demand |
RBC Capital Markets, LLC | | | 3.05 | | | | 04/26/19 | | | | Open | | | | 436,353 | | | | 436,537 | | | Corporate Bonds | | Open/Demand |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 388,306,580 | | | $ | 391,871,628 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Certain agreements have no stated maturity and can be terminated by either party at any time. | |
| | |
| 68 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| | | | | | | | | | | | | | | | |
| Description | | Number of
Contracts | | | Expiration
Date | | | Notional
Amount (000) | | | Value/
Unrealized
Appreciation
(Depreciation) | |
Long Contracts: | | | | | | | | | | | | | | | | |
10-Year U.S. Treasury Note | | | 41 | | | | 06/19/19 | | | $ | 5,071 | | | $ | 43,506 | |
U.S. Treasury Ultra Bond | | | 113 | | | | 06/19/19 | | | | 18,564 | | | | 325,111 | |
5-Year U.S. Treasury Note | | | 302 | | | | 06/28/19 | | | | 34,923 | | | | 43,148 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 411,765 | |
| | | | | | | | | | | | | | | | |
Short Contracts: | | | | | | | | | | | | | | | | |
Euro Bund Futures | | | 1 | | | | 06/06/19 | | | | 185 | | | | (2,805 | ) |
10-Year U.S. Ultra Long Treasury | | | 17 | | | | 06/19/19 | | | | 2,240 | | | | 22,024 | |
Long U.S. Treasury Bond | | | 29 | | | | 06/19/19 | | | | 4,277 | | | | (12,232 | ) |
Long Gilt Futures | | | 1 | | | | 06/26/19 | | | | 166 | | | | (92 | ) |
2-Year U.S. Treasury Note | | | 109 | | | | 06/28/19 | | | | 23,218 | | | | (20,648 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | (13,753 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | $ | 398,012 | |
| | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts
| | | | | | | | | | | | | | | | | | | | |
Currency
Purchased | | | Currency
Sold | | | Counterparty | | Settlement Date | | | Unrealized
Appreciation
(Depreciation) | |
| EUR | | | 3,760,774 | | | USD | | | 4,199,280 | | | Citibank N.A. | | | 05/02/19 | | | $ | 18,806 | |
| EUR | | | 3,760,774 | | | USD | | | 4,201,537 | | | Citibank N.A. | | | 05/02/19 | | | | 16,550 | |
| EUR | | | 14,368,778 | | | USD | | | 16,044,178 | | | Citibank N.A. | | | 05/02/19 | | | | 71,852 | |
| EUR | | | 14,368,778 | | | USD | | | 16,052,799 | | | Citibank N.A. | | | 05/02/19 | | | | 63,231 | |
| GBP | | | 176,000 | | | USD | | | 227,701 | | | BNP Paribas S.A. | | | 05/02/19 | | | | 1,804 | |
| GBP | | | 176,000 | | | USD | | | 229,442 | | | BNP Paribas S.A. | | | 05/02/19 | | | | 62 | |
| GBP | | | 1,958,000 | | | USD | | | 2,534,044 | | | Citibank N.A. | | | 05/02/19 | | | | 19,189 | |
| GBP | | | 1,958,000 | | | USD | | | 2,552,547 | | | Citibank N.A. | | | 05/02/19 | | | | 686 | |
| GBP | | | 10,962,000 | | | USD | | | 14,187,020 | | | Citibank N.A. | | | 05/02/19 | | | | 107,431 | |
| GBP | | | 10,962,000 | | | USD | | | 14,290,611 | | | Citibank N.A. | | | 05/02/19 | | | | 3,840 | |
| GBP | | | 93,000 | | | USD | | | 120,309 | | | Deutsche Bank AG | | | 05/02/19 | | | | 963 | |
| GBP | | | 93,000 | | | USD | | | 121,239 | | | Deutsche Bank AG | | | 05/02/19 | | | | 33 | |
| GBP | | | 303,000 | | | USD | | | 391,975 | | | Deutsche Bank AG | | | 05/02/19 | | | | 3,137 | |
| GBP | | | 303,000 | | | USD | | | 395,006 | | | Deutsche Bank AG | | | 05/02/19 | | | | 106 | |
| USD | | | 4,258,118 | | | EUR | | | 3,760,774 | | | Citibank N.A. | | | 05/02/19 | | | | 40,031 | |
| USD | | | 16,268,977 | | | EUR | | | 14,368,778 | | | Citibank N.A. | | | 05/02/19 | | | | 152,947 | |
| USD | | | 232,954 | | | GBP | | | 176,000 | | | BNP Paribas S.A. | | | 05/02/19 | | | | 3,450 | |
| USD | | | 2,593,185 | | | GBP | | | 1,958,000 | | | Citibank N.A. | | | 05/02/19 | | | | 39,952 | |
| USD | | | 14,518,128 | | | GBP | | | 10,962,000 | | | Citibank N.A. | | | 05/02/19 | | | | 223,677 | |
| USD | | | 123,103 | | | GBP | | | 93,000 | | | Deutsche Bank AG | | | 05/02/19 | | | | 1,831 | |
| USD | | | 401,079 | | | GBP | | | 303,000 | | | Deutsche Bank AG | | | 05/02/19 | | | | 5,967 | |
| USD | | | 778,132 | | | GBP | | | 596,000 | | | State Street Bank and Trust Co. | | | 05/07/19 | | | | 739 | |
| IDR | | | 16,628,547,540 | | | USD | | | 1,161,211 | | | JPMorgan Chase Bank N.A. | | | 05/29/19 | | | | 4,358 | |
| USD | | | 147,813 | | | EUR | | | 130,000 | | | Bank of America N.A. | | | 09/09/19 | | | | 407 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 781,049 | |
| | | | | | | | | | | | | | | | | | | | |
| USD | | | 4,199,280 | | | EUR | | | 3,760,774 | | | Citibank N.A. | | | 05/02/19 | | | | (18,806 | ) |
| USD | | | 16,044,178 | | | EUR | | | 14,368,778 | | | Citibank N.A. | | | 05/02/19 | | | | (71,852 | ) |
| USD | | | 229,442 | | | GBP | | | 176,000 | | | BNP Paribas S.A. | | | 05/02/19 | | | | (62 | ) |
| USD | | | 2,552,547 | | | GBP | | | 1,958,000 | | | Citibank N.A. | | | 05/02/19 | | | | (686 | ) |
| USD | | | 14,290,611 | | | GBP | | | 10,962,000 | | | Citibank N.A. | | | 05/02/19 | | | | (3,840 | ) |
| USD | | | 121,239 | | | GBP | | | 93,000 | | | Deutsche Bank AG | | | 05/02/19 | | | | (33 | ) |
| USD | | | 395,006 | | | GBP | | | 303,000 | | | Deutsche Bank AG | | | 05/02/19 | | | | (106 | ) |
| USD | | | 1,645,727 | | | MXN | | | 31,780,000 | | | HSBC Bank PLC | | | 05/06/19 | | | | (29,814 | ) |
| USD | | | 1,155,490 | | | IDR | | | 16,628,547,540 | | | Citibank N.A. | | | 05/29/19 | | | | (10,079 | ) |
| USD | | | 4,213,771 | | | EUR | | | 3,760,774 | | | Citibank N.A. | | | 06/05/19 | | | | (16,373 | ) |
| USD | | | 16,099,540 | | | EUR | | | 14,368,778 | | | Citibank N.A. | | | 06/05/19 | | | | (62,558 | ) |
| USD | | | 228,107 | | | GBP | | | 176,000 | | | BNP Paribas S.A. | | | 06/05/19 | | | | (1,812 | ) |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 69 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
Forward Foreign Currency Exchange Contracts (continued)
| | | | | | | | | | | | | | | | | | | | |
Currency
Purchased | | | Currency
Sold | | | Counterparty | | Settlement Date | | | Unrealized
Appreciation
(Depreciation) | |
| USD | | | 2,538,588 | | | GBP | | | 1,958,000 | | | Citibank N.A. | | | 06/05/19 | | | $ | (19,262 | ) |
| USD | | | 14,212,463 | | | GBP | | | 10,962,000 | | | Citibank N.A. | | | 06/05/19 | | | | (107,841 | ) |
| USD | | | 120,525 | | | GBP | | | 93,000 | | | Deutsche Bank AG | | | 06/05/19 | | | | (967 | ) |
| USD | | | 392,677 | | | GBP | | | 303,000 | | | Deutsche Bank AG | | | 06/05/19 | | | | (3,150 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | (347,241 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | 433,808 | |
| | | | | | | | | | | | | | | | | | | | |
Centrally Cleared Credit Default Swaps — Buy Protection
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reference Obligation/Index | | Financing
Rate Paid
by the Trust | | | Payment
Frequency | | | Termination
Date | | | Notional
Amount (000) | | | Value | | | Upfront
Premium
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
CDX.NA.HY.32.V1 | | | 5.00 | % | | | Quarterly | | | | 06/20/24 | | | | USD | | | | 4,400 | | | $ | (361,536 | ) | | $ | (335,289 | ) | | $ | (26,247 | ) |
CDX.NA.IG.32.V1 | | | 1.00 | | | | Quarterly | | | | 06/20/24 | | | | USD | | | | 56,100 | | | | (1,200,466 | ) | | | (1,152,150 | ) | | | (48,316 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (1,562,002 | ) | | $ | (1,487,439 | ) | | $ | (74,563 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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,
2.58% | | Quarterly | | 2.39% | | Semi-annual | | | N/A | | | | 02/12/20 | | | USD | | | 193,500 | | | $ | (401,830 | ) | | $ | 1,056 | | | $ | (402,886 | ) |
3-Month LIBOR,
2.58% | | Quarterly | | 2.36 | | Semi-annual | | | N/A | | | | 02/13/20 | | | USD | | | 150,000 | | | | (344,076 | ) | | | 822 | | | | (344,898 | ) |
| 2.61% | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 02/04/21 | | | USD | | | 143,790 | | | | (447,224 | ) | | | 1,735 | | | | (448,959 | ) |
3-Month LIBOR,
2.58% | | Quarterly | | 2.46 | | Semi-annual | | | 07/22/19 | (a) | | | 07/22/21 | | | USD | | | 35,000 | | | | 88,569 | | | | 480 | | | | 88,089 | |
3-Month LIBOR,
2.58% | | Quarterly | | 2.34 | | Semi-annual | | | 07/30/19 | (a) | | | 07/30/21 | | | USD | | | 145,000 | | | | 38,061 | | | | 1,986 | | | | 36,075 | |
| 2.01 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 02/02/22 | | | USD | | | 15,000 | | | | 153,820 | | | | 119 | | | | 153,701 | |
| 2.01 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 07/12/22 | | | USD | | | 3,000 | | | | 15,125 | | | | — | | | | 15,125 | |
3-Month LIBOR,
2.58% | | Quarterly | | 2.67 | | Semi-annual | | | N/A | | | | 01/30/24 | | | USD | | | 20,000 | | | | 438,137 | | | | 285 | | | | 437,852 | |
3-Month LIBOR,
2.58% | | Quarterly | | 2.57 | | Semi-annual | | | N/A | | | | 02/05/24 | | | USD | | | 33,000 | | | | 349,985 | | | | 472 | | | | 349,513 | |
3-Month LIBOR,
2.58% | | Quarterly | | 2.60 | | Semi-annual | | | N/A | | | | 02/19/24 | | | USD | | | 12,600 | | | | 152,002 | | | | 182 | | | | 151,820 | |
| 2.54 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 03/11/24 | | | USD | | | 29,600 | | | | (279,367 | ) | | | 432 | | | | (279,799 | ) |
3-Month LIBOR,
2.58% | | Quarterly | | 2.49 | | Semi-annual | | | 06/17/19 | (a) | | | 06/17/24 | | | USD | | | 15,200 | | | | 117,796 | | | | 228 | | | | 117,568 | |
3-Month LIBOR,
2.58% | | Quarterly | | 2.34 | | Semi-annual | | | 07/11/19 | (a) | | | 07/11/24 | | | USD | | | 15,000 | | | | 14,121 | | | | 226 | | | | 13,895 | |
3-Month LIBOR,
2.58% | | Quarterly | | 2.35 | | Semi-annual | | | 07/25/19 | (a) | | | 07/25/24 | | | USD | | | 15,000 | | | | 15,576 | | | | 226 | | | | 15,350 | |
| 2.47 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 12/29/26 | | | USD | | | 3,000 | | | | (27,291 | ) | | | 39 | | | | (27,330 | ) |
| 2.25 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 01/19/27 | | | USD | | | 3,400 | | | | 24,424 | | | | 42 | | | | 24,382 | |
| 2.42 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 04/04/27 | | | USD | | | 18,300 | | | | 23,365 | | | | 234 | | | | 23,131 | |
| 2.30 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 05/02/27 | | | USD | | | 3,000 | | | | 16,063 | | | | — | | | | 16,063 | |
| 2.28 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 05/17/27 | | | USD | | | 1,700 | | | | 11,635 | | | | — | | | | 11,635 | |
| 2.18 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 06/05/27 | | | USD | | | 2,300 | | | | 33,818 | | | | — | | | | 33,818 | |
| 2.90 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 02/06/28 | | | USD | | | 57,000 | | | | (1,982,167 | ) | | | 897 | | | | (1,983,064 | ) |
| 2.92 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 03/26/28 | | | USD | | | 1,500 | | | | (54,268 | ) | | | 24 | | | | (54,292 | ) |
| 2.70 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 04/04/47 | | | USD | | | 13,200 | | | | 89,539 | | | | — | | | | 89,539 | |
| 3.01 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 02/13/48 | | | USD | | | 18,000 | | | | (1,028,678 | ) | | | 428 | | | | (1,029,106 | ) |
| 2.98 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 02/13/48 | | | USD | | | 9,000 | | | | (463,545 | ) | | | 214 | | | | (463,759 | ) |
| 3.01 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 02/14/48 | | | USD | | | 6,500 | | | | (369,989 | ) | | | 154 | | | | (370,143 | ) |
| | |
| 70 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
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 |
| 3.03 % | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | N/A | | | | 02/20/48 | | | USD | | | 4,300 | | | $ | (268,477 | ) | | $ | 102 | | | $ | (268,579 | ) |
| 3-Month LIBOR, 2.58% | | Quarterly | | 2.88% | | Semi-annual | | | N/A | | | | 02/01/49 | | | USD | | | 4,500 | | | | 137,495 | | | | 105 | | | | 137,390 | |
| 2.83 | | Semi-annual | | 3-Month LIBOR, 2.58% | | Quarterly | | | 06/18/19 | (a) | | | 06/18/49 | | | USD | | | 6,650 | | | | (134,210 | ) | | | 157 | | | | (134,367 | ) |
| 3-Month LIBOR, 2.58% | | Quarterly | | 2.75 | | Semi-annual | | | 07/30/19 | (a) | | | 07/30/49 | | | USD | | | 1,700 | | | | 6,360 | | | | 41 | | | | 6,319 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | (4,075,231 | ) | | $ | 10,686 | | | $ | (4,085,917 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
OTC Credit Default Swaps — Buy Protection
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reference Obligation/Index | | Financing
Rate Paid
by the Trust | | | Payment
Frequency | | Counterparty | | Termination
Date | | | Notional
Amount (000) | | | Value | | | Upfront
Premium
Paid
(Received) | | | Unrealized
Appreciation
(Depreciation) | |
United Mexican States | | | 1.00 | % | | Quarterly | | Citibank N.A. | | | 06/20/20 | | | | USD | | | | 604 | | | $ | (5,024 | ) | | $ | 1,368 | | | $ | (6,392 | ) |
United Mexican States | | | 1.00 | | | Quarterly | | Bank of America N.A. | | | 09/20/20 | | | | USD | | | | 604 | | | | (5,485 | ) | | | 2,163 | | | | (7,648 | ) |
Republic of Colombia | | | 1.00 | | | Quarterly | | Citibank N.A. | | | 12/20/23 | | | | USD | | | | 511 | | | | (3,540 | ) | | | 3,674 | | | | (7,214 | ) |
CMBX.NA.7 | | | 3.00 | | | Monthly | | Deutsche Bank AG | | | 01/17/47 | | | | USD | | | | 25,000 | | | | 828,520 | | | | 1,843,213 | | | | (1,014,693 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | $ | 814,471 | | | $ | 1,850,418 | | | $ | (1,035,947 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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) | |
United Mexican States | | | 1.00 | % | | | Quarterly | | | | Bank of America N.A. | | | | 06/20/20 | | | BBB+ | | | USD | | | | 604 | | | $ | 5,024 | | | $ | (1,433 | ) | | $ | 6,457 | |
United Mexican States | | | 1.00 | | | | Quarterly | | | | Citibank N.A. | | | | 09/20/20 | | | BBB+ | | | USD | | | | 604 | | | | 5,485 | | | | 2,051 | | | | 3,434 | |
Casino Guichard Perrachon SA | | | 1.00 | | | | Quarterly | | | | JPMorgan Chase Bank N.A. | | | | 06/20/23 | | | BB- | | | EUR | | | | 10 | | | | (1,475 | ) | | | (850 | ) | | | (625 | ) |
Casino Guichard Perrachon SA | | | 1.00 | | | | Quarterly | | | | Citibank N.A. | | | | 06/20/23 | | | BB- | | | EUR | | | | 28 | | | | (4,079 | ) | | | (3,423 | ) | | | (656 | ) |
Casino Guichard Perrachon SA | | | 1.00 | | | | Quarterly | | | | Barclays Bank PLC | | | | 06/20/23 | | | BB- | | | EUR | | | | 47 | | | | (6,937 | ) | | | (5,233 | ) | | | (1,704 | ) |
Thomas Cook Finance 2 PLC | | | 5.00 | | | | Quarterly | | | | Citibank N.A. | | | | 06/20/23 | | | B | | | EUR | | | | 29 | | | | (6,784 | ) | | | 3,320 | | | | (10,104 | ) |
Casino Guichard Perrachon SA | | | 1.00 | | | | Quarterly | | | | Barclays Bank PLC | | | | 12/20/23 | | | BB- | | | EUR | | | | 30 | | | | (5,151 | ) | | | (4,451 | ) | | | (700 | ) |
Chesapeake Energy Corp. | | | 5.00 | | | | Quarterly | | | | Barclays Bank PLC | | | | 12/20/23 | | | B+ | | | USD | | | | 94 | | | | (772 | ) | | | 168 | | | | (940 | ) |
Chesapeake Energy Corp. | | | 5.00 | | | | Quarterly | | | | Barclays Bank PLC | | | | 12/20/23 | | | B+ | | | USD | | | | 402 | | | | (3,300 | ) | | | 3,621 | | | | (6,921 | ) |
Virgin Media, Inc. | | | 5.00 | | | | Quarterly | | |
| Credit Suisse International
Morgan Stanley & Co. |
| | | 12/20/25 | | | B | | | EUR | | | | 30 | | | | 6,412 | | | | 4,951 | | | | 1,461 | |
Tesco PLC | | | 1.00 | | | | Quarterly | | | | International PLC | | | | 12/20/28 | | | BB+ | | | EUR | | | | 70 | | | | (5,113 | ) | | | (6,862 | ) | | | 1,749 | |
CMBX.NA.7 | | | 3.00 | | | | Monthly | | | | Barclays Bank PLC | | | | 01/17/47 | | | C+ | | | USD | | | | 10,000 | | | | (353,075 | ) | | | (512,781 | ) | | | 159,706 | |
CMBX.NA.7 | | | 3.00 | | | | Monthly | | | | Barclays Bank PLC | | | | 01/17/47 | | | C+ | | | USD | | | | 5,000 | | | | (176,537 | ) | | | (256,031 | ) | | | 79,494 | |
CMBX.NA.7 | | | 3.00 | | | | Monthly | | | | Barclays Bank PLC | | | | 01/17/47 | | | C+ | | | USD | | | | 10,000 | | | | (353,075 | ) | | | (248,294 | ) | | | (104,781 | ) |
CMBX.NA.8 | | | 2.00 | | | | Monthly | | |
| Morgan Stanley & Co.
International PLC |
| | | 10/17/57 | | | N/R | | | USD | | | | 5,000 | | | | 64,167 | | | | (557,986 | ) | | | 622,153 | |
CMBX.NA.9 | | | 2.00 | | | | Monthly | | |
| Morgan Stanley & Co.
International PLC |
| | | 09/17/58 | | | N/R | | | USD | | | | 2,500 | | | | 37,880 | | | | (341,630 | ) | | | 379,510 | |
CMBX.NA.9 | | | 2.00 | | | | Monthly | | | | Credit Suisse International | | | | 09/17/58 | | | N/R | | | USD | | | | 2,500 | | | | 37,880 | | | | (344,961 | ) | | | 382,841 | |
CMBX.NA.9 | | | 2.00 | | | | Monthly | | |
| Morgan Stanley & Co.
International PLC |
| | | 09/17/58 | | | N/R | | | USD | | | | 5,000 | | | | 75,760 | | | | (676,898 | ) | | | 752,658 | |
CMBX.NA.9 | | | 3.00 | | | | Monthly | | |
| Morgan Stanley & Co.
International PLC |
| | | 09/17/58 | | | N/R | | | USD | | | | 2,500 | | | | (84,141 | ) | | | (552,137 | ) | | | 467,996 | |
CMBX.NA.9 | | | 3.00 | | | | Monthly | | | | Deutsche Bank AG | | | | 09/17/58 | | | N/R | | | USD | | | | 25,000 | | | | (841,406 | ) | | | (2,464,390 | ) | | | 1,622,984 | |
CMBX.NA.9 | | | 3.00 | | | | Monthly | | | | Goldman Sachs International | | | | 09/17/58 | | | N/R | | | USD | | | | 5,000 | | | | (168,281 | ) | | | (528,840 | ) | | | 360,559 | |
CMBX.NA.9 | | | 3.00 | | | | Monthly | | | | Credit Suisse International | | | | 09/17/58 | | | N/R | | | USD | | | | 5,000 | | | | (168,281 | ) | | | (544,279 | ) | | | 375,998 | |
CMBX.NA.9 | | | 3.00 | | | | Monthly | | |
| Morgan Stanley & Co.
International PLC |
| | | 09/17/58 | | | N/R | | | USD | | | | 5,000 | | | | (168,281 | ) | | | (543,648 | ) | | | 375,367 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | (2,114,080 | ) | | $ | (7,580,016 | ) | | $ | 5,465,936 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (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. | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 71 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
| | | | | | | | | | | | | | | | |
| | | Swap
Premiums
Paid | | | Swap
Premiums
Received | | | Unrealized
Appreciation | | | Unrealized
Depreciation | |
Centrally Cleared Swaps(a) | | $ | 10,686 | | | $ | (1,487,439 | ) | | $ | 1,721,265 | | | $ | (5,881,745 | ) |
OTC Swaps | | | 1,864,529 | | | | (7,594,127 | ) | | | 5,592,367 | | | | (1,162,378 | ) |
| | (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 Statement of Assets and Liabilities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Commodity
Contracts | | | Credit
Contracts | | | Equity
Contracts | | | Foreign
Currency
Exchange
Contracts | | | Interest
Rate
Contracts | | | Other
Contracts | | | Total | |
Assets — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 433,789 | | | $ | — | | | $ | 433,789 | |
Forward foreign currency exchange contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | 781,049 | | | | — | | | | — | | | | 781,049 | |
Swaps — centrally cleared | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on centrally cleared swaps(a) | | | — | | | | — | | | | — | | | | — | | | | 1,721,265 | | | | — | | | | 1,721,265 | |
Swaps — OTC | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized appreciation on OTC swaps; Swap premiums paid | | | — | | | | 7,456,896 | | | | — | | | | — | | | | — | | | | — | | | | 7,456,896 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | 7,456,896 | | | $ | — | | | $ | 781,049 | | | $ | 2,155,054 | | | $ | — | | | $ | 10,392,999 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Futures contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on futures contracts(a) | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 35,777 | | | $ | — | | | $ | 35,777 | |
Forward foreign currency exchange contracts | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | 347,241 | | | | — | | | | — | | | | 347,241 | |
Swaps — centrally cleared | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on centrally cleared swaps(a) | | | — | | | | 74,563 | | | | — | | | | — | | | | 5,807,182 | | | | — | | | | 5,881,745 | |
Swaps — OTC | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized depreciation on OTC swaps; Swap premiums received | | | — | | | | 8,756,505 | | | | — | | | | — | | | | — | | | | — | | | | 8,756,505 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | 8,831,068 | | | $ | — | | | $ | 347,241 | | | $ | 5,842,959 | | | $ | — | | | $ | 15,021,268 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | |
For the six months ended April 30, 2019, the effect of derivative financial instruments in the Consolidated Statement 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 | | $ | — | | | $ | — | | | $ | (928 | ) | | $ | — | | | $ | 1,043,457 | | | $ | — | | | $ | 1,042,529 | |
Forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | 1,103,659 | | | | — | | | | — | | | | 1,103,659 | |
Swaps | | | — | | | | 533,042 | | | | — | | | | — | | | | (253,484 | ) | | | — | | | | 279,558 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | 533,042 | | | $ | (928 | ) | | $ | 1,103,659 | | | $ | 789,973 | | | $ | — | | | $ | 2,425,746 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| Net Change in Unrealized Appreciation (Depreciation) on: | |
Futures contracts | | $ | — | | | $ | — | | | $ | 670 | | | $ | — | | | $ | 495,713 | | | $ | — | | | $ | 496,383 | |
Forward foreign currency exchange contracts | | | — | | | | — | | | | — | | | | (1,044,840 | ) | | | — | | | | — | | | | (1,044,840 | ) |
Swaps | | | — | | | | 2,083,413 | | | | — | | | | — | | | | (9,660,080 | ) | | | — | | | | (7,576,667 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $ | — | | | $ | 2,083,413 | | | $ | 670 | | | $ | (1,044,840 | ) | | $ | (9,164,367 | ) | | $ | — | | | $ | (8,125,124 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| 72 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| | | | |
Futures contracts: | | | | |
Average notional value of contracts — long | | $ | 75,588,006 | |
Average notional value of contracts — short | | $ | 15,294,981 | |
Forward foreign currency exchange contracts: | | | | |
Average amounts purchased — in USD | | $ | 102,720,829 | |
Average amounts sold — in USD | | $ | 60,884,916 | |
Credit default swaps: | | | | |
Average notional value — buy protection | | $ | 61,770,794 | |
Average notional value — sell protection | | $ | 84,807,209 | |
Interest rate swaps: | | | | |
Average notional value — pay fixed rate | | $ | 343,415,000 | |
Average notional value — receives fixed rate | | $ | 534,100,000 | |
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 | |
Futures contracts | | $ | 135,197 | | | $ | 30,617 | |
Forward foreign currency exchange contracts | | | 781,049 | | | | 347,241 | |
Swaps — Centrally cleared | | | — | | | | 238,341 | |
Swaps — OTC(a) | | | 7,456,896 | | | | 8,756,505 | |
| | | | | | | | |
Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities | | $ | 8,373,142 | | | $ | 9,372,704 | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | | (135,197 | ) | | | (268,958 | ) |
| | | | | | | | |
Total derivative assets and liabilities subject to an MNA | | $ | 8,237,945 | | | $ | 9,103,746 | |
| | | | | | | | |
| | (a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Consolidated Statement 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)(d) |
Bank of America N.A. | | $ | 9,027 | | | $ | (9,027 | ) | | $ | — | | | $ | — | | | $ | — | |
Barclays Bank PLC | | | 242,989 | | | | (242,989 | ) | | | — | | | | — | | | | — | |
BNP Paribas S.A. | | | 5,316 | | | | (1,874 | ) | | | — | | | | — | | | | 3,442 | |
Citibank N.A. | | | 772,039 | | | | (339,086 | ) | | | — | | | | (432,953 | ) | | | — | |
Credit Suisse International | | | 765,251 | | | | (765,251 | ) | | | — | | | | — | | | | — | |
Deutsche Bank AG | | | 3,478,234 | | | | (3,478,234 | ) | | | — | | | | — | | | | — | |
Goldman Sachs International | | | 360,559 | | | | (360,559 | ) | | | — | | | | — | | | | — | |
JPMorgan Chase Bank N.A. | | | 4,358 | | | | (1,475 | ) | | | — | | | | — | | | | 2,883 | |
Morgan Stanley & Co. International PLC | | | 2,599,433 | | | | (2,599,433 | ) | | | — | | | | — | | | | — | |
State Street Bank and Trust Co. | | | 739 | | | | — | | | | — | | | | — | | | | 739 | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 8,237,945 | | | $ | (7,797,928 | ) | | $ | — | | | $ | (432,953 | ) | | $ | 7,064 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| Counterparty | |
| Derivative
Liabilities
Subject to
an MNA by
Counterparty |
| |
| Derivatives
Available
for Offset |
(a) | |
| Non-cash
Collateral
Pledged |
| |
| Cash
Collateral
Pledged |
(e) | |
| Net Amount
of Derivative
Liabilities |
(d)(f) |
Bank of America N.A. | | $ | 9,081 | | | $ | (9,027 | ) | | $ | — | | | $ | — | | | $ | 54 | |
Barclays Bank PLC | | | 1,141,836 | | | | (242,989 | ) | | | — | | | | (898,847 | ) | | | — | |
BNP Paribas S.A. | | | 1,874 | | | | (1,874 | ) | | | — | | | | — | | | | — | |
Citibank N.A. | | | 339,086 | | | | (339,086 | ) | | | — | | | | — | | | | — | |
Credit Suisse International | | | 889,240 | | | | (765,251 | ) | | | — | | | | (123,989 | ) | | | — | |
Deutsche Bank AG | | | 3,483,339 | | | | (3,478,234 | ) | | | — | | | | — | | | | 5,105 | |
Goldman Sachs International | | | 528,840 | | | | (360,559 | ) | | | — | | | | (168,281 | ) | | | — | |
HSBC Bank PLC | | | 29,814 | | | | — | | | | — | | | | — | | | | 29,814 | |
JPMorgan Chase Bank N.A. | | | 1,475 | | | | (1,475 | ) | | | — | | | | — | | | | — | |
Morgan Stanley & Co. International PLC | | | 2,679,161 | | | | (2,599,433 | ) | | | — | | | | (79,728 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | $ | 9,103,746 | | | $ | (7,797,928 | ) | | $ | — | | | $ | (1,270,845 | ) | | $ | 34,973 | |
| | | | | | | | | | | | | | | | | | | | |
| | (a) | The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. | |
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 73 | |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
| | (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 and currency options that are not required to be collateralized. | |
| | (e) | Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. | |
| | (f) | 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 | | $ | — | | | $ | 140,709,844 | | | $ | 2,103,611 | | | $ | 142,813,455 | |
Common Stocks | | | 3,657,946 | | | | — | | | | — | | | | 3,657,946 | |
Corporate Bonds | | | — | | | | 484,038,281 | | | | 1,713,278 | | | | 485,751,559 | |
Floating Rate Loan Interests | | | — | | | | 34,964,628 | | | | 57,206,761 | | | | 92,171,389 | |
Foreign Agency Obligations | | | — | | | | 27,833,944 | | | | — | | | | 27,833,944 | |
Non-Agency Mortgage-Backed Securities | | | — | | | | 97,199,051 | | | | 8,152,798 | | | | 105,351,849 | |
Preferred Securities | | | 17,263,337 | | | | 97,876,578 | | | | 1,574,592 | | | | 116,714,507 | |
U.S. Government Sponsored Agency Securities | | | — | | | | 74,171,495 | | | | — | | | | 74,171,495 | |
U.S. Treasury Obligations | | | — | | | | 19,574,543 | | | | — | | | | 19,574,543 | |
Short-Term Securities | | | 1,951,201 | | | | — | | | | — | | | | 1,951,201 | |
| | | | | | | | | | | | | | | | |
| | $ | 22,872,484 | | | $ | 976,368,364 | | | $ | 70,751,040 | | | $ | 1,069,991,888 | |
| | | | | | | | | | | | | | | | |
Derivative Financial Instruments(a) | | | | | | | | | | | | | | | | |
Assets: | | | | | | | | | | | | | | | | |
Credit contracts | | $ | — | | | $ | 5,592,367 | | | $ | — | | | $ | 5,592,367 | |
Forward foreign currency contracts | | | — | | | | 781,049 | | | | — | | | | 781,049 | |
Interest rate contracts | | | 433,789 | | | | 1,721,265 | | | | — | | | | 2,155,054 | |
Liabilities: | | | | | | | | | | | | | | | | |
Credit contracts | | | — | | | | (1,236,941 | ) | | | — | | | | (1,236,941 | ) |
Forward foreign currency contracts | | | — | | | | (347,241 | ) | | | — | | | | (347,241 | ) |
Interest rate contracts | | | (35,777 | ) | | | (5,807,182 | ) | | | — | | | | (5,842,959 | ) |
| | | | | | | | | | | | | | | | |
| | $ | 398,012 | | | $ | 703,317 | | | $ | — | | | $ | 1,101,329 | |
| | | | | | | | | | | | | | | | |
| | (a) | Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument 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 payable of $391,871,628 is categorized as Level 2 within the disclosure hierarchy.
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 | | | Non-Agency
Mortgage-Backed
Securities | | | Preferred
Securities | | | Unfunded
Floating Rate
Loan Interests | | | Total | |
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance, as of October 31, 2018 | | $ | 3,692,359 | | | $ | 1,798,304 | | | $ | 66,230,887 | | | $ | 17,447,723 | | | $ | 1,637,441 | | | $ | (60 | ) | | $ | 90,806,654 | |
Transfers into Level 3 | | | — | | | | — | | | | 611,365 | | | | — | | | | — | | | | — | | | | 611,365 | |
Transfers out of Level 3(a) | | | (1,500,000 | ) | | | (145,407 | ) | | | (789,277 | ) | | | (8,631,474 | ) | | | — | | | | — | | | | (11,066,158 | ) |
Accrued discounts/premiums | | | 14,732 | | | | — | | | | (8,212 | ) | | | 78,537 | | | | — | | | | — | | | | 85,057 | |
Net realized gain (loss) | | | (8,957 | ) | | | — | | | | 906 | | | | 190,578 | | | | — | | | | — | | | | 182,527 | |
Net change in unrealized appreciation (depreciation)(b)(c) | | | 29,569 | | | | 78,463 | | | | (18,095,118 | ) | | | (144,412 | ) | | | (62,849 | ) | | | 60 | | | | (18,194,287 | ) |
Purchases | | | — | | | | — | | | | 10,525,269 | | | | — | | | | — | | | | — | | | | 10,525,269 | |
Sales | | | (124,092 | ) | | | (18,082 | ) | | | (1,269,059 | ) | | | (788,154 | ) | | | — | | | | — | | | | (2,199,387 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Closing Balance, as of April 30, 2019 | | $ | 2,103,611 | | | $ | 1,713,278 | | | $ | 57,206,761 | | | $ | 8,152,798 | | | $ | 1,574,592 | | | $ | — | | | $ | 70,751,040 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on investments still held at April 30, 2019(c) | | $ | 29,569 | | | $ | 78,463 | | | $ | (18,084,401 | ) | | $ | (144,412 | ) | | $ | (62,849 | ) | | $ | — | | | $ | (18,183,630 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (a) | As of October 31, 2018, the Trust used significant unobservable inputs in determining the value of certain investments. As of April 30, 2019, 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. | |
| | |
| 74 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
| | |
Consolidated Schedule of Investments (unaudited) (continued) April 30, 2019 | | BlackRock Multi-Sector Income Trust (BIT) |
| | (b) | Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations. | |
| | (c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at April 30, 2019 is generally due to investments no longer held or categorized as Level 3 at period end. | |
The following table summarizes the valuation methodologies used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Trust’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $12,430,670. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.
| | | | | | | | | | | | |
| | | Value | | | Valuation Approaches | | Unobservable Inputs | | Range of Unobservable
Inputs Utilized | |
Assets: | | | | | | | | | | | | |
Floating Rate Loan Interests | | $ | 55,032,500 | | | Income | | Discount Rate(a) | | | 20 | % |
Corporate Bond | | | 1,713,278 | | | Income | | Credit Spread(a) | | | 310 | |
Preferred Stocks | | | 1,574,592 | | | Market | | Discount Rate(a) | | | 1 | |
| | | | | | | | | | | | |
| | $ | 58,320,370 | | | | | | | | | |
| | | | | | | | | | | | |
| | (a) | Decrease in unobservable input may result in a significant increase to value, while an increase in unobservable input may result in a significant decrease to value | |
See notes to financial statements.
| | | | |
| CONSOLIDATED SCHEDULES OF INVESTMENTS | | | 75 | |
Statements of Assets and Liabilities (unaudited)
April 30, 2019
| | | | | | | | | | | | |
| | | BTZ | | | BGT | | | BIT (a) | |
| | | |
ASSETS | | | | | | | | | | | | |
Investments at value — unaffiliated(b) | | $ | 2,084,300,385 | | | $ | 470,158,044 | | | $ | 1,068,040,687 | |
Investments at value — affiliated(c) | | | 9,869,338 | | | | — | | | | 1,951,201 | |
Cash | | | — | | | | 552,198 | | | | 174,383 | |
Cash Pledged: | | | | | | | | | | | | |
Collateral — reverse repurchase agreements | | | — | | | | — | | | | 1,911,000 | |
Collateral — OTC derivatives | | | — | | | | — | | | | 2,120,000 | |
Futures contracts | | | 2,658,000 | | | | — | | | | 596,006 | |
Centrally cleared swaps | | | 46,000 | | | | — | | | | 5,977,590 | |
Foreign currency at value(d) | | | 812 | | | | 30,778 | | | | 12,429,698 | |
Receivables: | | | | | | | | | | | | |
Investments sold | | | 5,736,314 | | | | 8,445,814 | | | | 3,799,469 | |
Dividends — affiliated | | | 21,020 | | | | 1,016 | | | | 9,236 | |
Dividends — unaffiliated | | | 55,842 | | | | — | | | | 135,795 | |
Interest — unaffiliated | | | 25,689,031 | | | | 1,042,575 | | | | 10,926,278 | |
Variation margin on futures contracts | | | 324,163 | | | | — | | | | 135,197 | |
Variation margin on centrally cleared swaps | | | 61,449 | | | | — | | | | — | |
Swap premiums paid | | | 72,136 | | | | — | | | | 1,864,529 | |
Unrealized appreciation on: | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | | — | | | | 6,454 | | | | 781,049 | |
OTC swaps | | | — | | | | — | | | | 5,592,367 | |
Prepaid expenses | | | 39,365 | | | | 9,068 | | | | 15,633 | |
| | | | | | | | | | | | |
Total assets | | | 2,128,873,855 | | | | 480,245,947 | | | | 1,116,460,118 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES | | | | | | | | | | | | |
Cash Received: | | | | | | | | | | | | |
Collateral — reverse repurchase agreements | | | 4,029,972 | | | | — | | | | 1,659,659 | |
Collateral — OTC derivatives | | | 1,570,000 | | | | — | | | | 730,000 | |
Options written at value(e) | | | 63,540 | | | | — | | | | — | |
Reverse repurchase agreements at value | | | 637,544,613 | | | | — | | | | 391,871,628 | |
Payables: | | | | | | | | | | | | |
Investments purchased | | | 2,721,868 | | | | 22,947,275 | | | | 13,104,750 | |
Bank borrowings | | | — | | | | 126,000,000 | | | | — | |
Capital shares redeemed | | | — | | | | 231,458 | | | | — | |
Directors’ and Officer’s fees | | | 817,503 | | | | 239,497 | | | | 126,126 | |
Income dividend distributions | | | 228,954 | | | | 30,142 | | | | 150,937 | |
Interest expense | | | — | | | | 344,946 | | | | — | |
Investment advisory fees | | | 1,068,209 | | | | 280,550 | | | | 718,175 | |
Other accrued expenses | | | 417,446 | | | | 198,569 | | | | 501,668 | |
Principle paydowns | | | — | | | | — | | | | 77,244 | |
Variation margin on futures contracts | | | 748,188 | | | | — | | | | 30,617 | |
Variation margin on centrally cleared swaps | | | — | | | | — | | | | 238,341 | |
Swap premiums received | | | — | | | | — | | | | 7,594,127 | |
Unrealized depreciation on: | | | | | | | | | | | | |
Forward foreign currency exchange contracts | | | — | | | | 337 | | | | 347,241 | |
OTC swaps | | | 296,630 | | | | — | | | | 1,162,378 | |
Unfunded floating rate loan interests | | | — | | | | 494 | | | | — | |
| | | | | | | | | | | | |
Total liabilities | | | 649,506,923 | | | | 150,273,268 | | | | 418,312,891 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS | | $ | 1,479,366,932 | | | $ | 329,972,679 | | | $ | 698,147,227 | |
| | | | | | | | | | | | |
| | | |
NET ASSETS CONSIST OF | | | | | | | | | | | | |
Paid-in capital(f)(g)(h) | | $ | 1,452,348,816 | | | $ | 345,724,618 | | | $ | 711,350,353 | |
Accumulated earnings (loss) | | | 27,018,116 | | | | (15,751,939 | ) | | | (13,203,126 | ) |
| | | | | | | | | | | | |
NET ASSETS | | $ | 1,479,366,932 | | | $ | 329,972,679 | | | $ | 698,147,227 | |
| | | | | | | | | | | | |
| | | |
Net asset value | | $ | 14.24 | | | $ | 14.22 | | | $ | 18.60 | |
| | | | | | | | | | | | |
| | | |
(a) Consolidated Statement of Assets and Liabilities | | | | | | | | | | | | |
(b) Investments at cost — unaffiliated | | $ | 2,001,851,322 | | | $ | 472,924,832 | | | $ | 1,073,475,168 | |
(c) Investments at cost — affiliated | | $ | 9,869,338 | | | $ | — | | | $ | 1,951,201 | |
(d) Foreign currency at cost | | $ | 810 | | | $ | 30,735 | | | $ | 12,436,501 | |
(e) Premiums received | | $ | 362,647 | | | $ | — | | | $ | — | |
(f) Par value | | $ | 0.001 | | | $ | 0.001 | | | $ | 0.001 | |
(g) Shares outstanding | | | 103,865,554 | | | | 23,204,617 | | | | 37,537,596 | |
(h) Shares authorized | | | Unlimited | | | | Unlimited | | | | Unlimited | |
See notes to financial statements.
| | |
| 76 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Operations (unaudited)
Six Months Ended April 30, 2019
| | | | | | | | | | | | |
| | | BTZ | | | BGT | | | BIT (a) | |
| | | |
INVESTMENT INCOME | | | | | | | | | | | | |
Dividends — affiliated | | $ | 124,719 | | | $ | 13,032 | | | $ | 67,028 | |
Dividends — unaffiliated | | | 2,657,093 | | | | 329,445 | | | | 1,134,267 | |
Interest — unaffiliated | | | 55,328,003 | | | | 12,931,037 | | | | 32,169,692 | |
Other income | | | — | | | | 158,397 | | | | 12,648 | |
| | | | | | | | | | | | |
Total investment income | | | 58,109,815 | | | | 13,431,911 | | | | 33,383,635 | |
| | | | | | | | | | | | |
| | | |
EXPENSES | | | | | | | | | | | | |
Investment advisory | | | 6,409,947 | | | | 1,703,203 | | | | 4,275,210 | |
Accounting services | | | 121,801 | | | | 17,536 | | | | 80,217 | |
Directors and Officer | | | 106,744 | | | | 30,329 | | | | 39,512 | |
Professional | | | 100,311 | | | | 78,910 | | | | 102,944 | |
Transfer agent | | | 62,250 | | | | 19,149 | | | | 33,426 | |
Registration | | | 20,135 | | | | 4,621 | | | | 7,192 | |
Printing | | | 19,981 | | | | 10,349 | | | | 14,104 | |
Custodian | | | 17,910 | | | | 5,680 | | | | 31,792 | |
Miscellaneous | | | 42,913 | | | | 10,845 | | | | 72,347 | |
| | | | | | | | | | | | |
Total expenses excluding interest expense and fees | | | 6,901,992 | | | | 1,880,622 | | | | 4,656,744 | |
Interest expense and fees | | | 8,849,056 | | | | 2,098,414 | | | | 5,404,547 | |
| | | | | | | | | | | | |
Total expenses | | | 15,751,048 | | | | 3,979,036 | | | | 10,061,291 | |
Less fees waived and/or reimbursed by the Manager | | | (3,822 | ) | | | (386 | ) | | | (1,934 | ) |
| | | | | | | | | | | | |
Total expenses after fees waived and/or reimbursed | | | 15,747,226 | | | | 3,978,650 | | | | 10,059,357 | |
| | | | | | | | | | | | |
Net investment income | | | 42,362,589 | | | | 9,453,261 | | | | 23,324,278 | |
| | | | | | | | | | | | |
| | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Futures contracts | | | (6,796,763 | ) | | | — | | | | 1,042,529 | |
Forward foreign currency exchange contracts | | | — | | | | 125,530 | | | | 1,103,659 | |
Foreign currency transactions | | | (542 | ) | | | (45,021 | ) | | | (268,048 | ) |
Investments | | | (6,279,309 | ) | | | (4,020,106 | ) | | | (6,010,585 | ) |
Options written | | | 321,530 | | | | — | | | | — | |
Swaps | | | 1,480,513 | | | | (369,288 | ) | | | 279,558 | |
| | | | | | | | | | | | |
| | | (11,274,571 | ) | | | (4,308,885 | ) | | | (3,852,887 | ) |
| | | | | | | | | | | | |
Net change in unrealized appreciation (depreciation) on: | | | | | | | | | | | | |
Futures contracts | | | (8,907,048 | ) | | | — | | | | 496,383 | |
Forward foreign currency exchange contracts | | | — | | | | (93,648 | ) | | | (1,044,840 | ) |
Foreign currency translations | | | 1,345 | | | | 744 | | | | 377,038 | |
Investments | | | 71,140,825 | | | | 1,200,205 | | | | 6,471,209 | |
Options written | | | 246,003 | | | | — | | | | — | |
Swaps | | | 325,517 | | | | (2,500 | ) | | | (7,576,667 | ) |
Unfunded floating rate loan interests | | | — | | | | 320 | | | | 44 | |
| | | | | | | | | | | | |
| | | 62,806,642 | | | | 1,105,121 | | | | (1,276,833 | ) |
| | | | | | | | | | | | |
Net realized and unrealized gain (loss) | | | 51,532,071 | | | | (3,203,764 | ) | | | (5,129,720 | ) |
| | | | | | | | | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 93,894,660 | | | $ | 6,249,497 | | | $ | 18,194,558 | |
| | | | | | | | | | | | |
| (a) | Consolidated Statement of Operations. |
See notes to financial statements.
Statements of Changes in Net Assets
| | | | | | | | | | | | | | | | | | | | |
| | | BTZ | | | | | | BGT | |
| | | Six Months Ended
04/30/19
(unaudited) | | | Year Ended
10/31/18 | | | | | | Six Months Ended
04/30/19
(unaudited) | | | Year Ended
10/31/18 | |
| | | | | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | | | | | | | | | | | | | |
| | | | | |
OPERATIONS | | | | | | | | | | | | | | | | | | | | |
Net investment income | | $ | 42,362,589 | | | $ | 86,735,652 | | | | | | | $ | 9,453,261 | | | $ | 17,968,020 | |
Net realized gain (loss) | | | (11,274,571 | ) | | | 3,195,391 | | | | | | | | (4,308,885 | ) | | | (624,311 | ) |
Net change in unrealized appreciation (depreciation) | | | 62,806,642 | | | | (131,405,935 | ) | | | | | | | 1,105,121 | | | | (4,248,811 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 93,894,660 | | | | (41,474,892 | ) | | | | | | | 6,249,497 | | | | 13,094,898 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | | | | | | | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (41,973,934 | ) | | | (85,614,025 | ) | | | | | | | (9,714,222 | ) | | | (16,888,787 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | | | | | | | | | | | | | |
Redemption of shares resulting from share repurchase program (including transaction costs) | | | (12,507,349 | ) | | | (30,991,477 | ) | | | | | | | (5,658,387 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Total increase (decrease) in net assets | | | 39,413,377 | | | | (158,080,394 | ) | | | | | | | (9,123,112 | ) | | | (3,793,889 | ) |
Beginning of period | | | 1,439,953,555 | | | | 1,598,033,949 | | | | | | | | 339,095,791 | | | | 342,889,680 | |
| | | | | | | | | | | | | | | | | | | | |
End of period | | $ | 1,479,366,932 | | | $ | 1,439,953,555 | | | | | | | $ | 329,972,679 | | | $ | 339,095,791 | |
| | | | | | | | | | | | | | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| | |
| 78 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Consolidated Statements of Changes in Net Assets
| | | | | | | | |
| | | BIT | |
| | | Six Months Ended
04/30/19
(unaudited) | | | Year Ended
10/31/18 | |
| | |
INCREASE (DECREASE) IN NET ASSETS | | | | | | | | |
| | |
OPERATIONS | | | | | | | | |
Net investment income | | $ | 23,324,278 | | | $ | 52,379,994 | |
Net realized gain (loss) | | | (3,852,887 | ) | | | 5,463,485 | |
Net change in unrealized appreciation (depreciation) | | | (1,276,833 | ) | | | (48,816,423 | ) |
| | | | | | | | |
Net increase in net assets resulting from operations | | | 18,194,558 | | | | 9,027,056 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | | | | | |
From net investment income | | | (26,353,102 | ) | | | (56,503,375 | ) |
From return of capital | | | — | | | | (1,708,837 | ) |
| | | | | | | | |
Decrease in net assets resulting from distributions to shareholders | | | (26,353,102 | ) | | | (58,212,212 | ) |
| | | | | | | | |
| | |
CAPITAL SHARE TRANSACTIONS | | | | | | | | |
Redemption of shares resulting from share repurchase program (including transaction costs) | | | (4,525,759 | ) | | | (5,842,460 | ) |
| | | | | | | | |
| | |
NET ASSETS | | | | | | | | |
Total decrease in net assets | | | (12,684,303 | ) | | | (55,027,616 | ) |
Beginning of period | | | 710,831,530 | | | | 765,859,146 | |
| | | | | | | | |
End of period | | $ | 698,147,227 | | | $ | 710,831,530 | |
| | | | | | | | |
| (a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Statements of Cash Flows (unaudited)
Six Months Ended April 30, 2019
| | | | | | | | | | | | |
| | | BTZ | | | BGT | | | BIT (a) | |
| | | |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | | | | | | | | | | | | |
Net increase in net assets resulting from operations | | $ | 93,894,660 | | | $ | 6,249,497 | | | $ | 18,194,558 | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | | | | | | | | | | | | |
Proceeds from sales of long-term investments and principal paydowns | | | 308,336,786 | | | | 150,420,861 | | | | 210,415,995 | |
Purchases of long-term investments | | | (215,627,100 | ) | | | (130,060,001 | ) | | | (203,448,147 | ) |
Net proceeds from sales (purchases) of short-term securities | | | (1,965,778 | ) | | | 282,908 | | | | 364,148 | |
Amortization of premium and accretion of discount on investments and other fees | | | 1,584,575 | | | | 112,701 | | | | (4,248,704 | ) |
Premiums received from options written | | | 620,110 | | | | — | | | | — | |
Net realized loss on investments and options written | | | 5,957,779 | | | | 4,020,106 | | | | 6,010,585 | |
Net unrealized depreciation on investments, options written, swaps, unfunded floating rate loan interests and foreign currency translations | | | (71,219,065 | ) | | | (1,106,878 | ) | | | (7,903,447 | ) |
| | | |
(Increase) Decrease in Assets: | | | | | | | | | | | | |
Receivables: | | | | | | | | | | | | |
Interest — unaffiliated | | | 1,649,819 | | | | 205,637 | | | | 212,734 | |
Dividends — affiliated | | | 1,676 | | | | 1,368 | | | | 3,641 | |
Dividends — unaffiliated | | | — | | | | — | | | | 5,608 | |
Variation margin on futures contracts | | | 938,088 | | | | — | | | | (127,998 | ) |
Variation margin on centrally cleared swaps | | | (61,449 | ) | | | — | | | | 738,900 | |
Swap premiums paid | | | 26,764 | | | | — | | | | 44,069 | |
Prepaid expenses | | | 47,735 | | | | (6,365 | ) | | | (11,865 | ) |
| | | |
Increase (Decrease) in Liabilities: | | | | | | | | | | | | |
Cash received: | | | | | | | | | | | | |
Collateral — OTC derivatives | | | 900,000 | | | | — | | | | (630,000 | ) |
Collateral — reverse repurchase agreements | | | 4,029,972 | | | | — | | | | 1,514,659 | |
Payables: | | | | | | | | | | | | |
Investment advisory fees | | | (75,982 | ) | | | (26,115 | ) | | | (39,947 | ) |
Interest expense and fees | | | (3,794,029 | ) | | | (22,420 | ) | | | (1,393,860 | ) |
Trustees’ and Officer’s | | | 22,621 | | | | 9,138 | | | | 14,841 | |
Variation margin on futures contracts | | | 597,344 | | | | — | | | | (25,912 | ) |
Variation margin on centrally cleared swaps | | | (992 | ) | | | — | | | | 238,341 | |
Swaps | | | — | | | | — | | | | (6,277 | ) |
Other accrued expenses | | | (61,529 | ) | | | (122,574 | ) | | | (84,606 | ) |
Swap premiums received | | | (224,817 | ) | | | — | | | | (76,502 | ) |
Other liabilities | | | — | | | | (212,836 | ) | | | (306,330 | ) |
| | | | | | | | | | | | |
Net cash provided by operating activities | | | 125,577,188 | | | | 29,745,027 | | | | 19,454,484 | |
| | | | | | | | | | | | |
| | | |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | | | | | | | | | | | | |
Payments on redemption of Common Shares | | | (13,027,870 | ) | | | (5,426,929 | ) | | | (4,525,759 | ) |
Net borrowing of reverse repurchase agreements | | | (73,743,249 | ) | | | — | | | | 14,985,253 | |
Proceeds from bank borrowings | | | — | | | | 95,000,000 | | | | — | |
Payments for bank borrowings | | | — | | | | (111,000,000 | ) | | | — | |
Cash dividends paid to Common Shareholders | | | (41,981,497 | ) | | | (9,711,610 | ) | | | (26,360,314 | ) |
Increase (decrease) in bank overdraft | | | — | | | | — | | | | (220,196 | ) |
| | | | | | | | | | | | |
Net cash used for financing activities | | | (128,752,616 | ) | | | (31,138,539 | ) | | | (16,121,016 | ) |
| | | | | | | | | | | | |
| | | |
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS | | | | | | | | | | | | |
Cash impact from foreign exchange fluctuations | | $ | 1,167 | | | $ | 76 | | | $ | 367,444 | |
| | | | | | | | | | | | |
| | | |
CASH | | | | | | | | | | | | |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | | | (3,174,261 | ) | | | (1,393,436 | ) | | | 3,700,912 | |
Restricted and unrestricted cash and foreign currency at beginning of period | | | 5,879,073 | | | | 1,976,412 | | | | 19,507,765 | |
| | | | | | | | | | | | |
Restricted and unrestricted cash and foreign currency at end of period | | $ | 2,704,812 | | | $ | 582,976 | | | $ | 23,208,677 | |
| | | | | | | | | | | | |
| | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | | | | | | | | |
Cash paid during the period for interest expense | | $ | 8,849,056 | | | $ | 2,120,834 | | | $ | 5,404,547 | |
| | | | | | | | | | | | |
| (a) | Consolidated Statement of Cash Flows. |
See notes to financial statements.
| | |
| 80 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Statements of Cash Flows (unaudited) (continued)
Six Months Ended April 30, 2019
| | | | | | | | | | | | |
| | | BTZ | | | BGT | | | BIT (a) | |
| | | |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES | | | | | | | | | | | | |
Cash | | $ | — | | | $ | 552,198 | | | $ | 174,383 | |
Cash pledged: | | | | | | | | | | | | |
Collateral — reverse repurchase agreements | | | — | | | | — | | | | 1,911,000 | |
Collateral — OTC derivatives | | | — | | | | — | | | | 2,120,000 | |
Futures contracts | | | 2,658,000 | | | | — | | | | 596,006 | |
Centrally cleared swaps | | | 46,000 | | | | — | | | | 5,977,590 | |
Foreign currency at value | | | 812 | | | | 30,778 | | | | 12,429,698 | |
| | | | | | | | | | | | |
| | $ | 2,704,812 | | | $ | 582,976 | | | $ | 23,208,677 | |
| | | | | | | | | | | | |
| | | |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE BEGINNING OF PERIOD TO THE STATEMENTS OF ASSETS AND LIABILITIES | | | | | | | | | | | | |
Cash | | $ | 69,768 | | | $ | 793,986 | | | $ | — | |
Cash pledged: | | | | | | | | | | | | |
Collateral — reverse repurchase agreements | | | — | | | | — | | | | 2,953,000 | |
Collateral — OTC derivatives | | | — | | | | — | | | | 3,320,000 | |
Futures contracts | | | 3,774,000 | | | | — | | | | 156,329 | |
Centrally cleared swaps | | | 2,011,000 | | | | — | | | | 6,565,590 | |
Foreign currency at value | | | 24,305 | | | | 1,182,426 | | | | 6,512,846 | |
| | | | | | | | | | | | |
| | $ | 5,879,073 | | | $ | 1,976,412 | | | $ | 19,507,765 | |
| | | | | | | | | | | | |
| (a) | Consolidated Statement of Cash Flows. |
See notes to financial statements.
Financial Highlights
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BTZ | |
| | | Six Months Ended
04/30/19
(unaudited) | | | | | | Year Ended October 31, | |
| | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2014 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 13.72 | | | | | | | $ | 14.88 | | | $ | 14.61 | | | $ | 14.33 | | | $ | 15.36 | | | $ | 14.99 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(a) | | | 0.41 | | | | | | | | 0.81 | | | | 0.81 | | | | 0.88 | | | | 0.96 | | | | 0.99 | |
Net realized and unrealized gain (loss) | | | 0.51 | | | | | | | | (1.17 | ) | | | 0.30 | | | | 0.32 | | | | (1.02 | ) | | | 0.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase (decrease) from investment operations | | | 0.92 | | | | | | | | (0.36 | ) | | | 1.11 | | | | 1.20 | | | | (0.06 | ) | | | 1.34 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(b) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.40 | ) | | | | | | | (0.80 | ) | | | (0.79 | ) | | | (0.86 | ) | | | (0.91 | ) | | | (0.97 | ) |
From return of capital | | | — | | | | | | | | — | | | | (0.05 | ) | | | (0.06 | ) | | | (0.06 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.40 | ) | | | | | | | (0.80 | ) | | | (0.84 | ) | | | (0.92 | ) | | | (0.97 | ) | | | (0.97 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 14.24 | | | | | | | $ | 13.72 | | | $ | 14.88 | | | $ | 14.61 | | | $ | 14.33 | | | $ | 15.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Market price, end of period | | $ | 12.68 | | | | | | | $ | 11.72 | | | $ | 13.36 | | | $ | 12.87 | | | $ | 12.53 | | | $ | 13.54 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 7.32 | %(d) | | | | | | | (1.72 | )% | | | 8.53 | % | | | 9.61 | % | | | 0.48 | % | | | 10.11 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on market price | | | 11.87 | %(d) | | | | | | | (6.49 | )% | | | 10.62 | % | | | 10.43 | % | | | (0.33 | )% | | | 12.18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 2.22 | %(e) | | | | | | | 1.82 | % | | | 1.23 | % | | | 1.20 | % | | | 1.16 | % | | | 1.11 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or paid indirectly | | | 2.22 | %(e) | | | | | | | 1.82 | % | | | 1.23 | % | | | 1.20 | % | | | 1.15 | % | | | 1.11 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and/or paid indirectly and excluding interest expense | | | 0.97 | %(e) | | | | | | | 0.94 | % | | | 0.87 | % | | | 0.95 | % | | | 0.97 | % | | | 0.96 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 5.97 | %(e) | | | | | | | 5.69 | % | | | 5.53 | % | | | 6.21 | % | | | 6.40 | % | | | 6.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 1,479,367 | | | | | | | $ | 1,439,954 | | | $ | 1,598,034 | | | $ | 1,579,170 | | | $ | 1,549,123 | | | $ | 1,660,442 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 637,545 | | | | | | | $ | 707,102 | | | $ | 477,822 | | | $ | 638,327 | | | $ | 685,716 | | | $ | 759,752 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 10 | % | | | | | | | 30 | % | | | 25 | % | | | 29 | % | | | 19 | % | | | 29 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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. |
See notes to financial statements.
| | |
| 82 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BGT | |
| | | Six Months Ended
04/30/19
(unaudited) | | | | | | Year Ended October 31, | |
| | | 2018 | | | 2017 | | | 2016 | | | 2015 (a) | | | 2014 (a) | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 14.33 | | | | | | | $ | 14.49 | | | $ | 14.41 | | | $ | 14.18 | | | $ | 14.57 | | | $ | 14.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | 0.40 | | | | | | | | 0.76 | | | | 0.73 | | | | 0.74 | | | | 0.78 | | | | 0.84 | |
Net realized and unrealized gain (loss) | | | (0.10 | ) | | | | | | | (0.21 | ) | | | 0.12 | | | | 0.19 | | | | (0.36 | ) | | | (0.22 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.30 | | | | | | | | 0.55 | | | | 0.85 | | | | 0.93 | | | | 0.42 | | | | 0.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributions from net investment income(c) | | | (0.41 | ) | | | | | | | (0.71 | ) | | | (0.77 | ) | | | (0.70 | ) | | | (0.81 | ) | | | (0.84 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 14.22 | | | | | | | $ | 14.33 | | | $ | 14.49 | | | $ | 14.41 | | | $ | 14.18 | | | $ | 14.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Market price, end of period | | $ | 12.61 | | | | | | | $ | 12.72 | | | $ | 14.31 | | | $ | 13.58 | | | $ | 12.77 | | | $ | 13.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(d) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 2.64 | %(e) | | | | | | | 4.25 | % | | | 6.13 | % | | | 7.27 | % | | | 3.54 | % | | | 4.60 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on market price | | | 2.54 | %(e) | | | | | | | (6.30 | )% | | | 11.21 | % | | | 12.25 | % | | | 3.08 | % | | | (0.89 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets(g) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 2.45 | %(f) | | | | | | | 2.29 | % | | | 1.92 | % | | | 1.58 | % | | | 1.55 | % | | | 1.52 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and paid indirectly | | | 2.45 | %(f) | | | | | | | 2.29 | % | | | 1.92 | % | | | 1.58 | % | | | 1.54 | % | | | 1.52 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and paid indirectly and excluding interest expense | | | 1.16 | %(f) | | | | | | | 1.21 | % | | | 1.20 | % | | | 1.16 | % | | | 1.19 | % | | | 1.18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 5.81 | %(f) | | | | | | | 5.27 | % | | | 5.02 | % | | | 5.29 | % | | | 5.37 | % | | | 5.71 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 329,973 | | | | | | | $ | 339,096 | | | $ | 342,890 | | | $ | 340,944 | | | $ | 335,444 | | | $ | 344,668 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 126,000 | | | | | | | $ | 142,000 | | | $ | 150,000 | | | $ | 148,000 | | | $ | 104,000 | | | $ | 145,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset coverage, end of period per $1,000 | | $ | 3,620 | | | | | | | $ | 3,389 | | | $ | 3,287 | | | $ | 3,304 | | | $ | 4,225 | | | $ | 3,377 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 28 | % | | | | | | | 57 | % | | | 63 | % | | | 47 | % | | | 42 | % | | | 64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Consolidated Financial Highlights. |
| (b) | Based on average shares outstanding. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
| (e) | Aggregate total return. |
| (g) | Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Six Months Ended
04/30/19
(unaudited) | | | | | | Year Ended October 31, | |
| | | | | | 2018 | | | | | | 2017 | | | | | | 2016 | | | | | | 2015 | | | | | | 2014 | | | | |
Investments in underlying funds | | | 0.03 | % | | | | | | | 0.01 | % | | | | | | | N/A | | | | | | | | N/A | | | | | | | | N/A | | | | | | | | N/A | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
See notes to financial statements.
Financial Highlights (continued)
(For a share outstanding throughout each period)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | BIT | |
| | | Six Months Ended
04/30/19
(unaudited) (a) | | | | | | Year Ended October 31, | |
| | | | | | 2018 (a) | | | 2017 (a) | | | 2016 (a) | | | 2015 | | | 2014 | |
| | | | | | | | |
Net asset value, beginning of period | | $ | 18.79 | | | | | | | $ | 20.07 | | | $ | 18.91 | | | $ | 18.91 | | | $ | 19.87 | | | $ | 18.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income(b) | | | 0.62 | | | | | | | | 1.38 | | | | 1.51 | | | | 1.69 | | | | 1.55 | | | | 1.62 | |
Net realized and unrealized gain (loss) | | | (0.11 | ) | | | | | | | (1.13 | ) | | | 1.42 | | | | (0.05 | ) | | | (1.03 | ) | | | 0.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net increase from investment operations | | | 0.51 | | | | | | | | 0.25 | | | | 2.93 | | | | 1.64 | | | | 0.52 | | | | 2.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Distributions(c) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income | | | (0.70 | ) | | | | | | | (1.49 | ) | | | (1.77 | ) | | | (1.64 | ) | | | (1.40 | ) | | | (1.40 | ) |
From net realized gain | | | — | | | | | | | | — | | | | — | | | | — | | | | (0.08 | ) | | | — | |
From return of capital | | | — | | | | | | | | (0.04 | ) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total distributions | | | (0.70 | ) | | | | | | | (1.53 | ) | | | (1.77 | ) | | | (1.64 | ) | | | (1.48 | ) | | | (1.40 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Net asset value, end of period | | $ | 18.60 | | | | | | | $ | 18.79 | | | $ | 20.07 | | | $ | 18.91 | | | $ | 18.91 | (d) | | $ | 19.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Market price, end of period | | $ | 17.03 | | | | | | | $ | 16.25 | | | $ | 18.55 | | | $ | 16.76 | | | $ | 16.31 | | | $ | 17.79 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Total Return(e) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on net asset value | | | 3.31 | %(f) | | | | | | | 2.18 | %(g) | | | 17.34 | %(h) | | | 10.51 | %(g) | | | 3.87 | %(d) | | | 13.40 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Based on market price | | | 9.38 | %(f) | | | | | | | (4.40 | )% | | | 22.36 | % | | | 13.56 | % | | | 0.06 | % | | | 12.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Ratios to Average Net Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses | | | 2.93 | %(i) | | | | | | | 2.90 | % | | | 2.33 | % | | | 2.05 | %(j) | | | 2.09 | %(j) | | | 2.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and paid indirectly | | | 2.93 | %(i) | | | | | | | 2.89 | % | | | 2.33 | % | | | 2.05 | %(j) | | | 2.09 | %(j) | | | 2.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total expenses after fees waived and paid indirectly and excluding interest expense and fees | | | 1.36 | %(i) | | | | | | | 1.42 | % | | | 1.39 | % | | | 1.43 | %(j) | | | 1.53 | %(j) | | | 1.52 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 6.80 | %(i) | | | | | | | 7.17 | % | | | 7.86 | % | | | 9.24 | %(j) | | | 7.97 | %(j) | | | 8.27 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Supplemental Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets, end of period (000) | | $ | 698,147 | | | | | | | $ | 710,832 | | | $ | 765,859 | | | $ | 726,381 | | | $ | 726,432 | | | $ | 763,360 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Borrowings outstanding, end of period (000) | | $ | 391,872 | | | | | | | $ | 376,302 | | | $ | 471,082 | | | $ | 427,329 | | | $ | 510,352 | | | $ | 707,294 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Portfolio turnover rate | | | 17 | % | | | | | | | 38 | % | | | 53 | % | | | 52 | % | | | 21 | % | | | 29 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Consolidated Financial Highlights. |
| (b) | Based on average shares outstanding. |
| (c) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (d) | For financial reporting purposes, the market value of certain investments was 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 October 31, 2015. |
| (e) | Total returns based on market price, which can be significantly greater or less than the net asset value, may result in substantially different returns. Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions at actual reinvestment prices. |
| (f) | Aggregate total return. |
| (g) | Includes payment received from an affiliate, which had no impact on the Trust’s total return. |
| (h) | Includes payment received from a settlement of litigation, which impacted the Trust’s total return. Excluding the payment from a settlement of litigation, the Trust’s total return is 16.70%. |
| (j) | Excludes expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01% for the years ended October 31, 2016 and October 31, 2015. |
See notes to financial statements.
| | |
| 84 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited)
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), asclosed-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 Credit Allocation Income Trust | | BTZ | | Delaware | | Diversified |
BlackRock Floating Rate Income Trust | | BGT | | Delaware | | Diversified |
BlackRock Multi-Sector Income Trust | | BIT | | Delaware | | Diversified |
The Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex ofnon-index fixed-income mutual funds and all BlackRock-advisedclosed-end funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation:The accompanying consolidated financial statements of BIT include the accounts of BIT Subsidiary, LLC (the “Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of BIT. The Taxable Subsidiary enables BIT to hold an investment in an operating partnership and satisfy Regulated Investment Company (“RIC”) tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statements of Operations for BIT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for BIT. BIT may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $0, which is 0.0% of BIT’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to BIT.
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition:For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on theex-dividend date. Dividends from foreign securities where theex-dividend date may have passed are subsequently recorded when the Trusts are informed of theex-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, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, 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., futures contracts, forward foreign currency exchange contracts, options written and swaps) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on itsbooks 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 monthly and paid monthly. Distributions of capital gains are recorded on theex-dividend date and made at least annually. Portions of return of capital distributions under U.S. GAAP may be taxed at ordinary income rates. The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. The portion of distributions that exceeds a Trust’s current and accumulated earnings and profits, as measured on a tax basis, constitute anon-taxable return of capital. Realized net capital gains can be offset by capital losses carried forward from prior years. However, certain Trusts have capital loss carryforwards frompre-2012 tax years that offset realized net capital gains but do not offset current earnings and profits. Consequently, if distributions in any tax year are less than the Trust’s current earnings and profits but greater than net investment income and net realized capital
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| NOTESTO FINANCIAL STATEMENTS | | | 85 | |
Notes to Financial Statements (unaudited) (continued)
gains (taxable income), distributions in excess of taxable income are not treated asnon-taxable return of capital, but rather may be taxable to shareholders at ordinary income rates. Under certain circumstances, taxable excess distributions could be significant.
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 common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities 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 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 continues to evaluate 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 funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
| 3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: 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 each 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 fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), 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 andover-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 inopen-end U.S. mutual funds are valued at NAV each business day. |
| | • | | Futures contracts traded on exchanges are valued at their last sale price. |
| | • | | 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. |
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| 86 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
| | • | | 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. |
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 anarm’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.
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.
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| | | 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) |
| | • | | 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. 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.
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| NOTESTO FINANCIAL STATEMENTS | | | 87 | |
Notes to Financial Statements (unaudited) (continued)
| 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 bynon-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.
Inflation-Indexed Bonds: Inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.
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 pass-through securities the 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.
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.
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| 88 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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 arenon-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 generallynon-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 aremarked-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:
| | | | | | | | | | | | | | | | | | |
| | | Borrower | | Par | | | Commitment
Amount | | | Value | | | Unrealized
Appreciation
(Depreciation) | |
BGT | | DentalCorp Perfect Smile ULC | | $ | 35,166 | | | $ | 35,219 | | | $ | 34,725 | | | $ | (494 | ) |
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.
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
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| NOTESTO FINANCIAL STATEMENTS | | | 89 | |
Notes to Financial Statements (unaudited) (continued)
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 April 30, 2019, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Trusts were as follows:
| | | | | | | | |
| | | Average Amount
Outstanding | | | Daily Weighted
Average
Interest Rate | |
BTZ | | $ | 654,025,949 | | | | 2.73 | % |
BIT | | | 386,302,184 | | | | 2.82 | |
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 reverse repurchase transactions, 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 a Trust’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:
| | | | | | | | | | | | | | | | |
| BTZ | | | | | | | | | | | | |
| Counterparty | | Reverse
Repurchase
Agreements | | | Fair Value of
Non-cash Collateral
Pledged Including
Accrued Interest (a) | | | Cash Collateral
Pledged/Received | | | Net
Amount | |
Barclays Capital, Inc. | | $ | 142,739,115 | | | $ | (142,739,115 | ) | | $ | — | | | $ | — | |
BNP Paribas S.A. | | | 123,628,143 | | | | (123,628,143 | ) | | | — | | | | — | |
Credit Suisse Securities (USA) LLC | | | 115,077 | | | | (115,077 | ) | | | — | | | | — | |
Deutsche Bank Securities, Inc. | | | 3,885,193 | | | | (3,885,193 | ) | | | — | | | | — | |
Goldman Sachs & Co. LLC | | | 6,070,744 | | | | (6,070,744 | ) | | | — | | | | — | |
RBC Capital Markets LLC | | | 358,119,174 | | | | (358,119,174 | ) | | | — | | | | — | |
UBS Securities LLC | | | 2,987,167 | | | | (2,987,167 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | $ | 637,544,613 | | | $ | (637,544,613 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | (a) | Net collateral, including accrued interest, with a value of $715,858,183 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. | |
| | | | | | | | | | | | | | | | |
| BIT | | | | | | | | | | | | |
| Counterparty | | Reverse
Repurchase
Agreements | | | Fair Value of
Non-cash Collateral
Pledged Including
Accrued Interest (a) | | | Cash Collateral
Pledged/Received | | | Net
Amount | |
Barclays Bank PLC | | $ | 36,254,671 | | | $ | (36,254,671 | ) | | $ | — | | | $ | — | |
Barclays Capital, Inc. | | | 10,033,831 | | | | (10,033,831 | ) | | | — | | | | — | |
BNP Paribas S.A. | | | 61,064,253 | | | | (61,064,253 | ) | | | — | | | | — | |
Credit Suisse Securities (USA) LLC | | | 2,124,705 | | | | (2,124,705 | ) | | | — | | | | — | |
Deutsche Bank Securities, Inc. | | | 5,971,019 | | | | (5,971,019 | ) | | | — | | | | — | |
Goldman Sachs & Co LLC | | | 8,673,510 | | | | (8,673,510 | ) | | | — | | | | — | |
HSBC Securities (USA), Inc. | | | 86,307,329 | | | | (86,307,329 | ) | | | — | | | | — | |
RBC Capital Markets, LLC | | | 143,551,562 | | | | (143,551,562 | ) | | | — | | | | — | |
UBS Ltd. | | | 9,603,383 | | | | (9,603,383 | ) | | | — | | | | — | |
UBS Securities LLC | | | 28,287,365 | | | | (28,287,365 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | $ | 391,871,628 | | | $ | (391,871,628 | ) | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | |
| | (a) | Net collateral, including accrued interest, with a value of $473,155,158 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. | |
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| 90 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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.
| 5. | DERIVATIVE FINANCIAL INSTRUMENTS |
The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts:Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk), and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, 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 ismarked-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. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities.
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. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
| | • | | 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. |
The Trusts may invest in various types of barrier options, includingdown-and-out options,down-and-in options, doubleno-touch options,one-touch options,up-and-out options andup-and-in options.Down-and-out options expire worthless to the purchaser if the price of the underlying instrument falls below a specific
| | | | |
| NOTESTO FINANCIAL STATEMENTS | | | 91 | |
Notes to Financial Statements (unaudited) (continued)
barrier price level prior to the expiration date.Down-and-in options expire worthless to the purchaser unless the price of the underlying instrument falls below a specific barrier price level prior to the expiration date. Doubleno-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument does not reach or surpass predetermined barrier price levels prior to the option’s expiration date.One-touch options provide the purchaser an agreed-upon payout if the price of the underlying instrument reaches or surpasses predetermined barrier price levels prior to the expiration date.Up-and-out options expire worthless to the purchaser if the price of the underlying instrument increases beyond a predetermined barrier price level prior to the expiration date.Up-and-in options can only be exercised when the price of the underlying instrument increases beyond a predetermined barrier price level.
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”).
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. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, 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, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or make a payment to the counterparty.
| | • | | 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. |
| | • | | Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index. |
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| 92 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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 themark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.
Cash collateral that has been pledged to cover obligations of the Trusts and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively.Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell,re-pledge or use cash andnon-cash collateral it receives. A Trust generally agrees not to usenon-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 counterpartynon-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 |
Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”) to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.
For such services, BTZ and BGT each pay the Manager a monthly fee at an annual rate equal to 0.62% and 0.75%, respectively, of the average weekly value of each Trust’s managed assets. For purposes of calculating these fees, “managed assets” mean the total assets of the Trust minus the sum of its accrued liabilities (other than the aggregate indebtedness constituting financial leverage).
For such services, BIT pays the Manager a monthly fee at an annual rate equal to 0.80% of the average daily value of Trust’s managed assets. For purposes of calculating the investment advisory fee, “managed assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of its accrued liabilities (other than money borrowed for investment purposes).
The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable Subsidiary for providing investment management or administrative services. However, BIT pays the Manager based on BIT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.
With respect to BIT, the Manager entered into asub-advisory agreement with BlackRock (Singapore) Limited (“BRS”), an affiliate of the Manager. The Manager pays BRS, for services it provides for that portion of BIT for which BRS acts assub-adviser, a monthly fee that is a percentage of the investment advisory fees paid by BIT to the Manager.
Expense Waivers: With respect to each Trust, 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 April 30, 2019, the amounts waived were as follows:
| | | | | | | | | | | | |
| | | BTZ | | | BGT | | | BIT | |
Amounts waived | | $ | 3,822 | | | $ | 386 | | | $ | 1,934 | |
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, 2020. 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 April 30, 2019, the Manager did not waive any investment advisory fees pursuant to these arrangements.
Trustees and Officers: Certain trustees and/or officers of the Trusts are trustees 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.
| | | | |
| NOTESTO FINANCIAL STATEMENTS | | | 93 | |
Notes to Financial Statements (unaudited) (continued)
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 April 30, 2019, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule17a-7 under the 1940 Act were as follows:
| | | | | | | | | | | | |
| | | Purchases | | | Sales | | | Net
Realized
Gain (Loss) | |
BTZ | | $ | 2,914,193 | | | $ | — | | | $ | — | |
BIT | | | 228,113 | | | | — | | | | — | |
For the six months ended April 30, 2019, purchases and sales of investments, including paydowns and excluding short-term securities, were as follows:
| | | | | | | | | | | | |
| | | BTZ | | | BGT | | | BIT | |
Purchases | | $ | 210,592,711 | | | $ | 130,249,792 | | | $ | 180,959,876 | |
Sales | | | 301,768,158 | | | | 147,655,962 | | | | 202,223,446 | |
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.
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 October 31, 2018. 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 April 30, 2019, 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 October 31, 2018, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates as follows:
| | | | | | | | | | | | |
| Expires October 31, | | BTZ | | | BGT | | | BIT | |
No expiration date(a) | | $ | 26,710,391 | | | $ | 9,925,865 | | | $ | 23,849,561 | |
2019 | | | 10,353,275 | | | | 409,424 | | | | — | |
| | | | | | | | | | | | |
| | $ | 37,063,666 | | | $ | 10,335,289 | | | $ | 23,849,561 | |
| | | | | | | | | | | | |
| | (a) | Must be utilized prior to losses subject to expiration. | |
As of April 30, 2019, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
| | | | | | | | | | | | |
| | | BTZ | | | BGT | | | BIT | |
Tax cost | | $ | 2,010,107,295 | | | $ | 472,993,226 | | | $ | 1,052,081,967 | |
| | | | | | | | | | | | |
Gross unrealized appreciation | | $ | 106,882,064 | | | $ | 1,692,017 | | | $ | 46,453,689 | |
Gross unrealized depreciation | | | (25,532,161 | ) | | | (4,521,082 | ) | | | (27,442,439 | ) |
| | | | | | | | | | | | |
Net unrealized appreciation (depreciation) | | $ | 81,349,903 | | | $ | (2,829,065 | ) | | $ | 19,011,250 | |
| | | | | | | | | | | | |
BGT 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 upon360-days written notice to BGT. As of period end, BGT has not received any notice to terminate. BGT has granted a security interest in substantially all of its assets to SSB.
The SSB Agreement allows for the maximum commitment amount of $168,000,000 for BGT.
Advances will be made by SSB to BGT, at BGT’s option of (a) the higher of (i) 0.80% above the Fed Funds rate and (ii) 0.80% above Overnight LIBOR or (b) 0.80% above7-day,30-day,60-day or90-day LIBOR. Overnight LIBOR and LIBOR rates are subject to a 0% floor.
In addition, BGT 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 BGT 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.
BGT may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding short-term borrowings is less than 300%.
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| 94 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
For the six months ended April 30, 2019, the average amount of bank borrowings and the daily weighted average interest rates for BGT for loans under the revolving credit agreements were $129,911,602 and 3.26%, respectively.
In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations.
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. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that they believe 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 amark-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 each Trust deposits 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 inexchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.
Concentration Risk: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 than, 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. The Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates.
| | | | |
| NOTESTO FINANCIAL STATEMENTS | | | 95 | |
Notes to Financial Statements (unaudited) (continued)
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 |
Each Trust is authorized to issue an unlimited number of shares, all of which were initially classified as Common Shares. The par value for each Trust’s shares is $0.001. The Board is authorized, however, to reclassify any unissued Common shares to Preferred shares without the approval of Common Shareholders.
For the six months period ended April 30, 2019 and for the year ended October 31, 2018, shares issued and outstanding remained constant for BTZ, BGT and BIT.
The Trusts participate in an open market share repurchase program (the “Repurchase Program”). From December 1, 2017 through November 30, 2018, each Trust was permitted to repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2017, subject to certain conditions. From December 1, 2018 through November 30, 2019, each Trust may repurchase up to 5% of its outstanding common shares under the Repurchase Program, based on common shares outstanding as of the close of business on November 30, 2018, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts.
The total cost of the shares repurchased is reflected in Trusts Statements of Changes in Net Assets. For the periods shown, shares repurchased and cost, including transaction costs were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | BTZ | | | BGT | | | BIT | |
| | | Shares | | | Amount | | | Shares | | | Amount | | | Shares | | | Amount | |
Six Months Ended April 30, 2019 | | | 1,057,409 | | | $ | 12,507,349 | | | | 462,405 | | | $ | 5,658,387 | | | | 284,084 | | | $ | 4,525,759 | |
Year Ended October 31, 2018 | | | 2,489,141 | | | | 30,991,477 | | | | — | | | | — | | | | 345,071 | | | | 5,842,460 | |
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) | |
BTZ | | $ | 0.0670 | | | $ | 0.0670 | |
BGT | | | 0.0618 | | | | 0.0618 | |
BIT | | | 0.1167 | | | | 0.1167 | |
| | (a) | Net investment income dividend paid on May 31, 2019 to Shareholders of record on May 15, 2019. | |
| | (b) | Net investment income dividend declared on June 3, 2019, payable to Shareholders of record on June 14, 2019. | |
| | |
| 96 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Trustee and Officer Information
Richard E. Cavanagh, Co-Chair of the Board and Trustee
Karen P. Robards, Co-Chair of the Board and Trustee
Michael J. Castellano, Trustee
Cynthia L. Egan, Trustee
Frank J. Fabozzi, Trustee
Henry Gabbay, 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
As of the date of this report, the portfolio managers of BGT are James E. Keenan, David Delbos, Mitchell S. Garfin, Carly Wilson and Abigail Apistolas.
Effective January 1, 2019, Richard E. Cavanagh and Karen P. Robards were appointed as a Co-Chair of the Board. Prior to January 1, 2019, Mr. Cavanagh served as Chair of the Board and Ms. Robards served as Vice Chair of the Board.
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
Sub-Adviser
BlackRock (Singapore) Limited(a)
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02111
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Legal Counsel
Willkie Farr & Gallagher LLP
New York, NY 10019
Address of the Trusts
100 Bellevue Parkway
Wilmington, DE 19809
| | | | |
| TRUSTEEAND OFFICER INFORMATION | | | 97 | |
Additional Information
Section 19(a) Notices
The amounts and sources of distributions reported in this notice are estimates that are subject to change based on the Trust’s investment experience during the remainder of the calendar year, are for financial reporting purposes and are not being provided for tax reporting purposes. The actual amounts and character of the distributions for tax reporting purposes will be reported to shareholders on Form 1099-DIV which is sent to shareholders shortly after calendar year end.
April 30, 2019
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Total Fiscal Year to Date
Cumulative Distributions by Character | | | Percentage of Fiscal Year to Date
Cumulative Distributions by Character | |
| Ticker | | 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 | |
BIT | | $ | 0.531511 | | | $ | — | | | $ | — | | | $ | 0.168689 | | | $ | 0.700200 | | | | 76 | % | | | 0 | % | | | 0 | % | | | 24 | % | | | 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 reduce the Trust’s net asset value per share. | |
Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website athttp://www.blackrock.com.
Trust Certification
The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of their 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 as accumulated earnings (loss) 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 completion of the respective Trust’s offerings and the information contained in each Trust’s Statement of Additional Information may have become outdated.
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. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common shares in the open market or in private transactions.
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed athttp://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 electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.
To enroll in electronic delivery:
| | |
| 98 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
Additional Information (continued)
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, 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’ FormsN-Q are available on the SEC’s website at http://www.sec.gov. The Trusts’ FormsN-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) athttp://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.
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) athttp://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 ofhttp://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.
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.
| | | | |
| ADDITIONAL INFORMATION | | | 99 | |
Glossary of Terms Used in this Report
| | |
| Currency |
| |
| EUR | | Euro |
| |
| GBP | | British Pound |
| |
| IDR | | Indonesian Rupiah |
| |
| MXN | | Mexican Peso |
| |
| USD | | U.S. Dollar |
| | |
| Portfolio Abbreviations |
| |
| ARB | | Airport Revenue Bonds |
| |
| CLO | | Collateralized Loan Obligation |
| |
| ETF | | Exchange-Traded Fund |
| |
| EURIBOR | | Euro Interbank Offered Rate |
| |
| LIBOR | | London Interbank Offered Rate |
| |
| PIK | | Payment-In-Kind |
| |
| RB | | Revenue Bonds |
| |
| REMIC | | Real Estate Mortgage Investment Conduit |
| | |
| 100 | | 2019 BLACKROCK SEMI-ANNUAL REPORTTO SHAREHOLDERS |
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.
| | |
| CE-CAFRI-3-4/19-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 |
(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 previousForm N-CSR filing.
| Item 7 – | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies – Not Applicable to this semi-annual report |
| Item 8 – | Portfolio Managers ofClosed-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 FormN-CSR. |
| Item 9 – | Purchases of Equity Securities byClosed-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 | | |
November 1-30, 2018 | | 220,311 | | $11.6085 | | 220,311 | | 2,661,153 |
December1-31, 2018 | | 86,430 | | $11.4721 | | 86,430 | | 5,148,702 |
January1-31, 2019 | | 337,895 | | $11.5146 | | 337,895 | | 4,810,807 |
February1-28, 2019 | | 187,424 | | $12.1192 | | 187,424 | | 4,623,383 |
March1-31, 2019 | | 225,349 | | $12.3612 | | 225,349 | | 4,398,034 |
April1-30, 2019 | | 0 | | 0 | | 0 | | 4,398,034 |
Total: | | 1,057,409 | | $11.8183 | | 1,057,409 | | 4,398,034 |
1On September 6, 2017, the Fund announced a continuation of the open market share repurchase program pursuant to which the Fund may repurchase through November 30, 2018, up to 5% of its outstanding shares based on common shares outstanding on November 30, 2017, in open market transactions. On September 7, 2018, the Fund announced a further continuation of its open market share repurchase program. Commencing on December 1, 2018, the Fund may repurchase through November 30, 2019, up to 5% of its common shares outstanding as of the close of business on November 30, 2018, 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 |
2
(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 Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule30a-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 Rule30a-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 forClosed-End Management Investment Companies— Not Applicable to this semi-annual report |
| Item 13 – | Exhibits attached hereto |
(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
(a)(2) – 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 Credit Allocation Income Trust |
| |
| By: | | /s/ John M. Perlowski |
| | John M. Perlowski |
| | Chief Executive Officer (principal executive officer) of |
| | BlackRock Credit Allocation Income Trust |
| |
| Date: | | July 8, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ John M. Perlowski |
| | John M. Perlowski |
| | Chief Executive Officer (principal executive officer) of |
| | BlackRock Credit Allocation Income Trust |
| |
| Date: | | July 8, 2019 |
| |
| By: | | /s/ Neal J. Andrews |
| | Neal J. Andrews |
| | Chief Financial Officer (principal financial officer) of |
| | BlackRock Credit Allocation Income Trust |
| |
| Date: | | July 8, 2019 |
4
