UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-21972
| Name of Fund: | | BlackRock Credit Allocation Income Trust (BTZ) |
| Fund Address: | | 100 Bellevue Parkway, Wilmington, DE 19809 |
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Credit Allocation Income Trust, 50 Hudson Yards, New York, NY 10001
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 12/31/2024
Date of reporting period: 12/31/2024
Item 1 – Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.
December 31, 2024
BlackRock Core Bond Trust (BHK) |
BlackRock Corporate High Yield Fund, Inc. (HYT) |
BlackRock Credit Allocation Income Trust (BTZ) |
BlackRock Floating Rate Income Trust (BGT) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Supplemental Information (unaudited)
Section 19(a) Notices
BlackRock Core Bond Trust’s (BHK), BlackRock Corporate High Yield Fund, Inc.’s (HYT), BlackRock Credit Allocation Income Trust’s (BTZ) and BlackRock Floating Rate Income Trust’s (BGT) (collectively the “Trusts”, or individually a “Trust”) amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment experience during the year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.
| | Total Cumulative Distributions
for the Fiscal Period | % Breakdown of the Total Cumulative
Distributions for the Fiscal Period |
| | | Net Realized
Capital Gains
Short-Term | Net Realized
Capital Gains
Long-Term | | | | Net Realized
Capital Gains
Short-Term | Net Realized
Capital Gains
Long-Term | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Each Trust estimates that it has distributed more than its net income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in a Trust is returned to the shareholder. A return of capital does not necessarily reflect a Trust’s investment performance and should not be confused with “yield” or “income.” When distributions exceed total return performance, the difference will reduce a Trust’s net asset value per share. |
Section 19(a) notices for the Trusts, as applicable, are available on the BlackRock website at blackrock.com.
Managed Distribution Plan
The Trusts, each with the approval of its Board of Trustees (the “Board”), has adopted a managed distribution plan, consistent with its investment objectives and policies, to support a level distribution of income, capital gains and/or return of capital (the “Plan”). In accordance with the Plans, the Trusts currently distribute the following fixed amounts per share on a monthly basis.
The fixed amounts distributed per share are subject to change at the discretion of each Trust’s Board. Each Trust is currently not relying on any exemptive relief from Section 19(b) of the Investment Company Act of 1940, as amended (the “1940 Act”). Under its Plan, a Trust will distribute all available investment income to its shareholders as required by the Internal Revenue Code of 1986, as amended (the “Code”). If sufficient income (inclusive of net investment income and short-term capital gains) is not earned on a monthly basis, a Trust will distribute long-term capital gains and/or return of capital to shareholders in order to maintain a level distribution. Each monthly distribution to shareholders is expected to be at the fixed amount established by the Board; however, a Trust may make additional distributions from time to time, including additional capital gain distributions at the end of the taxable year, if required to meet requirements imposed by the Code and/or the 1940 Act.
Shareholders should not draw any conclusions about a Trust’s investment performance from the amount of these distributions or from the terms of the Plan. Each Trust’s total return performance is presented in its financial highlights table.
Each Trust’s Board may amend, suspend or terminate a Trust’s Plan at any time without prior notice to the Trust’s shareholders if it deems such actions to be in the best interests of the Trust or its shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Trust’s stock is trading at or above net asset value) or widening an existing trading discount. Each Trust is subject to risks that could have an adverse impact on its ability to maintain level distributions. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, changes in interest rates, decreased market volatility, companies suspending or decreasing corporate dividend distributions and changes in the Code. Please refer to BHK’s, HYT’s and BGT’s prospectus for a more complete description of a Trust’s risks.
22024 BlackRock Annual Report to 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 each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage (after paying the leverage costs) is paid to shareholders in the form of dividends, and the value of these portfolio holdings (less the leverage liability) is reflected in the per share NAV.
To illustrate these concepts, assume a Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on a Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.
However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed a Trust’s return on assets purchased with leverage proceeds, income to shareholders is lower than if a Trust had not used leverage. Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the amount of each Trust’s obligations under its respective leverage arrangement generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that a Trust’s intended leveraging strategy will be successful.
The use of leverage also generally causes greater changes in each Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trust’s shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trust to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of each Trust’s investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts’ investment adviser will be higher than if the Trusts did not use leverage.
Each Trust may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements, if applicable.
Under the Investment Company Act of 1940, as amended (the “1940 Act”), each Trust is permitted to borrow money (including through the use of TOB Trusts) or issue debt securities up to 33 1/3% of its total managed assets. A Trust may voluntarily elect to limit its leverage to less than the maximum amount permitted under the 1940 Act. In addition, a Trust may also be subject to certain asset coverage, leverage or portfolio composition requirements imposed by its credit facility, which may be more stringent than those imposed by the 1940 Act.
Derivative Financial Instruments
The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Trusts must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
42024 BlackRock Annual Report to Shareholders
Trust Summary as of December 31, 2024
BlackRock Core Bond Trust (BHK)
Investment Objective
BlackRock Core Bond Trust’s (BHK) (the “Trust”) investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 75% of its managed assets in bonds that are investment grade quality at the time of investment. Under normal market conditions, the Trust intends to invest its assets primarily in a diversified portfolio of investment grade bonds, which may include, but are not limited to, corporate bonds, U.S. government and agency securities and mortgage-related securities. The Trust may invest up to 25% of its total managed assets in bonds that, at the time of investment, are rated Ba/BB or below by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings ("S&P"), Fitch Ratings (“Fitch”) or another nationally recognized rating agency or bonds that are unrated but judged to be of comparable quality by the investment adviser. The Trust may invest up to 10% of its total managed assets in bonds issued in foreign currencies. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Symbol on New York Stock Exchange | |
| |
Current Distribution Rate on Closing Market Price as of December 31, 2024 ($10.46)(a) | |
Current Monthly Distribution per Common Share(b) | |
Current Annualized Distribution per Common Share(b) | |
Leverage as of December 31, 2024(c) | |
| Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
| 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. |
| Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
GROWTH OF $10,000 INVESTMENT 
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that measures the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
Trust Summary as of December 31, 2024(continued)
BlackRock Core Bond Trust (BHK)
Performance
Returns for the period ended December 31, 2024 were as follows:
| Average Annual Total Returns |
| | | |
| | | |
Trust at Market Price(a)(b) | | | |
Bloomberg U.S. Credit Index | | | |
| | | |
Bloomberg U.S. Long Government/Credit Index(d) | | | |
Bloomberg Intermediate Credit Index(e) | | | |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(f) | | | |
Bloomberg CMBS, Eligible for U.S. Aggregate Index(g) | | | |
| | | |
| | | |
| All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |
| The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
| The Reference Benchmark is comprised of the Bloomberg U.S. Long Government/Credit Index (40%); Bloomberg Intermediate Credit Index (24%); Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (16%); Bloomberg CMBS, Eligible for U.S. Aggregate Index (8%); Bloomberg MBS Index (8%); and Bloomberg ABS Index (4%). The Reference Benchmark’s index content and weightings may have varied over past periods. |
| An unmanaged index that is the long component of the Bloomberg U.S. Government/Credit Index. It includes publicly issued U.S. Treasury debt, U.S. government agency debt, taxable debt issued by U.S. states and territories and their political subdivisions, debt issued by U.S. and non-U.S. corporations, non-U.S. government debt and supranational debt. |
| An unmanaged index that is the intermediate component of the Bloomberg U.S. Credit Index. The Bloomberg U.S. Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. |
| An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |
| An unmanaged index that is the CMBS component of the Bloomberg U.S. Aggregate Index. |
| An unmanaged index is a market value-weighted index, which covers the mortgage-backed securities component of the Bloomberg U.S. Aggregate Bond Index. It is comprised of agency mortgage-backed pass-through securities of the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) with a minimum $150 million par amount outstanding and a weighted-average maturity of at least 1 year. The index includes reinvestment of income. |
| An unmanaged index that is the asset-backed securities component of the Bloomberg U.S. Aggregate Index. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
The largest contributors to the Trust’s absolute performance over the period included exposure to a range of credit-oriented sectors including high yield and investment grade corporate bonds, collateralized loan obligations (“CLOs”), capital securities and non-agency residential mortgage-backed securities (“MBS”). Holdings of agency MBS also contributed to return.
The largest detractor from the Trust’s absolute performance was its use of derivatives.
The Trust utilized derivatives during the period including Treasury futures, currency forwards, currency options, interest rate swaps and credit default swaps. Derivative securities were employed primarily to adjust duration (sensitivity to interest rate changes) and yield curve exposure, as well as to hedge credit and currency risk. Currency forwards were used to provide the portfolio with active currency exposure. The Trust’s use of derivatives detracted from performance during the period.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust continued to favor high yield and investment grade corporate bonds during the period against a strong fundamental backdrop for issuers including high interest coverage, low leverage and positive ratings momentum, as well as supportive demand from all-in-yield buyers. Elsewhere, the Trust favored securitized assets as an attractive source of risk-adjusted incremental income, including CLOs and asset-backed securities (“ABS”). The Trust traded agency MBS tactically, adding in periods of low volatility and trimming as volatility increased.
62024 BlackRock Annual Report to Shareholders
Trust Summary as of December 31, 2024(continued)
BlackRock Core Bond Trust (BHK)
Describe portfolio positioning at period end.
At period end, the Trust maintained diversified exposure to non-government spread sectors including high yield and investment grade corporate bonds, commercial mortgage-backed securities and ABS. The Trust also held exposure to government-related sectors such as U.S. Treasury securities, agency debt and agency MBS. The Trust favored an above-benchmark stance with respect to duration and corresponding interest rate sensitivity.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Overview of the Trust’s Total Investments
|
| |
| |
U.S. Treasury Obligations | |
U.S. Government Sponsored Agency Securities | |
Non-Agency Mortgage-Backed Securities | |
| |
| |
| |
Floating Rate Loan Interests | |
Foreign Agency Obligations | |
Fixed Rate Loan Interests | |
CREDIT QUALITY ALLOCATION |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Excludes short-term securities, short investments and options, if any. |
| For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa. |
| Rounds to less than 0.1%. |
| The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. |
Trust Summary as of December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
Investment Objective
BlackRock Corporate High Yield Fund, Inc.’s (HYT) (the “Trust”) primary investment objective is to provide shareholders with current income. The Trust’s secondary investment objective is to provide shareholders with capital appreciation. The Trust seeks to achieve its objectives by investing primarily in a diversified portfolio of fixed income securities which are rated at the time of investment to be below investment grade or, if unrated, are considered by the investment adviser to be of comparable quality. The Trust may invest directly in fixed income securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Symbol on New York Stock Exchange | |
| |
Current Distribution Rate on Closing Market Price as of December 31, 2024 ($9.81)(a) | |
Current Monthly Distribution per Common Share(b) | |
Current Annualized Distribution per Common Share(b) | |
Leverage as of December 31, 2024(c) | |
| Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
| 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. |
| Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
GROWTH OF $10,000 INVESTMENT 
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
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.
82024 BlackRock Annual Report to Shareholders
Trust Summary as of December 31, 2024(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
Performance
Returns for the period ended December 31, 2024 were as follows:
| Average Annual Total Returns |
| | | |
| | | |
Trust at Market Price(a)(b) | | | |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index | | | |
| All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |
| The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Positions in high yield bonds made the largest contributions to absolute performance, followed by leveraged loans. In terms of credit tiers, B, BB, and CC rated issues were the leading contributors, respectively. At the sector level, the largest contributions came from information technology and wireline telecommunications.
At a time of strong returns for the broader high yield market, no aspect of the Trust’s positioning significantly detracted from absolute performance.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
While key positioning themes have remained broadly consistent, the investment adviser tactically navigated sector- and issuer-level positioning to take advantage of market opportunities. It increased the Trust’s allocation to loans and decreased the positions in investment-grade and high yield corporate bonds. The adviser was active in using derivatives—including total return swaps, high yield exchange-traded funds, and index credit default swaps (“CDX”) to manage portfolio positioning. It also slightly increased the Trust’s active positions in B and CCC rated bonds, while reducing its allocation to BBs.
Describe portfolio positioning at period end.
The Trust was underweight in BBs and overweight in Bs and select CCCs. The Trust maintained tactical allocations to both loans and investment-grade bonds. Technology, property and casualty, and wirelines were among the top sector overweights, while retailers, healthcare, and leisure were among the largest underweights.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Trust Summary as of December 31, 2024(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
Overview of the Trust’s Total Investments
|
| |
| |
Floating Rate Loan Interests | |
| |
| |
Fixed Rate Loan Interests | |
| |
CREDIT QUALITY ALLOCATION |
| |
| |
| |
| |
| |
| |
| |
| |
| Excludes short-term securities. |
| For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| Rounds to less than 0.1%. |
| Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Consolidated Schedule of Investments for details. |
102024 BlackRock Annual Report to Shareholders
Trust Summary as of December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Investment Objective
BlackRock Credit Allocation Income Trust’s (BTZ) (the “Trust”) investment objective is to provide current income, current gains and capital appreciation. The Trust seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its assets in credit-related securities, including, but not limited to, investment grade corporate bonds, high yield bonds (commonly referred to as “junk” bonds), bank loans, preferred securities or convertible bonds or derivatives with economic characteristics similar to these credit-related securities. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Symbol on New York Stock Exchange | |
| |
Current Distribution Rate on Closing Market Price as of December 31, 2024 ($10.46)(a) | |
Current Monthly Distribution per Common Share(b) | |
Current Annualized Distribution per Common Share(b) | |
Leverage as of December 31, 2024(c) | |
| Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
| 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. |
| Represents reverse repurchase agreements as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to any borrowings) minus the sum of its liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
GROWTH OF $10,000 INVESTMENT 
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An index that measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets. It is composed of the U.S. Corporate Index and a non-corporate component that includes foreign agencies, sovereigns, supranationals and local authorities.
Trust Summary as of December 31, 2024(continued)
BlackRock Credit Allocation Income Trust (BTZ)
Performance
Returns for the period ended December 31, 2024 were as follows:
| Average Annual Total Returns |
| | | |
| | | |
Trust at Market Price(a)(b) | | | |
| | | |
Bloomberg U.S. Credit Index | | | |
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index(d) | | | |
Bloomberg USD Capital Securities Index(e) | | | |
| All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |
| 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. |
| The Reference Benchmark is comprised of the Bloomberg U.S. Credit Index (50.36%), the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index (29.93%), and the Bloomberg USD Capital Securities Index (19.71%). |
| An unmanaged index comprised of issuers that meet the following criteria: at least $150 million par value outstanding; maximum credit rating of Ba1; at least one year to maturity; and no issuer represents more than 2% of the index. |
| An unmanaged index that tracks fixed-rate, investment grade capital securities denominated in USD. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Contributions to the Trust’s performance over the period were led by broad U.S. credit exposures, in particular to investment grade corporate bonds, high yield corporate bonds, capital securities and high rated collateralized loan obligations (“CLOs”). Exposure to bank loans, European corporate bonds and Asian corporate bonds contributed modestly.
Detractors over the period included to-be-announced mortgage-backed securities and equity hedges.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
Within the Trust’s allocation to CLOs exposure was shifted up the capital stack with a focus on the AAA-rated cohort. Exposure to bank loans was modestly increased given that all-in yields remain elevated as reference rates have remained relatively high with the Federal Reserve’s renewed focus on inflation. Exposure was selectively added to Asian high yield and emerging market bonds while exposure to U.S. high yield and investment grade corporate bonds was trimmed modestly.
In addition to employing leverage, the Trust uses derivatives as part of its investment strategy, including forward contracts to hedge foreign currency exposure of non-U.S. positions back to U.S. dollars and interest rate futures to adjust duration positioning tactically as needed.
Describe portfolio positioning at period end.
At period end, the Trust was focused primarily on the U.S. bonds market, with significant exposure to U.S. high yield and investment grade corporate bonds. The Trust also had meaningful exposure to floating rate sources of income, most notably bank loans and high-rated CLOs which have become more attractive relative to fixed-rate instruments with the prospect of a more gradual rate-cutting cycle.
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.
122024 BlackRock Annual Report to Shareholders
Trust Summary as of December 31, 2024(continued)
BlackRock Credit Allocation Income Trust (BTZ)
Overview of the Trust’s Total Investments
|
| |
| |
| |
| |
Floating Rate Loan Interests | |
Foreign Agency Obligations | |
| |
CREDIT QUALITY ALLOCATION |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| Excludes short-term securities, short investments and options, if any. |
| For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| Rounds to less than 0.1%. |
| The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. |
| Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details. |
Trust Summary as of December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
Investment Objective
BlackRock Floating Rate Income Trust’s (BGT) (the “Trust”) primary investment objective is to provide a high level of current income. The Trust’s secondary investment objective is to seek the preservation of capital to the extent consistent with its primary objective of high current income. The Trust seeks to achieve its investment objectives by investing primarily, under normal market conditions, at least 80% of its assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial portion of its assets in global floating and variable rate securities including senior secured floating rate loans made to corporate and other business entities. Under normal market conditions, the Trust expects that the average effective duration of its portfolio will be no more than 1.5 years. The Trust may invest directly in such securities or synthetically through the use of derivatives.
No assurance can be given that the Trust’s investment objective will be achieved.
Symbol on New York Stock Exchange | |
| |
Current Distribution Rate on Closing Market Price as of December 31, 2024 ($12.86)(a) | |
Current Monthly Distribution per Common Share(b) | |
Current Annualized Distribution per Common Share(b) | |
Leverage as of December 31, 2024(c) | |
| Current distribution rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a return of capital. Past performance is not an indication of future results. |
| 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. |
| Represents bank borrowings outstanding as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings), minus the sum of liabilities (other than borrowings representing financial leverage). Does not reflect derivatives or other instruments that may give rise to economic leverage. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging and Derivative Financial Instruments. |
Market Price and Net Asset Value Per Share Summary
GROWTH OF $10,000 INVESTMENT 
(a)
Represents the Trust’s closing market price on the NYSE and reflects the reinvestment of dividends and/or distributions at actual reinvestment prices.
(b)
An unmanaged market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon spreads, interest payments and market weightings subject to a single loan facility weight cap of 2%.
142024 BlackRock Annual Report to Shareholders
Trust Summary as of December 31, 2024(continued)
BlackRock Floating Rate Income Trust (BGT)
Performance
Returns for the period ended December 31, 2024 were as follows:
| Average Annual Total Returns |
| | | |
| | | |
Trust at Market Price(a)(b) | | | |
Morningstar LSTA Leveraged Loan Index | | | |
| All returns reflect reinvestment of dividends and/or distributions at actual reinvestment prices. Performance results reflect the Trust’s use of leverage, if any. |
| The Trust moved from a discount to NAV to a premium during the period, which accounts for the difference between performance based on market price and performance based on NAV. |
Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.
Past performance is not an indication of future results.
The Trust is presenting the performance of one or more indices for informational purposes only. The Trust is actively managed and does not seek to track or replicate the performance of any index. The index performance shown is not intended to be indicative of the Trust’s investment strategies, portfolio components or past or future performance.
More information about the Trust’s historical performance can be found in the “Closed End Funds” section of blackrock.com.
The following discussion relates to the Trust’s absolute performance based on NAV:
What factors influenced performance?
Positions in leveraged loans made the largest contributions to absolute performance. In terms of credit tiers, B, BB, and CCC were the leading contributor, respectively. At the sector level, the largest contributions came from information technology and healthcare.
At a time of strong returns for the broader market, no aspect of the Trust’s positioning significantly detracted from absolute performance. With this said, allocations to CC and D rated bonds were very minor detractors.
The Trust’s practice of maintaining a specified level of monthly distributions to shareholders did not have a material impact on the Trust’s investment strategy. The distribution policy resulted in return of capital for the period. Refer to the financial highlights and income tax information sections in this report for further information about the distributions.
Describe recent portfolio activity.
The Trust moved from roughly market-weight in B rated issues to a sizable underweight. It marginally increased its overweights in BBBs and BBs, and it trimmed the position in CCCs.
The Trust continued to use liquid, index-based derivatives in the loan and high yield markets to manage its positioning.
Describe portfolio positioning at period end.
The Trust was overweight in BBBs and BBs. It maintained a small underweight in CCCs, where it was selective in identifying idiosyncratic opportunities. The Trust was underweight in B1s, B2s, and B3s. The top sector overweights included diversified manufacturing, property and casualty, and brokerage/asset managers/exchanges. Healthcare, financial other, and technology were among the largest underweights. The Trust’s out-of-benchmark allocations remain limited.
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 December 31, 2024(continued)
BlackRock Floating Rate Income Trust (BGT)
Overview of the Trust’s Total Investments
|
| |
Floating Rate Loan Interests | |
| |
| |
| |
| |
CREDIT QUALITY ALLOCATION |
| |
| |
| |
| |
| |
| |
| |
| |
| Excludes short-term securities. |
| For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| Rounds to less than 0.1%. |
| The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors and individual investments. Using this approach, the investment adviser has deemed certain of these unrated securities as investment grade quality. As of December 31, 2024, the market value of unrated securities deemed by the investment adviser to be investment grade represents less than 1.0% of total investments. |
| Includes one or more investment categories that individually represents less than 1.0% of the Trust’s total investments. Please refer to the Schedule of Investments for details. |
162024 BlackRock Annual Report to Shareholders
Schedule of InvestmentsDecember 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
|
AGL CLO Ltd., Series 2020-3A, Class D, (3-mo. CME Term SOFR + 3.56%), 8.22%, 01/15/33(a)(b) | | | |
AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME Term SOFR + 2.40%), 7.05%, 04/16/37(a)(b) | | | |
| | | |
Series 2018-18A, Class A1R2, (3-mo. CME Term SOFR + 1.33%), 5.70%, 01/22/38 | | | |
Series 2018-18A, Class BR2, (3-mo. CME Term SOFR + 1.70%), 6.07%, 01/22/38 | | | |
Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo. CME Term SOFR + 3.21%), 7.83%, 04/20/31(a)(b) | | | |
Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3-mo. CME Term SOFR + 1.21%), 5.83%, 10/20/30(a)(b) | | | |
Assurant CLO I Ltd., Series 2017-1A, Class CR, (3-mo. CME Term SOFR + 2.41%), 7.03%, 10/20/34(a)(b) | | | |
Assurant CLO IV Ltd.(a)(b) | | | |
Series 2019-4A, Class CR, (3-mo. CME Term SOFR + 2.66%), 7.28%, 04/20/30 | | | |
Series 2019-4A, Class DR, (3-mo. CME Term SOFR + 3.91%), 8.53%, 04/20/30 | | | |
Bain Capital Credit CLO Ltd., Series 2021-3A, Class D, (3-mo. CME Term SOFR + 3.36%), 8.00%, 07/24/34(a)(b) | | | |
Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo. CME Term SOFR + 1.70%), 6.03%, 01/20/38(a)(b) | | | |
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A2R, (3-mo. CME Term SOFR + 1.71%), 6.33%, 01/20/31(a)(b) | | | |
Birch Grove CLO Ltd., Series 2021-3A, Class D1, (3-mo. CME Term SOFR + 3.46%), 8.08%, 01/19/35(a)(b) | | | |
BlueMountain CLO XXVIII Ltd., Series 2021-28A, Class D, (3-mo. CME Term SOFR + 3.16%), 7.82%, 04/15/34(a)(b) | | | |
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 7.26%, 04/15/37(a)(b) | | | |
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 5.63%, 07/18/34(a)(b) | | | |
Canyon Capital CLO Ltd.(a)(b) | | | |
Series 2016-1A, Class CR, (3-mo. CME Term SOFR + 2.16%), 6.82%, 07/15/31 | | | |
Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.61%), 8.27%, 04/15/34 | | | |
Carlyle Global Market Strategies CLO Ltd.(a)(b) | | | |
Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.21%), 5.73%, 08/14/30 | | | |
Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 3.61%), 8.13%, 08/14/30 | | | |
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo. CME Term SOFR + 1.02%), 5.38%, 04/20/32(a)(b) | | | |
CarVal CLO III Ltd., Series 2019-2A, Class E, (3-mo. CME Term SOFR + 6.70%), 11.32%, 07/20/32(a)(b) | | | |
CarVal CLO VC Ltd., Series 2021-2A, Class D, (3-mo. CME Term SOFR + 3.51%), 8.17%, 10/15/34(a)(b) | | | |
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class B1R, (3-mo. CME Term SOFR + 1.70%), 6.35%, 10/15/37(a)(b) | | | |
| | | |
Asset-Backed Securities (continued) |
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B, (3-mo. CME Term SOFR + 1.80%), 6.42%, 04/20/35(a)(b) | | | |
| | | |
Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 3.81%), 8.46%, 07/16/30 | | | |
Series 2014-3A, Class BR2, (3-mo. CME Term SOFR + 2.06%), 6.69%, 10/22/31 | | | |
Series 2015-1A, Class ARR, (3-mo. CME Term SOFR + 1.37%), 6.00%, 01/22/31 | | | |
Series 2015-3A, Class AR, (3-mo. CME Term SOFR + 1.13%), 5.75%, 04/19/29 | | | |
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.45%), 7.07%, 04/21/37 | | | |
Series 2017-2A, Class AR, (3-mo. CME Term SOFR + 1.21%), 5.83%, 04/20/30 | | | |
Series 2017-4A, Class A1R, (3-mo. CME Term SOFR + 1.21%), 5.85%, 10/24/30 | | | |
Series 2018-1A, Class A1R, (3-mo. CME Term SOFR + 1.32%), 5.79%, 01/18/38 | | | |
Series 2018-1A, Class BR, (3-mo. CME Term SOFR + 1.70%), 6.17%, 01/18/38 | | | |
Series 2019-1A, Class D1R2, (3-mo. CME Term SOFR + 3.05%), 7.67%, 10/20/37 | | | |
Series 2020-1A, Class DR, (3-mo. CME Term SOFR + 3.36%), 8.02%, 07/15/36 | | | |
Concord Music Royalties LLC, Series 2024-1A, Class A, 5.64%, 10/20/74(b) | | | |
CWHEQ Revolving Home Equity Loan Trust, Series 2006-I, Class 1A, (1 mo. Term SOFR + 0.25%), 4.65%, 01/15/37(a) | | | |
Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3-mo. CME Term SOFR + 3.11%), 7.77%, 10/15/30(a)(b) | | | |
| | | |
Series 2017-53A, Class B, (3-mo. CME Term SOFR + 1.66%), 6.32%, 01/15/31 | | | |
Series 2018-64A, Class D, (3-mo. CME Term SOFR + 2.91%), 7.54%, 04/18/31 | | | |
Dryden Senior Loan Fund(a)(b) | | | |
Series 2015-37A, Class AR, (3-mo. CME Term SOFR + 1.36%), 6.02%, 01/15/31 | | | |
Series 2017-50A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.57%, 07/15/30 | | | |
Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, (3- mo. CME Term SOFR + 1.51%), 6.13%, 01/20/30(a)(b) | | | |
EDvestinU Private Education Loan Issue No. 3 LLC, Series 2021-A, Class B, 3.50%, 11/25/50(b) | | | |
Elmwood CLO 21 Ltd., Series 2022-8A, Class CR, (3- mo. CME Term SOFR + 2.70%), 7.32%, 10/20/36(a)(b) | | | |
Elmwood CLO 26 Ltd, Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 7.03%, 04/18/37(a)(b) | | | |
Elmwood CLO VI Ltd., Series 2020-3A, Class BRR, (3- mo. CME Term SOFR + 1.70%), 6.33%, 07/18/37(a)(b) | | | |
Fairstone Financial Issuance Trust I, Series 2020-1A, Class C, 5.16%, 10/20/39(b) | | | |
Flatiron CLO Ltd., Series 2018-1A, Class A, (3-mo. CME Term SOFR + 1.21%), 5.86%, 04/17/31(a)(b) | | | |
Galaxy CLO Ltd., Series 2023-31A, Class E, (3-mo. CME Term SOFR + 8.43%), 13.09%, 04/15/36(a)(b) | | | |
Schedule of Investments17
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Asset-Backed Securities (continued) |
Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3-mo. CME Term SOFR + 2.01%), 6.63%, 04/20/31(a)(b) | | | |
Galaxy XXVII CLO Ltd., Series 2018-27A, Class A, (3- mo. CME Term SOFR + 1.28%), 5.77%, 05/16/31(a)(b) | | | |
GoldenTree Loan Management U.S. CLO Ltd.(a)(b) | | | |
Series 2018-3A, Class B1, (3-mo. CME Term SOFR + 1.81%), 6.43%, 04/20/30 | | | |
Series 2019-5A, Class BR, (3-mo. CME Term SOFR + 1.86%), 6.50%, 04/24/31 | | | |
Series 2021-11A, Class AR, (3-mo. CME Term SOFR + 1.08%), 5.59%, 10/20/34 | | | |
Golub Capital Partners CLO Ltd., Series 2021-55A, Class E, (3-mo. CME Term SOFR + 6.82%), 11.44%, 07/20/34(a)(b) | | | |
Gracie Point International Funding LLC, Series 2023-1A, Class D, (90-day Avg SOFR + 4.50%), 9.43%, 09/01/26(a)(b) | | | |
GreenSky Home Improvement Issuer Trust, Series 2024-2, Class C, 5.55%, 10/27/59(b) | | | |
Highbridge Loan Management, Series 3A-2014, Class CR, (3-mo. CME Term SOFR + 3.86%), 8.49%, 07/18/29(a)(b) | | | |
Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1, 5.44%, 10/20/32(b) | | | |
Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A4, (1 mo. Term SOFR + 0.59%), 4.93%, 09/25/36(a) | | | |
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 6.13%, 04/18/37(a)(b) | | | |
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class E, (3-mo. CME Term SOFR + 6.51%), 11.13%, 04/19/33(a)(b) | | | |
Madison Park Funding XXIII Ltd.(a)(b) | | | |
Series 2017-23A, Class AR, (3-mo. CME Term SOFR + 1.23%), 5.85%, 07/27/31 | | | |
Series 2017-23A, Class CR, (3-mo. CME Term SOFR + 2.26%), 6.88%, 07/27/31 | | | |
Madison Park Funding XXXVII Ltd., Series 2019-37A, Class BR2, (3-mo. CME Term SOFR + 1.95%), 6.61%, 04/15/37(a)(b) | | | |
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class C, (3-mo. CME Term SOFR + 2.16%), 6.81%, 07/17/34(a)(b) | | | |
Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1, (3-mo. CME Term SOFR + 3.91%), 8.54%, 01/22/35(a)(b) | | | |
Navient Private Education Refi Loan Trust(b) | | | |
Series 2019-D, Class A2A, 3.01%, 12/15/59 | | | |
Series 2019-GA, Class A, 2.40%, 10/15/68 | | | |
Series 2021-CA, Class A, 1.06%, 10/15/69 | | | |
Series 2021-DA, Class C, 3.48%, 04/15/60 | | | |
Series 2021-DA, Class D, 4.00%, 04/15/60 | | | |
Series 2021-EA, Class A, 0.97%, 12/16/69 | | | |
Series 2023-A, Class A, 5.51%, 10/15/71 | | | |
Nelnet Student Loan Trust(b) | | | |
Series 2021-A, Class D, 4.93%, 04/20/62 | | | |
Series 2021-BA, Class B, 2.68%, 04/20/62 | | | |
Series 2021-CA, Class AFL, (1 mo. Term SOFR + 0.85%), 5.22%, 04/20/62(a) | | | |
Neuberger Berman Loan Advisers CLO Ltd.(a)(b) | | | |
Series 2019-34A, Class BR, (3-mo. CME Term SOFR + 1.75%), 6.37%, 01/20/35 | | | |
| | | |
Asset-Backed Securities (continued) |
Neuberger Berman Loan Advisers CLO Ltd.(a)(b) (continued) | | | |
Series 2019-35R, Class CR, (3-mo. CME Term SOFR + 2.30%), 6.92%, 01/19/33 | | | |
| | | |
Series 16-11R, Class B1R2, (3-mo. CME Term SOFR + 1.95%), 6.57%, 04/26/36 | | | |
Series 2015-9A, Class BR2, (3-mo. CME Term SOFR + 1.75%), 6.40%, 01/15/33 | | | |
Series 2017-13A, Class AR2, (3-mo. CME Term SOFR + 1.34%), 5.90%, 11/26/37 | | | |
Series 2024-38A, Class A, (3-mo. CME Term SOFR + 1.33%), 5.68%, 01/21/38 | | | |
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME Term SOFR + 3.31%), 7.97%, 07/15/34(a)(b) | | | |
Octagon Investment Partners XV Ltd., Series 2013-1A, Class A1RR, (3-mo. CME Term SOFR + 1.23%), 5.85%, 07/19/30(a)(b) | | | |
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 6.29%, 01/25/31(a)(b) | | | |
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class AAR3, (3-mo. CME Term SOFR + 1.26%), 5.78%, 02/14/31(a)(b) | | | |
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class DRR, (3-mo. CME Term SOFR + 3.01%), 7.64%, 01/22/30(a)(b) | | | |
OHA Credit Funding Ltd., Series 2019-4A, Class AR2, (3-mo. CME Term SOFR + 1.29%), 6.31%, 01/22/38(a)(b) | | | |
OZLM XXI Ltd., Series 2017-21A, Class C, (3-mo. CME Term SOFR + 2.93%), 7.55%, 01/20/31(a)(b) | | | |
Palmer Square CLO Ltd.(a)(b) | | | |
Series 2013-2A, Class A2R3, (3-mo. CME Term SOFR + 1.76%), 6.41%, 10/17/31 | | | |
Series 2015-2A, Class CR2, (3-mo. CME Term SOFR + 3.01%), 7.63%, 07/20/30 | | | |
Series 2020-3ARR, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 6.17%, 11/15/36 | | | |
Series 2020-3ARR, Class A2R2, (3-mo. CME Term SOFR + 2.30%), 6.82%, 11/15/36 | | | |
Series 2024-4A, Class B, (3-mo. CME Term SOFR + 1.65%), 5.98%, 01/15/38 | | | |
Palmer Square Loan Funding Ltd., Series 2021-3A, Class A1, (3-mo. CME Term SOFR + 1.06%), 5.68%, 07/20/29(a)(b) | | | |
Park Avenue Institutional Advisers CLO Ltd., Series 2017- 1A, Class DR, (3-mo. CME Term SOFR + 7.07%), 11.59%, 02/14/34(a)(b) | | | |
Prodigy Finance DAC, Series 2021-1A, Class C, (1 mo. Term SOFR + 3.86%), 8.20%, 07/25/51(a)(b) | | | |
Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3- mo. CME Term SOFR + 1.65%), 5.96%, 01/25/38(a)(b) | | | |
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 6.37%, 01/15/34(a)(b) | | | |
Rockford Tower CLO Ltd., Series 2021-3A, Class A1R, (3-mo. CME Term SOFR + 1.40%), 5.84%, 01/15/38(a)(b) | | | |
Romark CLO Ltd., Series 2017-1A, Class B, (3-mo. CME Term SOFR + 2.41%), 7.04%, 10/23/30(a)(b) | | | |
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-mo. CME Term SOFR + 1.21%), 5.83%, 10/26/34(a)(b) | | | |
182024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Asset-Backed Securities (continued) |
SMB Private Education Loan Trust(b) | | | |
Series 2019-A, Class A2A, 3.44%, 07/15/36 | | | |
Series 2019-B, Class A2A, 2.84%, 06/15/37 | | | |
Series 2021-A, Class A2B, 1.59%, 01/15/53 | | | |
Series 2021-A, Class B, 2.31%, 01/15/53 | | | |
Series 2021-C, Class C, 3.00%, 01/15/53 | | | |
Series 2021-C, Class D, 3.93%, 01/15/53 | | | |
Series 2021-D, Class A1A, 1.34%, 03/17/53 | | | |
Series 2022-C, Class A1A, 4.48%, 05/16/50 | | | |
Series 2023-B, Class A1B, (30-day Avg SOFR + 1.80%), 6.40%, 10/16/56(a) | | | |
Series 2023-C, Class A1A, 5.67%, 11/15/52 | | | |
| | | |
Series 2004-1, Class A, 2.36%, 04/15/29 | | | |
Series 2004-2, Class Note, 2.08%, 03/30/30(b) | | | |
Structured Asset Securities Corp. Pass-Through Certificates, Series 2002-AL1, Class A2, 3.45%, 02/25/32 | | | |
Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, 07/30/54(b) | | | |
Symphony CLO XXXII Ltd., Series 2022-32A, Class B, (3-mo. CME Term SOFR + 1.85%), 6.48%, 04/23/35(a)(b) | | | |
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR, (3-mo. CME Term SOFR + 1.19%), 5.85%, 07/15/30(a)(b) | | | |
| | | |
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR + 2.10%), 6.73%, 07/25/37 | | | |
Series 2017-1A, Class D1RR, (3-mo. CME Term SOFR + 3.15%), 7.78%, 07/25/37 | | | |
| | | |
Series 2019-2A, Class C, (3-mo. CME Term SOFR + 4.98%), 9.61%, 11/26/32 | | | |
Series 2021-2A, Class D1, (3-mo. CME Term SOFR + 3.51%), 8.14%, 10/25/34 | | | |
Series 2022-2A, Class D, (3-mo. CME Term SOFR + 6.12%), 10.74%, 01/20/36 | | | |
Series 2023-1, Class E, (3-mo. CME Term SOFR + 8.94%), 13.56%, 07/20/36 | | | |
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32(d) | | | |
| | | |
Series 2014-2A, Class A1RR, (3-mo. CME Term SOFR + 1.28%), 5.93%, 04/17/30 | | | |
Series 2017-2A, Class A2AR, (3-mo. CME Term SOFR + 1.91%), 6.57%, 06/07/30 | | | |
Series 2017-3A, Class A1R, (3-mo. CME Term SOFR + 1.30%), 5.92%, 04/20/34 | | | |
Series 2018-2A, Class A2, (3-mo. CME Term SOFR + 1.51%), 6.17%, 07/15/31 | | | |
Warwick Capital CLO Ltd., Series 2024-5A, Class A1, (3-mo. CME Term SOFR + 1.36%), 5.68%, 01/20/38(a)(b) | | | |
Whetstone Park CLO Ltd., Series 2021-1A, Class B1, (3-mo. CME Term SOFR + 1.86%), 6.48%, 01/20/35(a)(b) | | | |
Whitebox CLO I Ltd., Series 2019-1A, Class D1RR, (3- mo. CME Term SOFR + 3.10%), 7.73%, 07/24/36(a)(b) | | | |
| | | |
Asset-Backed Securities (continued) |
Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, (3- mo. CME Term SOFR + 2.90%), 7.46%, 10/24/37(a)(b) | | | |
Whitebox CLO III Ltd.(a)(b) | | | |
Series 2021-3A, Class DR, (3-mo. CME Term SOFR + 2.85%), 7.51%, 10/15/35 | | | |
Series 2021-3A, Class ER, (3-mo. CME Term SOFR + 5.65%), 10.31%, 10/15/35 | | | |
Total Asset-Backed Securities — 14.3%
(Cost: $80,080,314) | |
|
Advertising Agencies — 0.6% |
Clear Channel Outdoor Holdings, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
CMG Media Corp., 8.88%, 06/18/29(b) | | | |
Interpublic Group of Cos., Inc., 5.40%, 10/01/48(e) | | | |
Lamar Media Corp., 4.00%, 02/15/30 | | | |
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) | | | |
Outfront Media Capital LLC/Outfront Media Capital | | | |
| | | |
| | | |
| | | |
Stagwell Global LLC, 5.63%, 08/15/29(b) | | | |
| | | |
Aerospace & Defense — 2.9% |
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(b)(e) | | | |
General Electric Co., 6.15%, 08/07/37(e) | | | |
Goat Holdco LLC, 6.75%, 02/01/32(b) | | | |
L3Harris Technologies, Inc. | | | |
| | | |
| | | |
Lockheed Martin Corp., 3.80%, 03/01/45 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Spirit AeroSystems, Inc.(b) | | | |
| | | |
| | | |
Schedule of Investments19
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Aerospace & Defense (continued) |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Triumph Group, Inc., 9.00%, 03/15/28(b) | | | |
| | | |
Air Freight & Logistics — 0.0% |
Rand Parent LLC, 8.50%, 02/15/30(b) | | | |
Automobile Components — 0.5% |
Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49 | | | |
Clarios Global LP/Clarios U.S. Finance Co. | | | |
| | | |
| | | |
| | | |
Forvia SE, 3.75%, 06/15/28(d) | | | |
Goodyear Tire & Rubber Co., 5.63%, 04/30/33 | | | |
Mahle GmbH, 6.50%, 05/02/31(d) | | | |
Tenneco, Inc., 8.00%, 11/17/28(b) | | | |
| | | |
|
Asbury Automotive Group, Inc., 4.50%, 03/01/28 | | | |
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29(d) | | | |
| | | |
(13.00% PIK), 13.00%, 06/01/30 | | | |
(14.00% PIK), 14.00%, 06/01/31 | | | |
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b) | | | |
Ford Motor Co., 4.75%, 01/15/43 | | | |
General Motors Co., 6.25%, 10/02/43(e) | | | |
LCM Investments Holdings II LLC(b) | | | |
| | | |
| | | |
RCI Banque SA, (5-year EUR Swap + 2.85%), 2.63%, 02/18/30(a)(d) | | | |
| | | |
|
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36(a)(d) | | | |
Banca Monte dei Paschi di Siena SpA, (3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29(a)(d) | | | |
Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%), 5.00% | | | |
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26(d) | | | |
Bank of America Corp., (3-mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29(a)(e) | | | |
Barclays Bank PLC, 1.00%, 02/16/29(g) | | | |
Barclays PLC, (1-year CMT + 1.05%), 2.28%, 11/24/27(a)(e) | | | |
Citigroup, Inc., (1-day SOFR + 2.34%), 6.27%, 11/17/33(a)(e) | | | |
Deutsche Bank AG/New York, (1-day SOFR + 3.18%), 6.72%, 01/18/29(a)(e) | | | |
Freedom Mortgage Corp., 12.25%, 10/01/30(b) | | | |
Goldman Sachs Group, Inc., (3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29(a)(e) | | | |
HSBC Holdings PLC, 6.10%, 01/14/42 | | | |
| | | |
(1-day SOFR + 1.18%), 2.55%, 11/08/32 | | | |
(1-day SOFR + 1.62%), 5.34%, 01/23/35 | | | |
| | | |
|
JPMorgan Chase & Co.(a) (continued) | | | |
(1-day SOFR + 2.08%), 4.91%, 07/25/33 | | | |
(3-mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30 | | | |
(3-mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41 | | | |
| | | |
(1-day SOFR + 1.73%), 5.12%, 02/01/29(e) | | | |
(1-day SOFR + 1.73%), 5.47%, 01/18/35 | | | |
(1-day SOFR + 1.88%), 5.42%, 07/21/34 | | | |
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35(a)(d) | | | |
NatWest Group PLC, (1-year CMT + 2.27%), 5.52%, 09/30/28(a) | | | |
Standard Chartered PLC, (5-year USD ICE Swap + 1.97%), 4.87%, 03/15/33(a)(b) | | | |
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70%(a)(h) | | | |
UBS AG/Stamford CT, 5.00%, 07/09/27 | | | |
| | | |
(1-day SOFR + 1.78%), 5.50%, 01/23/35(e) | | | |
(1-day SOFR + 2.02%), 5.39%, 04/24/34 | | | |
(1-day SOFR + 2.53%), 3.07%, 04/30/41(e) | | | |
| | | |
|
Anheuser-Busch InBev Worldwide, Inc., 4.44%, 10/06/48(e) | | | |
Keurig Dr. Pepper, Inc., Series 31, 2.25%, 03/15/31 | | | |
| | | |
|
| | | |
| | | |
| | | |
| | | |
| | | |
Baxalta, Inc., 5.25%, 06/23/45 | | | |
| | | |
|
Amazon.com, Inc., 2.50%, 06/03/50 | | | |
| | | |
| | | |
| | | |
| | | |
Building Materials — 0.6% |
Builders FirstSource, Inc., 6.38%, 03/01/34(b) | | | |
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b)(e) | | | |
EMRLD Borrower LP/Emerald Co-Issuer, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
JELD-WEN, Inc., 7.00%, 09/01/32(b) | | | |
New Enterprise Stone & Lime Co., Inc.(b) | | | |
| | | |
| | | |
Smyrna Ready Mix Concrete LLC(b) | | | |
| | | |
| | | |
Standard Building Solutions, Inc., 6.50%, 08/15/32(b) | | | |
Standard Industries, Inc.(b) | | | |
| | | |
| | | |
| | | |
202024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Building Materials (continued) |
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/31(b)(e) | | | |
Wilsonart LLC, 11.00%, 08/15/32(b) | | | |
| | | |
|
Beacon Roofing Supply, Inc., 6.50%, 08/01/30(b) | | | |
GYP Holdings III Corp., 4.63%, 05/01/29(b) | | | |
Home Depot, Inc., 5.88%, 12/16/36(e) | | | |
| | | |
| | | |
| | | |
| | | |
White Cap Buyer LLC, 6.88%, 10/15/28(b) | | | |
| | | |
|
Apollo Debt Solutions BDC(b) | | | |
| | | |
| | | |
Blackstone Private Credit Fund | | | |
| | | |
| | | |
| | | |
Blue Owl Capital Corp. II, 8.45%, 11/15/26 | | | |
Blue Owl Credit Income Corp. | | | |
| | | |
| | | |
| | | |
Focus Financial Partners LLC, 6.75%, 09/15/31(b) | | | |
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34(b)(e) | | | |
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27(b) | | | |
HPS Corporate Lending Fund, 6.75%, 01/30/29(b) | | | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | | | |
| | | |
| | | |
| | | |
| | | |
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(g) | | | |
| | | |
|
Avient Corp., 6.25%, 11/01/31(b) | | | |
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b) | | | |
Axalta Coating Systems LLC, 3.38%, 02/15/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Element Solutions, Inc., 3.88%, 09/01/28(b) | | | |
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(d) | | | |
HB Fuller Co., 4.25%, 10/15/28 | | | |
Herens Holdco SARL, 4.75%, 05/15/28(b) | | | |
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b)(e) | | | |
INEOS Quattro Finance 2 PLC(d) | | | |
| | | |
| | | |
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(b)(f) | | | |
| | | |
|
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(b) | | | |
Mativ Holdings, Inc., 8.00%, 10/01/29(b) | | | |
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b) | | | |
Olympus Water U.S. Holding Corp. | | | |
| | | |
| | | |
| | | |
Sasol Financing USA LLC, 6.50%, 09/27/28 | | | |
Sherwin-Williams Co., 3.80%, 08/15/49 | | | |
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Commercial Services & Supplies — 2.5% |
ADT Security Corp., 4.88%, 07/15/32(b) | | | |
Allied Universal Holdco LLC, 7.88%, 02/15/31(b) | | | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29(b)(e) | | | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | | | |
| | | |
| | | |
APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), 7.37%, 04/15/31(a)(d) | | | |
BCP V Modular Services Finance II PLC, 4.75%, 11/30/28(d) | | | |
Belron UK Finance PLC, 5.75%, 10/15/29(b) | | | |
Boels Topholding BV, 5.75%, 05/15/30(d) | | | |
Boost Newco Borrower LLC, 7.50%, 01/15/31(b) | | | |
| | | |
| | | |
| | | |
Cimpress PLC, 7.38%, 09/15/32(b) | | | |
Deluxe Corp., 8.13%, 09/15/29(b) | | | |
EquipmentShare.com, Inc., 8.00%, 03/15/33(b) | | | |
Fortress Transportation and Infrastructure Investors | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Garda World Security Corp.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Hertz Corp., 12.63%, 07/15/29(b) | | | |
ITR Concession Co. LLC, 4.20%, 07/15/25(b)(e) | | | |
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29(b) | | | |
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(b)(e) | | | |
Q-Park Holding I BV, 5.13%, 02/15/30(d) | | | |
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b) | | | |
RR Donnelley & Sons Co., 9.50%, 08/01/29(b) | | | |
Service Corp. International | | | |
| | | |
| | | |
Schedule of Investments21
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Commercial Services & Supplies (continued) |
Service Corp. International (continued) | | | |
| | | |
Sotheby’ s, 7.38%, 10/15/27(b)(e) | | | |
Techem Verwaltungsgesellschaft 674 GmbH, 6.00%, 07/30/26(d) | | | |
Techem Verwaltungsgesellschaft 675 GmbH, 5.38%, 07/15/29(d) | | | |
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b) | | | |
Trustees of Columbia University in the City of New York, Series 2024, 4.36%, 10/01/35 | | | |
Verisure Holding AB, 9.25%, 10/15/27(d) | | | |
Veritiv Operating Co., 10.50%, 11/30/30(b) | | | |
Wand NewCo 3, Inc., 7.63%, 01/30/32(b) | | | |
Williams Scotsman, Inc.(b) | | | |
| | | |
| | | |
| | | |
Construction & Engineering — 0.3% |
| | | |
| | | |
| | | |
Brand Industrial Services, Inc., 10.38%, 08/01/30(b) | | | |
Cellnex Telecom SA, Series CLNX, 2.13%, 08/11/30(d) | | | |
GMR Hyderabad International Airport Ltd., 4.25%, 10/27/27 | | | |
| | | |
|
| | | |
| | | |
| | | |
| | | |
Bread Financial Holdings, Inc., 9.75%, 03/15/29(b) | | | |
Capital One Financial Corp., (1-day SOFR + 2.60%), 5.82%, 02/01/34(a) | | | |
FMR LLC, 4.95%, 02/01/33(b)(e) | | | |
Global Payments, Inc., 1.50%, 03/01/31(b)(g) | | | |
Moody’s Corp., 2.75%, 08/19/41 | | | |
Navient Corp., 9.38%, 07/25/30 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Raymond James Financial, Inc., 4.95%, 07/15/46 | | | |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32(b) | | | |
Shift4 Payments, Inc., 0.00%, 12/15/25(g)(i) | | | |
| | | |
Consumer Staples Distribution & Retail — 0.0% |
B&M European Value Retail SA, 6.50%, 11/27/31(d) | | | |
Containers & Packaging — 0.8% |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29(b)(e) | | | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | | | |
| | | |
| | | |
Containers & Packaging (continued) |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (continued) | | | |
| | | |
Clydesdale Acquisition Holdings, Inc.(b) | | | |
| | | |
| | | |
| | | |
Fiber Bidco SpA, 6.13%, 06/15/31(d) | | | |
| | | |
| | | |
| | | |
| | | |
Mauser Packaging Solutions Holding Co.(b) | | | |
| | | |
| | | |
OI European Group BV, 6.25%, 05/15/28(b) | | | |
Owens-Brockway Glass Container, Inc.(b) | | | |
| | | |
| | | |
Sealed Air Corp., 5.00%, 04/15/29(b) | | | |
Trident TPI Holdings, Inc., 12.75%, 12/31/28(b) | | | |
| | | |
|
American Tower Corp., 2.90%, 01/15/30(e) | | | |
| | | |
| | | |
| | | |
| | | |
Digital Realty Trust LP, 1.88%, 11/15/29(b)(g) | | | |
Equinix, Inc., 2.50%, 05/15/31 | | | |
ERP Operating LP, 4.50%, 07/01/44 | | | |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Prologis LP, 4.63%, 01/15/33(e) | | | |
SBA Communications Corp., 3.13%, 02/01/29(e) | | | |
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) | | | |
| | | |
Diversified Telecommunication Services — 4.5% |
Altice Financing SA, 5.75%, 08/15/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Bell Telephone Co. of Canada or Bell Canada, 4.30%, 07/29/49 | | | |
CommScope LLC, 4.75%, 09/01/29(b) | | | |
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(b) | | | |
Corning, Inc., 4.38%, 11/15/57 | | | |
222024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Diversified Telecommunication Services (continued) |
| | | |
(6.75% PIK), 6.75%, 11/30/30(f) | | | |
| | | |
Frontier Communications Holdings LLC | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(d) | | | |
Kenbourne Invest SA, 6.88%, 11/26/24(b)(j)(k) | | | |
Level 3 Financing, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Lorca Telecom Bondco SA, 5.75%, 04/30/29(d) | | | |
Lumen Technologies, Inc.(b) | | | |
| | | |
| | | |
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%(a)(d)(h) | | | |
| | | |
| | | |
| | | |
Rogers Communications, Inc., 7.50%, 08/15/38(e) | | | |
Sable International Finance Ltd., 7.13%, 10/15/32(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Verizon Communications, Inc., 3.85%, 11/01/42(e) | | | |
Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/31(d) | | | |
Vodafone Group PLC, 4.88%, 06/19/49 | | | |
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(b) | | | |
Zayo Group Holdings, Inc.(b) | | | |
| | | |
| | | |
Zegona Finance PLC, 6.75%, 07/15/29(d) | | | |
| | | |
Electric Utilities — 4.9% |
Alpha Generation LLC, 6.75%, 10/15/32(b) | | | |
American Electric Power Co., Inc., 5.63%, 03/01/33(e) | | | |
Baltimore Gas and Electric Co. | | | |
| | | |
| | | |
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Electric Utilities (continued) |
Calpine Corp.(b) (continued) | | | |
| | | |
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/01/32 | | | |
Clearway Energy Operating LLC, 4.75%, 03/15/28(b) | | | |
Cleveland Electric Illuminating Co., 5.95%, 12/15/36 | | | |
Duke Energy Carolinas LLC, 6.10%, 06/01/37 | | | |
Duke Energy Florida LLC, 5.65%, 04/01/40 | | | |
E.ON International Finance BV, 6.65%, 04/30/38(b) | | | |
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(h) | | | |
Electricite de France SA, 5.60%, 01/27/40(b) | | | |
Eversource Energy, 2.55%, 03/15/31 | | | |
Lightning Power LLC, 7.25%, 08/15/32(b) | | | |
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 | | | |
NextEra Energy Operating Partners LP(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Oncor Electric Delivery Co. LLC | | | |
| | | |
| | | |
Pike Corp., 8.63%, 01/31/31(b) | | | |
Public Power Corp. SA, 4.63%, 10/31/31(d) | | | |
San Diego Gas & Electric Co. | | | |
| | | |
Series VVV, 1.70%, 10/01/30 | | | |
Southern California Edison Co., Series 05-E, 5.35%, 07/15/35 | | | |
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(d) | | | |
Virginia Electric and Power Co., 6.35%, 11/30/37(e) | | | |
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(b)(h) | | | |
Vistra Operations Co. LLC(b) | | | |
| | | |
| | | |
| | | |
Electronic Equipment, Instruments & Components — 0.1% |
Coherent Corp., 5.00%, 12/15/29(b)(e) | | | |
Imola Merger Corp., 4.75%, 05/15/29(b) | | | |
Nexans SA, 4.25%, 03/11/30(d) | | | |
WESCO Distribution, Inc., 6.63%, 03/15/32(b) | | | |
Zebra Technologies Corp., 6.50%, 06/01/32(b) | | | |
| | | |
Energy Equipment & Services — 0.3% |
Archrock Partners LP/Archrock Partners Finance Corp.(b) | | | |
| | | |
| | | |
Halliburton Co., 4.75%, 08/01/43 | | | |
Kodiak Gas Services LLC, 7.25%, 02/15/29(b) | | | |
Oceaneering International, Inc., 6.00%, 02/01/28 | | | |
Star Holding LLC, 8.75%, 08/01/31(b) | | | |
USA Compression Partners LP/USA Compression Finance Corp., 7.13%, 03/15/29(b) | | | |
Weatherford International Ltd., 8.63%, 04/30/30(b) | | | |
| | | |
Schedule of Investments23
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
|
Boyne USA, Inc., 4.75%, 05/15/29(b) | | | |
Caesars Entertainment, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Cinemark USA, Inc., 7.00%, 08/01/32(b) | | | |
Great Canadian Gaming Corp., 8.75%, 11/15/29(b) | | | |
Light & Wonder International, Inc.(b) | | | |
| | | |
| | | |
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29(b) | | | |
Lottomatica Group SpA, (3-mo. EURIBOR + 4.00%), 6.94%, 12/15/30(a)(d) | | | |
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31(b) | | | |
Pinewood Finco PLC, 6.00%, 03/27/30(d) | | | |
Premier Entertainment Sub LLC/Premier Entertainment | | | |
| | | |
| | | |
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30(b) | | | |
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32(b) | | | |
Vail Resorts, Inc., 6.50%, 05/15/32(b) | | | |
Wynn Resorts Finance LLC/Wynn Resorts Capital | | | |
| | | |
| | | |
| | | |
| | | |
Environmental, Maintenance & Security Service — 0.4% |
Clean Harbors, Inc., 6.38%, 02/01/31(b) | | | |
GFL Environmental, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Waste Management, Inc., 2.95%, 06/01/41 | | | |
Waste Pro USA, Inc., 5.50%, 02/15/26(b) | | | |
Wrangler Holdco Corp., 6.63%, 04/01/32(b) | | | |
| | | |
Financial Services — 0.6% |
Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, 01/17/40(a) | | | |
Azorra Finance Ltd., 7.75%, 04/15/30(b) | | | |
Enact Holdings, Inc., 6.25%, 05/28/29 | | | |
Freedom Mortgage Holdings LLC(b) | | | |
| | | |
| | | |
Financial Services (continued) |
Freedom Mortgage Holdings LLC(b) (continued) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b) | | | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(b) | | | |
Macquarie Airfinance Holdings Ltd.(b) | | | |
| | | |
| | | |
Nationstar Mortgage Holdings, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
PennyMac Financial Services, Inc.(b) | | | |
| | | |
| | | |
PHH Escrow Issuer LLC, 9.88%, 11/01/29(b) | | | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b) | | | |
| | | |
| | | |
| | | |
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, 01/14/31(f) | | | |
UWM Holdings LLC, 6.63%, 02/01/30(b) | | | |
| | | |
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Aramark International Finance SARL, 3.13%, 04/01/25(d) | | | |
Aramark Services, Inc., 5.00%, 02/01/28(b) | | | |
B&G Foods, Inc., 8.00%, 09/15/28(b) | | | |
Bellis Acquisition Co. PLC, 8.13%, 05/14/30(d) | | | |
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(b)(f) | | | |
Chobani LLC/Chobani Finance Corp., Inc.(b) | | | |
| | | |
| | | |
Darling Global Finance BV, 3.63%, 05/15/26(d) | | | |
Fiesta Purchaser, Inc.(b) | | | |
| | | |
| | | |
Irca SpA, (3-mo. EURIBOR + 3.75%), 6.63%, 12/15/29(a)(d) | | | |
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29(b) | | | |
| | | |
| | | |
| | | |
242024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Food Products (continued) |
Lamb Weston Holdings, Inc.(b) | | | |
| | | |
| | | |
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 6.30%, 07/01/29(a)(d) | | | |
Performance Food Group, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
United Natural Foods, Inc., 6.75%, 10/15/28(b) | | | |
| | | |
|
KeySpan Gas East Corp., 5.82%, 04/01/41(b) | | | |
NiSource, Inc., 1.70%, 02/15/31 | | | |
Piedmont Natural Gas Co., Inc., 5.10%, 02/15/35(e) | | | |
| | | |
Ground Transportation — 1.2% |
Burlington Northern Santa Fe LLC, 5.05%, 03/01/41(e) | | | |
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b) | | | |
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b) | | | |
Norfolk Southern Corp., 5.05%, 08/01/30 | | | |
| | | |
| | | |
| | | |
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32(b) | | | |
| | | |
Health Care Equipment & Supplies — 0.6% |
| | | |
| | | |
| | | |
| | | |
Bausch & Lomb Corp., 8.38%, 10/01/28(b) | | | |
| | | |
| | | |
| | | |
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29(b) | | | |
Neogen Food Safety Corp., 8.63%, 07/20/30(b) | | | |
Sotera Health Holdings LLC, 7.38%, 06/01/31(b) | | | |
Thermo Fisher Scientific, Inc. | | | |
| | | |
| | | |
| | | |
Health Care Providers & Services — 1.9% |
Aetna, Inc., 4.50%, 05/15/42 | | | |
AHP Health Partners, Inc., 5.75%, 07/15/29(b) | | | |
CHS/Community Health Systems, Inc.(b)(e) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Health Care Providers & Services (continued) |
CHS/Community Health Systems, Inc.(b)(e) (continued) | | | |
| | | |
Concentra Escrow Issuer Corp., 6.88%, 07/15/32(b) | | | |
DaVita, Inc., 6.88%, 09/01/32(b) | | | |
Elevance Health, Inc., 4.65%, 08/15/44 | | | |
Encompass Health Corp., 4.75%, 02/01/30 | | | |
Fortrea Holdings, Inc., 7.50%, 07/01/30(b) | | | |
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b) | | | |
HCA, Inc., 5.50%, 06/15/47 | | | |
HealthEquity, Inc., 4.50%, 10/01/29(b) | | | |
LifePoint Health, Inc.(b)(e) | | | |
| | | |
| | | |
| | | |
Molina Healthcare, Inc.(b) | | | |
| | | |
| | | |
| | | |
Northwell Healthcare, Inc., 4.26%, 11/01/47 | | | |
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b) | | | |
Star Parent, Inc., 9.00%, 10/01/30(b) | | | |
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)(e) | | | |
Tenet Healthcare Corp., 6.75%, 05/15/31 | | | |
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
Alexandria Real Estate Equities, Inc. | | | |
| | | |
| | | |
MPT Operating Partnership LP/MPT Finance Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Ventas Realty LP, 3.25%, 10/15/26 | | | |
| | | |
Hotel & Resort REITs — 0.3% |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b) | | | |
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(b) | | | |
RHP Hotel Properties LP/RHP Finance Corp.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
XHR LP, 6.63%, 05/15/30(b) | | | |
| | | |
Hotels, Restaurants & Leisure — 1.5% |
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29(b) | | | |
Burger King (Restaurant Brands International, Inc.)/New | | | |
| | | |
| | | |
Schedule of Investments25
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Hotels, Restaurants & Leisure (continued) |
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc.(b) (continued) | | | |
| | | |
Carnival Corp., 6.00%, 05/01/29(b) | | | |
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(b) | | | |
Corvias Campus Living - USG LLC, 5.30%, 07/01/50(c) | | | |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/29(b) | | | |
Hilton Domestic Operating Co., Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b) | | | |
Lindblad Expeditions LLC, 6.75%, 02/15/27(b) | | | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) | | | |
Melco Resorts Finance Ltd.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
MGM Resorts International, 6.13%, 09/15/29 | | | |
| | | |
| | | |
| | | |
| | | |
NCL Finance Ltd., 6.13%, 03/15/28(b) | | | |
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b) | | | |
Royal Caribbean Cruises Ltd.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Studio City Co. Ltd., 7.00%, 02/15/27(d) | | | |
| | | |
| | | |
| | | |
| | | |
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
Household Durables — 0.2% |
Beazer Homes USA, Inc., 7.50%, 03/15/31(b) | | | |
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/29(b) | | | |
Dream Finders Homes, Inc., 8.25%, 08/15/28(b) | | | |
Empire Communities Corp., 9.75%, 05/01/29(b) | | | |
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b) | | | |
| | | |
| | | |
| | | |
Household Durables (continued) |
LGI Homes, Inc.(b) (continued) | | | |
| | | |
Meritage Homes Corp., 1.75%, 05/15/28(b)(g) | | | |
| | | |
| | | |
| | | |
STL Holding Co. LLC, 8.75%, 02/15/29(b) | | | |
Tempur Sealy International, Inc., 3.88%, 10/15/31(b) | | | |
| | | |
Household Products — 0.0% |
Central Garden & Pet Co., 5.13%, 02/01/28 | | | |
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b) | | | |
Spectrum Brands, Inc., 3.38%, 06/01/29(b)(g) | | | |
| | | |
Independent Power and Renewable Electricity Producers — 0.1% |
Greenko Dutch BV, 3.85%, 03/29/26(d) | | | |
Greenko Solar Mauritius Ltd., 5.95%, 07/29/26(d) | | | |
India Cleantech Energy, 4.70%, 08/10/26(b) | | | |
| | | |
(4.00% Cash and 4.00% PIK), 8.00%, 12/31/28 | | | |
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32 | | | |
| | | |
Industrial Conglomerates — 0.1% |
Eaton Corp., 4.15%, 11/02/42 | | | |
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co- | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
AmWINS Group, Inc., 6.38%, 02/15/29(b) | | | |
Aon Global Ltd., 4.60%, 06/14/44 | | | |
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29(b) | | | |
| | | |
| | | |
| | | |
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(b) | | | |
AssuredPartners, Inc., 7.50%, 02/15/32(b) | | | |
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42(e) | | | |
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC(b) | | | |
| | | |
| | | |
HUB International Ltd.(b) | | | |
| | | |
| | | |
Jones Deslauriers Insurance Management, Inc.(b) | | | |
| | | |
| | | |
Liberty Mutual Group, Inc., 6.50%, 05/01/42(b) | | | |
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33(e) | | | |
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b) | | | |
Progressive Corp., 3.00%, 03/15/32 | | | |
262024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
|
Prudential Financial, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Teachers Insurance & Annuity Association of America, 4.27%, 05/15/47(b) | | | |
USI, Inc./New York, 7.50%, 01/15/32(b)(e) | | | |
| | | |
Interactive Media & Services(d) — 0.0% |
| | | |
| | | |
| | | |
| | | |
Internet Software & Services — 0.2% |
Acuris Finance U.S., Inc./Acuris Finance SARL(b) | | | |
| | | |
| | | |
Cablevision Lightpath LLC(b) | | | |
| | | |
| | | |
Match Group Holdings II LLC(b) | | | |
| | | |
| | | |
Uber Technologies, Inc.(g) | | | |
| | | |
Series 2028, 0.88%, 12/01/28 | | | |
| | | |
|
Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30(d) | | | |
Amentum Holdings, Inc., 7.25%, 08/01/32(b) | | | |
CA Magnum Holdings, 5.38%, 10/31/26(b) | | | |
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b) | | | |
Insight Enterprises, Inc., 6.63%, 05/15/32(b) | | | |
International Business Machines Corp. | | | |
| | | |
| | | |
| | | |
McAfee Corp., 7.38%, 02/15/30(b)(e) | | | |
| | | |
|
Chart Industries, Inc.(b) | | | |
| | | |
| | | |
Esab Corp., 6.25%, 04/15/29(b) | | | |
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b) | | | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29(b) | | | |
John Deere Capital Corp., 4.40%, 09/08/31 | | | |
Manitowoc Co., Inc., 9.25%, 10/01/31(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
TK Elevator Midco GmbH, 4.38%, 07/15/27(d) | | | |
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b) | | | |
Vertiv Group Corp., 4.13%, 11/15/28(b) | | | |
| | | |
Marine Transportation — 0.0% |
Danaos Corp., 8.50%, 03/01/28(b) | | | |
|
| | | |
| | | |
| | | |
| | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b) | | | |
Discovery Communications LLC, 3.45%, 03/15/25 | | | |
| | | |
| | | |
| | | |
DISH Network Corp., 11.75%, 11/15/27(b) | | | |
Gray Television, Inc., 10.50%, 07/15/29(b) | | | |
Midcontinent Communications, 8.00%, 08/15/32(b) | | | |
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(b) | | | |
| | | |
| | | |
| | | |
TCI Communications, Inc., 7.88%, 02/15/26 | | | |
Univision Communications, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
VZ Secured Financing BV, 3.50%, 01/15/32(d) | | | |
| | | |
| | | |
Schedule of Investments27
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
|
Walt Disney Co. (continued) | | | |
| | | |
Ziggo BV, 4.88%, 01/15/30(b) | | | |
| | | |
|
ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28(d) | | | |
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b) | | | |
Arsenal AIC Parent LLC(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) | | | |
Carpenter Technology Corp., 7.63%, 03/15/30 | | | |
Cleveland-Cliffs, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(d) | | | |
Rio Tinto Finance USA PLC, 4.13%, 08/21/42 | | | |
| | | |
(9.00% PIK), 9.00%, 06/30/31(d) | | | |
(9.00% PIK), 9.00%, 06/30/31(b) | | | |
Vale Overseas Ltd., 6.40%, 06/28/54 | | | |
Volcan Cia Minera SAA, 8.75%, 01/24/30(b) | | | |
| | | |
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1% |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | | | |
| | | |
| | | |
Starwood Property Trust, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
Oil, Gas & Consumable Fuels — 6.8% |
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(b) | | | |
Antero Midstream Partners LP/Antero Midstream | | | |
| | | |
| | | |
Ascent Resources Utica Holdings LLC/ARU Finance | | | |
| | | |
| | | |
| | | |
| | | |
Oil, Gas & Consumable Fuels (continued) |
Baytex Energy Corp., 8.50%, 04/30/30(b) | | | |
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b) | | | |
| | | |
| | | |
Borr IHC Ltd./Borr Finance LLC, 10.38%, 11/15/30(b) | | | |
BP Capital Markets America, Inc., 2.72%, 01/12/32 | | | |
| | | |
| | | |
| | | |
| | | |
Burlington Resources LLC, 5.95%, 10/15/36 | | | |
CITGO Petroleum Corp., 8.38%, 01/15/29(b) | | | |
Civitas Resources, Inc.(b) | | | |
| | | |
| | | |
| | | |
CNX Midstream Partners LP, 4.75%, 04/15/30(b) | | | |
Comstock Resources, Inc.(b) | | | |
| | | |
| | | |
| | | |
ConocoPhillips Co., 3.76%, 03/15/42 | | | |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) | | | |
Crescent Energy Finance LLC(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(b) | | | |
DT Midstream, Inc., 4.38%, 06/15/31(b) | | | |
Ecopetrol SA, 8.88%, 01/13/33 | | | |
eG Global Finance PLC, 12.00%, 11/30/28(b) | | | |
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(b) | | | |
| | | |
| | | |
(5-year CMT + 4.02%), 8.00%, 05/15/54(a) | | | |
Series H, (5-year CMT + 5.69%), 6.50%(a)(e)(h) | | | |
Enterprise Products Operating LLC, 6.13%, 10/15/39 | | | |
EOG Resources, Inc., 5.10%, 01/15/36 | | | |
EQM Midstream Partners LP(b) | | | |
| | | |
| | | |
| | | |
Genesis Energy LP/Genesis Energy Finance Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b) | | | |
Harvest Midstream I LP, 7.50%, 05/15/32(b) | | | |
Hess Corp., 4.30%, 04/01/27 | | | |
Hess Midstream Operations LP, 6.50%, 06/01/29(b) | | | |
Hilcorp Energy I LP/Hilcorp Finance Co.(b) | | | |
| | | |
| | | |
| | | |
| | | |
282024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Oil, Gas & Consumable Fuels (continued) |
Hilcorp Energy I LP/Hilcorp Finance Co.(b) (continued) | | | |
| | | |
| | | |
Howard Midstream Energy Partners LLC(b) | | | |
| | | |
| | | |
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(d) | | | |
Impulsora Pipeline LLC, 6.05%, 01/01/43(c) | | | |
ITT Holdings LLC, 6.50%, 08/01/29(b)(e) | | | |
Kinder Morgan, Inc., 5.05%, 02/15/46 | | | |
| | | |
| | | |
| | | |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(b) | | | |
Marathon Petroleum Corp., 6.50%, 03/01/41(e) | | | |
| | | |
| | | |
| | | |
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26(d) | | | |
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/31(b) | | | |
| | | |
| | | |
| | | |
Murphy Oil Corp., 5.88%, 12/01/42 | | | |
Nabors Industries Ltd., 7.50%, 01/15/28(b)(e) | | | |
Nabors Industries, Inc.(b) | | | |
| | | |
| | | |
| | | |
NFE Financing LLC, 12.00%, 11/15/29(b) | | | |
NGL Energy Operating LLC/NGL Energy Finance | | | |
| | | |
| | | |
Noble Finance II LLC, 8.00%, 04/15/30(b) | | | |
| | | |
| | | |
| | | |
| | | |
Northriver Midstream Finance LP, 6.75%, 07/15/32(b) | | | |
Parkland Corp., 6.63%, 08/15/32(b) | | | |
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(b) | | | |
Permian Resources Operating LLC(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Prairie Acquiror LP, 9.00%, 08/01/29(b) | | | |
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b) | | | |
Sabine Pass Liquefaction LLC, 5.00%, 03/15/27 | | | |
| | | |
Oil, Gas & Consumable Fuels (continued) |
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b) | | | |
| | | |
| | | |
| | | |
Summit Midstream Holdings LLC, 8.63%, 10/31/29(b) | | | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance | | | |
| | | |
| | | |
| | | |
| | | |
Talos Production, Inc.(b) | | | |
| | | |
| | | |
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b) | | | |
TransCanada PipeLines Ltd., 5.60%, 03/31/34 | | | |
Transocean Aquila Ltd., 8.00%, 09/30/28(b) | | | |
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Valaris Ltd., 8.38%, 04/30/30(b) | | | |
Venture Global Calcasieu Pass LLC(b) | | | |
| | | |
| | | |
| | | |
Venture Global LNG, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
Vermilion Energy, Inc., 6.88%, 05/01/30(b) | | | |
Vista Energy Argentina SAU, 7.63%, 12/10/35(b) | | | |
| | | |
| | | |
| | | |
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b) | | | |
| | | |
Paper & Forest Products — 0.2% |
International Paper Co., 6.00%, 11/15/41 | | | |
Magnera Corp., 7.25%, 11/15/31(b) | | | |
| | | |
Passenger Airlines — 0.8% |
American Airlines Pass-Through Trust | | | |
Series 2015-2, Class A, 4.00%, 03/22/29 | | | |
Series 2015-2, Class AA, 3.60%, 03/22/29 | | | |
American Airlines, Inc., 8.50%, 05/15/29(b)(e) | | | |
OneSky Flight LLC, 8.88%, 12/15/29(b) | | | |
United Airlines Pass-Through Trust, Series 2023-1, Class A, 4.30%, 02/15/27 | | | |
United Airlines, Inc., 4.63%, 04/15/29(b)(e) | | | |
| | | |
Personal Care Products — 0.0% |
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 | | | |
|
1375209 BC Ltd., 9.00%, 01/30/28(b) | | | |
| | | |
| | | |
Schedule of Investments29
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Pharmaceuticals (continued) |
| | | |
| | | |
| | | |
Bausch Health Cos., Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
CVS Health Corp., 6.00%, 06/01/44 | | | |
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)(e) | | | |
Grifols SA, 2.25%, 11/15/27(d) | | | |
Gruenenthal GmbH, 4.63%, 11/15/31(d) | | | |
Nidda Healthcare Holding GmbH, 7.00%, 02/21/30(d) | | | |
Option Care Health, Inc., 4.38%, 10/31/29(b) | | | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/34(b) | | | |
Rossini SARL, (3-mo. EURIBOR + 3.88%), 6.56%, 12/31/29(a)(d) | | | |
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 | | | |
Teva Pharmaceutical Finance Netherlands II BV, 7.38%, 09/15/29 | | | |
Teva Pharmaceutical Finance Netherlands III BV | | | |
| | | |
| | | |
| | | |
| | | |
Real Estate Management & Development — 0.3% |
| | | |
Series 1.5L, (14.00% PIK), 14.00%, 12/31/29 | | | |
Series 1L, (12.50% PIK), 12.50%, 12/31/28 | | | |
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. | | | |
| | | |
Series AI, 7.00%, 04/15/30 | | | |
CoreLogic, Inc., 4.50%, 05/01/28(b) | | | |
Cushman & Wakefield U.S. Borrower, LLC, 8.88%, 09/01/31(b) | | | |
Fantasia Holdings Group Co. Ltd.(d)(j)(k) | | | |
| | | |
| | | |
| | | |
| | | |
i-595 Express LLC, 3.31%, 12/31/31(c) | | | |
Vivion Investments SARL, Series DEC, (6.50% PIK), 6.50%, 08/31/28(d)(f) | | | |
| | | |
|
Simon Property Group LP, 6.75%, 02/01/40(e) | | | |
Semiconductors & Semiconductor Equipment — 1.3% |
| | | |
| | | |
| | | |
Entegris, Inc., 4.75%, 04/15/29(b) | | | |
Foundry JV Holdco LLC, 6.40%, 01/25/38(b) | | | |
| | | |
| | | |
| | | |
Semiconductors & Semiconductor Equipment (continued) |
| | | |
| | | |
KLA Corp., 5.00%, 03/15/49 | | | |
| | | |
| | | |
| | | |
| | | |
|
AthenaHealth Group, Inc., 6.50%, 02/15/30(b) | | | |
Camelot Finance SA, 4.50%, 11/01/26(b) | | | |
Capstone Borrower, Inc., 8.00%, 06/15/30(b) | | | |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(b) | | | |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b) | | | |
Clarivate Science Holdings Corp.(b)(e) | | | |
| | | |
| | | |
Cloud Software Group, Inc.(b) | | | |
| | | |
| | | |
| | | |
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)(e) | | | |
Ellucian Holdings, Inc., 6.50%, 12/01/29(b) | | | |
Fair Isaac Corp., 4.00%, 06/15/28(b) | | | |
Fidelity National Information Services, Inc., 4.50%, 08/15/46 | | | |
Fiserv, Inc., 4.40%, 07/01/49(e) | | | |
Microsoft Corp., 2.53%, 06/01/50(e) | | | |
| | | |
| | | |
| | | |
| | | |
Playtika Holding Corp., 4.25%, 03/15/29(b) | | | |
SS&C Technologies, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
UKG, Inc., 6.88%, 02/01/31(b) | | | |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b) | | | |
| | | |
|
Afflelou SAS, 6.00%, 07/25/29(d) | | | |
Bubbles Bidco SpA, (3-mo. EURIBOR + 4.25%), 6.93%, 09/30/31(a)(d) | | | |
Fressnapf Holding SE, 5.25%, 10/31/31(d) | | | |
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29(b) | | | |
Staples, Inc., 10.75%, 09/01/29(b) | | | |
| | | |
Technology Hardware, Storage & Peripherals — 0.2% |
Apple, Inc., 4.38%, 05/13/45 | | | |
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b) | | | |
NCR Atleos Corp., 9.50%, 04/01/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
302024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Textiles, Apparel & Luxury Goods(b) — 0.0% |
Hanesbrands, Inc., 9.00%, 02/15/31 | | | |
Levi Strauss & Co., 3.50%, 03/01/31 | | | |
S&S Holdings LLC, 8.38%, 10/01/31 | | | |
| | | |
|
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Reynolds American, Inc., 7.00%, 08/04/41 | | | |
| | | |
Trading Companies & Distributors(b) — 0.1% |
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 | | | |
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 | | | |
Gates Corp., 6.88%, 07/01/29 | | | |
| | | |
| | | |
| | | |
| | | |
Transportation Infrastructure — 0.2% |
Edge Finco PLC, 8.13%, 08/15/31(d) | | | |
FedEx Corp., 4.10%, 02/01/45 | | | |
GN Bondco LLC, 9.50%, 10/15/31(b)(e) | | | |
| | | |
|
American Water Capital Corp., 4.45%, 06/01/32 | | | |
Total Corporate Bonds — 65.2%
(Cost: $370,081,220) | |
Fixed Rate Loan Interests |
Advertising Agencies — 0.1% |
Clear Channel International BV, 2024 CCIBV Fixed Term Loan, 7.50%, 04/01/27(c) | | | |
Diversified Consumer Services — 0.0% |
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/18/27(c) | | | |
|
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 11/01/31(c) | | | |
|
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | | | |
Total Fixed Rate Loan Interests — 0.6%
(Cost: $3,272,680) | |
| | | |
Floating Rate Loan Interests(a) |
Advertising Agencies — 0.1% |
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.47%, 08/23/28 | | | |
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3- mo. CME Term SOFR + 5.10%), 9.76%, 04/11/29 | | | |
| | | |
Aerospace & Defense — 0.1% |
Azorra Soar TLB Finance Ltd, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 10/18/29 | | | |
Barnes Group, Inc., 2024 Term Loan B, 12/10/31(l) | | | |
Dynasty Acquisition Co., Inc. | | | |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 | | | |
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 | | | |
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 11/21/31 | | | |
| | | |
Building Materials — 0.1% |
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.71%, 11/03/28 | | | |
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.90%, 05/15/31 | | | |
EMRLD Borrower LP, 2024 Term Loan B, 08/04/31(l) | | | |
| | | |
Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.65%, 07/23/31 | | | |
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 07/23/31 | | | |
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 08/05/31 | | | |
| | | |
|
Foundation Building Materials, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.92%, 01/29/31 | | | |
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 06/17/31 | | | |
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 10/19/29 | | | |
| | | |
|
CPI Holdco B LLC, 2024 Incremental Term Loan B, 05/17/31(l) | | | |
Schedule of Investments31
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Capital Markets (continued) |
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.34%, 04/07/28 | | | |
Summit Acquisition, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 10/16/31(c) | | | |
| | | |
|
Advancion Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 12.21%, 11/24/28 | | | |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 8.96%, 10/04/29 | | | |
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.35%, 07/03/28 | | | |
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28(c) | | | |
| | | |
Commercial Services & Supplies — 0.3% |
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 05/12/28 | | | |
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.27%, 02/23/29 | | | |
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 4.75%), 9.34%, 04/29/29 | | | |
Jupiter Buyer, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.30%, 10/10/31 | | | |
Neon Maple US Debt Mergersub, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.44%, 11/15/31 | | | |
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/26/31 | | | |
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/19/31 | | | |
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 11/30/30 | | | |
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.69%, 12/17/28 | | | |
Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 01/30/31 | | | |
| | | |
Construction & Engineering — 0.2% |
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.07%, 08/01/30 | | | |
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.00%, 07/01/31 | | | |
| | | |
Construction & Engineering (continued) |
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.35%, 03/27/31 | | | |
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.84%, 11/03/31 | | | |
Cube A&D Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.13%, 10/17/31 | | | |
| | | |
|
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/19/31 | | | |
Containers & Packaging — 0.0% |
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.46%, 10/29/28 | | | |
Diversified Consumer Services — 0.0% |
Veritas U.S., Inc., 2024 Priority Term Loan, (Prime at 1.00% Floor + 11.50%), 19.25%, 12/09/29(c) | | | |
Diversified Telecommunication Services — 0.3% |
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.15%, 08/15/28 | | | |
Delta Topco, Inc., 2024 2nd Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.95%, 11/29/30 | | | |
Digicel International Finance Ltd., 2024 Term Loan, (3- mo. CME Term SOFR + 6.85%), 11.34%, 05/25/27 | | | |
Frontier Communications Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.76%, 07/01/31 | | | |
| | | |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/29 | | | |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/30 | | | |
| | | |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/29 | | | |
2024 Term Loan A, (1-mo. CME Term SOFR + 6.00%), 10.36%, 06/01/28 | | | |
Windstream Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 9.21%, 10/01/31(c) | | | |
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.47%, 03/09/27 | | | |
| | | |
Electric Utilities — 0.0% |
Talen Energy Supply LLC, 2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.02%, 12/11/31 | | | |
322024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Electronic Equipment, Instruments & Components — 0.0% |
LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.80%, 12/02/31 | | | |
Energy Equipment & Services — 0.0% |
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/31/31 | | | |
|
Entain PLC, 2024 USD Term Loan B3, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 10/31/29 | | | |
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 11/12/29 | | | |
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 06/25/31 | | | |
UFC Holdings, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.77%, 11/21/31 | | | |
| | | |
Environmental, Maintenance & Security Service — 0.0% |
Tidal Waste & Recycling Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 10/24/31 | | | |
Financial Services — 0.0% |
Clue Opco LLC, Term Loan B, (3-mo. CME Term SOFR + 4.50%), 9.09%, 12/19/30 | | | |
Ground Transportation — 0.0% |
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/10/31 | | | |
Health Care Equipment & Supplies — 0.1% |
| | | |
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 | | | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.69%, 05/10/27 | | | |
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.61%, 10/23/28 | | | |
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.84%, 05/30/31 | | | |
| | | |
Health Care Providers & Services — 0.1% |
| | | |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.41%, 05/17/31 | | | |
2024 Incremental Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.96%, 05/17/31 | | | |
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.35%), 13.03%, 04/29/25 | | | |
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/27/30 | | | |
| | | |
| | | |
Hotels, Restaurants & Leisure — 0.1% |
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 09/20/30 | | | |
City Football Group Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.47%, 07/22/30 | | | |
Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.09%, 11/01/29 | | | |
Life Time, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.03%, 11/05/31 | | | |
| | | |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 | | | |
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 | | | |
2022 Term Loan B, 06/30/28(l) | | | |
2024 Term Loan B1, (1-mo. CME Term SOFR at 1.50% Floor + 6.10%), 10.46%, 11/15/29 | | | |
2024 Term Loan B2, (3-mo. CME Term SOFR + 6.00%), 10.46%, 11/15/29(c) | | | |
| | | |
Household Durables — 0.1% |
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.02%, 02/26/29 | | | |
Springs Windows Fashions, LLC(c) | | | |
2024 First Lien Second Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.47%, 10/06/28 | | | |
2024 FLFO Delayed Draw Term Loan, 12/19/29(l) | | | |
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, 12/19/29(c)(l) | | | |
Tempur Sealy International, Inc., 2024 Term Loan B, (1-mo. SOFR + 2.50%), 6.81%, 10/24/31 | | | |
| | | |
|
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 09/19/31 | | | |
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 02/14/31 | | | |
TIH Insurance Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 05/06/31 | | | |
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 05/06/32 | | | |
| | | |
Interactive Media & Services — 0.1% |
| | | |
2023 Term Loan, 05/03/28(l) | | | |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.61%, 05/03/28 | | | |
| | | |
Internet Software & Services — 0.1% |
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30 | | | |
Schedule of Investments33
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
|
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/29/31 | | | |
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.43%, 11/01/31(c) | | | |
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 06/27/31 | | | |
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.37%, 03/01/29 | | | |
| | | |
|
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3- mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 11/11/29 | | | |
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 02/15/29 | | | |
| | | |
|
| | | |
2019 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.19%, 04/15/27 | | | |
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.90%, 01/18/28 | | | |
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.80%, 06/04/29 | | | |
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 09/25/26 | | | |
Speedster Bidco GmbH, 2024 USD Term Loan B, 10/17/31(l) | | | |
| | | |
Oil, Gas & Consumable Fuels — 0.0% |
EPIC Crude Services LP, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.66%, 10/15/31 | | | |
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 8.96%, 09/19/29 | | | |
| | | |
Passenger Airlines — 0.0% |
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 9.63%, 04/20/28 | | | |
|
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.86%, 05/04/28 | | | |
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 9.71%, 02/01/27 | | | |
| | | |
Pharmaceuticals (continued) |
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.36%, 04/23/31 | | | |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.43%, 10/01/27 | | | |
| | | |
Real Estate Management & Development — 0.0% |
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 06/02/28 | | | |
Semiconductors & Semiconductor Equipment — 0.0% |
Icon Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.52%, 11/13/31 | | | |
|
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.58%, 02/23/32 | | | |
| | | |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.85%), 10.21%, 12/10/29 | | | |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.96%, 12/11/28 | | | |
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 02/15/29 | | | |
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 04/30/31 | | | |
| | | |
2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.34%, 07/30/32 | | | |
2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.34%, 07/30/31 | | | |
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/06/29 | | | |
Cloud Software Group, Inc. | | | |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 03/30/29 | | | |
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 03/21/31 | | | |
| | | |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29 | | | |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 10/08/28 | | | |
| | | |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 10/09/29 | | | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.11%, 11/15/32 | | | |
Mitchell International, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 06/17/31 | | | |
Modena Buyer LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/01/31 | | | |
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 8.85%, 06/02/28 | | | |
342024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
|
Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B, 10/28/30(l) | | | |
Project Boost Purchaser LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.15%, 07/16/31 | | | |
| | | |
1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.59%, 04/24/28 | | | |
2024 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 04/24/28 | | | |
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.62%, 02/10/31 | | | |
| | | |
|
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28 | | | |
Technology Hardware, Storage & Peripherals — 0.0% |
| | | |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 | | | |
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 | | | |
| | | |
Total Floating Rate Loan Interests — 3.3%
(Cost: $18,229,323) | |
Foreign Agency Obligations |
| |
Bahrain Government International Bond, 5.45%, 09/16/32(d) | | | |
| |
CDP Financial, Inc., 5.60%, 11/25/39(b)(e) | | | |
| |
Colombia Government International Bond | | | |
| | | |
| | | |
| | | |
Dominican Republic — 0.1% | |
Dominican Republic International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
Egypt Government International Bond, 7.50%, 02/16/61(b) | | | |
| |
Guatemala Government Bond(b) | | | |
| | | |
| | | |
| | | |
| | | |
| |
Hungary Government International Bond, Series 10Y, 5.38%, 09/12/33(d) | | | |
| |
Ivory Coast Government International Bond(d) | | | |
| | | |
| | | |
| | | |
| |
Morocco Government International Bond, 2.38%, 12/15/27(b) | | | |
| |
Oman Government International Bond, 6.75%, 01/17/48(d) | | | |
| |
Romanian Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| |
Senegal Government International Bond, 6.25%, 05/23/33(d) | | | |
| |
Republic of South Africa Government International Bond, 5.88%, 04/20/32(e) | | | |
Total Foreign Agency Obligations — 1.7%
(Cost: $9,478,251) | |
|
| |
Maricopa County Industrial Development Authority, RB, 7.38%, 10/01/29(b) | | | |
| |
City of Los Angeles California, GO, Series A, Sustainability Bonds, 5.00%, 09/01/42 | | | |
Oxnard Union High School District, Refunding GO, (BAM), 3.18%, 08/01/43 | | | |
State of California, GO, BAB, 7.55%, 04/01/39 | | | |
State of California, Refunding GO, 5.13%, 03/01/38 | | | |
| | | |
| |
State Board of Administration Finance Corp., RB, Series A, 5.53%, 07/01/34 | | | |
| |
Municipal Electric Authority of Georgia, Refunding RB, BAB, 6.64%, 04/01/57 | | | |
| |
City & County Honolulu Hawaii Wastewater System Revenue, Refunding RB, Series A, 2.62%, 07/01/45 | | | |
State of Hawaii, GO, Series GK, 6.15%, 10/01/38 | | | |
| | | |
Schedule of Investments35
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
| |
State of Illinois, GO, 5.10%, 06/01/33 | | | |
| |
Massachusetts Educational Financing Authority, Refunding RB, Series A, 6.35%, 07/01/49 | | | |
University of Massachusetts Building Authority, Refunding RB, Series 3, 3.43%, 11/01/40 | | | |
| | | |
| |
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41 | | | |
| |
City of New York, GO, Series D-1, Sustainability Bonds, 5.09%, 10/01/49 | | | |
New York City Municipal Water Finance Authority, Refunding RB, BAB, 6.01%, 06/15/42 | | | |
New York State Dormitory Authority, RB, BAB, Series F, 5.63%, 03/15/39 | | | |
| | | |
| |
Texas Natural Gas Securitization Finance Corp., RB, Series 2023-1, 5.17%, 04/01/41 | | | |
Total Municipal Bonds — 3.8%
(Cost: $21,571,311) | |
Non-Agency Mortgage-Backed Securities |
Collateralized Mortgage Obligations — 13.2% |
A&D Mortgage Trust, Series 2024-NQM5, Class A1, 5.70%, 11/25/69(b) | | | |
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%, 10/25/64(b) | | | |
| | | |
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35 | | | |
Series 2006-OA21, Class A1, (1 mo. Term SOFR + 0.30%), 4.67%, 03/20/47(a) | | | |
Series 2007-OA10, Class 2A1, (1 mo. Term SOFR + 0.61%), 4.95%, 09/25/47(a) | | | |
Angel Oak Mortgage Trust, Series 2024-10, Class A1, 5.35%, 10/25/69(b) | | | |
Banc of America Funding Trust, Series 2007-2, Class 1A2, 6.00%, 03/25/37 | | | |
Bravo Residential Funding Trust(b) | | | |
Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a) | | | |
Series 2023-NQM3, Class A1, 4.85%, 09/25/62 | | | |
Series 2023-NQM4, Class A1, 6.44%, 05/25/63 | | | |
Chase Home Lending Mortgage Trust, Series 2019- ATR1, Class A12, 6.50%, 04/25/49(a)(b) | | | |
| | | |
Series 2023-I1, Class A1, 6.03%, 04/25/58 | | | |
Series 2023-I2, Class A1, 6.64%, 12/25/67 | | | |
COLT Mortgage Loan Trust(b) | | | |
Series 2020-2, Class M1, 5.25%, 03/25/65(a) | | | |
Series 2020-3, Class M1, 3.36%, 04/27/65(a) | | | |
Series 2022-1, Class A1, 4.55%, 04/25/67(a) | | | |
Series 2022-7, Class A1, 5.16%, 04/25/67 | | | |
Series 2022-9, Class A1, 6.79%, 12/25/67 | | | |
Series 2023-2, Class A1, 6.60%, 07/25/68 | | | |
Series 2024-6, Class A1, 5.39%, 11/25/69 | | | |
Series 2024-7, Class A1, 5.54%, 12/26/69 | | | |
| | | |
Collateralized Mortgage Obligations (continued) |
COLT Mortgage Loan Trust(b) (continued) | | | |
Series 2024-INV4, Class A1, 5.61%, 05/25/69 | | | |
CSMC Trust, Series 2022-NQM5, Class A1, 5.17%, 05/25/67(a)(b) | | | |
Deephaven Residential Mortgage Trust, Series 2022-2, Class A1, 4.30%, 03/25/67(a)(b) | | | |
Ellington Financial Mortgage Trust(a)(b) | | | |
Series 2020-1, Class M1, 5.24%, 05/25/65 | | | |
Series 2021-2, Class A1, 0.93%, 06/25/66 | | | |
Flagstar Mortgage Trust, Series 2021-4, Class A1, 2.50%, 06/01/51(a)(b) | | | |
| | | |
Series 2022-NQM3, Class A1, 4.35%, 04/25/67 | | | |
Series 2024-INV4, Class A2, 5.50%, 12/25/54 | | | |
GS Mortgage-Backed Securities Corp. Trust, Series 2022- PJ2, Class A4, 2.50%, 06/25/52(a)(b) | | | |
GS Mortgage-Backed Securities Trust, Series 2021-PJ2, Class A2, 2.50%, 11/25/51(a)(b) | | | |
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1, 6.00%, 07/25/37 | | | |
Homes Trust, Series 2024-NQM2, Class A1, 5.72%, 10/25/69(b) | | | |
Homeward Opportunities Fund Trust, Series 2022-1, Class A1, 5.08%, 07/25/67(b) | | | |
| | | |
Series 2006-S3, Class 1A12, 6.50%, 08/25/36 | | | |
Series 2022-DSC1, Class A1, 4.75%, 01/25/63(a)(b) | | | |
Series 2022-INV3, Class A3B, 3.00%, 09/25/52(a)(b) | | | |
Series 2023-DSC1, Class A1, 4.63%, 07/25/63(a)(b) | | | |
Series 2024-INV1, Class A3, 5.50%, 04/25/55(a)(b) | | | |
Mello Mortgage Capital Acceptance, Series 2022-INV2, Class A3, 3.00%, 04/25/52(a)(b) | | | |
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 3A1, 5.55%, 05/25/36(a) | | | |
| | | |
Series 2021-NQM1, Class M1, 2.31%, 04/25/65(a) | | | |
Series 2023-NQM1, Class A1, 5.75%, 11/25/67 | | | |
Series 2023-NQM3, Class A1, 6.62%, 07/25/68 | | | |
Mill City Mortgage Trust, Series 2023-NQM2, Class A1, 6.24%, 12/25/67(b) | | | |
| | | |
Series 2022-INC3, Class A1, 3.00%, 02/25/52(a) | | | |
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62 | | | |
Series 2023-NQM1, Class A1, 6.12%, 11/25/62(a) | | | |
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63 | | | |
Series 2023-NQM6, Class A1, 6.52%, 07/25/63 | | | |
Series 2024-NQM17, Class A1, 5.61%, 11/25/64 | | | |
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/59(a)(b) | | | |
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%, 06/25/58(b) | | | |
Provident Funding Mortgage Trust, Series 2024-1, Class A1, 5.50%, 12/25/54(a)(b) | | | |
Radian Mortgage Capital Trust, Series 2024-J2, Class A4, 5.50%, 03/25/55(a)(b) | | | |
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%, 02/25/52(a)(b) | | | |
Sequoia Mortgage Trust, Series 2024-INV1, Class A3, 5.50%, 10/25/54(a)(b) | | | |
SG Residential Mortgage Trust, Series 2022-2, Class A1, 5.35%, 08/25/62(b) | | | |
362024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
Collateralized Mortgage Obligations (continued) |
Spruce Hill Mortgage Loan Trust, Series 2022-SH1, Class A1A, 4.10%, 07/25/57(b) | | | |
STAR Trust, Series 2021-1, Class M1, 2.36%, 05/25/65(a)(b) | | | |
Starwood Mortgage Residential Trust, Series 2020-3, Class M1, 3.54%, 04/25/65(a)(b) | | | |
Verus Securitization Trust(b) | | | |
Series 2022-3, Class A1, 4.13%, 02/25/67 | | | |
Series 2022-7, Class A1, 5.15%, 07/25/67 | | | |
Series 2022-INV2, Class A1, 6.79%, 10/25/67 | | | |
Series 2023-1, Class A1, 5.85%, 12/25/67 | | | |
Series 2023-5, Class A1, 6.48%, 06/25/68 | | | |
Series 2024-8, Class A1, 5.36%, 10/25/69(a) | | | |
Series 2024-R1, Class A1, 5.22%, 09/25/69 | | | |
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58(b) | | | |
| | | |
Commercial Mortgage-Backed Securities — 5.1% |
3650R Commercial Mortgage Trust, Series 2021-PF1, Class A5, 2.52%, 11/15/54 | | | |
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.60%, 04/14/33(a)(b) | | | |
Bayview Commercial Asset Trust, Series 2007-2A, Class A1, (1 mo. Term SOFR + 0.52%), 4.86%, 07/25/37(a)(b) | | | |
BFLD Commercial Mortgage Trust, Series 2024-UNIV, Class D, (1 mo. Term SOFR + 2.69%), 7.09%, 11/15/41(a)(b) | | | |
BPR Commercial Mortgage Trust, Series 2024-PARK, Class D, 7.00%, 11/05/39(a)(b) | | | |
BX Commercial Mortgage Trust(a)(b) | | | |
Series 2021-CIP, Class A, (1 mo. Term SOFR + 1.04%), 5.43%, 12/15/38 | | | |
Series 2021-SOAR, Class A, (1 mo. Term SOFR + 0.78%), 5.18%, 06/15/38 | | | |
Series 2021-XL2, Class A, (1 mo. Term SOFR + 0.80%), 5.20%, 10/15/38 | | | |
Series 2022-LP2, Class A, (1 mo. Term SOFR + 1.01%), 5.41%, 02/15/39 | | | |
Series 2024-MF, Class C, (1 mo. Term SOFR + 1.94%), 6.34%, 02/15/39 | | | |
Series 2024-XL4, Class C, (1 mo. Term SOFR + 2.19%), 6.59%, 02/15/39 | | | |
| | | |
Series 2021-LBA, Class AJV, (1 mo. Term SOFR + 0.91%), 5.31%, 02/15/36 | | | |
Series 2022 VAMF, Class A, (1 mo. Term SOFR + 0.85%), 5.25%, 01/15/39 | | | |
Series 2024-BIO, Class C, (1 mo. Term SOFR + 2.64%), 7.04%, 02/15/41 | | | |
Series 2024-CNYN, Class C, (1 mo. Term SOFR + 1.94%), 6.34%, 04/15/41 | | | |
Series 2024-PAT, Class B, (1 mo. Term SOFR + 3.04%), 7.44%, 03/15/41 | | | |
Cantor Commercial Real Estate Lending, Series 2019- CF2, Class A5, 2.87%, 11/15/52 | | | |
Century Plaza Towers, Series 2019-CPT, Class C, 3.00%, 11/13/39(a)(b) | | | |
CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term SOFR + 3.04%), 7.44%, 08/15/41(a)(b) | | | |
| | | |
Commercial Mortgage-Backed Securities (continued) |
| | | |
Series 2020-FACT, Class D, (1 mo. Term SOFR + 4.32%), 8.72%, 10/15/37 | | | |
Series 2021-BHAR, Class C, (1 mo. Term SOFR + 2.11%), 6.51%, 11/15/38 | | | |
DC Trust, Series 2024-HLTN, Class C, 7.04%, 04/13/40(a)(b) | | | |
Extended Stay America Trust, Series 2021-ESH, Class D, (1 mo. Term SOFR + 2.36%), 6.76%, 07/15/38(a)(b) | | | |
GS Mortgage Securities Trust, Series 2019-GC38, Class AAB, 3.84%, 02/10/52 | | | |
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-ACB, Class A, (30-day Avg SOFR + 1.40%), 6.00%, 03/15/39(a)(b) | | | |
JW Commercial Mortgage Trust, Series 2024-MRCO, Class C, (1 mo. Term SOFR + 2.39%), 6.79%, 06/15/39(a)(b) | | | |
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A4, 3.31%, 04/15/48 | | | |
SELF Commercial Mortgage Trust, Series 2024-STRG, Class D, (1 mo. Term SOFR + 2.94%), 7.34%, 11/15/34(a)(b) | | | |
STWD Trust, Series 2021-FLWR, Class A, (1 mo. Term SOFR + 0.69%), 5.09%, 07/15/36(a)(b) | | | |
UBS Commercial Mortgage Trust, Series 2019-C18, Class A4, 3.04%, 12/15/52 | | | |
VEGAS, Series 2024-GCS, Class D, 6.22%, 07/10/36(a)(b) | | | |
Wells Fargo Commercial Mortgage Trust | | | |
Series 2016-LC25, Class A4, 3.64%, 12/15/59 | | | |
Series 2024-BPRC, Class D, 7.08%, 07/15/43(b) | | | |
| | | |
Total Non-Agency Mortgage-Backed Securities — 18.3%
(Cost: $106,506,120) | |
|
|
| |
Bank of America Corp., Series FF, 5.88%(e) | | | |
| | | |
| | | |
| | | |
Citigroup, Inc., Series AA, 7.63% | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
ING Groep NV, Series NC10, 4.25% | | | |
Krung Thai Bank PCL/Cayman Islands, 4.40%(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
PNC Financial Services Group, Inc. | | | |
| | | |
Schedule of Investments37
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
| |
PNC Financial Services Group, Inc. (continued) | | | |
| | | |
Rizal Commercial Banking Corp., 6.50%(d) | | | |
U.S. Bancorp, Series J, 5.30%(e) | | | |
| | | |
Capital Markets(a)(h) — 0.9% | |
Bank of New York Mellon Corp., Series F, 4.63% | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Diversified Telecommunication Services — 0.0% | |
Telefonica Europe BV, 6.14%(a)(d)(h) | | | |
Electric Utilities — 1.3% | |
Edison International, Series B, 5.00%(a)(h) | | | |
Electricite de France SA, 3.38%(a)(d)(h) | | | |
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79(e) | | | |
NRG Energy, Inc., 10.25%(a)(b)(h) | | | |
PG&E Corp., 7.38%, 03/15/55(a) | | | |
| | | |
Health Care Providers & Services(a) — 0.3% | |
| | | |
| | | |
| | | |
| | | |
Independent Power and Renewable Electricity Producers — 0.0% | |
Vistra Corp., 7.00%(a)(b)(h) | | | |
Wireless Telecommunication Services — 0.0% | |
Vodafone Group PLC, 6.50%, 08/30/84(a)(d) | | | |
| |
| | | |
|
Financial Services — 0.0% | |
Federal National Mortgage Association, Series S, 8.25%(a)(h) | | | |
| |
Veritas Kapital Assurance PLC, Series G(c)(k) | | | |
| |
Veritas Kapital Assurance PLC, Series G(c)(k) | | | |
| |
| | | |
|
| |
Citigroup Capital XIII, 11.22%, 10/30/40(a) | | | |
| |
Total Preferred Securities — 6.1%
(Cost: $33,985,836) | |
| | | |
U.S. Government Sponsored Agency Securities |
Agency Obligations — 0.9% | |
Resolution Funding Corp. Principal Strip, 0.00%, 04/15/30(i) | | | |
Collateralized Mortgage Obligations — 5.0% | |
| | | |
Series 2015-47, Class GL, 3.50%, 07/25/45 | | | |
Series 2022-25, Class KL, 4.00%, 05/25/52(e) | | | |
| | | |
Series 4350, Class DY, 4.00%, 06/15/44 | | | |
Series 4398, Class ZX, 4.00%, 09/15/54 | | | |
Series 4549, Class TZ, 4.00%, 11/15/45 | | | |
| | | |
Interest Only Collateralized Mortgage Obligations — 0.0% | |
Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%, 04/25/42 | | | |
Ginnie Mae, Series 2009-116, Class KS, (1 mo. Term SOFR + 6.36%), 1.96%, 12/16/39(a) | | | |
| | | |
Mortgage-Backed Securities — 14.3% | |
Fannie Mae Mortgage-Backed Securities(e) | | | |
| | | |
4.00%, 02/01/56 - 04/01/56 | | | |
Freddie Mac Mortgage-Backed Securities(e) | | | |
| | | |
| | | |
Ginnie Mae Mortgage-Backed Securities, 5.50%, 08/15/33 | | | |
Uniform Mortgage-Backed Securities(e) | | | |
| | | |
5.00%, 08/01/34 - 11/01/45 | | | |
4.50%, 06/01/37 - 06/01/44 | | | |
5.50%, 12/01/37 - 06/01/38 | | | |
| | | |
3.50%, 09/01/42 - 04/01/53 | | | |
| | | |
4.00%, 05/01/52 - 01/14/55(m) | | | |
| | | |
| | | |
Total U.S. Government Sponsored Agency Securities — 20.2%
(Cost: $119,007,983) | |
382024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)(Percentages shown are based on Net Assets)
| | | |
U.S. Treasury Obligations |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Total U.S. Treasury Obligations — 24.7%
(Cost: $141,894,273) | |
Total Long-Term Investments — 158.2%
(Cost: $904,107,311) | |
| | | |
|
Money Market Funds — 0.8% | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(n)(o) | | | |
| | | |
U.S. Treasury Obligations — 4.7% | |
U.S. Treasury Notes, 5.00%, 10/31/25(e) | | | |
Total Short-Term Securities — 5.5%
(Cost: $30,475,195) | |
Total Investments Before TBA Sale Commitments — 163.7%
(Cost: $934,582,506) | |
| | | |
|
Mortgage-Backed Securities — (1.0)% | |
Uniform Mortgage-Backed Securities, 4.00%, 01/14/55(m) | | | |
Total TBA Sale Commitments — (1.0)%
(Proceeds: $(5,430,387)) | |
Total Investments, Net of TBA Sale Commitments — 162.7%
(Cost: $929,152,119) | |
Liabilities in Excess of Other Assets — (62.7)% | |
| |
| Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| 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. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
| 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. |
| |
| Perpetual security with no stated maturity date. |
| |
| Issuer filed for bankruptcy and/or is in default. |
| Non-income producing security. |
| 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. |
| Represents or includes a TBA transaction. |
| |
| Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | Change in
Unrealized
Appreciation
(Depreciation) | | | | Capital Gain
Distributions
from
Underlying
Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | | | | | | | |
| Represents net amount purchased (sold). |
Reverse Repurchase Agreements
| | | | | Face Value
Including
Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining
Contractual Maturity
|
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Schedule of Investments39
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)
Reverse Repurchase Agreements (continued)
| | | | | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements(a) |
| | | | | | | |
| | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | U.S. Treasury Obligations | |
| | | | | | U.S. Treasury Obligations | |
Nomura Securities International, Inc. | | | | | | U.S. Treasury Obligations | |
Nomura Securities International, Inc. | | | | | | U.S. Treasury Obligations | |
| | | | | | | |
| | | | | | U.S. Treasury Obligations | |
| | | | | | U.S. Treasury Obligations | |
Credit Agricole Corporate and Investment Bank | | | | | | U.S. Treasury Obligations | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | U.S. Treasury Obligations | |
Nomura Securities International, Inc. | | | | | | | |
HSBC Securities (USA), Inc. | | | | | | | |
HSBC Securities (USA), Inc. | | | | | | | |
HSBC Securities (USA), Inc. | | | | | | | |
HSBC Securities (USA), Inc. | | | | | | | |
HSBC Securities (USA), Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
HSBC Securities (USA), Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Credit Agricole Corporate and Investment Bank | | | | | | U.S. Government Sponsored Agency Securities | |
| | | | | | | |
| | | | | | | |
Nomura Securities International, Inc. | | | | | | Foreign Agency Obligations | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
U.S. Bancorp Investments, Inc. | | | | | | | |
U.S. Bancorp Investments, Inc. | | | | | | | |
U.S. Bancorp Investments, Inc. | | | | | | | |
| | | | | | U.S. Government Sponsored Agency Securities | |
| | | | | | U.S. Government Sponsored Agency Securities | |
| | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
402024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)
Reverse Repurchase Agreements (continued)
| | | | | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements(a) |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Schedule of Investments41
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)
Reverse Repurchase Agreements (continued)
| | | | | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements(a) |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
Deutsche Bank Securities, Inc. | | | | | | U.S. Government Sponsored Agency Securities | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
422024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)
Reverse Repurchase Agreements (continued)
| | | | | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements(a) |
| | | | | | | |
| | | | | | | |
Merrill Lynch International | | | | | | Foreign Agency Obligations | |
| | | | | | | |
| | | | | | Foreign Agency Obligations | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | U.S. Treasury Obligations | |
J.P. Morgan Securities LLC | | | | | | | |
U.S. Bancorp Investments, Inc. | | | | | | | |
| | | | | | | |
| Certain agreements have no stated maturity and can be terminated by either party at any time. |
| Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Derivative Financial Instruments Outstanding as of Period End
| | | | Value/
Unrealized
Appreciation
(Depreciation) |
| | | | |
10-Year U.S. Ultra Long Treasury Note | | | | |
| | | | |
5-Year U.S. Treasury Note | | | | |
| | | | |
| | | | |
10-Year U.S. Treasury Note | | | | |
| | | | |
2-Year U.S. Treasury Note | | | | |
| | | | |
| | | | |
Forward Foreign Currency Exchange Contracts
| | | | Unrealized
Appreciation
(Depreciation) |
| | | | The Bank of New York Mellon | | |
| | | | The Bank of New York Mellon | | |
| | | | The Bank of New York Mellon | | |
| | | | | | |
| | | | | | |
| | | | | | |
Schedule of Investments43
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)
Forward Foreign Currency Exchange Contracts (continued)
| | | | Unrealized Appreciation (Depreciation) |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Centrally Cleared Credit Default Swaps — Buy Protection
Reference Obligation/Index | Financing
Rate Paid
by the Trust | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index | Financing
Rate Received
by the Trust | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | |
| Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index | Financing
Rate Received
by the Trust | | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | | |
| | | Morgan Stanley & Co. International PLC | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | Morgan Stanley & Co. International PLC | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
442024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
| | | | |
Centrally Cleared Swaps(a) | | | | |
| | | | |
| Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Assets — Derivative Financial Instruments | | | | | | | |
Futures contracts
Unrealized appreciation on futures contracts(a) | | | | | | | |
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts | | | | | | | |
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a) | | | | | | | |
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid | | | | | | | |
| | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | |
Futures contracts
Unrealized depreciation on futures contracts(a) | | | | | | | |
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a) | | | | | | | |
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received | | | | | | | |
| | | | | | | |
| Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended December 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Net Realized Gain (Loss) from: | | | | | | | |
| | | | | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | |
| | | | | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
Schedule of Investments45
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| |
Average notional value of contracts — long | |
Average notional value of contracts — short | |
Forward foreign currency exchange contracts: | |
Average amounts purchased — in USD | |
| |
Average value of option contracts purchased | |
Average value of option contracts written | |
| |
Average notional value — buy protection | |
Average notional value — sell protection | |
| |
Average notional value — pays fixed rate | |
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:
| | |
Derivative Financial Instruments | | |
| | |
Forward foreign currency exchange contracts | | |
Swaps — centrally cleared | | |
| | |
Total derivative assets and liabilities in the Statements of Assets and Liabilities | | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | |
Total derivative assets and liabilities subject to an MNA | | |
| 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:
| Derivative
Assets
Subject to
an MNA by
Counterparty | Derivatives
Available
for Offset(a) | Non-Cash
Collateral
Received(b) | Cash
Collateral
Received(b) | Net Amount
of Derivative
Assets(c)(d) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Morgan Stanley & Co. International PLC | | | | | |
| | | | | |
| | | | | |
The Bank of New York Mellon | | | | | |
| | | | | |
| | | | | |
| | | | | |
| Derivative
Liabilities
Subject to
an MNA by
Counterparty | Derivatives
Available
for Offset(a) | Non-Cash
Collateral
Pledged(b) | | Net Amount
of Derivative
Liabilities(e) |
| | | | | |
| | | | | |
| | | | | |
462024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)
| Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged(b) | | Net Amount of Derivative Liabilities(e) |
| | | | | |
Morgan Stanley & Co. International PLC | | | | | |
| | | | | |
| The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
| Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
| Net amount represents the net amount receivable from the counterparty in the event of default. |
| Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Fixed Rate Loan Interests | | | | |
Floating Rate Loan Interests | | | | |
Foreign Agency Obligations | | | | |
| | | | |
Non-Agency Mortgage-Backed Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
U.S. Government Sponsored Agency Securities | | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
Unfunded Floating Rate Loan Interests(a) | | | | |
| | | | |
| | | | |
| | | | |
Unfunded Floating Rate Loan Interests(a) | | | | |
| | | | |
Derivative Financial Instruments(b) | | | | |
| | | | |
| | | | |
Foreign Currency Exchange Contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
| 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. |
Schedule of Investments47
Schedule of Investments (continued)December 31, 2024
BlackRock Core Bond Trust (BHK)
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $364,276,502 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| | | | Floating
Rate Loan
Interests | | |
| | | | | | |
Opening balance, as of December 31, 2023 | | | | | | |
| | | | | | |
| | | | | | |
Accrued discounts/premiums | | | | | | |
| | | | | | |
Net change in unrealized appreciation (depreciation)(a)(b) | | | | | | |
| | | | | | |
| | | | | | |
Closing balance, as of December 31, 2024 | | | | | | |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024(b) | | | | | | |
| Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
| Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end. |
The Trust’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
482024 BlackRock Annual Report to Shareholders
Consolidated Schedule of InvestmentsDecember 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
|
Arini European CLO I DAC, Series 1X, Class D, (3- mo. EURIBOR + 6.04%), 9.22%, 07/15/36(a)(b) | | | |
Avoca CLO XVIII DAC, Series 18X, Class DR, 01/15/38(a)(b)(c) | | | |
Cairn CLO XVI DAC, Series 2023-16X, Class D, (3- mo. EURIBOR + 5.20%), 8.38%, 01/15/37(a)(b) | | | |
CIFC European Funding CLO I DAC, Series 1X, Class DR, (3-mo. EURIBOR + 3.20%), 6.38%, 07/15/32(a)(b) | | | |
Contego CLO VII DAC(a)(b) | | | |
Series 7X, Class D, (3-mo. EURIBOR + 3.95%), 7.09%, 05/14/32 | | | |
Series 7X, Class DR, 01/23/38(c) | | | |
CVC Cordatus Loan Fund XXII DAC, Series 22X, Class D, (3-mo. EURIBOR + 3.15%), 6.04%, 12/15/34(a)(b) | | | |
Galaxy XXVIII CLO Ltd., Series 2018-28A, Class C, (3-mo. CME Term SOFR + 2.21%), 6.87%, 07/15/31(b)(d) | | | |
Greene King Finance PLC(b) | | | |
Series 06, Class B2, (1-day SONIA GBP + 2.20%), 6.93%, 03/15/36(a) | | | |
Series B1, (1-day SONIA GBP + 1.92%), 6.65%, 12/15/34 | | | |
Rockfield Park CLO DAC, Series 1X, Class C, (3-mo. EURIBOR + 3.00%), 6.18%, 07/16/34(a)(b) | | | |
Sona Fios CLO III DAC, Series 3X, Class D, (3-mo. EURIBOR + 3.25%), 6.41%, 04/20/37(a)(b) | | | |
Unique Pub Finance Co. PLC, Series 02, Class N, 6.46%, 03/30/32(a) | | | |
Total Asset-Backed Securities — 0.1%
(Cost: $1,585,730) | |
| | | |
|
Aerospace & Defense — 0.1% | |
| | | |
| |
JELD-WEN Holding, Inc.(e) | | | |
Electrical Equipment — 0.0% | |
| | | |
Energy Equipment & Services — 0.0% | |
Nine Energy Service, Inc.(e) | | | |
| |
| | | |
Life Sciences Tools & Services — 0.1% | |
| | | |
| |
Constellium SE, Class A(e) | | | |
Real Estate Management & Development — 0.0% | |
| | | |
| | | |
Semiconductors & Semiconductor Equipment — 0.0% | |
Maxeon Solar Technologies Ltd.(e) | | | |
| |
| | | |
Total Common Stocks — 0.5%
(Cost: $8,642,296) | |
| | | |
|
Advertising Agencies(d) — 1.6% |
Clear Channel Outdoor Holdings, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
CMG Media Corp., 8.88%, 06/18/29 | | | |
Neptune Bidco U.S., Inc., 9.29%, 04/15/29 | | | |
Outfront Media Capital LLC/Outfront Media Capital Corp. | | | |
| | | |
| | | |
| | | |
Stagwell Global LLC, 5.63%, 08/15/29 | | | |
| | | |
Aerospace & Defense — 2.6% |
Boeing Co., 6.86%, 05/01/54 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(d) | | | |
Goat Holdco LLC, 6.75%, 02/01/32(d) | | | |
Spirit AeroSystems, Inc.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Triumph Group, Inc., 9.00%, 03/15/28(d) | | | |
| | | |
Air Freight & Logistics — 0.1% |
Rand Parent LLC, 8.50%, 02/15/30(d) | | | |
Automobile Components — 1.8% |
Clarios Global LP/Clarios U.S. Finance Co. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Consolidated Schedule of Investments49
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Automobile Components (continued) |
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32(d) | | | |
Goodyear Europe BV, 2.75%, 08/15/28(a) | | | |
Goodyear Tire & Rubber Co., 5.63%, 04/30/33 | | | |
IHO Verwaltungs GmbH, (8.75% Cash or 9.50% PIK), 8.75%, 05/15/28(a)(h) | | | |
Mahle GmbH, 6.50%, 05/02/31(a) | | | |
Tenneco, Inc., 8.00%, 11/17/28(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
Asbury Automotive Group, Inc., 5.00%, 02/15/32(d) | | | |
Aston Martin Capital Holdings Ltd. | | | |
| | | |
| | | |
| | | |
(13.00% PIK), 13.00%, 06/01/30 | | | |
(14.00% PIK), 14.00%, 06/01/31 | | | |
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(d) | | | |
Global Auto Holdings Ltd/AAG FH UK Ltd., 11.50%, 08/15/29(d) | | | |
Group 1 Automotive, Inc., 6.38%, 01/15/30(d) | | | |
Ken Garff Automotive LLC, 4.88%, 09/15/28(d) | | | |
LCM Investments Holdings II LLC(d) | | | |
| | | |
| | | |
| | | |
(5-year EUR Swap + 2.85%), 2.63%, 02/18/30 | | | |
(5-year EURIBOR ICE Swap + 2.75%), 5.50%, 10/09/34 | | | |
Wabash National Corp., 4.50%, 10/15/28(d) | | | |
| | | |
|
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap + 2.45%), 4.63%, 12/11/36(a)(b) | | | |
Alpha Bank SA, (1-year EUR Swap + 2.43%), 5.00%, 05/12/30(a)(b) | | | |
Banca Monte dei Paschi di Siena SpA(a) | | | |
| | | |
(3-mo. EURIBOR + 2.05%), 4.75%, 03/15/29(b) | | | |
Banco Bilbao Vizcaya Argentaria SA, (5-year EUR Swap + 4.27%), 6.88%(a)(b)(i) | | | |
Banco de Sabadell SA(a)(b) | | | |
(5-year EUR Swap + 2.95%), 2.50%, 04/15/31 | | | |
(5-year EUR Swap + 3.15%), 6.00%, 08/16/33 | | | |
Banco Espirito Santo SA(a)(b)(e)(j) | | | |
| | | |
| | | |
| | | |
(5-year EUR Swap + 6.36%), 6.13% | | | |
(5-year EURIBOR ICE Swap + 5.13%), 7.88% | | | |
Deutsche Bank AG(a)(b)(i) | | | |
(5-year EURIBOR ICE Swap + 4.55%), 4.50% | | | |
(5-year EURIBOR ICE Swap + 5.26%), 8.13% | | | |
| | | |
(1-year EUR Swap + 1.80%), 4.00%, 09/24/30 | | | |
(5-year EURIBOR ICE Swap + 2.17%), 4.88%, 04/30/31 | | | |
| | | |
|
First-Citizens Bank & Trust Co., 6.00%, 04/01/36 | | | |
Freedom Mortgage Corp., 12.25%, 10/01/30(d) | | | |
| | | |
| | | |
(1-year CMT + 2.60%), 4.20%, 06/01/32(b)(d) | | | |
(1-year CMT + 2.75%), 4.95%, 06/01/42(b)(d) | | | |
National Bank of Greece SA, (5-year EURIBOR ICE Swap + 3.15%), 5.88%, 06/28/35(a)(b) | | | |
State Street Corp., Series I, (5-year CMT + 2.61%), 6.70%(b)(i) | | | |
Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, 07/31/84(b) | | | |
UniCredit SpA, (5-year EUR Swap + 2.80%), 2.73%, 01/15/32(a)(b) | | | |
| | | |
|
Cidron Aida Finco SARL, 6.25%, 04/01/28(a) | | | |
Broadline Retail(d) — 0.3% |
| | | |
| | | |
| | | |
| | | |
Building Materials — 2.9% |
Builders FirstSource, Inc., 6.38%, 03/01/34(d) | | | |
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(d) | | | |
EMRLD Borrower LP/Emerald Co-Issuer, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
HT Troplast GmbH, 9.38%, 07/15/28(a) | | | |
JELD-WEN, Inc., 7.00%, 09/01/32(d) | | | |
New Enterprise Stone & Lime Co., Inc.(d) | | | |
| | | |
| | | |
PCF GmbH, 4.75%, 04/15/29(a) | | | |
Smyrna Ready Mix Concrete LLC(d) | | | |
| | | |
| | | |
Standard Building Solutions, Inc., 6.50%, 08/15/32(d) | | | |
Standard Industries, Inc. | | | |
| | | |
| | | |
Summit Materials LLC/Summit Materials Finance Corp., 7.25%, 01/15/31(d) | | | |
Wilsonart LLC, 11.00%, 08/15/32(d) | | | |
| | | |
Building Products(d) — 0.7% |
GYP Holdings III Corp., 4.63%, 05/01/29 | | | |
White Cap Buyer LLC, 6.88%, 10/15/28 | | | |
| | | |
|
Antares Holdings LP, 6.35%, 10/23/29(d) | | | |
Apollo Debt Solutions BDC(d) | | | |
| | | |
| | | |
Ares Strategic Income Fund, 5.70%, 03/15/28(d) | | | |
Blackstone Private Credit Fund | | | |
| | | |
| | | |
502024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Capital Markets (continued) |
Blackstone Private Credit Fund (continued) | | | |
| | | |
Blue Owl Capital Corp. II, 8.45%, 11/15/26 | | | |
Blue Owl Credit Income Corp. | | | |
| | | |
| | | |
| | | |
Blue Owl Technology Finance Corp. II, 6.75%, 04/04/29(d) | | | |
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(d) | | | |
Focus Financial Partners LLC, 6.75%, 09/15/31(d) | | | |
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/34(d) | | | |
HAT Holdings I LLC/HAT Holdings II LLC(d) | | | |
| | | |
| | | |
HPS Corporate Lending Fund, 6.75%, 01/30/29(d) | | | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | | | |
| | | |
| | | |
| | | |
| | | |
Lehman Brothers Holdings, Inc.(e)(j) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Oaktree Strategic Credit Fund | | | |
| | | |
| | | |
| | | |
|
Avient Corp., 6.25%, 11/01/31(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27(a) | | | |
Herens Holdco SARL, 4.75%, 05/15/28(d) | | | |
Herens Midco SARL, 5.25%, 05/15/29(a) | | | |
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(d) | | | |
INEOS Finance PLC, 6.38%, 04/15/29(a) | | | |
INEOS Quattro Finance 2 PLC(a) | | | |
| | | |
| | | |
Ingevity Corp., 3.88%, 11/01/28(d) | | | |
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK), 9.25%, 11/01/26(d)(h) | | | |
Kronos International, Inc., 9.50%, 03/15/29(a) | | | |
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29(d) | | | |
Lune Holdings SARL, 5.63%, 11/15/28(a) | | | |
Mativ Holdings, Inc., 8.00%, 10/01/29(d) | | | |
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(d) | | | |
Monitchem HoldCo 3 SA, 8.75%, 05/01/28(a) | | | |
Nobian Finance BV, 3.63%, 07/15/26(a) | | | |
Olympus Water U.S. Holding Corp. | | | |
| | | |
| | | |
|
Olympus Water U.S. Holding Corp. (continued) | | | |
| | | |
| | | |
| | | |
| | | |
SCIL IV LLC/SCIL USA Holdings LLC(a) | | | |
| | | |
(3-mo. EURIBOR + 4.38%), 7.43%, 11/01/26(b) | | | |
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(d) | | | |
Synthomer PLC, 7.38%, 05/02/29(a) | | | |
| | | |
| | | |
| | | |
| | | |
Commercial Services & Supplies — 5.9% |
ADT Security Corp., 4.88%, 07/15/32(d) | | | |
Allied Universal Holdco LLC, 7.88%, 02/15/31(d) | | | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29(d) | | | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | | | |
| | | |
| | | |
Amber Finco PLC, 6.63%, 07/15/29(a) | | | |
APCOA Group GmbH, (3-mo. EURIBOR + 4.13%), 7.37%, 04/15/31(a)(b) | | | |
APi Group DE, Inc., 4.75%, 10/15/29(d) | | | |
BCP V Modular Services Finance II PLC(a) | | | |
| | | |
| | | |
Belron UK Finance PLC, 4.63%, 10/15/29(a) | | | |
| | | |
| | | |
| | | |
Boost Newco Borrower LLC, 7.50%, 01/15/31(d) | | | |
Brink’ s Co., 6.75%, 06/15/32(d) | | | |
Cimpress PLC, 7.38%, 09/15/32(d) | | | |
Deluxe Corp., 8.13%, 09/15/29(d) | | | |
EC Finance PLC, 3.00%, 10/15/26(a) | | | |
EquipmentShare.com, Inc., 8.00%, 03/15/33(d) | | | |
Fortress Transportation and Infrastructure Investors | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Garda World Security Corp.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Herc Holdings, Inc., 6.63%, 06/15/29(d) | | | |
Hertz Corp., 12.63%, 07/15/29(d) | | | |
La Financiere Atalian, (3.50% Cash and 5.00% PIK), 8.50%, 06/30/28(h) | | | |
| | | |
| | | |
| | | |
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29(d) | | | |
Consolidated Schedule of Investments51
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Commercial Services & Supplies (continued) |
| | | |
| | | |
(3-mo. EURIBOR + 4.25%), 7.30%, 05/17/31(b) | | | |
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28(d) | | | |
| | | |
| | | |
| | | |
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(d) | | | |
RR Donnelley & Sons Co., 9.50%, 08/01/29(d) | | | |
Sotheby’s, 7.38%, 10/15/27(d) | | | |
Sotheby’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29(d) | | | |
Techem Verwaltungsgesellschaft 674 GmbH, 6.00%, 07/30/26(a) | | | |
Techem Verwaltungsgesellschaft 675 GmbH, 5.38%, 07/15/29(a) | | | |
| | | |
| | | |
| | | |
| | | |
Veritiv Operating Co., 10.50%, 11/30/30(d) | | | |
Wand NewCo 3, Inc., 7.63%, 01/30/32(d) | | | |
Williams Scotsman, Inc.(d) | | | |
| | | |
| | | |
| | | |
Construction & Engineering — 0.6% |
Arcosa, Inc., 6.88%, 08/15/32(d) | | | |
Brand Industrial Services, Inc., 10.38%, 08/01/30(d) | | | |
| | | |
Series CLNX, 2.13%, 08/11/30 | | | |
Series CLNX, 0.75%, 11/20/31 | | | |
Heathrow Finance PLC, 6.63%, 03/01/31(a) | | | |
Infrastrutture Wireless Italiane SpA, 1.63%, 10/21/28(a) | | | |
| | | |
|
Bread Financial Holdings, Inc., 9.75%, 03/15/29(d) | | | |
Global Payments, Inc., 1.50%, 03/01/31(d)(k) | | | |
Navient Corp., 9.38%, 07/25/30 | | | |
Nexi SpA, 0.00%, 02/24/28(a)(k)(l) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32(d) | | | |
Worldline SA/France, 0.00%, 07/30/26(a)(k)(l) | | | |
| | | |
Consumer Staples Distribution & Retail — 0.0% |
B&M European Value Retail SA, 6.50%, 11/27/31(a) | | | |
Containers & Packaging — 3.4% |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | | | |
| | | |
| | | |
| | | |
Containers & Packaging (continued) |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (continued) | | | |
| | | |
| | | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | | | |
| | | |
| | | |
Clydesdale Acquisition Holdings, Inc.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
(3-mo. EURIBOR + 4.00%), 6.68%, 01/15/30(b) | | | |
Fiber Midco SpA, (10.00% PIK), 10.00%, 06/15/29(a)(h) | | | |
Graphic Packaging International LLC, 2.63%, 02/01/29(a) | | | |
Kleopatra Finco SARL, 4.25%, 03/01/26(a) | | | |
| | | |
| | | |
| | | |
| | | |
Mauser Packaging Solutions Holding Co.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Owens-Brockway Glass Container, Inc.(d) | | | |
| | | |
| | | |
Sealed Air Corp., 6.50%, 07/15/32(d) | | | |
Trident TPI Holdings, Inc., 12.75%, 12/31/28(d) | | | |
| | | |
|
Digital Realty Trust LP, 1.88%, 11/15/29(d)(k) | | | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(d) | | | |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(d) | | | |
Iron Mountain U.K. PLC, 3.88%, 11/15/25(a) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28(d) | | | |
| | | |
Diversified Telecommunication Services — 7.4% |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
522024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Diversified Telecommunication Services (continued) |
Altice France SA (continued) | | | |
| | | |
CommScope LLC, 4.75%, 09/01/29(d) | | | |
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(d) | | | |
| | | |
(6.75% PIK), 6.75%, 11/30/30(h) | | | |
| | | |
| | | |
| | | |
| | | |
Frontier Communications Holdings LLC | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Global Switch Finance BV, 1.38%, 10/07/30(a) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(a) | | | |
Level 3 Financing, Inc.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Lorca Telecom Bondco SA(a) | | | |
| | | |
| | | |
Lumen Technologies, Inc.(d) | | | |
| | | |
| | | |
Odido Group Holding BV, 5.50%, 01/15/30(a) | | | |
| | | |
| | | |
| | | |
Series 2033, 6.38%, 11/15/33 | | | |
Sable International Finance Ltd., 7.13%, 10/15/32(d) | | | |
| | | |
| | | |
| | | |
| | | |
Telecom Italia SpA/Milano, 2.75%, 04/15/25(a) | | | |
Viavi Solutions, Inc., 3.75%, 10/01/29(d) | | | |
Vmed O2 U.K. Financing I PLC | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(d) | | | |
| | | |
Diversified Telecommunication Services (continued) |
Zayo Group Holdings, Inc.(d) | | | |
| | | |
| | | |
Zegona Finance PLC, 6.75%, 07/15/29(a) | | | |
| | | |
Electric Utilities — 2.0% |
A2A SpA, (5-year EURIBOR ICE Swap + 2.26%), 5.00%(a)(b)(i) | | | |
Alpha Generation LLC, 6.75%, 10/15/32(d) | | | |
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC | | | |
| | | |
| | | |
Calpine Corp., 4.63%, 02/01/29(d) | | | |
Clearway Energy Operating LLC, 3.75%, 01/15/32(d) | | | |
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(b)(i) | | | |
| | | |
(5-year EUR Swap + 1.84%), 1.70%, 07/20/80 | | | |
(5-year EUR Swap + 2.38%), 1.88%, 08/02/81 | | | |
(5-year EURIBOR ICE Swap + 2.40%), 4.63%, 09/16/54 | | | |
FirstEnergy Corp., 4.00%, 05/01/26(k) | | | |
Lightning Power LLC, 7.25%, 08/15/32(d) | | | |
NextEra Energy Capital Holdings, Inc., (5-year CMT + 2.46%), 6.75%, 06/15/54(b) | | | |
| | | |
| | | |
| | | |
| | | |
PG&E Corp., 4.25%, 12/01/27(k) | | | |
Pike Corp., 8.63%, 01/31/31(d) | | | |
Public Power Corp. SA, 4.63%, 10/31/31(a) | | | |
Vistra Corp., (5-year CMT + 6.93%), 8.00%(b)(d)(i) | | | |
Vistra Operations Co. LLC(d) | | | |
| | | |
| | | |
| | | |
Electronic Equipment, Instruments & Components(d) — 0.2% |
Sensata Technologies, Inc., 6.63%, 07/15/32 | | | |
WESCO Distribution, Inc., 6.63%, 03/15/32 | | | |
Zebra Technologies Corp., 6.50%, 06/01/32 | | | |
| | | |
Energy Equipment & Services — 1.0% |
Archrock Partners LP/Archrock Partners Finance | | | |
| | | |
| | | |
| | | |
Enerflex Ltd., 9.00%, 10/15/27(d) | | | |
Kodiak Gas Services LLC, 7.25%, 02/15/29(d) | | | |
Oceaneering International, Inc., 6.00%, 02/01/28 | | | |
OEG Finance PLC, 7.25%, 09/27/29(a) | | | |
Star Holding LLC, 8.75%, 08/01/31(d) | | | |
TGS ASA, 8.50%, 01/15/30(d) | | | |
USA Compression Partners LP/USA Compression Finance Corp. | | | |
| | | |
Consolidated Schedule of Investments53
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Energy Equipment & Services (continued) |
USA Compression Partners LP/USA Compression Finance Corp. (continued) | | | |
| | | |
Weatherford International Ltd., 8.63%, 04/30/30(d) | | | |
| | | |
|
Allwyn Entertainment Financing U.K. PLC | | | |
| | | |
| | | |
Banijay Entertainment SAS | | | |
| | | |
| | | |
Boyne USA, Inc., 4.75%, 05/15/29(d) | | | |
Caesars Entertainment, Inc.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Cinemark USA, Inc., 7.00%, 08/01/32(d) | | | |
Cirsa Finance International SARL(a) | | | |
| | | |
(3-mo. EURIBOR + 4.50%), 7.56%, 07/31/28(b) | | | |
CPUK Finance Ltd., 4.50%, 08/28/27(a) | | | |
Great Canadian Gaming Corp., 8.75%, 11/15/29(d) | | | |
Inter Media and Communication SpA, 6.75%, 02/09/27(a) | | | |
Light & Wonder International, Inc.(d) | | | |
| | | |
| | | |
| | | |
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29(d) | | | |
Lottomatica Group SpA(a)(b) | | | |
(3-mo. EURIBOR + 3.25%), 6.19%, 06/01/31 | | | |
(3-mo. EURIBOR + 4.00%), 6.94%, 12/15/30 | | | |
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31(d) | | | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(d) | | | |
Motion Finco SARL, 7.38%, 06/15/30(a) | | | |
Odeon Finco PLC, 12.75%, 11/01/27(d) | | | |
| | | |
| | | |
| | | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(d) | | | |
| | | |
| | | |
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30(d) | | | |
Six Flags Entertainment Corp., 7.25%, 05/15/31(d) | | | |
Wynn Resorts Finance LLC/Wynn Resorts Capital | | | |
| | | |
| | | |
| | | |
Environmental, Maintenance & Security Service — 1.0% |
GFL Environmental, Inc., 6.75%, 01/15/31(d) | | | |
| | | |
Environmental, Maintenance & Security Service (continued) |
Madison IAQ LLC, 5.88%, 06/30/29(d) | | | |
Paprec Holding SA, 7.25%, 11/17/29(a) | | | |
| | | |
| | | |
| | | |
Waste Pro USA, Inc., 5.50%, 02/15/26(d) | | | |
Wrangler Holdco Corp., 6.63%, 04/01/32(d) | | | |
| | | |
Financial Services — 1.9% |
Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, 01/17/40(b) | | | |
Azorra Finance Ltd., 7.75%, 04/15/30(d) | | | |
Bracken MidCo1 PLC, (6.75% Cash or 7.50% PIK), 6.75%, 11/01/27(a)(h) | | | |
Freedom Mortgage Holdings LLC(d) | | | |
| | | |
| | | |
Garfunkelux Holdco 3 SA, 6.75%, 11/01/25(a) | | | |
| | | |
| | | |
| | | |
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(d) | | | |
| | | |
| | | |
| | | |
Jefferies Finance LLC/JFIN Co-Issuer Corp.(d) | | | |
| | | |
| | | |
Jerrold Finco PLC, 5.25%, 01/15/27(a) | | | |
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29(d) | | | |
Midcap Financial Issuer Trust, 6.50%, 05/01/28(d) | | | |
Nationstar Mortgage Holdings, Inc.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Opus-Chartered Issuances SA, 2.50%, 07/04/25(b) | | | |
PennyMac Financial Services, Inc.(d) | | | |
| | | |
| | | |
PHH Escrow Issuer LLC, 9.88%, 11/01/29(d) | | | |
ProGroup AG, 5.13%, 04/15/29(a) | | | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, | | | |
| | | |
| | | |
Stena International SA, 7.25%, 01/15/31(d) | | | |
Titanium 2l Bondco SARL, (6.25% PIK), 6.25%, 01/14/31(h) | | | |
UWM Holdings LLC, 6.63%, 02/01/30(d) | | | |
| | | |
|
Aramark International Finance SARL, 3.13%, 04/01/25(a) | | | |
B&G Foods, Inc., 8.00%, 09/15/28(d) | | | |
Bellis Acquisition Co. PLC, 8.13%, 05/14/30(a) | | | |
Bellis Finco PLC, 4.00%, 02/16/27(a) | | | |
Boparan Finance PLC, 9.38%, 11/07/29(a) | | | |
542024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Food Products (continued) |
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(d)(h) | | | |
Chobani LLC/Chobani Finance Corp., Inc., 7.63%, 07/01/29(d) | | | |
Darling Global Finance BV, 3.63%, 05/15/26(a) | | | |
Fiesta Purchaser, Inc.(d) | | | |
| | | |
| | | |
Irca SpA, (3-mo. EURIBOR + 3.75%), 6.63%, 12/15/29(a)(b) | | | |
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29(d) | | | |
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%), 6.30%, 07/01/29(a)(b) | | | |
Market Bidco Finco PLC, 5.50%, 11/04/27(a) | | | |
Performance Food Group, Inc., 4.25%, 08/01/29(d) | | | |
Picard Groupe SAS, 6.38%, 07/01/29(a) | | | |
| | | |
| | | |
| | | |
Premier Foods Finance PLC, 3.50%, 10/15/26(a) | | | |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(d) | | | |
Tereos Finance Groupe I SA, 7.25%, 04/15/28(a) | | | |
United Natural Foods, Inc., 6.75%, 10/15/28(d) | | | |
| | | |
|
UGI International LLC, 2.50%, 12/01/29(a) | | | |
Ground Transportation(d) — 0.1% |
Brightline East LLC, 11.00%, 01/31/30 | | | |
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32 | | | |
| | | |
Health Care Equipment & Supplies — 1.0% |
| | | |
| | | |
| | | |
Bausch & Lomb Corp., 8.38%, 10/01/28(d) | | | |
Medline Borrower LP, 5.25%, 10/01/29(d) | | | |
Neogen Food Safety Corp., 8.63%, 07/20/30(d) | | | |
Sotera Health Holdings LLC, 7.38%, 06/01/31(d) | | | |
| | | |
Health Care Providers & Services — 2.7% |
AHP Health Partners, Inc., 5.75%, 07/15/29(d) | | | |
CHS/Community Health Systems, Inc.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Concentra Escrow Issuer Corp., 6.88%, 07/15/32(d) | | | |
DaVita, Inc., 6.88%, 09/01/32(d) | | | |
Ephios Subco 3 SARL, 7.88%, 01/31/31(a) | | | |
Fortrea Holdings, Inc., 7.50%, 07/01/30(d) | | | |
HAH Group Holding Co. LLC, 9.75%, 10/01/31(d) | | | |
| | | |
| | | |
| | | |
Health Care Providers & Services (continued) |
IQVIA, Inc.(a) (continued) | | | |
| | | |
LifePoint Health, Inc.(d) | | | |
| | | |
| | | |
| | | |
Molina Healthcare, Inc., 6.25%, 01/15/33(d) | | | |
Prime Healthcare Services, Inc., 9.38%, 09/01/29(d) | | | |
Star Parent, Inc., 9.00%, 10/01/30(d) | | | |
Surgery Center Holdings, Inc., 7.25%, 04/15/32(d) | | | |
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(d) | | | |
| | | |
|
MPT Operating Partnership LP/MPT Finance Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Hotel & Resort REITs — 1.0% |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(d) | | | |
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(d) | | | |
Pebblebrook Hotel Trust, 1.75%, 12/15/26(k) | | | |
RHP Hotel Properties LP/RHP Finance Corp., 6.50%, 04/01/32(d) | | | |
RLJ Lodging Trust LP, 4.00%, 09/15/29(d) | | | |
| | | |
| | | |
| | | |
XHR LP, 6.63%, 05/15/30(d) | | | |
| | | |
Hotels, Restaurants & Leisure — 3.8% |
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29(d) | | | |
Bertrand Franchise Finance SAS, (3-mo. EURIBOR + 3.75%), 6.96%, 07/18/30(a)(b) | | | |
Carnival Corp., 6.00%, 05/01/29(d) | | | |
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(d) | | | |
Carnival PLC, 1.00%, 10/28/29 | | | |
Deuce Finco PLC, 5.50%, 06/15/27(a) | | | |
Fertitta Entertainment LLC/Fertitta Entertainment | | | |
| | | |
| | | |
Life Time, Inc., 8.00%, 04/15/26(d) | | | |
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(d) | | | |
Lindblad Expeditions LLC, 6.75%, 02/15/27(d) | | | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(d) | | | |
Melco Resorts Finance Ltd.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Consolidated Schedule of Investments55
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Hotels, Restaurants & Leisure (continued) |
MGM China Holdings Ltd.(d) | | | |
| | | |
| | | |
| | | |
MGM Resorts International, 6.13%, 09/15/29 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
NCL Finance Ltd., 6.13%, 03/15/28(d) | | | |
| | | |
| | | |
| | | |
Royal Caribbean Cruises Ltd., 6.00%, 02/01/33(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Stonegate Pub Co. Financing PLC(a) | | | |
| | | |
(3-mo. EURIBOR + 6.63%), 9.65%, 07/31/29(b) | | | |
TUI AG, 5.88%, 03/15/29(a) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Household Durables — 1.1% |
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30(d) | | | |
Beazer Homes USA, Inc., 7.50%, 03/15/31(d) | | | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29(d) | | | |
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/29(d) | | | |
Dream Finders Homes, Inc., 8.25%, 08/15/28(d) | | | |
Empire Communities Corp., 9.75%, 05/01/29(d) | | | |
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(d) | | | |
| | | |
| | | |
| | | |
Meritage Homes Corp., 1.75%, 05/15/28(d)(k) | | | |
New Home Co., Inc., 9.25%, 10/01/29(d) | | | |
| | | |
| | | |
| | | |
| | | |
Household Durables (continued) |
STL Holding Co. LLC, 8.75%, 02/15/29(d) | | | |
Tempur Sealy International, Inc., 3.88%, 10/15/31(d) | | | |
| | | |
Household Products(d) — 0.1% |
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31 | | | |
| | | |
| | | |
| | | |
| | | |
Independent Power and Renewable Electricity Producers(d)(k) — 0.4% |
NextEra Energy Partners LP | | | |
| | | |
| | | |
| | | |
|
Alliant Holdings Intermediate LLC/Alliant Holdings | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
AmWINS Group, Inc., 4.88%, 06/30/29(d) | | | |
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29(d) | | | |
| | | |
| | | |
| | | |
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(d) | | | |
AssuredPartners, Inc., 7.50%, 02/15/32(d) | | | |
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC(d) | | | |
| | | |
| | | |
HUB International Ltd.(d) | | | |
| | | |
| | | |
Jones Deslauriers Insurance Management, Inc.(d) | | | |
| | | |
| | | |
Panther Escrow Issuer LLC, 7.13%, 06/01/31(d) | | | |
UnipolSai Assicurazioni SpA, 4.90%, 05/23/34(a) | | | |
USI, Inc./New York, 7.50%, 01/15/32(d) | | | |
| | | |
Interactive Media & Services(a) — 0.1% |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
562024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Internet Software & Services — 0.9% |
Acuris Finance U.S., Inc./Acuris Finance SARL(d) | | | |
| | | |
| | | |
ANGI Group LLC, 3.88%, 08/15/28(d) | | | |
Cablevision Lightpath LLC(d) | | | |
| | | |
| | | |
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28(a) | | | |
ION Trading Technologies SARL, 9.50%, 05/30/29(d) | | | |
Match Group Holdings II LLC(d) | | | |
| | | |
| | | |
| | | |
| | | |
Uber Technologies, Inc.(k) | | | |
| | | |
Series 2028, 0.88%, 12/01/28 | | | |
| | | |
|
Almaviva-The Italian Innovation Co. SpA, 5.00%, 10/30/30(a) | | | |
Amentum Holdings, Inc., 7.25%, 08/01/32(d) | | | |
| | | |
| | | |
| | | |
CA Magnum Holdings, 5.38%, 10/31/26(d) | | | |
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(d) | | | |
KBR, Inc., 4.75%, 09/30/28(d) | | | |
McAfee Corp., 7.38%, 02/15/30(d) | | | |
| | | |
|
Chart Industries, Inc.(d) | | | |
| | | |
| | | |
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(d) | | | |
Husky Injection Molding Systems Ltd./Titan Co- Borrower LLC, 9.00%, 02/15/29(d) | | | |
IMA Industria Macchine Automatiche SpA(a) | | | |
| | | |
(3-mo. EURIBOR + 3.75%), 6.93%, 04/15/29(b) | | | |
Manitowoc Co., Inc., 9.25%, 10/01/31(d) | | | |
Nova Alexandre III SAS, (3-mo. EURIBOR + 5.25%), 8.43%, 07/15/29(a)(b) | | | |
Terex Corp., 6.25%, 10/15/32(d) | | | |
| | | |
| | | |
| | | |
TK Elevator Midco GmbH, 4.38%, 07/15/27(a) | | | |
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(d) | | | |
| | | |
|
| | | |
| | | |
| | | |
| | | |
CCO Holdings LLC/CCO Holdings Capital Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
CCO Holdings LLC/CCO Holdings Capital Corp. (continued) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(d) | | | |
| | | |
| | | |
| | | |
DISH Network Corp., 11.75%, 11/15/27(d) | | | |
GCI LLC, 4.75%, 10/15/28(d) | | | |
Gray Television, Inc., 10.50%, 07/15/29(d) | | | |
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(d) | | | |
Midcontinent Communications, 8.00%, 08/15/32(d) | | | |
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(d) | | | |
| | | |
| | | |
| | | |
Sunrise FinCo I BV, 4.88%, 07/15/31(d) | | | |
Tele Columbus AG, (10.00% PIK), 10.00%, 01/01/29(a)(h) | | | |
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(d) | | | |
Univision Communications, Inc.(d) | | | |
| | | |
| | | |
| | | |
Virgin Media O2 Vendor Financing Notes V DAC, 7.88%, 03/15/32(a) | | | |
Virgin Media Secured Finance PLC(a) | | | |
| | | |
| | | |
VZ Secured Financing BV, 3.50%, 01/15/32(a) | | | |
| | | |
| | | |
| | | |
Ziggo BV, 4.88%, 01/15/30(d) | | | |
| | | |
|
Aris Mining Corp., 8.00%, 10/31/29(d) | | | |
Arsenal AIC Parent LLC(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Carpenter Technology Corp., 7.63%, 03/15/30 | | | |
Cleveland-Cliffs, Inc.(d) | | | |
| | | |
Consolidated Schedule of Investments57
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Metals & Mining (continued) |
Cleveland-Cliffs, Inc.(d) (continued) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
ERO Copper Corp., 6.50%, 02/15/30(d) | | | |
First Quantum Minerals Ltd., 9.38%, 03/01/29(d) | | | |
| | | |
| | | |
| | | |
Mineral Resources Ltd., 9.25%, 10/01/28(d) | | | |
| | | |
| | | |
| | | |
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(a) | | | |
Vallourec SACA, 7.50%, 04/15/32(d) | | | |
| | | |
Mortgage Real Estate Investment Trusts (REITs)(d) — 0.3% |
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 | | | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | | | |
| | | |
| | | |
Starwood Property Trust, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
Oil, Gas & Consumable Fuels — 10.9% |
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(d) | | | |
Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, 02/01/32(d) | | | |
Ascent Resources Utica Holdings LLC/ARU Finance | | | |
| | | |
| | | |
| | | |
Baytex Energy Corp., 8.50%, 04/30/30(d) | | | |
Blue Racer Midstream LLC/Blue Racer Finance | | | |
| | | |
| | | |
Borr IHC Ltd./Borr Finance LLC(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
CD&R Firefly Bidco PLC(a) | | | |
| | | |
| | | |
CITGO Petroleum Corp., 8.38%, 01/15/29(d) | | | |
Civitas Resources, Inc.(d) | | | |
| | | |
| | | |
| | | |
CNX Midstream Partners LP, 4.75%, 04/15/30(d) | | | |
| | | |
Oil, Gas & Consumable Fuels (continued) |
Comstock Resources, Inc.(d) | | | |
| | | |
| | | |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(d) | | | |
Crescent Energy Finance LLC(d) | | | |
| | | |
| | | |
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(d) | | | |
eG Global Finance PLC, 12.00%, 11/30/28(d) | | | |
| | | |
(5-year CMT + 2.97%), 7.20%, 06/27/54 | | | |
(5-year CMT + 3.12%), 7.38%, 03/15/55 | | | |
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(d) | | | |
| | | |
(5-year CMT + 2.83%), 7.13%, 10/01/54 | | | |
(5-year CMT + 4.02%), 8.00%, 05/15/54 | | | |
Series H, (5-year CMT + 5.69%), 6.50%(i) | | | |
Genesis Energy LP/Genesis Energy Finance Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Gulfport Energy Operating Corp., 6.75%, 09/01/29(d) | | | |
Harvest Midstream I LP, 7.50%, 05/15/32(d) | | | |
Hilcorp Energy I LP/Hilcorp Finance Co.(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Howard Midstream Energy Partners LLC(d) | | | |
| | | |
| | | |
ITT Holdings LLC, 6.50%, 08/01/29(d) | | | |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(d) | | | |
Matador Resources Co., 6.50%, 04/15/32(d) | | | |
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/31(d) | | | |
Murphy Oil Corp., 5.88%, 12/01/42 | | | |
Nabors Industries Ltd., 7.50%, 01/15/28(d) | | | |
Nabors Industries, Inc.(d) | | | |
| | | |
| | | |
NFE Financing LLC, 12.00%, 11/15/29(d) | | | |
NGL Energy Operating LLC/NGL Energy Finance | | | |
| | | |
| | | |
Noble Finance II LLC, 8.00%, 04/15/30(d) | | | |
Northern Oil & Gas, Inc.(d) | | | |
| | | |
| | | |
Northriver Midstream Finance LP, 6.75%, 07/15/32(d) | | | |
Parkland Corp., 6.63%, 08/15/32(d) | | | |
582024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Oil, Gas & Consumable Fuels (continued) |
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(d) | | | |
Permian Resources Operating LLC, 6.25%, 02/01/33(d) | | | |
Prairie Acquiror LP, 9.00%, 08/01/29(d) | | | |
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(d) | | | |
| | | |
| | | |
| | | |
| | | |
Summit Midstream Holdings LLC, 8.63%, 10/31/29(d) | | | |
Tallgrass Energy Partners LP/Tallgrass Energy | | | |
| | | |
| | | |
| | | |
| | | |
Talos Production, Inc.(d) | | | |
| | | |
| | | |
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(d) | | | |
Transocean Aquila Ltd., 8.00%, 09/30/28(d) | | | |
Transocean Titan Financing Ltd., 8.38%, 02/01/28(d) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Valaris Ltd., 8.38%, 04/30/30(d) | | | |
Vantage Drilling International Ltd., 9.50%, 02/15/28(d) | | | |
Venture Global LNG, Inc.(d) | | | |
| | | |
| | | |
| | | |
Vermilion Energy, Inc., 6.88%, 05/01/30(d) | | | |
| | | |
| | | |
| | | |
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(d) | | | |
| | | |
Paper & Forest Products — 0.1% |
Ahlstrom Holding 3 Oy, 3.63%, 02/04/28(a) | | | |
Magnera Corp., 7.25%, 11/15/31(d) | | | |
| | | |
Passenger Airlines(d) — 0.6% |
American Airlines, Inc., 8.50%, 05/15/29 | | | |
OneSky Flight LLC, 8.88%, 12/15/29 | | | |
United Airlines, Inc., 4.63%, 04/15/29 | | | |
| | | |
|
1375209 BC Ltd., 9.00%, 01/30/28(d) | | | |
Bausch Health Cos., Inc.(d) | | | |
| | | |
| | | |
| | | |
Cheplapharm Arzneimittel GmbH, 7.50%, 05/15/30(a) | | | |
Endo Finance Holdings, Inc., 8.50%, 04/15/31(d) | | | |
| | | |
Pharmaceuticals (continued) |
| | | |
| | | |
| | | |
Gruenenthal GmbH, 4.63%, 11/15/31(a) | | | |
Nidda Healthcare Holding GmbH(a) | | | |
| | | |
(3-mo. EURIBOR + 3.75%), 6.89%, 10/23/30(b) | | | |
Organon & Co./Organon Foreign Debt Co-Issuer BV, 7.88%, 05/15/34(d) | | | |
| | | |
| | | |
(3-mo. EURIBOR + 3.88%), 6.56%, 12/31/29(b) | | | |
Teva Pharmaceutical Finance Netherlands II BV | | | |
| | | |
| | | |
| | | |
Teva Pharmaceutical Finance Netherlands III BV | | | |
| | | |
| | | |
| | | |
| | | |
Real Estate Management & Development — 0.7% |
Anywhere Real Estate Group LLC/Anywhere Co- Issuer Corp. | | | |
| | | |
Series AI, 7.00%, 04/15/30 | | | |
Aroundtown Finance SARL, (5-year UK Government Bond + 4.49%), 8.63%(b)(i) | | | |
Aroundtown SA, 0.38%, 04/15/27(a) | | | |
Citycon Treasury BV, 2.38%, 01/15/27(a) | | | |
CoreLogic, Inc., 4.50%, 05/01/28(d) | | | |
Cushman & Wakefield U.S. Borrower, LLC(d) | | | |
| | | |
| | | |
Heimstaden Bostad Treasury BV, 1.38%, 03/03/27 | | | |
Howard Hughes Corp., 4.38%, 02/01/31(d) | | | |
Vivion Investments SARL, Series DEC, (6.50% PIK), 6.50%, 08/31/28(a)(h) | | | |
| | | |
|
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(d) | | | |
Semiconductors & Semiconductor Equipment(k) — 0.2% |
ams-OSRAM AG, 2.13%, 11/03/27(a) | | | |
MKS Instruments, Inc., 1.25%, 06/01/30(d) | | | |
ON Semiconductor Corp., 0.50%, 03/01/29 | | | |
| | | |
|
AthenaHealth Group, Inc., 6.50%, 02/15/30(d) | | | |
Capstone Borrower, Inc., 8.00%, 06/15/30(d) | | | |
Cedacri Mergeco SpA, (3-mo. EURIBOR + 5.50%), 8.52%, 05/15/28(a)(b) | | | |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(d) | | | |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(d) | | | |
Clarivate Science Holdings Corp., 4.88%, 07/01/29(d) | | | |
Cloud Software Group, Inc.(d) | | | |
| | | |
| | | |
Consolidated Schedule of Investments59
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
|
Cloud Software Group, Inc.(d) (continued) | | | |
| | | |
Dun & Bradstreet Corp., 5.00%, 12/15/29(d) | | | |
Ellucian Holdings, Inc., 6.50%, 12/01/29(d) | | | |
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL | | | |
| | | |
| | | |
| | | |
Nutanix, Inc., 0.50%, 12/15/29(d)(k) | | | |
Playtika Holding Corp., 4.25%, 03/15/29(d) | | | |
| | | |
| | | |
| | | |
SS&C Technologies, Inc., 6.50%, 06/01/32(d) | | | |
TeamSystem SpA, (3-mo. EURIBOR + 3.50%), 6.68%, 07/31/31(a)(b) | | | |
UKG, Inc., 6.88%, 02/01/31(d) | | | |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(d) | | | |
| | | |
|
Afflelou SAS, 6.00%, 07/25/29(a) | | | |
| | | |
| | | |
(3-mo. EURIBOR + 4.25%), 6.93%, 09/30/31(b) | | | |
Duomo Bidco SpA, (3-mo. EURIBOR + 4.13%), 7.30%, 07/15/31(a)(b) | | | |
Fressnapf Holding SE, 5.25%, 10/31/31(a) | | | |
Goldstory SAS, 6.75%, 02/01/30(a) | | | |
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29(d) | | | |
Staples, Inc., 10.75%, 09/01/29(d) | | | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31(d) | | | |
| | | |
Technology Hardware, Storage & Peripherals(d) — 0.1% |
Diebold Nixdorf, Inc., 7.75%, 03/31/30 | | | |
NCR Atleos Corp., 9.50%, 04/01/29 | | | |
| | | |
Textiles, Apparel & Luxury Goods — 0.1% |
| | | |
| | | |
| | | |
European TopSoho SARL, 4.00%, 09/21/21(a)(e)(f)(j)(k) | | | |
| | | |
| | | |
| | | |
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%), 6.93%, 07/01/29(a)(b) | | | |
S&S Holdings LLC, 8.38%, 10/01/31(d) | | | |
| | | |
Trading Companies & Distributors(d) — 0.5% |
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 | | | |
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 | | | |
Gates Corp., 6.88%, 07/01/29 | | | |
| | | |
Trading Companies & Distributors (continued) |
| | | |
| | | |
| | | |
| | | |
Transportation Infrastructure — 0.1% |
Edge Finco PLC, 8.13%, 08/15/31(a) | | | |
GN Bondco LLC, 9.50%, 10/15/31(d) | | | |
Mobico Group PLC, (5-year UK Government Bond + 4.14%), 4.25%(a)(b)(i) | | | |
SGL Group ApS, (3-mo. EURIBOR + 4.75%), 7.95%, 04/22/30(b) | | | |
| | | |
|
Thames Water Utilities Finance PLC, 4.00%, 04/18/27(a) | | | |
Total Corporate Bonds — 100.6%
(Cost: $1,470,298,829) | |
Fixed Rate Loan Interests |
Advertising Agencies — 0.4% |
Clear Channel International BV, 2024 CCIBV Fixed Term Loan, 7.50%, 04/01/27(f) | | | |
Diversified Consumer Services — 0.0% |
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/18/27(f) | | | |
|
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 11/01/31(f) | | | |
|
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | | | |
Total Fixed Rate Loan Interests — 1.9%
(Cost: $27,909,478) | |
Floating Rate Loan Interests(b) |
Advertising Agencies — 0.4% |
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.47%, 08/23/28 | | | |
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-mo. CME Term SOFR + 5.10%), 9.76%, 04/11/29 | | | |
| | | |
Aerospace & Defense — 0.3% |
Azorra Soar TLB Finance Ltd, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 10/18/29 | | | |
Barnes Group, Inc., 2024 Term Loan B, 12/10/31(n) | | | |
Dynasty Acquisition Co., Inc. | | | |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 | | | |
602024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Aerospace & Defense (continued) |
Dynasty Acquisition Co., Inc. (continued) | | | |
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 | | | |
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 11/21/31 | | | |
| | | |
Building Materials — 0.2% |
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.71%, 11/03/28 | | | |
Cornerstone Building Brands, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.90%, 05/15/31 | | | |
EMRLD Borrower LP, 2024 Term Loan B, 08/04/31(n) | | | |
| | | |
Delayed Draw Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/23/31 | | | |
Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 07/23/31 | | | |
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 08/05/31 | | | |
| | | |
|
Foundation Building Materials, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.92%, 01/29/31 | | | |
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 06/17/31 | | | |
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 10/19/29 | | | |
| | | |
|
CPI Holdco B LLC, 2024 Incremental Term Loan B, 05/17/31(n) | | | |
Deerfield Dakota Holding LLC, 2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.34%, 04/07/28 | | | |
Summit Acquisition, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 10/16/31(f) | | | |
| | | |
|
Advancion Holdings LLC, 2020 2nd Lien Term Loan, (1-mo. CME Term SOFR + 7.85%), 12.21%, 11/24/28 | | | |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 8.95%, 10/04/29 | | | |
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.35%, 07/03/28 | | | |
| | | |
|
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28(f) | | | |
OQ Chemicals Corp., 2017 USD Term Loan B2, (3- mo. CME Term SOFR at 0.00% Floor + 3.60%), 8.19%, 12/31/26 | | | |
| | | |
Commercial Services & Supplies — 1.0% |
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 05/12/28 | | | |
Champions Financing, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.27%, 02/23/29 | | | |
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 4.75%), 9.34%, 04/29/29 | | | |
Garda World Security Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.90%, 02/01/29 | | | |
Jupiter Buyer, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.30%, 10/10/31 | | | |
Neon Maple US Debt Mergersub, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.44%, 11/15/31 | | | |
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/26/31 | | | |
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/19/31 | | | |
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 11/30/30 | | | |
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.69%, 12/17/28 | | | |
Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 01/30/31 | | | |
| | | |
Construction & Engineering — 0.6% |
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.07%, 08/01/30 | | | |
Brown Group Holding LLC, 2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.00%, 07/01/31 | | | |
Chromalloy Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.35%, 03/27/31 | | | |
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.84%, 11/03/31 | | | |
Consolidated Schedule of Investments61
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Construction & Engineering (continued) |
Cube A&D Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.13%, 10/17/31 | | | |
K Hovnaian Enterprises, Third Amendment Revolver, 06/30/26(f)(n) | | | |
| | | |
|
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/19/31 | | | |
Containers & Packaging — 0.1% |
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.46%, 10/29/28 | | | |
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.59%, 04/15/27 | | | |
| | | |
Diversified Consumer Services — 0.0% |
Veritas U.S., Inc., 2024 Priority Term Loan, (Prime at 1.00% Floor + 11.50%), 19.25%, 12/09/29(f) | | | |
Diversified Telecommunication Services — 0.9% |
Delta Topco, Inc., 2024 2nd Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.95%, 11/29/30 | | | |
Digicel International Finance Ltd., 2024 Term Loan, (3-mo. CME Term SOFR + 6.85%), 11.34%, 05/25/27 | | | |
Frontier Communications Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.76%, 07/01/31 | | | |
| | | |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/29 | | | |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/30 | | | |
| | | |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/29 | | | |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/30 | | | |
2024 Term Loan A, (1-mo. CME Term SOFR + 6.00%), 10.36%, 06/01/28 | | | |
Windstream Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.85%), 9.21%, 10/01/31(f) | | | |
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.47%, 03/09/27 | | | |
| | | |
| | | |
Electric Utilities — 0.0% |
Talen Energy Supply LLC, 2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.02%, 12/11/31 | | | |
Electronic Equipment, Instruments & Components — 0.1% |
LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.80%, 12/02/31 | | | |
Energy Equipment & Services — 0.1% |
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/31/31 | | | |
|
Entain PLC, 2024 USD Term Loan B3, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 10/31/29 | | | |
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 11/12/29 | | | |
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 06/25/31 | | | |
UFC Holdings, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.77%, 11/21/31 | | | |
| | | |
Environmental, Maintenance & Security Service — 0.0% |
Tidal Waste & Recycling Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 10/24/31 | | | |
Financial Services — 0.1% |
Clue Opco LLC, Term Loan B, (3-mo. CME Term SOFR + 4.50%), 9.09%, 12/19/30 | | | |
Ground Transportation — 0.1% |
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/10/31 | | | |
Health Care Equipment & Supplies — 0.4% |
| | | |
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 | | | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.69%, 05/10/27 | | | |
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.61%, 10/23/28 | | | |
Sotera Health Holdings LLC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.84%, 05/30/31 | | | |
| | | |
622024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Health Care Providers & Services — 0.5% |
| | | |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.41%, 05/17/31 | | | |
2024 Incremental Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.96%, 05/17/31 | | | |
Quorum Health Corp., 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 8.35%), 13.03%, 04/29/25 | | | |
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/27/30 | | | |
| | | |
Hotels, Restaurants & Leisure — 0.3% |
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 09/20/30 | | | |
City Football Group Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.47%, 07/22/30 | | | |
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.09%, 11/01/29 | | | |
Life Time, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.03%, 11/05/31 | | | |
| | | |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 | | | |
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 | | | |
2022 Term Loan B, 06/30/28(n) | | | |
2024 Term Loan B1, (1-mo. CME Term SOFR at 1.50% Floor + 6.10%), 10.46%, 11/15/29 | | | |
2024 Term Loan B2, (3-mo. CME Term SOFR + 6.00%), 10.46%, 11/15/29(f) | | | |
| | | |
Household Durables — 0.3% |
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.02%, 02/26/29 | | | |
Springs Windows Fashions, LLC(f) | | | |
2024 First Lien Second Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.47%, 10/06/28 | | | |
2024 FLFO Delayed Draw Term Loan, 12/19/29(n) | | | |
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, 12/19/29(f)(n) | | | |
Tempur Sealy International, Inc., 2024 Term Loan B, (1-mo. SOFR + 2.50%), 6.81%, 10/24/31 | | | |
| | | |
| | | |
|
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 09/19/31 | | | |
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 02/14/31 | | | |
TIH Insurance Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 05/06/31 | | | |
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 05/06/32 | | | |
| | | |
Interactive Media & Services — 0.2% |
| | | |
2023 Term Loan, 05/03/28(n) | | | |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.61%, 05/03/28 | | | |
| | | |
Internet Software & Services — 0.2% |
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30 | | | |
|
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/29/31 | | | |
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.43%, 11/01/31(f) | | | |
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 06/27/31 | | | |
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.37%, 03/01/29 | | | |
| | | |
|
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 11/11/29 | | | |
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 02/15/29 | | | |
| | | |
|
| | | |
2019 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.19%, 04/15/27 | | | |
2022 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.90%, 01/18/28 | | | |
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.80%, 06/04/29 | | | |
Consolidated Schedule of Investments63
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
|
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 09/25/26 | | | |
Speedster Bidco GmbH, 2024 USD Term Loan B, 10/17/31(n) | | | |
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 7.76%, 01/31/29 | | | |
| | | |
Oil, Gas & Consumable Fuels — 0.1% |
EPIC Crude Services LP, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.66%, 10/15/31 | | | |
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 8.96%, 09/19/29 | | | |
| | | |
Passenger Airlines — 0.0% |
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 9.63%, 04/20/28 | | | |
|
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.86%, 05/04/28 | | | |
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 9.71%, 02/01/27 | | | |
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.36%, 04/23/31 | | | |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.43%, 10/01/27 | | | |
| | | |
Real Estate Management & Development — 0.2% |
| | | |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 10.97%, 06/04/29 | | | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 06/02/28 | | | |
| | | |
Semiconductors & Semiconductor Equipment — 0.0% |
Icon Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.52%, 11/13/31 | | | |
|
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.58%, 02/23/32 | | | |
| | | |
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.85%), 10.21%, 12/10/29 | | | |
| | | |
|
Ascend Learning LLC (continued) | | | |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.60%), 7.96%, 12/11/28 | | | |
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 02/15/29 | | | |
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 04/30/31 | | | |
| | | |
2024 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.34%, 07/30/32 | | | |
2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.34%, 07/30/31 | | | |
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/06/29 | | | |
Cloud Software Group, Inc. | | | |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 03/30/29 | | | |
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 03/21/31 | | | |
| | | |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29 | | | |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 10/08/28 | | | |
| | | |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 10/09/29 | | | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.11%, 11/15/32 | | | |
Mitchell International, Inc., 2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 06/17/31 | | | |
Modena Buyer LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/01/31 | | | |
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 8.85%, 06/02/28 | | | |
Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B, 10/28/30(n) | | | |
Project Boost Purchaser LLC, 2024 Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.15%, 07/16/31 | | | |
RealPage, Inc., 2024 Incremental Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 04/24/28 | | | |
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.62%, 02/10/31 | | | |
| | | |
642024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
|
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28 | | | |
Technology Hardware, Storage & Peripherals — 0.0% |
| | | |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 | | | |
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 | | | |
| | | |
Total Floating Rate Loan Interests — 11.8%
(Cost: $174,665,521) | |
| | | |
|
Fixed Income Funds — 3.1% | |
| | | |
iShares Broad USD High Yield Corporate Bond ETF(p) | | | |
| | | |
Total Investment Companies — 3.1%
(Cost: $45,657,451) | |
| | | |
|
|
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Cooperatieve Rabobank UA, 4.38%(a) | | | |
HSBC Holdings PLC, 4.75%(a) | | | |
| | | |
| | | |
Lloyds Banking Group PLC, 4.95%(a) | | | |
| | | |
Nordea Bank Abp, 6.30%(d) | | | |
PNC Financial Services Group, Inc. | | | |
| | | |
| | | |
Societe Generale SA, 8.13%(d) | | | |
| | | |
| | | |
| |
Rakuten Group, Inc., 8.13%(d)(i) | | | |
| | | |
| |
Brookfield Finance, Inc., 6.30%, 01/15/55 | | | |
Deutsche Bank AG, 7.38%(a)(i) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Diversified Telecommunication Services(a) — 0.1% | |
British Telecommunications PLC, 5.13%, 10/03/54 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Electric Utilities — 0.4% | |
Duke Energy Corp., 6.45%, 09/01/54 | | | |
Edison International, Series B, 5.00%(i) | | | |
EDP SA, 4.75%, 05/29/54(a) | | | |
Electricite de France SA(a)(i) | | | |
| | | |
| | | |
| | | |
| | | |
NRG Energy, Inc., 10.25%(d)(i) | | | |
PG&E Corp., 7.38%, 03/15/55 | | | |
| | | |
Energy Equipment & Services — 1.2% | |
Venture Global LNG, Inc., 9.00%(d)(i) | | | |
Financial Services — 0.4% | |
Apollo Global Management, Inc., 6.00%, 12/15/54 | | | |
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54 | | | |
Corebridge Financial, Inc., 6.38%, 09/15/54 | | | |
Nationwide Building Society, 7.50%(a)(i) | | | |
| | | |
| |
AltaGas Ltd., 7.20%, 10/15/54(d) | | | |
Naturgy Finance Iberia SA, 2.37%(a)(i) | | | |
| | | |
Health Care Providers & Services — 0.0% | |
Clariane SE, 13.17%(a)(i) | | | |
Independent Power and Renewable Electricity Producers — 0.3% | |
AES Corp., 7.60%, 01/15/55 | | | |
Orsted A/S, 2.50%, 12/31/99(a) | | | |
Vistra Corp., 7.00%(d)(i) | | | |
| | | |
| |
Poste Italiane SpA, 2.63%(a)(i) | | | |
| |
SES SA, 6.00%, 09/12/54(a) | | | |
| |
CenterPoint Energy, Inc., Series B, 6.85%, 02/15/55 | | | |
Consolidated Schedule of Investments65
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)(Percentages shown are based on Net Assets)
| | | |
Multi-Utilities (continued) | |
Centrica PLC, 6.50%, 05/21/55(a) | | | |
Dominion Energy, Inc., 6.63%, 05/15/55 | | | |
| | | |
Oil, Gas & Consumable Fuels — 0.1% | |
South Bow Canadian Infrastructure Holdings Ltd., 7.63%, 03/01/55(d) | | | |
Var Energi ASA, 7.86%, 11/15/83(a) | | | |
| | | |
Pharmaceuticals(a) — 0.0% | |
| | | |
| | | |
| | | |
Series NC5, 6.63%, 09/25/83 | | | |
| | | |
Real Estate Management & Development — 0.0% | |
Heimstaden Bostad AB, 2.63%(a)(i) | | | |
Transportation Infrastructure — 0.0% | |
Abertis Infraestructuras Finance BV, 3.25%(a)(i) | | | |
Wireless Telecommunication Services(a) — 0.1% | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
|
Aerospace & Defense — 0.4% | |
| | | |
Electric Utilities — 0.0% | |
PG&E Corp., Series A, 6.00%(k) | | | |
| |
Alliant Cali, Inc., (Acquired 09/25/24, Cost: $5,947,430), 12/31/79(e)(f)(q) | | | |
Interactive Media & Services — 0.7% | |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $6,330,867)(e)(f)(q) | | | |
| |
Veritas Kapital Assurance PLC, Series G(e)(f) | | | |
| |
Veritas Kapital Assurance PLC, Series G(e)(f) | | | |
Wireless Telecommunication Services(e) — 0.0% | |
CF-B L2 (D) LLC, (Acquired 04/08/15, Cost: $681,884)(q) | | | |
Ligado Networks LLC(f)(r) | | | |
| | | |
| |
Total Preferred Securities — 6.7%
(Cost: $98,352,721) | |
| | | |
|
| |
| | | |
Total Warrants — 0.0%
(Cost: $ — ) | |
Total Investments — 124.7%
(Cost: $1,827,112,026) | |
Liabilities in Excess of Other Assets — (24.7)% | |
| |
| This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| |
| 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. |
| Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
| 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. |
| Perpetual security with no stated maturity date. |
| Issuer filed for bankruptcy and/or is in default. |
| |
| |
| Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step- down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
| 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. |
| Rounds to less than 1,000. |
| |
| Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $16,416,892, representing 1.1% of its net assets as of period end, and an original cost of $12,960,181. |
| 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. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
662024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | Change in
Unrealized
Appreciation
(Depreciation) | | | | Capital Gain
Distributions
from
Underlying
Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares(a) | | | | | | | | | |
iShares Broad USD High Yield Corporate Bond ETF | | | | | | | | | |
| | | | | | | | | |
| As of period end, the entity is no longer held. |
| Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
| | | | Value/
Unrealized
Appreciation
(Depreciation) |
| | | | |
| | | | |
Forward Foreign Currency Exchange Contracts
| | | | Unrealized
Appreciation
(Depreciation) |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Canadian Imperial Bank of Commerce | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Australia & New Zealand Bank Group | | |
| |
Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index | Financing
Rate Received
by the Trust | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
Consolidated Schedule of Investments67
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
OTC Credit Default Swaps — Buy Protection
Reference Obligations/Index | Financing
Rate Paid
by the Trust | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
Hovnanian Enterprises, Inc. | | | | | | | | | |
Hovnanian Enterprises, Inc. | | | Goldman Sachs International | | | | | | |
Matterhorn Telecom Holding S.A. | | | Goldman Sachs International | | | | | | |
| | | | | | | | | |
OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index | Financing
Rate Received
by the Trust | | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | | |
| | | Morgan Stanley & Co. International PLC | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | Morgan Stanley & Co. International PLC | | | | | | | |
| | | | | | | | | | |
| | | Goldman Sachs International | | | | | | | |
| | | Goldman Sachs International | | | | | | | |
| | | Goldman Sachs International | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings. |
| The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement. |
| | | | | | | | | |
| | | | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | Markit iBoxx $ Liquid High Yield Index | | | | | | | | | |
| | Markit iBoxx $ Liquid High Yield Index | | Morgan Stanley & Co. International PLC | | | | | | | |
| | Markit iBoxx $ Liquid High Yield Index | | Morgan Stanley & Co. International PLC | | | | | | | |
| | Markit iBoxx $ Liquid High Yield Index | | Morgan Stanley & Co. International PLC | | | | | | | |
| | Markit iBoxx USD Liquid Leveraged Loan Index | | Morgan Stanley & Co. International PLC | | | | | | | |
| | Markit iBoxx $ Liquid High Yield Index | | Morgan Stanley & Co. International PLC | | | | | | | |
682024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
OTC Total Return Swaps (continued)
| | | | | | | | | |
| | | | | | | | | Upfront Premium Paid (Received) | Unrealized Appreciation (Depreciation) |
| | Markit iBoxx $ Liquid High Yield Index | | Morgan Stanley & Co. International PLC | | | | | | | |
| | Markit iBoxx $ Liquid High Yield Index | | Morgan Stanley & Co. International PLC | | | | | | | |
| | Markit iBoxx $ Liquid High Yield Index | | Morgan Stanley & Co. International PLC | | | | | | | |
| | Markit iBoxx USD Liquid Leveraged Loan Index | | Morgan Stanley & Co. International PLC | | | | | | | |
| | | | | | | | | | | |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
| | | | |
Centrally Cleared Swaps(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 Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Assets — Derivative Financial Instruments | | | | | | | |
Futures contracts
Unrealized appreciation on futures contracts(a) | | | | | | | |
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts | | | | | | | |
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a) | | | | | | | |
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid | | | | | | | |
| | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | |
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts | | | | | | | |
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a) | | | | | | | |
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received | | | | | | | |
| | | | | | | |
| Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
Consolidated Schedule of Investments69
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
For the period ended December 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Net Realized Gain (Loss) from: | | | | | | | |
| | | | | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | |
| | | | | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
| Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| |
Average notional value of contracts — short | |
Forward foreign currency exchange contracts: | |
Average amounts purchased — in USD | |
Average amounts sold — in USD | |
| |
Average value of option contracts purchased | |
Average value of option contracts written | |
| |
Average notional value — buy protection | |
Average notional value — sell protection | |
| |
| |
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:
| | |
Derivative Financial Instruments | | |
| | |
Forward foreign currency exchange contracts | | |
Swaps — centrally cleared | | |
| | |
Total derivative assets and liabilities in the Statements of Assets and Liabilities | | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | |
Total derivative assets and liabilities subject to an MNA | | |
| Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities. |
702024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
The following table presents the Trust’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Trust:
| Derivative
Assets
Subject to
an MNA by
Counterparty | Derivatives
Available
for Offset(a) | Non-Cash
Collateral
Received(b) | Cash
Collateral
Received(b) | Net Amount
of Derivative
Assets(c)(d) |
| | | | | |
| | | | | |
| | | | | |
Canadian Imperial Bank of Commerce | | | | | |
| | | | | |
Goldman Sachs International | | | | | |
| | | | | |
Morgan Stanley & Co. International PLC | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Derivative
Liabilities
Subject to
an MNA by
Counterparty | Derivatives
Available
for Offset(a) | Non-Cash
Collateral
Pledged(b) | | Net Amount
of Derivative
Liabilities(c)(e) |
Australia & New Zealand Bank Group | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Goldman Sachs International | | | | | |
| | | | | |
Morgan Stanley & Co. International PLC | | | | | |
| | | | | |
| The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
| Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
| Net amount represents the net amount receivable from the counterparty in the event of default. |
| Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Consolidated Schedule of Investments above.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Fixed Rate Loan Interests | | | | |
Floating Rate Loan Interests | | | | |
| | | | |
| | | | |
| | | | |
Consolidated Schedule of Investments71
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
Fair Value Hierarchy as of Period End (continued)
| | | | |
| | | | |
| | | | |
| | | | |
Unfunded Floating Rate Loan Interests(a) | | | | |
| | | | |
Unfunded Floating Rate Loan Interests(a) | | | | |
| | | | |
Investments Valued at NAV(b) | | | | |
| | | | |
Derivative Financial Instruments(c) | | | | |
| | | | |
| | | | |
Foreign Currency Exchange Contracts | | | | |
| | | | |
| | | | |
| | | | |
Foreign Currency Exchange Contracts | | | | |
| | | | |
| | | | |
| Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
| Certain investments of the Trust were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy. |
| Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $407,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| | | | Floating
Rate Loan
Interests | | | |
| | | | | | | |
Opening balance, as of December 31, 2023 | | | | | | | |
| | | | | | | |
| | | | | | | |
Accrued discounts/premiums | | | | | | | |
| | | | | | | |
Net change in unrealized appreciation (depreciation)(a)(b) | | | | | | | |
| | | | | | | |
| | | | | | | |
Closing balance, as of December 31, 2024 | | | | | | | |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024(b) | | | | | | | |
| Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
| Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end. |
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Trust’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon
722024 BlackRock Annual Report to Shareholders
Consolidated Schedule of Investments (continued)December 31, 2024
BlackRock Corporate High Yield Fund, Inc. (HYT)
unadjusted third-party pricing information in the amount of $21,870,121. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.
| | | | Range of
Unobservable
Inputs
| Weighted
Average of
Unobservable
Inputs |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| A significant change in unobservable input could result in a correlated or inverse change in value. |
| The fund valued certain of its Level 3 Preferred Stocks using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $10,440,304 as of December 31, 2024. |
See notes to financial statements.
Consolidated Schedule of Investments73
Schedule of InvestmentsDecember 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
|
522 Funding CLO Ltd., Series 2019-5A, Class AR, (3- mo. CME Term SOFR + 1.33%), 5.99%, 04/15/35(a)(b) | | | |
720 East CLO IV Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.60%), 6.26%, 04/15/37(a)(b) | | | |
AGL CLO Ltd., Series 2021-12A, Class B, (3-mo. CME Term SOFR + 1.86%), 6.48%, 07/20/34(a)(b) | | | |
AIMCO CLO Ltd., Series 2021-14A, Class A, (3-mo. CME Term SOFR + 1.25%), 5.87%, 04/20/34(a)(b) | | | |
Allegro CLO VI Ltd.(a)(b) | | | |
Series 2017-2A, Class B, (3-mo. CME Term SOFR + 1.76%), 6.41%, 01/17/31 | | | |
Series 2017-2A, Class C, (3-mo. CME Term SOFR + 2.06%), 6.71%, 01/17/31 | | | |
Apidos CLO XV, Series 2013-15A, Class DRR, (3-mo. CME Term SOFR + 2.96%), 7.58%, 04/20/31(a)(b) | | | |
Apidos CLO XX, Series 2015-20A, Class BRR, (3-mo. CME Term SOFR + 2.21%), 6.86%, 07/16/31(a)(b) | | | |
Apidos CLO XXXIII, Series 2020-33A, Class AR, (3-mo. CME Term SOFR + 1.41%), 6.05%, 10/24/34(a)(b) | | | |
Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.02%, 10/22/34(a)(b) | | | |
Ares XLVII CLO Ltd., Series 2018-47A, Class D, (3-mo. CME Term SOFR + 2.96%), 7.62%, 04/15/30(a)(b) | | | |
Ares XLVIII CLO Ltd., Series 2018-48A, Class C, (3-mo. CME Term SOFR + 2.06%), 6.68%, 07/20/30(a)(b) | | | |
Atlas Senior Loan Fund XII Ltd., Series 2018-12A, Class A1, (3-mo. CME Term SOFR + 1.44%), 6.08%, 10/24/31(a)(b) | | | |
| | | |
Series 2018-1A, Class A2, (3-mo. CME Term SOFR + 1.86%), 6.48%, 04/20/31 | | | |
Series 2019-2A, Class BRR, (3-mo. CME Term SOFR + 2.40%), 6.92%, 02/20/36 | | | |
Series 2022-19A, Class A1, (3-mo. CME Term SOFR + 1.33%), 5.95%, 04/20/35 | | | |
Benefit Street Partners CLO XVI Ltd., Series 2018-16A, Class A1R2, (3-mo. CME Term SOFR + 1.32%), 5.64%, 01/17/38(a)(b) | | | |
Benefit Street Partners CLO XXI Ltd., Series 2020-21A, Class A1R, (3-mo. CME Term SOFR + 1.43%), 6.09%, 10/15/34(a)(b) | | | |
Bryant Park Funding Ltd., Series 2024-22A, Class C, (3-mo. CME Term SOFR + 2.60%), 7.26%, 04/15/37(a)(b) | | | |
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.07%), 5.63%, 07/18/34(a)(b) | | | |
| | | |
Series 2021-3A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.62%, 07/15/34 | | | |
Series 2021-4, Class A, (3-mo. CME Term SOFR + 1.43%), 6.09%, 10/15/34 | | | |
Carlyle CLO Ltd., Series C17A, Class BR, (3-mo. CME Term SOFR + 2.11%), 6.70%, 04/30/31(a)(b) | | | |
CarVal CLO I Ltd., Series 2018-1A, Class D, (3-mo. CME Term SOFR + 3.15%), 7.80%, 07/16/31(a)(b) | | | |
Cedar Funding XII CLO Ltd., Series 2020-12A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 6.02%, 10/25/34(a)(b) | | | |
| | | |
Asset-Backed Securities (continued) |
| | | |
Series 2013-2A, Class A3LR, (3-mo. CME Term SOFR + 2.21%), 6.84%, 10/18/30 | | | |
Series 2015-4A, Class A1A2, (3-mo. CME Term SOFR + 1.33%), 5.95%, 04/20/34 | | | |
Series 2019-2A, Class BR, (3-mo. CME Term SOFR + 1.76%), 6.41%, 04/17/34 | | | |
Series 2019-5A, Class A2RS, (3-mo. CME Term SOFR + 2.01%), 6.67%, 01/15/35 | | | |
Series 2020-2A, Class AR, (3-mo. CME Term SOFR + 1.43%), 6.05%, 10/20/34 | | | |
Series 2020-3A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 6.01%, 10/20/34 | | | |
Series 2021-1AR, Class A1R, (3-mo. CME Term SOFR + 1.42%), 6.05%, 07/25/37 | | | |
| | | |
Series 2018-1A, Class A1RR, (3-mo. CME Term SOFR + 1.53%), 6.15%, 04/20/37 | | | |
Series 2021-1A, Class A, (3-mo. CME Term SOFR + 1.36%), 5.99%, 04/22/34 | | | |
Series 2021-2A, Class B, (3-mo. CME Term SOFR + 2.01%), 6.63%, 07/20/34 | | | |
Clover CLO Ltd., Series 2019-2A, Class AR, (3-mo. CME Term SOFR + 1.36%), 5.99%, 10/25/33(a)(b) | | | |
Diameter Capital CLO Ltd., Series 2021-1A, Class A1R, (3-mo. CME Term SOFR + 1.39%), 6.02%, 10/15/37(a)(b) | | | |
Dryden CLO Ltd., Series 2020-77A, Class AR, (3-mo. CME Term SOFR + 1.38%), 5.90%, 05/20/34(a)(b) | | | |
Elmwood CLO 15 Ltd., Series 2022-2A, Class A1, (3- mo. CME Term SOFR + 1.34%), 5.97%, 04/22/35(a)(b) | | | |
Elmwood CLO 26 Ltd, Series 2026-1A, Class C, (3-mo. CME Term SOFR + 2.40%), 7.03%, 04/18/37(a)(b) | | | |
Elmwood CLO 37 Ltd.(a)(b)(c) | | | |
Series 2024-13A, Class C, 01/17/38 | | | |
Series 2024-13A, Class D1, 01/17/38 | | | |
Elmwood CLO II Ltd., Series 2019-2A, Class A1RR, (3-mo. CME Term SOFR + 1.35%), 5.91%, 10/20/37(a)(b) | | | |
Elmwood CLO VII Ltd., Series 2020-4A, Class A1RR, (3-mo. CME Term SOFR + 1.36%), 5.91%, 10/17/37(a)(b) | | | |
Elmwood CLO XI Ltd., Series 2021-4A, Class B, (3-mo. CME Term SOFR + 1.86%), 6.48%, 10/20/34(a)(b) | | | |
Elmwood CLO XII Ltd., Series 2021-5A, Class BR, (3- mo. CME Term SOFR + 1.70%), 6.27%, 10/15/37(a)(b) | | | |
Galaxy XX CLO Ltd., Series 2015-20A, Class D1R, (3- mo. CME Term SOFR + 2.86%), 7.48%, 04/20/31(a)(b) | | | |
Golub Capital Partners CLO Ltd.(a)(b) | | | |
Series 2019-41A, Class AR, (3-mo. CME Term SOFR + 1.58%), 6.20%, 01/20/34 | | | |
Series 2021-53A, Class B, (3-mo. CME Term SOFR + 2.06%), 6.68%, 07/20/34 | | | |
HalseyPoint CLO Ltd.(a)(b) | | | |
Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.48%), 6.10%, 04/20/34 | | | |
Series 2021-5A, Class A1A, (3-mo. CME Term SOFR + 1.47%), 6.06%, 01/30/35 | | | |
742024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Asset-Backed Securities (continued) |
Highbridge Loan Management Ltd., Series 4A-2014, Class A2R, (3-mo. CME Term SOFR + 1.76%), 6.38%, 01/28/30(a)(b) | | | |
Long Point Park CLO Ltd., Series 2017-1A, Class B, (3-mo. CME Term SOFR + 1.96%), 6.61%, 01/17/30(a)(b) | | | |
Madison Park Funding L Ltd., Series 2021-50A, Class A, (3-mo. CME Term SOFR + 1.40%), 6.02%, 04/19/34(a)(b) | | | |
Madison Park Funding LIX Ltd., Series 2021-59A, Class A1R, (3-mo. CME Term SOFR + 1.50%), 6.13%, 04/18/37(a)(b) | | | |
Madison Park Funding XLVIII Ltd., Series 2021-48A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.03%, 04/19/33(a)(b) | | | |
Madison Park Funding XXVII Ltd.(a)(b) | | | |
Series 2018-27A, Class B, (3-mo. CME Term SOFR + 2.06%), 6.68%, 04/20/30 | | | |
Series 2018-27A, Class C, (3-mo. CME Term SOFR + 2.86%), 7.48%, 04/20/30 | | | |
Madison Park Funding XXXVIII Ltd., Series 2021-38A, Class A, (3-mo. CME Term SOFR + 1.38%), 6.03%, 07/17/34(a)(b) | | | |
Marathon CLO Ltd., Series 2020-15ARRR, Class C1R3, (3-mo. CME Term SOFR + 3.20%), 7.72%, 08/15/37(a)(b) | | | |
Marble Point CLO XI Ltd., Series 2017-2A, Class B, (3-mo. CME Term SOFR + 1.76%), 6.39%, 12/18/30(a)(b) | | | |
MP CLO III Ltd., Series 2013-1A, Class CR, (3-mo. CME Term SOFR + 2.26%), 6.88%, 10/20/30(a)(b) | | | |
Neuberger Berman Loan Advisers CLO Ltd.(a)(b) | | | |
Series 2021-45A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.05%, 10/14/35 | | | |
Series 2021-46A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.53%, 01/20/36 | | | |
Series 2022-47A, Class A, (3-mo. CME Term SOFR + 1.30%), 5.95%, 04/14/35 | | | |
New Mountain CLO Ltd., Series 2024-5A, Class A, (3- mo. CME Term SOFR + 1.57%), 6.19%, 04/20/36(a)(b) | | | |
OCP CLO Ltd., Series 2026-11R, Class CR2, (3-mo. CME Term SOFR + 2.35%), 6.97%, 04/26/36(a)(b) | | | |
Octagon Investment Partners 26 Ltd., Series 2016-1A, Class DR, (3-mo. CME Term SOFR + 3.11%), 7.77%, 07/15/30(a)(b) | | | |
Octagon Investment Partners 34 Ltd., Series 2017-1A, Class B1, (3-mo. CME Term SOFR + 1.66%), 6.28%, 01/20/30(a)(b) | | | |
Octagon Investment Partners XVII Ltd.(a)(b) | | | |
Series 2013-1A, Class BR2, (3-mo. CME Term SOFR + 1.66%), 6.29%, 01/25/31 | | | |
Series 2013-1A, Class CR2, (3-mo. CME Term SOFR + 1.96%), 6.59%, 01/25/31 | | | |
Octagon Investment Partners XXII Ltd., Series 2014-1A, Class CRR, (3-mo. CME Term SOFR + 2.16%), 6.79%, 01/22/30(a)(b) | | | |
OHA Credit Funding Ltd.(a)(b) | | | |
Series 2019-3A, Class AR2, (3-mo. CME Term SOFR + 1.32%), 5.83%, 01/20/38 | | | |
| | | |
Asset-Backed Securities (continued) |
OHA Credit Funding Ltd.(a)(b) (continued) | | | |
Series 2020-5AR, Class AR, (3-mo. CME Term SOFR + 1.35%), 6.13%, 10/18/37 | | | |
Series 2020-7A, Class AR, (3-mo. CME Term SOFR + 1.30%), 5.92%, 02/24/37 | | | |
Series 2021-10A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.02%, 01/18/36 | | | |
OHA Credit Partners XII Ltd., Series 2015-12AR, Class D1R2, (3-mo. CME Term SOFR + 3.50%), 8.13%, 04/23/37(a)(b) | | | |
OHA Credit Partners XVI Ltd., Series 2021-16AR, Class AR, (3-mo. CME Term SOFR + 1.35%), 5.98%, 10/18/37(a)(b) | | | |
Palmer Square CLO Ltd.(a)(b) | | | |
Series 2015-1A, Class A2R4, (3-mo. CME Term SOFR + 1.96%), 6.48%, 05/21/34 | | | |
Series 2019-1A, Class CR, (3-mo. CME Term SOFR + 3.31%), 7.83%, 11/14/34 | | | |
Series 2020-3ARR, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 6.17%, 11/15/36 | | | |
Series 2021-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.07%, 07/15/34 | | | |
Series 2021-4A, Class B, (3-mo. CME Term SOFR + 1.91%), 6.57%, 10/15/34 | | | |
Post CLO Ltd., Series 2024-1, Class A1, (3-mo. CME Term SOFR + 1.60%), 6.22%, 04/20/37(a)(b) | | | |
Regatta VI Funding Ltd., Series 2016-1A, Class AR2, (3-mo. CME Term SOFR + 1.42%), 6.04%, 04/20/34(a)(b) | | | |
Regatta VII Funding Ltd., Series 2016-1A, Class DR2, (3-mo. CME Term SOFR + 3.31%), 7.67%, 06/20/34(a)(b) | | | |
Regatta XII Funding Ltd., Series 2019-1A, Class ARR, (3-mo. CME Term SOFR + 1.39%), 6.05%, 10/15/37(a)(b) | | | |
Regatta XVIII Funding Ltd., Series 2021-1A, Class B, (3-mo. CME Term SOFR + 1.71%), 6.37%, 01/15/34(a)(b) | | | |
Regatta XXVII Funding Ltd., Series 2024-1A, Class A1, (3-mo. CME Term SOFR + 1.53%), 6.15%, 04/26/37(a)(b) | | | |
Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, (3-mo. CME Term SOFR + 1.55%), 6.18%, 04/25/37(a)(b) | | | |
Rockford Tower CLO Ltd.(a)(b) | | | |
Series 2017-3A, Class A, (3-mo. CME Term SOFR + 1.45%), 6.07%, 10/20/30 | | | |
Series 2017-3A, Class D, (3-mo. CME Term SOFR + 2.91%), 7.53%, 10/20/30 | | | |
| | | |
Series 2018-5A, Class CR, (3-mo. CME Term SOFR + 3.60%), 8.26%, 07/15/39 | | | |
Series 2024-29RA, Class A2R, (3-mo. CME Term SOFR + 1.70%), 6.36%, 07/15/39 | | | |
Signal Peak CLO Ltd., Series 2020-8A, Class A1R, (3- mo. CME Term SOFR + 1.39%), 5.94%, 10/20/37(a)(b) | | | |
Sixth Street CLO XX Ltd., Series 2021-20A, Class A1, (3-mo. CME Term SOFR + 1.42%), 6.04%, 10/20/34(a)(b) | | | |
Schedule of Investments75
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Asset-Backed Securities (continued) |
Stewart Park CLO Ltd., Series 2015-1A, Class DR, (3- mo. CME Term SOFR + 2.86%), 7.52%, 01/15/30(a)(b) | | | |
Symphony CLO XXIV Ltd., Series 2020-24AR, Class AR, (3-mo. CME Term SOFR + 1.20%), 5.83%, 01/23/32(a)(b) | | | |
Symphony CLO XXVIII Ltd., Series 2021-28A, Class A, (3-mo. CME Term SOFR + 1.40%), 6.03%, 10/23/34(a)(b) | | | |
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR3, (3- mo. CME Term SOFR + 1.10%), 5.75%, 01/17/32(a)(b) | | | |
Tiaa CLO III Ltd., Series 2017-2A, Class A, (3-mo. CME Term SOFR + 1.41%), 6.06%, 01/16/31(a)(b) | | | |
TICP CLO VI Ltd., Series 2016-6A, Class AR2, (3-mo. CME Term SOFR + 1.38%), 6.04%, 01/15/34(a)(b) | | | |
TICP CLO XII Ltd., Series 2018-12A, Class BR, (3-mo. CME Term SOFR + 1.91%), 6.57%, 07/15/34(a)(b) | | | |
TICP CLO XIV Ltd., Series 2019-14A, Class A2R, (3- mo. CME Term SOFR + 1.91%), 6.53%, 10/20/32(a)(b) | | | |
Trestles CLO IV Ltd., Series 2021-4A, Class A, (3-mo. CME Term SOFR + 1.43%), 6.05%, 07/21/34(a)(b) | | | |
| | | |
Series 2021-2A, Class B1, (3-mo. CME Term SOFR + 2.01%), 6.64%, 10/25/34 | | | |
Series 2022-2A, Class A, (3-mo. CME Term SOFR + 2.50%), 7.12%, 01/20/36 | | | |
Series 2022-2A, Class B1, (3-mo. CME Term SOFR + 3.40%), 8.02%, 01/20/36 | | | |
Whitebox CLO I Ltd., Series 2019-1AR, Class A1RR, (3-mo. CME Term SOFR + 1.32%), 5.95%, 07/24/36(a)(b) | | | |
Whitebox CLO IV Ltd.(a)(b) | | | |
Series 2023-4A, Class A1, (3-mo. CME Term SOFR + 2.15%), 6.77%, 04/20/36 | | | |
Series 2023-4A, Class B1, (3-mo. CME Term SOFR + 2.60%), 7.22%, 04/20/36 | | | |
Total Asset-Backed Securities — 15.5%
(Cost: $160,273,089) | |
| | | |
|
| |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $8,979)(d)(e)(f) | | | |
Ground Transportation — 0.0% | |
Sirva BGRS Holdings, Inc.(e) | | | |
Health Care Providers & Services — 0.0% | |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $99,506)(e)(f) | | | |
| |
Travelport Finance Luxembourg SARL(d)(e) | | | |
| | | |
Trading Companies & Distributors — 0.0% | |
TMK Hawk Parent Corp.(d)(e) | | | |
Total Common Stocks — 0.0%
(Cost: $221,983) | |
| | | |
|
Advertising Agencies — 1.2% |
Clear Channel Outdoor Holdings, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Interpublic Group of Cos., Inc., 5.40%, 10/01/48(g) | | | |
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b) | | | |
Outfront Media Capital LLC/Outfront Media Capital | | | |
| | | |
| | | |
| | | |
Stagwell Global LLC, 5.63%, 08/15/29(b) | | | |
| | | |
Aerospace & Defense — 4.2% |
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(b)(g) | | | |
General Dynamics Corp., 4.25%, 04/01/50(g) | | | |
Goat Holdco LLC, 6.75%, 02/01/32(b) | | | |
Moog, Inc., 4.25%, 12/15/27(b) | | | |
Northrop Grumman Corp.(g) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Spirit AeroSystems, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Triumph Group, Inc., 9.00%, 03/15/28(b) | | | |
| | | |
762024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Air Freight & Logistics — 0.0% |
Rand Parent LLC, 8.50%, 02/15/30(b) | | | |
Automobile Components — 0.9% |
Clarios Global LP/Clarios U.S. Finance Co. | | | |
| | | |
| | | |
| | | |
Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 05/31/32(b) | | | |
Goodyear Tire & Rubber Co. | | | |
| | | |
| | | |
SK On Co. Ltd., 5.38%, 05/11/26(h) | | | |
SMRC Automotive Holdings Netherlands BV, 5.63%, 07/11/29(h) | | | |
Tenneco, Inc., 8.00%, 11/17/28(b) | | | |
| | | |
|
Asbury Automotive Group, Inc. | | | |
| | | |
| | | |
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29(b) | | | |
| | | |
(13.00% PIK), 13.00%, 06/01/30 | | | |
(14.00% PIK), 14.00%, 06/01/31 | | | |
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Global Auto Holdings Ltd/AAG FH UK Ltd., 11.50%, 08/15/29(b) | | | |
Group 1 Automotive, Inc., 6.38%, 01/15/30(b) | | | |
Hyundai Capital America(h) | | | |
| | | |
| | | |
(1-day SOFR + 1.32%), 5.86%, 11/03/25(a) | | | |
Hyundai Capital Services, Inc., 5.13%, 02/05/29(h) | | | |
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 | | | |
LCM Investments Holdings II LLC(b)(g) | | | |
| | | |
| | | |
Nissan Motor Acceptance Co. LLC | | | |
| | | |
| | | |
| | | |
Nissan Motor Co. Ltd., 4.81%, 09/17/30 | | | |
TML Holdings Pte. Ltd., 4.35%, 06/09/26(h) | | | |
| | | |
|
Abu Dhabi Commercial Bank PJSC, 3.50%, 03/31/27(h) | | | |
Agricultural Bank of China Ltd./New York, 1.25%, 01/19/26(h) | | | |
Australia & New Zealand Banking Group Ltd.(a) | | | |
(1-day SOFR + 0.68%), 5.33%, 07/16/27(h) | | | |
(5-year CMT + 1.70%), 2.57%, 11/25/35(b)(g) | | | |
Bangkok Bank PCL/Hong Kong | | | |
| | | |
(5-year CMT + 1.70%), 3.34%, 10/02/31(a)(h) | | | |
(5-year CMT + 1.90%), 3.73%, 09/25/34(a)(h) | | | |
| | | |
|
Bangkok Bank PCL/Hong Kong (continued) | | | |
(5-year CMT + 4.73%), 5.00%(j) | | | |
Bank Mandiri Persero Tbk PT, 5.50%, 04/04/26(h) | | | |
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/26(h) | | | |
Bank of America Corp.(a)(g) | | | |
(1-day SOFR + 1.83%), 4.57%, 04/27/33 | | | |
(1-day SOFR + 1.99%), 6.20%, 11/10/28 | | | |
Bank of China Ltd./Luxembourg, 1.40%, 04/28/26(h) | | | |
Bank of East Asia Ltd.(a)(h) | | | |
(1-year CMT + 2.30%), 6.63%, 03/13/27 | | | |
(5-year CMT + 2.30%), 4.88%, 04/22/32 | | | |
China CITIC Bank International Ltd., (5-year CMT + 1.65%), 6.00%, 12/05/33(a)(h) | | | |
China Construction Bank Corp., (5-year CMT + 2.15%), 2.45%, 06/24/30(a)(h) | | | |
| | | |
| | | |
(1-day SOFR + 2.66%), 6.17%, 05/25/34(a) | | | |
Deutsche Bank AG/New York(a)(g) | | | |
(1-day SOFR + 1.87%), 2.13%, 11/24/26 | | | |
(1-day SOFR + 2.51%), 6.82%, 11/20/29 | | | |
First Abu Dhabi Bank PJSC, 5.00%, 02/28/29(h) | | | |
Freedom Mortgage Corp., 12.25%, 10/01/30(b) | | | |
Goldman Sachs Group, Inc., (1-day SOFR + 1.85%), 3.62%, 03/15/28(a)(g) | | | |
Industrial & Commercial Bank of China Ltd./Hong Kong, 2.95%, 06/01/25(h) | | | |
Intesa Sanpaolo SpA, 5.71%, 01/15/26(b) | | | |
JPMorgan Chase & Co., (1-day SOFR + 2.58%), 5.72%, 09/14/33(a)(g) | | | |
KeyCorp., (1-day SOFR Index + 2.42%), 6.40%, 03/06/35(a) | | | |
KODIT Global Co. Ltd., Series 2023-1, 4.95%, 05/25/26(h) | | | |
Kookmin Bank, 5.25%, 05/08/29(h) | | | |
Macquarie Bank Ltd., 6.80%, 01/18/33(b)(g) | | | |
Metropolitan Bank & Trust Co.(h) | | | |
| | | |
| | | |
Nanyang Commercial Bank Ltd., (5-year CMT + 2.10%), 6.00%, 08/06/34(a)(h) | | | |
NongHyup Bank, 4.00%, 01/06/26(h) | | | |
Philippine National Bank, 4.85%, 10/23/29(h) | | | |
QNB Finance Ltd., 2.63%, 05/12/25(h) | | | |
Shinhan Financial Group Co. Ltd., 1.35%, 01/10/26(h) | | | |
Standard Chartered PLC, (1-year CMT + 2.10%), 6.10%, 01/11/35(a)(h) | | | |
State Street Corp., (1-day SOFR + 1.72%), 5.82%, 11/04/28(a)(g) | | | |
Toronto-Dominion Bank, (5-year CMT + 2.98%), 7.25%, 07/31/84(a)(g) | | | |
Truist Financial Corp., (1-day SOFR + 2.05%), 6.05%, 06/08/27(a)(g) | | | |
UBS Group AG, (1-year CMT + 1.55%), 4.49%, 05/12/26(a)(b) | | | |
UniCredit SpA, (5-year CMT + 4.75%), 5.46%, 06/30/35(a)(b) | | | |
United Overseas Bank Ltd., 1.25%, 04/14/26(h) | | | |
| | | |
| | | |
Schedule of Investments77
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
|
Wells Fargo & Co.(g) (continued) | | | |
(1-day SOFR + 1.51%), 3.53%, 03/24/28(a) | | | |
Westpac Banking Corp., (1-day SOFR + 0.81%), 5.46%, 04/16/29(a) | | | |
| | | |
|
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 | | | |
Anheuser-Busch InBev Worldwide, Inc., 5.55%, 01/23/49(g) | | | |
| | | |
|
Baxalta, Inc., 5.25%, 06/23/45(g) | | | |
|
Alibaba Group Holding Ltd., 2.70%, 02/09/41 | | | |
| | | |
| | | |
| | | |
| | | |
Building Materials — 1.2% |
Builders FirstSource, Inc., 6.38%, 03/01/34(b) | | | |
Camelot Return Merger Sub, Inc., 8.75%, 08/01/28(b)(g) | | | |
EMRLD Borrower LP/Emerald Co-Issuer, Inc.(b) | | | |
| | | |
| | | |
| | | |
JELD-WEN, Inc., 7.00%, 09/01/32(b) | | | |
New Enterprise Stone & Lime Co., Inc.(b) | | | |
| | | |
| | | |
Smyrna Ready Mix Concrete LLC(b) | | | |
| | | |
| | | |
Standard Building Solutions, Inc., 6.50%, 08/15/32(b) | | | |
Standard Industries, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
Summit Materials LLC/Summit Materials Finance | | | |
| | | |
| | | |
Wilsonart LLC, 11.00%, 08/15/32(b) | | | |
| | | |
Building Products(b) — 0.3% |
Beacon Roofing Supply, Inc., 6.50%, 08/01/30 | | | |
GYP Holdings III Corp., 4.63%, 05/01/29 | | | |
White Cap Buyer LLC, 6.88%, 10/15/28 | | | |
| | | |
|
Apollo Debt Solutions BDC, 6.90%, 04/13/29(b) | | | |
CFAMC II Co. Ltd., 4.63%, 06/03/26(h) | | | |
China Ping An Insurance Overseas Holdings Ltd., 6.13%, 05/16/34(h) | | | |
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(b)(g) | | | |
Focus Financial Partners LLC, 6.75%, 09/15/31(b) | | | |
| | | |
Capital Markets (continued) |
Gaci First Investment Co., 5.25%, 10/13/32(h) | | | |
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 06/15/27(b) | | | |
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
Avient Corp., 6.25%, 11/01/31(b) | | | |
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31(b) | | | |
Axalta Coating Systems LLC, 3.38%, 02/15/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
CNAC HK Finbridge Co. Ltd., 2.00%, 09/22/25(h) | | | |
DuPont de Nemours, Inc., 5.42%, 11/15/48(g) | | | |
Element Solutions, Inc., 3.88%, 09/01/28(b) | | | |
GC Treasury Center Co. Ltd., 2.98%, 03/18/31(h) | | | |
Herens Holdco SARL, 4.75%, 05/15/28(b) | | | |
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28(b)(g) | | | |
Ingevity Corp., 3.88%, 11/01/28(b) | | | |
Kraton Corp., 5.00%, 07/15/27 | | | |
LG Chem Ltd., 2.38%, 07/07/31(h) | | | |
LYB Finance Co. BV, 8.10%, 03/15/27(b) | | | |
Mativ Holdings, Inc., 8.00%, 10/01/29(b) | | | |
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b) | | | |
Olympus Water U.S. Holding Corp.(b) | | | |
| | | |
| | | |
| | | |
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Commercial Services & Supplies — 3.2% |
| | | |
| | | |
| | | |
AerCap Global Aviation Trust, (3-mo. CME Term SOFR + 4.56%), 6.50%, 06/15/45(a)(b) | | | |
Allied Universal Holdco LLC, 7.88%, 02/15/31(b) | | | |
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29(b)(g) | | | |
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL(b) | | | |
| | | |
| | | |
Belron UK Finance PLC, 5.75%, 10/15/29(b) | | | |
Boost Newco Borrower LLC, 7.50%, 01/15/31(b) | | | |
| | | |
| | | |
| | | |
782024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Commercial Services & Supplies (continued) |
Cimpress PLC, 7.38%, 09/15/32(b) | | | |
CMHI Finance BVI Co. Ltd., (5-year CMT + 6.62%), 3.88%(a)(h)(j) | | | |
Deluxe Corp., 8.13%, 09/15/29(b) | | | |
EquipmentShare.com, Inc., 8.00%, 03/15/33(b) | | | |
Fortress Transportation and Infrastructure Investors | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Garda World Security Corp.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Herc Holdings, Inc., 6.63%, 06/15/29(b)(g) | | | |
Hertz Corp., 12.63%, 07/15/29(b) | | | |
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29(b) | | | |
Prime Security Services Borrower LLC/Prime Finance, | | | |
| | | |
| | | |
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b) | | | |
RR Donnelley & Sons Co., 9.50%, 08/01/29(b) | | | |
Service Corp. International | | | |
| | | |
| | | |
| | | |
| | | |
Shanghai Port Group BVI Development 2 Co. Ltd., 1.50%, 07/13/25(h) | | | |
Sotheby’ s/Bidfair Holdings, Inc., 5.88%, 06/01/29(b) | | | |
United Rentals North America, Inc., 6.13%, 03/15/34(b) | | | |
Veritiv Operating Co., 10.50%, 11/30/30(b) | | | |
Wand NewCo 3, Inc., 7.63%, 01/30/32(b) | | | |
Williams Scotsman, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Construction & Engineering — 0.3% |
Arcosa, Inc., 6.88%, 08/15/32(b) | | | |
Brand Industrial Services, Inc., 10.38%, 08/01/30(b) | | | |
Dycom Industries, Inc., 4.50%, 04/15/29(b) | | | |
IRB Infrastructure Developers Ltd., 7.11%, 03/11/32(h) | | | |
Signature Aviation U.S. Holdings, Inc., 4.00%, 03/01/28(b) | | | |
Summit Digitel Infrastructure Ltd., 2.88%, 08/12/31(h) | | | |
| | | |
|
| | | |
| | | |
| | | |
| | | |
Bread Financial Holdings, Inc., 9.75%, 03/15/29(b) | | | |
| | | |
Consumer Finance (continued) |
Global Payments, Inc., 5.95%, 08/15/52(g) | | | |
Hyundai Card Co. Ltd., 5.75%, 04/24/29(h) | | | |
KB Kookmin Card Co. Ltd., 4.00%, 06/09/25(h) | | | |
Muthoot Finance Ltd., 7.13%, 02/14/28(h) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32(b) | | | |
Shinhan Card Co. Ltd., 1.38%, 10/19/25(h) | | | |
SLM Corp., 3.13%, 11/02/26 | | | |
| | | |
Consumer Staples Distribution & Retail — 0.6% |
CK Hutchison International 21 Ltd., 2.50%, 04/15/31(h) | | | |
CK Hutchison International 23 Ltd.(h) | | | |
| | | |
| | | |
CK Hutchison International 24 Ltd., 5.50%, 04/26/34(h) | | | |
Walmart, Inc., 5.25%, 09/01/35(g) | | | |
| | | |
Containers & Packaging — 1.4% |
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b) | | | |
| | | |
| | | |
| | | |
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. | | | |
| | | |
| | | |
Ball Corp., 3.13%, 09/15/31(g) | | | |
Clydesdale Acquisition Holdings, Inc.(b) | | | |
| | | |
| | | |
| | | |
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 | | | |
| | | |
| | | |
| | | |
| | | |
Mauser Packaging Solutions Holding Co.(b) | | | |
| | | |
| | | |
OI European Group BV, 6.25%, 05/15/28(b) | | | |
Owens-Brockway Glass Container, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Schedule of Investments79
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Containers & Packaging (continued) |
Sealed Air Corp./Sealed Air Corp. U.S., 6.13%, 02/01/28(b) | | | |
Trivium Packaging Finance BV, 5.50%, 08/15/26(b) | | | |
| | | |
|
American Tower Corp., 3.60%, 01/15/28(g) | | | |
| | | |
| | | |
| | | |
Global Net Lease, Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27(b) | | | |
GLP Capital LP/GLP Financing II, Inc., 3.25%, 01/15/32 | | | |
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
SBA Communications Corp., 3.13%, 02/01/29(g) | | | |
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 02/15/28(b) | | | |
VICI Properties LP, 5.13%, 05/15/32 | | | |
| | | |
Diversified Telecommunication Services — 8.9% |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
CommScope LLC, 4.75%, 09/01/29(b) | | | |
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29(b) | | | |
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd/Difl U.S., (9.00% Cash and 3.00% PIK), 12.00%, 05/25/27(i) | | | |
| | | |
(6.75% PIK), 6.75%, 11/30/30(i) | | | |
| | | |
Frontier Communications Holdings LLC | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Globe Telecom, Inc., (5-year CMT + 5.53%), 4.20%(a)(h)(j) | | | |
HKT Capital No. 4 Ltd., 3.00%, 07/14/26(h) | | | |
| | | |
| | | |
| | | |
| | | |
Level 3 Financing, Inc.(b) | | | |
| | | |
| | | |
Diversified Telecommunication Services (continued) |
Level 3 Financing, Inc.(b) (continued) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Lumen Technologies, Inc.(b) | | | |
| | | |
| | | |
| | | |
Network i2i Ltd., (5-year CMT + 4.27%), 5.65%(a)(h)(j) | | | |
Optics Bidco SpA, 6.00%, 09/30/34(b) | | | |
Sable International Finance Ltd., 7.13%, 10/15/32(b) | | | |
| | | |
| | | |
| | | |
Sprint LLC, 7.63%, 03/01/26 | | | |
Telefonica Emisiones SA, 5.21%, 03/08/47(g) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Verizon Communications, Inc.(g) | | | |
| | | |
| | | |
| | | |
Viavi Solutions, Inc., 3.75%, 10/01/29(b) | | | |
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31(b) | | | |
Windstream Escrow LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31(b) | | | |
Zayo Group Holdings, Inc.(b) | | | |
| | | |
| | | |
| | | |
Electric Utilities — 4.9% |
Abu Dhabi National Energy Co. PJSC, 4.38%, 04/23/25(h) | | | |
Alexander Funding Trust II, 7.47%, 07/31/28(b) | | | |
Alpha Generation LLC, 6.75%, 10/15/32(b) | | | |
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32(b) | | | |
| | | |
| | | |
| | | |
| | | |
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 1.60%, 01/20/26(h) | | | |
Clearway Energy Operating LLC(b) | | | |
| | | |
| | | |
Continuum Energy Aura Pte. Ltd., 9.50%, 02/24/27(h) | | | |
Edison International, Series A, (5-year CMT + 4.70%), 5.38%(a)(j) | | | |
Emera, Inc., Series 16-A, 6.75%, 06/15/76 | | | |
| | | |
| | | |
| | | |
JERA Co., Inc., 3.67%, 04/14/27(h) | | | |
Korea Western Power Co. Ltd., 4.13%, 06/28/25(h) | | | |
802024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Electric Utilities (continued) |
Lightning Power LLC, 7.25%, 08/15/32(b) | | | |
Minejesa Capital BV, 4.63%, 08/10/30(h) | | | |
Mong Duong Finance Holdings BV, 5.13%, 05/07/29 | | | |
NextEra Energy Capital Holdings, Inc., 4.80%, 12/01/77(g) | | | |
| | | |
| | | |
| | | |
| | | |
Oncor Electric Delivery Co. LLC, 5.30%, 06/01/42(g) | | | |
Pacific Gas and Electric Co. | | | |
| | | |
| | | |
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(b) | | | |
Perusahaan Perseroan Persero PT Perusahaan Listrik | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Pike Corp., 8.63%, 01/31/31(b) | | | |
Progress Energy, Inc., 7.00%, 10/30/31(g) | | | |
ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries, 4.50%, 07/14/28(h) | | | |
San Miguel Global Power Holdings Corp.(a)(h)(j) | | | |
(1-year CMT + 6.40%), 8.13% | | | |
(5-year CMT + 7.73%), 8.75% | | | |
Sempra, (5-year CMT + 4.55%), 4.88%(a)(j) | | | |
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38(h) | | | |
State Grid Overseas Investment BVI Ltd.(h) | | | |
| | | |
| | | |
Three Gorges Finance I Cayman Islands Ltd., 3.15%, 06/02/26(h) | | | |
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(b)(j) | | | |
Vistra Operations Co. LLC(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Electronic Equipment, Instruments & Components(b) — 0.5% |
Coherent Corp., 5.00%, 12/15/29(g) | | | |
Imola Merger Corp., 4.75%, 05/15/29 | | | |
Sensata Technologies BV, 4.00%, 04/15/29 | | | |
Sensata Technologies, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Zebra Technologies Corp., 6.50%, 06/01/32 | | | |
| | | |
Energy Equipment & Services — 0.4% |
Archrock Partners LP/Archrock Partners Finance | | | |
| | | |
| | | |
Energy Equipment & Services (continued) |
Archrock Partners LP/Archrock Partners Finance Corp.(b) (continued) | | | |
| | | |
| | | |
Kodiak Gas Services LLC, 7.25%, 02/15/29(b) | | | |
Oceaneering International, Inc., 6.00%, 02/01/28 | | | |
Star Holding LLC, 8.75%, 08/01/31(b) | | | |
TGS ASA, 8.50%, 01/15/30(b) | | | |
USA Compression Partners LP/USA Compression Finance Corp. | | | |
| | | |
| | | |
Weatherford International Ltd., 8.63%, 04/30/30(b) | | | |
| | | |
|
Banijay Entertainment SAS, 8.13%, 05/01/29 | | | |
Boyne USA, Inc., 4.75%, 05/15/29 | | | |
Caesars Entertainment, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Cinemark USA, Inc., 7.00%, 08/01/32(g) | | | |
Flutter Treasury DAC, 6.38%, 04/29/29 | | | |
Great Canadian Gaming Corp., 8.75%, 11/15/29 | | | |
Light & Wonder International, Inc. | | | |
| | | |
| | | |
| | | |
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29 | | | |
Live Nation Entertainment, Inc. | | | |
| | | |
| | | |
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 | | | |
Merlin Entertainments Ltd., 5.75%, 06/15/26 | | | |
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 | | | |
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. | | | |
| | | |
| | | |
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, 03/01/30 | | | |
Six Flags Entertainment Corp., 7.25%, 05/15/31(g) | | | |
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc., 6.63%, 05/01/32 | | | |
Six Flags Theme Parks, Inc., 7.00%, 07/01/25 | | | |
Vail Resorts, Inc., 6.50%, 05/15/32(g) | | | |
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | | | |
| | | |
| | | |
| | | |
| | | |
Environmental, Maintenance & Security Service — 0.7% |
| | | |
| | | |
| | | |
Schedule of Investments81
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Environmental, Maintenance & Security Service (continued) |
GFL Environmental, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Madison IAQ LLC, 5.88%, 06/30/29(b)(g) | | | |
| | | |
| | | |
| | | |
Waste Pro USA, Inc., 5.50%, 02/15/26(b) | | | |
Wrangler Holdco Corp., 6.63%, 04/01/32(b) | | | |
| | | |
Financial Services — 1.2% |
Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, 01/17/40(a) | | | |
Azorra Finance Ltd., 7.75%, 04/15/30(b) | | | |
BOC Aviation Ltd., 1.75%, 01/21/26(h) | | | |
BOC Aviation USA Corp., 5.25%, 01/14/30(h) | | | |
China Cinda 2020 I Management Ltd.(h) | | | |
| | | |
| | | |
CITIC Ltd., 3.70%, 06/14/26(h) | | | |
CMB International Leasing Management Ltd.(h) | | | |
| | | |
(1-day SOFR + 0.76%), 5.27%, 06/04/27(a) | | | |
| | | |
| | | |
| | | |
Freedom Mortgage Holdings LLC(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b) | | | |
ICBCIL Finance Co. Ltd., 1.75%, 08/25/25(h) | | | |
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(b) | | | |
JIC Zhixin Ltd., 3.50%, 11/24/27(h) | | | |
Macquarie Airfinance Holdings Ltd.(b) | | | |
| | | |
| | | |
Manappuram Finance Ltd., 7.38%, 05/12/28(h) | | | |
Nationstar Mortgage Holdings, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
PennyMac Financial Services, Inc.(b) | | | |
| | | |
| | | |
PHH Escrow Issuer LLC, 9.88%, 11/01/29(b) | | | |
Piramal Capital & Housing Finance Ltd., 7.80%, 01/29/28(h) | | | |
Power Finance Corp. Ltd., 3.75%, 12/06/27(h) | | | |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, | | | |
| | | |
| | | |
Financial Services (continued) |
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b) (continued) | | | |
| | | |
| | | |
UWM Holdings LLC, 6.63%, 02/01/30(b) | | | |
| | | |
|
Albertsons Cos., Inc./Safeway, Inc./New Albertsons | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Aramark International Finance SARL, 3.13%, 04/01/25(h) | | | |
Aramark Services, Inc., 5.00%, 02/01/28(b)(g) | | | |
B&G Foods, Inc., 8.00%, 09/15/28(b) | | | |
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(b)(i) | | | |
Chobani LLC/Chobani Finance Corp., Inc.(b) | | | |
| | | |
| | | |
Darling Global Finance BV, 3.63%, 05/15/26(h) | | | |
Darling Ingredients, Inc., 6.00%, 06/15/30(b)(g) | | | |
Fiesta Purchaser, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 02/15/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Lamb Weston Holdings, Inc.(b) | | | |
| | | |
| | | |
| | | |
Performance Food Group, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
822024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Food Products (continued) |
U.S. Foods, Inc.(b) (continued) | | | |
| | | |
United Natural Foods, Inc., 6.75%, 10/15/28(b) | | | |
| | | |
Ground Transportation — 1.9% |
BNSF Funding Trust I, 6.61%, 12/15/55(g) | | | |
Brightline East LLC, 11.00%, 01/31/30(b) | | | |
CSX Corp., 3.80%, 04/15/50(g) | | | |
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b) | | | |
Norfolk Southern Corp., 6.00%, 03/15/2105 | | | |
Watco Cos. LLC/Watco Finance Corp., 7.13%, 08/01/32(b) | | | |
| | | |
Health Care Equipment & Supplies — 1.0% |
| | | |
| | | |
| | | |
| | | |
Bausch & Lomb Corp., 8.38%, 10/01/28(b) | | | |
| | | |
| | | |
| | | |
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 04/01/29(b) | | | |
Medtronic, Inc., 4.63%, 03/15/45(g) | | | |
Neogen Food Safety Corp., 8.63%, 07/20/30(b) | | | |
Sotera Health Holdings LLC, 7.38%, 06/01/31(b) | | | |
Teleflex, Inc., 4.25%, 06/01/28(b)(g) | | | |
| | | |
Health Care Providers & Services — 3.8% |
Aetna, Inc., 3.88%, 08/15/47(g) | | | |
AHP Health Partners, Inc., 5.75%, 07/15/29(b) | | | |
Charles River Laboratories International, Inc., 4.00%, 03/15/31(b) | | | |
CHS/Community Health Systems, Inc.(b)(g) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Concentra Escrow Issuer Corp., 6.88%, 07/15/32(b) | | | |
DaVita, Inc., 6.88%, 09/01/32(b) | | | |
Elevance Health, Inc., 4.55%, 03/01/48(g) | | | |
| | | |
| | | |
| | | |
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)(g) | | | |
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b) | | | |
| | | |
| | | |
| | | |
| | | |
HealthEquity, Inc., 4.50%, 10/01/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
LifePoint Health, Inc.(b)(g) | | | |
| | | |
| | | |
| | | |
Health Care Providers & Services (continued) |
LifePoint Health, Inc.(b)(g) (continued) | | | |
| | | |
Molina Healthcare, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b) | | | |
Star Parent, Inc., 9.00%, 10/01/30(b) | | | |
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)(g) | | | |
| | | |
| | | |
| | | |
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)(g) | | | |
UnitedHealth Group, Inc., 6.88%, 02/15/38(g) | | | |
| | | |
|
MPT Operating Partnership LP/MPT Finance Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Hotel & Resort REITs — 0.6% |
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b) | | | |
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%, 10/15/29(b) | | | |
RHP Hotel Properties LP/RHP Finance Corp.(b) | | | |
| | | |
| | | |
| | | |
RLJ Lodging Trust LP, 4.00%, 09/15/29(b) | | | |
| | | |
| | | |
| | | |
XHR LP, 6.63%, 05/15/30(b) | | | |
| | | |
Hotels, Restaurants & Leisure — 2.9% |
1011778 B.C. ULC/New Red Finance, Inc., 5.63%, 09/15/29(b) | | | |
Burger King (Restaurant Brands International, Inc.)/New | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28(b) | | | |
Champion Path Holdings Ltd.(h) | | | |
| | | |
| | | |
Fertitta Entertainment LLC/Fertitta Entertainment | | | |
| | | |
| | | |
| | | |
| | | |
Schedule of Investments83
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Hotels, Restaurants & Leisure (continued) |
Fortune Star BVI Ltd.(h) (continued) | | | |
| | | |
Haidilao International Holding Ltd., 2.15%, 01/14/26(h) | | | |
Hilton Domestic Operating Co., Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b) | | | |
Lindblad Expeditions LLC, 6.75%, 02/15/27(b) | | | |
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b) | | | |
Marriott International, Inc., Series EE, 5.75%, 05/01/25(g) | | | |
McDonald’s Corp., 4.20%, 04/01/50 | | | |
Melco Resorts Finance Ltd. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
MGM Resorts International, 6.13%, 09/15/29 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
NCL Finance Ltd., 6.13%, 03/15/28(b)(g) | | | |
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b) | | | |
Royal Caribbean Cruises Ltd.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Studio City Co. Ltd., 7.00%, 02/15/27(h) | | | |
Studio City Finance Ltd.(h) | | | |
| | | |
| | | |
Sunny Express Enterprises Corp., 2.95%, 03/01/27(h) | | | |
| | | |
| | | |
| | | |
| | | |
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b) | | | |
| | | |
Hotels, Restaurants & Leisure (continued) |
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Household Durables — 0.6% |
Beazer Homes USA, Inc., 7.50%, 03/15/31(b) | | | |
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30(b) | | | |
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%, 10/15/29(b) | | | |
Dream Finders Homes, Inc., 8.25%, 08/15/28(b) | | | |
Empire Communities Corp., 9.75%, 05/01/29(b) | | | |
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b) | | | |
Lennar Corp., 5.25%, 06/01/26(g) | | | |
| | | |
| | | |
| | | |
Mattamy Group Corp., 4.63%, 03/01/30(b) | | | |
Meritage Homes Corp., 1.75%, 05/15/28(b)(k) | | | |
New Home Co., Inc., 9.25%, 10/01/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Sekisui House Ltd., 5.10%, 10/23/34(h) | | | |
STL Holding Co. LLC, 8.75%, 02/15/29(b) | | | |
Tempur Sealy International, Inc.(b) | | | |
| | | |
| | | |
Toll Brothers Finance Corp., 4.35%, 02/15/28 | | | |
| | | |
Household Products — 0.0% |
| | | |
| | | |
| | | |
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b) | | | |
Spectrum Brands, Inc., 3.88%, 03/15/31(b) | | | |
| | | |
Independent Power and Renewable Electricity Producers — 0.3% |
Greenko Dutch BV, 3.85%, 03/29/26(h) | | | |
India Green Power Holdings, 4.00%, 02/22/27(h) | | | |
NextEra Energy Partners LP(b)(k) | | | |
| | | |
| | | |
ReNew Pvt Ltd., 5.88%, 03/05/27(h) | | | |
| | | |
|
AIA Group Ltd., (5-year CMT + 1.76%), 2.70%(a)(h)(j) | | | |
Alliant Holdings Intermediate LLC/Alliant Holdings Co- | | | |
| | | |
| | | |
| | | |
| | | |
842024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer(b) (continued) | | | |
| | | |
| | | |
Allstate Corp., Series B, (3-mo. CME Term SOFR + 3.20%), 7.72%, 08/15/53(a)(g) | | | |
| | | |
| | | |
| | | |
Aon Global Ltd., 4.25%, 12/12/42(g) | | | |
Aon North America, Inc., 5.75%, 03/01/54(g) | | | |
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.88%, 11/01/29(b) | | | |
Ardonagh Finco Ltd., 7.75%, 02/15/31(b) | | | |
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(b) | | | |
AssuredPartners, Inc., 7.50%, 02/15/32(b) | | | |
Farmers Exchange Capital II, (3-mo. CME Term SOFR + 4.01%), 6.15%, 11/01/53(a)(b)(g) | | | |
FWD Group Holdings Ltd., 7.64%, 07/02/31(h) | | | |
Guoren Property & Casualty Insurance Co. Ltd., 3.35%, 06/01/26(h) | | | |
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC(b) | | | |
| | | |
| | | |
HUB International Ltd.(b) | | | |
| | | |
| | | |
Jones Deslauriers Insurance Management, Inc.(b) | | | |
| | | |
| | | |
Meiji Yasuda Life Insurance Co., (5-year CMT + 3.03%), 5.80%, 09/11/54(a)(h) | | | |
Nanshan Life Pte Ltd., 5.45%, 09/11/34(h) | | | |
Northwestern Mutual Life Insurance Co., 6.06%, 03/30/40(b)(g) | | | |
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b) | | | |
| | | |
| | | |
| | | |
USI, Inc./New York, 7.50%, 01/15/32(b)(g) | | | |
| | | |
Interactive Media & Services — 0.5% |
Baidu, Inc., 1.63%, 02/23/27 | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Internet Software & Services — 0.6% |
Acuris Finance U.S., Inc./Acuris Finance SARL(b) | | | |
| | | |
| | | |
ANGI Group LLC, 3.88%, 08/15/28(b) | | | |
Booking Holdings, Inc., 3.55%, 03/15/28(g) | | | |
| | | |
Internet Software & Services (continued) |
Cablevision Lightpath LLC(b) | | | |
| | | |
| | | |
ION Trading Technologies SARL, 9.50%, 05/30/29(b) | | | |
Match Group Holdings II LLC(b) | | | |
| | | |
| | | |
| | | |
|
Amentum Holdings, Inc., 7.25%, 08/01/32(b) | | | |
| | | |
| | | |
| | | |
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b) | | | |
Insight Enterprises, Inc., 6.63%, 05/15/32(b) | | | |
KBR, Inc., 4.75%, 09/30/28(b) | | | |
McAfee Corp., 7.38%, 02/15/30(b)(g) | | | |
Wipro IT Services LLC, 1.50%, 06/23/26(h) | | | |
| | | |
|
Mattel, Inc., 3.75%, 04/01/29(b) | | | |
|
BWX Technologies, Inc.(b) | | | |
| | | |
| | | |
Chart Industries, Inc.(b) | | | |
| | | |
| | | |
Esab Corp., 6.25%, 04/15/29(b) | | | |
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b) | | | |
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29(b) | | | |
Manitowoc Co., Inc., 9.25%, 10/01/31(b) | | | |
Regal Rexnord Corp., 6.40%, 04/15/33(g) | | | |
| | | |
| | | |
| | | |
TK Elevator Holdco GmbH, 7.63%, 07/15/28(b) | | | |
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b) | | | |
Vertiv Group Corp., 4.13%, 11/15/28(b) | | | |
| | | |
|
| | | |
| | | |
| | | |
CCO Holdings LLC/CCO Holdings Capital Corp.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Charter Communications Operating LLC/Charter Communications Operating Capital | | | |
| | | |
| | | |
| | | |
| | | |
Comcast Corp., 3.75%, 04/01/40(g) | | | |
Schedule of Investments85
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
|
Cox Communications, Inc., 8.38%, 03/01/39(b)(g) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27(b) | | | |
Discovery Communications LLC, 4.88%, 04/01/43(g) | | | |
| | | |
| | | |
| | | |
DISH Network Corp., 11.75%, 11/15/27(b) | | | |
GCI LLC, 4.75%, 10/15/28(b) | | | |
Gray Television, Inc., 10.50%, 07/15/29(b)(g) | | | |
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(b) | | | |
Midcontinent Communications, 8.00%, 08/15/32(b) | | | |
Paramount Global, 5.85%, 09/01/43(g) | | | |
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(b) | | | |
| | | |
| | | |
| | | |
Sunrise FinCo I BV, 4.88%, 07/15/31(b) | | | |
Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28(b) | | | |
Time Warner Cable LLC, 6.55%, 05/01/37 | | | |
Univision Communications, Inc.(b) | | | |
| | | |
| | | |
| | | |
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28(b) | | | |
Ziggo BV, 4.88%, 01/15/30(b) | | | |
| | | |
|
ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28(h) | | | |
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b) | | | |
Arsenal AIC Parent LLC(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(b) | | | |
Carpenter Technology Corp., 7.63%, 03/15/30 | | | |
Chinalco Capital Holdings Ltd., 2.13%, 06/03/26(h) | | | |
Cleveland-Cliffs, Inc.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
First Quantum Minerals Ltd., 9.38%, 03/01/29(b) | | | |
JSW Steel Ltd., 3.95%, 04/05/27(h) | | | |
| | | |
Metals & Mining (continued) |
Kaiser Aluminum Corp.(b)(g) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Periama Holdings LLC, 5.95%, 04/19/26(h) | | | |
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(b) | | | |
Southern Copper Corp., 5.88%, 04/23/45(g) | | | |
Steel Dynamics, Inc., 3.25%, 10/15/50 | | | |
Vallourec SACA, 7.50%, 04/15/32(b) | | | |
Vedanta Resources Finance II PLC(h) | | | |
| | | |
| | | |
| | | |
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1% |
Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 | | | |
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | | | |
| | | |
| | | |
Starwood Property Trust, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
Oil, Gas & Consumable Fuels — 12.1% |
Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29(b) | | | |
Antero Midstream Partners LP/Antero Midstream | | | |
| | | |
| | | |
| | | |
Ascent Resources Utica Holdings LLC/ARU Finance | | | |
| | | |
| | | |
Baytex Energy Corp., 8.50%, 04/30/30(b) | | | |
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b) | | | |
| | | |
| | | |
Borr IHC Ltd./Borr Finance LLC(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
CITGO Petroleum Corp., 8.38%, 01/15/29(b) | | | |
Civitas Resources, Inc.(b) | | | |
| | | |
| | | |
| | | |
CNOOC Finance 2014 ULC, Series 2014, 4.88%, 04/30/44 | | | |
CNOOC Finance 2015 USA LLC, Series 2015, 3.50%, 05/05/25 | | | |
862024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Oil, Gas & Consumable Fuels (continued) |
Comstock Resources, Inc.(b) | | | |
| | | |
| | | |
| | | |
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31(b) | | | |
Crescent Energy Finance LLC(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
eG Global Finance PLC, 12.00%, 11/30/28(b) | | | |
| | | |
| | | |
(3-mo. CME Term SOFR + 3.90%), 6.25%, 03/01/78(a) | | | |
Series 16-A, (3-mo. CME Term SOFR + 4.15%), 6.00%, 01/15/77(a) | | | |
Encino Acquisition Partners Holdings LLC, 8.75%, 05/01/31(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Series H, (5-year CMT + 5.69%), 6.50%(a)(j) | | | |
EnLink Midstream Partners LP, 4.85%, 07/15/26 | | | |
Enterprise Products Operating LLC(g) | | | |
| | | |
Series E, (3-mo. CME Term SOFR + 3.29%), 5.25%, 08/16/77(a) | | | |
EQM Midstream Partners LP(b) | | | |
| | | |
| | | |
| | | |
Exxon Mobil Corp., 3.45%, 04/15/51(g) | | | |
Genesis Energy LP/Genesis Energy Finance Corp. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b) | | | |
Harvest Midstream I LP, 7.50%, 05/15/32(b) | | | |
Hess Midstream Operations LP, 6.50%, 06/01/29(b) | | | |
Hilcorp Energy I LP/Hilcorp Finance Co.(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Oil, Gas & Consumable Fuels (continued) |
Howard Midstream Energy Partners LLC(b) | | | |
| | | |
| | | |
ITT Holdings LLC, 6.50%, 08/01/29(b)(g) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/32(b) | | | |
Marathon Petroleum Corp., 5.13%, 12/15/26(g) | | | |
| | | |
| | | |
| | | |
Medco Bell Pte. Ltd., 6.38%, 01/30/27(h) | | | |
Medco Laurel Tree Pte Ltd., 6.95%, 11/12/28(h) | | | |
Moss Creek Resources Holdings, Inc., 8.25%, 09/01/31(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Murphy Oil Corp., 5.88%, 12/01/42 | | | |
Nabors Industries Ltd., 7.50%, 01/15/28(b)(g) | | | |
Nabors Industries, Inc.(b) | | | |
| | | |
| | | |
| | | |
NFE Financing LLC, 12.00%, 11/15/29(b) | | | |
NGL Energy Operating LLC/NGL Energy Finance | | | |
| | | |
| | | |
NGPL PipeCo LLC, 7.77%, 12/15/37(b) | | | |
Noble Finance II LLC, 8.00%, 04/15/30(b) | | | |
| | | |
| | | |
| | | |
| | | |
Northriver Midstream Finance LP, 6.75%, 07/15/32(b) | | | |
NuStar Logistics LP, 6.00%, 06/01/26 | | | |
Occidental Petroleum Corp., 6.20%, 03/15/40 | | | |
Parkland Corp., 6.63%, 08/15/32(b) | | | |
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30(b) | | | |
Permian Resources Operating LLC(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Petroleos Mexicanos, 6.70%, 02/16/32 | | | |
| | | |
| | | |
| | | |
Plains All American Pipeline LP, Series B, (3-mo. CME Term SOFR + 4.37%), 8.90%(a)(j) | | | |
Schedule of Investments87
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Oil, Gas & Consumable Fuels (continued) |
Prairie Acquiror LP, 9.00%, 08/01/29(b) | | | |
Reliance Industries Ltd., 3.67%, 11/30/27(h) | | | |
Rockies Express Pipeline LLC, 6.88%, 04/15/40(b) | | | |
Sabine Pass Liquefaction LLC, 5.88%, 06/30/26(g) | | | |
Sinopec Group Overseas Development 2018 Ltd., 2.30%, 01/08/31(h) | | | |
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28(b) | | | |
| | | |
| | | |
| | | |
Summit Midstream Holdings LLC, 8.63%, 10/31/29(b) | | | |
Sunoco LP/Sunoco Finance Corp., 5.88%, 03/15/28 | | | |
Tallgrass Energy Partners LP/Tallgrass Energy Finance | | | |
| | | |
| | | |
| | | |
| | | |
Talos Production, Inc.(b) | | | |
| | | |
| | | |
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b) | | | |
Transcanada Trust, 5.63%, 05/20/75(g) | | | |
Transocean Aquila Ltd., 8.00%, 09/30/28(b) | | | |
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Valaris Ltd., 8.38%, 04/30/30(b) | | | |
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29(b) | | | |
Venture Global LNG, Inc.(b) | | | |
| | | |
| | | |
| | | |
Vermilion Energy, Inc., 6.88%, 05/01/30(b) | | | |
| | | |
| | | |
| | | |
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b) | | | |
| | | |
| | | |
| | | |
Woodside Finance Ltd., 3.70%, 09/15/26(h) | | | |
| | | |
Paper & Forest Products — 1.5% |
International Paper Co.(g) | | | |
| | | |
| | | |
Magnera Corp., 7.25%, 11/15/31(b) | | | |
| | | |
Passenger Airlines — 0.7% |
American Airlines, Inc., 8.50%, 05/15/29(b)(g) | | | |
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(b) | | | |
OneSky Flight LLC, 8.88%, 12/15/29(b) | | | |
Singapore Airlines Ltd., 3.00%, 07/20/26(h) | | | |
| | | |
Passenger Airlines (continued) |
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28(b) | | | |
United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.88%, 04/15/29(g) | | | |
United Airlines, Inc., 4.63%, 04/15/29(b)(g) | | | |
| | | |
Personal Care Products — 0.1% |
Perrigo Finance Unlimited Co., 6.13%, 09/30/32 | | | |
Prestige Brands, Inc., 3.75%, 04/01/31(b) | | | |
| | | |
|
1375209 BC Ltd., 9.00%, 01/30/28(b) | | | |
| | | |
| | | |
| | | |
Bausch Health Cos., Inc.(b) | | | |
| | | |
| | | |
| | | |
Bayer U.S. Finance LLC, 6.88%, 11/21/53(b) | | | |
| | | |
| | | |
| | | |
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)(g) | | | |
Jazz Securities DAC, 4.38%, 01/15/29(b) | | | |
Merck & Co., Inc., 6.50%, 12/01/33(g) | | | |
Option Care Health, Inc., 4.38%, 10/31/29(b)(g) | | | |
Organon & Co./Organon Foreign Debt Co-Issuer BV(b) | | | |
| | | |
| | | |
PRA Health Sciences, Inc., 2.88%, 07/15/26(b) | | | |
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30(g) | | | |
Teva Pharmaceutical Finance Netherlands III BV | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Real Estate Management & Development — 0.7% |
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp. | | | |
| | | |
Series AI, 7.00%, 04/15/30 | | | |
AYC Finance Ltd., 3.90%(h)(j) | | | |
China Overseas Finance Cayman VII Ltd., 4.75%, 04/26/28(h) | | | |
CoreLogic, Inc., 4.50%, 05/01/28(b) | | | |
Cushman & Wakefield U.S. Borrower, LLC, 8.88%, 09/01/31(b) | | | |
Fantasia Holdings Group Co. Ltd., 7.95%, 07/05/22(e)(h)(m) | | | |
Howard Hughes Corp., 4.13%, 02/01/29(b) | | | |
New Metro Global Ltd., 4.50%, 05/02/26(h) | | | |
Northwest Florida Timber Finance LLC, 4.75%, 03/04/29(b) | | | |
Sinochem Offshore Capital Co. Ltd., 1.50%, 09/23/26(h) | | | |
Sunac China Holdings Ltd.(e)(h)(i)(m) | | | |
(5.00% Cash or 6.00% PIK), 6.00%, 09/30/26 | | | |
(5.25% Cash or 6.25% PIK), 6.25%, 09/30/27 | | | |
(5.50% Cash or 6.50% PIK), 6.50%, 09/30/27 | | | |
882024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Real Estate Management & Development (continued) |
Sunac China Holdings Ltd.(e)(h)(i)(m) (continued) | | | |
(5.75% Cash or 6.75% PIK), 6.75%, 09/30/28 | | | |
(6.00% Cash or 7.00% PIK), 7.00%, 09/30/29 | | | |
(6.25% Cash or 7.25% PIK), 7.25%, 09/30/30 | | | |
Wharf REIC Finance BVI Ltd., 2.88%, 05/07/30(h) | | | |
Yango Justice International Ltd.(e)(h)(m) | | | |
| | | |
| | | |
| | | |
|
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b) | | | |
Semiconductors & Semiconductor Equipment — 2.2% |
Broadcom, Inc., 5.00%, 04/15/30(g) | | | |
Entegris, Inc., 4.75%, 04/15/29(b) | | | |
Lam Research Corp., 4.88%, 03/15/49(g) | | | |
| | | |
| | | |
| | | |
NXP BV/NXP Funding LLC/NXP USA, Inc. | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
TSMC Global Ltd., 2.25%, 04/23/31(h) | | | |
| | | |
|
AthenaHealth Group, Inc., 6.50%, 02/15/30(b) | | | |
Camelot Finance SA, 4.50%, 11/01/26(b) | | | |
Capstone Borrower, Inc., 8.00%, 06/15/30(b) | | | |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29(b)(g) | | | |
Central Parent, Inc./CDK Global, Inc., 7.25%, 06/15/29(b) | | | |
Clarivate Science Holdings Corp.(b)(g) | | | |
| | | |
| | | |
Cloud Software Group, Inc.(b) | | | |
| | | |
| | | |
| | | |
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)(g) | | | |
Elastic NV, 4.13%, 07/15/29(b) | | | |
Ellucian Holdings, Inc., 6.50%, 12/01/29(b) | | | |
Fair Isaac Corp., 4.00%, 06/15/28(b) | | | |
Helios Software Holdings, Inc./ION Corporate Solutions | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Playtika Holding Corp., 4.25%, 03/15/29(b) | | | |
| | | |
| | | |
| | | |
SS&C Technologies, Inc.(b) | | | |
| | | |
| | | |
| | | |
|
| | | |
| | | |
| | | |
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(b) | | | |
| | | |
Specialty Retail(b) — 0.1% |
PetSmart, Inc./PetSmart Finance Corp., 7.75%, 02/15/29 | | | |
Staples, Inc., 10.75%, 09/01/29 | | | |
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 | | | |
| | | |
Technology Hardware, Storage & Peripherals — 0.3% |
Dell International LLC/EMC Corp., 8.35%, 07/15/46(g) | | | |
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b) | | | |
NCR Atleos Corp., 9.50%, 04/01/29(b) | | | |
| | | |
| | | |
| | | |
| | | |
Textiles, Apparel & Luxury Goods(b) — 0.1% |
Crocs, Inc., 4.13%, 08/15/31 | | | |
| | | |
| | | |
| | | |
Levi Strauss & Co., 3.50%, 03/01/31 | | | |
S&S Holdings LLC, 8.38%, 10/01/31 | | | |
| | | |
|
Altria Group, Inc., 10.20%, 02/06/39 | | | |
BAT Capital Corp., 4.54%, 08/15/47 | | | |
Reynolds American, Inc., 5.85%, 08/15/45 | | | |
| | | |
Trading Companies & Distributors(b) — 0.2% |
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29 | | | |
BCPE Empire Holdings, Inc., 7.63%, 05/01/27 | | | |
Gates Corp., 6.88%, 07/01/29 | | | |
H&E Equipment Services, Inc., 3.88%, 12/15/28(g) | | | |
| | | |
| | | |
| | | |
| | | |
Transportation Infrastructure — 0.6% |
FedEx Corp., 5.25%, 05/15/50(g) | | | |
GN Bondco LLC, 9.50%, 10/15/31(b)(g) | | | |
SF Holding Investment 2021 Ltd., 2.38%, 11/17/26(h) | | | |
| | | |
Total Corporate Bonds — 110.1%
(Cost: $1,177,616,196) | |
Fixed Rate Loan Interests |
Advertising Agencies — 0.0% |
Clear Channel International BV, 2024 CCIBV Fixed Term Loan, 7.50%, 04/01/27(d) | | | |
Schedule of Investments89
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Diversified Consumer Services — 0.0% |
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/18/27(d) | | | |
|
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 11/01/31(d) | | | |
|
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | | | |
Total Fixed Rate Loan Interests — 0.1%
(Cost: $538,915) | |
Floating Rate Loan Interests(a) |
Advertising Agencies — 0.0% |
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.47%, 08/23/28 | | | |
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.52%, 02/07/31 | | | |
| | | |
Aerospace & Defense — 0.2% |
| | | |
2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.86%, 09/03/30 | | | |
2024 Term Loan B, 12/10/31(n) | | | |
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 10/31/30 | | | |
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6- mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.24%, 08/03/29 | | | |
Dynasty Acquisition Co., Inc. | | | |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 | | | |
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 | | | |
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.83%, 04/21/31 | | | |
Propulsion BC Finco SARL, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 09/14/29 | | | |
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 11/21/31 | | | |
| | | |
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 02/28/31 | | | |
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/19/32 | | | |
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 03/22/30 | | | |
| | | |
Air Freight & Logistics — 0.0% |
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 03/17/30 | | | |
| | | |
Automobile Components — 0.1% |
Clarios Global LP, 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 05/06/30 | | | |
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 9.62%, 11/17/28 | | | |
| | | |
|
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/08/28 | | | |
|
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 08/02/28(d) | | | |
|
| | | |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 01/24/30 | | | |
Term Loan, (3-mo. CME Term SOFR + 3.10%), 7.43%, 01/24/29 | | | |
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.84%, 03/31/28 | | | |
| | | |
|
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.09%, 11/08/27 | | | |
Building Materials — 0.2% |
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 8.84%, 05/17/28 | | | |
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 09/19/31 | | | |
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.71%, 11/03/28 | | | |
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 11/23/27 | | | |
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.86%, 10/02/28 | | | |
| | | |
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 08/04/31 | | | |
Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.93%, 05/31/30 | | | |
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 10.36%, 03/08/29 | | | |
Oscar AcquisitionCo LLC, Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.50%, 04/29/29 | | | |
Potters Borrower LP, 2024 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.11%, 12/14/27 | | | |
| | | |
2024 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 04/14/31 | | | |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.61%, 03/19/29 | | | |
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 04/02/29(d) | | | |
902024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Building Materials (continued) |
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 09/22/28 | | | |
Summit Materials LLC, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.15%, 01/12/29 | | | |
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 08/05/31 | | | |
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 6.47%, 10/04/28 | | | |
| | | |
|
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/19/28 | | | |
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.59%, 01/29/31 | | | |
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 06/17/31 | | | |
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 2.25%), 6.61%, 05/12/30 | | | |
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 10/19/29 | | | |
| | | |
|
Advisor Group, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/17/28 | | | |
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/09/30 | | | |
CPI Holdco B LLC, 2024 Incremental Term Loan B, 05/17/31(n) | | | |
Deerfield Dakota Holding LLC | | | |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.08%, 04/09/27 | | | |
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.34%, 04/07/28 | | | |
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 04/07/28 | | | |
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 06/27/29 | | | |
Focus Financial Partners LLC, 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 09/15/31 | | | |
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 01/31/30 | | | |
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.40%, 12/15/31 | | | |
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 10/21/31 | | | |
| | | |
|
Advancion Holdings LLC, 2020 USD Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.46%, 11/24/27 | | | |
| | | |
|
Arc Falcon I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.60%), 7.96%, 09/30/28 | | | |
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 4.85%), 9.10%, 08/27/26 | | | |
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 12/20/29 | | | |
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 08/18/28 | | | |
Derby Buyer LLC, 2024 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.37%, 11/01/30 | | | |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 8.96%, 10/04/29 | | | |
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.84%, 06/12/31 | | | |
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 12/18/30 | | | |
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 6.36%, 02/15/30 | | | |
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.35%, 07/03/28 | | | |
INEOS Quattro Holdings U.K. Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.61%, 10/01/31(d) | | | |
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 02/18/30 | | | |
LSF11 A5 Holdco LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 10/15/28 | | | |
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 11/21/31(d) | | | |
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28(d) | | | |
Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.66%, 04/03/28 | | | |
| | | |
2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), 8.19%, 12/31/26 | | | |
2024 USD Term Loan B, (1-mo. CME Term SOFR at 3.00% Floor + 8.00%), 12.36%, 12/31/26 | | | |
Paint Intermediate III, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.52%, 10/09/31 | | | |
Sparta U.S. HoldCo LLC, 2024 Term Loan B, 08/02/30(n) | | | |
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 09/22/28 | | | |
| | | |
Schedule of Investments91
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Commercial Services & Supplies — 0.6% |
Albion Financing 3 SARL, 2024 USD Term Loan B, (3- mo. CME Term SOFR + 4.51%), 9.10%, 08/16/29 | | | |
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.97%, 02/04/28 | | | |
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 05/12/28 | | | |
APi Group DE, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 01/03/29 | | | |
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 6.22%, 08/06/27 | | | |
AVSC Holding Corp., 2020 Term Loan B1, (1-mo. CME Term SOFR at 1.00% Floor + 3.50%), 7.96%, 03/03/25 | | | |
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.27%, 10/16/31 | | | |
Boost Newco Borrower LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/31/31 | | | |
Bright Horizons Family Solutions LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 11/24/28 | | | |
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1- mo. CME Term SOFR + 2.75%), 7.11%, 01/31/31 | | | |
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.27%, 02/23/29 | | | |
CHG Healthcare Services Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 09/29/28 | | | |
Creative Artists Agency LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 10/01/31 | | | |
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 07/06/29 | | | |
Fleet US Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.58%, 02/21/31(d) | | | |
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 4.75%), 9.34%, 04/29/29 | | | |
Garda World Security Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.90%, 02/01/29 | | | |
Grant Thornton Advisors Holdings LLC, 2024 Term Loan B, 06/02/31(n) | | | |
Grant Thornton Advisors LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 06/02/31 | | | |
| | | |
2021 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 7.97%, 06/30/28 | | | |
2021 Term Loan C, (1-mo. CME Term SOFR + 3.61%), 7.97%, 06/30/28 | | | |
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.84%, 06/12/30 | | | |
| | | |
Commercial Services & Supplies (continued) |
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 8.59%, 08/11/28 | | | |
Mavis Tire Express Services Topco Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.86%, 05/04/28 | | | |
Neon Maple US Debt Mergersub, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.44%, 11/15/31 | | | |
OMNIA Partners LLC, 2024 Term Loan B, 07/25/30(n) | | | |
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/26/31 | | | |
Prime Security Services Borrower LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.52%, 10/13/30 | | | |
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/19/31 | | | |
Reworld Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.02%, 11/30/28 | | | |
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 11/14/30 | | | |
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 10/04/30 | | | |
| | | |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 06/24/31 | | | |
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 06/24/31 | | | |
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.46%, 11/02/27 | | | |
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 11/30/30 | | | |
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 6.76%, 02/22/31 | | | |
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.69%, 12/17/28 | | | |
Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 01/30/31 | | | |
| | | |
Construction & Engineering — 0.2% |
AECOM, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 04/18/31 | | | |
| | | |
2021 Term Loan, (1-mo. CME Term SOFR + 2.86%), 7.22%, 09/22/28 | | | |
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 09/22/28 | | | |
Arcosa Inc, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 08/12/31 | | | |
Brand Industrial Services, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.07%, 08/01/30 | | | |
922024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Construction & Engineering (continued) |
| | | |
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.00%, 07/01/31 | | | |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 07/01/31 | | | |
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.84%, 11/03/31 | | | |
Cube A&D Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.13%, 10/17/31 | | | |
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 7.96%, 12/16/27 | | | |
| | | |
|
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/19/31 | | | |
Containers & Packaging — 0.1% |
Charter Next Generation, Inc., 2024 Term Loan B1, (1- mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.53%, 11/29/30 | | | |
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.46%, 10/29/28 | | | |
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.59%, 04/15/27 | | | |
Pregis TopCo LLC, 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.36%, 07/31/26 | | | |
Trident TPI Holdings, Inc., 2024 Term Loan B7, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.19%, 09/15/28 | | | |
| | | |
|
| | | |
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31 | | | |
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 9.59%, 06/30/29 | | | |
| | | |
Diversified Consumer Services — 0.0% |
Veritas U.S., Inc., 2024 Priority Term Loan, (Prime at 1.00% Floor + 11.50%), 19.25%, 12/09/29(d) | | | |
|
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/25/31 | | | |
Diversified Telecommunication Services — 0.2% |
Altice Financing SA, USD 2017 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.43%, 01/31/26(d) | | | |
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.15%, 08/15/28 | | | |
| | | |
Diversified Telecommunication Services (continued) |
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.37%, 10/24/30 | | | |
Connect Finco SARL, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.86%, 09/27/29 | | | |
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 8.22%, 04/30/28 | | | |
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.61%, 09/20/30 | | | |
| | | |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/29 | | | |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/30 | | | |
| | | |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/29 | | | |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/30 | | | |
2024 Term Loan A, (1-mo. CME Term SOFR + 6.00%), 10.36%, 06/01/28 | | | |
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.36%), 8.72%, 09/01/28 | | | |
| | | |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 9.06%, 05/30/30 | | | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.97%, 03/02/29 | | | |
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.47%, 03/09/27 | | | |
| | | |
Electric Utilities — 0.1% |
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 07/31/30 | | | |
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31 | | | |
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.25%), 6.76%, 12/15/27 | | | |
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.11%, 05/22/31 | | | |
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.35%, 04/16/31 | | | |
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 7.47%, 01/21/28 | | | |
Talen Energy Supply LLC, 2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.02%, 12/11/31 | | | |
Thunder Generation Funding LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 10/03/31 | | | |
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1- mo. CME Term SOFR + 1.75%), 6.11%, 12/20/30 | | | |
| | | |
Schedule of Investments93
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Electrical Equipment — 0.1% |
Generac Power Systems, Inc., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.34%, 07/03/31(d) | | | |
Vertiv Group Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.19%, 03/02/27 | | | |
WEC U.S. Holdings, Inc, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.80%, 01/27/31 | | | |
| | | |
Electronic Equipment, Instruments & Components — 0.1% |
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.09%, 06/20/31 | | | |
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 07/02/29 | | | |
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1-mo. CME Term SOFR + 2.86%), 7.22%, 07/31/28 | | | |
Roper Industrial Products Investment Co. LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/22/29 | | | |
| | | |
|
Bally’s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.14%, 10/02/28 | | | |
Caesars Entertainment, Inc. | | | |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.61%, 02/06/31 | | | |
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 02/06/30 | | | |
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.10%), 6.46%, 03/17/28(d) | | | |
Crown Finance US, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.25%), 9.80%, 12/02/31 | | | |
| | | |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 09/30/31 | | | |
2024 Term Loan B2, 09/10/31(n) | | | |
ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/31/30 | | | |
Flutter Entertainment PLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/30/30 | | | |
Herschend Entertainment Co. LLC, 2021 Term Loan, 08/27/28(n) | | | |
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.63%, 04/14/29 | | | |
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.22%, 10/19/26 | | | |
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 11/12/29 | | | |
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 06/25/31 | | | |
| | | |
Entertainment (continued) |
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 05/03/29 | | | |
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.59%, 04/04/29 | | | |
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 12/04/31 | | | |
Six Flags Entertainment Corp., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/01/31 | | | |
UFC Holdings, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.77%, 11/21/31 | | | |
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.86%), 7.22%, 05/18/25 | | | |
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.34%, 01/24/31 | | | |
| | | |
Environmental, Maintenance & Security Service — 0.1% |
Action Environmental Group, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 3.75%), 8.08%, 10/24/30(d) | | | |
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 10/09/28 | | | |
Filtration Group Corp., 2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 10/21/28 | | | |
GFL Environmental, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.61%, 07/03/31 | | | |
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.34%, 10/17/30 | | | |
Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.89%, 06/21/28 | | | |
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 7.71%, 03/09/28 | | | |
| | | |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.70%, 11/30/28 | | | |
Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.70%, 11/30/28 | | | |
Reworld Holding Corp., 2024 1st Lien Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.02%, 11/30/28 | | | |
| | | |
Financial Services — 0.0% |
Castlelake Aviation One LLC | | | |
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 10/22/27 | | | |
942024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Financial Services (continued) |
Castlelake Aviation One LLC (continued) | | | |
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.86%, 10/22/26 | | | |
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/05/28 | | | |
| | | |
|
8th Avenue Food & Provisions, Inc., 2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 8.22%, 10/01/25 | | | |
| | | |
2024 Term Loan B7, (1-mo. CME Term SOFR + 2.00%), 6.36%, 04/06/28 | | | |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 06/22/30 | | | |
| | | |
2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.36%), 7.72%, 10/25/27 | | | |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.11%, 10/25/27 | | | |
Froneri U.S., Inc., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 09/17/31 | | | |
H-Food Holdings LLC, 2018 Term Loan B, (Defaulted), 0.00%, 05/23/25(e)(m) | | | |
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.97%, 11/12/29 | | | |
| | | |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 10/03/31 | | | |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 11/22/28 | | | |
UTZ Quality Foods LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 7.11%, 01/20/28 | | | |
| | | |
Ground Transportation — 0.1% |
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/10/31 | | | |
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 12.52%, 08/20/29 | | | |
| | | |
Health Care Equipment & Supplies — 0.2% |
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.10%), 6.46%, 11/08/27 | | | |
| | | |
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 | | | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.69%, 05/10/27 | | | |
| | | |
Health Care Equipment & Supplies (continued) |
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.62%, 10/19/27 | | | |
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.61%, 10/23/28 | | | |
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.84%, 05/30/31 | | | |
| | | |
Health Care Providers & Services — 0.2% |
Concentra Health Services, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 07/28/31(d) | | | |
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.11%, 11/01/28 | | | |
| | | |
2024 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.10%), 5.72%, 11/30/28 | | | |
2024 Superpriority New Money 1st Out Term Loan A, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.37%, 08/31/28 | | | |
Fortrea Holdings, Inc., Term Loan B, (6-mo. CME Term SOFR + 3.75%), 8.49%, 07/01/30(d) | | | |
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/03/28 | | | |
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 01/02/31 | | | |
Medical Solutions Holdings, Inc., 2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 8.19%, 11/01/28 | | | |
Phoenix Newco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 11/15/28 | | | |
PRA Health Sciences, Inc., 2024 US Term Loan B, (3- mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/03/28 | | | |
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.10%), 7.43%, 11/18/27 | | | |
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/27/30 | | | |
Surgery Center Holdings, Inc., 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.09%, 12/19/30 | | | |
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.86%, 01/08/27 | | | |
| | | |
Hotel & Resort REITs — 0.0% |
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/18/30 | | | |
Schedule of Investments95
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Hotels, Restaurants & Leisure — 0.4% |
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 09/20/30 | | | |
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.01%), 8.60%, 02/02/26 | | | |
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 05/31/30 | | | |
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.11%, 08/08/27 | | | |
City Football Group Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.47%, 07/22/30 | | | |
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.46%, 12/01/28 | | | |
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1- mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 01/27/29 | | | |
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.11%, 11/30/29 | | | |
Great Canadian Gaming Corp., 2024 Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.09%, 11/01/29 | | | |
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.09%, 11/08/30 | | | |
IRB Holding Corp, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.86%, 12/15/27 | | | |
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.11%, 01/05/29 | | | |
| | | |
2021 Term Loan B1, 12/17/27(n) | | | |
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 | | | |
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR + 5.10%), 9.46%, 06/30/28 | | | |
2024 Term Loan B1, (1-mo. CME Term SOFR at 1.50% Floor + 6.10%), 10.46%, 11/15/29 | | | |
2024 Term Loan B2, 11/15/29(d)(n) | | | |
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.38%, 03/14/31 | | | |
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 08/03/28 | | | |
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1- mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 05/24/30 | | | |
| | | |
Household Durables — 0.1% |
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.05%, 07/31/28 | | | |
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.02%, 02/26/29 | | | |
| | | |
Household Durables (continued) |
Springs Windows Fashions, LLC(d) | | | |
2024 First Lien Second Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.47%, 10/06/28 | | | |
2024 FLFO Delayed Draw Term Loan, 12/19/29(n) | | | |
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, 12/19/29(d)(n) | | | |
Tempur Sealy International, Inc., 2024 Term Loan B, (1-mo. SOFR + 2.50%), 6.81%, 10/24/31 | | | |
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 10/30/27 | | | |
| | | |
|
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 09/19/31 | | | |
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 6.72%, 02/19/28 | | | |
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.34%, 12/06/31 | | | |
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 02/14/31 | | | |
| | | |
2020 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.72%, 12/23/26 | | | |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 9.72%, 01/31/28 | | | |
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 9.72%, 01/20/29 | | | |
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.71%, 08/19/28 | | | |
Baldwin Insurance Group Holdings LLC | | | |
2024 Repriced Term Loan B, 05/26/31(n) | | | |
2024 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 7.61%, 05/26/31 | | | |
HUB International Ltd., 2024 1st Lien Term Loan B, (3- mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.37%, 06/20/30 | | | |
Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 02/15/31 | | | |
Jones DesLauriers Insurance Management, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.82%, 03/15/30 | | | |
Ryan Specialty Group LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/15/31 | | | |
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.59%, 07/31/31 | | | |
TIH Insurance Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 05/06/31 | | | |
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 05/06/32 | | | |
962024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
|
| | | |
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/30 | | | |
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 11/21/29 | | | |
| | | |
Interactive Media & Services — 0.0% |
| | | |
2023 Term Loan, 05/03/28(n) | | | |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.61%, 05/03/28 | | | |
| | | |
Internet Software & Services — 0.2% |
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.09%, 08/15/29 | | | |
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 09/12/29 | | | |
Go Daddy Operating Co. LLC | | | |
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), 6.11%, 05/30/31 | | | |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 11/09/29 | | | |
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 08/31/28 | | | |
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30 | | | |
| | | |
|
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/29/31 | | | |
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.43%, 11/01/31(d) | | | |
Epicor Software Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.11%, 05/30/31 | | | |
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 06/27/31 | | | |
Magenta Security Holdings LLC | | | |
2024 First Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.60%, 07/27/28 | | | |
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.50%, 6.25% PIK), 12.60%, 07/27/28(i) | | | |
2024 Super Priority Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.75%), 11.15%, 07/27/28 | | | |
2024 Third Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.50%, 5.50% PIK), 11.85%, 07/27/28(e)(i)(m) | | | |
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.37%, 03/01/29 | | | |
| | | |
|
| | | |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 12.36%, 02/01/29 | | | |
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/01/28 | | | |
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 08/31/28 | | | |
| | | |
|
Arcline FM Holdings, LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.50%), 9.57%, 06/23/28 | | | |
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.09%, 03/15/30 | | | |
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/14/28(d) | | | |
Doosan Bobcat North America, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29 | | | |
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 6.00%), 10.33%, 11/11/29 | | | |
Madison Safety & Flow LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 09/26/31 | | | |
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 04/05/29 | | | |
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6- mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 02/15/29 | | | |
TK Elevator U.S. Newco, Inc., USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 04/30/30 | | | |
| | | |
|
Charter Communications Operating LLC | | | |
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.59%, 12/07/30 | | | |
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.78%, 12/15/31 | | | |
Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.61%), 6.97%, 09/01/28 | | | |
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.19%, 04/15/27 | | | |
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.85%, 08/02/27 | | | |
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.80%, 06/04/29 | | | |
Learfield Communications LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.00%), 9.36%, 06/30/28 | | | |
Schedule of Investments97
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
|
NEP Group, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 3.25%, 1.50% PIK), 9.22%, 08/19/26(i) | | | |
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 09/25/26 | | | |
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.85%), 8.21%, 04/21/29 | | | |
Speedster Bidco GmbH, 2024 USD Term Loan B, 10/17/31(n) | | | |
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR at 0.00% Floor + 3.04%), 7.44%, 01/31/29 | | | |
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1- mo. CME Term SOFR + 3.36%), 7.76%, 01/31/29 | | | |
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 7.01%, 04/30/28 | | | |
| | | |
|
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 05/13/29 | | | |
Oil, Gas & Consumable Fuels — 0.1% |
EG America LLC, 2024 Term Loan B, 02/07/28(n) | | | |
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.38%, 12/21/28 | | | |
GIP Pilot Acquisition Partners LP, 2024 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.09%, 10/04/30 | | | |
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 8.96%, 09/19/29 | | | |
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 9.59%, 10/27/28 | | | |
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.11%, 02/03/31 | | | |
NGP XI Midstream Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 07/25/31(d) | | | |
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.51%, 10/05/28 | | | |
| | | |
Paper & Forest Products — 0.0% |
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.21%, 09/07/27 | | | |
Passenger Airlines — 0.1% |
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 9.63%, 04/20/28 | | | |
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 03/21/31 | | | |
| | | |
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, 01/29/27 | | | |
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.96%, 06/04/29 | | | |
| | | |
Passenger Airlines (continued) |
American Airlines, Inc. (continued) | | | |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.62%, 02/15/28 | | | |
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 9.85%, 08/27/29 | | | |
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.63%, 02/22/31 | | | |
| | | |
|
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.86%, 05/04/28 | | | |
Bausch Health Americas, Inc., 2022 Term Loan B, (1- mo. CME Term SOFR + 5.35%), 9.71%, 02/01/27 | | | |
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 6.40%, 08/01/27 | | | |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.43%, 10/01/27 | | | |
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 05/05/28 | | | |
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 10/27/28 | | | |
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.62%, 05/19/31 | | | |
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 04/20/29 | | | |
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 08/01/31 | | | |
| | | |
Professional Services — 0.0% |
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 04/28/28 | | | |
Real Estate Management & Development — 0.1% |
| | | |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 10.97%, 06/04/29 | | | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 06/02/28 | | | |
Cushman & Wakefield U.S. Borrower, LLC(d) | | | |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 01/31/30 | | | |
2024 Tranche 2 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 01/31/30 | | | |
| | | |
Semiconductors & Semiconductor Equipment — 0.0% |
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 07/06/29 | | | |
MKS Instruments, Inc., 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.59%, 08/17/29 | | | |
| | | |
982024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
|
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 02/24/31 | | | |
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.35%), 6.68%, 05/24/29 | | | |
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 02/15/29 | | | |
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 04/30/31 | | | |
BCPE Pequod Buyer, Inc., USD Term Loan B, 11/25/31(n) | | | |
Boxer Parent Co., Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.34%, 07/30/31 | | | |
Capstone Borrower, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 06/17/30 | | | |
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 6.72%, 09/21/28 | | | |
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/06/29 | | | |
Cloud Software Group, Inc. | | | |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 03/30/29 | | | |
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 03/21/31 | | | |
| | | |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29 | | | |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 10/08/28 | | | |
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.30%, 05/01/31 | | | |
Dayforce, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.09%, 02/26/31(d) | | | |
DS Admiral Bidco LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 4.25%), 8.61%, 06/26/31 | | | |
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.60%, 01/18/29 | | | |
| | | |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 10/09/29 | | | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.11%, 11/15/32 | | | |
Flexera Software LLC, 2024 1st Lien Term Loan, 03/03/28(n) | | | |
Genesys Cloud Services Holdings II LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.36%, 12/01/27 | | | |
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/27/28 | | | |
Mitchell International, Inc. | | | |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 06/17/31 | | | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.25%), 9.61%, 06/17/32 | | | |
| | | |
|
Modena Buyer LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/01/31 | | | |
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 12/17/27 | | | |
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME Term SOFR + 2.86%), 7.22%, 03/13/28 | | | |
PointClickCare Technologies, Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/03/31 | | | |
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 8.85%, 06/02/28 | | | |
Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B, 10/28/30(n) | | | |
Project Boost Purchaser LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.15%, 07/16/31 | | | |
Quartz Acquireco LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 06/28/30(d) | | | |
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.59%, 04/24/28 | | | |
Skopima Consilio Parent LLC, 2024 Repriced Term Loan, 05/12/28(n) | | | |
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/09/31 | | | |
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.62%, 02/10/31 | | | |
VS Buyer LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.12%, 04/12/31 | | | |
Waystar Technologies, Inc., 2024 1st Lien Term Loan B, 10/22/29(n) | | | |
Zelis Payments Buyer, Inc., 5th Amendment Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/26/31 | | | |
| | | |
|
LS Group OpCo Acquistion LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 04/23/31 | | | |
Peer Holding III B.V., 2024 USD Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/01/31 | | | |
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28 | | | |
Restoration Hardware, Inc. | | | |
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.71%, 10/20/28 | | | |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.97%, 10/20/28 | | | |
| | | |
Schedule of Investments99
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
Technology Hardware, Storage & Peripherals — 0.0% |
| | | |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 | | | |
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 | | | |
| | | |
Textiles, Apparel & Luxury Goods — 0.0% |
ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.59%, 12/21/28 | | | |
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 7.72%, 11/24/28(d) | | | |
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.11%, 03/08/30(d) | | | |
| | | |
Trading Companies & Distributors — 0.2% |
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31 | | | |
| | | |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 07/27/28 | | | |
2024 Term Loan E, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.38%, 02/09/31 | | | |
Dealer Tire Financial LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 07/02/31 | | | |
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.11%, 06/04/31 | | | |
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.60%, 10/28/27 | | | |
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.34%, 06/20/31 | | | |
| | | |
Transportation Infrastructure — 0.0% |
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.71%, 12/15/26 | | | |
Total Floating Rate Loan Interests — 7.4%
(Cost: $78,704,577) | |
Foreign Agency Obligations |
| |
Brazilian Government International Bond, 5.00%, 01/27/45 | | | |
| |
China Development Bank/Hong Kong, 2.00%, 02/16/27(h) | | | |
Export-Import Bank of China, 3.38%, 03/14/27(h) | | | |
| | | |
| | | |
| |
Colombia Government International Bond, 5.63%, 02/26/44(g) | | | |
| |
Airport Authority, 3.25%, 01/12/52 | | | |
| |
Export-Import Bank of India, 3.88%, 02/01/28(h) | | | |
| |
Indonesia Government International Bond | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Perusahaan Penerbit SBSN Indonesia III(h) | | | |
| | | |
| | | |
| | | |
| |
Mexico Government International Bond, 4.75%, 03/08/44 | | | |
| |
Pakistan Government International Bond(h) | | | |
| | | |
| | | |
| | | |
| |
Philippines Government International Bond | | | |
| | | |
| | | |
| | | |
| |
Korea National Oil Corp., 4.88%, 04/03/29 | | | |
| |
Saudi Government International Bond(h) | | | |
| | | |
| | | |
| | | |
| |
Export-Import Bank of Korea, 1.63%, 01/18/27 | | | |
| | | |
| | | |
| | | |
Korea Expressway Corp., 1.13%, 05/17/26 | | | |
| | | |
United Arab Emirates — 0.0% | |
Sharjah Sukuk Program Ltd., 6.09%, 03/19/34(h) | | | |
1002024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
| |
Uruguay Government International Bond, 5.10%, 06/18/50(g) | | | |
Total Foreign Agency Obligations — 1.9%
(Cost: $24,251,962) | |
| | | |
|
Fixed Income Funds — 0.3% | |
Invesco Senior Loan ETF(o) | | | |
Total Investment Companies — 0.3%
(Cost: $3,564,062) | |
| | | |
|
| |
Metropolitan Transportation Authority, RB, BAB, 6.55%, 11/15/31(g) | | | |
Total Municipal Bonds — 1.0%
(Cost: $9,814,232) | |
|
|
| |
General Motors Financial Co., Inc., Series C, 5.70%(a)(j) | | | |
| |
Bangkok Bank PCL/Hong Kong, 4.00%(a)(h)(j) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
HDFC Bank Ltd., 3.70%(a)(h)(j) | | | |
Industrial & Commercial Bank of China Ltd., 3.20%(a)(h)(j) | | | |
JPMorgan Chase & Co., 8.75%, 09/01/30(g) | | | |
Lloyds Banking Group PLC, 7.50%(a)(j) | | | |
Macquarie Bank Ltd., 6.13%(a)(b)(j) | | | |
Mitsubishi UFJ Financial Group, Inc., 8.20%(a)(j) | | | |
| | | |
| | | |
| | | |
Nordea Bank Abp, 6.63%(a)(b)(j) | | | |
PNC Financial Services Group, Inc.(a)(j) | | | |
| | | |
| | | |
Rizal Commercial Banking Corp., 6.50%(a)(h)(j) | | | |
Standard Chartered PLC, 7.88%(a)(h)(j) | | | |
| | | |
| | | |
Capital Markets(a)(j) — 2.0% | |
Goldman Sachs Group, Inc., Series Y, 6.13% | | | |
| | | |
| | | |
| | | |
| | | |
Electric Utilities — 0.8% | |
PPL Capital Funding, Inc., Series A, 7.25%, 03/30/67(a) | | | |
Energy Equipment & Services — 0.5% | |
Venture Global LNG, Inc., 9.00%(a)(b)(j) | | | |
Financial Services(a)(h)(j) — 0.0% | |
NWD Finance BVI Ltd., 4.13% | | | |
| | | |
| | | |
Independent Power and Renewable Electricity Producers — 0.1% | |
Vistra Corp., 7.00%(a)(b)(j) | | | |
| |
ACE Capital Trust II, 9.70%, 04/01/30(g) | | | |
Equitable of Iowa Cos Capital Trust II, Series B, 8.42%, 04/01/27 | | | |
Kyobo Life Insurance Co. Ltd., 5.90%, 06/15/52(a)(h) | | | |
MetLife, Inc., 6.40%, 12/15/66(g) | | | |
| | | |
| |
Dominion Energy, Inc., Series B, 7.00%, 06/01/54(a) | | | |
Oil, Gas & Consumable Fuels — 0.2% | |
Enterprise Products Operating LLC, 7.54%, 06/01/67(a) | | | |
Passenger Airlines(a)(h)(j) — 0.0% | |
| | | |
| | | |
| | | |
| | | |
Wireless Telecommunication Services — 0.5% | |
Vodafone Group PLC, 7.00%, 04/04/79(a) | | | |
| |
| | | |
Preferred Stocks — 0.5%(e) |
Ground Transportation — 0.0% | |
Sirva BGRS Holdings, Inc., 07/21/30 | | | |
Interactive Media & Services — 0.5% | |
ByteDance Ltd., Series E-1, (Acquired 11/11/20, Cost: $3,189,595)(d)(f) | | | |
| |
Veritas Kapital Assurance PLC, Series G(d) | | | |
| |
Veritas Kapital Assurance PLC, Series G(d) | | | |
| |
Total Preferred Securities — 11.5%
(Cost: $116,053,624) | |
Schedule of Investments101
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)(Percentages shown are based on Net Assets)
| | | |
|
Consumer Discretionary — 0.0% | |
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00)(e) | | | |
Total Warrants — 0.0%
(Cost: $ — ) | |
Total Long-Term Investments — 147.8%
(Cost: $1,571,038,640) | |
|
Money Market Funds — 0.6% | |
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 4.36%(o)(p) | | | |
Total Short-Term Securities — 0.6%
(Cost: $6,317,936) | |
Options Purchased — 0.0%
(Cost: $1,488,890) | |
Total Investments Before Options Written — 148.4%
(Cost: $1,578,845,466) | |
Options Written — (0.0)%
(Premiums Received: $(829,772)) | |
Total Investments, Net of Options Written — 148.4%
(Cost: $1,578,015,694) | |
Liabilities in Excess of Other Assets — (48.4)% | |
| |
| Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| 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. |
| |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Non-income producing security. |
| Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $5,349,042, representing 0.5% of its net assets as of period end, and an original cost of $3,298,080. |
| All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements. |
| This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| 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. |
| Perpetual security with no stated maturity date. |
| |
| |
| Issuer filed for bankruptcy and/or is in default. |
| 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. |
| |
| Annualized 7-day yield as of period end. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | Change in
Unrealized
Appreciation
(Depreciation) | | | | Capital Gain
Distributions
from
Underlying
Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | | | | | | | | | |
| Represents net amount purchased (sold). |
Reverse Repurchase Agreements
| | | | | Face Value
Including
Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining
Contractual Maturity
|
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
1022024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Reverse Repurchase Agreements (continued)
| | | | | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements(a) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | | |
HSBC Securities (USA), Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | Foreign Agency Obligations | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Schedule of Investments103
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Reverse Repurchase Agreements (continued)
| | | | | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements(a) |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
1042024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Reverse Repurchase Agreements (continued)
| | | | | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements(a) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Morgan Stanley & Co. International PLC | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Nomura Securities International, Inc. | | | | | | | |
| | | | | | | |
| | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
J.P. Morgan Securities LLC | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Schedule of Investments105
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Reverse Repurchase Agreements (continued)
| | | | | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements(a) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | Foreign Agency Obligations | |
| | | | | | Foreign Agency Obligations | |
| | | | | | | |
| | | | | | | |
| | | | | | Foreign Agency Obligations | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
1062024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Reverse Repurchase Agreements (continued)
| | | | | Face Value Including Accrued Interest | Type of Non-Cash Underlying Collateral | Remaining Contractual Maturity of the Agreements(a) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Certain agreements have no stated maturity and can be terminated by either party at any time. |
| Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
Derivative Financial Instruments Outstanding as of Period End
| | | | Value/
Unrealized
Appreciation
(Depreciation) |
| | | | |
10-Year U.S. Treasury Note | | | | |
2-Year U.S. Treasury Note | | | | |
5-Year U.S. Treasury Note | | | | |
| | | | |
| | | | |
10-Year U.S. Ultra Long Treasury Note | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Forward Foreign Currency Exchange Contracts
| | | | Unrealized
Appreciation
(Depreciation) |
| | | | | | |
| | | | The Bank of New York Mellon | | |
| | | | | | |
Exchange-Traded Options Purchased
Exchange-Traded Options Written
Schedule of Investments107
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
Centrally Cleared Credit Default Swaps — Buy Protection
Reference Obligation/Index | Financing
Rate Paid
by the Trust | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and Options Written
| | | | | |
Centrally Cleared Swaps(a) | | | | | |
| | | | | |
| Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Assets — Derivative Financial Instruments | | | | | | | |
Futures contracts
Unrealized appreciation on futures contracts(a) | | | | | | | |
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts | | | | | | | |
Options purchased
Investments at value — unaffiliated(b) | | | | | | | |
| | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | |
Futures contracts
Unrealized depreciation on futures contracts(a) | | | | | | | |
Options written
Options written at value | | | | | | | |
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(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). |
| Includes options purchased at value as reported in the Schedule of Investments. |
For the period ended December 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Net Realized Gain (Loss) from: | | | | | | | |
| | | | | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | |
| | | | | | | |
1082024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
| | | | Foreign Currency Exchange Contracts | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Options purchased are included in net realized gain (loss) from investments — unaffiliated. |
| Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated. |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| |
Average notional value of contracts — long | |
Average notional value of contracts — short | |
Forward foreign currency exchange contracts: | |
Average amounts purchased — in USD | |
Average amounts sold — in USD | |
| |
Average value of option contracts purchased | |
Average value of option contracts written | |
| |
Average notional value — buy protection | |
| Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
| | |
Derivative Financial Instruments | | |
| | |
Forward foreign currency exchange contracts | | |
| | |
Swaps — centrally cleared | | |
Total derivative assets and liabilities in the Statements of Assets and Liabilities | | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | |
Total derivative assets and liabilities subject to an MNA | | |
| 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 by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Trust:
| Derivative
Assets
Subject to
an MNA by
Counterparty | Derivatives
Available
for Offset(a) | Non-Cash
Collateral
Received(b) | Cash
Collateral
Received(b) | Net Amount
of Derivative
Assets(c)(d)(e) |
| | | | | |
The Bank of New York Mellon | | | | | |
| | | | | |
| The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
| Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
| Net amount represents the net amount payable due to the 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. |
Schedule of Investments109
Schedule of Investments (continued)December 31, 2024
BlackRock Credit Allocation Income Trust (BTZ)
| Net amount represents the net amount receivable from the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Fixed Rate Loan Interests | | | | |
Floating Rate Loan Interests | | | | |
Foreign Agency Obligations | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Unfunded Floating Rate Loan Interests(a) | | | | |
| | | | |
Derivative Financial Instruments(b) | | | | |
| | | | |
Foreign Currency Exchange Contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
| Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial statement purposes. As of period end, reverse repurchase agreements of $536,048,309 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
1102024 BlackRock Annual Report to Shareholders
Schedule of InvestmentsDecember 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
|
Ballyrock CLO Ltd., Series 2023-25A, Class C, (3-mo. CME Term SOFR + 4.70%), 9.33%, 01/25/36(a)(b) | | | |
Bryant Park Funding Ltd., Series 2024-23A, Class D1, (3-mo. CME Term SOFR + 3.85%), 8.37%, 05/15/37(a)(b) | | | |
Golub Capital Partners CLO Ltd., Series 2023-66B, Class D, (3-mo. CME Term SOFR + 5.50%), 10.13%, 04/25/36(a)(b) | | | |
Palmer Square CLO Ltd., Series 2023-2A, Class D, (3-mo. CME Term SOFR + 5.00%), 9.62%, 04/20/36(a)(b) | | | |
Pikes Peak CLO Ltd., Series 2023-14, Class D, (3-mo. CME Term SOFR + 5.45%), 10.07%, 04/20/36(a)(b) | | | |
Sycamore Tree CLO Ltd., Series 2023-3A, Class D1R, (3-mo. CME Term SOFR + 4.25%), 8.87%, 04/20/37(a)(b) | | | |
Symphony CLO Ltd., Series 2023-40A, Class D1R, (3-mo. CME Term SOFR + 2.65%), 7.07%, 01/05/38(a)(b) | | | |
Whitebox CLO IV Ltd., Series 2023-4A, Class D, (3-mo. CME Term SOFR + 5.15%), 9.77%, 04/20/36(a)(b) | | | |
Total Asset-Backed Securities — 2.8%
(Cost: $8,880,000) | |
| | | |
|
Automobile Components — 0.0% | |
| | | |
Construction & Engineering — 0.0% | |
McDermott International Ltd.(c) | | | |
| |
Learfield Communications LLC, (Acquired 09/06/23, Cost: $52,679)(c)(d)(e) | | | |
Financial Services — 0.0% | |
| | | |
Ground Transportation — 0.0% | |
Sirva BGRS Holdings, Inc.(c) | | | |
Health Care Providers & Services — 0.1% | |
Envision Healthcare Corp., (Acquired 11/03/23, Cost: $610,403)(c)(e) | | | |
Household Products — 0.0% | |
Berkline Benchcraft Equity LLC(c)(d) | | | |
Industrial Conglomerates — 0.0% | |
Ameriforge Group, Inc.(c)(d) | | | |
| |
Travelport Finance Luxembourg SARL(c)(d) | | | |
| | | |
Trading Companies & Distributors — 0.0% | |
TMK Hawk Parent Corp.(c)(d) | | | |
Total Common Stocks — 0.4%
(Cost: $2,151,207) | |
| | | |
|
|
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%, 07/01/28 | | | |
WR Grace Holdings LLC, 5.63%, 08/15/29 | | | |
| | | |
Construction & Engineering — 0.1% |
Brand Industrial Services, Inc., 10.38%, 08/01/30(b) | | | |
|
VICI Properties LP/VICI Note Co., Inc., 4.63%, 06/15/25(b) | | | |
Diversified Telecommunication Services(b) — 0.2% |
Level 3 Financing, Inc., 11.00%, 11/15/29 | | | |
Zayo Group Holdings, Inc., 6.13%, 03/01/28 | | | |
| | | |
Electric Utilities — 0.0% |
Texas Competitive Electric Holdings, Series M, 5.03%, 10/10/19(c)(d)(f) | | | |
|
Caesars Entertainment, Inc., 4.63%, 10/15/29 | | | |
Odeon Finco PLC, 12.75%, 11/01/27 | | | |
| | | |
Environmental, Maintenance & Security Service — 0.2% |
Madison IAQ LLC, 5.88%, 06/30/29(b) | | | |
|
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK), 8.75%, 10/01/29(b)(g) | | | |
Hotels, Restaurants & Leisure — 0.1% |
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/30(b) | | | |
Household Durables — 0.1% |
Springs 2nd Lien Bond, 6.50%, 10/06/29(d) | | | |
Household Products — 0.0% |
Berkline Benchcraft LLC, 0.00%, 05/03/12(a)(c)(d)(f) | | | |
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer, 6.75%, 10/15/27(b) | | | |
Internet Software & Services(b) — 0.1% |
| | | |
| | | |
| | | |
| | | |
Schedule of Investments111
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
|
Amentum Holdings, Inc., 7.25%, 08/01/32(b) | | | |
|
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 | | | |
Vertiv Group Corp., 4.13%, 11/15/28 | | | |
| | | |
|
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(b) | | | |
Oil, Gas & Consumable Fuels — 0.1% |
eG Global Finance PLC, 12.00%, 11/30/28(b) | | | |
|
AthenaHealth Group, Inc., 6.50%, 02/15/30 | | | |
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29 | | | |
Cloud Software Group, Inc., 9.00%, 09/30/29 | | | |
Ellucian Holdings, Inc., 6.50%, 12/01/29 | | | |
| | | |
Trading Companies & Distributors — 0.1% |
Wesco Aircraft Holdings, Inc., 9.00%, 11/15/26(b)(c)(f) | | | |
Wireless Telecommunication Services — 0.0% |
Ligado Networks LLC, (15.50% PIK), 15.50%, 11/01/23(b)(c)(f)(g) | | | |
Total Corporate Bonds — 2.4%
(Cost: $8,021,343) | |
Fixed Rate Loan Interests |
Advertising Agencies — 0.2% |
Clear Channel International BV, 2024 CCIBV Fixed Term Loan, 7.50%, 04/01/27(d) | | | |
Diversified Consumer Services — 0.0% |
Clover Holdings SPV III LLC, 2024 USD Term Loan, 15.00%, 12/18/27(d) | | | |
|
Clover Holdings 2 LLC, Fixed Term Loan B, 7.75%, 11/01/31(d) | | | |
|
Cotiviti, Inc., 2024 Fixed Term Loan B, 7.63%, 05/01/31 | | | |
Total Fixed Rate Loan Interests — 0.8%
(Cost: $2,340,549) | |
Floating Rate Loan Interests(a) |
Advertising Agencies — 0.2% |
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.11%), 8.47%, 08/23/28 | | | |
Planet US Buyer LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 3.00%), 7.52%, 02/07/31 | | | |
| | | |
Aerospace & Defense — 2.6% |
| | | |
2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.86%, 09/03/30 | | | |
2024 Term Loan B, 12/10/31(h) | | | |
| | | |
Aerospace & Defense (continued) |
Bleriot U.S. Bidco, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 10/31/30 | | | |
Cobham Ultra SeniorCo SARL, USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 9.24%, 08/03/29 | | | |
Dynasty Acquisition Co., Inc. | | | |
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 | | | |
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/31/31 | | | |
NORDAM Group, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.70%), 9.96%, 04/09/26 | | | |
Ovation Parent, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.83%, 04/21/31 | | | |
Propulsion BC Finco SARL, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 09/14/29 | | | |
Signia Aerospace LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 11/21/31 | | | |
| | | |
2023 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 02/28/31 | | | |
2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/19/32 | | | |
2024 Term Loan K, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 03/22/30 | | | |
| | | |
Air Freight & Logistics — 0.0% |
Rand Parent LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.08%, 03/17/30 | | | |
Automobile Components — 0.9% |
Clarios Global LP, 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 05/06/30 | | | |
Tenneco, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR + 5.10%), 9.62%, 11/17/28 | | | |
| | | |
|
RVR Dealership Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/08/28 | | | |
|
AqGen Island Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 08/02/28(d) | | | |
|
| | | |
2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.43%, 01/24/30 | | | |
Term Loan, (3-mo. CME Term SOFR + 3.10%), 7.43%, 01/24/29 | | | |
Triton Water Holdings, Inc., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 7.84%, 03/31/28 | | | |
| | | |
|
CNT Holdings I Corp., 2020 Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.09%, 11/08/27 | | | |
Building Materials — 3.5% |
ACProducts Holdings, Inc., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.51%), 8.84%, 05/17/28 | | | |
1122024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
Building Materials (continued) |
Azek Group LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 09/19/31 | | | |
Chariot Buyer LLC, Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.71%, 11/03/28 | | | |
Cornerstone Building Brands, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 3.35%), 7.75%, 04/12/28 | | | |
CP Atlas Buyer, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 11/23/27 | | | |
CP Iris Holdco I, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.86%, 10/02/28 | | | |
| | | |
2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 08/04/31 | | | |
Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.93%, 05/31/30 | | | |
New AMI I LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 6.00%), 10.36%, 03/08/29 | | | |
Oscar AcquisitionCo LLC, Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.50%, 04/29/29 | | | |
Potters Borrower LP, 2024 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 8.11%, 12/14/27 | | | |
Quikrete Holdings, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.61%, 03/19/29 | | | |
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 04/02/29(d) | | | |
Standard Industries, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 09/22/28 | | | |
Summit Materials LLC, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.15%, 01/12/29 | | | |
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.58%, 08/05/31 | | | |
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.11%), 6.47%, 10/04/28 | | | |
| | | |
|
Beacon Roofing Supply, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/19/28 | | | |
Foundation Building Materials, Inc., 2024 Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.59%, 01/29/31 | | | |
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 06/17/31 | | | |
GYP Holdings III Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 2.25%), 6.61%, 05/12/30 | | | |
White Cap Buyer LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 10/19/29 | | | |
| | | |
|
Advisor Group, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/17/28 | | | |
Aretec Group, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/09/30 | | | |
CPI Holdco B LLC, 2024 Incremental Term Loan B, 05/17/31(h) | | | |
| | | |
Capital Markets (continued) |
Deerfield Dakota Holding LLC | | | |
2020 USD Term Loan B, (3-mo. CME Term SOFR at 1.00% Floor + 3.75%), 8.08%, 04/09/27 | | | |
2021 USD 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.34%, 04/07/28 | | | |
Edelman Financial Engines Center LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 04/07/28 | | | |
FinCo I LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 06/27/29 | | | |
Focus Financial Partners LLC, 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 09/15/31 | | | |
Guardian U.S. Holdco LLC, 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 01/31/30 | | | |
Jane Street Group LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.40%, 12/15/31 | | | |
Jefferies Finance LLC, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 10/21/31 | | | |
| | | |
|
Advancion Holdings LLC, 2020 2nd Lien Term Loan, (1- mo. CME Term SOFR + 7.85%), 12.21%, 11/24/28 | | | |
Arc Falcon I, Inc., 2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 7.10%), 11.46%, 09/30/29 | | | |
Ascend Performance Materials Operations LLC, 2021 Term Loan B, (6-mo. CME Term SOFR at 0.75% Floor + 4.85%), 9.10%, 08/27/26 | | | |
Axalta Coating Systems U.S. Holdings, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 12/20/29 | | | |
Chemours Co., 2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 08/18/28 | | | |
Derby Buyer LLC, 2024 Repriced Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.37%, 11/01/30 | | | |
Discovery Purchaser Corp., Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.38%), 8.95%, 10/04/29 | | | |
Ecovyst Catalyst Technologies LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.84%, 06/12/31 | | | |
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 12/18/30 | | | |
HB Fuller Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 6.36%, 02/15/30 | | | |
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.03%), 8.35%, 07/03/28 | | | |
INEOS Quattro Holdings U.K. Ltd., 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 4.25%), 8.61%, 10/01/31(d) | | | |
INEOS U.S. Finance LLC, 2023 USD Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 02/18/30 | | | |
LSF11 A5 Holdco LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 10/15/28 | | | |
Minerals Technologies, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 11/21/31(d) | | | |
Schedule of Investments113
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
|
Momentive Performance Materials, Inc., 2023 Term Loan, (1-mo. CME Term SOFR + 4.00%), 8.36%, 03/29/28(d) | | | |
NIC Acquisition Corp., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.34%, 12/29/27 | | | |
Nouryon Finance BV, 2024 USD Term Loan B1, (6-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.66%, 04/03/28 | | | |
| | | |
2017 USD Term Loan B2, (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), 8.19%, 12/31/26 | | | |
2024 USD Term Loan B, (1-mo. CME Term SOFR at 3.00% Floor + 8.00%), 12.36%, 12/31/26 | | | |
Paint Intermediate III, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.52%, 10/09/31 | | | |
Sparta U.S. HoldCo LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.34%, 08/02/30 | | | |
WR Grace Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.58%, 09/22/28 | | | |
| | | |
Commercial Services & Supplies — 9.3% |
Albion Financing 3 SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR + 4.51%), 9.10%, 08/16/29 | | | |
AlixPartners LLP, 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.61%), 6.97%, 02/04/28 | | | |
Allied Universal Holdco LLC, 2021 USD Incremental Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 05/12/28 | | | |
APi Group DE, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 01/03/29 | | | |
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.86%), 6.22%, 08/06/27 | | | |
Belron Finance LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.27%, 10/16/31 | | | |
Boost Newco Borrower LLC, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.83%, 01/31/31 | | | |
Bright Horizons Family Solutions LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 11/24/28 | | | |
Camelot U.S. Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.11%, 01/31/31 | | | |
Champions Financing, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.27%, 02/23/29 | | | |
CHG Healthcare Services Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.40%, 09/29/28 | | | |
Creative Artists Agency LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 10/01/31 | | | |
Element Materials Technology Group U.S. Holdings, Inc., 2022 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 07/06/29 | | | |
Ensemble RCM LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.59%, 08/01/29 | | | |
Fleet US Bidco, Inc., 2024 1st Lien Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.58%, 02/21/31(d) | | | |
| | | |
Commercial Services & Supplies (continued) |
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term SOFR + 4.75%), 9.34%, 04/29/29 | | | |
Garda World Security Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.90%, 02/01/29 | | | |
Grant Thornton Advisors Holdings LLC, 2024 Term Loan B, 06/02/31(h) | | | |
Grant Thornton Advisors LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 06/02/31 | | | |
| | | |
2021 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 7.97%, 06/30/28 | | | |
2021 Term Loan C, (1-mo. CME Term SOFR + 3.61%), 7.97%, 06/30/28 | | | |
Ingenovis Health, Inc., Term Loan B, (3-mo. CME Term SOFR + 4.51%), 9.03%, 03/06/28 | | | |
KUEHG Corp., 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.84%, 06/12/30 | | | |
Learning Care Group U.S. No. 2, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR + 4.00%), 8.59%, 08/11/28 | | | |
Mavis Tire Express Services Topco Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.50%), 7.86%, 05/04/28 | | | |
Neon Maple US Debt Mergersub, Inc., 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.44%, 11/15/31 | | | |
OMNIA Partners LLC, 2024 Term Loan B, 07/25/30(h) | | | |
PG Investment Co. 59 SARL, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 03/26/31 | | | |
Prime Security Services Borrower LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.52%, 10/13/30 | | | |
Raven Acquisition Holdings LLC, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 11/19/31 | | | |
Reworld Holding Corp., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.02%, 11/30/28 | | | |
Ryan LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 11/14/30 | | | |
Spring Education Group, Inc., Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 10/04/30 | | | |
| | | |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 06/24/31 | | | |
2024 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 06/24/31 | | | |
TruGreen LP, 2020 Term Loan, (1-mo. CME Term SOFR + 4.10%), 8.46%, 11/02/27 | | | |
Veritiv Operating Co., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.83%, 11/30/30 | | | |
Vestis Corp., Term Loan, (3-mo. CME Term SOFR + 2.25%), 6.76%, 02/22/31 | | | |
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.36%), 8.69%, 12/17/28 | | | |
Wand NewCo 3, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 01/30/31 | | | |
| | | |
1142024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
Construction & Engineering — 2.2% |
AECOM, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 04/18/31 | | | |
| | | |
2021 Term Loan, (1-mo. CME Term SOFR + 2.86%), 7.22%, 09/22/28 | | | |
2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 09/22/28 | | | |
Arcosa Inc, Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 08/12/31 | | | |
Brand Industrial Services, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.07%, 08/01/30 | | | |
| | | |
2022 Incremental Term Loan B2, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.00%, 07/01/31 | | | |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 07/01/31 | | | |
Construction Partners, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.84%, 11/03/31 | | | |
Cube A&D Buyer, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.13%, 10/17/31 | | | |
Legence Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.60%), 7.96%, 12/16/27 | | | |
| | | |
|
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/19/31 | | | |
Containers & Packaging — 1.8% |
Charter Next Generation, Inc., 2024 Term Loan B1, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.53%, 11/29/30 | | | |
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 5.10%), 9.46%, 10/29/28 | | | |
Mauser Packaging Solutions Holding Co., 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.59%, 04/15/27 | | | |
| | | |
1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.36%, 07/31/26 | | | |
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.11%), 8.47%, 07/31/26 | | | |
Trident TPI Holdings, Inc., 2024 Term Loan B7, (6-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.19%, 09/15/28 | | | |
| | | |
|
| | | |
2024 PIK Term Loan, (3-mo. CME Term SOFR + 11.00%), 11.00%, 12/15/31 | | | |
2024 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 5.25%), 9.59%, 06/30/29 | | | |
| | | |
Diversified Consumer Services — 0.0% |
Veritas U.S., Inc., 2024 Priority Term Loan, (Prime at 1.00% Floor + 11.50%), 19.25%, 12/09/29(d) | | | |
| | | |
|
SBA Senior Finance II LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/25/31 | | | |
Diversified Telecommunication Services — 3.3% |
Altice Financing SA, USD 2017 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.43%, 01/31/26(d) | | | |
Altice France SA, 2023 USD Term Loan B14, (3-mo. CME Term SOFR at 0.00% Floor + 5.50%), 10.15%, 08/15/28 | | | |
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.37%, 10/24/30 | | | |
Connect Finco SARL, 2024 Extended Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 8.86%, 09/27/29 | | | |
GOGO Intermediate Holdings LLC, Term Loan B, (1-mo. CME Term SOFR + 3.86%), 8.22%, 04/30/28 | | | |
Iridium Satellite LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.25%), 6.61%, 09/20/30 | | | |
| | | |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/29 | | | |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 6.56%), 10.92%, 04/15/30 | | | |
| | | |
2024 Extended Term Loan B1, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/29 | | | |
2024 Extended Term Loan B2, (1-mo. CME Term SOFR at 2.00% Floor + 2.46%), 6.82%, 04/15/30 | | | |
2024 Term Loan A, (1-mo. CME Term SOFR + 6.00%), 10.36%, 06/01/28 | | | |
ORBCOMM, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 4.36%), 8.72%, 09/01/28 | | | |
| | | |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 9.06%, 05/30/30 | | | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.61%), 8.97%, 03/02/29 | | | |
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.11%), 7.47%, 03/09/27 | | | |
| | | |
Electric Utilities — 1.7% |
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 07/31/30 | | | |
Calpine Corp., 2024 Term Loan B10, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31 | | | |
Constellation Renewables LLC, 2020 Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 2.25%), 6.76%, 12/15/27 | | | |
Hamilton Projects Acquiror LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.11%, 05/22/31 | | | |
NRG Energy, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.35%, 04/16/31 | | | |
Pike Corp., 2021 Incremental Term Loan B, (1-mo. CME Term SOFR + 3.11%), 7.47%, 01/21/28 | | | |
Schedule of Investments115
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
Electric Utilities (continued) |
Talen Energy Supply LLC, 2024 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.02%, 12/11/31 | | | |
Thunder Generation Funding LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 10/03/31 | | | |
Vistra Operations Co. LLC, 1st Lien Term Loan B3, (1-mo. CME Term SOFR + 1.75%), 6.11%, 12/20/30 | | | |
| | | |
Electrical Equipment — 0.8% |
Generac Power Systems, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.34%, 07/03/31(d) | | | |
Vertiv Group Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.19%, 03/02/27 | | | |
WEC U.S. Holdings, Inc, 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.80%, 01/27/31 | | | |
| | | |
Electronic Equipment, Instruments & Components — 1.0% |
Celestica Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.09%, 06/20/31 | | | |
Coherent Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 07/02/29 | | | |
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, (1-mo. CME Term SOFR + 2.86%), 7.22%, 07/31/28 | | | |
Roper Industrial Products Investment Co. LLC, 2024 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.08%, 11/22/29 | | | |
| | | |
|
Bally’ s Corp., 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.51%), 8.14%, 10/02/28 | | | |
Caesars Entertainment, Inc. | | | |
2024 Term Loan B1, (1-mo. CME Term SOFR + 2.25%), 6.61%, 02/06/31 | | | |
Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 02/06/30 | | | |
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR at 0.00% Floor + 2.10%), 6.46%, 03/17/28(d) | | | |
Crown Finance US, Inc., 2024 Term Loan B, (Prime + 5.25%), 9.80%, 12/02/31 | | | |
| | | |
2024 Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 09/30/31 | | | |
2024 Term Loan B2, 09/10/31(h) | | | |
ECL Entertainment LLC, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 08/31/30 | | | |
Flutter Entertainment PLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.08%, 11/30/30 | | | |
Herschend Entertainment Co. LLC, 2021 Term Loan, 08/27/28(h) | | | |
Light & Wonder International, Inc., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.63%, 04/14/29 | | | |
Live Nation Entertainment, Inc., Term Loan B4, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.22%, 10/19/26 | | | |
Motion Finco SARL, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 11/12/29 | | | |
| | | |
Entertainment (continued) |
OVG Business Services LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.00%), 7.36%, 06/25/31 | | | |
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 05/03/29 | | | |
Scientific Games Holdings LP, 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.59%, 04/04/29 | | | |
SeaWorld Parks & Entertainment, Inc., 2024 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 12/04/31 | | | |
Six Flags Entertainment Corp., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/01/31 | | | |
UFC Holdings, LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.77%, 11/21/31 | | | |
William Morris Endeavor Entertainment LLC, 2018 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.86%), 7.22%, 05/18/25 | | | |
WMG Acquisition Corp., 2024 Term Loan J, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.34%, 01/24/31 | | | |
| | | |
Environmental, Maintenance & Security Service — 2.3% |
Action Environmental Group, Inc., 2023 Term Loan B, (3- mo. CME Term SOFR + 3.75%), 8.08%, 10/24/30(d) | | | |
Clean Harbors, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 10/09/28 | | | |
Filtration Group Corp., 2021 Incremental Term Loan, (1- mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 10/21/28 | | | |
GFL Environmental, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.61%, 07/03/31 | | | |
JFL-Tiger Acquisition Co., Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.00%), 8.34%, 10/17/30 | | | |
Madison IAQ LLC, Term Loan, (6-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.89%, 06/21/28 | | | |
Packers Holdings LLC, 2021 Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 3.35%), 7.71%, 03/09/28 | | | |
| | | |
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.70%, 11/30/28 | | | |
Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.70%, 11/30/28 | | | |
Reworld Holding Corp., 2024 1st Lien Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.02%, 11/30/28 | | | |
| | | |
Financial Services — 0.7% |
Castlelake Aviation One LLC | | | |
2023 Incremental Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 10/22/27 | | | |
Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 6.86%, 10/22/26 | | | |
Setanta Aircraft Leasing DAC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 11/05/28 | | | |
| | | |
|
8th Avenue Food & Provisions, Inc. | | | |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR + 3.86%), 8.22%, 10/01/25 | | | |
2021 Incremental Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 4.86%), 9.22%, 10/01/25 | | | |
1162024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
Food Products (continued) |
Aramark Services, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 06/22/30 | | | |
| | | |
2020 Term Loan B, (1-mo. CME Term SOFR at 1.00% Floor + 3.36%), 7.72%, 10/25/27 | | | |
2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.11%, 10/25/27 | | | |
Froneri U.S., Inc., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 09/17/31 | | | |
H-Food Holdings LLC, 2018 Term Loan B, (Defaulted), 0.00%, 05/23/25(c)(f) | | | |
Nomad Foods U.S. LLC, 2023 Term Loan B5, (6-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.97%, 11/12/29 | | | |
| | | |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 10/03/31 | | | |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 11/22/28 | | | |
UTZ Quality Foods LLC, 2024 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 7.11%, 01/20/28 | | | |
| | | |
Ground Transportation — 0.8% |
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.08%, 04/10/31 | | | |
SIRVA Worldwide, Inc., 2024 Term Loan, (3-mo. CME Term SOFR at 2.00% Floor + 8.00%), 12.52%, 08/20/29 | | | |
| | | |
Health Care Equipment & Supplies — 2.2% |
Avantor Funding, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.10%), 6.46%, 11/08/27 | | | |
| | | |
2023 Incremental Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/29/28 | | | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.69%, 05/10/27 | | | |
Maravai Intermediate Holdings LLC, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.62%, 10/19/27 | | | |
Medline Borrower LP, 2024 USD Add-on Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.61%, 10/23/28 | | | |
Sotera Health Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.84%, 05/30/31 | | | |
| | | |
Health Care Providers & Services — 2.8% |
Concentra Health Services, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 07/28/31(d) | | | |
Examworks Bidco, Inc., 2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 7.11%, 11/01/28 | | | |
| | | |
2024 Second Out Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.10%), 5.72%, 11/30/28 | | | |
2024 Superpriority New Money 1st Out Term Loan A, (3-mo. CME Term SOFR at 0.00% Floor + 5.75%), 10.37%, 08/31/28 | | | |
| | | |
Health Care Providers & Services (continued) |
EyeCare Partners LLC (continued) | | | |
2024 Third Out Term Loan C, (1-mo. CME Term SOFR at 0.00% Floor + 6.85%), 11.47%, 11/30/28(c)(d)(f) | | | |
Fortrea Holdings, Inc., Term Loan B, (6-mo. CME Term SOFR + 3.75%), 8.49%, 07/01/30(d) | | | |
ICON Luxembourg SARL, 2024 LUX Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/03/28 | | | |
IQVIA, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 01/02/31 | | | |
Medical Solutions Holdings, Inc. | | | |
2021 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.60%), 8.19%, 11/01/28 | | | |
2021 2nd Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 7.10%), 11.69%, 11/01/29 | | | |
Phoenix Newco, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 11/15/28 | | | |
PRA Health Sciences, Inc., 2024 US Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.33%, 07/03/28 | | | |
Precision Medicine Group LLC, 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 3.10%), 7.43%, 11/18/27 | | | |
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 09/27/30 | | | |
Surgery Center Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.09%, 12/19/30 | | | |
WCG Intermediate Corp., 2024 Term Loan, (1-mo. CME Term SOFR + 3.50%), 7.86%, 01/08/27 | | | |
| | | |
Hotel & Resort REITs — 0.1% |
RHP Hotel Properties LP, 2024 1st Lien Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/18/30 | | | |
Hotels, Restaurants & Leisure — 5.1% |
1011778 B.C. Unlimited Liability Co., 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 09/20/30 | | | |
Aimbridge Acquisition Co., Inc., 2019 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.01%), 8.60%, 02/02/26 | | | |
Alterra Mountain Co., 2024 Term Loan B7, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 05/31/30 | | | |
Carnival Corp., 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.75% Floor + 2.75%), 7.11%, 08/08/27 | | | |
City Football Group Ltd., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.47%, 07/22/30 | | | |
Fender Musical Instruments Corp., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.10%), 8.46%, 12/01/28 | | | |
Fertitta Entertainment LLC/NV, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 01/27/29 | | | |
Four Seasons Hotels Ltd., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 6.11%, 11/30/29 | | | |
Great Canadian Gaming Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.09%, 11/01/29 | | | |
Schedule of Investments117
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
Hotels, Restaurants & Leisure (continued) |
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 6.09%, 11/08/30 | | | |
IRB Holding Corp, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 6.86%, 12/15/27 | | | |
Playa Resorts Holding BV, 2022 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.11%, 01/05/29 | | | |
| | | |
2021 Term Loan B1, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 | | | |
2021 Term Loan B2, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 12/17/27 | | | |
2022 1st Lien Term Loan B, (1-mo. CME Term SOFR + 5.10%), 9.46%, 06/30/28 | | | |
2024 Term Loan B1, (1-mo. CME Term SOFR at 1.50% Floor + 6.10%), 10.46%, 11/15/29 | | | |
2024 Term Loan B2, (3-mo. CME Term SOFR + 6.00%), 10.46%, 11/15/29(d) | | | |
Station Casinos LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.38%, 03/14/31 | | | |
Whatabrands LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.86%, 08/03/28 | | | |
Wyndham Hotels & Resorts, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 05/24/30 | | | |
| | | |
Household Durables — 1.7% |
AI Aqua Merger Sub, Inc., 2021 1st Lien Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.05%, 07/31/28 | | | |
Hunter Douglas, Inc., USD Term Loan B1, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.02%, 02/26/29 | | | |
Springs Windows Fashions, LLC(d) | | | |
2024 First Lien Second Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor + 4.11%), 8.47%, 10/06/28 | | | |
2024 FLFO Delayed Draw Term Loan, 12/19/29(h) | | | |
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, 12/19/29(d)(h) | | | |
Tempur Sealy International, Inc., 2024 Term Loan B, (1- mo. SOFR + 2.50%), 6.81%, 10/24/31 | | | |
Weber-Stephen Products LLC, Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 10/30/27 | | | |
| | | |
Household Products — 0.2% |
Reynolds Consumer Products LLC, Term Loan, (1-mo. CME Term SOFR + 1.85%), 6.21%, 02/04/27 | | | |
Industrial Conglomerates — 0.0% |
Stitch Acquisition Corp., 2024 Term Loan, (Defaulted), 0.00%, 07/28/28 | | | |
|
Alliant Holdings Intermediate LLC, 2024 Term Loan B6, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.11%, 09/19/31 | | | |
AmWINS Group, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.36%), 6.72%, 02/19/28 | | | |
Amynta Agency Borrower, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.34%, 12/06/31 | | | |
| | | |
|
AssuredPartners, Inc., 2024 Incremental Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.86%, 02/14/31 | | | |
| | | |
2020 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.72%, 12/23/26 | | | |
2021 2nd Lien Term Loan B3, (1-mo. CME Term SOFR + 5.36%), 9.72%, 01/31/28 | | | |
2021 Second Lien Term Loan B4, (1-mo. CME Term SOFR + 5.36%), 9.72%, 01/20/29 | | | |
2021 Term Loan B9, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.71%, 07/31/27 | | | |
2023 Term Loan B11, (1-mo. CME Term SOFR at 0.00% Floor + 4.35%), 8.71%, 08/19/28 | | | |
Baldwin Insurance Group Holdings LLC | | | |
2024 Repriced Term Loan B, 05/26/31(h) | | | |
2024 Term Loan B, (1-mo. CME Term SOFR + 3.25%), 7.61%, 05/26/31 | | | |
HUB International Ltd., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.37%, 06/20/30 | | | |
Hyperion Refinance SARL, 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 02/15/31 | | | |
Jones DesLauriers Insurance Management, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.82%, 03/15/30 | | | |
Ryan Specialty Group LLC, 2024 USD Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/15/31 | | | |
Sedgwick Claims Management Services, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.59%, 07/31/31 | | | |
TIH Insurance Holdings LLC, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 05/06/31 | | | |
Truist Insurance Holdings LLC, 2nd Lien Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 4.75%), 9.08%, 05/06/32 | | | |
| | | |
2024 Term Loan C, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 09/29/30 | | | |
2024 Term Loan D, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.58%, 11/21/29 | | | |
| | | |
Interactive Media & Services — 0.4% |
| | | |
2023 Term Loan, 05/03/28(h) | | | |
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.25%), 8.61%, 05/03/28 | | | |
Voyage Australia Pty. Ltd., USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.76%), 8.38%, 07/20/28 | | | |
| | | |
Internet Software & Services — 3.0% |
Barracuda Networks, Inc., 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.09%, 08/15/29 | | | |
Gen Digital, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 6.11%, 09/12/29 | | | |
1182024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
Internet Software & Services (continued) |
Go Daddy Operating Co. LLC | | | |
2024 Term Loan B7, (1-mo. CME Term SOFR + 1.75%), 6.11%, 05/30/31 | | | |
2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 11/09/29 | | | |
Hoya Midco LLC, 2022 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.59%, 02/03/29 | | | |
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 08/31/28 | | | |
StubHub Holdco Sub LLC, 2024 Extended Term Loan B, (1-mo. CME Term SOFR + 4.75%), 9.11%, 03/15/30 | | | |
| | | |
|
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 09/29/31 | | | |
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.43%, 11/01/31(d) | | | |
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 06/27/31 | | | |
Magenta Security Holdings LLC | | | |
2024 First Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 7.01%), 11.60%, 07/27/28 | | | |
2024 Second Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.50%, 6.25% PIK), 12.60%, 07/27/28(g) | | | |
2024 Super Priority Term Loan, (3-mo. CME Term SOFR at 1.00% Floor + 6.25%), 10.84%, 07/27/28 | | | |
2024 Third Out Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 1.50%, 5.50% PIK), 11.85%, 07/27/28(c)(f)(g) | | | |
Maximus, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 6.36%, 05/30/31 | | | |
McAfee Corp., 2024 USD 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.37%, 03/01/29 | | | |
| | | |
2nd Lien Term Loan B1, (3-mo. CME Term SOFR + 7.85%), 12.36%, 02/01/29 | | | |
Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/01/28 | | | |
Tempo Acquisition LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 08/31/28 | | | |
| | | |
|
Arcline FM Holdings, LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.50%), 9.57%, 06/23/28 | | | |
Chart Industries, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.09%, 03/15/30 | | | |
Columbus McKinnon Corp./New York, 2024 Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 6.83%, 05/14/28(d) | | | |
Doosan Bobcat North America, Inc., 2024 Term Loan, (3- mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.33%, 04/20/29 | | | |
Madison Safety & Flow LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 09/26/31 | | | |
| | | |
|
SPX Flow, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 04/05/29 | | | |
Titan Acquisition Ltd./Canada, 2024 Term Loan B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.78%, 02/15/29 | | | |
TK Elevator U.S. Newco, Inc., USD Term Loan B, (6-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.59%, 04/30/30 | | | |
| | | |
|
Charter Communications Operating LLC | | | |
2023 Term Loan B4, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.59%, 12/07/30 | | | |
2024 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.78%, 12/15/31 | | | |
CMG Media Corporation, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.60%), 0.00%, 06/18/29 | | | |
Cogeco Financing 2 LP, 2023 Incremental Term Loan B, (1-mo. CME Term SOFR + 2.61%), 6.97%, 09/01/28 | | | |
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.19%, 04/15/27 | | | |
DirecTV Financing LLC, Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.26%), 9.85%, 08/02/27 | | | |
Gray Television, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR + 5.25%), 9.80%, 06/04/29 | | | |
Learfield Communications LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.00%), 9.36%, 06/30/28 | | | |
| | | |
2018 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 3.36%), 7.72%, 08/19/26 | | | |
2023 Term Loan B, (1-mo. CME Term SOFR + 3.25%, 1.50% PIK), 9.22%, 08/19/26(g) | | | |
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.36%), 7.72%, 09/25/26 | | | |
Sinclair Television Group, Inc., 2022 Term Loan B4, (1-mo. CME Term SOFR + 3.85%), 8.21%, 04/21/29 | | | |
Speedster Bidco GmbH, 2024 USD Term Loan B, 10/17/31(h) | | | |
Sunrise Financing Partnership, 2021 USD Term Loan AX, (1-mo. CME Term SOFR at 0.00% Floor + 3.04%), 7.44%, 01/31/29 | | | |
| | | |
2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.36%), 7.76%, 01/31/29 | | | |
USD Term Loan N, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 7.01%, 01/31/28 | | | |
Ziggo Financing Partnership, USD Term Loan I, (1-mo. CME Term SOFR at 0.00% Floor + 2.61%), 7.01%, 04/30/28 | | | |
| | | |
|
AZZ, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.50%), 6.86%, 05/13/29 | | | |
Oil, Gas & Consumable Fuels — 1.9% |
Buckeye Partners LP, 2024 Term Loan B2, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 11/22/30 | | | |
EG America LLC, 2024 Term Loan B, 02/07/28(h) | | | |
Schedule of Investments119
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
Oil, Gas & Consumable Fuels (continued) |
Freeport LNG Investments LLLP, Term Loan B, (3-mo. CME Term SOFR + 3.50%), 8.38%, 12/21/28 | | | |
GIP Pilot Acquisition Partners LP, 2024 Term Loan B, (3- mo. CME Term SOFR + 2.50%), 7.09%, 10/04/30 | | | |
M6 ETX Holdings II Midco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.60%), 8.96%, 09/19/29 | | | |
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.86%), 6.42%, 01/31/28 | | | |
New Fortress Energy, Inc., Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.00%), 9.59%, 10/27/28 | | | |
NGL Energy Operating LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 3.75%), 8.11%, 02/03/31 | | | |
NGP XI Midstream Holdings LLC, Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 4.00%), 8.33%, 07/25/31(d) | | | |
Oryx Midstream Services Permian Basin LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.11%), 7.51%, 10/05/28 | | | |
| | | |
Paper & Forest Products — 0.4% |
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.21%, 09/07/27 | | | |
Passenger Airlines — 1.5% |
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 5.01%), 9.63%, 04/20/28 | | | |
Air Canada, 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 03/21/31 | | | |
| | | |
Series AA, 2017 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 1.85%), 6.17%, 01/29/27 | | | |
2023 1st Lien Term Loan, (6-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.96%, 06/04/29 | | | |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.62%, 02/15/28 | | | |
JetBlue Airways Corp., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 5.50%), 9.85%, 08/27/29 | | | |
United Airlines, Inc., 2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.63%, 02/22/31 | | | |
| | | |
|
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 5.50%), 9.86%, 05/04/28 | | | |
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR + 5.35%), 9.71%, 02/01/27 | | | |
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.85%), 6.40%, 08/01/27 | | | |
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.10%), 8.43%, 10/01/27 | | | |
Jazz Financing Lux SARL, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 05/05/28 | | | |
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.61%, 10/27/28 | | | |
| | | |
Pharmaceuticals (continued) |
Organon & Co., 2024 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 6.62%, 05/19/31 | | | |
Perrigo Investments LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 04/20/29 | | | |
Vizient, Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 6.36%, 08/01/31 | | | |
| | | |
Professional Services — 0.4% |
Corpay Technologies Operating Co. LLC, Term Loan B5, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 04/28/28 | | | |
Real Estate Management & Development — 1.0% |
| | | |
2nd Lien Term Loan, (1-mo. CME Term SOFR + 6.61%), 10.97%, 06/04/29 | | | |
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.61%), 7.97%, 06/02/28 | | | |
Cushman & Wakefield U.S. Borrower, LLC(d) | | | |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 01/31/30 | | | |
2024 Tranche 2 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 01/31/30 | | | |
| | | |
Semiconductors & Semiconductor Equipment — 0.4% |
Entegris, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.07%, 07/06/29 | | | |
MKS Instruments, Inc., 2024 USD Term Loan B, (1-mo. CME Term SOFR + 2.25%), 6.59%, 08/17/29 | | | |
| | | |
|
Applied Systems, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 02/24/31 | | | |
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.35%), 6.68%, 05/24/29 | | | |
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 02/15/29 | | | |
Azalea Topco, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.61%, 04/30/31 | | | |
BCPE Pequod Buyer, Inc., USD Term Loan B, 11/25/31(h) | | | |
Boxer Parent Co., Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.75%), 8.34%, 07/30/31 | | | |
Capstone Borrower, Inc., 2024 Term Loan B, 06/17/30(h) | | | |
CCC Intelligent Solutions, Inc., Term Loan, (1-mo. CME Term SOFR + 2.36%), 6.72%, 09/21/28 | | | |
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 07/06/29 | | | |
Cloud Software Group, Inc. | | | |
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.50%), 7.83%, 03/30/29 | | | |
1202024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
|
Cloud Software Group, Inc. (continued) | | | |
2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.08%, 03/21/31 | | | |
| | | |
2021 Second Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 6.10%), 10.46%, 10/08/29 | | | |
2021 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.85%), 8.21%, 10/08/28 | | | |
Cotiviti, Inc., 2024 Term Loan, (1-mo. CME Term SOFR + 2.75%), 7.30%, 05/01/31 | | | |
Dayforce, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 2.50%), 7.09%, 02/26/31(d) | | | |
DS Admiral Bidco LLC, 2024 Term Loan B, (1-mo. CME Term SOFR + 4.25%), 8.61%, 06/26/31 | | | |
Dun & Bradstreet Corp., 2024 Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.60%, 01/18/29 | | | |
E2open LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 3.61%), 7.97%, 02/04/28 | | | |
| | | |
2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.36%, 10/09/29 | | | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.75%), 9.11%, 11/15/32 | | | |
Flexera Software LLC, 2024 1st Lien Term Loan, 03/03/28(h) | | | |
Genesys Cloud Services Holdings II LLC, 2024 USD Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 7.36%, 12/01/27 | | | |
Informatica LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.61%, 10/27/28 | | | |
Mitchell International, Inc. | | | |
2024 1st Lien Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 7.61%, 06/17/31 | | | |
2024 2nd Lien Term Loan, (1-mo. CME Term SOFR + 5.25%), 9.61%, 06/17/32 | | | |
Modena Buyer LLC, Term Loan, (1-mo. CME Term SOFR at 0.00% Floor + 4.50%), 8.86%, 07/01/31 | | | |
Planview Parent, Inc., 2024 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.83%, 12/17/27 | | | |
Playtika Holding Corp., 2021 Term Loan B1, (1-mo. CME Term SOFR + 2.86%), 7.22%, 03/13/28 | | | |
PointClickCare Technologies, Inc., 2024 USD Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.25%), 7.58%, 11/03/31 | | | |
Polaris Newco LLC, USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 4.26%), 8.85%, 06/02/28 | | | |
Project Alpha Intermediate Holding, Inc., 2024 Add-on Term Loan B, 10/28/30(h) | | | |
Project Boost Purchaser LLC, 2024 Term Loan, (3-mo. CME Term SOFR at 0.00% Floor + 3.50%), 8.15%, 07/16/31 | | | |
Quartz Acquireco LLC, 2024 Term Loan B1, (3-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.08%, 06/28/30(d) | | | |
RealPage, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.26%), 7.59%, 04/24/28 | | | |
Skopima Consilio Parent LLC, 2024 Repriced Term Loan, 05/12/28(h) | | | |
| | | |
|
SS&C Technologies, Inc., 2024 Term Loan B8, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.36%, 05/09/31 | | | |
UKG, Inc., 2024 Term Loan B, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.62%, 02/10/31 | | | |
VS Buyer LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.75%), 7.12%, 04/12/31 | | | |
Waystar Technologies, Inc., 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.59%, 10/22/29 | | | |
Zelis Payments Buyer, Inc. | | | |
5th Amendment Term Loan, 11/26/31(h) | | | |
Term Loan B, (1-mo. CME Term SOFR + 2.75%), 7.11%, 09/28/29 | | | |
| | | |
|
LS Group OpCo Acquistion LLC, 2024 Term Loan B, (1- mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.36%, 04/23/31 | | | |
Peer Holding III B.V., 2024 USD Term Loan B5, (3-mo. CME Term SOFR at 0.00% Floor + 3.00%), 7.33%, 07/01/31 | | | |
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.85%), 8.21%, 02/11/28 | | | |
Restoration Hardware, Inc., 2022 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.35%), 7.71%, 10/20/28 | | | |
Serta Simmons Bedding LLC, 2023 New Term Loan, (3- mo. CME Term SOFR + 7.61%), 11.94%, 06/29/28 | | | |
Woof Holdings, Inc., 1st Lien Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.01%), 8.34%, 12/21/27 | | | |
| | | |
Technology Hardware, Storage & Peripherals — 0.5% |
| | | |
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 | | | |
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor + 4.51%), 9.03%, 05/25/28 | | | |
| | | |
Textiles, Apparel & Luxury Goods — 0.4% |
ABG Intermediate Holdings 2 LLC, 2024 1st Lien Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.25%), 6.59%, 12/21/28 | | | |
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR + 3.36%), 7.72%, 11/24/28(d) | | | |
Hanesbrands, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.75%), 8.11%, 03/08/30(d) | | | |
| | | |
Trading Companies & Distributors — 2.1% |
American Builders & Contractors Supply Co., Inc., 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 1.75%), 6.11%, 01/31/31 | | | |
| | | |
2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.34%, 07/27/28 | | | |
2024 Term Loan E, (1-mo. CME Term SOFR at 0.00% Floor + 2.00%), 6.38%, 02/09/31 | | | |
Schedule of Investments121
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)(Percentages shown are based on Net Assets)
| | | |
Trading Companies & Distributors (continued) |
Dealer Tire Financial LLC, 2024 Term Loan B, (1-mo. CME Term SOFR at 0.00% Floor + 3.50%), 7.86%, 07/02/31 | | | |
Gates Corp., 2024 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 6.11%, 06/04/31 | | | |
PAI Holdco, Inc., 2020 Term Loan B, (3-mo. CME Term SOFR + 4.01%), 8.60%, 10/28/27 | | | |
Solenis Holdings Ltd., 2024 USD Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 7.34%, 06/20/31 | | | |
| | | |
Transportation Infrastructure — 0.2% |
OLA Netherlands BV, Term Loan, (1-mo. CME Term SOFR at 0.75% Floor + 6.35%), 10.71%, 12/15/26 | | | |
Total Floating Rate Loan Interests — 109.7%
(Cost: $355,360,100) | |
| | | |
|
| |
Janus Henderson AAA CLO ETF | | | |
SPDR Blackstone Senior Loan ETF | | | |
| | | |
Fixed Income Funds — 4.3% | |
| | | |
iShares 0-5 Year High Yield Corporate Bond ETF(j) | | | |
iShares iBoxx $ High Yield Corporate Bond ETF(j) | | | |
| | | |
Total Investment Companies — 5.2%
(Cost: $16,674,829) | |
| | | |
|
| |
Millennium Lender Claim Trust(d)(k) | | | |
Industrial Conglomerates — 0.0% | |
| | | |
Total Other Interests — 0.0%
(Cost: $ — ) | |
| | | |
|
Preferred Stocks — 0.0%(c) |
Ground Transportation — 0.0% | |
Sirva BGRS Holdings, Inc., 07/21/30 | | | |
| | | |
| |
Veritas Kapital Assurance PLC, Series G(d) | | | |
| |
Veritas Kapital Assurance PLC, Series G(d) | | | |
| |
Total Preferred Securities — 0.0%
(Cost: $184,682) | |
|
Consumer Discretionary — 0.0% | |
Service King (Carnelian Point), (Exercisable 01/14/23, 1 Share for 1 Warrant, Expires 06/30/27, Strike Price USD 10.00)(c) | | | |
Total Warrants — 0.0%
(Cost: $ — ) | |
Total Investments — 121.3%
(Cost: $393,612,710) | |
Liabilities in Excess of Other Assets — (21.3)% | |
| |
| Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| 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. |
| Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| Restricted security as to resale, excluding 144A securities. The Trust held restricted securities with a current value of $529,673, representing 0.2% of its net assets as of period end, and an original cost of $663,082. |
| Issuer filed for bankruptcy and/or is in default. |
| 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. |
| 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. |
| Rounds to less than 1,000. |
| |
| Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities. |
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
1222024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the year ended December 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| | | | | Change in
Unrealized
Appreciation
(Depreciation) | | | | Capital Gain
Distributions
from
Underlying
Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares(a) | | | | | | | | | |
iShares 0-5 Year High Yield Corporate Bond ETF | | | | | | | | | |
iShares iBoxx $ High Yield Corporate Bond ETF | | | | | | | | | |
| | | | | | | | | |
| As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
| | | | Unrealized
Appreciation
(Depreciation) |
| | | | Canadian Imperial Bank of Commerce | | |
Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index | Financing
Rate Received
by the Trust | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | Upfront
Premium
Paid
(Received) | Unrealized
Appreciation
(Depreciation) |
| | Markit iBoxx USD Liquid Leveraged Loan Index | | | | | | | | | |
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps
| | | | |
Centrally Cleared Swaps(a) | | | | |
| | | | |
| Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Schedule of Investments123
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Assets — Derivative Financial Instruments | | | | | | | |
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts | | | | | | | |
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid | | | | | | | |
| | | | | | | |
Liabilities — Derivative Financial Instruments | | | | | | | |
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a) | | | | | | | |
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received | | | | | | | |
| | | | | | | |
| Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended December 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
| | | | Foreign
Currency
Exchange
Contracts | | | |
Net Realized Gain (Loss) from: | | | | | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on: | | | | | | | |
Forward foreign currency exchange contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts: | |
Average amounts purchased — in USD | |
Average amounts sold — in USD | |
| |
Average notional value — sell protection | |
| |
| |
| Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period. |
For more information about the Trust’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments — Offsetting as of Period End
The Trust’s derivative assets and liabilities (by type) were as follows:
| | |
Derivative Financial Instruments | | |
Forward foreign currency exchange contracts | | |
1242024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
| | |
Swaps — centrally cleared | | |
| | |
Total derivative assets and liabilities in the Statements of Assets and Liabilities | | |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | | |
Total derivative assets and liabilities subject to an MNA | | |
| 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:
| Derivative
Assets
Subject to
an MNA by
Counterparty | Derivatives
Available
for Offset(a) | Non-Cash
Collateral
Received(b) | Cash
Collateral
Received(b) | Net Amount
of Derivative
Assets(c)(d) |
Canadian Imperial Bank of Commerce | | | | | |
| | | | | |
| | | | | |
| Derivative
Liabilities
Subject to
an MNA by
Counterparty | Derivatives
Available
for Offset(a) | Non-Cash
Collateral
Pledged(b) | | Net Amount
of Derivative
Liabilities(c)(e) |
| | | | | |
| The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
| Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
| Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
| Net amount represents the net amount receivable from the counterparty in the event of default. |
| Net amount represents the net amount payable due to the counterparty in the event of default. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Trust’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy. The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Construction & Engineering | | | | |
| | | | |
| | | | |
| | | | |
Health Care Providers & Services | | | | |
| | | | |
| | | | |
| | | | |
Trading Companies & Distributors | | | | |
| | | | |
Fixed Rate Loan Interests | | | | |
Floating Rate Loan Interests | | | | |
Schedule of Investments125
Schedule of Investments (continued)December 31, 2024
BlackRock Floating Rate Income Trust (BGT)
Fair Value Hierarchy as of Period End (continued)
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Unfunded Floating Rate Loan Interests(a) | | | | |
| | | | |
Derivative Financial Instruments(b) | | | | |
| | | | |
Foreign Currency Exchange Contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. |
| Derivative financial instruments are swaps and forward foreign currency exchange contracts. Swaps and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $62,000,000 are categorized as Level 2 within the fair value hierarchy.
A reconciliation of Level 3 financial instruments is presented when the Trust had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| | | | Floating
Rate Loan
Interests | | | Unfunded
Floating
Rate Loan
Interests | |
| | | | | | | | |
Opening balance, as of December 31, 2023 | | | | | | | | |
Transfers into Level 3(b) | | | | | | | | |
Transfers out of Level 3(c) | | | | | | | | |
Accrued discounts/premiums | | | | | | | | |
| | | | | | | | |
Net change in unrealized appreciation (depreciation)(d)(e) | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Closing balance, as of December 31, 2024 | | | | | | | | |
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024(e) | | | | | | | | |
| |
| As of December 31, 2023, the Trust used observable inputs in determining the value of certain investments. As of December 31, 2024, 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. |
| As of December 31, 2023, the Trust used significant unobservable inputs in determining the value of certain investments. As of December 31, 2024, 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. |
| Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations. |
| Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end. |
The Trust’s financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third-party information could result in a significantly lower or higher value of such Level 3 financial instruments.
See notes to financial statements.
1262024 BlackRock Annual Report to Shareholders
Statements of Assets and LiabilitiesDecember 31, 2024
| | | | |
| | | | |
Investments, at value — unaffiliated(b) | | | | |
Investments, at value — affiliated(c) | | | | |
| | | | |
| | | | |
Collateral — reverse repurchase agreements | | | | |
Collateral — exchange-traded options written | | | | |
| | | | |
| | | | |
Foreign currency, at value(d) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Variation margin on futures contracts | | | | |
Variation margin on centrally cleared swaps | | | | |
| | | | |
Unrealized appreciation on: | | | | |
Forward foreign currency exchange contracts | | | | |
| | | | |
Unfunded floating rate loan interests | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Cash received as collateral for reverse repurchase agreements | | | | |
Options written, at value(e) | | | | |
TBA sale commitments, at value(f) | | | | |
Reverse repurchase agreements, at value | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Trustees’ and Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Variation margin on futures contracts | | | | |
Variation margin on centrally cleared swaps | | | | |
| | | | |
Statements of Assets and Liabilities (continued)December 31, 2024 | | | | |
Unrealized depreciation on: | | | | |
Forward foreign currency exchange contracts | | | | |
| | | | |
Unfunded floating rate loan interests | | | | |
| | | | |
| | | | |
Commitments and contingent liabilities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a) Consolidated Statement of Assets and Liabilities. |
(b) Investments, at cost—unaffiliated | | | | |
(c) Investments, at cost—affiliated | | | | |
(d) Foreign currency, at cost | | | | |
| | | | |
(f) Proceeds from TBA sale commitments | | | | |
| | | | |
| | | | |
| | | | |
See notes to financial statements.
1282024 BlackRock Annual Report to Shareholders
Statements of OperationsYear Ended December 31, 2024
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Other income — unaffiliated | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total expenses excluding interest expense | | | | |
Interest expense and fees — unaffiliated | | | | |
| | | | |
| | | | |
Fees waived and/or reimbursed by the Manager | | | | |
Total expenses after fees waived and/or reimbursed | | | | |
| | | | |
REALIZED AND UNREALIZED GAIN (LOSS) | | | | |
Net realized gain (loss) from: | | | | |
Investments — unaffiliated | | | | |
| | | | |
Forward foreign currency exchange contracts | | | | |
Foreign currency transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments — unaffiliated | | | | |
| | | | |
Forward foreign currency exchange contracts | | | | |
Foreign currency translations | | | | |
| | | | |
| | | | |
| | | | |
Unfunded floating rate loan interests | | | | |
| | | | |
Net realized and unrealized gain (loss) | | | | |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | |
(a) Consolidated Statement of Operations. |
See notes to financial statements.
Statements of Changes in Net Assets
| | |
| | | | |
|
INCREASE (DECREASE) IN NET ASSETS | | | | |
| | | | |
| | | | |
| | | | |
Net change in unrealized appreciation (depreciation) | | | | |
Net increase in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS(b) | | | | |
From net investment income | | | | |
| | | | |
Decrease in net assets resulting from distributions to shareholders | | | | |
CAPITAL SHARE TRANSACTIONS | | | | |
Net proceeds from the issuance of shares | | | | |
Reinvestment of distributions | | | | |
Net increase in net assets derived from capital share transactions | | | | |
| | | | |
Total increase (decrease) in net assets | | | | |
| | | | |
| | | | |
| Consolidated Statement of Changes in Net Assets. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
1302024 BlackRock Annual Report to Shareholders
Statements of Changes in Net Assets (continued)
| | |
| | | | |
|
INCREASE (DECREASE) IN NET ASSETS | | | | |
| | | | |
| | | | |
| | | | |
Net change in unrealized appreciation (depreciation) | | | | |
Net increase in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS(a) | | | | |
From net investment income | | | | |
| | | | |
Decrease in net assets resulting from distributions to shareholders | | | | |
CAPITAL SHARE TRANSACTIONS | | | | |
Net proceeds from the issuance of shares | | | | |
Reinvestment of distributions | | | | |
Redemption of shares resulting from share repurchase program (including transaction costs) | | | | |
Net increase (decrease) in net assets derived from capital share transactions | | | | |
| | | | |
Total increase (decrease) in net assets | | | | |
| | | | |
| | | | |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Statements of Cash FlowsYear Ended December 31, 2024
| | | | |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | | | | |
Net increase in net assets resulting from operations | | | | |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: | | | | |
Proceeds from sales of long-term investments and principal paydowns/payups | | | | |
Purchases of long-term investments | | | | |
Net proceeds from sales of short-term securities | | | | |
Amortization of premium and accretion of discount on investments and other fees | | | | |
| | | | |
Premiums paid on closing options written | | | | |
Premiums received from options written | | | | |
Net realized loss on investments and options written | | | | |
Net unrealized (appreciation) depreciation on investments, options written, swaps, foreign currency translations and unfunded floating rate loan interests | | | | |
(Increase) Decrease in Assets | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Variation margin on futures contracts | | | | |
Variation margin on centrally cleared swaps | | | | |
| | | | |
| | | | |
| | | | |
Increase (Decrease) in Liabilities | | | | |
| | | | |
Collateral — reverse repurchase agreements | | | | |
Collateral — OTC derivatives | | | | |
Collateral — TBA commitments | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Trustees’ and Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Variation margin on futures contracts | | | | |
Variation margin on centrally cleared swaps | | | | |
| | | | |
| | | | |
Net cash provided by (used for) operating activities | | | | |
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | | | | |
Cash dividends paid to shareholders | | | | |
Payments for offering costs | | | | |
Payments for bank borrowings | | | | |
Proceeds from bank borrowings | | | | |
Increase (decrease) in bank overdraft | | | | |
Proceeds from issuance of capital shares | | | | |
Net borrowing of reverse repurchase agreements | | | | |
Net cash provided by (used for) for financing activities | | | | |
CASH IMPACT FROM FOREIGN EXCHANGE FLUCTUATIONS | | | | |
Cash impact from foreign exchange fluctuations | | | | |
1322024 BlackRock Annual Report to Shareholders
Statements of Cash Flows (continued)Year Ended December 31, 2024 | | | | |
CASH AND FOREIGN CURRENCY | | | | |
Net increase (decrease) in restricted and unrestricted cash and foreign currency | | | | |
Restricted and unrestricted cash and foreign currency at beginning of year | | | | |
Restricted and unrestricted cash and foreign currency at end of year | | | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | |
Cash paid during the year for interest expense | | | | |
NON-CASH FINANCING ACTIVITIES | | | | |
Reinvestment of distributions | | | | |
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENTS OF ASSETS AND LIABILITIES | | | | |
| | | | |
| | | | |
Collateral — reverse repurchase agreements | | | | |
Collateral — exchange-traded options written | | | | |
| | | | |
| | | | |
Foreign currency at value | | | | |
| | | | |
| Consolidated Statement of Cash Flows. |
See notes to financial statements.
Financial Highlights(For a share outstanding throughout each period)
| |
| | | | | |
|
Net asset value, beginning of year | | | | | |
| | | | | |
Net realized and unrealized gain (loss) | | | | | |
Net increase (decrease) from investment operations | | | | | |
| | | | | |
From net investment income | | | | | |
| | | | | |
| | | | | |
| | | | | |
Net asset value, end of year | | | | | |
Market price, end of year | | | | | |
| | | | | |
| | | | | |
| | | | | |
Ratios to Average Net Assets(e) | | | | | |
| | | | | |
Total expenses after fees waived and/or reimbursed | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense | | | | | |
| | | | | |
| | | | | |
Net assets, end of year (000) | | | | | |
Borrowings outstanding, end of year (000) | | | | | |
Portfolio turnover rate(g) | | | | | |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| 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. |
| Includes payment from an affiliate, which had no impact on the Fund’s total return. |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses after fees waived and/or reimbursed and total expenses after fees waived and/or reimbursed and excluding interest expense would have been 3.64%, 3.64% and 0.86%, respectively. |
| Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| | | | | |
|
Portfolio turnover rate (excluding MDRs) | | | | | |
See notes to financial statements.
1342024 BlackRock Annual Report to Shareholders
Financial Highlights (continued)(For a share outstanding throughout each period)
| |
| | | | | |
|
Net asset value, beginning of year | | | | | |
| | | | | |
Net realized and unrealized gain (loss) | | | | | |
Net increase (decrease) from investment operations | | | | | |
| | | | | |
From net investment income | | | | | |
| | | | | |
| | | | | |
Dilutive effect of rights offer (Note 11) | | | | | |
Net asset value, end of year | | | | | |
Market price, end of year | | | | | |
| | | | | |
| | | | | |
| | | | | |
Ratios to Average Net Assets(e) | | | | | |
| | | | | |
Total expenses after fees waived and/or reimbursed | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | | | | | |
| | | | | |
| | | | | |
Net assets, end of year (000) | | | | | |
Borrowings outstanding, end of year (000) | | | | | |
Asset coverage, end of year per $1,000 of bank borrowings(f) | | | | | |
| | | | | |
| Consolidated Financial Highlights. |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| 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. |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Calculated by subtracting the Trust’s total liabilities (not including bank borrowings) from the Trust’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
See notes to financial statements.
Financial Highlights (continued)(For a share outstanding throughout each period)
| |
| | | | | |
|
Net asset value, beginning of year | | | | | |
| | | | | |
Net realized and unrealized gain (loss) | | | | | |
Net increase (decrease) from investment operations | | | | | |
| | | | | |
From net investment income | | | | | |
| | | | | |
| | | | | |
Net asset value, end of year | | | | | |
Market price, end of year | | | | | |
| | | | | |
| | | | | |
| | | | | |
Ratios to Average Net Assets(e) | | | | | |
| | | | | |
Total expenses after fees waived and/or reimbursed | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense | | | | | |
| | | | | |
| | | | | |
Net assets, end of year (000) | | | | | |
Borrowings outstanding, end of year (000) | | | | | |
Portfolio turnover rate(f) | | | | | |
| Based on average shares outstanding. |
| Amount is less than $0.005 per share. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| 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. |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| | | | | |
|
Portfolio turnover rate (excluding MDRs) | | | | | |
See notes to financial statements.
1362024 BlackRock Annual Report to Shareholders
Financial Highlights (continued)(For a share outstanding throughout each period)
| |
| | | | | |
|
Net asset value, beginning of year | | | | | |
| | | | | |
Net realized and unrealized gain (loss) | | | | | |
Net increase (decrease) from investment operations | | | | | |
| | | | | |
From net investment income | | | | | |
| | | | | |
| | | | | |
Net asset value, end of year | | | | | |
Market price, end of year | | | | | |
| | | | | |
| | | | | |
| | | | | |
Ratios to Average Net Assets(d) | | | | | |
| | | | | |
Total expenses after fees waived and/or reimbursed | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | | | | | |
| | | | | |
| | | | | |
Net assets, end of year (000) | | | | | |
Borrowings outstanding, end of year (000) | | | | | |
Asset coverage, end of year per $1,000 of bank borrowings(e) | | | | | |
| | | | | |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| 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. |
| Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| Calculated by subtracting the Trust’s total liabilities (not including bank borrowings) from the Trust’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
See notes to financial statements.
Notes to Financial Statements
The following are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as closed-end management investment companies and are referred to herein collectively as the “Trusts”, or individually as a “Trust”:
| | | Diversification
Classification |
BlackRock Core Bond Trust | | | |
BlackRock Corporate High Yield Fund, Inc. | | | |
BlackRock Credit Allocation Income Trust | | | |
BlackRock Floating Rate Income Trust | | | |
The Boards of Directors and Boards of Trustees of the Trusts are collectively referred to throughout this report as the “Board,” and the trustees thereof are collectively referred to throughout this report as “Trustees”. The Trusts determine and make available for publication the net asset values (“NAVs”) of their Common Shares on a daily basis.
The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Fixed-Income Complex.
Basis of Consolidation: The accompanying consolidated financial statements of HYT include the accounts of HYT Subsidiary LLC (the “Taxable Subsidiary”), which is a wholly-owned taxable subsidiary of HYT. The Taxable Subsidiary enables HYT to hold certain pass-through investments and satisfy regulated investment company tax requirements. Income earned and gains realized on the investment held by the Taxable Subsidiary are taxable to such subsidiary. A tax provision for income, if any, is shown as income tax in the Consolidated Statement of Operations for HYT. A tax provision for realized and unrealized gains, if any, is included as a reduction of realized and/or unrealized gain (loss) in the Consolidated Statement of Operations for HYT. Taxes payable or deferred as of December 31, 2024, if any, are disclosed in the Consolidated Statement of Assets and Liabilities. HYT may invest up to 25% of its total assets in the Taxable Subsidiary. The net assets of the Taxable Subsidiary as of period end were $16,084, which is less than 0.1% of HYT’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiary is subject to the same investment policies and restrictions that apply to HYT.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Trusts are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
Foreign Currency Translation: Each Trust’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Trust does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. Each Trust has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for U.S. federal income tax purposes.
Foreign Taxes: The Trusts may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Trust invests. These foreign taxes, if any, are paid by each Trust and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
1382024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
The Trusts file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Trusts may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: The Trusts had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Trusts are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the trustees who are not “interested persons” of the Trusts, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.
The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.
Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.
Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
Segment Reporting: The Trusts adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Trusts’ adoption of the new standard impacted financial statement disclosures only and did not affect each Trust’s financial position or results of operations.
The Chief Financial Officer acts as the Trusts’ Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to each Trust. The CODM has concluded that each Trust operates as a single operating segment since the Trusts have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Trusts’ financial statements.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: Each Trust ’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Trust is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board has approved the designation of each Trust’s Manager as the valuation designee for each Trust. Each Trust determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Trust’s assets and liabilities:
•Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third-party pricing service. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and
Notes to Financial Statements139
Notes to Financial Statements (continued)
offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
•Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.
•Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.
•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Trusts use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Trust might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
(ii) recapitalizations and other transactions across the capital structure
(iii) market or relevant indices multiples of comparable issuers
(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
(v) quoted prices for similar investments or assets in active markets
(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
(viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an
1402024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Trust. Certain information made available by a Private Company is as of a date that is earlier than the date a Trust is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Trust could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
•Level 1 – Unadjusted price quotations in active markets/exchanges that each Trust has the ability to access for identical assets or liabilities;
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
•Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
As of December 31, 2024, certain investments of HYT were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
4.
SECURITIES AND OTHER INVESTMENTS
Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.
Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.
Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these
Notes to Financial Statements141
Notes to Financial Statements (continued)
are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.
Stripped Mortgage-Backed Securities: Stripped mortgage-backed securities are typically issued by the U.S. Government, its agencies and instrumentalities. Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest (IOs) and principal (POs) distributions on a pool of Mortgage Assets. Stripped mortgage-backed securities may be privately issued.
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.
Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a fund to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a fund to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the Secured Overnight Financing Rate (“SOFR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a fund’s investment policies.
When a fund purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a fund may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a fund upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A fund may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.
Floating rate loan interests are usually freely callable at the borrower’s option. A fund may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a fund having a contractual relationship only with the lender, not with the borrower. A fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A fund may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a fund assumes the credit risk of both the borrower and the lender that is selling the Participation. A fund’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a fund may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a fund having a direct contractual relationship with the borrower, and a fund may enforce compliance by the borrower with the terms of the loan agreement.
1422024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
In connection with floating rate loan interests, the Trusts may also enter into unfunded floating rate loan interests (“commitments”). In connection with these commitments, a fund earns a commitment fee, typically set as a percentage of the commitment amount. Such fee income, which is included in interest income in the Statements of Operations, is recognized ratably over the commitment period. Unfunded floating rate loan interests are marked-to-market daily, and any unrealized appreciation (depreciation) is included in the Statements of Assets and Liabilities and Statements of Operations. As of period end, the Trusts had the following unfunded floating rate loan interests:
| | | | | Unrealized
Appreciation
(Depreciation) |
| | | | | |
| | | | | |
| Raven Acquisition Holdings LLC | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Raven Acquisition Holdings LLC | | | | |
| | | | | |
| | | | | |
| Focus Financial Partners LLC | | | | |
| | | | | |
| Raven Acquisition Holdings LLC | | | | |
| | | | | |
| | | | | |
| Focus Financial Partners LLC | | | | |
| Raven Acquisition Holdings LLC | | | | |
| | | | | |
| | | | | |
Forward Commitments, When-Issued and Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Trusts to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statements of Assets and Liabilities and Statements of Operations.
TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.
In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.
Mortgage Dollar Roll Transactions: The Trusts may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.
Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third-party broker dealers in which a fund sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A fund receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a fund continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon
Notes to Financial Statements143
Notes to Financial Statements (continued)
competitive market rates determined at the time of issuance. A fund may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a fund suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a fund would still be required to pay the full repurchase price. Further, a fund remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a fund would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.
Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a fund to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a fund may receive a fee for the use of the security by the counterparty, which may result in interest income to a fund.
For the year ended December 31, 2024, the average daily amount of reverse repurchase agreements outstanding and the weighted average interest rate for the Trusts were as follows:
| Average Amount
Outstanding | Weighted Average
Interest Rate |
| | |
| | |
Reverse repurchase transactions are entered into by a fund under Master Repurchase Agreements (each, an “MRA”), which permit a fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a fund. With reverse repurchase transactions, typically a fund and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a fund receives or posts securities and cash as collateral with a market value in excess of the repurchase price to be paid or received by a fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a fund is considered an unsecured creditor to the extent that the aggregate market value of the cash collateral and the purchased securities it holds is less than the repurchase price. As such, the receipt of any shortfall or any closeout amount owed to a fund upon termination of the MRA could be delayed or not received at all.
As of period end, the following table is a summary of BHK and BTZ’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:
| Reverse Repurchase
Agreements | Fair Value of
Non-Cash Collateral
Pledged Including
Accrued Interest(a) | Cash Collateral
Pledged/Received(a) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Credit Agricole Corporate and Investment Bank | | | | |
Deutsche Bank Securities, Inc. | | | | |
| | | | |
HSBC Securities (USA), Inc. | | | | |
J.P. Morgan Securities LLC | | | | |
Merrill Lynch International | | | | |
Nomura Securities International, Inc. | | | | |
| | | | |
| | | | |
U.S. Bancorp Investments, Inc. | | | | |
| | | | |
| Net collateral, including accrued interest, if any, with a value of $374,856,871 has been pledged/received in connection with open reverse repurchase agreements. Excess of net collateral pledged, if any, to the individual counterparty is not shown for financial reporting purposes. |
| Net amount represents the net amount payable due to the counterparty in the event of default. |
| Reverse Repurchase
Agreements | Fair Value of
Non-Cash Collateral
Pledged Including
Accrued Interest(a) | Cash Collateral
Pledged/Received(a) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
HSBC Securities (USA), Inc. | | | | |
1442024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
| Reverse Repurchase Agreements | Fair Value of Non-Cash Collateral Pledged Including Accrued Interest(a) | Cash Collateral Pledged/Received(a) | |
J.P. Morgan Securities LLC | | | | |
Morgan Stanley & Co. International PLC | | | | |
Nomura Securities International, Inc. | | | | |
| | | | |
| | | | |
| | | | |
| Collateral, if any, with a value of $577,490,302 has been pledged in connection with open reverse repurchase agreements. Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes. |
In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a fund’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a fund’s obligation to repurchase the securities.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. The Trust’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Trust.
Options: The Trusts may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.
A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.
Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing
Notes to Financial Statements145
Notes to Financial Statements (continued)
transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.
In purchasing and writing options, the Trusts bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Trusts purchasing or selling a security when they otherwise would not, or at a price different from the current market value.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trusts and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Trusts’ counterparty on the swap. Each Trust is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Trust is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Trust agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
•Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).
The Trusts may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Trusts will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Trusts will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
•Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or make a payment to the counterparty.
•Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Trust may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Trust may, under certain circumstances, offset with the
1462024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Trusts and the counterparty.
Cash collateral that has been pledged to cover obligations of the Trusts���and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from the counterparties are not fully collateralized, each Trust bears the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Trust bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: Each Trust entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory and administrative services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.
For such services, BHK, BTZ and BGT pays the Manager a monthly fee at an annual rate equal to the following percentages of the average weekly value of the Trust’s managed assets.
For purposes of calculating these fees, “managed assets” are determined as total assets of the Trust (including any assets attributable to money borrowed for investment purposes) less the sum of its accrued liabilities (other than money borrowed for investment purposes).
For such services, HYT pays the Manager a monthly fee at an annual rate equal to 0.60% of the average daily value of HYT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage.
For purposes of calculating this fee, “net assets” means the total assets of the Trust minus the sum of its accrued liabilities.
The Manager provides investment management and other services to the Taxable Subsidiary. The Manager does not receive separate compensation from the Taxable Subsidiary for providing investment management or administrative services. However, HYT pays the Manager based on HYT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiary.
With respect to each Trust, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”) and, with respect to BHK and BTZ, BlackRock (Singapore) Limited (“BSL”) (collectively, the “Sub-Advisers”), each an affiliate of the Manager. The Manager pays BIL and BSL for services they provide for that portion of each Trust for which BIL and BSL, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Trust to the Manager.
Distribution Fees: BHK, HYT and BGT has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of BHK, HYT and BGT common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”). Pursuant to the Distribution Agreement, BRIL will receive commissions with respect to sales of common shares at a commission rate of 1.00% of the gross proceeds of the sale of BHK, HYT and BGT’s common shares and a portion of such commission is re-allowed to broker-dealers engaged by BRIL. The commissions retained by BRIL during the period ended December 31, 2024 amounted to $0, $193,697 and $81,808 for each of BHK, HYT and BGT, respectively.
Expense Waivers and Reimbursements: With respect to each Trust, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2026. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Trust. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2024, the amounts waived were as follows:
| Fees Waived and/or Reimbursed
by the Manager |
| |
Notes to Financial Statements147
Notes to Financial Statements (continued)
| Fees Waived and/or Reimbursed by the Manager |
| |
| |
| |
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, 2026. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended December 31, 2024, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
| Fees Waived and/or Reimbursed
by the Manager |
| |
| |
Trustees and Officers: Certain trustees and/or officers of the Trusts are directors and/or officers of BlackRock or its affiliates. The Trusts reimburse the Manager for a portion of the compensation paid to the Trusts’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
For the year ended December 31, 2024, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:
| U.S. Government Securities | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
For the year ended December 31, 2024, purchases and sales related to mortgage dollar rolls were as follows:
It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required, except with respect to any taxes related to the Taxable Subsidiaries.
Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’ s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Trusts as of December 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Trusts’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Trusts’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAVs per share. As of period end, permanent differences attributable to non-deductible expenses were reclassified to the following accounts:
| | Accumulated
Earnings (Loss) |
| | |
1482024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
The tax character of distributions paid was as follows:
As of December 31, 2024, the tax components of accumulated earnings (loss) were as follows:
| Amounts available to offset future realized capital gains. |
| The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, amortization and accretion methods of premiums and discounts on fixed income securities, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the accrual of income on securities in default, the timing and recognition of partnership income, the accounting for swap agreements, classification of investments and the deferral of compensation to Trustees. |
During the year ended December 31, 2024, the Trusts listed below utilized the following amounts of their respective capital loss carryforward:
As of December 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| | Gross Unrealized
Appreciation | Gross Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
| | | | |
| | | | |
| | | | |
HYT and BGT are party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to HYT and BGT. As of period end, HYT and BGT have not received any notice to terminate. HYT and BGT have granted a security interest in substantially all of their assets to SSB.
The SSB Agreement allows for the following maximum commitment amounts:
Notes to Financial Statements149
Notes to Financial Statements (continued)
Advances will be made by SSB to HYT and BGT at HYT and BGT’s option of (a) Daily Simple SOFR plus 0.80% or (b) One Month Term SOFR plus 0.80%. SOFR and One Month Term SOFR are subject to a 0% floor.
In addition, HYT and BGT paid a commitment fee (based on the daily unused portion of the commitments). Advances to HYT and BGT as of period end, if any, are shown in the Statements of Assets and Liabilities as bank borrowings. Based on the short-term nature of the borrowings under the line of credit and the variable interest rate, the carrying amount of the borrowings approximates fair value.
HYT and BGT may not declare dividends or make other distributions on shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding borrowings is less than 300%.
For the year ended December 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:
| | Average Amount
Outstanding | Daily Weighted Average
Interest Rate |
| | | |
| | | |
In the normal course of business, the Trusts invest in securities or other instruments and may enter into certain transactions, and such activities subject each Trust to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Trusts and their investments.
Illiquidity Risk: Each Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if necessary to raise funds to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make dividend distributions. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Market Risk: Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.
Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments. An illiquid investment is any investment that a Trust reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Trust may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests. A Trust’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price a Trust could receive upon the sale of any particular portfolio investment may differ from a Trust’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Trust’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Trust, and a Trust could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Trusts may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Trusts manage counterparty credit risk by
1502024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent each Trust deposits collateral with its counterparty to a written option.
With exchange-traded options purchased and exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Trust’s portfolio are disclosed in its Schedule of Investments.
The Trusts invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Trusts invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Trusts may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Trusts’ performance.
The Trusts invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Trusts invest.
Certain Trusts invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.
11.
CAPITAL SHARE TRANSACTIONS
BHK, BTZ and BGT is authorized to issue an unlimited number of shares, par value $0.001, all of which were initially classified as Common Shares. HYT is authorized to issue 200 million shares, par value $0.10, all of which were initially classified as Common Shares. The Board is authorized, however, to reclassify any unissued Common Shares to Preferred Shares without the approval of Common Shareholders.
BHK, HYT and BGT have filed a prospectus with the SEC allowing them to issue an additional 15,000,000, 40,000,000 and 11,000,000 Common Shares, respectively, through an equity shelf program (a “Shelf Offering”). Under the Shelf Offering, BHK, HYT and BGT, subject to market conditions, may raise additional equity capital from time to time in varying amounts and utilizing various offering methods at a net price at or above each Trust’s NAV per Common Share (calculated within 48 hours of pricing). As of period end December 31, 2024, 15,000,000, 30,202,277 and 7,859,595 Common Shares, respectively, remain available for issuance under the Shelf Offering. During the year ended December 31, 2024, BHK, HYT and BGT issued 0, 9,797,723 and 3,140,405 shares, respectively, under the Shelf Offering. See Additional Information - Shelf Offering Program for additional information.
Notes to Financial Statements151
Notes to Financial Statements (continued)
Initial costs incurred by BHK, HYT and BGT in connection with their Shelf Offerings are recorded as “Deferred offering costs” in the Statements of Assets and Liabilities. As shares are sold, a portion of the costs attributable to the shares sold will be charged against paid-in-capital. Any remaining deferred charges at the end of the Shelf Offering period will be charged to expense.
For the periods shown, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
The Trusts participated in an open market share repurchase program (the “Repurchase Program”) through November 30, 2024. From December 1, 2023 through November 30, 2024, each Trust could 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, 2023, subject to certain conditions. The Repurchase Program had an accretive effect as shares were purchased at a discount to the Trust’s NAV. The Repurchase Program expired on November 30, 2024 and was not renewed. For the year ended December 31, 2024, the Trusts did not repurchase any shares.
For the year ended December 31, 2023, shares issued and outstanding decreased by 182,646 and 55,022 as a result of share repuchase for BTZ and BGT respectively.
For the year ended December 31, 2023, shares issued and outstanding remained constant for BHK and HYT.
For the year ended December 31, 2024, shares issued and outstanding remained constant for BTZ.
Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:
The Trusts declared and paid or will pay distributions to Common Shareholders as follows:
On January 31, 2025, HYT filed an automatically effective registration statement with the SEC allowing it to issue an additional 45,000,000 Common Shares through its Shelf Offering. On February 7, 2025, HYT filed a prospectus supplement with the SEC in connection with its Shelf Offering and may now sell additional Common Shares through the Shelf Offering.
On February 7, 2025, BHK filed an initial registration statement with the SEC seeking the ability to issue an additional 18,000,000 Common Shares through its Shelf Offering. The registration statement is subject to SEC review and BHK may not sell any Common Shares in a Shelf Offering until the registration statement is declared effective by the SEC.
1522024 BlackRock Annual Report to Shareholders
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Trustees/Directors of BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc., BlackRock Credit Allocation Income Trust, and BlackRock Floating Rate Income Trust:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc., BlackRock Credit Allocation Income Trust, and BlackRock Floating Rate Income Trust (the “Funds”), including the schedules of investments, as of December 31, 2024, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. Such financial statements and financial highlights of BlackRock Corporate High Yield Fund, Inc. are consolidated for all periods presented. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2024, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Boston, Massachusetts
February 25, 2025
We have served as the auditor of one or more BlackRock investment companies since 1992.
Report of Independent Registered Public Accounting Firm153
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended December 31, 2024:
The Trusts hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2024:
| Federal Obligation
Interest |
| |
| |
| |
| |
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended December 31, 2024 qualified for the dividends-received deduction for corporate shareholders:
| Dividends-Received
Deduction |
| |
| |
| |
The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2024:
The Trusts hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2024:
| Interest-
Related
Dividends |
| |
| |
| |
| |
1542024 BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks
Recent Changes
The following information is a summary of certain changes since December 31, 2023. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.
During each Trust’s most recent fiscal year, there were no material changes in the Trust’s investment objectives or policies that have not been approved by shareholders or in the principal risk factors associated with investment in the Trust.
Effective May 1, 2025, the 80% policy of BlackRock Corporate High Yield Fund, Inc. (HYT) will be amended to read as follows: Under normal market conditions, the Trust invests at least 80% of its net assets (including assets acquired from the sale of preferred stock), plus the amount of any borrowings for investment purposes, in high yield securities of corporate issuers and derivatives that provide investment exposure to such securities or to one or more market risk factors associated with such securities. For purposes of the Trust’s 80% policy, high yield securities of corporate issuers include high yield bonds (commonly referred to as “junk bonds”), corporate loans, convertible debt securities and preferred securities, which are rated below investment grade or, if unrated, are considered by the Advisors to be of comparable quality, as well as credit linked notes, structured notes or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield securities. The 80% policy noted above is a non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders.
Investment Objectives and Policies
BlackRock Core Bond Trust (BHK)
The Trust’s investment objective is to provide current income and capital appreciation.
As a non-fundamental policy, under normal market conditions, the Trust invests at least 80% of its assets in bonds. For the purposes of this strategy, “bonds” include the following: obligations issued or guaranteed by the U.S. Government or a foreign government or their agencies, instrumentalities or political subdivisions; mortgage-backed securities, including agency mortgage pass-through securities and commercial mortgage-backed securities; mortgage to-be-announced (“TBA”) securities; debt obligations of U.S. or foreign issuers; municipal securities; and asset-backed securities. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The 80% policy is a non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders. Under current market conditions, the Trust intends to invest its assets primarily in a diversified portfolio of investment grade bonds, which may include, but are not limited to, corporate bonds, mortgage-related securities and U.S. government and agency debt securities. The Trust may invest up to 10% of its total managed assets in bonds issued in foreign currencies. The Trust may also purchase loan participations and assignments. The Trust may invest directly in securities or synthetically through the use of derivatives.The Trust will also invest in bonds that, in the opinion of BlackRock Advisors, LLC (the “Manager”) and BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL” and collectively with the Manager and BIL, the “Advisors”), the Trust’s sub-advisors, are underrated or undervalued or have the potential for above-average current income and capital appreciation. Underrated bonds are those whose ratings do not, in Advisors’ opinion, reflect their true creditworthiness. Undervalued bonds are bonds that, in the opinion of the Advisors, are worth more than the value assigned to them in the marketplace. The Advisors may at times believe that bonds associated with a particular market sector (for example, mortgage-related securities), or issued by a particular issuer, are undervalued. The Advisors may purchase those bonds for the Trust’s portfolio because they represent a market sector or issuer that the Advisors consider undervalued, even if the value of those particular bonds appears to be consistent with the value of similar bonds. Bonds of particular issuers (for example, the Federal Home Loan Mortgage Association) may be undervalued because there is a temporary excess of supply in that market sector, or because of a general decline in the market price of bonds of the market sector for reasons that do not apply to the particular bonds that are considered undervalued. The Trust’s investment in underrated or undervalued bonds will be based on the Advisors’ belief that their yield is higher than that available on bonds bearing equivalent levels of interest rate risk, credit risk and other forms of risk, and that their prices will ultimately rise, relative to the market, to reflect their true value. The Trust may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.
The Trust invests primarily in investment grade bonds. Under normal market conditions, the Trust invests at least 75% of its total managed assets in investment grade quality bonds. Investment grade quality means that such bonds are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”), Fitch Ratings, Inc. (“Fitch”) or another nationally recognized rating agency) by one nationally recognized rating agency or are unrated but judged to be of comparable quality by the Advisors. Bonds that are rated by two or more nationally recognized rating agencies will be considered to have the higher credit rating. Changes in economic conditions or other circumstances are more likely to lead to a weakened capacity for bonds that are rated BBB or Baa (or that have equivalent ratings) to make principal and interest payments than is the case for higher rated bonds. The Trust may invest up to 25% of its total managed assets in bonds that are rated, at the time of investment, Ba/BB or below by Moody’s, S&P, Fitch or another nationally recognized rating agency or that are unrated but judged to be of comparable quality by the Advisors. Bonds of below investment grade quality are commonly referred to as “junk bonds.” Bonds of below investment grade quality are regarded as having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. The lowest rated bonds in which the Trust may invest are securities rated in the category “C” or determined by the Advisors to be of comparable quality. Securities rated “C” are considered highly speculative and may be used to cover a situation where the issuer has filed a bankruptcy petition but debt service payments are continued. While such debt will likely have some quality and protective characteristics, those are outweighed by large uncertainties or major risk exposure to adverse conditions. These credit quality policies apply only at the time a security is purchased, and the Trust is not required to dispose of a security if a rating agency downgrades its assessment of the credit characteristics of a particular issue. In determining whether to retain or sell a security that a rating agency has downgraded, the Advisors may consider such factors as the Advisors’ assessment of the credit quality of the issuer of the security, the price at which the security could be sold and the rating, if any, assigned to the security by other rating agencies.
The Trust may also invest in securities of other open- or closed-end investment companies that invest primarily in bonds of the types in which the Trust may invest directly.
As part of the management of the Trust, the Advisors manage the effective duration of the Trust’s portfolio. The target duration of the Trust’s portfolio may change from time to time.
Investment Objectives, Policies and Risks155
Investment Objectives, Policies and Risks (continued)
The Advisors may, but are not required to, when consistent with the Trust’s investment objective, use various strategic investment transactions to earn income, facilitate portfolio management and mitigate risks, including currency risk. The Trust may purchase and sell derivative instruments such as exchange-listed and over-the-counter put and call options on securities, financial futures, equity, fixed-income and interest rate indices, and other financial instruments, purchase and sell financial futures contracts and options thereon, enter into various interest rate transactions such as swaps, caps, floors or collars and enter into various currency transactions such as currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures or credit transactions and credit default swaps. The Trust also may purchase derivative instruments that combine features of these instruments. Collectively, all of the above are referred to as “Strategic Transactions.” The Trust generally seeks to use Strategic Transactions as a portfolio management or hedging technique to seek to protect against possible adverse changes in the market value of securities held in or to be purchased for the Trust’s portfolio, protect the value of the Trust’s portfolio, facilitate the sale of certain securities for investment purposes, manage the effective interest rate exposure of the Trust, protect against changes in currency exchange rates, manage the effective maturity or duration of the Trust’s portfolio, or establish positions in the derivatives markets as a temporary substitute for purchasing or selling particular securities. The Trust may use Strategic Transactions to enhance potential gain, although no more than 5% of the Trust’s total managed assets will be committed to variation margin for Strategic Transactions for non-hedging purposes.
During temporary defensive periods and in order to keep the Trust fully invested, the Trust may invest up to 100% of its total managed assets in short-term investments. The Trust may not achieve its investment objective under these circumstances..
Leverage: The Trust currently utilizes leverage for investment purposes in the form of reverse repurchase agreements. The Trust may borrow from banks or other financial institutions and may also borrow additional funds using such investment techniques and in such amounts as the Advisors may from time to time determine.
Borrowings may be made by the Trust through dollar roll transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
Although the Trust is authorized to issue preferred shares, the Trust anticipates that under current market conditions it will not offer preferred shares.
BlackRock Corporate High Yield Fund, Inc. (HYT)
The Trust’s primary investment objective is to provide shareholders with current income. The Trust’s secondary investment objective is to provide shareholders with capital appreciation. The Trust’s investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding voting securities of the Trust (as defined in the Investment Company Act of 1940 Act, as amended (the “Investment Company Act”)).
The Trust seeks to achieve its investment objectives by investing primarily in a diversified portfolio of fixed-income securities which are rated below investment grade by the established rating services (Ba or lower by Moody’s Investor’s Service, Inc. (“Moody’s”), BB or lower by S&P Global Ratings (“S&P”) or BB or lower by Fitch Ratings, Inc. (“Fitch”)) or, if unrated, are considered by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the sub-advisor to the Trust, to be of comparable quality. The Trust may invest directly in fixed-income securities or synthetically through the use of derivatives. The Trust may invest in securities of any maturity.
Under normal market conditions, the Trust invests at least 80% of its net assets (including assets acquired from the sale of preferred stock), plus the amount of any borrowings for investment purposes, in high yield securities, including high yield bonds, corporate loans, convertible debt securities and preferred securities. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. This is a non-fundamental policy and may be changed by the Board of Directors of the Trust provided that stockholders are provided with at least 60 days’ prior written notice of any change, unless such change was previously approved by shareholders, as required by the rules under the Investment Company Act.
High yield securities include high yield bonds (commonly referred to as “junk bonds”), corporate loans, mortgage-related securities, convertible debt securities and preferred securities, which are rated below investment grade or, if unrated, are considered by the Advisors to be of comparable quality. The high yield securities in which the Trust invests may also include credit linked notes, structured notes or other instruments evidencing interests in special purpose vehicles or trusts that hold interests in high yield securities.
The Trust may receive warrants or other non-income producing equity securities in connection with its investments in high yield securities, including in unit offerings, in an exchange offer, upon the conversion of a convertible security, or upon the restructuring or bankruptcy of investments owned by the Trust. The Trust may continue to hold such securities until, in the Advisors’ judgment in light of current market conditions, it is advantageous to effect a disposition of such securities.
Although the Trust will invest primarily in below investment grade securities, other than with respect to Distressed Securities (described below), it will not invest in securities in the lowest rating categories (Ca or lower by Moody’s, CC or lower by S&P or CC or lower by Fitch) unless the Advisors believe that the financial condition of the issuer or the protection afforded to the particular securities is stronger than would otherwise be indicated by such low ratings.
The Trust may invest up to 10% of its total assets in high yield securities which are the subject of bankruptcy proceedings or otherwise in default as to the repayment of principal and/or payment of interest at the time of acquisition by the Trust or are rated in the lowest rating categories (Ca or lower by Moody’s, CC or lower by S&P or CC or lower by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality (“Distressed Securities”).
The Trust may invest, without limitation, in securities of issuers domiciled outside the United States or that are denominated in various foreign currencies and multinational currency units (“Non-U.S. Securities”).
The Trust may invest up to 25% of its total assets in corporate loans extended to borrowers by commercial banks or other financial institutions (“Corporate Loans”). The Corporate Loans in which the Trust may invest may be rated below investment grade (Ba or lower by Moody’s, BB or lower by S&P or BB or lower by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality.
1562024 BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks (continued)
The Trust may invest up to 15% of its total assets in convertible debt securities and up to 15% of its total assets in preferred securities, including preferred securities that may be converted into common stock or other securities of the same or a different issuer, and non-convertible preferred securities. The convertible debt securities and preferred securities in which the Trust may invest may be rated below investment grade by the established rating services (Ba or lower by Moody’s, BB or lower by S&P or BB or lower by Fitch) or, if unrated, are considered by the Advisors to be of comparable quality.
The Trust may make short sales of securities, provided that the market value of all securities sold short does not exceed 10% of its total assets. The Trust may make short sales both as a form of hedging to offset potential declines in long positions in similar securities and in order to seek to enhance return. The Trust also may make short sales “against the box.” Short sales “against the box” are not subject to the foregoing 10% limitation.
The Trust may not purchase securities of other investment companies, except to the extent that such purchases are permitted by applicable law.
The Trust has no limitation on the amount of its investments that are not readily marketable or are subject to restrictions on resale.
The Trust may engage in various portfolio strategies both to seek to increase its return and to hedge its portfolio against movements in interest rates and in the securities markets through the use of derivatives, such as indexed and inverse securities, options, futures, options on futures, interest rate transactions, credit default swaps and short selling.
Leverage: The Trust currently utilizes leverage for investment purposes in the form of a bank credit facility. The Trust generally will not utilize leverage if it anticipates that the Trust’s leveraged capital structure would result in a lower return to common stockholders than that obtainable if the common stock were unleveraged for any significant amount of time. At times, the Trust could utilize leverage through borrowings, including the issuance of short term debt securities, the issuance of shares of preferred stock or a combination thereof. The Trust may also leverage through the use of reverse repurchase agreements.
There can be no assurance that the Trust will borrow in order to leverage its assets or, if it does, what percentage of the Trust’s assets such borrowings will represent. The Trust does not currently anticipate issuing any preferred stock.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.
BlackRock Credit Allocation Income Trust (BTZ)
The investment objective of the Trust is to seek current income, current gains and capital appreciation.
The Trust, under normal market conditions, seeks to achieve its investment objective by investing at least 80% of its assets in credit-related securities, including, but not limited to, investment grade corporate bonds, high yield bonds (commonly referred to as “junk” bonds), bank loans, preferred securities or convertible bonds or derivatives with economic characteristics similar to these credit-related securities. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities.
The Trust may invest in asset-backed securities. Asset-backed securities are generally issued as pass-through certificates, which represent undivided fractional ownership interests in an underlying pool of assets, or as debt instruments, which are also known as collateralized obligations, and are generally issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security subject to such a prepayment feature will have the effect of shortening the maturity of the security. If the Trust has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.
The Trust may purchase certain mortgage pass-through securities. There are a number of important differences among the agencies and instrumentalities of the U.S. government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed Mortgage Pass-Through Certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States but are supported by the right of the issuer to borrow from the Treasury.
The Trust may invest in collateralized debt obligations (“CDOs”), which include collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”). CBOs and CLOs are types of asset-backed securities. A CDO is a bankruptcy remote entity which is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.
The Trust may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.
Investment Objectives, Policies and Risks157
Investment Objectives, Policies and Risks (continued)
The Trust may invest in capital trusts. These securities are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured as either fixed or adjustable coupon securities that can have either a perpetual or stated maturity date. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. Payments on these securities are treated as interest rather than dividends for federal income tax purposes. These securities generally are rated below that of the issuing company’s senior debt securities.
The Trust may invest in preferred stocks. Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well) but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Under normal market conditions, the Trust may invest without limitation in securities rated below investment grade at the time of purchase. However, it is anticipated, under current market conditions, that the Trust will have an average credit quality of at least investment grade.
Securities rated below investment grade include securities that are rated Ba or lower by Moody’s Investors Service, Inc. (“Moody’s”) and BB or lower by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”) or securities comparably rated by other rating agencies or in unrated securities determined by the BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors”), the Trust’s sub-advisor, to be of comparable quality. Securities rated Ba by Moody’s are judged to have speculative elements, their future cannot be considered as well assured and often the protection of interest and principal payments may be very moderate. Securities rated BB by S&P or Fitch are regarded as having predominantly speculative characteristics and, while such obligations have less near-term vulnerability to default than other speculative grade debt, they face major ongoing uncertainties or exposure to adverse business, financial or economic conditions that could lead to inadequate capacity to meet timely interest and principal payments. Securities rated C are generally regarded as having extremely poor prospects of ever attaining any real investment standing. Securities rated D are in default and the payment of interest and/or repayment of principal is in arrears.
The prices of debt securities generally are inversely related to interest rate changes; however, the price volatility caused by fluctuating interest rates of securities also is inversely related to the coupon of such securities. Accordingly, lower grade securities may be relatively less sensitive to interest rate changes than higher quality securities of comparable maturity because of their higher coupon. This higher coupon is what the investor receives in return for bearing greater credit risk. The higher credit risk associated with lower grade securities potentially can have a greater effect on the value of such securities than may be the case with higher quality issues of comparable maturity and will be a substantial factor in the Trust’s relative share price volatility.
Lower grade securities may be particularly susceptible to economic downturns. It is likely that an economic recession could disrupt severely the market for such securities and may have an adverse impact on the value of such securities. In addition, it is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities.
The ratings of Moody’s, S&P and the other rating agencies represent their opinions as to the quality of the obligations which they undertake to rate. Ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such obligations. Although these ratings may be an initial criterion for selection of portfolio investments, the Advisors also will independently evaluate these securities and the ability of the issuers of such securities to pay interest and principal. To the extent that the Trust invests in lower grade securities that have not been rated by a rating agency, the Trust’s ability to achieve its investment objective(s) will be more dependent on the Advisors’ credit analysis than would be the case when the Trust invests in rated securities.
Under normal market conditions, up to 50% of the Trust’s Managed Assets may be invested in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies or multinational currency units. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes). The Trust may also invest in non-U.S. securities of so-called emerging market issuers. A company is deemed to be a non-U.S. company if it meets any of the following tests: (i) such company was not organized in the United States; (ii) such company’s primary business office is not in the United States; (iii) the principal trading market for such company’s assets is not located in the United States; (iv) less than 50% of such company’s assets are located in the United States; or (v) 50% or more of such issuer’s revenues are derived from outside the United States.
The Trust may make short sales of securities. However, the Trust may not make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 25% of the value of the Trust’s total assets, or the Trust’s aggregate short sales of a particular class of securities exceeds 25% of the outstanding securities of that class. The Trust may also make short sales “against the box” without respect to such limitations. In this type of short sale, at the time of the sale, the Trust owns or has the immediate and unconditional right to acquire at no additional cost the identical security.
During periods in which the Advisors determine that they are temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so or pending reinvestment of proceeds received in connection with the sale of a security, the Trust may deviate from its investment strategy and invest all or any portion of its assets in cash, cash equivalents or short-term debt instruments.
The Advisors’ determination that they are temporarily unable to follow the Trust’s investment strategy or that it is impractical to do so will generally occur only in situations in which a market disruption event has occurred and where trading in the securities selected through application of the Trust’s investment strategy is extremely limited or absent. In such a case, shares of the Trust may be adversely affected and the Trust may not pursue or achieve its investment objective. The Advisors currently anticipate that these are the only circumstances in which the Trust will invest in short-term debt securities.
1582024 BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks (continued)
The Trust may also lend the securities it owns to others, which allows the Trust the opportunity to earn additional income. Although the Trust will require the borrower of the securities to post collateral for the loan in accordance with market practice and the terms of the loan will require that the Trust be able to reacquire the loaned securities if certain events occur, the Trust is still subject to the risk that the borrower of the securities may default, which could result in the Trust losing money, which would result in a decline in the Trust’s net asset value. The Trust may also purchase securities for delayed settlement. This means that the Trust is generally obligated to purchase the securities at a future date for a set purchase price, regardless of whether the value of the securities is more or less than the purchase price at the time of settlement.
The Trust may enter into interest rate swap or cap transactions.
The Trust may, but is not required to, use various strategic transactions to facilitate portfolio management, mitigate risks and enhance total return. Although the Advisors seek to use the practices to further the Trust’s investment objective, no assurance can be given that these practices will achieve this result.
The Trust may purchase and sell derivative instruments such as exchange listed and over-the-counter put and call options on securities, financial futures, equity indices and other financial instruments, purchase and sell financial futures contracts and options thereon and engage in swaps. These derivative instruments may be transacted on an exchange or over-the-counter. The Trust also may purchase derivative instruments that combine features of these instruments. Collectively, all of the above are referred to as “Strategic Transactions.”
The Trust generally seeks to use Strategic Transactions as a portfolio management or hedging technique to seek to protect against possible adverse changes in the market value of securities held in or to be purchased for the Trust’s portfolio, protect the value of the Trust’s portfolio, facilitate the sale of certain securities for investment purposes, or establish positions in the derivatives markets as a temporary substitute for purchasing or selling particular securities. The Trust may use Strategic Transactions to enhance potential total returns.
Leverage: The Trust uses leverage to seek to obtain its investment objective. The Trust may utilize leverage to seek to enhance the yield and net asset value of its common shares. However, these objectives cannot be achieved in all interest rate environments. The Trust may utilize leverage by borrowing through a credit facility or through entering into reverse repurchase agreements.
The Trust may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Trust securities.
Borrowings may be made by the Trust through dollar roll transactions.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
The Trust is able to issue preferred shares.
BlackRock Floating Rate Income Trust (BGT)
The Trust’s investment objective is to provide a high level of current income. The Trust, as a secondary objective, also seeks the preservation of capital to the extent consistent with its primary objective of high current income. The Trust will pursue its objectives by investing in a global portfolio of floating rate securities, including investing a significant amount in U.S. and non-U.S. senior secured floating rate loans (“Senior Loans”). Senior Loans are made to corporations, partnerships and other business entities which operate in various industries and geographical regions. Senior Loans pay interest at rates which are redetermined periodically by reference to a base lending rate, primarily LIBOR, plus a premium. It is anticipated that the proceeds of the Senior Loans in which the Trust will acquire interests primarily will be used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, refinancing and internal growth and for other corporate purposes of borrowers.
Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating and variable rate instruments of U.S. and non-U.S. issuers, including a substantial portion of its assets in senior, secured loans made to corporate and other business entities. Floating and variable rate instruments may include, but are not limited to, any combination of the following securities: (i) senior secured floating rate loans or debt; (ii) second lien or other subordinated or unsecured floating rate loans or debt; (iii) participations or assignments in senior floating rate loans or second lien floating rate loans; and (iv) fixed-rate loans or debt with respect to which the Fund has entered into derivative instruments to effectively convert the fixed-rate interest payments into floating rate interest payments. The Trust’s investments in derivatives will be counted toward the Trust’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The 80% policy noted above is a non-fundamental policy of the Trust and may not be changed without 60 days’ prior notice to shareholders. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).
The Trust may also invest up to 20% of its Managed Assets in fixed rate instruments of U.S. and non-U.S. issuers, including developed and emerging markets debt, investment grade and high yield corporate debt, sovereign debt, and mortgage-related and asset-backed securities. The Trust may invest directly in such securities or synthetically through the use of derivatives.
Under normal market conditions, the Trust expects its portfolio to have a duration of no more than 1.5 years (including the effect of anticipated leverage). In comparison to maturity (which is the date on which the issuer of a debt instrument is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result in changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it takes into account a security’s yield, coupon payments and its principal payments in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration. For example, a hypothetical portfolio with a duration of 1.5 years means that a 1% decrease in interest rates will increase the net asset value of the portfolio by approximately 1.5%; if interest rates increase by 1%, the net asset value will decrease by 1.5%. If this portfolio were leveraged, its net asset value, in the example, may fall more than 1.5% because changes in the net asset value of the Trust are borne entirely by the common shareholders.
Investment Objectives, Policies and Risks159
Investment Objectives, Policies and Risks (continued)
Under current market conditions, the Trust expects that substantially all of its portfolio will consist of below investment grade debt securities, commonly referred to as “junk bonds,” rated as such at the time of investment, meaning that such bonds are rated by national rating agencies below the four highest grades or are unrated but judged to be of comparable quality by BlackRock Advisors, LLC (the “Manager”) or BlackRock International Limited (“BIL” and together with the Manager, the “Advisors’), the Trust’s sub-advisor. S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. ( “Fitch”) consider securities rated below BBB- to be below investment grade and Moody’s Investors Service, Inc. (“Moody’s”) considers securities rated below Baa3 to be below investment grade. Securities of below investment grade quality are regarded as having predominantly speculative characteristics with respect to issuers’ capacity to pay interest and repay principal. The remainder of the Trust’s assets will be invested in investment grade debt securities. The Trust may invest in individual securities of any credit quality.
The Trust will generally invest in U.S. dollar-denominated securities or in non U.S. dollar-denominated securities for which currency exchange exposure versus the U.S. dollar has been hedged. However, the Trust may invest up to 10% of its Managed Assets in non-U.S. dollar-denominated securities whose currency exchange exposure versus the U.S. dollar remains unhedged. The Trust will not invest 25% or more of its Managed Assets in securities issued or guaranteed by any non-U.S. government, its agencies, instrumentalities or corporations. “Managed Assets” means the total assets of the Trust (including any assets attributable to money borrowed for investment purposes) minus the sum of the Trust’s accrued liabilities (other than money borrowed for investment purposes).
The Trust may engage in foreign currency transactions, including foreign currency forward contracts, options, swaps and other strategic transactions in connection with its investments in non-U.S. securities.
The Trust may invest in illiquid securities and securities for which prices are not readily available without limit. The Trust may implement various temporary “defensive” strategies at times when the Advisor determine that conditions in the markets make pursuing the Trust’s basic investment strategy inconsistent with the best interests of its shareholders. These strategies may include investing all or a portion of the Trust’s assets in U.S. Government obligations and high-quality, short-term debt securities.
Leverage: The Trust currently utilizes leverage for investment purposes in the form of a bank credit facility. The Trust may borrow through reverse repurchase agreements, dollar rolls and other investment techniques. The Trust also has the ability to utilize leverage through the issuance of preferred shares.
The Trust may enter into derivative securities transactions that have leverage embedded in them.
This section contains a discussion of the general risks of investing in each Trust. The net asset value and market price of, and dividends paid on, the common shares will fluctuate with and be affected by, among other things, the risks more fully described below. As with any fund, there can be no guarantee that a Trust will meet its investment objective or that the Trust’s performance will be positive for any period of time. Each risk noted below is applicable to each Trust unless the specific Trust or Trusts are noted in a parenthetical. The order of the below risk factors does not indicate the significance of any particular risk factor.
Investment and Market Discount Risk: An investment in the Trust’s common shares is subject to investment risk, including the possible loss of the entire amount that you invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks will be magnified.
Debt Securities Risk: Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, extension risk, and prepayment risk, each of which are described in further detail below:
•Credit Risk — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Trust’s investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.
•Interest Rate Risk — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.
The Trust may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Trust’s investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Trust’s investments will not affect interest income derived from instruments already owned by the Trust, but will be reflected in the Trust’s net asset value. The Trust may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Trust management.
To the extent the Trust invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Trust) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Trust to the extent that it invests in floating rate debt securities.
1602024 BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks (continued)
These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.
A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Trust to sell assets at inopportune times or at a loss or depressed value and could hurt the Trust’s performance.
•Extension Risk — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall.
•Prepayment Risk — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Trust may have to invest the proceeds in securities with lower yields.
Mortgage- and Asset-Backed Securities Risks (BHK, BTZ and BGT): Mortgage- and asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset-backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities.
U.S. Government Mortgage-Related Securities Risk (BTZ): There are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are supported by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage-related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as the case may be, and are not backed by or entitled to the full faith and credit of the United States but are supported by the right of the issuer to borrow from the Treasury.
U.S. Government Obligations Risk (BHK, BTZ and BGT): Certain securities in which the Trust may invest, including securities issued by certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.
Senior Loans Risk (BGT): There is less readily available, reliable information about most senior loans than is the case for many other types of securities. An economic downturn generally leads to a higher non-payment rate, and a senior loan may lose significant value before a default occurs. Moreover, any specific collateral used to secure a senior loan may decline in value or become illiquid, which would adversely affect the senior loan’s value. No active trading market may exist for certain senior loans, which may impair the ability of the Trust to realize full value in the event of the need to sell a senior loan and which may make it difficult to value senior loans. Although senior loans in which the Trust will invest generally will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. To the extent that a senior loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose all of its value in the event of the bankruptcy of the borrower. Uncollateralized senior loans involve a greater risk of loss.
Risks of Loan Assignments and Participations (BHK): As the purchaser of an assignment, the Trust typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Trust may not be able unilaterally to enforce all rights and remedies under the loan and with regard to any associated collateral. Because assignments may be arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired by the Trust as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Trust could become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Trust may be required to pass along to a purchaser that buys a loan from the Trust by way of assignment a portion of any fees to which the Trust is entitled under the loan. In connection with purchasing participations, the Trust generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Trust may not directly benefit from any collateral supporting the loan in which it has purchased the participation. As a result, the Trust will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Trust may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.
Corporate Loans Risk (HYT and BTZ): Commercial banks and other financial institutions or institutional investors make corporate loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate (‘SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest. The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition, transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily available to make additional investments or to meet the Trust’s redemption obligations. To the extent the extended settlement process gives rise to short-term liquidity needs, the Trust may hold additional cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Trust invests are usually rated below investment grade.
Variable and Floating Rate Instrument Risk (BGT): Variable and floating rate securities provide for periodic adjustment in the interest rate paid on the securities. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Trust and may adversely affect the value of the Trust’s shares. These securities may be subject to greater illiquidity risk than other fixed-income securities, meaning the absence of an active market for these securities could make it difficult for the Trust to dispose of them at any given time. Floating rate securities generally are subject to legal or contractual
Investment Objectives, Policies and Risks161
Investment Objectives, Policies and Risks (continued)
restrictions on resale, may trade infrequently, and their value may be impaired when the Trust needs to liquidate such loans. Benchmark interest rates may not accurately track market interest rates. Although floating rate securities are less sensitive to interest rate risk than fixed-rate securities, they are subject to credit risk and default risk, which could impair their value.
High Yield Bonds Risk: Although junk bonds generally pay higher rates of interest than investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.
Distressed Securities Risk (HYT): Distressed securities are speculative and involve substantial risks in addition to the risks of investing in junk bonds. The Trust will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Trust may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Trust may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.
Collateralized Bond Obligations Risk (BTZ): The pool of high yield securities underlying collateralized bond obligations is typically separated into groupings called tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates. The lower tranches, with greater risk, pay higher interest rates.
Collateralized Debt Obligations Risk (BTZ): In addition to the typical risks associated with fixed-income securities and asset-backed securities, collateralized debt obligations (“CDOs”), including collateralized loan obligations, carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Trust may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment return achieved by the Trust could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly.
Zero Coupon Securities Risk (BTZ): While interest payments are not made on such securities, holders of such securities are deemed to have received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds. These investments benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash.
Capital Trusts Risk (BTZ): These securities are subject to interest rate risk and credit risk.
Foreign Securities Risk: Foreign investments often involve special risks not present in U.S. investments that can increase the chances that the Trust will lose money. These risks include:
•The Trust generally holds its foreign securities and cash in foreign banks and securities depositories, which may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight.
•Changes in foreign currency exchange rates can affect the value of the Trust’s portfolio.
•The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position.
•The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer currency, securities, derivatives or other assets.
•Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws.
•Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
•The Trust’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Trust’s net asset value for such refunds may be written down partially or in full, which will adversely affect the Trust’s net asset value.
•The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Trust’s investments.
1622024 BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks (continued)
Emerging Markets Risk (BTZ and BGT): Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets.
Sovereign Debt Risk (BGT): Sovereign debt instruments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies.
Equity Securities Risk (HYT): Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions.
Preferred Securities Risk (BHK, HYT and BTZ): Preferred securities may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.
Convertible Securities Risk (BHK, HYT and BTZ): The market value of a convertible security performs like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.
Warrants Risk (BHK and HYT): If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Derivatives Risk: The Trust’s use of derivatives may increase its costs, reduce the Trust’s returns and/or increase volatility. Derivatives involve significant risks, including:
•Leverage Risk — The Trust’s use of derivatives can magnify the Trust’s gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.
•Market Risk — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Trust could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, the Manager may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Trust’s derivatives positions to lose value.
•Counterparty Risk — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.
•Illiquidity Risk — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Trust to sell or otherwise close a derivatives position could expose the Trust to losses and could make derivatives more difficult for the Trust to value accurately.
•Operational Risk — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.
•Legal Risk — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.
•Volatility and Correlation Risk — Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Trust’s use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.
•Valuation Risk — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.
•Hedging Risk — Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Trust’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences.
•Tax Risk — Certain aspects of the tax treatment of derivative instruments, including swap agreements and commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Trust realizes from its investments.
Structured Notes Risk (HYT): Structured notes and other related instruments purchased by the Trust are generally privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of structured notes exposes the Trust to the credit risk of the issuer of the structured product. Structured notes may be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference measure. Structured notes may also be less liquid and more difficult to price accurately than less complex securities and instruments or more traditional debt securities.
Investment Objectives, Policies and Risks163
Investment Objectives, Policies and Risks (continued)
Leverage Risk: The Trust’s use of leverage may increase or decrease from time to time in its discretion and the Trust may, in the future, determine not to use leverage.
The use of leverage creates an opportunity for increased common share net investment income dividends, but also creates risks for the holders of common shares. The Trust cannot assure you that the use of leverage will result in a higher yield on the common shares. Any leveraging strategy the Trust employs may not be successful.
Leverage involves risks and special considerations for common shareholders, including:
•the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;
•the risk that fluctuations in interest rates or dividend rates on any leverage that the Trust must pay will reduce the return to the common shareholders;
•the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Trust were not leveraged, which may result in a greater decline in the market price of the common shares;
•leverage may increase operating costs, which may reduce total return.
Any decline in the net asset value of the Trust’s investments will be borne entirely by the holders of common shares. Therefore, if the market value of the Trust’s portfolio declines, leverage will result in a greater decrease in net asset value to the holders of common shares than if the Trust were not leveraged. This greater net asset value decrease will also tend to cause a greater decline in the market price for the common shares.
Reverse Repurchase Agreements Risk: Reverse repurchase agreements involve the sale of securities held by the Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust, including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.
Dollar Rolls Risk (BHK, BTZ and BGT): Dollar rolls involve the risk that the market value of the securities that the Trust is committed to buy may decline below the price of the securities the Trust has sold. These transactions may involve leverage.
Short Sales Risk (HYT and BTZ): Because making short sales in securities that it does not own exposes the Trust to the risks associated with those securities, such short sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Trust replaces the security sold short.
Illiquid Investments Risk: The Trust may invest without limitation in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset value and ability to make dividend distributions. The financial markets in general, and certain segments of the mortgage-related securities markets in particular, have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of the same risks as investing in below investment grade public debt securities.
Securities Lending Risk (BTZ): The Trust may engage in securities lending. Securities lending involves the risk that the Trust may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Trust.
Investment Companies and ETFs Risk (BHK and HYT): Subject to the limitations set forth in the Investment Company Act and the rules thereunder, the Trust may acquire shares in other investment companies and in exchange-traded funds (“ETFs”), some of which may be affiliated investment companies. The market value of the shares of other investment companies and ETFs may differ from their net asset value. As an investor in investment companies and ETFs, the Trust would bear its ratable share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay its own advisory and administration fees and other expenses (to the extent not offset by the Manager through waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other investment companies and ETFs (to the extent not offset by the Manager through waivers).
The securities of other investment companies and ETFs in which the Trust may invest may be leveraged. As a result, the Trust may be indirectly exposed to leverage through an investment in such securities. An investment in securities of other investment companies and ETFs that use leverage may expose the Trust to higher volatility in the market value of such securities and the possibility that the Trust’s long-term returns on such securities (and, indirectly, the long-term returns of shares of the Trust) will be diminished.
As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. To the extent the Trust is held by an affiliated fund, the ability of the Trust itself to hold other investment companies may be limited.
Risk of Investing in the United States: Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Trust has exposure.
Market Risk and Selection Risk: Market risk is the risk that one or more markets in which the Trust invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not
1642024 BlackRock Annual Report to Shareholders
Investment Objectives, Policies and Risks (continued)
specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies. This means you may lose money.
An outbreak of an infectious coronavirus (COVID-19) that was first detected in December 2019 developed into a global pandemic that has resulted in numerous disruptions in the market and has had significant economic impact leaving general concern and uncertainty. Although vaccines have been developed and approved for use by various governments, the duration of the pandemic and its effects cannot be predicted with certainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general ways that cannot necessarily be foreseen at the present time.
Shareholder Activism Risk: Shareholder activism involving closed-end funds has recently been increasing. Shareholder activism can take many forms, including engaging in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust’s corporate governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Trust’s Board of Trustees, or to seek other actions such as a termination of the Trust’s investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Trust. Further, the Trust’s share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.
Investment Objectives, Policies and Risks165
Shareholder Update (unaudited)
The following information is presented for BHK, HYT and BGT, in conformance with annual reporting requirements for funds that have filed a shelf offering registration statement pursuant to General Instruction A.2 of Form N-2.
BlackRock Core Bond Trust (BHK)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BHK’s common shares.
| |
Shareholder Transaction Expenses | |
Maximum sales load (as a percentage of offering price)(a) | |
Offering expenses borne by the Trust (as a percentage of offering price)(a) | |
Dividend reinvestment plan fees | $0.02 per share
for open market
purchases of
|
Dividend reinvestment plan sale transaction fee | |
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) | |
Investment advisory fees(c)(d) | |
| |
| |
| |
| |
| |
Total annual Trust operating expenses after fee waivers(d) | |
(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A.’s (the “Reinvestment Plan Agent”) fees for the handling of the reinvestment of dividends will be paid by BHK. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
BHK currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.50% of its average weekly managed assets. For purposes of calculating
these fees, “managed assets” means the total assets of BHK (including any assets attributable to money borrowed) minus the sum of its accrued liabilities (other than money borrowed
for investment purposes).
(d)
BHK and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BHK’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BHK pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BHK (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BHK or a majority of the outstanding voting securities of BHK), upon 90 days’ written notice by BHK to the Manager.
(e)
BHK uses leverage in the form of reverse repurchase agreements representing 39.5% of managed assets at an annual interest expense to BHK of 5.2%, which is based on current
market conditions. The actual amount of interest expense borne by BHK will vary over time in accordance with the level of BHK’s use of reverse repurchase agreements and variations
in market interest rates. Interest expense is required to be treated as an expense of BHK for accounting purposes.
The following example illustrates BHK’s expenses (including the sales load of $10.00 and offering costs of $0.00) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 3.67% of net assets attributable to common shares and (ii) a 5% annual return:
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BHK’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
1662024 BlackRock Annual Report to Shareholders
Shareholder Update (unaudited)(continued)
BlackRock Corporate High Yield Fund, Inc. (HYT)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in HYT’s common shares.
| |
Shareholder Transaction Expenses | |
Maximum sales load (as a percentage of offering price)(a) | |
Offering expenses borne by the Trust (as a percentage of offering price)(a) | |
Dividend reinvestment plan fees | $0.02 per share
for open market
purchases of
|
Dividend reinvestment plan sale transaction fee | |
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) | |
Investment advisory fees(c)(d) | |
| |
| |
| |
Acquired fund fees and expenses(f) | |
| |
| |
Total annual Trust operating expenses after fee waivers(d) | |
(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by HYT. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if a shareholder directs the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
HYT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.60% based on an aggregate of (i) HYT’s average daily Net Assets and (ii) the proceeds of any outstanding debt securities or borrowings used for leverage (together, “average daily Managed Assets”).
(d)
HYT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of HYT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds managed by the
Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees HYT pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by HYT (upon the vote of a majority of the Directors who are not “interested persons” (as defined in the Investment Company Act) of the Fund (the “Independent Directors”)) or a majority of the outstanding voting securities of HYT), upon 90 days’ written notice by HYT to the Manager.
(e)
HYT uses leverage in the form of a credit facility in an amount equal to approximately 21.5% of HYT’s Managed Assets as of December 31, 2024. The interest expense borne by HYT will vary over time in accordance with the level of HYT’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of HYT for accounting purposes.
(f)
The total annual expenses do not correlate to the ratios to average net assets shown in HYT’s Financial Highlights for the year ended December 31, 2024, which do not include acquired fund fees and expenses.
The following example illustrates HYT’s expenses (including the sales load of $10.00 and offering costs of $0.10) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 2.83% of net assets attributable to common shares and (ii) a 5% annual return:
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. HYT’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
Shareholder Update (unaudited)(continued)
BlackRock Floating Rate Income Trust (BGT)
The following table and example are intended to assist shareholders in understanding the various costs and expenses directly or indirectly associated with investing in BGT’s common shares.
| |
Shareholder Transaction Expenses | |
Maximum sales load (as a percentage of offering price)(a) | |
Offering expenses borne by the Trust (as a percentage of offering price)(a) | |
Dividend reinvestment plan fees | $0.02 per share
for open market
purchases of
|
Dividend reinvestment plan sale transaction fee | |
Estimated Annual Expenses (as a percentage of net assets attributable to common shares) | |
Investment advisory fees(c)(d) | |
| |
| |
| |
Acquired fund fees and expenses(f) | |
| |
| |
Total annual Trust operating expenses after fee waivers(d) | |
(a)
If the common shares are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales load and the estimated offering expenses. Trust shareholders
will pay all offering expenses involved with an offering.
(b)
Computershare Trust Company, N.A. (the "Reinvestment Plan Agent") fees for the handling of the reinvestment of dividends will be paid by BGT. However, shareholders will pay a
$0.02 per share fee incurred in connection with open-market purchases, which will be deducted from the value of the dividend. Shareholders will also be charged a $2.50 sales fee and pay a $0.15 per share fee if direct the Reinvestment Plan Agent to sell the common shares held in a dividend reinvestment account. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay.
(c)
BGT currently pays the Manager a monthly fee at an annual contractual investment advisory fee rate of 0.75% of the average weekly value of BGT’s Managed Assets. “Managed
Assets” means the total assets of BGT (including any assets attributable to money borrowed for investment purposes) minus the sum of BGT’s accrued liabilities (other than money
borrowed for investment purposes).
(d)
BGT and the Manager have entered into a fee waiver agreement (the “Fee Waiver Agreement”), pursuant to which the Manager has contractually agreed to waive the investment
advisory fees with respect to any portion of BGT’s assets attributable to investments in any equity and fixed-income mutual funds and exchange-traded funds (“ETFs”) managed by
the Manager or its affiliates that have a contractual management fee, through June 30, 2026. In addition, pursuant to the Fee Waiver Agreement, the Manager has contractually agreed to waive its investment advisory fees by the amount of investment advisory fees BGT pays to the Manager indirectly through its investment in money market funds managed by the Manager or its affiliates, through June 30, 2026. The Fee Waiver Agreement may be terminated at any time, without the payment of any penalty, only by BGT (upon the vote of a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act) of BGT (the “Independent Trustees”) or a majority of the outstanding voting securities of BGT), upon 90 days’ written notice by BGT to the Manager.
(e)
BGT uses leverage in the form of a credit facility in an amount equal to approximately 16.2% of BGT’s Managed Assets as of December 31, 2024. The interest expense borne by BGT will vary over time in accordance with the level of BGT’s use of leverage and variations in market interest rates. Interest expense is required to be treated as an expense of BGT for accounting purposes.
(f)
The total annual expenses do not correlate to the ratios to average net assets shown in BGT’s Financial Highlights for the year ended December 31, 2024, which do not include acquired fund fees and expenses.
The following example illustrates BGT’s expenses (including the sales load of $10.00 and offering costs of $0.43) that shareholders would pay on a $1,000 investment in common shares, assuming (i) total net annual expenses of 2.87% of net assets attributable to common shares and (ii) a 5% annual return:
The example should not be considered a representation of future expenses. The example assumes that the estimated “Other expenses” set forth in the Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. BGT’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.
1682024 BlackRock Annual Report to Shareholders
Shareholder Update (unaudited)(continued)
Share Price Data
The following tables summarize each Trust’s highest and lowest daily closing market prices on the NYSE per common share, the NAV per common share, and the premium to or discount from NAV, on the date of each of the high and low market prices. The trading volume indicates the number of common shares traded on the NYSE during the respective quarters.
| NYSE Market Price
Per Common Share | NAV per Common
Share on Date of
Market Price | Premium/
(Discount)
on Date of
Market Price | |
BHK — During Quarter Ended | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
As of December 31, 2024, BHK’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $10.46, $10.30, and 1.55%, respectively.
| NYSE Market Price
Per Common Share | NAV per Common
Share on Date of
Market Price | Premium/
(Discount)
on Date of
Market Price | |
HYT — During Quarter Ended | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
As of December 31, 2024, HYT’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $9.81, $9.67, and 1.45%, respectively.
| NYSE Market Price
Per Common Share | NAV per Common
Share on Date of
Market Price | Premium/
(Discount)
on Date of
Market Price | |
BGT — During Quarter Ended | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
As of December 31, 2024, BGT’s market price, NAV per Common Share, and premium/(discount) to NAV per Common Share were $12.86, $12.57, and 2.31%, respectively.
Common shares of each Trust have historically traded at both a premium and discount to NAV.
Shares of closed-end funds frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the interest of shareholders, the Board might consider from time to time engaging in open-market repurchases, managed distribution plans, or other programs intended to reduce the discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price equal or close to the NAV.
Shareholder Update (unaudited)(continued)
Senior Securities
The following tables set forth information regarding HYT’s and BGT’s outstanding senior securities as of the end of each Trust’s last ten fiscal years, as applicable. Each of HYT’s and BGT’s audited financial statements, including Deloitte & Touche LLP’s Report of Independent Registered Public Accounting Firm, and accompanying notes to financial statements, are included in this annual report.
| Total Amount
Outstanding
(000) | | | Average
Market Value
(000)(b) | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Total Amount
Outstanding
(000) | | | Average
Market Value
(000)(b) | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| Calculated by subtracting the Trust’s total liabilities (not including bank borrowings) from the Trust’s total assets and dividing this by the amount of bank borrowings, and by multiplying the results by 1,000. |
| Represents the average daily amount outstanding for loans under the revolving credit agreements. |
1702024 BlackRock Annual Report to Shareholders
Shareholder Update (unaudited)(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BHK’s financial performance for the periods presented. Certain information reflects financial results for a single common share of BHK.
| |
| | | | | | |
| | | | | | |
Net asset value, beginning of period | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Net increase (decrease) from investment operations | | | | | | |
| | | | | | |
From net investment income | | | | | | |
In excess of net investment income(c) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Net asset value, end of period | | | | | | |
Market price, end of period | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Ratios to Average Net Assets | | | | | | |
| | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense | | | | | | |
| | | | | | |
| | | | | | |
Net assets, end of period (000) | | | | | | |
Borrowings outstanding, end of period (000) | | | | | | |
Portfolio turnover rate(i) | | | | | | |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| |
| 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. |
| |
| |
| Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.78%. |
| Includes reorganization costs associated with the Trust’s merger. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived
and paid indirectly and excluding interest expense would have been 0.94%, 0.94% and 0.82% for the year ended August 31, 2015. |
| Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows: |
| | | | | | |
| | | | | | |
Portfolio turnover rate (excluding MDRs) | | | | | | |
Shareholder Update (unaudited)(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand HYT’s financial performance for the periods presented. Certain information reflects financial results for a single common share of HYT.
| |
| | | | | | |
| | | | | | |
Net asset value, beginning of period | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Net increase (decrease) from investment operations | | | | | | |
| | | | | | |
From net investment income | | | | | | |
| | | | | | |
| | | | | | |
Net asset value, end of period | | | | | | |
Market price, end of period | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Ratios to Average Net Assets(g) | | | | | | |
| | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | | | | | | |
| | | | | | |
| | | | | | |
Net assets, end of period (000) | | | | | | |
Borrowings outstanding, end of period (000) | | | | | | |
Asset coverage, end of period per $1,000 of bank borrowings | | | | | | |
| | | | | | |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| For financial reporting purposes, the market value of certain total return swaps were adjusted as of report date. Accordingly, the net asset value (“NAV”) per share and total return
performance based on net asset value presented herein are different than the information previously published on August 31, 2015. |
| 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. |
| |
| Includes proceeds received from a settlement of litigation, which had no impact on the Trust’s total return. |
| Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | |
| | | | | | |
Investments in underlying funds | | | | | | |
| |
| Audit costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses after fees waived and/or reimbursed would
have been 1.95%. |
| Includes reorganization costs. Without these costs, total expenses, total expenses after fees waived and paid indirectly, and total expenses after fees waived and paid indirectly and excluding
interest expense would have been 1.34%, 1.34% and 0.97%, respectively. |
1722024 BlackRock Annual Report to Shareholders
Shareholder Update (unaudited)(continued)
Financial Highlights
The financial highlights table is intended to help the shareholder to understand BGT’s financial performance for the periods presented. Certain information reflects financial results for a single common share of BGT.
| |
| | | | | | |
| | | | | | |
Net asset value, beginning of period | | | | | | |
| | | | | | |
Net realized and unrealized gain (loss) | | | | | | |
Net increase from investment operations | | | | | | |
Distributions from net investment income(c) | | | | | | |
Net asset value, end of period | | | | | | |
Market price, end of period | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Ratios to Average Net Assets(f) | | | | | | |
| | | | | | |
Total expenses after fees waived and/or reimbursed | | | | | | |
Total expenses after fees waived and/or reimbursed and excluding interest expense and fees | | | | | | |
| | | | | | |
| | | | | | |
Net assets, end of period (000) | | | | | | |
Borrowings outstanding, end of period (000) | | | | | | |
Asset coverage, end of period per $1,000 of bank borrowings | | | | | | |
| | | | | | |
| Consolidated Financial Highlights. |
| Based on average shares outstanding. |
| Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| 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. |
| |
| Excludes expenses incurred indirectly as a result of investments in underlying funds as follows: |
| | | | | | |
| | | | | | |
Investments in underlying funds | | | | | | |
| |
| Audit costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the expense ratio would have been 2.21%. |
Automatic Dividend Reinvestment Plan
Pursuant to BHK, HYT, BTZ and BGT’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains and other distributions reinvested by Computershare Trust Company, N.A. (the “Reinvestment Plan Agent”) in the respective Trust’s Common Shares pursuant to the Reinvestment Plan. Shareholders who do not participate in the Reinvestment Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street name or other nominee name, then to the nominee) by the Reinvestment Plan Agent, which serves as agent for the shareholders in administering the Reinvestment Plan.
After BHK, HYT, BTZ and BGT declare a dividend or determine to make a capital gain or other distribution, the Reinvestment Plan Agent will acquire shares for the participants’ accounts, depending upon the following circumstances, either (i) through receipt of unissued but authorized shares from the Trusts (“newly issued shares”) or (ii) by purchase of outstanding shares on the open market or on the Trust’s primary exchange (“open-market purchases”). If, on the dividend payment date, the net asset value (“NAV”) per share is equal to or less than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market premium”), the Reinvestment Plan Agent will invest the dividend amount in newly issued shares acquired on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the dividend payment date, the dollar amount of the dividend will be divided by 95% of the market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the market price per share plus estimated brokerage commissions (such condition often referred to as a “market discount”), the Reinvestment Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open-market purchases. If the Reinvestment Plan Agent is unable to invest the full dividend amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Reinvestment Plan Agent will invest any un-invested portion in newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the dividend payment date.
You may elect not to participate in the Reinvestment Plan and to receive all dividends in cash by contacting the Reinvestment Plan Agent, at the address set forth below.
Participation in the Reinvestment Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Reinvestment Plan Agent prior to the dividend record date. Additionally, the Reinvestment Plan Agent seeks to process notices received after the record date but prior to the payable date and such notices often will become effective by the payable date. Where late notices are not processed by the applicable payable date, such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.
The Reinvestment Plan Agent’s fees for the handling of the reinvestment of distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Reinvestment Plan Agent’s open-market purchases in connection with the reinvestment of all distributions. The automatic reinvestment of all distributions will not relieve participants of any U.S. federal, state or local income tax that may be payable on such dividends or distributions.
Each Trust reserves the right to amend or terminate the Reinvestment Plan. There is no direct service charge to participants in the Reinvestment Plan; however, each Trust reserves the right to amend the Reinvestment Plan to include a service charge payable by the participants. Participants in BHK, HYT, BTZ and BGT that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share sold fee. Per share fees include any applicable brokerage commissions the Reinvestment Plan Agent is required to pay. All correspondence concerning the Reinvestment Plan should be directed to Computershare Trust Company, N.A. through the internet at computershare.com/blackrock, or in writing to Computershare, P.O. Box 43006, Providence, RI 02940-3078, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 150 Royall Street, Suite 101, Canton, MA 02021.
1742024 BlackRock Annual Report to Shareholders
Trustee and Officer Information
|
| | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised
Registered Investment Companies
(“RICs”) Consisting of Investment
Portfolios (“Portfolios”) Overseen | Public Company and Other
Investment Company
Directorships Held During
Past 5 Years |
| Chair of the Board (Since 2022)
Trustee
(Since 2007) | Dean, Columbia Business School from 2004 to 2019; Faculty member, Columbia Business School since 1988. | 67 RICs consisting of 102 Portfolios | ADP (data and information services) from 2004 to 2020; Metropolitan Life Insurance Company (insurance); TotalEnergies SE (multi-energy) |
| Vice Chair of the Board (Since 2022)
Trustee
(Since 2007) | Baker Foundation Professor and George Fisher Baker Jr. Professor of Business Administration, Emeritus, Harvard Business School since 2022; George Fisher Baker Jr. Professor of Business Administration, Harvard Business School from 2008 to 2022; Deputy Dean for Academic Affairs from 2006 to 2010; Chairman of the Finance Unit, from 2005 to 2006; Senior Associate Dean and Chairman of the MBA Program from 1999 to 2005; Member of the faculty of Harvard Business School since 1981. | 69 RICs consisting of 104 Portfolios | |
| | Advisor, U.S. Department of the Treasury from 2014 to 2015; President, Retirement Plan Services, for T. Rowe Price Group, Inc. from 2007 to 2012; executive positions within Fidelity Investments from 1989 to 2007. | 69 RICs consisting of 104 Portfolios | Unum (insurance); The Hanover Insurance Group (Board Chair); Huntsman Corporation (Lead Independent Director and non-Executive Vice Chair of the Board) (chemical products) |
| | Chief Financial Officer, Intel Foundry since 2024; Vice Chairman, Kioxia, Inc. from 2019 to 2024; Chief Financial Officer, Xilinx, Inc. from 2016 to 2019; Corporate Controller, Xilinx, Inc. from 2008 to 2016. | 67 RICs consisting of 102 Portfolios | |
| | Lieutenant General, Inspector General of the United States Air Force from 2017 to 2019; Lieutenant General, Assistant Vice Chief of Staff and Director, Air Staff, United States Air Force from 2016 to 2017; Major General, Commander, 22nd Air Force, AFRC, Dobbins Air Reserve Base, Georgia from 2014 to 2016; Pilot, United Airlines from 1990 to 2020. | 67 RICs consisting of 102 Portfolios | KULR Technology Group, Inc. in 2021; The Boeing Company (airplane manufacturer) |
| | President and Chief Operating Officer, Cintas Corporation from 2008 to 2018. | 67 RICs consisting of 102 Portfolios | PulteGroup, Inc. (home construction); Vestis Corporation (uniforms and facilities services) |
| | Chief Executive Officer, Chief Investment Officer and various other positions, National Railroad Retirement Investment Trust from 2003 to 2016; Associate Vice President for Treasury Management, The George Washington University from 1999 to 2003; Assistant Treasurer, Episcopal Church of America from 1995 to 1999. | 69 RICs consisting of 104 Portfolios | PennyMac Mortgage Investment Trust |
Trustee and Officer Information175
Trustee and Officer Information (continued)
Independent Trustees(a) (continued) |
| Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years |
| | Trustee of Denison University since 2020; Consultant, Posit PBC (enterprise data science) since 2020; Director, ScotiaBank (U.S.) from 2020 to 2023; Chairman, Chief Executive Officer and President of OppenheimerFunds, Inc. from 2015, 2014 and 2013, respectively to 2019; Trustee, President and Principal Executive Officer of 104 OppenheimerFunds funds from 2014 to 2019; Portfolio manager of various OppenheimerFunds fixed income mutual funds from 1986 to 2014. | 69 RICs consisting of 104 Portfolios | Trustee of 104 OppenheimerFunds funds from 2014 to 2019 |
Interested Trustees(a)(e) |
| | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised
Registered Investment Companies
(“RICs”) Consisting of Investment
Portfolios (“Portfolios”) Overseen | Public Company and Other
Investment Company
Directorships Held During
Past 5 Years |
| | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. | 95 RICs consisting of 268 Portfolios | |
| Trustee
(Since 2015)
President and Chief
Executive Officer
(Since 2010) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 97 RICs consisting of 270 Portfolios | |
| The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
| Each Independent Trustee holds office until his or her successor is duly elected and qualifies or until his or her earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or charter or statute, or until December 31 of the year in which he or she turns 75. Trustees who are “interested persons,” as defined in the Investment Company Act serve until their successor is duly elected and qualifies or until their earlier death, resignation, retirement or removal as provided by the Trust’s by-laws or statute, or until December 31 of the year in which they turn 72. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. |
| Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Certain Independent Trustees first became members of the boards of other legacy MLIM or legacy BlackRock funds as follows: R. Glenn Hubbard, 2004 and W. Carl Kester, 1995. |
| Ms. Egan, Dr. Kester, Ms. Lynch, Mr. Steinmetz and Mr. Perlowski are also trustees of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund. |
| Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Multi-Asset Complex. |
1762024 BlackRock Annual Report to Shareholders
Trustee and Officer Information (continued)
Officers Who Are Not Trustees(a) |
| Position(s) Held
(Length of Service) | Principal Occupation(s) During Past 5 Years |
| Vice President
(Since 2015) | Member of BlackRock’s Global Operating Committee since 2023; Managing Director of BlackRock, Inc. since 2015. |
| Chief Financial Officer
(Since 2021) | Managing Director of BlackRock, Inc. since 2019; Executive Vice President of PIMCO from 2016 to 2019. |
| | Managing Director of BlackRock, Inc. since 2007. |
| Chief Compliance Officer
(Since 2023) | Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023. |
| | Managing Director of BlackRock, Inc. since 2018. |
| The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
| Officers of the Trust serve at the pleasure of the Board. |
Further information about the BHK’s, HYT’s and BGT’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 882-0052.
Effective January 26, 2024, Derek Schoenhofen is no longer a portfolio manager of HYT. |
Effective February 20, 2024, Abigail Parzanese is no longer a portfolio manager of BGT. |
Trustee and Officer Information177
Proxy Results
The Annual Meeting of Shareholders was held on July 26, 2024 for shareholders of record on May 28, 2024 to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.
Shareholders approved the Class II Trustees as follows:
For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Robert Fairbairn, Lorenzo A. Flores, Stayce D. Harris, R. Glenn Hubbard, W. Carl Kester and John M. Perlowski.
Shareholders elected the Class II Trustees as follows:
For the Trust listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Cynthia L. Egan, Robert Fairbairn, Lorenzo A. Flores, Stayce D. Harris, J. Phillip Holloman, Arthur P. Steinmetz and Catherine A. Lynch.
The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by Section 302 of the Sarbanes-Oxley Act.
Environmental, Social and Governance (“ESG”) Integration
Although the Trusts do not seek to implement a specific sustainability objective, strategy or process unless otherwise disclosed, Trust management will consider ESG factors as part of the investment process for the Trusts. Trust management views ESG integration as the practice of incorporating financially material ESG data or information into investment processes with the objective of enhancing risk-adjusted returns. These ESG considerations will vary depending on the Trusts’ particular investment strategies and may include consideration of third-party research as well as consideration of proprietary BlackRock research across the ESG risks and opportunities regarding an issuer. The ESG characteristics utilized in the Trusts’ investment process are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. Certain of these considerations may affect the Trusts’ exposure to certain companies or industries. While Trust management views ESG considerations as having the potential to contribute to the Trusts’ long-term performance, there is no guarantee that such results will be achieved.
Each Trust’s policy is to make monthly distributions to shareholders. In order to provide shareholders with a more stable level of dividend distributions, each Trust employs a managed distribution plan (the "Plan"), the goal of which is to provide shareholders with consistent and predictable cash flows by setting distribution rates based on expected long-term returns of each Trust.
The distributions paid by each Trust for any particular month may be more or less than the amount of net investment income earned by each Trust during such month. Furthermore, the final tax characterization of distributions is determined after the year-end of a Trust and is reported in each Trust’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. Each Trust’s taxable net investment income and net realized capital gains (“taxable income”) may not be sufficient to support the level of distributions paid. To the extent that distributions exceed the Trust’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital.
A return of capital is a return of a portion of an investor’s original investment. A return of capital is not expected to be taxable, but it reduces a shareholder’s tax basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent disposition by the shareholder of his or her shares. It is possible that a substantial portion of the distributions paid during a calendar year may ultimately be classified as return of capital for U.S. federal income tax purposes when the final determination of the source and character of the distributions is made.
Such distributions, under certain circumstances, may exceed a Trust’s total return performance. When total distributions exceed total return performance for the period, the difference reduces the Trust’s total assets and net asset value (“NAV”) per share and, therefore, could have the effect of increasing the Trust’s expense ratio and reducing the amount of assets the Trust has available for long term investment.
1782024 BlackRock Annual Report to Shareholders
Additional Information (continued)
General Information
BTZ does not make available copies of its Statements of Additional Information because BTZ’s shares are not continuously offered, which means that the Statement of Additional Information of BTZ has not been updated after completion of BTZ’s offerings and the information contained in BTZ’s Statement of Additional Information may have become outdated.
BHK’s, HYT’s and BGT’s Statement of Additional Information includes additional information about the Board and is available, without charge upon request by calling (800) 882-0052.
The following information is a summary of certain changes since December 31, 2023. This information may not reflect all of the changes that have occurred since you purchased the relevant Trust.
Except if noted otherwise herein, there were no changes to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders. Except if noted otherwise herein, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.
In accordance with Section 23(c) of the Investment Company Act of 1940, each Trust may from time to time purchase shares of its common stock in the open market or in private transactions.
Quarterly performance, shareholder reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and, for BHK, HYT and BGT only, prospectuses, by enrolling in the electronic delivery program. Electronic copies of shareholder reports and, for BHK, HYT and BGT only, prospectuses, are available on BlackRock’s website.
To enroll in electronic delivery:
Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:
Please contact your financial adviser. Please note that not all investment advisers, banks or brokerages may offer this service.
The Trusts will mail only one copy of shareholder documents, including for BHK, HYT and BGT only, prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.
Availability of Quarterly Schedule of Investments
The Trusts file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Trusts’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Trust makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.
Availability of Proxy Voting Policies, Procedures and Voting Records
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities and information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 882-0052; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.
Availability of Trust Updates
BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.
Additional Information179
Additional Information (continued)
Shelf Offering Program
From time to time, BHK, HYT and BGT may seek to raise additional equity capital through a Shelf Offering. In a Shelf Offering, BHK, HYT and BGT may, subject to market conditions, raise additional equity capital by issuing new Common Shares from time to time in varying amounts at a net price at or above BHK’s, HYT’s and BGT’s net asset value (“NAV”) per Common Share (calculated within 48 hours of pricing). While any such Shelf Offering may allow BHK, HYT and BGT to pursue additional investment opportunities without the need to sell existing portfolio investments, it could also entail risks – including that the issuance of additional Common Shares may limit the extent to which the Common Shares are able to trade at a premium to NAV in the secondary market.
HYT and BGT filed final prospectuses with the SEC in connection with its Shelf Offering on January 31, 2025 and January 3, 2023, respectively. This report and the prospectuses of HYT and BGT are not offers to sell HYT and BGT Common Shares or solicitations of an offer to buy HYT and BGT Common Shares in any jurisdiction where such offers or sales are not permitted. The prospectuses of HYT and BGT contain important information about HYT and BGT, including their investment objectives, risks, charges and expenses. Investors are urged to read the prospectuses of HYT and BGT carefully and in their entirety before investing. Copies of the final prospectuses for HYT and BGT can be obtained from BlackRock at blackrock.com.
On February 7, 2025, BHK filed a registration statement with the SEC to issue additional Common Shares through a Shelf Offering. BHK may not sell any Common Shares in a Shelf Offering until the registration statement is declared effective by the SEC. This report and the preliminary prospectus are not offers to sell BHK Common Shares and are not solicitations of an offer to buy BHK Common Shares in any jurisdiction where the offers or sales are not permitted. The preliminary prospectus contains more complete information about BHK’s Shelf Offering and should be read carefully before investing. The information in the preliminary prospectus for BHK is not complete and may be amended or changed. A copy of the final prospectus for BHK can be obtained from BlackRock at blackrock.com,when available.
BlackRock Privacy Principles
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
Trust and Service Providers
Investment Adviser
BlackRock Advisors, LLC
Wilmington, DE 19809
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
BlackRock (Singapore) Limited(a)
079912 Singapore
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Transfer Agent
Computershare Trust Company, N.A.
Canton, MA 02021
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02110
Willkie Farr & Gallagher LLP
New York, NY 10019
100 Bellevue Parkway
Wilmington, DE 19809
1802024 BlackRock Annual Report to Shareholders
Glossary of Terms Used in this Report
|
| |
| Build America Mutual Assurance Co. |
| Collateralized Loan Obligation |
| Constant Maturity Treasury |
| |
| Designated Activity Company |
| |
| Euro Interbank Offered Rate |
| |
| |
| Public Joint Stock Company |
| |
| Real Estate Investment Trust |
| |
| Secured Overnight Financing Rate |
| Sterling Overnight Interbank Average Rate |
| Standard & Poor’s Depository Receipt |
| |
Glossary of Terms Used in this Report181
THIS PAGE INTENTIONALLY LEFT BLANK.
THIS PAGE INTENTIONALLY LEFT BLANK.
Want to know more?
blackrock.com | 800-882-0052
This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. Statements and other information herein are as dated and are subject to change.
(b) Not Applicable
| Item 2 – | Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-882-0052, option 4. |
| Item 3 – | Audit Committee Financial Expert – The registrant’s board of trustees (the “board of trustees”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Lorenzo A. Flores
Catherine A. Lynch
Arthur P. Steinmetz
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.
| Item 4 – | Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
| | | | | | | | | | | | | | | | |
| | | (a) Audit Fees | | (b) Audit-Related Fees1 | | (c) Tax Fees2 | | (d) All Other Fees |
| Entity Name | | Current
Fiscal Year End | | Previous
Fiscal Year End | | Current
Fiscal Year End | | Previous
Fiscal Year End | | Current
Fiscal Year End | | Previous
Fiscal Year End | | Current
Fiscal Year End | | Previous
Fiscal Year End |
| BlackRock Credit Allocation Income Trust | | $44,982 | | $44,982 | | $0 | | $0 | | $24,200 | | $24,232 | | $0 | | $407 |
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
| | | | |
| | | Current Fiscal Year End | | Previous Fiscal Year End |
(b) Audit-Related Fees1 | | $0 | | $0 |
(c) Tax Fees2 | | $0 | | $0 |
(d) All Other Fees3 | | $2,149,000 | | $2,154,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
| | | | |
| Entity Name | | Current Fiscal Year End | | Previous Fiscal Year End |
| BlackRock Credit Allocation Income Trust | | $24,200 | | $24,639 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored or advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
| | |
| Current Fiscal Year End | | Previous Fiscal Year End |
$2,149,000 | | $2,154,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not Applicable
(j) Not Applicable
| Item 5 – | Audit Committee of Listed Registrant |
(a) The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
Lorenzo A. Flores
J. Phillip Holloman
Catherine A. Lynch
Arthur P. Steinmetz
(b) Not Applicable
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
| Item 7 – | Financial Statements and Financial Highlights for Open-End Management Investment Companies – Not Applicable |
| Item 8 – | Changes in and Disagreements with Accountants for Open-End Management Investment Companies – Not Applicable |
| Item 9 – | Proxy Disclosures for Open-End Management Investment Companies – Not Applicable |
| Item 10 – | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Not Applicable |
| Item 11 – | Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable |
| Item 12 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of trustees has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Closed-End Fund Proxy Voting Policy. The Investment Adviser has adopted the BlackRock Active Investment Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”) with respect to certain funds, including the Fund. Copies of the Closed-End Fund Proxy Voting Policy and the BAIS Guidelines are attached as Exhibit 99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by calling (800) 882-0052, (ii) at www.blackrock.com and (iii) on the SEC’s website at http://www.sec.gov. |
| Item 13 – | Portfolio Managers of Closed-End Management Investment Companies |
(a)(1) As of the date of filing this Report:
The registrant is managed by a team of investment professionals comprised of Jeffrey Cucunato, Managing Director at BlackRock, Mitchell S. Garfin, CFA, Managing Director at BlackRock and Charley Hung, CFA, Director at BlackRock. Messrs. Cucunato, Garfin and Hung are the Fund’s portfolio managers and are responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. Cucunato and Garfin have been members of the Fund’s portfolio management team since 2011. Mr. Hung has been a member of the Fund’s portfolio management team since 2021.
| | |
| | |
| Portfolio Manager | | Biography |
| | |
Jeffrey Cucunato | | Managing Director of BlackRock since 2005. |
| | |
Mitchell S. Garfin, CFA | | Managing Director of BlackRock since 2009; Director of BlackRock from 2005 to 2008. |
| | |
Charley Hung, CFA | | Managing Director of BlackRock since 2025; Director of BlackRock from 2013 to 2024. |
(a)(2) As of December 31, 2024:
| | | | | | | | | | | | |
| | | (ii) Number of Other Accounts Managed and Assets by Account Type | | (iii) Number of Other Accounts and Assets for Which Advisory Fee is Performance-Based |
(i) Name of Portfolio Manager | | Other
Registered
Investment
Companies | | Other Pooled Investment Vehicles | | Other Accounts | | Other Registered Investment Companies | | Other Pooled
Investment Vehicles | | Other Accounts |
Jeffrey Cucunato | | 3 | | 2 | | 2 | | 0 | | 0 | | 0 |
| | | $2.14 Billion | | $789.5 Million | | $238.1 Million | | $0 | | $0 | | $0 |
Mitchell S. Garfin, CFA | | 29 | | 25 | | 131 | | 0 | | 0 | | 5 |
| | | $43.02 Billion | | $9.90 Billion | | $18.01 Billion | | $0 | | $0 | | $652.1 Million |
Charley Hung, CFA | | 5 | | 6 | | 2 | | 0 | | 0 | | 0 |
| | | $1.87 Billion | | $795.5 Million | | $510.0 Million | | $0 | | $0 | | $0 |
(iv) Portfolio Manager Potential Material Conflicts of Interest
BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc., or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock, Inc.’s (or its affiliates’ or significant shareholders’) officers, directors or employees are directors or officers, or companies as to which BlackRock, Inc. or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain portfolio managers also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Cucunato, Garfin and Hung may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Cucunato, Garfin and Hung may therefore be entitled to receive a portion of any incentive fees earned on such accounts.
As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock, Inc. has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.
(a)(3) As of December 31, 2024:
Portfolio Manager Compensation Overview
The discussion below describes the portfolio managers’ compensation as of December 31, 2024.
BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.
Base Compensation. Generally, portfolio managers receive base compensation based on their position with the firm.
Discretionary Incentive Compensation. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are:
| | |
| Portfolio Manager | | Benchmark |
| | |
Jeffrey Cucunato Charley Hung, CFA | | Bloomberg US Credit Index |
| | |
Mitchell S. Garfin, CFA | | A combination of market-based indices (e.g., the Bloomberg U.S. Corporate High Yield 2% Issuer Cap Index), certain customized indices and certain fund industry peer groups. |
Distribution of Discretionary Incentive Compensation. Discretionary incentive compensation is distributed to portfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards that notionally track the return of certain BlackRock investment products.
Portfolio managers receive their annual discretionary incentive compensation in the form of cash. Portfolio managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a portfolio manager for a given year “at risk” based on BlackRock’s ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-
term shareholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. The portfolio managers of this Fund have deferred BlackRock, Inc. stock awards.
For certain portfolio managers, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of portfolio manager discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only portfolio managers who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.
Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:
Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit ($345,000 for 2024). The RSP offers a range of investment options, including registered investment companies and collective investment funds managed by the firm. BlackRock, Inc. contributions follow the investment direction set by participants for their own contributions or, absent participant investment direction, are invested into a target date fund that corresponds to, or is closest to, the year in which the participant attains age 65. The ESPP allows for investment in BlackRock, Inc. common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of $25,000 based on its fair market value on the purchase date. All of the eligible portfolio managers are eligible to participate in these plans.
(a)(4) Beneficial Ownership of Securities – As of December 31, 2024.
| | | | | | |
| | | Portfolio Manager | | Dollar Range of Equity Securities of the Fund Beneficially Owned | | |
| | Jeffrey Cucunato | | $100,001 - $500,000 | | |
| | Mitchell S. Garfin, CFA | | $100,001 - $500,000 | | |
| | Charley Hung, CFA | | $10,001 - $50,000 | | |
(b) Not Applicable
| Item 14 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report. |
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
| Item 16 – | Controls and Procedures |
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 17 – | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable |
| Item 18 – | Recovery of Erroneously Awarded Compensation – Not Applicable |
| Item 19 – | Exhibits attached hereto |
(a)(1) Code of Ethics – See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Credit Allocation Income Trust
| | | | |
| | By: | | /s/ John M. Perlowski |
| | | | John M. Perlowski |
| | | | Chief Executive Officer (principal executive officer) of |
| | | | BlackRock Credit Allocation Income Trust |
Date: February 26, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| | By: | | /s/ John M. Perlowski |
| | | | John M. Perlowski |
| | | | Chief Executive Officer (principal executive officer) of |
| | | | BlackRock Credit Allocation Income Trust |
Date: February 26, 2025
| | | | |
| | By: | | /s/ Trent Walker |
| | | | Trent Walker |
| | | | Chief Financial Officer (principal financial officer) of |
| | | | BlackRock Credit Allocation Income Trust |
Date: February 26, 2025
