Edgar Filing: BLACKROCK CORPORATE HIGH YIELD FUND, INC.

See Notes to Financial Statements.

ANNUAL REPORT

AUGUST 31, 2017

BLACKROCK CORPORATE HIGH YIELD FUND, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-21318

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

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 08/31/2017

Date of reporting period: 08/31/2017

Item 1 – Report to Stockholders

AUGUST 31, 2017

ANNUAL REPORT

BlackRock Core Bond Trust (BHK)

BlackRock Corporate High Yield Fund, Inc. (HYT)

BlackRock Income Trust, Inc. (BKT)

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

In the 12 months ended August 31, 2017, risk assets, such as stocks and high-yield bonds, continued to deliver strong performance. These markets showed great resilience during a period with big surprises, including the aftermath of the U.K.’s vote to leave the European Union and the outcome of the U.S. presidential election, which brought only brief spikes in equity market volatility. These expressions of isolationism and discontent were countered by the closely watched and less surprising elections in France, the Netherlands and Australia.

Interest rates rose, which worked against high-quality assets with more interest rate sensitivity. As a result, longer-term U.S. Treasuries posted negative returns, as rising energy prices, modest wage increases, and steady job growth led to expectations of higher inflation and anticipation of interest rate increases by the U.S. Federal Reserve (the “Fed”).

Market prices began to reflect reflationary expectations toward the end of 2016, as investors sensed that a global recovery was afoot. And those expectations have been largely realized in 2017, as many countries throughout the world experienced sustained and synchronized growth for the first time since the financial crisis. Growth rates and inflation are still relatively low, but they are finally rising together.

The Fed responded to these positive developments by increasing interest rates three times and setting expectations for additional interest rate increases. The Fed also appears to be approaching the implementation of its plan to reduce the vast balance sheet reserves that provided liquidity to the global economy in the aftermath of the financial crisis in 2008. Also, growing skepticism about the near-term likelihood of significant U.S. tax reform and infrastructure spending has tempered reflationary expectations in the United States.

By contrast, the European Central Bank and the Bank of Japan reiterated their commitments to economic stimulus and balance sheet expansion despite nascent signs of sustained economic growth in both countries. The Eurozone also benefited from the relatively stable political environment, which is creating momentum for economic reform and pro-growth policies.

Financial markets — and to an extent the Fed — have adopted a “wait-and-see” approach to the economic data and potential fiscal stimulus. Escalating tensions with North Korea and our nation’s divided politics are significant concerns. Nevertheless, benign credit conditions, modest inflation, and the positive outlook for growth in the world’s largest economies have kept markets relatively tranquil.

However, the capacity for rapid global growth is restrained by structural factors, including an aging population in developed countries, low productivity growth, and excess savings. Cyclical factors, such as the Fed moving toward the normalization of monetary policy and the length of the current expansion, also limit economic growth. Tempered economic growth and high valuations across most assets have laid the groundwork for muted returns going forward. At current valuation levels, potential equity gains will likely be closely tied to the pace of earnings growth, which has remained solid thus far in 2017.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of August 31, 2017
	6-month			12-month
U.S. large cap equities (S&P 500^® Index)		5.65	%		16.23	%
U.S. small cap equities (Russell 2000^® Index)		2.04			14.91
International equities (MSCI Europe, Australasia, Far East Index)		12.14			17.64
Emerging market equities (MSCI Emerging Markets Index)		18.02			24.53
3-month Treasury bills (BofA Merrill Lynch 3-Month U.S. Treasury Bill Index)		0.40			0.62
U.S. Treasury securities (BofA Merrill Lynch 10-Year U.S. Treasury Index)		3.10			(3.26	)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		2.74			0.49
Tax-exempt municipal bonds (S&P Municipal Bond Index)		3.51			0.92
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		3.03			8.62
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.



2		THIS PAGE NOT PART OF YOUR FUND REPORT


Table of Contents


	Page
The Markets in Review		2
Annual Report:
Trust Summaries		4
The Benefits and Risks of Leveraging		13
Derivative Financial Instruments		13
Financial Statements:
Schedules of Investments		14
Statements of Assets and Liabilities		75
Statements of Operations		77
Statements of Changes in Net Assets		78
Statements of Cash Flows		81
Financial Highlights		83
Notes to Financial Statements		86
Report of Independent Registered Public Accounting Firm		102
Important Tax Information		102
Disclosure of Investment Advisory Agreements		103
Automatic Dividend Reinvestment Plans		107
Officers and Trustees		108
Additional Information		111



ANNUAL REPORT	AUGUST 31, 2017	3


Trust Summary as of August 31, 2017				BlackRock Core Bond Trust


Trust Overview

BlackRock Core Bond Trust’s (BHK) (the “Trust”) investment objective is to provide current income and capital appreciation. The Trust seeks to achieve its investment objective by investing at least 75% of its managed assets in bonds that are investment grade quality at the time of investment. The Trust’s investments will include a broad range of bonds, including corporate bonds, U.S. government and agency securities and mortgage-related securities. The Trust may invest up to 25% of its total managed assets in bonds that at the time of investment are rated Ba/BB or below by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poors Ratings Group (“S&P”), Fitch Ratings (“Fitch”) or another nationally recognized rating agency or bonds that are unrated but judged to be of comparable quality by the investment adviser. The Trust may invest up to 10% of its managed assets in bonds issued in foreign currencies. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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


Trust Information
Symbol on New York Stock Exchange (“NYSE”)		BHK
Initial Offering Date		November 27, 2001
Current Distribution Rate on Closing Market Price as of August 31, 2017 ($14.10)¹		5.53%
Current Monthly Distribution per Common Share²		$0.065
Current Annualized Distribution per Common Share²		$0.780
Economic Leverage as of August 31, 2017³		26%

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

The distribution rate is not constant and is subject to change.

Represents reverse repurchase agreements outstanding as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings) minus the sum of liabilities (other than borrowings representing financial leverage). For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.


Market Price and Net Asset Value Per Share Summary


	8/31/17		8/31/16		Change			High		Low
Market Price	$	14.10	$	14.33		(1.61	)%	$	14.34	$	12.59
Net Asset Value	$	14.96	$	15.25		(1.90	)%	$	15.29	$	13.99


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

LOGO



4	ANNUAL REPORT	AUGUST 31, 2017


		BlackRock Core Bond Trust


Performance and Portfolio Management Commentary

Returns for the period ended August 31, 2017 were as follows:


	Average Annual Total Returns
	1 Year			3 Years			5 Years
Trust at NAV^1,2		3.88	%		6.26	%		6.55	%
Trust at Market Price^1,2		4.20			8.11			5.02
Reference Benchmark³		1.58			3.98			3.83
Bloomberg Barclays U.S. Long Government/Credit Index⁴		(1.08	)		4.90			4.02
Bloomberg Barclays Intermediate Credit Index⁵		1.92			2.79			2.80
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index⁶		8.62			4.79			6.47
Bloomberg Barclays CMBS, Eligible for U.S. Aggregate⁷		0.63			3.06			2.97
Bloomberg Barclays MBS Index⁸		0.80			2.46			2.05
Bloomberg Barclays ABS Index⁹		1.36			1.83			1.41

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

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

⁴

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

⁵

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

⁶

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.

⁷

This unmanaged index is the CMBS component of the Bloomberg Barclays U.S. Aggregate Index.

⁸

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

⁹

This unmanaged index is the asset-backed securities component of the Bloomberg Barclays U.S. Aggregate Index.

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

Past performance is not indicative of future results.

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

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

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

What factors influenced performance?

•

The largest positive contributions to the Trust’s performance came from its holdings of high yield bonds, investment grade corporate bonds, asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”). Allocations to capital securities and non-agency residential mortgage-backed securities (“MBS”) also contributed positively.

•

The principal detractor from the Trust’s performance was its allocation to U.S. Treasuries.

Describe recent portfolio activity.

•

Over the reporting period, the Trust increased credit risk within MBS, CMBS and investment grade corporates. This proved beneficial to performance as spreads tightened over the period. From a sector perspective, the Trust’s allocation to global sovereign/supranational/agency issues and U.S. Treasuries was slightly reduced and rotated into investment grade corporate securities, high yield corporate bonds and agency collateralized mortgage obligations (“CMO”).



ANNUAL REPORT	AUGUST 31, 2017	5


		BlackRock Core Bond Trust


Performance and Portfolio Management Commentary (concluded)

Describe portfolio positioning at period end.

•

At period end, the Trust maintained diversified exposure within non-government spread sectors, including investment grade corporates, high yield corporates, CMBS and ABS, as well as smaller allocations to non-agency residential MBS. The Trust also held exposure to government-related sectors such as U.S. Treasuries, agency debt and agency MBS.

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

Overview of the Trust’s Total Investments


Portfolio Composition	8/31/17			8/31/16
Corporate Bonds		50	%		47	%
U.S. Treasury Obligations		11			14
Preferred Securities		9			10
Asset-Backed Securities		8			8
Non-Agency Mortgage-Backed Securities		8			10
U.S. Government Sponsored Agency Securities		8			6
Municipal Bonds		2			2
Foreign Agency Obligations		2			2
Floating Rate Loan Interests		1			1
Options Purchased		1			—	¹
Short-Term Securities		1			1
Options Written		(1	)		(1	)
Other		—			—	¹

Representing less than 1% of the Trust’s total investments and Other may include Common Stocks and Options Purchased.


Credit Quality Allocation^2,3	8/31/17			8/31/16
AAA/Aaa⁴		23	%		24	%
AA/Aa		6			4
A		16			14
BBB/Baa		28			22
BB/Ba		12			17
B		8			12
CCC/Caa		2			4
N/R		5			3

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

Excludes Short-Term Securities, Options Purchased and Options Written.

⁴

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



6	ANNUAL REPORT	AUGUST 31, 2017


Trust Summary as of August 31, 2017				BlackRock Corporate High Yield Fund, Inc.

Trust Overview

BlackRock Corporate High Yield Fund, Inc.’s (HYT) (the “Trust”) primary investment objective is to provide shareholders with current income. The Trust’s secondary investment objective is to provide shareholders with capital appreciation. The Trust seeks to achieve its investment objectives by investing primarily in a diversified portfolio of fixed income securities which are rated at the time of investment to be below investment grade or, if unrated, are considered by the investment adviser to be of comparable quality. The Trust may invest directly in fixed income securities or synthetically through the use of derivatives.

No assurance can be given that the Trust’s investment objectives will be achieved.


Trust Information
Symbol on NYSE		HYT
Initial Offering Date		May 30, 2003
Current Distribution Rate on Closing Market Price as of August 31, 2017 ($11.13)¹		7.55%
Current Monthly Distribution per Common Share²		$0.07
Current Annualized Distribution per Common Share²		$0.84
Economic Leverage as of August 31, 2017³		30%

The distribution rate is not constant and is subject to change.

Represents bank borrowings as a percentage of total managed assets, which is the total assets of the Trust (including any assets attributable to borrowings) minus the sum of liabilities (other than borrowings representing financial leverage). For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.


Market Price and Net Asset Value Per Share Summary


	8/31/17		8/31/16		Change			High		Low
Market Price	$	11.13	$	10.88		2.30	%	$	11.36	$	9.86
Net Asset Value	$	12.22	$	11.79		3.65	%	$	12.35	$	11.48


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

LOGO



ANNUAL REPORT	AUGUST 31, 2017	7


				BlackRock Corporate High Yield Fund, Inc.

Performance and Portfolio Management Commentary

Returns for the period ended August 31, 2017 were as follows:


	Average Annual Total Returns
	1 Year			3 Years			5 Years
Trust at NAV^1,2		12.41	%		5.68	%		8.98	%
Trust at Market Price^1,2		10.94			6.31			5.88
Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index³		8.62			4.79			6.47

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

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

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

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

Past performance is not indicative of future results.

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

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

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

What factors influenced performance?

•

High yield corporate bonds and floating rate loan interests (bank loans) both benefited from the strong appetite for credit over much of the 12-month period. On a sector basis, the largest contributors over the annual period included the metals & mining, wireless, and banking sectors, while railroad, retail real estate investment trusts, and natural gas made more modest contributions. B-rated, BBB-rated, and CCC-rated names were the largest contributors, as the lower credit quality portions of both the high yield and bank loan markets drove the overall rally across the two asset classes. Finally, bank loans, high yield exchange traded funds (“ETFs”), high yield credit default swap indices (“CDX”), and total return swaps were substantial positive contributors to performance.

•

The largest detractors from performance included the Trust’s underweight to the oil field services and finance sectors. Security selection within CC- and C- names were slight detractors. Other detractors over the annual period were risk management portfolio strategies, in particular downside protection on the Russell 2000^® and S&P 500^® indices.

•

For liquidity purposes, the Trust utilizes high yield ETFs, index CDX, and swaps to express high yield index positions. Over the annual period ending August 31, 2017, these liquid positions were positive contributors to performance as the high yield market was up for the year. In addition, the Trust may occasionally utilize S&P 500^® or Russell 2000^® equity index futures or options as a means of obtaining equity exposure or reducing portfolio risk, since high yield, and lower-rated high yield in particular, has a high correlation to equity. The Trust used S&P 500^® futures to manage its equity exposure over the annual period, and these positions slightly detracted as the S&P 500^® produced positive returns.

Describe recent portfolio activity.

•

As the period progressed, the Trust moderately added risk as the broad leveraged finance markets displayed strength. Additionally, the Trust’s portfolio management made incremental changes on a sector-by-sector basis, most notably adding to technology names, while reducing exposure to energy and retail. Throughout the annual period, the Trust held allocations to bank loans, collateralized loan obligations, and preferred equity and equity-like securities in addition to its core high yield bond exposure. While the Trust’s broad credit positioning remained consistent over the annual period, the BBB-rated allocation was slightly trimmed in favor of CCC-rated names.

Describe portfolio positioning at period end.

•

At period end, the Trust held the majority of its portfolio in corporate bonds, although it held modest positions in other types of securities. Within high yield corporates, the Trust maintained its highest concentration in BB- and B-rated issuers. Importantly, the Trust held fewer positions in the highest-yielding segment of the lower-rated universe where downside risks are greater if volatility picks up or the credit cycle turns over. The Trust’s largest sector positions were within the technology, cable & satellite, and independent energy sectors. By contrast, the Trust avoided certain retailers and leisure issuers, where



8	ANNUAL REPORT	AUGUST 31, 2017


		BlackRock Corporate High Yield Fund, Inc.

Performance and Portfolio Management Commentary (concluded)

fundamentals continued to deteriorate. Within energy, the Trust favored higher quality issuers within the independent energy sector, while avoiding more cyclical names within oil field services. The Trust also remained focused on industries and companies with stable business profiles and consistent cash flow, while avoiding areas of the markets with longer-term concerns and/or deteriorating fundamental trends.

•

At period end, the Trust’s portfolio management maintained a bias toward issues and credits with strong cash-flow expectations, a specific potential catalyst and/or idiosyncratic issuer characteristics.

Overview of the Trust’s Total Investments


Portfolio Composition	8/31/17			8/31/16
Corporate Bonds		82	%		79	%
Floating Rate Loan Interests		8			9
Preferred Securities		5			4
Asset-Backed Securities		3			2
Investment Companies		1			1
Common Stocks		1			4
Other		—	¹		1

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


Credit Quality Allocation^2,3	8/31/17			8/31/16
A		1	%		3	%
BBB/Baa		7			10
BB/Ba		37			40
B		41			35
CCC/Caa		9			8
N/R		5			4

Excludes Short-Term Securities, Options Purchased and Options Written.



ANNUAL REPORT	AUGUST 31, 2017	9


Trust Summary as of August 31, 2017				BlackRock Income Trust, Inc.

Trust Overview

BlackRock Income Trust, Inc.’s (BKT) (the “Trust”) investment objective is to manage a portfolio of high-quality securities to achieve both preservation of capital and high monthly income. The Trust seeks to achieve its investment objective by investing at least 65% of its assets in mortgage-backed securities. The Trust invests at least 80% of its assets in securities that are (i) issued or guaranteed by the U.S. government or one of its agencies or instrumentalities or (ii) rated at the time of investment either AAA by S&P or Aaa by Moody’s. The Trust may invest directly in such securities or synthetically through the use of derivatives.

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


Trust Information
Symbol on NYSE		BKT
Initial Offering Date		July 22, 1988
Current Distribution Rate on Closing Market Price as of August 31, 2017 (6.31)¹		5.04%
Current Monthly Distribution per Common Share²		$0.0265
Current Annualized Distribution per Common Share²		$0.3180
Economic Leverage as of August 31, 2017³		30%

The distribution rate is not constant and is subject to change.


Market Price and Net Asset Value Per Share Summary


	8/31/17		8/31/16		Change			High		Low
Market Price	$	6.31	$	6.60		(4.39	)%	$	6.61	$	6.08
Net Asset Value	$	6.74	$	6.96		(3.16	)%	$	6.98	$	6.65


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

LOGO



10	ANNUAL REPORT	AUGUST 31, 2017


		BlackRock Income Trust, Inc.

Performance and Portfolio Management Commentary

Returns for the period ended August 31, 2017 were as follows:


	Average Annual Total Returns
	1 Year			3 Years			5 Years
Trust at NAV^1,2		1.82	%		3.00	%		2.69	%
Trust at Market Price^1,2		0.53			5.03			2.16
Citigroup Mortgage Index³		0.81			2.46			2.04

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

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

This unmanaged index (the “Reference Benchmark”) includes all outstanding government sponsored fixed rate mortgage-backed securities, weighted in proportion to their current market capitalization.

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

Past performance is not indicative of future results.

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

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

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

What factors influenced performance?

•

The largest contributors to performance during the 12-month period were the Trust’s interest rate risk management strategies, utilizing U.S. Treasury futures held as short positions against the Trust’s long positions in agency mortgage-backed securities (“MBS”). This positioning benefited performance as rates moved higher. Other contributions to returns came from allocations to agency collateralized mortgage obligations (“CMOs”), 30-year agency pass-through positions, allocations to agency interest-only and principal-only bonds, and holdings in legacy (i.e., issued prior to 2008) non-agency residential MBS and commercial mortgage-backed securities (“CMBS”).

•

The largest detractors from performance were swap- and swaption-based strategies, and allocations to U.S. agency securities, although the negative effect on the Trust’s return from each was minimal.

•

The Trust held derivatives during the period as a part of its investment strategy. Derivatives are used by the portfolio management team as a means to manage interest rate risk and/or take outright views on interest rates and/or credit risk positions in the portfolio. A short position in U.S. Treasury futures held as a strategy to MBS positions contributed strongly to performance into the post-election selloff in interest rates. The Trust also tactically allocated to mortgage derivatives to gain specific market exposure to collateral stories when relative value opportunities presented themselves. The Trust’s overall use of derivatives had a positive effect on performance during the period.

Describe recent portfolio activity.

•

The Trust decreased its exposure to agency pass-throughs during the period, while maintaining exposure to agency CMOs. The Trust’s allocation to legacy non-agency residential MBS was unchanged. Within CMBS, exposures were slightly reduced as the risk profile became less favorable in the wake of significant spread tightening. The Trust’s allocation to asset-backed securities remained minimal.

Describe portfolio positioning at period end.

•

At period end, the Trust’s portfolio management remained constructive regarding the agency mortgage sector. Portfolio management believes that many high quality mortgage cash flows appear attractive versus other sectors, especially given the fact that agency mortgages have broadly underperformed most credit sectors since November 2016. The Trust continued to favor less-prepayment-sensitive issues through overweight positions in high quality and well-structured agency CMOs, as well as specified pools where the attributes of the underlying borrower help to improve the overall risk profile. With spreads in most risk assets at their tightest levels since mid-2014, the Trust’s exposures to securitized assets such as legacy non-agency residential MBS and CMBS have remained minimal, as the Trust’s portfolio management has little conviction in the Trust holding spread assets purely for price appreciation.



ANNUAL REPORT	AUGUST 31, 2017	11


				BlackRock Income Trust, Inc.

Overview of the Trust’s Total Investments


Portfolio Composition	8/31/17			8/31/16
U.S. Government Sponsored Agency Securities		113	%		97	%
U.S. Treasury Obligations		2			2
Short-Term Securities		2			1
Non-Agency Mortgage-Backed Securities		1			1
Asset-Backed Securities		—	¹		1
Borrowed Bonds¹		—			—
TBA Sale Commitments		(18	)		(2	)

Representing less than 1% of the Trust’s total investments.


Credit Quality Allocation^2,3	8/31/17			8/31/16
AAA/Aaa⁴		99	%		99	%
BBB		1			1

Excludes Money Market Funds.

⁴



12	ANNUAL REPORT	AUGUST 31, 2017


The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the distribution rate on, and net asset value (“NAV”) of, their common shares (“Common Shares”). However, these objectives cannot be achieved in all interest rate environments.

In general, the concept of leveraging is based on the premise that the financing cost of leverage, which is based on short-term interest rates, is normally lower than the income earned by a Trust on its longer-term portfolio investments purchased with the proceeds from leverage. To the extent that the total assets of the Trusts (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trusts’ shareholders benefit from the incremental net income. The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV.

To illustrate these concepts, assume a Trust’s capitalization is $100 million and it utilizes leverage for an additional $30 million, creating a total value of $130 million available for investment in longer-term income securities. If prevailing short-term interest rates are 3% and longer-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, a Trust’s financing costs on the $30 million of proceeds obtained from leverage are based on the lower short-term interest rates. At the same time, the securities purchased by a Trust with the proceeds from leverage earn income based on longer-term interest rates. In this case, a Trust’s financing cost of leverage is significantly lower than the income earned on a Trust’s longer-term investments acquired from such leverage proceeds, and therefore the holders of Common Shares (“Common Shareholders”) are the beneficiaries of the incremental net income.

However, in order to benefit shareholders, the return on assets purchased with leverage proceeds must exceed the ongoing costs associated with the leverage. If interest and other costs of leverage exceed the Trusts’ return on assets purchased with leverage proceeds, income to shareholders is lower than if the Trusts had not used leverage. Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the value of the Trusts’ obli-

gations under their respective leverage arrangements generally does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAVs positively or negatively. Changes in the future direction of interest rates are very difficult to predict accurately, and there is no assurance that the Trusts’ intended leveraging strategy will be successful.

The use of leverage also generally causes greater changes in each Trust’s NAV, market price and dividend rates than comparable portfolios without leverage. In a declining market, leverage is likely to cause a greater decline in the NAV and market price of a Trust’s shares than if the Trust were not leveraged. In addition, each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause the Trusts to incur losses. The use of leverage may limit a Trust’s ability to invest in certain types of securities or use certain types of hedging strategies. Each Trust incurs expenses in connection with the use of leverage, all of which are borne by shareholders and may reduce income to the shareholders. Moreover, to the extent the calculation of the Trusts’ investment advisory fees includes assets purchased with the proceeds of leverage, the investment advisory fees payable to the Trusts’ investment adviser will be higher than if the Trusts did not use leverage.

Each Trust may utilize leverage through a credit facility or reverse repurchase agreements as described in the Notes to Financial Statements.

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

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


Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the

transaction or illiquidity of the instrument. The Trusts’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Trust can realize on an investment and/or may result in lower distributions paid to shareholders. The Trusts’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.



ANNUAL REPORT	AUGUST 31, 2017	13

Schedule of Investments August 31, 2017

BlackRock Core Bond Trust (BHK)

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities — 10.9%
AIMCO CLO, Series 2014-AA, Class DR, (3 mo. LIBOR US + 3.250%), 4.56%, 7/20/26 (a)(b)		USD	795	$	795,016
ALM VI Ltd., Series 2012-6A, Class B2RR, (3 mo. LIBOR US + 2.050%), 3.35%, 7/15/26 (a)(b)			1,000		1,000,305
ALM XVI Ltd/ALM XVI LLC, Series 2015-16A, Class C2R, (3 mo. LIBOR US + 3.200%), 4.50%, 7/15/27 (a)(b)			2,080		2,061,913
Anchorage Capital CLO Ltd. (a)(b):
Series 2014-4A, Class CR, (3 mo. LIBOR US + 3.400%), 4.71%, 7/28/26			1,975		1,974,519
Series 2016-9A, Class D, (3 mo. LIBOR US + 4.000%), 5.30%, 1/15/29			650		657,500
Apidos CLO XIX, Series 2014-19A, Class DR, (3 mo. LIBOR US + 3.400%), 4.70%, 10/17/26 (a)(b)			1,000		1,005,339
Ares XXVIII CLO Ltd., Series 2013-3A, Class DR, (3 mo. LIBOR US + 3.250%), 4.55%, 10/17/24 (a)(b)			1,000		1,002,911
Ares XXXII CLO Ltd., Series 2014-32A, Class CR, (3 mo. LIBOR US + 3.450%), 4.77%, 11/15/25 (a)(b)			1,250		1,250,128
Atlas Senior Loan Fund Ltd., (3 mo. LIBOR US + 3.900%), 5.10%, 11/30/28 (a)(b)			1,250		1,255,283
Babson CLO Ltd., Series 2013-IA, Class D, (3 mo. LIBOR US + 3.500%), 4.81%, 4/20/25 (a)(b)			1,500		1,506,041
Ballyrock CLO LLC, Series 2014-1A, Class CR, (3 mo. LIBOR US + 3.650%), 4.96%, 10/20/26 (a)(b)			1,970		1,953,497
Battalion CLO VII Ltd., Series 2014-7A, Class C, (3 mo. LIBOR US + 3.900%), 5.20%, 10/17/26 (a)(b)			1,000		1,000,011
BlueMountain CLO Ltd., Series 2014-3A, Class CR, (3 mo. LIBOR US + 3.200%), 4.50%, 10/15/26 (a)(b)			1,000		1,000,531
Bowman Park CLO Ltd., Series 2014-1A, Class D2R, (3 mo. LIBOR US + 3.350%), 4.66%, 11/23/25 (a)(b)			3,000		3,005,354
CenterPoint Energy Transition Bond Co. IV LLC, Series 2012-1, Class A3, 3.03%, 10/15/25			2,210		2,296,680
CIFC Funding Ltd. (a)(b):
Series 2012-3A, Class B1R, (3 mo. LIBOR US + 4.000%), 5.31%, 1/29/25			2,500		2,510,769
Series 2014-4A, Class D, (3 mo. LIBOR US + 3.400%), 4.70%, 10/17/26			2,000		2,010,325
Countrywide Asset-Backed Certificates, Series 2006-13, Class 3AV2, (1 mo. LIBOR US + 0.150%), 1.38%, 1/25/37 (a)			237		235,035
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (b)			3,857		3,955,551


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
Dryden Senior Loan Fund (a)(b):
Series 2014-31A, Class DR, (3 mo. LIBOR US + 3.350%), 4.65%, 4/18/26		USD	1,250	$	1,256,709
Series 2014-34A, Class CR, (3 mo. LIBOR US + 2.150%), 3.45%, 10/15/26			1,000		1,001,635
Series 2015-41A, Class A, (3 mo. LIBOR US + 1.500%), 2.80%, 1/15/28			2,550		2,557,653
Galaxy XIV CLO Ltd., Series 2012-14A, Class DR, (3 mo. LIBOR US + 4.300%), 5.62%, 11/15/26 (a)(b)			1,000		1,003,917
Galaxy XV CLO Ltd., Series 2013-15A, Class C, (3 mo. LIBOR US + 2.600%), 3.90%, 4/15/25 (a)(b)			1,000		1,000,453
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class D, (3 mo. LIBOR US + 3.500%), 4.81%, 10/29/26 (a)			1,000		1,001,667
Highbridge Loan Management Ltd., Series 5A-2015 (a)(b):
Class C1R, (3 mo. LIBOR US + 2.100%), 3.41%, 1/29/26			4,000		4,010,088
Class D1R, (3 mo. LIBOR US + 3.300%), 4.61%, 1/29/26			500		500,260
Limerock CLO III LLC, Series 2014-3A, Class C, (3 mo. LIBOR US + 3.600%), 4.91%, 10/20/26 (a)(b)			3,750		3,749,290
Madison Park Funding XV Ltd., Series 2014-15A, Class B1R, (3 mo. LIBOR US + 2.200%), 3.52%, 1/27/26 (a)(b)			1,800		1,802,874
Nelnet Student Loan Trust, Series 2006-1, Class A5, (3 mo. LIBOR US + 0.110%), 1.42%, 8/23/27 (a)			670		667,824
Neuberger Berman CLO XV, Series 2013-15A, Class D, (3 mo. LIBOR US + 3.250%), 4.55%, 10/15/25 (a)(b)			1,000		997,613
Neuberger Berman CLO XVIII Ltd., Series 2014-18A, Class CR, (3 mo. LIBOR US + 4.250%), 5.56%, 11/14/27 (a)(b)			2,250		2,267,485
Oaktree EIF II Ltd., Series 2015-B1A, Class C, (3 mo. LIBOR US + 3.100%), 4.42%, 2/15/26 (a)(b)			1,000		1,000,954
OCP CLO Ltd., Series 2012-2A, Class DR, (3 mo. LIBOR US + 4.470%), 5.78%, 11/22/25 (a)(b)			1,000		1,005,988
Octagon Investment Partners XXI Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 3.650%), 4.96%, 11/14/26 (a)(b)			2,000		2,010,482
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 7/18/25 (b)			5,000		5,009,181
OZLM Funding III Ltd., Series 2013-3A, Class BR, (3 mo. LIBOR US + 3.000%), 4.31%, 1/22/29 (a)(b)			1,500		1,517,871
OZLM VII Ltd., Series 2014-7A, Class CR, (3 mo. LIBOR US + 3.500%), 4.80%, 7/17/26 (a)(b)			950		954,589

Portfolio Abbreviations


AUD	Australian Dollar	GBP	British Pound	OTC	Over-the-Counter
CAD	Canadian Dollar	GO	General Obligation Bonds	PIK	Payment-In-Kind
CHF	Swiss Franc	ICE	Intercontinental Exchange	RB	Revenue Bonds
CLO	Collateralized Loan Obligation	JPY	Japanese Yen	SEK	Swedish Krona
ETF	Exchange-Traded Fund	LIBOR	London Interbank Offered Rate	USD	U.S. Dollar
EUR	Euro	NOK	Norwegian Krone
EURIBOR	Euro Interbank Offered Rate	NZD	New Zealand Dollar


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Asset-Backed Securities	Par (000)			Value
Asset-Backed Securities (continued)
OZLM VIII Ltd., Series 2014-8A, Class CR, (3 mo. LIBOR US + 3.400%), 4.70%, 10/17/26 (a)(b)		USD	1,750	$	1,750,919
Regatta V Funding Ltd., Series 2014-1A, Class C, (3 mo. LIBOR US + 3.450%), 4.76%, 10/25/26 (a)(b)			2,000		1,999,526
Rockford Tower CLO Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.250%), 4.62%, 4/15/29 (a)(b)			750		720,820
SLM Private Education Loan Trust (b):
Series 2012-A, Class A2, 3.83%, 1/17/45			542		550,784
Series 2014-A, Class B, 3.50%, 11/15/44			500		513,517
SMB Private Education Loan Trust, Series 2015-C, Class C, 4.50%, 9/17/46 (b)			5,900		6,056,650
Sound Point CLO IV Ltd., Series 2013-3A, Class DR, (3 mo. LIBOR US + 3.400%), 4.71%, 1/21/26 (a)(b)			700		700,326
Sound Point CLO VII Ltd., Series 2014-3A, Class D, (3 mo. LIBOR US + 3.600%), 4.91%, 1/23/27 (a)(b)			1,250		1,251,446
Sound Point CLO XIV Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 3.850%), 5.16%, 1/23/29 (a)(b)			1,550		1,565,382
Stewart Park CLO Ltd., Series 2015-1A, Class D, (3 mo. LIBOR US + 3.450%), 4.75%, 4/15/26 (a)(b)			1,000		1,000,831
Structured Asset Securities Corp., Series 2002-AL1, Class A2, 3.45%, 2/25/32			664		661,516
THL Credit Wind River CLO Ltd., Series 2014-3A, Class DR, (3 mo. LIBOR US + 3.350%), 4.66%, 1/22/27 (a)(b)			1,000		1,000,539
Voya CLO Ltd., Series 2016-3A, Class D, (3 mo. LIBOR US + 6.850%), 8.15%, 10/18/27 (a)(b)			615		618,550
World Financial Network Credit Card Master Trust, Series 2012-C, Class C, 4.55%, 8/15/22			2,360		2,414,639
York CLO-3 Ltd., Series 2016-1A, Class DR, (3 mo. LIBOR US + 3.600%), 4.91%, 10/20/29 (a)(b)(c)			1,750		1,750,000
York CLO-4 Ltd., Series 2016-2A, Class D, (3 mo. LIBOR US + 4.100%), 5.41%, 1/20/30 (a)(b)			1,500		1,513,539

					87,862,225
Interest Only Asset-Backed Securities — 0.0%
Sterling Bank Trust, Series 2004-2, Class Note, 2.08%, 3/30/30 (b)(c)			2,779		166,761
Sterling Coofs Trust, Series 2004-1, Class A, 2.36%, 4/15/29 (b)(c)			3,477		153,177

					319,938
Total Asset-Backed Securities — 10.9%					88,182,163



Corporate Bonds
Aerospace & Defense — 1.1%
Arconic, Inc.:
5.40%, 4/15/21			340		364,650
5.13%, 10/01/24			605		641,300
5.90%, 2/01/27			70		76,300
6.75%, 1/15/28			54		61,560
5.95%, 2/01/37			30		31,419


Corporate Bonds	Par (000)			Value
Aerospace & Defense (continued)
Bombardier, Inc. (b):
8.75%, 12/01/21		USD	564	$	640,665
6.00%, 10/15/22			115		116,725
6.13%, 1/15/23			380		389,857
7.50%, 3/15/25			314		334,214
Eaton Corp., 4.15%, 11/02/42			500		516,053
KLX, Inc., 5.88%, 12/01/22 (b)			791		829,561
Koppers, Inc., 6.00%, 2/15/25 (b)			151		160,060
Kratos Defense & Security Solutions, Inc., 7.00%, 5/15/19			60		60,900
Lockheed Martin Corp., 4.70%, 5/15/46			1,250		1,417,721
Moog, Inc., 5.25%, 12/01/22 (b)			180		186,750
TransDigm, Inc.:
5.50%, 10/15/20			211		214,228
6.00%, 7/15/22			635		657,225
6.50%, 7/15/24			191		198,401
6.50%, 5/15/25			132		135,960
6.38%, 6/15/26			26		26,748
United Technologies Corp., 6.13%, 7/15/38			1,450		1,875,263

					8,935,560
Air Freight & Logistics — 0.3%
FedEx Corp., 4.75%, 11/15/45			1,250		1,355,162
XPO Logistics, Inc.:
5.75%, 6/15/21		EUR	100		123,780
6.50%, 6/15/22 (b)		USD	535		562,873

					2,041,815
Airlines — 2.1%
Air Canada Pass-Through Trust, Series 2015-1, Class B, 3.88%, 9/15/24 (b)			1,786		1,781,916
American Airlines Pass-Through Trust:
Series 2013-2, Class A, 4.95%, 7/15/24 (d)			3,437		3,684,013
Series 2015-2, Class A, 4.00%, 3/22/29			1,429		1,491,449
Series 2015-2, Class AA, 3.60%, 3/22/29			1,429		1,480,438
Series 2017-1, Class B, 4.95%, 8/15/26			1,925		2,009,315
Continental Airlines Pass-Through Trust:
Series 2010-1, Class B, 6.00%, 7/12/20			331		340,502
Series 2012-3, Class C, 6.13%, 4/29/18			150		153,143
United Airlines Pass-Through Trust:
Series 2013-1, Class A, 4.30%, 2/15/27			3,409		3,630,896
Series 2014-2, Class B, 4.63%, 3/03/24			2,358		2,435,123

					17,006,795
Auto Components — 0.4%
Allison Transmission, Inc., 5.00%, 10/01/24 (b)			19		19,570
Delphi Automotive PLC, 4.40%, 10/01/46			465		473,287
Faurecia, 3.63%, 6/15/23		EUR	100		125,531
FTE Verwaltungs GmbH, 9.00%, 7/15/20			100		123,597
Gestamp Funding Luxembourg SA, 3.50%, 5/15/23			100		124,527
HP Pelzer Holding GmbH, 4.13%, 4/01/24			100		122,170
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19		USD	367		370,670
6.25%, 2/01/22			350		360,937
6.75%, 2/01/24			252		265,306


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Auto Components (continued)
IHO Verwaltungs GmbH (e):
(2.75% Cash or 3.50% PIK), 2.75%, 9/15/21		EUR	100	$	122,081
(3.25% Cash or 4.00% PIK), 3.25%, 9/15/23			100		123,039
(4.13% Cash or 4.88% PIK), 4.13%, 9/15/21 (b)		USD	200		202,750
(4.50% Cash or 5.25% PIK), 4.50%, 9/15/23 (b)			205		208,587
Tesla, Inc., 5.30%, 8/15/25 (b)			242		238,660
ZF North America Capital, Inc., 4.75%, 4/29/25 (b)			150		157,313

					3,038,025
Automobiles — 0.9%
Ford Motor Co., 4.75%, 1/15/43 (d)			4,255		4,108,185
General Motors Co., 6.25%, 10/02/43			2,506		2,812,738

					6,920,923
Banks — 1.7%
Allied Irish Banks PLC, (5 year EUR Swap + 3.950%), 4.13%, 11/26/25 (f)			100		127,527
Banco Popolare, 2.75%, 7/27/20			100		124,214
Bankia SA, (5 year EUR Swap + 3.166%), 4.00%, 5/22/24 (f)			100		123,878
Barclays PLC, 3.65%, 3/16/25			4,320		4,347,929
CaixaBank SA, (5 year EUR Swap + 3.350%), 3.50%, 2/15/27 (f)		EUR	100		126,307
CIT Group, Inc.:
5.50%, 2/15/19 (b)		USD	69		72,191
5.00%, 8/15/22			410		443,784
5.00%, 8/01/23			395		429,069
Cooperatieve Rabobank UA, 3.95%, 11/09/22			1,500		1,580,908
HSBC Holdings PLC, 6.10%, 1/14/42			610		815,856
Santander Holdings USA, Inc., 4.50%, 7/17/25			2,000		2,092,570
Santander UK Group Holdings PLC, 2.88%, 8/05/21			1,250		1,259,665
Wells Fargo & Co., 3.90%, 5/01/45 (d)			2,250		2,278,907

					13,822,805
Beverages — 0.7%
Anheuser-Busch InBev Finance, Inc., 4.90%, 2/01/46 (d)			4,600		5,244,088
Biotechnology — 0.4%
Amgen, Inc., 4.40%, 5/01/45 (d)			2,250		2,349,271
Gilead Sciences, Inc., 4.80%, 4/01/44			1,000		1,112,379
Senvion Holding GmbH, 3.88%, 10/25/22		EUR	100		122,676

					3,584,326
Building Materials — 0.0%
Titan Global Finance PLC, 3.50%, 6/17/21			100		127,693
Building Products — 0.2%
American Builders & Contractors Supply Co., Inc., 5.75%, 12/15/23 (b)		USD	127		133,509
Building Materials Corp. of America (b):
5.38%, 11/15/24			29		30,305
6.00%, 10/15/25			200		215,000
CPG Merger Sub LLC, 8.00%, 10/01/21 (b)			320		332,000
Masonite International Corp., 5.63%, 3/15/23 (b)			200		208,500
Ply Gem Industries, Inc., 6.50%, 2/01/22			147		153,247
Standard Industries, Inc., 5.50%, 2/15/23 (b)			100		105,375


Corporate Bonds	Par (000)			Value
Building Products (continued)
USG Corp. (b):
5.50%, 3/01/25		USD	49	$	52,063
4.88%, 6/01/27			273		279,825

					1,509,824
Capital Markets — 2.7%
Blackstone CQP Holdco LP (b):
6.50%, 3/20/21			1,375		1,417,309
6.00%, 8/18/21			224		223,737
CDP Financial, Inc., 5.60%, 11/25/39 (b)(d)			5,890		7,753,044
Goldman Sachs Group, Inc., 3.75%, 5/22/25 (d)			8,965		9,247,983
LPL Holdings, Inc., 5.75%, 9/15/25 (b)			41		42,947
Morgan Stanley:
4.00%, 7/23/25			905		955,155
3.13%, 7/27/26			2,000		1,973,945
Raymond James Financial, Inc., 4.95%, 7/15/46			400		440,139

					22,054,259
Chemicals — 1.0%
Air Liquide Finance SA, 3.50%, 9/27/46 (b)			360		348,882
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 2/01/25 (b)			600		616,500
Axalta Coating Systems LLC, 4.88%, 8/15/24 (b)			161		164,623
Blue Cube Spinco, Inc.:
9.75%, 10/15/23			133		161,263
10.00%, 10/15/25			149		183,643
CF Industries, Inc.:
7.13%, 5/01/20			80		88,200
5.15%, 3/15/34			60		56,700
4.95%, 6/01/43			84		72,870
Chemours Co.:
6.63%, 5/15/23			182		193,148
7.00%, 5/15/25			44		48,510
5.38%, 5/15/27			299		311,707
Hexion, Inc., 10.38%, 2/01/22 (b)			122		118,950
Huntsman International LLC, 4.88%, 11/15/20			499		523,326
Ineos Finance PLC, 4.00%, 5/01/23		EUR	100		123,207
Inovyn Finance PLC, 6.25%, 5/15/21			80		99,284
Methanex Corp., 3.25%, 12/15/19		USD	1,650		1,662,531
Momentive Performance Materials, Inc., 3.88%, 10/24/21			735		736,837
NOVA Chemicals Corp. (b):
4.88%, 6/01/24			183		183,000
5.25%, 6/01/27			213		212,467
Platform Specialty Products Corp. (b):
10.38%, 5/01/21			37		40,561
6.50%, 2/01/22			1,098		1,139,175
PQ Corp., 6.75%, 11/15/22 (b)			251		271,707
PSPC Escrow Corp., 6.00%, 2/01/23		EUR	100		124,997
Tronox Finance LLC:
6.38%, 8/15/20		USD	101		102,641
7.50%, 3/15/22 (b)			43		45,043
Venator Finance Sarl/Venator Materials LLC, 5.75%, 7/15/25 (b)			100		102,500
Versum Materials, Inc., 5.50%, 9/30/24 (b)			81		85,253
WR Grace & Co-Conn (b):
5.13%, 10/01/21			187		203,362
5.63%, 10/01/24			80		86,800

					8,107,687
Commercial Services & Supplies — 0.8%
ADT Corp.:
6.25%, 10/15/21			80		86,964
3.50%, 7/15/22			129		128,587


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Commercial Services & Supplies (continued)
ADT Corp. (continued):
4.13%, 6/15/23		USD	264	$	267,300
4.88%, 7/15/32 (b)			371		343,639
Advanced Disposal Services, Inc., 5.63%, 11/15/24 (b)			151		157,040
Aviation Capital Group Corp. (b):
4.63%, 1/31/18			1,300		1,314,184
7.13%, 10/15/20			1,800		2,048,373
Booz Allen Hamilton, Inc., 5.13%, 5/01/25 (b)			283		283,255
CD&R Waterworks Merger Sub LLC, 6.13%, 8/15/25 (b)			245		249,900
Covanta Holding Corp., 5.88%, 7/01/25			91		90,317
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 7/15/23 (b)			115		112,700
Harland Clarke Holdings Corp., 8.38%, 8/15/22 (b)			190		203,062
Iron Mountain, Inc., 6.00%, 8/15/23			80		84,900
KAR Auction Services, Inc., 5.13%, 6/01/25 (b)			368		380,586
Mobile Mini, Inc., 5.88%, 7/01/24			343		355,005
Paprec Holding SA, 5.25%, 4/01/22		EUR	100		124,402
Park Aerospace Holdings Ltd., 5.25%, 8/15/22 (b)		USD	162		168,885
Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/25 (b)			226		235,040
United Rentals North America, Inc.:
7.63%, 4/15/22			6		6,258
5.75%, 11/15/24			60		64,218
5.88%, 9/15/26			95		103,407

					6,808,022
Communications Equipment — 0.3%
CommScope Technologies LLC, 5.00%, 3/15/27 (b)			252		251,131
CommScope, Inc., 5.00%, 6/15/21 (b)			250		256,562
Nokia OYJ:
3.38%, 6/12/22			72		72,720
4.38%, 6/12/27			101		103,746
6.63%, 5/15/39			135		155,250
Zayo Group LLC/Zayo Capital, Inc.:
6.00%, 4/01/23			776		821,357
6.38%, 5/15/25			108		116,067
5.75%, 1/15/27 (b)			441		468,002

					2,244,835
Construction & Engineering — 0.7%
AECOM, 5.13%, 3/15/27			33		33,578
BlueLine Rental Finance Corp., 9.25%, 3/15/24 (b)			773		844,039
Brand Energy & Infrastructure Services, Inc., 8.50%, 7/15/25 (b)			276		297,390
Engility Corp., 8.88%, 9/01/24			176		192,060
ITR Concession Co. LLC, 4.20%, 7/15/25 (b)			4,000		4,044,423
SPIE SA, 3.13%, 3/22/24		EUR	100		123,866
Tutor Perini Corp., 6.88%, 5/01/25 (b)		USD	94		101,050
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 8/15/25 (b)			81		78,570

					5,714,976
Construction Materials — 0.2%
American Tire Distributors, Inc., 10.25%, 3/01/22 (b)			262		270,515
H&E Equipment Services, Inc., 5.63%, 9/01/25 (b)			46		47,495
HD Supply, Inc., 5.75%, 4/15/24 (b)			575		616,688


Corporate Bonds	Par (000)			Value
Construction Materials (continued)
New Enterprise Stone & Lime Co., Inc., 10.13%, 4/01/22 (b)		USD	108	$	116,640
PulteGroup, Inc.:
5.50%, 3/01/26			76		81,700
6.00%, 2/15/35			27		27,675
Rexel SA, 3.50%, 6/15/23		EUR	100		125,384

					1,286,097
Consumer Discretionary — 0.0%
Arch Merger Sub, Inc., 8.50%, 9/15/25 (b)		USD	165		159,844
Nielsen Co. Luxembourg SARL, 5.00%, 2/01/25 (b)			117		120,802
ServiceMaster Co. LLC, 5.13%, 11/15/24 (b)			82		84,255

					364,901
Consumer Finance — 1.9%
Ally Financial, Inc.:
6.25%, 12/01/17			320		323,200
4.63%, 3/30/25			190		198,075
8.00%, 11/01/31			1,011		1,301,662
Capital One Financial Corp., 4.75%, 7/15/21 (d)			1,935		2,100,970
CDK Global, Inc., 4.88%, 6/01/27 (b)			271		275,065
Corivas Campus Living USG LLC, 5.30%, 7/01/50 (c)			5,700		5,845,787
Ford Motor Credit Co. LLC:
8.13%, 1/15/20			1,530		1,730,121
4.25%, 9/20/22			1,600		1,692,354
IHS Markit Ltd., 4.75%, 2/15/25 (b)			156		166,140
Navient Corp.:
5.00%, 10/26/20			180		184,725
6.63%, 7/26/21			165		175,931
6.50%, 6/15/22			34		35,913
5.50%, 1/25/23			280		282,800
7.25%, 9/25/23			173		187,636
6.13%, 3/25/24			21		21,420
5.88%, 10/25/24			56		56,588
6.75%, 6/25/25			112		115,360
5.63%, 8/01/33			101		84,587
OneMain Financial Holdings LLC (b):
6.75%, 12/15/19			101		105,419
7.25%, 12/15/21			100		104,875
Springleaf Finance Corp., 6.13%, 5/15/22			50		52,375

					15,041,003
Containers & Packaging — 0.9%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.00%, 6/30/21 (b)			200		205,350
4.25%, 9/15/22 (b)			200		205,000
4.63%, 5/15/23 (b)			271		278,453
2.75%, 3/15/24		EUR	100		122,021
6.75%, 5/15/24			100		133,330
7.25%, 5/15/24 (b)		USD	1,475		1,627,072
6.00%, 2/15/25 (b)			202		215,130
4.75%, 7/15/27		GBP	100		130,773
Ball Corp., 5.00%, 3/15/22		USD	141		150,870
BWAY Holding Co., 5.50%, 4/15/24 (b)			591		616,856
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26			75		75,375
Horizon Holdings I SASU, 7.25%, 8/01/23		EUR	100		127,378
JH-Holding Finance SA, (8.25% PIK), 8.25%, 12/01/22 (e)			100		130,301
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20		USD	194		197,616


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Containers & Packaging (continued)
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (continued):
6.88%, 2/15/21		USD	305	$	312,620
(3 mo. LIBOR US + 3.500%), 4.80%, 7/15/21 (a)(b)			374		381,013
5.13%, 7/15/23 (b)			161		167,793
7.00%, 7/15/24 (b)			851		911,634
Sappi Papier Holding GmbH, 4.00%, 4/01/23		EUR	100		125,680
Sealed Air Corp., 4.88%, 12/01/22 (b)		USD	465		489,413
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 5/01/22 (b)			498		514,185
Silgan Holdings, Inc., 3.25%, 3/15/25		EUR	100		122,468
Verallia Packaging SASU, 5.13%, 8/01/22			100		126,104

					7,366,435
Diversified Consumer Services — 0.3%
APX Group, Inc.:
6.38%, 12/01/19		USD	21		21,470
8.75%, 12/01/20			157		161,710
7.88%, 12/01/22			121		131,285
Ascend Learning LLC, 6.88%, 8/01/25 (b)			164		170,560
GW Honos Security Corp., 8.75%, 5/15/25 (b)			58		61,928
Laureate Education, Inc., 8.25%, 5/01/25 (b)			210		228,375
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (b)			1,588		1,754,740
Sotheby’s, 5.25%, 10/01/22 (b)			128		131,360

					2,661,428
Diversified Financial Services — 3.8%
Aircastle Ltd., 6.25%, 12/01/19			353		380,357
ASP AMC Merger Sub, Inc., 8.00%, 5/15/25 (b)			42		39,900
Bank of America Corp.:
5.63%, 7/01/20			2,200		2,408,958
3.25%, 10/21/27			5,500		5,420,848
FBM Finance, Inc., 8.25%, 8/15/21 (b)			185		197,488
FMR LLC, 4.95%, 2/01/33 (b)(d)			2,300		2,623,647
General Electric Co., 6.15%, 8/07/37 (d)			2,150		2,861,688
General Motors Financial Co., Inc., 4.25%, 5/15/23			807		841,162
IntercontinentalExchange Group, Inc., 4.00%, 10/15/23			470		506,518
Intesa Sanpaolo SpA, 5.02%, 6/26/24 (b)			3,151		3,224,946
Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)			595		612,850
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 8/15/24 (e)		EUR	100		120,193
Mercury Bondco PLC, (8.25% Cash or 9.00% PIK), 8.25%, 5/30/21 (e)			100		124,997
Moody’s Corp., 4.50%, 9/01/22 (d)		USD	1,800		1,955,148
Northern Trust Corp., 3.95%, 10/30/25			8,000		8,585,393
SPARC EM SPC Panama Metro Line 2 SP, 0.00%, 12/05/22 (b)(h)			280		253,540
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 6/01/25 (b)			147		150,308
UniCredit SpA, (5 year EUR Swap + 4.100%), 5.75%, 10/28/25 (f)		EUR	107		141,332

					30,449,273
Diversified Telecommunication Services — 3.5%
AT&T, Inc. (d):
6.38%, 3/01/41		USD	520		617,515
5.15%, 3/15/42			2,400		2,450,291
4.75%, 5/15/46			2,710		2,597,457


Corporate Bonds	Par (000)			Value
Diversified Telecommunication Services (continued)
CenturyLink, Inc.:
Series P, 7.60%, 9/15/39		USD	7	$	6,178
Series S, 6.45%, 6/15/21			437		457,211
Series T, 5.80%, 3/15/22			172		170,925
Series U, 7.65%, 3/15/42			138		121,440
Series W, 6.75%, 12/01/23			185		188,931
Cincinnati Bell, Inc., 7.00%, 7/15/24 (b)			307		303,930
Frontier Communications Corp.:
8.13%, 10/01/18			195		199,631
7.13%, 3/15/19			220		218,625
7.13%, 1/15/23			27		21,195
7.63%, 4/15/24			115		90,850
6.88%, 1/15/25			915		695,400
Level 3 Financing, Inc.:
5.38%, 8/15/22			127		130,658
5.63%, 2/01/23			149		153,470
5.13%, 5/01/23			95		96,544
5.38%, 1/15/24			114		116,531
5.38%, 5/01/25			123		126,383
5.25%, 3/15/26			591		604,297
OTE PLC, 3.50%, 7/09/20		EUR	100		124,993
Qwest Corp., 6.75%, 12/01/21		USD	90		98,746
SoftBank Group Corp., (5 year USD ICE Swap + 4.854%), 6.88% (f)(g)			200		205,800
Telecom Italia Capital SA:
6.38%, 11/15/33			134		153,095
6.00%, 9/30/34			390		430,950
7.20%, 7/18/36			202		251,490
7.72%, 6/04/38			48		61,670
Telecom Italia SpA:
1.13%, 3/26/22 (i)		EUR	100		118,807
3.63%, 1/19/24			200		266,485
Verizon Communications, Inc. (d):
6.40%, 2/15/38		USD	6,879		8,432,891
6.55%, 9/15/43			6,751		8,454,024

					27,966,413
Electric Utilities — 6.0%
AES Corp.:
4.88%, 5/15/23			190		194,275
5.13%, 9/01/27			70		71,225
Berkshire Hathaway Energy Co., 6.50%, 9/15/37 (d)			5,515		7,519,170
Black Hills Corp., 3.15%, 1/15/27			405		400,999
Cleveland Electric Illuminating Co., 5.95%, 12/15/36			434		533,039
CMS Energy Corp., 5.05%, 3/15/22 (d)			1,832		2,031,398
Duke Energy Carolinas LLC:
6.10%, 6/01/37			640		843,917
6.00%, 1/15/38			1,675		2,238,672
4.25%, 12/15/41			750		819,600
Duke Energy Florida LLC, 6.40%, 6/15/38			770		1,071,424
E.ON International Finance BV, 6.65%, 4/30/38 (b)			3,100		4,043,873
Electricite de France SA, 5.60%, 1/27/40 (b)(d)			2,800		3,325,296
Enel Finance International NV, 3.63%, 5/25/27 (b)			1,250		1,265,503
Florida Power Corp., 6.35%, 9/15/37 (d)			2,775		3,858,687
Jersey Central Power & Light Co., 7.35%, 2/01/19			490		524,332
Ohio Power Co., Series D, 6.60%, 3/01/33 (d)			3,000		3,903,712
PacifiCorp, 6.25%, 10/15/37 (d)			1,225		1,658,658
Public Service Co. of Colorado, Series 17, 6.25%, 9/01/37 (d)			2,550		3,483,208


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Electric Utilities (continued)
Southern California Edison Co.:
5.63%, 2/01/36 (d)		USD	1,300	$	1,649,214
Series A, 5.95%, 2/01/38			2,175		2,867,693
Southern Co., 4.40%, 7/01/46			1,000		1,035,316
Talen Energy Supply LLC, 6.50%, 6/01/25			57		41,610
Virginia Electric & Power Co., Series A, 6.00%, 5/15/37			3,920		5,155,259

					48,536,080
Electrical Equipment — 0.0%
Anixter, Inc., 5.63%, 5/01/19			35		36,706
Areva SA, 4.88%, 9/23/24		EUR	50		66,132
Trionista TopCo GmbH, 6.88%, 4/30/21			110		136,226

					239,064
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC/CDW Finance Corp.:
5.00%, 9/01/23		USD	134		139,528
5.50%, 12/01/24			350		383,687
5.00%, 9/01/25			72		75,060
SESI LLC, 7.75%, 9/15/24 (b)			140		141,400

					739,675
Energy Equipment & Services — 0.7%
Ensco PLC:
4.50%, 10/01/24			102		74,460
5.20%, 3/15/25			25		18,625
Enterprise Products Operating LLC, 6.13%, 10/15/39 (d)			1,400		1,743,973
Gates Global LLC/Gates Global Co.:
5.75%, 7/15/22		EUR	100		121,366
6.00%, 7/15/22 (b)		USD	520		532,896
Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 2/15/21			142		142,000
GrafTech International Ltd., 6.38%, 11/15/20			600		556,500
Halliburton Co., 5.00%, 11/15/45			500		541,792
Noble Holding International Ltd., 4.63%, 3/01/21			8		6,820
Pattern Energy Group, Inc., 5.88%, 2/01/24 (b)			148		155,030
Pioneer Energy Services Corp., 6.13%, 3/15/22			185		147,075
Precision Drilling Corp.:
6.50%, 12/15/21			70		67,900
5.25%, 11/15/24			90		78,525
Transocean, Inc.:
6.00%, 3/15/18			35		35,656
5.80%, 10/15/22			331		313,623
9.00%, 7/15/23 (b)			426		452,625
6.80%, 3/15/38			47		35,955
Trinidad Drilling Ltd., 6.63%, 2/15/25 (b)			243		224,775
Weatherford International Ltd.:
7.75%, 6/15/21			185		185,000
8.25%, 6/15/23			55		53,900
9.88%, 2/15/24 (b)			106		108,385

					5,596,881
Environmental, Maintenance, & Security Service — 0.1%
Befesa Zinc SAU Via Zinc Capital SA, 8.88%, 5/15/18		EUR	100		119,531
Tervita Escrow Corp., 7.63%, 12/01/21 (b)		USD	276		277,380

					396,911
Food & Staples Retailing — 0.6%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 6/15/24			124		118,358
5.75%, 3/15/25			68		61,285


Corporate Bonds	Par (000)			Value
Food & Staples Retailing (continued)
Casino Guichard Perrachon SA:
5.98%, 5/26/21		EUR	100	$	140,130
4.56%, 1/25/23			100		134,399
CVS Health Corp., 5.13%, 7/20/45		USD	2,000		2,306,154
Dollar Tree, Inc., 5.75%, 3/01/23			784		827,120
Rite Aid Corp.:
6.75%, 6/15/21			59		61,065
6.13%, 4/01/23 (b)			161		157,981
7.70%, 2/15/27			73		70,080
Walgreens Boots Alliance, Inc., 4.80%, 11/18/44			1,000		1,077,397

					4,953,969
Food Products — 0.3%
Acosta, Inc., 7.75%, 10/01/22 (b)			150		112,125
Aramark Services, Inc., 4.75%, 6/01/26			151		158,218
B&G Foods, Inc., 5.25%, 4/01/25			121		124,328
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 4/15/25 (b)			267		290,362
JBS USA LLC/JBS USA Finance, Inc. (b):
5.88%, 7/15/24			122		123,525
5.75%, 6/15/25			503		504,257
Post Holdings, Inc. (b):
5.50%, 3/01/25			333		346,320
5.00%, 8/15/26			126		126,000
5.75%, 3/01/27			285		294,975
WhiteWave Foods Co., 5.38%, 10/01/22			119		134,457

					2,214,567
Health Care Equipment & Supplies — 0.4%
Crimson Merger Sub, Inc., 6.63%, 5/15/22 (b)			704		689,920
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (b)			596		566,379
IASIS Healthcare LLC/IASIS Capital Corp., 8.38%, 5/15/19			160		160,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (b):
5.75%, 8/01/22			12		11,820
5.63%, 10/15/23			154		147,455
5.50%, 4/15/25			308		287,210
Medtronic, Inc., 4.50%, 3/15/42			750		848,667
Teleflex, Inc., 5.25%, 6/15/24			170		178,500

					2,889,951
Health Care Providers & Services — 1.7%
Acadia Healthcare Co., Inc.:
5.63%, 2/15/23			194		202,245
6.50%, 3/01/24			258		277,350
Aetna, Inc., 4.50%, 5/15/42			575		636,028
Alere, Inc., 6.38%, 7/01/23 (b)			114		121,980
Amsurg Corp., 5.63%, 7/15/22			553		575,120
Centene Corp.:
5.63%, 2/15/21			401		417,040
6.13%, 2/15/24			51		54,889
4.75%, 1/15/25			350		361,375
CHS/Community Health Systems, Inc.:
8.00%, 11/15/19			98		97,142
7.13%, 7/15/20			250		235,156
5.13%, 8/01/21			151		151,189
6.88%, 2/01/22			76		62,985
6.25%, 3/31/23			474		477,555
DaVita, Inc., 5.13%, 7/15/24			277		282,713
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 5/15/22 (b)(e)			177		182,974


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Health Care Providers & Services (continued)
Envision Healthcare Corp. (b):
5.13%, 7/01/22		USD	365	$	379,144
6.25%, 12/01/24			193		207,957
HCA, Inc.:
6.50%, 2/15/20			916		997,506
4.75%, 5/01/23			562		592,798
5.00%, 3/15/24			315		334,687
5.38%, 2/01/25			868		915,740
5.25%, 4/15/25			256		276,160
5.88%, 2/15/26			339		365,696
5.25%, 6/15/26			381		410,051
4.50%, 2/15/27			380		385,225
5.50%, 6/15/47			585		604,744
HealthSouth Corp., 5.75%, 11/01/24			26		26,780
Hologic, Inc., 5.25%, 7/15/22 (b)			360		379,008
MEDNAX, Inc., 5.25%, 12/01/23 (b)			134		138,690
Molina Healthcare, Inc., 4.88%, 6/15/25 (b)			71		69,758
MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (b)			551		590,947
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (b)			189		200,576
Sterigenics-Nordion Holdings LLC, 6.50%, 5/15/23 (b)			95		97,850
Surgery Center Holdings, Inc. (b):
8.88%, 4/15/21			98		100,695
6.75%, 7/01/25			183		172,706
Tenet Healthcare Corp.:
6.00%, 10/01/20			324		344,960
7.50%, 1/01/22 (b)			100		107,750
8.13%, 4/01/22			905		950,250
6.75%, 6/15/23			258		255,962
4.63%, 7/15/24 (b)			126		125,975
THC Escrow Corp. III (b):
5.13%, 5/01/25			424		426,629
7.00%, 8/01/25			252		246,882
Vizient, Inc., 10.38%, 3/01/24 (b)			50		57,500
WellCare Health Plans, Inc., 5.25%, 4/01/25			58		60,755

					13,959,122
Health Care Technology — 0.0%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 3/01/25 (b)			160		164,600
Quintiles IMS, Inc., 3.25%, 3/15/25 (b)		EUR	100		122,440

					287,040
Hotels, Restaurants & Leisure — 2.8%
Burger King France SAS, (3 mo. Euribor + 5.250%), 5.25%, 5/01/23 (a)			100		123,027
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20		USD	1,346		1,379,650
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21		EUR	100		122,162
CPUK Finance Ltd., 4.25%, 2/28/47		GBP	100		131,101
ESH Hospitality, Inc., 5.25%, 5/01/25 (b)		USD	88		90,640
GLP Capital LP/GLP Financing II, Inc., 5.38%, 4/15/26			64		69,440
International Game Technology PLC, 4.75%, 2/15/23		EUR	100		131,532
Jacobs Entertainment, Inc., 7.88%, 2/01/24 (b)		USD	60		64,650
McDonald’s Corp., 3.70%, 1/30/26			510		536,861
Melco Resorts Finance Ltd., 4.88%, 6/06/25 (b)			250		250,996


Corporate Bonds	Par (000)			Value
Hotels, Restaurants & Leisure (continued)
MGM Resorts International:
5.25%, 3/31/20		USD	97	$	102,335
6.75%, 10/01/20			176		195,360
6.63%, 12/15/21			878		985,555
7.75%, 3/15/22			42		49,140
4.63%, 9/01/26			86		87,504
New Red Finance, Inc. (b):
6.00%, 4/01/22			284		293,372
4.25%, 5/15/24			171		173,138
5.00%, 10/15/25			621		637,301
Sabre GLBL, Inc. (b):
5.38%, 4/15/23			62		63,783
5.25%, 11/15/23			133		136,325
Scientific Games International, Inc.:
7.00%, 1/01/22 (b)			819		874,282
10.00%, 12/01/22			819		911,137
Six Flags Entertainment Corp. (b):
4.88%, 7/31/24			474		478,171
5.50%, 4/15/27			137		140,083
Station Casinos LLC, 7.50%, 3/01/21			285		295,687
Unique Pub Finance Co. PLC:
Series A3, 6.54%, 3/30/21		GBP	2,126		2,978,928
Series A4, 5.66%, 6/30/27			1,058		1,532,555
Series M, 7.40%, 3/28/24			3,000		4,452,380
Series N, 6.46%, 3/30/32			2,390		3,020,495
Vue International Bidco PLC, 7.88%, 7/15/20			100		132,146
Wyndham Worldwide Corp., 4.15%, 4/01/24		USD	2,000		2,038,024
Yum! Brands, Inc., 3.88%, 11/01/23			27		26,798

					22,504,558
Household Durables — 0.5%
AV Homes, Inc., 6.63%, 5/15/22			53		54,789
Brookfield Residential Properties, Inc., 6.38%, 5/15/25 (b)			47		49,233
CalAtlantic Group, Inc.:
1.63%, 5/15/18 (i)			107		123,986
8.38%, 1/15/21			53		61,745
5.38%, 10/01/22			2		2,165
5.25%, 6/01/26			18		18,540
Century Communities, Inc., 6.88%, 5/15/22			460		485,300
K Hovnanian Enterprises, Inc. (b):
10.00%, 7/15/22			59		60,475
10.50%, 7/15/24			64		66,880
Lennar Corp.:
4.13%, 1/15/22			77		79,310
4.75%, 11/15/22			32		33,440
4.88%, 12/15/23			85		89,887
4.75%, 5/30/25			180		188,100
Mattamy Group Corp., 6.88%, 12/15/23 (b)			70		71,225
Meritage Homes Corp., 5.13%, 6/06/27 (b)			71		70,734
Newell Brands, Inc., 4.20%, 4/01/26			1,000		1,066,082
PulteGroup, Inc., 6.38%, 5/15/33			256		272,640
Tempur Sealy International, Inc.:
5.63%, 10/15/23			84		87,465
5.50%, 6/15/26			375		387,056
TRI Pointe Group, Inc.:
4.38%, 6/15/19			10		10,200
4.88%, 7/01/21			73		76,285
5.88%, 6/15/24			177		188,062
5.25%, 6/01/27			122		123,525
William Lyon Homes, Inc., 5.88%, 1/31/25			66		67,815

					3,734,939
Household Products — 0.1%
ACCO Brands Corp., 5.25%, 12/15/24 (b)			59		60,770
Prestige Brands, Inc., 6.38%, 3/01/24 (b)			154		164,395


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Household Products (continued)
Spectrum Brands, Inc.:
6.63%, 11/15/22		USD	170	$	176,587
4.00%, 10/01/26		EUR	100		123,807

					525,559
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp. (b):
6.00%, 1/15/22		USD	69		71,156
5.88%, 1/15/24			84		86,205
5.25%, 6/01/26			31		30,380
Dynegy, Inc.:
7.38%, 11/01/22			155		160,425
8.13%, 1/30/26 (b)			115		118,737
NRG Energy, Inc.:
7.88%, 5/15/21			32		33,040
6.63%, 3/15/23			25		25,875
6.25%, 5/01/24			82		84,870
6.63%, 1/15/27			700		735,000
NRG Yield Operating LLC, 5.38%, 8/15/24			75		78,375
QEP Resources, Inc., 5.38%, 10/01/22			69		66,413
TerraForm Power Operating LLC, 6.38%, 2/01/23 (b)(j)			126		130,410

					1,620,886
Industrial Conglomerates — 0.6%
General Electric Co.:
6.75%, 3/15/32 (d)			2,500		3,500,163
6.88%, 1/10/39			135		196,810
Smiths Group PLC, 3.63%, 10/12/22 (b)			360		370,091
Vertiv Group Corp., 9.25%, 10/15/24 (b)			315		350,438

					4,417,502
Insurance — 2.5%
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25			1,495		1,527,779
American International Group, Inc., 3.75%, 7/10/25 (d)			3,380		3,511,203
Aon PLC:
3.88%, 12/15/25			1,445		1,538,589
4.60%, 6/14/44			500		540,700
Ardonagh Midco 3 PLC, 8.63%, 7/15/23 (b)			200		200,900
Assicurazioni Generali SpA, (3 mo. Euribor + 7.113%), 7.75%, 12/12/42 (f)		EUR	100		150,294
AssuredPartners, Inc., 7.00%, 8/15/25 (b)		USD	76		76,562
AXA SA, (3 mo. Euribor + 3.050%), 5.25%, 4/16/40 (f)		EUR	500		668,436
Five Corners Funding Trust, 4.42%, 11/15/23 (b)(d)		USD	2,050		2,238,376
Groupama SA, 6.00%, 1/23/27		EUR	100		146,425
Hartford Financial Services Group, Inc., 5.13%, 4/15/22		USD	1,860		2,077,586
HUB International Ltd., 7.88%, 10/01/21 (b)			607		631,098
Liberty Mutual Group, Inc., 6.50%, 5/01/42 (b)(d)			2,000		2,630,939
Muenchener Rueckversicherungs AG, (3 mo. Euribor + 3.50%), 6.00%, 5/26/41 (f)		EUR	400		571,347
Prudential Financial, Inc.:
5.90%, 3/17/36		USD	500		624,106
5.70%, 12/14/36 (d)			1,625		2,012,279
Radian Group, Inc., 5.25%, 6/15/20			185		195,638
Teachers Insurance & Annuity Association of America, 4.27%, 5/15/47 (b)			700		730,768
USIS Merger Sub, Inc., 6.88%, 5/01/25 (b)			24		24,450
Wayne Merger Sub LLC, 8.25%, 8/01/23 (b)			286		300,300

					20,397,775


Corporate Bonds	Par (000)			Value
Internet Software & Services — 0.2%
Equinix, Inc., 5.88%, 1/15/26		USD	435	$	477,413
Netflix, Inc.:
4.38%, 11/15/26 (b)			632		616,200
3.63%, 5/15/27		EUR	100		120,357
Symantec Corp., 5.00%, 4/15/25 (b)		USD	124		129,853
United Group BV:
4.38%, 7/01/22		EUR	126		152,716
(3 mo. Euribor + 4.375%), 4.38%, 7/01/23 (a)			100		120,087

					1,616,626
IT Services — 0.5%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (b)		USD	270		285,863
Fidelity National Information Services, Inc., 4.50%, 8/15/46			1,000		1,044,255
First Data Corp. (b):
7.00%, 12/01/23			756		814,590
5.75%, 1/15/24			1,426		1,500,865
Gartner, Inc., 5.13%, 4/01/25 (b)			207		218,126
WEX, Inc., 4.75%, 2/01/23 (b)			305		313,006

					4,176,705
Life Sciences Tools & Services — 0.2%
Thermo Fisher Scientific, Inc., 5.30%, 2/01/44			1,000		1,181,889
Machinery — 0.1%
EnPro Industries, Inc., 5.88%, 9/15/22 (b)			74		77,145
Navistar International Corp., 8.25%, 11/01/21			30		30,225
SPX FLOW, Inc. (b):
5.63%, 8/15/24			115		118,738
5.88%, 8/15/26			313		327,085
Terex Corp., 5.63%, 2/01/25 (b)			455		476,612
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.38%, 5/01/22		EUR	100		127,843

					1,157,648
Marine — 0.3%
Nakilat, Inc., Series A, 6.07%, 12/31/33 (b)		USD	2,150		2,529,045
Media — 5.4%
21st Century Fox America, Inc., 7.63%, 11/30/28			385		514,599
Altice Financing SA (b):
6.63%, 2/15/23			200		211,500
7.50%, 5/15/26			607		664,786
Altice Luxembourg SA:
7.75%, 5/15/22 (b)			200		212,250
6.25%, 2/15/25		EUR	100		129,277
Altice US Finance I Corp. (b):
5.38%, 7/15/23		USD	570		597,075
5.50%, 5/15/26			293		310,031
AMC Networks, Inc.:
5.00%, 4/01/24			85		87,656
4.75%, 8/01/25			329		330,234
Cablevision Systems Corp.:
8.63%, 9/15/17			34		34,051
7.75%, 4/15/18			311		320,330
8.00%, 4/15/20			325		359,531
CBS Radio, Inc., 7.25%, 11/01/24 (b)			53		55,783
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.25%, 9/30/22			175		180,250
5.13%, 5/01/23 (b)			359		375,561
5.13%, 5/01/27 (b)			2,047		2,108,410
5.00%, 2/01/28 (b)			260		264,389


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Media (continued)
Cequel Communications Holdings I LLC/Cequel Capital Corp. (b):
6.38%, 9/15/20		USD	70	$	71,596
5.13%, 12/15/21			562		571,834
7.75%, 7/15/25			960		1,059,600
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 7/23/25			4,700		5,034,976
Clear Channel International BV, 8.75%, 12/15/20 (b)			317		331,265
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			1,853		1,898,825
Series B, 7.63%, 3/15/20			315		313,819
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22 (d)			2,600		3,481,405
Comcast Corp.:
6.45%, 3/15/37			790		1,043,148
4.60%, 8/15/45			2,000		2,170,387
CSC Holdings LLC:
10.13%, 1/15/23 (b)			1,190		1,378,555
5.25%, 6/01/24			430		441,287
10.88%, 10/15/25 (b)			764		939,720
Discovery Communications LLC:
3.25%, 4/01/23			1,850		1,858,645
3.45%, 3/15/25			210		206,518
DISH DBS Corp.:
6.75%, 6/01/21			350		386,312
5.88%, 7/15/22			449		485,481
5.00%, 3/15/23			286		295,381
5.88%, 11/15/24			34		36,678
7.75%, 7/01/26			655		768,806
DISH Network Corp., 3.38%, 8/15/26 (i)			265		307,069
eircom Finance DAC, 4.50%, 5/31/22		EUR	100		124,253
GTT Communications, Inc., 7.88%, 12/31/24 (b)		USD	78		83,241
Hughes Satellite Systems Corp.:
7.63%, 6/15/21			64		72,880
5.25%, 8/01/26			329		345,039
6.63%, 8/01/26			139		151,684
iHeartCommunications, Inc.:
9.00%, 12/15/19			91		72,345
9.00%, 3/01/21			9		6,548
10.63%, 3/15/23			961		703,932
Intelsat Jackson Holdings SA:
7.25%, 10/15/20			185		176,097
5.50%, 8/01/23			240		200,400
9.75%, 7/15/25 (b)			256		260,480
Interpublic Group of Cos., Inc., 3.75%, 2/15/23			2,000		2,098,696
LG Finance Co. Corp., 5.88%, 11/01/24 (b)			57		59,565
LGE HoldCo VI BV, 7.13%, 5/15/24		EUR	100		134,223
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 5/15/24 (b)		USD	61		58,408
MDC Partners, Inc., 6.50%, 5/01/24 (b)			228		227,145
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 8/15/23 (b)			148		159,100
Numericable Group SA, 5.38%, 5/15/22		EUR	106		131,730
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 2/15/22		USD	55		56,788
SFR Group SA (b):
6.00%, 5/15/22			345		363,537
7.38%, 5/01/26			1,301		1,405,106
Sirius XM Radio, Inc., 5.00%, 8/01/27 (b)			41		42,128
TCI Communications, Inc., 7.88%, 2/15/26 (d)			610		827,713


Corporate Bonds	Par (000)			Value
Media (continued)
TEGNA, Inc., 5.50%, 9/15/24 (b)		USD	45	$	47,363
Telesat Canada/Telesat LLC, 8.88%, 11/15/24 (b)			284		318,080
Time Warner, Inc., 6.10%, 7/15/40			830		964,174
Tribune Media Co., 5.88%, 7/15/22			182		188,825
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 4.00%, 1/15/25		EUR	100		125,890
Univision Communications, Inc. (b):
5.13%, 5/15/23		USD	272		276,760
5.13%, 2/15/25			141		141,705
UPCB Finance IV Ltd., 4.00%, 1/15/27		EUR	100		124,753
Videotron Ltd., 5.13%, 4/15/27 (b)		USD	162		166,860
Virgin Media Finance PLC, 5.75%, 1/15/25 (b)			515		530,450
Virgin Media Secured Finance PLC:
5.25%, 1/15/26 (b)			710		738,400
5.50%, 8/15/26 (b)			200		211,500
4.88%, 1/15/27		GBP	100		134,462
6.25%, 3/28/29			100		140,767
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (b)		USD	520		533,650
Wind Acquisition Finance SA:
7.00%, 4/23/21		EUR	120		148,637
7.38%, 4/23/21 (b)		USD	800		831,776
Ziggo Bond Finance BV, 5.88%, 1/15/25 (b)			260		269,425

					43,491,535
Metals & Mining — 1.7%
Anglo American Capital PLC:
4.45%, 9/27/20 (b)			100		104,750
4.13%, 4/15/21 (b)			200		207,000
3.25%, 4/03/23		EUR	100		132,144
ArcelorMittal:
7.50%, 10/15/39		USD	64		75,680
7.25%, 3/01/41			189		218,824
Big River Steel LLC/BRS Finance Corp., 7.25%, 9/01/25 (b)			121		126,747
Constellium NV (b):
8.00%, 1/15/23			400		426,000
6.63%, 3/01/25			332		348,600
First Quantum Minerals Ltd., 7.00%, 2/15/21 (b)			435		447,778
Freeport-McMoRan, Inc.:
2.30%, 11/14/17			189		189,000
2.38%, 3/15/18			1,480		1,480,000
3.10%, 3/15/20			799		799,000
4.00%, 11/14/21			121		121,060
3.55%, 3/01/22			186		182,977
3.88%, 3/15/23			975		965,250
5.40%, 11/14/34			278		267,575
5.45%, 3/15/43			691		642,630
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 (b)			399		428,925
Joseph T Ryerson & Son, Inc., 11.00%, 5/15/22 (b)			115		130,094
Kaiser Aluminum Corp., 5.88%, 5/15/24			74		79,180
Kinross Gold Corp.:
4.50%, 7/15/27 (b)			82		82,000
6.88%, 9/01/41			45		48,263
Novelis Corp. (b):
6.25%, 8/15/24			723		763,669
5.88%, 9/30/26			756		788,130
Nyrstar Netherlands Holdings BV, 6.88%, 3/15/24		EUR	100		122,021
Peabody Energy Corp. (b):
6.00%, 3/31/22		USD	43		44,075
6.38%, 3/31/25			69		70,380


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Metals & Mining (continued)
Petra Diamonds US Treasury PLC, 7.25%, 5/01/22 (b)		USD	200	$	207,500
Rio Tinto Finance USA Ltd., 4.75%, 3/22/42			400		459,268
Steel Dynamics, Inc.:
5.13%, 10/01/21			550		564,410
5.25%, 4/15/23			345		357,075
5.50%, 10/01/24			48		51,540
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 6/15/25 (b)			150		153,000
Teck Resources Ltd.:
4.50%, 1/15/21			96		100,440
3.75%, 2/01/23			502		505,489
8.50%, 6/01/24 (b)			631		727,227
6.13%, 10/01/35			61		67,253
6.00%, 8/15/40			300		320,250
5.20%, 3/01/42			418		411,730
5.40%, 2/01/43			188		187,530
ThyssenKrupp AG, 1.38%, 3/03/22		EUR	75		89,661
United States Steel Corp., 8.38%, 7/01/21 (b)		USD	215		237,575

					13,731,700
Multi-Utilities — 0.0%
NGL Energy Partners LP/NGL Energy Finance Corp.:
6.88%, 10/15/21			140		136,500
7.50%, 11/01/23			244		234,850

					371,350
Multiline Retail — 0.0%
Neiman Marcus Group Ltd., 8.00%, 10/15/21 (b)			145		74,313
Oil, Gas & Consumable Fuels — 6.2%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24 (b)			79		84,728
Anadarko Petroleum Corp., 5.55%, 3/15/26			1,500		1,674,339
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 9/15/24			35		35,700
Antero Resources Corp.:
5.13%, 12/01/22			52		52,130
5.63%, 6/01/23			51		51,893
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 4/01/22 (b)			196		199,430
California Resources Corp., 8.00%, 12/15/22 (b)			97		53,471
Callon Petroleum Co., 6.13%, 10/01/24			261		264,915
Canadian Natural Resources Ltd., 3.90%, 2/01/25			500		512,768
Carrizo Oil & Gas, Inc.:
6.25%, 4/15/23			150		145,500
8.25%, 7/15/25			63		65,205
Cenovus Energy, Inc., 4.25%, 4/15/27 (b)			400		386,099
Cheniere Corpus Christi Holdings LLC:
7.00%, 6/30/24			178		202,475
5.88%, 3/31/25			432		464,400
5.13%, 6/30/27 (b)			439		454,365
Chesapeake Energy Corp.:
6.88%, 11/15/20			138		138,000
8.00%, 6/15/27 (b)			62		58,900
Citgo Holding, Inc., 10.75%, 2/15/20 (b)			95		101,413
ConocoPhillips, 6.50%, 2/01/39			600		789,687
ConocoPhillips Canada Funding Co., 5.95%, 10/15/36			685		855,506
CONSOL Energy, Inc.:
5.88%, 4/15/22			1,767		1,767,000
8.00%, 4/01/23			48		50,640


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Continental Resources, Inc.:
3.80%, 6/01/24		USD	277	$	257,610
4.90%, 6/01/44			105		88,788
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 5/15/25 (b)			130		130,487
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 4/01/23			20		20,650
CrownRock LP/CrownRock Finance, Inc. (b):
7.13%, 4/15/21			525		535,500
7.75%, 2/15/23			85		90,100
DCP Midstream LLC (b):
4.75%, 9/30/21			55		56,375
6.45%, 11/03/36			128		134,720
6.75%, 9/15/37			159		168,540
Denbury Resources, Inc.:
9.00%, 5/15/21 (b)			40		35,800
5.50%, 5/01/22			118		53,985
4.63%, 7/15/23			20		8,800
Devon Energy Corp., 5.85%, 12/15/25			1,000		1,144,038
Diamond Offshore Drilling, Inc., 7.88%, 8/15/25			62		62,000
Diamondback Energy, Inc., 5.38%, 5/31/25			137		140,767
Eclipse Resources Corp., 8.88%, 7/15/23			45		45,000
Energy Transfer Equity LP:
5.88%, 1/15/24			422		454,705
5.50%, 6/01/27			278		296,070
Energy Transfer Partners LP:
4.05%, 3/15/25			500		507,160
4.75%, 1/15/26			1,250		1,315,867
5.30%, 4/15/47			540		536,592
Ensco Jersey Finance Ltd., 3.00%, 1/31/24 (b)(i)			165		120,863
Enterprise Products Operating LLC, 3.70%, 2/15/26			500		516,471
EOG Resources, Inc.:
4.15%, 1/15/26			1,000		1,065,675
5.10%, 1/15/36			200		222,669
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 5/01/20			221		162,711
8.00%, 11/29/24 (b)			141		137,827
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 7/15/21 (b)			208		214,760
Extraction Oil & Gas, Inc., 7.38%, 5/15/24 (b)			251		252,255
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25			97		95,060
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 9/30/21 (b)			210		208,950
Gulfport Energy Corp.:
6.63%, 5/01/23			51		50,745
6.00%, 10/15/24 (b)			108		105,840
Halcon Resources Corp., 6.75%, 2/15/25 (b)			697		700,485
Hess Corp., 4.30%, 4/01/27			1,100		1,078,566
KeySpan Gas East Corp., 5.82%, 4/01/41 (b)(d)			1,010		1,315,036
Kinder Morgan, Inc.:
4.30%, 6/01/25			1,750		1,830,267
5.05%, 2/15/46			1,750		1,743,828
Marathon Petroleum Corp., 6.50%, 3/01/41 (d)			2,049		2,429,016
Matador Resources Co., 6.88%, 4/15/23			590		613,600
MEG Energy Corp. (b):
6.38%, 1/30/23			15		11,981
7.00%, 3/31/24			456		362,520
6.50%, 1/15/25			528		490,380


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
MidAmerican Energy Co., 5.80%, 10/15/36 (d)		USD	1,500	$	1,925,986
MidAmerican Energy Holdings Co., 5.95%, 5/15/37			1,750		2,251,196
Murphy Oil Corp.:
6.88%, 8/15/24			177		186,956
6.13%, 12/01/42			45		42,300
Nabors Industries, Inc., 0.75%, 1/15/24 (b)(i)			262		189,950
Newfield Exploration Co., 5.63%, 7/01/24			75		79,875
NGPL PipeCo LLC (b):
4.38%, 8/15/22			127		130,492
4.88%, 8/15/27			133		136,990
7.77%, 12/15/37			316		392,630
Noble Holding International Ltd., 7.75%, 1/15/24			250		193,120
Oasis Petroleum, Inc.:
6.50%, 11/01/21			35		34,081
6.88%, 3/15/22			45		43,763
6.88%, 1/15/23			23		22,011
2.63%, 9/15/23 (i)			145		134,306
ONEOK, Inc., 6.00%, 6/15/35			25		27,882
Paramount Resources Ltd., 6.88%, 6/30/23 (b)			500		520,000
Parker Drilling Co., 7.50%, 8/01/20			43		36,980
Parsley Energy LLC/Parsley Finance Corp. (b):
6.25%, 6/01/24			48		50,040
5.38%, 1/15/25			209		210,045
5.25%, 8/15/25			52		52,000
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/25 (b)			143		141,570
Petroleos Mexicanos, 5.38%, 3/13/22 (b)			27		28,971
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 6/01/22			1,000		1,013,104
Precision Drilling Corp., 7.75%, 12/15/23			50		49,625
QEP Resources, Inc., 5.25%, 5/01/23			33		31,350
Range Resources Corp.:
5.88%, 7/01/22 (b)			244		248,880
5.00%, 8/15/22 (b)			53		52,073
4.88%, 5/15/25			80		76,600
Resolute Energy Corp., 8.50%, 5/01/20			279		279,000
Rockies Express Pipeline LLC (b):
5.63%, 4/15/20			565		594,662
6.88%, 4/15/40			229		250,182
Rowan Cos., Inc.:
4.88%, 6/01/22			50		45,375
7.38%, 6/15/25			454		410,870
RSP Permian, Inc.:
6.63%, 10/01/22			179		186,160
5.25%, 1/15/25 (b)			102		102,255
Sabine Pass Liquefaction LLC, 5.88%, 6/30/26			1,750		1,954,798
Sanchez Energy Corp.:
7.75%, 6/15/21			322		278,530
6.13%, 1/15/23			252		192,150
SESI LLC, 7.13%, 12/15/21			60		60,300
SM Energy Co.:
6.50%, 11/15/21			50		48,313
5.00%, 1/15/24			5		4,450
5.63%, 6/01/25			129		116,745
6.75%, 9/15/26			80		75,400
Southwestern Energy Co.:
5.80%, 1/23/20			612		630,360
6.70%, 1/23/25			40		39,000
Suncor Energy, Inc., 6.50%, 6/15/38			1,000		1,299,408


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Sunoco Logistics Partners Operations LP, 3.90%, 7/15/26		USD	310	$	306,618
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (b):
5.50%, 9/15/24			276		276,000
5.13%, 2/01/25			77		79,118
5.38%, 2/01/27			52		53,820
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.25%, 5/01/23			10		10,225
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
6.13%, 10/15/21			26		26,878
6.25%, 10/15/22			45		47,588
TransCanada PipeLines Ltd., 4.63%, 3/01/34			500		550,882
Weatherford International LLC, 6.80%, 6/15/37			60		50,700
Weatherford International Ltd.:
6.50%, 8/01/36			143		118,690
7.00%, 3/15/38			124		104,780
5.95%, 4/15/42			128		101,760
Western Gas Partners LP, 5.38%, 6/01/21			1,425		1,539,153
Whiting Petroleum Corp., 5.00%, 3/15/19			400		396,000
Williams Cos., Inc., 5.75%, 6/24/44			647		671,262
Williams Partners LP:
3.90%, 1/15/25			1,150		1,181,659
4.00%, 9/15/25			750		775,193
WPX Energy, Inc.:
7.50%, 8/01/20			34		36,720
6.00%, 1/15/22			113		116,531
8.25%, 8/01/23			63		69,143
5.25%, 9/15/24			146		143,080

					49,748,157
Paper & Forest Products — 0.1%
International Paper Co., 6.00%, 11/15/41			870		1,061,627
Mercer International, Inc., 6.50%, 2/01/24 (b)			76		79,230

					1,140,857
Pharmaceuticals — 1.9%
AbbVie, Inc.:
3.60%, 5/14/25			870		899,266
3.20%, 5/14/26			500		499,601
4.45%, 5/14/46			2,095		2,196,478
Actavis Funding SCS:
3.80%, 3/15/25			3,250		3,398,343
4.55%, 3/15/35			2,140		2,301,638
Baxalta, Inc., 5.25%, 6/23/45			500		580,192
Endo Finance LLC/Endo Finco, Inc. (b):
5.38%, 1/15/23			62		51,925
6.00%, 7/15/23			315		264,600
5.88%, 10/15/24			205		211,663
Forest Laboratories LLC, 5.00%, 12/15/21 (b)			758		831,211
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24 (b)			161		177,905
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 8/01/23 (b)			795		833,716
Mylan NV, 3.95%, 6/15/26			750		763,399
NBTY, Inc., 7.63%, 5/15/21 (b)			315		336,263
Synlab Bondco PLC, 6.25%, 7/01/22		EUR	100		127,890
Tennessee Merger Sub, Inc., 6.38%, 2/01/25 (b)		USD	360		347,454


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Pharmaceuticals (continued)
Valeant Pharmaceuticals International, Inc. (b):
7.00%, 10/01/20		USD	100	$	99,750
6.38%, 10/15/20			405		401,071
5.63%, 12/01/21			409		375,257
6.50%, 3/15/22			204		213,945
5.88%, 5/15/23			337		287,293
7.00%, 3/15/24			320		339,600
6.13%, 4/15/25			196		165,375

					15,703,835
Real Estate Investment Trusts (REITs) — 1.1%
ERP Operating LP, 4.50%, 6/01/45			1,155		1,251,876
HCP, Inc., 4.00%, 6/01/25 (d)			2,000		2,095,803
Hilton Domestic Operating Co., Inc., 4.25%, 9/01/24			67		68,446
iStar, Inc., 6.00%, 4/01/22			67		68,843
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 5/01/24			806		876,525
4.50%, 9/01/26			392		398,860
NH Hotel Group SA, 3.75%, 10/01/23		EUR	128		160,717
Simon Property Group LP, 4.75%, 3/15/42		USD	1,670		1,850,718
Starwood Property Trust, Inc., 5.00%, 12/15/21			157		162,691
Ventas Realty LP, 4.13%, 1/15/26			870		915,543
Ventas Realty LP/Ventas Capital Corp., 4.75%, 6/01/21			550		592,835

					8,442,857
Real Estate Management & Development — 0.7%
Aroundtown Property Holdings PLC, 1.50%, 1/18/21 (i)		EUR	100		136,307
DEMIRE Deutsche Mittelstand Real Estate AG, 2.88%, 7/15/22			100		120,878
Howard Hughes Corp., 5.38%, 3/15/25 (b)		USD	114		114,075
Northwest Florida Timber Finance LLC, 4.75%, 3/04/29 (b)(d)			4,600		4,427,500
Realogy Group LLC/Realogy Co-Issuer Corp. (b):
4.50%, 4/15/19			120		123,600
5.25%, 12/01/21			133		138,320
4.88%, 6/01/23			385		392,700

					5,453,380
Road & Rail — 1.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.13%, 6/01/22 (b)			261		261,653
Burlington Northern Santa Fe LLC, 5.75%, 5/01/40 (d)			1,890		2,395,490
CSX Corp., 4.75%, 5/30/42			350		386,255
Herc Rentals, Inc. (b):
7.50%, 6/01/22			286		313,170
7.75%, 6/01/24			92		100,740
Hertz Holdings Netherlands BV, 4.13%, 10/15/21		EUR	100		116,664
Lima Metro Line 2 Finance Ltd., 5.88%, 7/05/34 (b)		USD	5,000		5,530,000
United Rentals North America, Inc., 5.50%, 7/15/25			125		133,750

					9,237,722
Semiconductors & Semiconductor Equipment — 0.9%
Advanced Micro Devices, Inc., 7.50%, 8/15/22			51		57,375
Analog Devices, Inc.:
3.90%, 12/15/25			470		498,230
3.50%, 12/05/26			345		354,280


Corporate Bonds	Par (000)			Value
Semiconductors & Semiconductor Equipment (continued)
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 1/15/27 (b)		USD	2,850	$	2,932,980
Microchip Technology, Inc. (i):
1.63%, 2/15/25			47		79,665
2.13%, 12/15/37			40		147,450
Micron Technology, Inc.:
5.25%, 8/01/23 (b)			302		314,458
5.25%, 1/15/24 (b)			27		28,080
5.50%, 2/01/25			7		7,394
Series G, 3.00%, 11/15/43 (i)			485		568,359
Microsemi Corp., 9.13%, 4/15/23 (b)			14		16,033
NXP BV/NXP Funding LLC (b):
4.13%, 6/15/20			420		438,900
4.13%, 6/01/21			278		290,788
3.88%, 9/01/22			200		207,000
5.75%, 3/15/23			260		271,375
QUALCOMM, Inc., 4.65%, 5/20/35			250		276,292
Sensata Technologies BV, 5.00%, 10/01/25 (b)			330		345,675

					6,834,334
Software — 2.0%
ACI Worldwide, Inc., 6.38%, 8/15/20 (b)			320		326,000
BMC Software Finance, Inc., 8.13%, 7/15/21 (b)			1,105		1,140,912
CA, Inc., 3.60%, 8/15/22			705		719,402
Ensemble S Merger Sub, Inc., 9.00%, 9/30/23 (b)			210		216,825
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24 (b)			115		130,813
Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.63%, 11/15/24 (b)			199		211,189
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 8/01/22 (b)			31		29,450
Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 5/01/21 (b)(e)			305		311,100
Infor US, Inc., 6.50%, 5/15/22			976		995,520
Informatica LLC, 7.13%, 7/15/23 (b)			268		269,340
Microsoft Corp., 3.50%, 11/15/42 (d)			4,000		3,925,816
Nuance Communications, Inc.:
5.38%, 8/15/20 (b)			39		39,585
6.00%, 7/01/24			170		183,139
5.63%, 12/15/26 (b)			81		84,544
Oracle Corp., 5.38%, 7/15/40 (d)			3,025		3,700,033
PTC, Inc., 6.00%, 5/15/24			125		133,750
RP Crown Parent LLC 7.38%, 10/15/24 (b)			210		214,200
Solera LLC/Solera Finance, Inc., 10.50%, 3/01/24 (b)			1,067		1,215,046
SS&C Technologies Holdings, Inc., 5.88%, 7/15/23			227		238,350
TIBCO Software, Inc., 11.38%, 12/01/21 (b)			565		618,675
Veritas US, Inc./Veritas Bermuda Ltd.:
7.50%, 2/01/23		EUR	100		126,723
7.50%, 2/01/23 (b)		USD	400		425,000
10.50%, 2/01/24 (b)			600		643,500

					15,898,912
Specialty Retail — 0.5%
Asbury Automotive Group, Inc., 6.00%, 12/15/24			190		195,700
Group 1 Automotive, Inc., 5.00%, 6/01/22			110		112,475
Home Depot, Inc., 5.88%, 12/16/36			1,660		2,166,777
JC Penney Corp., Inc.:
8.13%, 10/01/19			28		30,170


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Corporate Bonds	Par (000)			Value
Specialty Retail (continued)
JC Penney Corp., Inc. (continued):
6.38%, 10/15/36		USD	14	$	10,080
7.40%, 4/01/37			52		39,520
L Brands, Inc., 6.88%, 11/01/35			251		240,332
Lowe’s Cos, Inc., 4.38%, 9/15/45			1,000		1,068,364
Penske Automotive Group, Inc., 5.50%, 5/15/26			22		22,220
PetSmart, Inc., 5.88%, 6/01/25 (b)			93		83,003

					3,968,641
Technology Hardware, Storage & Peripherals — 0.7%
Apple, Inc., 4.65%, 2/23/46 (d)			2,400		2,738,860
Dell International LLC/EMC Corp. (b):
4.42%, 6/15/21			20		21,075
7.13%, 6/15/24			438		485,198
6.02%, 6/15/26			110		122,888
8.35%, 7/15/46			45		58,056
Hewlett Packard Enterprise Co., 4.90%, 10/15/25			1,500		1,592,250
Riverbed Technology, Inc., 8.88%, 3/01/23 (b)			155		151,512
Western Digital Corp.:
7.38%, 4/01/23 (b)			384		420,960
10.50%, 4/01/24			117		138,938

					5,729,737
Textiles, Apparel & Luxury Goods — 0.0%
BiSoho SAS, 5.88%, 5/01/23		EUR	90		116,139
Hanesbrands, Inc., 4.63%, 5/15/24 (b)		USD	36		37,440
Springs Industries, Inc., 6.25%, 6/01/21			36		37,080

					190,659
Thrifts & Mortgage Finance — 0.0%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 3/15/22 (b)			299		307,970
Tobacco — 1.5%
Altria Group, Inc.:
9.95%, 11/10/38			516		887,845
10.20%, 2/06/39			894		1,572,853
5.38%, 1/31/44 (d)			4,030		4,780,387
3.88%, 9/16/46			1,250		1,212,584
Reynolds American, Inc.:
4.45%, 6/12/25			635		687,675
7.00%, 8/04/41			1,000		1,298,709
5.85%, 8/15/45			1,500		1,814,673

					12,254,726
Transportation Infrastructure — 0.4%
CEVA Group PLC, 7.00%, 3/01/21 (b)			310		299,150
CMA CGM SA, 7.75%, 1/15/21		EUR	100		125,295
I 595 Express LLC, 3.31%, 12/31/31 (c)		USD	1,331		1,320,682
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (b)			490		490,538
Transurban Finance Co. Property Ltd., 4.13%, 2/02/26 (b)			580		610,619

					2,846,284
Utilities — 0.0%
ContourGlobal Power Holdings SA, 5.13%, 6/15/21		EUR	100		125,027
Wireless Telecommunication Services — 1.9%
Crown Castle Towers LLC, 6.11%, 1/15/40 (b)		USD	3,155		3,388,254
CyrusOne LP/CyrusOne Finance Corp. (b):
5.00%, 3/15/24			210		219,450
5.38%, 3/15/27			15		15,863


Corporate Bonds	Par (000)			Value
Wireless Telecommunication Services (continued)
Digicel Ltd., 6.00%, 4/15/21 (b)		USD	1,550	$	1,503,500
GEO Group, Inc.:
5.13%, 4/01/23			278		279,042
6.00%, 4/15/26			117		120,510
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25 (b)			243		240,266
Rogers Communications, Inc., 7.50%, 8/15/38			2,325		3,344,555
SBA Communications Corp., 4.88%, 9/01/24			177		182,752
Sprint Capital Corp.:
6.90%, 5/01/19			140		149,814
6.88%, 11/15/28			498		547,800
8.75%, 3/15/32			621		770,040
Sprint Communications, Inc. (b):
9.00%, 11/15/18			463		500,040
7.00%, 3/01/20			392		429,240
Sprint Corp.:
7.25%, 9/15/21			240		264,600
7.88%, 9/15/23			591		675,294
7.13%, 6/15/24			1,006		1,106,600
7.63%, 2/15/25			120		135,600
T-Mobile USA, Inc.:
4.00%, 4/15/22			132		135,960
6.00%, 3/01/23			205		216,019
6.84%, 4/28/23			40		42,300
6.50%, 1/15/24			240		256,200
6.38%, 3/01/25			37		39,844
5.13%, 4/15/25			135		141,791
5.38%, 4/15/27			81		86,897
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.88%, 5/01/22 (b)			70		72,450
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC:
8.25%, 10/15/23			377		368,367
7.13%, 12/15/24 (b)			158		146,995
Xplornet Communications, Inc., (9.63% Cash or 10.63% PIK), 9.63%, 6/01/22 (b)(e)			59		61,655

					15,441,698
Total Corporate Bonds — 67.9%					546,967,269



Floating Rate Loan Interests
Aerospace & Defense — 0.1%
Accudyne Industries LLC, 2017 Term Loan, (2 mo. LIBOR + 3.750%, 1.00% Floor), 5.01%, 8/02/24 (k)			331		330,897
Sequa Mezzanine Holdings L.L.C., 2nd Lien Term Loan, (3 mo. LIBOR + 9.000%, 1.00% Floor), 10.31%, 4/28/22 (c)(k)			40		40,800

					371,697
Air Freight & Logistics — 0.0%
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.500%), 6.50%, 3/19/21 (k)			18		16,993
CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.500%, 1.00% Floor), 6.81%, 3/19/21 (k)			19		17,513
CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.500%, 1.00% Floor), 6.81%, 3/19/21 (k)			3		2,613
CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.500%, 1.00% Floor), 6.81%, 3/19/21 (k)			26		24,891

					62,010


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Floating Rate Loan Interests	Par (000)			Value
Auto Components — 0.0%
USI, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.000%), 4.31%, 5/16/24 (k)		USD	56	$	55,662
Chemicals — 0.0%
Alpha 3 BV, 2017 Term Loan B1, (3 mo. LIBOR + 3.000%, 1.00% Floor), 4.30%, 1/31/24 (k)			81		81,000
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.500%, 1.00% Floor), 4.75%, 6/01/24 (k)			35		35,337

					116,337
Commercial Services & Supplies — 0.1%
Asurion LLC, 2017 2nd Lien Term Loan, 8/04/25 (n)			155		158,165
Garda World Security Corp., 2017 Term Loan, (3 mo. LIBOR + 4.000%, 1.00% Floor), 5.31%, 5/24/24 (k)			125		125,407

					283,572
Construction & Engineering — 0.1%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (2 mo. LIBOR + 4.250%, 1.00% Floor), 5.56%, 6/21/24 (k)			821		822,938
Diversified Consumer Services — 0.0%
Ascend Learning LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.250%, 1.00% Floor), 4.53%, 7/12/24 (k)			41		41,137
Laureate Education, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.500%, 1.00% Floor), 5.74%, 4/26/24 (k)			80		80,099

					121,236
Diversified Telecommunication Services — 0.1%
CenturyLink, Inc., 2017 Term Loan B, 2.75%, 1/31/25			516		504,607
Electrical Equipment — 0.0%
Gates Global LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.250%, 1.00% Floor), 4.55%, 4/01/24 (k)			198		198,216
Energy Equipment & Services — 0.0%
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.300%), 3.54%, 7/13/20 (c)(k)			188		178,161
Food Products — 0.0%
Chobani LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.250%, 1.00% Floor), 5.49%, 10/07/23 (k)			41		41,166
Health Care Equipment & Supplies — 0.1%
DJO Finance LLC, 2015 Term Loan, (1 mo. LIBOR + 3.250%, 1.00% Floor), 4.49%, 6/08/20 (k)			271		269,567
Immucor, Inc., Extended Term Loan B, (1 mo. LIBOR + 5.000%, 1.00% Floor), 6.24%, 6/15/21 (k)			404		409,354
Ortho-Clinical Diagnostics, Inc., Term Loan B, (3 mo. LIBOR + 3.750%, 1.00% Floor), 5.05%, 6/30/21 (k)			20		19,935

					698,856
Health Care Providers & Services — 0.0%
Iasis Healthcare LLC, Term Loan B3, (3 mo. LIBOR + 4.000%), 5.30%, 2/16/21 (k)			44		43,989
Surgery Center Holdings, Inc., 2017 Term Loan B, (1 mo. LIBOR + 3.250%), 4.49%, 6/06/24 (k)			89		88,072
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.750%, 1.00% Floor), 3.99%, 2/06/24 (k)			32		31,481

					163,542


Floating Rate Loan Interests	Par (000)			Value
Hotels, Restaurants & Leisure — 0.2%
Caesars Entertainment Resort Properties LLC, Term Loan B, (1 mo. LIBOR + 3.500%, 1.00% Floor), 4.74%, 10/11/20 (k)		USD	1,361	$	1,366,733
Household Products — 0.0%
Diamond (BC) BV, Term Loan, (3 mo. LIBOR + 3.000%), 4.32%, 7/12/24 (k)			76		75,478
Industrial Conglomerates — 0.1%
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.000%, 1.00% Floor), 5.24%, 11/30/23 (k)			200		201,392
Sequa Corp., 1st Lien Term Loan, (3 mo. LIBOR + 5.500%), 6.81%, 11/28/21 (k)			115		115,719

					317,111
Insurance — 0.0%
Alliant Holdings I, Inc., 2015 Term Loan B, (3 mo. LIBOR + 3.250%, 1.00% Floor), 4.56%, 8/12/22 (k)			81		80,902
IT Services — 0.0%
Peak 10, Inc. (k):
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.500%, 1.00% Floor), 4.81%, 8/01/24			102		101,617
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.250%, 1.00% Floor), 8.56%, 8/01/25			43		43,287

					144,904
Life Sciences Tools & Services — 0.0%
Albany Molecular Research, Inc. (k):
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.250%), 4.49%, 7/19/24			102		102,000
2017 2nd Lien Term Loan, (1 mo. LIBOR + 7.000%), 8.24%, 7/19/25			17		17,212
Parexel International Corp,, Term Loan B, 8/07/24 (n)			118		117,994

					237,206
Machinery — 0.0%
Hayward Industries, Inc., Term Loan B, 7/18/24 (n)			38		38,166
Media — 0.2%
CSC Holdings LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.250%), 3.48%, 7/17/25 (k)			38		37,787
iHeartCommunications, Inc., Term Loan D, (1 mo. LIBOR + 6.750%), 7.99%, 1/30/19 (k)			211		169,066
Intelsat Jackson Holdings SA, Term Loan B2, (3 mo. LIBOR + 2.750%, 1.00% Floor), 4.00%, 6/30/19 (k)			924		919,737

					1,126,590
Multiline Retail — 0.0%
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.250%, 1.00% Floor), 4.48%, 10/25/20 (k)			188		137,965
Oil, Gas & Consumable Fuels — 0.2%
California Resources Corp. (k):
Second Out Term Loan, (1 mo. LIBOR + 10.375%), 11.60%, 12/31/21			53		55,652
Term Loan A, (1 mo. LIBOR + 3.000%), 4.24%, 10/01/19 (c)			317		301,417
Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.500%, 1.00% Floor), 8.81%, 8/23/21 (k)			1,239		1,315,157

					1,672,226


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Floating Rate Loan Interests	Par (000)			Value
Professional Services — 0.0%
Information Resources, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.250%, 1.00% Floor), 5.49%, 1/18/24 (k)		USD	49	$	49,183
Software — 0.3%
Almonde, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.250%, 1.00% Floor), 8.57%, 6/13/25 (k)			49		49,819
BMC Software Finance, Inc., 2017 Term Loan, (1 mo. LIBOR + 4.000%, 1.00% Floor), 5.24%, 9/10/22 (k)			261		261,371
Cypress Intermediate Holdings III, Inc. (k):
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.000%, 1.00% Floor), 4.24%, 4/27/24			75		75,325
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.75%, 1.00% Floor), 7.99%, 4/27/25			23		23,626
Digicel International Finance Ltd., 2017 Term Loan B, (3 mo. LIBOR + 3.750%), 5.07%, 5/28/24 (k)			279		281,542
Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.750%, 1.00% Floor), 4.05%, 2/01/22 (k)			148		147,490
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.250%, 1.00% Floor), 9.56%, 11/01/24 (k)			353		363,956
Misys Europe SA, 1st Lien Term Loan, (3 mo. LIBOR + 3.500%), 4.82%, 6/13/24 (k)			224		224,952
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.500%, 1.00% Floor), 4.81%, 4/26/24 (k)			110		107,250
Tempo Acquisition LLC, Term Loan, (1 mo. LIBOR + 3.000%), 4.23%, 5/01/24 (k)			150		150,450
Veritas Bermuda Ltd., Repriced Term Loan B, (3 mo. LIBOR + 4.500%, 1.00% Floor), 5.80%, 1/27/23 (k)			660		665,020

					2,350,801
Specialty Retail — 0.0%
Staples, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.000%), 5.31%, 8/06/24 (k)			164		163,142
Textiles, Apparel & Luxury Goods — 0.0%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.250%, 1.00% Floor), 6.55%, 8/12/22 (c)(k)			186		186,804
Trading Companies & Distributors — 0.0%
HD Supply Waterworks Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.000%, 1.00% Floor), 4.46%, 8/01/24 (k)			86		86,108
Total Floating Rate Loan Interests — 1.5%					11,651,319



Foreign Agency Obligations
Argentine Republic Government International Bond:
7.50%, 4/22/26			3,875		4,332,250
7.63%, 4/22/46			3,121		3,417,495
Cyprus Government International Bond, 4.63%, 2/03/20 (b)		EUR	1,210		1,589,920
Iceland Government International Bond, 5.88%, 5/11/22		USD	3,555		4,066,061
Italian Government International Bond, 5.38%, 6/15/33			2,925		3,409,017
Portugal Government International Bond, 5.13%, 10/15/24 (b)			3,970		4,123,163
Slovenia Government International Bond, 5.85%, 5/10/23 (b)			864		1,013,099
Total Foreign Agency Obligations — 2.7%					21,951,005


Municipal Bonds	Par (000)			Value
City of New York New York Municipal Water Finance Authority, Refunding RB, 2nd General Resolution:
Series EE, 5.50%, 6/15/43		USD	930	$	1,055,159
Series GG, Build America Bonds, 5.72%, 6/15/42			1,390		1,897,670
Water & Sewer System, Series EE, 5.38%, 6/15/43			770		870,008
East Bay Municipal Utility District, RB, Build America Bonds, 5.87%, 6/01/40			1,900		2,561,124
Indianapolis Local Public Improvement Bond Bank, RB, Build America Bonds, 6.12%, 1/15/40			2,535		3,301,381
Metropolitan Transportation Authority, RB, Build America Bonds, Series C, 7.34%, 11/15/39			1,295		2,013,336
Municipal Electric Authority of Georgia Plant Vogtle Units 3 & 4, Refunding RB, Build America Bonds, Series A, 7.06%, 4/01/57			2,000		2,475,260
New York State Dormitory Authority, RB, Build America Bonds:
5.63%, 3/15/39			1,100		1,409,199
5.60%, 3/15/40			1,900		2,450,107
Port Authority of New York & New Jersey, RB, 159th Series, 6.04%, 12/01/29			780		1,019,663
State of California, GO, Build America Bonds, Various Purpose:
7.55%, 4/01/39			280		438,715
7.63%, 3/01/40			1,720		2,678,418
State of Illinois, GO, Pension, 5.10%, 6/01/33			2,000		1,991,040
University of California, RB, Build America Bonds, 5.95%, 5/15/45			885		1,152,766
Total Municipal Bonds — 3.1%					25,313,846



Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 0.5%
Banc of America Funding Corp., Series 2007-2, Class 1A2, 6.00%, 3/25/37			663		592,644
Countrywide Alternative Loan Trust:
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35			1,247		1,225,324
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 1.42%, 3/20/47 (a)			906		796,197
Credit Suisse Mortgage Capital Certificates, Series 2011-2R, Class 2A1, 3.32%, 7/27/36 (b)(m)			127		127,124
GMAC Mortgage Corp. Loan Trust, Series 2005-AR3, Class 5A1, 3.90%, 6/19/35 (m)			430		420,107
GSR Mortgage Loan Trust:
Series 2006-4F, Class 1A1, 5.00%, 5/25/36			63		63,343
Series 2007-4F, Class 3A1, 6.00%, 7/25/37			222		205,114
JPMorgan Mortgage Trust, Series 2006-S3, Class 1A12, 6.50%, 8/25/36			81		69,338
Merrill Lynch Mortgage Investors, Inc., Series 2006-A3, Class 3A1, 3.56%, 5/25/36 (m)			640		600,048


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)



Non-Agency Mortgage-Backed Securities	Par (000)			Value
Collateralized Mortgage Obligations (continued)
WaMu Mortgage Pass-Through Certificates, Series 2007-OA4, Class 1A, (12 mo. MTA + 0.770%), 1.60%, 5/25/47 (a)		USD	218	$	208,352

					4,307,591
Commercial Mortgage-Backed Securities — 10.2%
Banc of America Merrill Lynch Commercial Mortgage Securities Trust, Series 2015-200P, Class C, 3.72%, 4/14/33 (b)(m)			4,170		4,296,668
Citigroup Commercial Mortgage Trust:
Series 2013-GC15, Class B, 5.27%, 9/10/46 (m)			7,183		8,009,505
Series 2016-P5, Class A4, 2.94%, 10/10/49			6,000		6,026,704
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2006-CD3, Class AM, 5.65%, 10/15/48			1,623		1,633,353
Commercial Mortgage Trust:
Series 2008-LS1, Class A4B, 6.37%, 12/10/49 (m)			131		130,820
Series 2013-300P, Class A1, 4.35%, 8/10/30 (b)			1,330		1,461,380
Series 2013-CR11, Class B, 5.33%, 8/10/50 (m)			7,000		7,701,060
Series 2013-LC6, Class B, 3.74%, 1/10/46			1,390		1,428,846
Series 2014-CR21, Class A3, 3.53%, 12/10/47			1,300		1,365,092
Series 2015-3BP, Class A, 3.18%, 2/10/35 (b)			7,570		7,756,073
Series 2015-CR22, Class C, 4.26%, 3/10/48 (m)			5,000		5,055,095
Series 2015-LC19, Class C, 4.40%, 2/10/48 (m)			3,500		3,590,221
Core Industrial Trust, Series 2015-TEXW, Class D, 3.98%, 2/10/34 (b)(m)			4,585		4,693,983
CSAIL Commercial Mortgage Trust, Series 2015-C1 (m):
Class B, 4.04%, 4/15/50			1,110		1,150,580
Class C, 4.44%, 4/15/50			1,000		1,030,539
DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 9/10/49			2,485		2,492,734
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class DFX, 3.49%, 12/15/34 (b)(m)			6,170		6,254,565
GS Mortgage Securities Corp. II, Series 2013-GC10, Class B, 3.68%, 2/10/46 (b)			2,505		2,591,606
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2004-LN2, Class A2, 5.12%, 7/15/41			7		7,006
Series 2016-NINE, Class A, 2.95%, 10/06/38 (b)(m)			4,800		4,793,084
LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3, 5.87%, 9/15/45 (m)			608		608,301
Morgan Stanley Capital I Trust, Series 2014-CPT, Class G, 3.56%, 7/13/29 (b)(m)			3,200		3,162,218
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class A4, 3.54%, 5/15/48			3,205		3,367,367



Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
WF-RBS Commercial Mortgage Trust, Series 2012-C8:
Class B, 4.31%, 8/15/45		USD	1,395	$	1,487,083
Class C, 5.06%, 8/15/45 (m)			1,795		1,885,954

					81,979,837
Interest Only Commercial Mortgage-Backed Securities — 0.1%
Commercial Mortgage Loan Trust, Series 2015-LC21, Class XA, 1.00%, 7/10/48 (m)			19,286		821,985
Total Non-Agency Mortgage-Backed Securities — 10.8%					87,109,413


Preferred Securities
Capital Trusts
Banks — 3.1%
ABN AMRO Bank NV, 5.75% (f)(g)		EUR	200		253,269
Banco Santander SA, 6.25% (f)(g)		USD	100		122,512
BNP Paribas SA, 7.20% (b)(f)(g)			2,000		2,336,240
Capital One Financial Corp., Series E, 5.55% (f)(g)			3,500		3,652,950
CIT Group, Inc., 5.80% (f)(g)			323		335,112
Citigroup, Inc. (f)(g):
Series M 6.30%			4,000		4,355,000
Series P, 5.95%			2,100		2,268,000
Series Q, 5.95%			100		105,563
Series R, 6.13%			605		647,713
Cooperatieve Rabobank UA, 6.63% (f)(g)			200		266,363
Credit Agricole SA (f)(g):
6.63%			1,400		1,442,000
7.88%			1,000		1,122,500
Intesa Sanpaolo SpA, 7.00% (f)(g)			200		256,245
Nordea Bank AB, 6.13% (f)(g)			2,960		3,145,000
U.S. Bancorp, Series J, 5.30% (f)(g)			191		207,235
Wells Fargo & Co. (f)(g):
Series S, 5.90%			3,510		3,808,350
Series U, 5.88%			430		477,300

					24,801,352
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series L, 5.70% (f)(g)			612		633,420
Morgan Stanley, Series H, 5.45% (f)(g)			2,627		2,702,526
State Street Corp.:
2.25%, 6/01/77 (a)			140		128,713
Series F, 5.25% (f)(g)			2,000		2,105,000

					5,569,659
Chemicals — 0.0%
Lanxess AG, 4.50%, 12/06/76 (f)			50		65,267
Solvay Finance SA, 5.12% (f)(g)			100		132,705

					197,972
Diversified Financial Services — 4.8%
Bank of America Corp. (f)(g):
Series V, 5.13%			385		393,705
Series X, 6.25%			4,620		5,077,380
Bank of New York Mellon Corp. (f)(g):
Series D, 4.50% (d)			8,400		8,316,000
Series E, 4.95%			2,000		2,070,000
Barclays PLC, 7.25% (f)(g)			200		280,280
Credit Suisse Group AG, 6.25% (f)(g)			200		212,000
HSBC Holdings PLC, 6.00% (f)(g)			435		457,402


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Capital Trusts	Par (000)				Value
Diversified Financial Services (continued)
JPMorgan Chase & Co. (f)(g):
Series 1, 7.90%		USD		7,000	$	7,210,000
Series Q, 5.15%				3,000		3,092,133
Series U, 6.13%				500		549,375
Series V, 5.00%				6,710		6,814,005
Royal Bank of Scotland Group PLC, 8.63% (f)(g)				200		221,500
Societe Generale SA (f)(g):
6.00%				3,000		3,027,462
7.88%				1,000		1,121,250

						38,842,492
Diversified Telecommunication Services — 0.0%
Telefonica Europe BV, 4.20% (f)(g)				200		251,542
Electric Utilities — 0.6%
ComEd Financing III, 6.35% , 3/15/33				300		330,375
Electricite de France SA, 5.25% (b)(f)(g)				4,200		4,331,670
Enel SpA (f):
5.00%, 1/15/75				100		128,795
7.75%, 9/10/75				100		147,738
Gas Natural Fenosa Finance BV, 4.13% (f)(g)				100		127,831
RWE AG, 2.75%, 4/21/75 (f)				40		48,149

						5,114,558
Industrial Conglomerates — 0.3%
General Electric Co., Series D, 5.00% (f)(g)				2,131		2,250,869
Insurance — 1.8%
Allstate Corp. (f):
5.75%, 8/15/53				2,000		2,195,000
6.50%, 5/15/67				4,100		4,838,000
MetLife, Inc., 6.40%, 12/15/66				2,554		2,943,485
Voya Financial, Inc., 5.65%, 5/15/53 (f)				4,500		4,770,000

						14,746,485
Total Capital Trusts — 11.3%						91,774,929



Preferred Stocks			Shares
Banks — 0.4%
Wells Fargo & Co. (g):
Series Q, 5.85% (f)				75,000		2,039,250
Series Y, 5.63%				50,000		1,298,500

						3,337,750
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series J, 5.50% (f)(g)				92,000		2,477,560
Morgan Stanley, Series K, 5.85% (f)(g)				82,887		2,260,329
SCE Trust III, Series H, 5.75% (f)(g)				25,314		698,160

						5,436,049
Thrifts & Mortgage Finance — 0.0%
Fannie Mae, Series S, 8.25% (g)(m)				10,000		65,000
Total Preferred Stocks — 1.1%						8,838,799



Trust Preferred
Diversified Financial Services — 0.1%
Citigroup Capital XIII, 7.88%, 10/30/40				29,583		796,635
Total Preferred Securities — 12.5%						101,410,363



U.S. Government Sponsored Agency Securities		Par (000)			Value
Agency Obligations — 1.5%
Fannie Mae, 5.63%, 7/15/37 (d)	USD		1,600		$	2,250,213
Federal Home Loan Bank (d):
5.25%, 12/09/22			1,375			1,608,112
5.37%, 9/09/24			2,175			2,623,750
Residual Funding Corp., 0.00%, 4/15/30 (h)			6,055			4,262,384
Resolution Funding Corp., 0.00%, 7/15/18 - 10/15/18 (h)			1,050			1,035,199

						11,779,658
Collateralized Mortgage Obligations — 4.1%
Fannie Mae Mortgage-Backed Securities:
Series 2015-47, Class GL, 3.50%, 7/25/45			1,636			1,709,589
Series 2005-5, Class PK, 5.00%, 12/25/34			119			122,660
Series 1991-87, Class S, (1 mo. LIBOR + 26.683%), 23.41%, 8/25/21 (a)			3			3,702
Series G-49, Class S, (1 mo. LIBOR + 1034.800%), 906.42%, 12/25/21 (a)			—	(l)		15
Series G-07, Class S, (1 mo. LIBOR + 1144.571%), 1,005.33%, 3/25/21 (a)			—	(l)		127
Freddie Mac Mortgage-Backed Securities:
Series 4350, Class DY, 4.00%, 6/15/44			2,830			3,090,569
Series 4480, Class ZX, 4.00%, 11/15/44			5,997			6,446,141
Series 4549, Class TZ, 4.00%, 11/15/45			2,628			2,877,014
Series 4398, Class ZX, 4.00%, 9/15/54			8,623			9,401,141
Series 0173, Class RS, 10.81%, 11/15/21 (c)(m)			—	(l)		2
Ginnie Mae Mortgage-Backed Securities, Series 2014-72, Class MQ, 4.00%, 2/20/44			8,858			9,596,862

						33,247,822
Commercial Mortgage-Backed Securities — 0.2%
Freddie Mac, Series K013, Class A2, 3.97%, 1/25/21 (m)			1,870			1,993,051
Interest Only Collateralized Mortgage Obligations — 0.7%
Fannie Mae Mortgage-Backed Securities:
Series 1997-50, Class SI, (1 mo. LIBOR + 9.200%), 1.20%, 4/25/23 (a)			36			864
Series 2012-96, Class DI, 4.00%, 2/25/27			5,151			411,691
Series 2012-M9, Class X1, 4.11%, 12/25/17 (m)			3,751			20,323
Series 2012-47, Class NI, 4.50%, 4/25/42			5,239			1,105,686
Series G92-05, Class H, 9.00%, 1/25/22			—	(l)		13
Series 094, Class 2, 9.50%, 8/25/21			—	(l)		23
Series 1990-136, Class S, 18.85%, 11/25/20 (a)			1			1
Series G-10, Class S, 972.61%, 5/25/21 (a)			—	(l)		1
Freddie Mac Mortgage-Backed Securities:
Series K707, Class X1, 1.66%, 12/25/18 (m)			4,673			68,265
Series 2611, Class QI, 5.50%, 9/15/32			370			13,323
Series 1254, Class Z, 8.50%, 4/15/22			17			2,699
Series 1043, Class H, (1 mo. LIBOR + 45.00%), 39.48%, 2/15/21 (a)			1			1
Ginnie Mae Mortgage-Backed Securities (a):
Series 2009-78, Class SD, (1 mo. LIBOR + 6.200%), 4.97%, 9/20/32			5,378			900,603
Series 2009-116, Class KS, (1 mo. LIBOR + 6.470%), 5.24%, 12/16/39			1,982			309,906


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)



U.S. Government Sponsored Agency Securities		Par (000)			Value
Interest Only Collateralized Mortgage Obligations (continued)
Fannie Mae Mortgage-Backed Securities (continued):
Series 2011-52, Class NS, (1 mo. LIBOR + 6.670%), 5.44%, 4/16/41	USD		15,254		$	2,848,517

						5,681,916
Mortgage-Backed Securities — 4.1%
Fannie Mae Mortgage-Backed Securities (d):
3.00%, 8/01/43			10,211			10,387,196
4.00%, 12/01/41 - 12/01/43			5,360			5,706,501
4.50%, 7/01/41 - 4/01/42			11,424			12,388,703
5.00%, 8/01/34			1,976			2,180,102
5.50%, 6/01/38			945			1,053,727
6.00%, 12/01/38			804			910,873
Freddie Mac Mortgage-Backed Securities, 6.00%, 9/1/17 - 12/1/18			13			13,548
Ginnie Mae Mortgage-Backed Securities:
5.50%, 8/15/33			57			62,928
8.00%, 7/15/24			—	(l)		199

						32,703,777
Principal Only Collateralized Mortgage Obligations — 0.0%
Fannie Mae Mortgage-Backed Securities (h):
Series 203, Class 1, 0.00%, 2/25/23			2			1,967
Series 1993-51, Class E, 0.00%, 2/25/23			7			6,531
Series 1993-70, Class A, 0.00%, 5/25/23			1			1,051
Series 0228, Class 1, 0.00%, 6/25/23			2			1,759

						11,308
Total U.S. Government Sponsored Agency Securities — 10.6%						85,417,532



U.S. Treasury Obligations	Par (000)		Value
U.S. Treasury Bonds (d):
3.00%, 11/15/44		61,400	$	64,928,102
2.50%, 2/15/46		55,000		52,512,109
Total U.S. Treasury Obligations — 14.6%				117,440,211
Total Long-Term Investments (Cost — $1,029,634,150) — 134.6%				1,085,443,121
Short-Term Securities	Shares
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.91% (o)(p)		4,374,729		4,374,729
Total Short-Term Securities (Cost — $4,374,729) — 0.5%				4,374,729
Options Purchased (Cost — $6,522,690) — 0.8%				6,727,126
Total Investments Before Options Written (Cost — $1,040,531,569) — 135.9%				1,096,544,976
Options Written (Premiums Received — $5,291,168) — (0.7)%				(5,474,806	)
Total Investments, Net of Options Written (Cost — $1,035,240,401) — 135.2%				1,091,070,170
Liabilities in Excess of Other Assets — (35.2)%				(284,222,411	)

Net Assets — 100.0%			$	806,847,759


Notes to Schedule of Investments

(a)

Floating rate security. Rate shown is the rate in effect as of period end.

(b)

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

(c)

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

(d)

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

(e)

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.

(f)

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

(g)

Perpetual security with no stated maturity date.

(h)

Zero-coupon bond.

(i)

Convertible security.

(j)

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

(k)

Variable rate security. Rate shown is the rate in effect as of period end.

(l)

Amount is less than $500.

(m)

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

(n)

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

(o)

Annualized 7-day yield as of period end.

(p)

During the year ended August 31, 2017, investments in issuers considered to be affiliates of the Trust for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Trust were as follows:


Affiliate	Shares Investment Value Held at August 31, 2016		Net Activity			Shares Investment Value Held at August 31, 2017		Value at August 31, 2017		Income		Net Realized Gain¹		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		4,374,729			4,374,729	$	4,374,729	$	111,581	$	77		—
BlackRock Liquidity Funds, TempFund, Institutional Class		12,926,909		(12,926,909	)		—		—		49		—		—
Total								$	4,374,729	$	111,630	$	77		—

¹ Includes net capital gain distributions.


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)

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


Reverse Repurchase Agreements
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements¹
BNP Paribas Securities Corp.		1.27	%		12/19/16		Open	$	1,011,169	$	1,018,036	U.S. Government Sponsored Agency Securities	Open/Demand
BNP Paribas Securities Corp.		1.27	%		12/19/16		Open		809,375		814,872	U.S. Government Sponsored Agency Securities	Open/Demand
BNP Paribas Securities Corp.		1.27	%		12/19/16		Open		1,318,625		1,327,580	U.S. Government Sponsored Agency Securities	Open/Demand
BNP Paribas Securities Corp.		1.27	%		12/19/16		Open		614,831		619,007	U.S. Government Sponsored Agency Securities	Open/Demand
BNP Paribas Securities Corp.		1.22	%		12/29/16		Open		60,555,750		60,904,602	U.S. Treasury Obligations	Open/Demand
Deutsche Bank AG		1.07	%		2/27/17		Open		22,562,500		22,675,325	U.S. Treasury Obligations	Open/Demand
RBC Capital Markets, LLC		1.59	%		4/06/17		Open		7,780,528		7,826,504	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		4/06/17		Open		7,038,550		7,080,142	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		4/06/17		Open		7,670,085		7,715,409	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		4/06/17		Open		2,655,250		2,670,940	Corporate Bonds	Open/Demand
BNP Paribas Securities Corp.		1.61	%		6/15/17		Open		802,000		804,654	Corporate Bonds	Open/Demand
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.18	%		6/15/17		Open		1,311,500		1,314,922	U.S. Government Sponsored Agency Securities	Open/Demand
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1.18	%		6/15/17		Open		788,906		790,942	U.S. Government Sponsored Agency Securities	Open/Demand
HSBC Securities (USA), Inc.		1.50	%		6/19/17		Open		3,648,000		3,659,096	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		1.50	%		6/19/17		Open		3,665,000		3,676,148	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		1.50	%		6/19/17		Open		8,069,000		8,093,543	Capital Trusts	Open/Demand
HSBC Securities (USA), Inc.		1.50	%		6/19/17		Open		3,945,000		3,956,999	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		1.75	%		6/19/17		Open		3,823,000		3,836,566	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		3,329,300		3,340,034	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		2,586,000		2,594,338	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		3,558,938		3,570,412	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		2,472,500		2,480,472	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		3,251,250		3,261,733	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		3,080,000		3,089,930	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		7,128,138		7,151,120	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		4,579,375		4,594,140	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		3,660,000		3,671,800	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		3,315,000		3,325,688	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/19/17		Open		4,634,500		4,649,442	Corporate Bonds	Open/Demand
Nomura Securities International, Inc.		1.16	%		6/20/17		Open		28,687,500		28,753,744	U.S. Treasury Obligations	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		1,930,000		1,936,052	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		1,807,500		1,813,168	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		1,555,750		1,560,629	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		2,091,000		2,097,557	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		1,641,500		1,646,648	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		4,850,000		4,865,209	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		2,480,000		2,487,777	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		2,300,002		2,307,215	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		2,286,900		2,294,071	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		1,867,500		1,873,356	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		3,306,250		3,316,618	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		1,928,180		1,934,226	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		6/21/17		Open		2,002,725		2,009,005	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/27/17		Open		1,220,837		1,224,149	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/27/17		Open		590,200		591,801	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/27/17		Open		2,544,013		2,550,913	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/27/17		Open		1,564,875		1,569,119	Corporate Bonds	Open/Demand
Credit Suisse Securities (USA) LLC		1.50	%		6/27/17		Open		2,370,000		2,376,428	Corporate Bonds	Open/Demand
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		3,050,000		3,051,876	U.S. Government Sponsored Agency Securities	Up to 30 days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		8,924,000		8,929,488	U.S. Government Sponsored Agency Securities	Up to 30 days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		2,439,000		2,440,500	U.S. Government Sponsored Agency Securities	Up to 30 days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		3,091,000		3,092,901	U.S. Government Sponsored Agency Securities	Up to 30 days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		1,021,000		1,021,628	U.S. Government Sponsored Agency Securities	Up to 30 days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		2,106,000		2,107,295	U.S. Government Sponsored Agency Securities	Up to 30 days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		10,037,000		10,043,173	U.S. Government Sponsored Agency Securities	Up to 30 days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		876,000		876,539	U.S. Government Sponsored Agency Securities	Up to 30 days
RBC Capital Markets, LLC		1.59	%		8/30/17		Open		3,509,000		3,509,155	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		8/30/17		Open		1,901,250		1,901,334	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		8/30/17		Open		2,154,375		2,154,470	Corporate Bonds	Open/Demand
RBC Capital Markets, LLC		1.59	%		8/30/17		Open		2,227,500		2,227,598	Corporate Bonds	Open/Demand
Total								$	288,024,927	$	289,078,038

¹ Certain agreements have no stated maturity and can be terminated by either party at any time.


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)

Derivative Financial Instruments Outstanding as of Period End


Futures Contracts
Description	Number of Contracts			Expiration Date	Notional Amount (000)			Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro Bund		2		November 2017	$	2			$	(1,252	)
Euro Bund		1		November 2017		—	¹			(906	)
5-Year U.S. Treasury Note		262		December 2017	$	31,047				50,378
10-Year U.S. Ultra Long Treasury Note		49		December 2017	$	6,690				28,265
Euro Bund		11		December 2017	$	2,124				4,705
90-Day Euro Future		357		December 2018	$	87,804				257,146

										338,336

Short Contracts
Euro Bund		(1	)	September 2017	$	197				(787	)
German Euro Schatz		(150	)	September 2017	$	20,047				(6,371	)
2-Year U.S. Treasury Note		(259	)	December 2017	$	56,025				(8,438	)
10-Year U.S. Treasury Note		(514	)	December 2017	$	65,270				(235,723	)
90-Day Euro Dollar		(60	)	December 2017	$	14,788				(15,343	)
Long U.S. Treasury Bond		(151	)	December 2017	$	23,570				(162,150	)
Ultra Long U.S. Treasury Bond		(4	)	December 2017	$	676				(5,415	)
90-Day Euro Future		(357	)	December 2019	$	87,657				(347,890	)

										(782,117	)
Total									$	(443,781	)

¹ Amount less than $500.


Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	2,599,299	EUR	1,735,000	Barclays Bank PLC		9/01/17	$	880
EUR	1,735,000	AUD	2,538,381	Barclays Bank PLC		9/01/17		47,546
EUR	1,735,000	AUD	2,550,051	Barclays Bank PLC		9/01/17		38,269
EUR	1,735,000	AUD	2,553,174	Barclays Bank PLC		9/01/17		35,787
EUR	1,735,000	AUD	2,558,646	Barclays Bank PLC		9/01/17		31,437
EUR	1,735,000	AUD	2,578,512	Barclays Bank PLC		9/01/17		15,644
EUR	11,105,000	AUD	16,587,372	Deutsche Bank AG		9/01/17		33,826
EUR	1,040,000	AUD	1,509,902	Morgan Stanley & Co. International PLC		9/01/17		37,772
USD	11,997,555	GBP	9,134,000	HSBC Bank USA N.A.		9/06/17		186,008
USD	1,117,471	GBP	851,000	State Street Bank and Trust Co.		9/06/17		17,008
AUD	2,598,176	GBP	1,530,000	Citibank N.A.		9/12/17		86,391
CAD	2,539,671	AUD	2,545,000	Citibank N.A.		9/12/17		10,979
CAD	5,491,658	EUR	3,660,000	Citibank N.A.		9/12/17		39,614
CAD	2,545,013	NZD	2,740,000	BNP Paribas S.A.		9/12/17		71,207
CHF	1,944,872	USD	2,000,000	State Street Bank and Trust Co.		9/12/17		29,015
EUR	1,730,000	AUD	2,546,686	Bank of America N.A.		9/12/17		35,854
EUR	3,660,000	CAD	5,432,436	Credit Suisse International		9/12/17		7,816
EUR	3,670,000	CHF	3,988,042	Citibank N.A.		9/12/17		209,877
EUR	1,720,000	GBP	1,522,556	BNP Paribas S.A.		9/12/17		79,036
NOK	16,474,915	GBP	1,530,000	BNP Paribas S.A.		9/12/17		145,098
NOK	15,862,121	GBP	1,540,000	Barclays Bank PLC		9/12/17		53,162
NOK	15,734,268	NZD	2,730,000	Citibank N.A.		9/12/17		68,618
NOK	31,410,920	NZD	5,560,000	Credit Suisse International		9/12/17		58,019
SEK	16,676,306	AUD	2,570,000	BNP Paribas S.A.		9/12/17		56,691
SEK	16,402,385	EUR	1,705,000	Barclays Bank PLC		9/12/17		34,654
SEK	16,110,212	EUR	1,690,000	Citibank N.A.		9/12/17		15,732
SEK	33,073,784	EUR	3,440,000	Citibank N.A.		9/12/17		67,451
SEK	16,120,191	GBP	1,550,000	BNP Paribas S.A.		9/12/17		24,803
USD	2,007,771	NZD	2,760,000	BNP Paribas S.A.		9/12/17		26,367
EUR	5,170,000	GBP	4,692,716	Credit Suisse International		9/26/17		88,982


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	5,258,350		EUR	4,409,000	BNP Paribas S.A.		10/04/17	$	1,393
USD	1,464,645		EUR	1,227,000	Deutsche Bank AG		10/04/17		1,664
CHF	1,903,855		USD	1,985,000	Barclays Bank PLC		10/18/17		5,943
USD	1,985,000		CHF	1,882,048	Barclays Bank PLC		10/18/17		16,862
USD	2,007,769		GBP	1,515,000	Barclays Bank PLC		10/18/17		45,853
USD	2,010,000		JPY	217,603,022	Barclays Bank PLC		10/25/17		26,041
SEK	16,356,140		NOK	15,985,000	Morgan Stanley & Co. International PLC		10/30/17		1,941

									1,753,240

AUD	2,529,856		EUR	1,735,000	Barclays Bank PLC		9/01/17		(54,324	)
AUD	2,541,164		EUR	1,735,000	Barclays Bank PLC		9/01/17		(45,334	)
AUD	2,548,757		EUR	1,735,000	Barclays Bank PLC		9/01/17		(39,298	)
AUD	2,551,491		EUR	1,735,000	Barclays Bank PLC		9/01/17		(37,125	)
AUD	2,560,716		EUR	1,735,000	Barclays Bank PLC		9/01/17		(29,791	)
AUD	2,562,290		EUR	1,735,000	Barclays Bank PLC		9/01/17		(28,540	)
AUD	2,565,390		EUR	1,735,000	Barclays Bank PLC		9/01/17		(26,075	)
AUD	2,570,741		EUR	1,735,000	Barclays Bank PLC		9/01/17		(21,822	)
AUD	2,572,691		EUR	1,735,000	Barclays Bank PLC		9/01/17		(20,272	)
AUD	2,582,735		EUR	1,735,000	Barclays Bank PLC		9/01/17		(12,287	)
AUD	2,589,670		EUR	1,735,000	Barclays Bank PLC		9/01/17		(6,774	)
USD	2,218,853		EUR	1,879,000	Deutsche Bank AG		9/06/17		(18,114	)
USD	742,684		EUR	629,130	JPMorgan Chase Bank N.A.		9/06/17		(6,301	)
USD	1,255,358		EUR	1,063,417	JPMorgan Chase Bank N.A.		9/06/17		(10,650	)
USD	10,163,507		EUR	8,602,000	State Street Bank and Trust Co.		9/06/17		(77,253	)
AUD	2,581,989		EUR	1,730,000	BNP Paribas S.A.		9/12/17		(7,792	)
AUD	2,570,000		SEK	16,661,146	Bank of America N.A.		9/12/17		(54,782	)
CAD	2,518,331		AUD	2,540,000	Citibank N.A.		9/12/17		(2,137	)
CHF	3,978,684		EUR	3,670,000	Bank of America N.A.		9/12/17		(219,641	)
CHF	1,322,559		USD	1,384,205	Bank of America N.A.		9/12/17		(4,426	)
CHF	1,356,127		USD	1,419,337	Bank of America N.A.		9/12/17		(4,538	)
CHF	559,649		USD	585,795	Citibank N.A.		9/12/17		(1,934	)
CHF	573,853		USD	600,663	Citibank N.A.		9/12/17		(1,983	)
EUR	1,705,000		SEK	16,231,087	Barclays Bank PLC		9/12/17		(13,087	)
EUR	3,380,000		SEK	32,266,494	Deutsche Bank AG		9/12/17		(37,264	)
GBP	1,530,000		AUD	2,565,203	Goldman Sachs International		9/12/17		(60,182	)
GBP	1,539,625		EUR	1,720,000	BNP Paribas S.A.		9/12/17		(56,959	)
GBP	1,560,000		NOK	15,735,720	Morgan Stanley & Co. International PLC		9/12/17		(10,998	)
GBP	1,570,000		USD	2,033,905	Bank of America N.A.		9/12/17		(3,298	)
NOK	34,000,000		SEK	34,919,802	Citibank N.A.		9/12/17		(13,096	)
NZD	2,740,000		CAD	2,528,280	BNP Paribas S.A.		9/12/17		(57,806	)
NZD	2,760,000		USD	1,989,808	Citibank N.A.		9/12/17		(8,405	)
SEK	34,131,135		NOK	34,000,000	BNP Paribas S.A.		9/12/17		(86,198	)
USD	2,005,000		CHF	1,927,888	Barclays Bank PLC		9/12/17		(6,296	)
USD	2,020,000		CHF	1,940,252	Citibank N.A.		9/12/17		(4,196	)
USD	3,990,000		CHF	3,841,807	Goldman Sachs International		9/12/17		(18,020	)
USD	1,990,000		CHF	1,923,850	Royal Bank of Canada		9/12/17		(17,084	)
USD	2,003,381		GBP	1,570,000	BNP Paribas S.A.		9/12/17		(27,227	)
GBP	1,513,325		EUR	1,690,000	Barclays Bank PLC		9/26/17		(55,819	)
GBP	1,544,667		EUR	1,765,000	Barclays Bank PLC		9/26/17		(104,645	)
GBP	1,526,172		EUR	1,715,000	Credit Suisse International		9/26/17		(68,989	)
USD	1,454,476		EUR	1,227,000	Royal Bank of Scotland PLC		10/04/17		(8,506	)
USD	5,226,393		EUR	4,409,000	Royal Bank of Scotland PLC		10/04/17		(30,564	)
USD	1,094,129		GBP	846,000	UBS AG		10/04/17		(953	)
USD	11,765,436		GBP	9,097,242	UBS AG		10/04/17		(10,246	)
GBP	1,525,000		USD	1,993,648	Goldman Sachs International		10/18/17		(18,781	)
JPY	220,016,610		USD	2,010,000	Barclays Bank PLC		10/25/17		(4,035	)
NOK	16,040,000		SEK	16,449,535	Barclays Bank PLC		10/30/17		(6,633	)

									(1,460,480	)
Net Unrealized Appreciation								$	292,760


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Purchased

Received by the Trust

Paid by the Trust

Description

Counterparty

Expiration
Date

Exercise
Rate

Rate

Frequency

Rate

Frequency

Notional
Amount
(000)

Value

Call

1-Year Interest Rate Swap, 3/07/19

JPMorgan Chase Bank N.A.

3/05/18

1.94%

Semi-annual

3-Month LIBOR

Quarterly

USD

27,900

110,044

1-Year Interest Rate Swap, 3/07/19

JPMorgan Chase Bank N.A.

3/05/18

1.94%

Semi-annual

3-Month LIBOR

Quarterly

USD

9,700

38,259

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

Deutsche Bank AG

10/17/18

1.25%

Semi-annual

3-Month LIBOR

Quarterly

USD

10,000

13,233

10-Year Interest Rate Swap, 3/15/29

Barclays Bank PLC

3/13/19

2.75%

Semi-annual

3-Month LIBOR

Quarterly

USD

2,290

137,768

2-Year Interest Rate Swap, 3/29/21

Deutsche Bank AG

3/27/19

2.25%

Semi-annual

3-Month LIBOR

Quarterly

USD

20,000

230,605

2-Year Interest Rate Swap, 4/27/21

Barclays Bank PLC

4/25/19

2.00%

Semi-annual

3-Month LIBOR

Quarterly

USD

40,000

331,827

15-Year Interest Rate Swap, 6/10/35

Barclays Bank PLC

6/08/20

0.65%

Semi-annual

6-Month LIBOR

Semi-annual

JPY

125,000

31,671

10-Year Interest Rate Swap, 1/27/37¹

Deutsche Bank AG

1/25/27

2.60%

Semi-annual

3-Month LIBOR

Quarterly

USD

1,900

(7,604

)

10-Year Interest Rate Swap, 2/10/37

Deutsche Bank AG

2/08/27

2.40%

Semi-annual

3-Month LIBOR

Quarterly

USD

1,875

108,991

994,794

¹ Forward settling swaption.

Put

30-Year Interest Rate Swap,

Goldman Sachs Bank USA

1/03/18

3.10%

3-Month LIBOR

Quarterly

3.10%

Quarterly

USD

3,000

5,241

30-Year Interest Rate Swap, 6/03/48

Barclays Bank PLC

6/01/18

3.30%

3-Month LIBOR

Quarterly

3.30%

Semi-annual

USD

1,830

8,917

30-Year Interest Rate Swap, 6/03/48

Barclays Bank PLC

6/01/18

3.60%

3-Month LIBOR

Quarterly

3.60%

Semi-annual

USD

2,290

4,865

30-Year Interest Rate Swap, 6/03/48

Barclays Bank PLC

6/01/18

3.90%

3-Month LIBOR

Quarterly

3.90%

Semi-annual

USD

2,750

2,613

1-Year Interest Rate Swap, 3/06/20

Goldman Sachs Bank USA

3/04/19

0.15%

6-Month EURIBOR

Semi-annual

0.15%

Annual

EUR

34,880

42,380

30-Year Interest Rate Swap, 3/06/49

Goldman Sachs Bank USA

3/04/19

4.00%

3-Month LIBOR

Quarterly

4.00%

Semi-annual

USD

1,600

7,362

15-Year Interest Rate Swap, 5/17/35

Barclays Bank PLC

5/15/20

1.10%

6-Month LIBOR

Semi-annual

1.10%

Semi-annual

JPY

250,000

24,615

15-Year Interest Rate Swap, 6/10/35

Barclays Bank PLC

6/08/20

0.65%

6-Month LIBOR

Semi-annual

0.65%

Semi-annual

JPY

125,000

29,524

10-Year Interest Rate Swap, 2/03/31

Bank of America N.A.

2/01/21

3.50%

3-Month LIBOR

Quarterly

3.50%

Semi-annual

USD

4,000

71,453

10-Year Interest Rate Swap, 2/03/31

Citibank N.A.

2/01/21

3.50%

3-Month LIBOR

Quarterly

3.50%

Semi-annual

USD

4,380

78,241

5-Year Interest Rate Swap, 10/27/26

JPMorgan Chase Bank N.A.

10/25/21

3.25%

3-Month LIBOR

Quarterly

3.25%

Semi-annual

USD

3,445

46,302

5-Year Interest Rate Swap, 10/29/26

Barclays Bank PLC

10/27/21

3.15%

3-Month LIBOR

Quarterly

3.15%

Semi-annual

USD

16,560

242,156

5-Year Interest Rate Swap, 12/18/26

Goldman Sachs Bank USA

12/16/21

3.25%

3-Month LIBOR

Quarterly

3.25%

Semi-annual

USD

6,050

85,152

5-Year Interest Rate Swap, 12/18/26

JPMorgan Chase Bank N.A.

12/16/21

3.25%

3-Month LIBOR

Quarterly

3.25%

Semi-annual

USD

6,200

87,263

5-Year Interest Rate Swap, 1/06/27

Barclays Bank PLC

1/04/22

3.35%

3-Month LIBOR

Quarterly

3.35%

Semi-annual

USD

19,050

250,976

10-Year Interest Rate Swap, 1/13/32

Credit Suisse International

1/11/22

1.25%

6-Month LIBOR

Semi-annual

1.25%

Semi-annual

JPY

250,000

20,398

10-Year Interest Rate Swap, 2/24/32

Credit Suisse International

2/22/22

1.55%

6-Month LIBOR

Semi-annual

1.55%

Semi-annual

JPY

250,000

16,382

10-Year Interest Rate Swap, 3/18/32

JPMorgan Chase Bank N.A.

3/16/22

1.60%

6-Month LIBOR

Semi-annual

1.60%

Semi-annual

JPY

250,000

16,109

10-Year Interest Rate Swap, 4/06/32

JPMorgan Chase Bank N.A.

4/04/22

1.45%

6-Month LIBOR

Semi-annual

1.45%

Semi-annual

JPY

250,000

18,505

15-Year Interest Rate Swap, 5/05/37

Goldman Sachs Bank USA

5/03/22

3.25%

3-Month LIBOR

Quarterly

3.25%

Semi-annual

USD

4,050

174,451


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)

OTC Interest Rate Swaptions Purchased (continued)

Received by the Trust

Paid by the Trust

Description

Counterparty

Expiration
Date

Exercise
Rate

Rate

Frequency

Rate

Frequency

Notional
Amount
(000)

Value

Put

15-Year Interest Rate Swap, 5/05/37

Goldman Sachs Bank USA

5/03/22

3.25%

3-Month LIBOR

Quarterly

3.25%

Semi-annual

USD

3,950

170,144

10-Year Interest Rate Swap, 8/18/32

JPMorgan Chase Bank N.A.

8/16/22

3.00%

3-Month LIBOR

Quarterly

3.00%

Semi-annual

USD

22,000

893,349

10-Year Interest Rate Swap, 4/14/37

JPMorgan Chase Bank N.A.

4/12/27

3.00%

3-Month LIBOR

Quarterly

3.00%

Semi-annual

USD

2,590

142,238

20-Year Interest Rate Swap, 8/11/53

Barclays Bank PLC

8/09/33

4.00%

6-Month EURIBOR

Semi-annual

4.00%

Annual

EUR

2,410

88,762

2,527,398

Total

3,522,192


OTC Options Purchased
Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
AUD Currency	Barclays Bank PLC		—		9/04/17	CAD	1.02	AUD	20,115	$	144
EUR Currency	Barclays Bank PLC		—		9/22/17	GBP	0.90	EUR	14,325		416,081
USD Currency	Morgan Stanley & Co. International PLC		—		9/27/17	CHF	0.98	USD	16,100		37,127
USD Currency	Morgan Stanley & Co. International PLC		—		9/27/17	CHF	0.96	USD	16,100		136,222
EUR Currency	Barclays Bank PLC		—		9/28/17	NZD	1.74	EUR	13,385		14,436
EUR Currency	Barclays Bank PLC		—		9/28/17	NZD	1.68	EUR	13,385		98,314
USD Currency	Deutsche Bank AG		—		10/16/17	CHF	1.00	USD	15,860		27,707
NOK Currency	Barclays Bank PLC		—		10/26/17	SEK	1.06	NOK	66,895		10,511
EUR Currency	HSBC Bank PLC		—		11/14/17	JPY	132.00	EUR	13,555		198,367
CAD Currency	Goldman Sachs International		—		11/29/17	JPY	90.00	CAD	20,105		129,654
EUR Currency	Barclays Bank PLC		—		11/29/17	CAD	1.55	EUR	6,855		44,010
EUR Currency	JPMorgan Chase Bank N.A.		—		11/29/17	GBP	0.93	EUR	13,655		200,220
											1,312,793

Put
GBP Currency	Goldman Sachs International		—		9/27/17	SEK	10.30	GBP	12,365		172,028
NZD Currency	Deutsche Bank AG		—		9/27/17	CAD	0.93	NZD	21,285		573,603
GBP Currency	Goldman Sachs International		—		10/16/17	NOK	10.30	GBP	12,355		461,490
GBP Currency	Goldman Sachs International		—		10/16/17	USD	1.25	GBP	12,190		27,491
GBP Currency	Morgan Stanley & Co. International PLC		—		10/16/17	NOK	10.20	GBP	12,355		342,499
USD Currency	Barclays Bank PLC		—		10/23/17	JPY	107.00	USD	15,985		80,996
GBP Currency	Morgan Stanley & Co. International PLC		—		11/29/17	NOK	9.80	GBP	12,500		122,683
NZD Currency	Citibank N.A.		—		11/29/17	USD	0.69	NZD	22,155		111,351
											1,892,141

Total										$	3,204,934

OTC Interest Rate Swaptions Written

Received by the Trust

Paid by the Trust

Description

Counterparty

Expiration
Date

Exercise
Rate

Rate

Frequency

Rate

Frequency

Notional
Amount
(000)

Value

Call

5-Year Interest Rate Swap, 12/06/22

Goldman Sachs Bank USA

12/04/17

0.15%

6-Month EURIBOR

Semi-annual

0.15%

Annual

EUR

5,700

(13,959

)

5-Year Interest Rate Swap, 12/20/22

Morgan Stanley & Co. International PLC

12/18/17

1.70%

3-Month LIBOR

Quarterly

1.70%

Semi-annual

USD

7,600

(28,552

)

2-Year Interest Rate Swap, 3/03/20

Goldman Sachs Bank USA

3/01/18

1.60%

3-Month LIBOR

Quarterly

1.60%

Semi-annual

USD

24,400

(52,608

)

5-Year Interest Rate Swap, 3/07/23

JPMorgan Chase Bank N.A.

3/05/18

2.41%

3-Month LIBOR

Quarterly

2.41%

Semi-annual

USD

5,580

(158,278

)


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


OTC Interest Rate Swaptions Written (continued)
				Received by the Trust		Paid by the Trust
Description	Counterparty	Expiration Date	Exercise Rate	Rate	Frequency	Rate	Frequency	Notional Amount (000)		Value
Call
5-Year Interest Rate Swap, 3/07/23	JPMorgan Chase Bank N.A.	3/05/18	2.41%	3-Month LIBOR	Quarterly	2.41%	Semi-annual	USD	1,940	$	(55,028	)
5-Year Interest Rate Swap, 3/15/23	Barclays Bank PLC	3/13/18	0.10%	6-Month EURIBOR	Semi-annual	0.10%	Annual	EUR	11,520		(26,905	)
10-Year Interest Rate Swap, 7/15/28	Deutsche Bank AG	7/13/18	2.45%	3-Month LIBOR	Quarterly	2.45%	Semi-annual	USD	2,000		(76,526	)
2-Year Interest Rate Swap, 10/19/20	Deutsche Bank AG	10/17/18	0.90%	3-Month LIBOR	Quarterly	0.90%	Semi-annual	USD	20,000		(8,834	)
10-Year Interest Rate Swap, 3/15/29	Barclays Bank PLC	3/13/19	2.00%	3-Month LIBOR	Quarterly	2.00%	Semi-annual	USD	4,580		(101,159	)
2-Year Interest Rate Swap, 3/23/21	Goldman Sachs Bank USA	3/21/19	1.60%	3-Month LIBOR	Quarterly	1.60%	Semi-annual	USD	15,400		(63,695	)
2-Year Interest Rate Swap, 3/29/21	Deutsche Bank AG	3/27/19	1.75%	3-Month LIBOR	Quarterly	1.75%	Semi-annual	USD	30,000		(164,555	)
2-Year Interest Rate Swap, 3/30/21	JPMorgan Chase Bank N.A.	3/28/19	1.75%	3-Month LIBOR	Quarterly	1.75%	Semi-annual	USD	8,470		(46,418	)
2-Year Interest Rate Swap, 4/14/21	JPMorgan Chase Bank N.A.	4/12/19	1.60%	3-Month LIBOR	Quarterly	1.60%	Semi-annual	USD	6,700		(28,466	)
2-Year Interest Rate Swap, 4/27/21	Barclays Bank PLC	4/25/19	1.50%	3-Month LIBOR	Quarterly	1.50%	Semi-annual	USD	80,000		(286,040	)
2-Year Interest Rate Swap, 5/08/21	JPMorgan Chase Bank N.A.	5/06/19	1.65%	3-Month LIBOR	Quarterly	1.65%	Semi-annual	USD	28,440		(136,246	)
5-Year Interest Rate Swap, 1/07/27	Goldman Sachs Bank USA	1/05/22	1.70%	3-Month LIBOR	Quarterly	1.70%	Semi-annual	USD	5,000		(84,259	)
5-Year Interest Rate Swap, 2/10/27	Deutsche Bank AG	2/08/22	1.75%	3-Month LIBOR	Quarterly	1.75%	Semi-annual	USD	5,000		(88,790	)
											(1,420,318	)

Put
5-Year Interest Rate Swap, 12/06/22	Barclays Bank PLC	12/04/17	0.65%	0.65%	Annual	6-Month EURIBOR	Semi-annual	EUR	7,200		(1,987	)
5-Year Interest Rate Swap, 12/20/22	Morgan Stanley & Co. International PLC	12/18/17	2.00%	2.00%	Semi-annual	3-Month LIBOR	Quarterly	USD	7,600		(20,239	)
10-Year Interest Rate Swap, 1/05/28	Goldman Sachs Bank USA	1/03/18	3.00%	3.00%	Semi-annual	3-Month LIBOR	Quarterly	USD	7,430		(3,413	)
10-Year Interest Rate Swap, 2/18/28	Barclays Bank PLC	2/16/18	2.60%	2.60%	Semi-annual	3-Month LIBOR	Quarterly	USD	4,970		(18,058	)
2-Year Interest Rate Swap, 4/08/20	JPMorgan Chase Bank N.A.	4/06/18	2.15%	2.15%	Semi-annual	3-Month LIBOR	Quarterly	USD	8,320		(2,839	)
2-Year Interest Rate Swap, 4/14/20	Goldman Sachs Bank USA	4/12/18	1.75%	1.75%	Semi-annual	3-Month LIBOR	Quarterly	USD	38,200		(75,913	)
30-Year Interest Rate Swap, 6/03/48	Barclays Bank PLC	6/01/18	2.95%	2.95%	Semi-annual	3-Month LIBOR	Quarterly	USD	1,830		(23,587	)
2-Year Interest Rate Swap, 6/29/20	Goldman Sachs Bank USA	6/27/18	1.45%	1.45%	Semi-annual	3-Month LIBOR	Quarterly	USD	10,000		(61,957	)
10-Year Interest Rate Swap, 7/15/28	Deutsche Bank AG	7/13/18	2.45%	2.45%	Semi-annual	3-Month LIBOR	Quarterly	USD	2,000		(26,198	)
10-Year Interest Rate Swap, 7/18/28	JPMorgan Chase Bank N.A.	7/16/18	2.75%	2.75%	Semi-annual	3-Month LIBOR	Quarterly	USD	2,000		(13,578	)
10-Year Interest Rate Swap, 7/21/28	Deutsche Bank AG	7/19/18	2.70%	2.70%	Semi-annual	3-Month LIBOR	Quarterly	USD	3,240		(25,093	)
10-Year Interest Rate Swap, 7/28/28	UBS AG	7/26/18	2.75%	2.75%	Semi-annual	3-Month LIBOR	Quarterly	USD	2,000		(14,293	)
10-Year Interest Rate Swap, 8/12/28	Deutsche Bank AG	8/10/18	2.55%	2.55%	Semi-annual	3-Month LIBOR	Quarterly	USD	3,500		(41,355	)
10-Year Interest Rate Swap, 8/18/28	JPMorgan Chase Bank N.A.	8/16/18	2.70%	2.70%	Semi-annual	3-Month LIBOR	Quarterly	USD	31,000		(271,673	)
10-Year Interest Rate Swap, 8/29/28	Deutsche Bank AG	8/27/18	2.75%	2.75%	Semi-annual	3-Month LIBOR	Quarterly	USD	2,000		(16,402	)
2-Year Interest Rate Swap, 9/08/20	Goldman Sachs Bank USA	9/06/18	1.50%	1.50%	Semi-annual	3-Month LIBOR	Quarterly	USD	26,000		(170,050	)


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


OTC Interest Rate Swaptions Written (continued)
				Received by the Trust		Paid by the Trust
Description	Counterparty	Expiration Date	Exercise Rate	Rate	Frequency	Rate	Frequency	Notional Amount (000)		Value
Put
2-Year Interest Rate Swap, 10/19/20	Barclays Bank PLC	10/17/18	2.50%	2.50%	Semi-annual	3-Month LIBOR	Quarterly	USD	5,000	$	(3,492	)
5-Year Interest Rate Swap, 3/06/24	Goldman Sachs Bank USA	3/04/19	0.64%	0.64%	Annual	3-Month LIBOR	Semi-annual	EUR	6,980		(80,778	)
2-Year Interest Rate Swap, 3/23/21	Goldman Sachs Bank USA	3/21/19	2.60%	2.60%	Semi-annual	3-Month LIBOR	Quarterly	USD	15,400		(20,874	)
2-Year Interest Rate Swap, 3/30/21	JPMorgan Chase Bank N.A.	3/28/19	2.75%	2.75%	Semi-annual	3-Month LIBOR	Quarterly	USD	8,470		(8,886	)
2-Year Interest Rate Swap, 4/10/21	JPMorgan Chase Bank N.A.	4/08/19	2.35%	2.35%	Semi-annual	3-Month LIBOR	Quarterly	USD	7,530		(17,591	)
2-Year Interest Rate Swap, 4/14/21	JPMorgan Chase Bank N.A.	4/12/19	2.60%	2.60%	Semi-annual	3-Month LIBOR	Quarterly	USD	13,400		(20,038	)
2-Year Interest Rate Swap, 5/08/21	JPMorgan Chase Bank N.A.	5/06/19	2.65%	2.65%	Semi-annual	3-Month LIBOR	Quarterly	USD	28,440		(43,149	)
15-Year Interest Rate Swap, 5/17/35	Barclays Bank PLC	5/15/20	2.10%	2.10%	Semi-annual	6-Month LIBOR	Semi-annual	JPY	250,000		(7,942	)
10-Year Interest Rate Swap, 2/03/31	Bank of America N.A.	2/01/21	5.50%	5.50%	Semi-annual	3-Month LIBOR	Quarterly	USD	10,000		(25,851	)
10-Year Interest Rate Swap, 2/03/31	Citibank N.A.	2/01/21	5.50%	5.50%	Semi-annual	3-Month LIBOR	Quarterly	USD	10,950		(28,307	)
5-Year Interest Rate Swap, 5/05/27	Goldman Sachs Bank USA	5/03/22	3.25%	3.25%	Semi-annual	3-Month LIBOR	Quarterly	USD	10,130		(158,826	)
5-Year Interest Rate Swap, 5/05/27	Goldman Sachs Bank USA	5/03/22	3.25%	3.25%	Semi-annual	3-Month LIBOR	Quarterly	USD	9,870		(154,750	)
											(1,357,119	)

Total										$	(2,777,437	)


OTC Options Written
Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
AUD Currency	Citibank N.A.		—		9/04/17	CAD	1.02	AUD	20,115	$	(144	)
EUR Currency	JPMorgan Chase Bank N.A.		—		9/22/17	GBP	0.90	EUR	14,325		(407,742	)
NZD Currency	Citibank N.A.		—		9/27/17	USD	0.74	NZD	16,575		(15,435	)
USD Currency	Morgan Stanley & Co. International PLC		—		9/27/17	CHF	0.97	USD	32,200		(147,251	)
EUR Currency	Barclays Bank PLC		—		9/28/17	NZD	1.71	EUR	26,770		(79,161	)
GBP Currency	Goldman Sachs International		—		10/16/17	USD	1.35	GBP	12,190		(11,854	)
EUR Currency	HSBC Bank PLC		—		11/14/17	JPY	135.00	EUR	20,330		(122,607	)
EUR Currency	JPMorgan Chase Bank N.A.		—		11/29/17	GBP	0.95	EUR	13,655		(100,622	)
											(884,816	)

Put
GBP Currency	Deutsche Bank AG		—		9/04/17	NOK	10.25	GBP	12,110		(341,298	)
NZD Currency	Citibank N.A.		—		9/04/17	USD	0.72	NZD	21,580		(69,446	)
GBP Currency	Goldman Sachs International		—		9/28/17	SEK	10.05	GBP	12,440		(41,679	)
GBP Currency	Goldman Sachs International		—		10/16/17	NOK	10.20	GBP	12,355		(338,010	)
GBP Currency	Morgan Stanley & Co. International PLC		—		10/16/17	NOK	10.30	GBP	12,355		(466,235	)
USD Currency	Barclays Bank PLC		—		10/23/17	JPY	105.00	USD	15,985		(38,811	)
NZD Currency	Deutsche Bank AG		—		10/27/17	CAD	0.91	NZD	32,160		(517,074	)
											(1,812,553	)

Total										$	(2,697,369	)


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Termination Date	Credit Rating¹	Notional Amount (000)²		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Chesapeake Energy Corp.		5.00	%	Quarterly	12/20/21	CCC	USD	270	$	(33,840	)	$	(9,679	)	$	(24,161	)
¹Using Standard & Poor’s (“S&P’s”) rating of the issuer or the underlying securities of the index, as applicable. ²The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.


Centrally Cleared Interest Rate Swaps
Paid by the Trust		Received by the Trust
Rate	Frequency	Rate	Frequency	Effective Date	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
1.22%	Semi-annual	3-Month LIBOR	Quarterly	12/13/17¹		1/31/18		USD	223,540	$	1,257			—	$	1,257
1.26%	Semi-annual	3-Month LIBOR	Quarterly	12/13/17¹		1/31/18		USD	223,600		(11,181	)		—		(11,181	)
0.77%	Semi-annual	3-Month LIBOR	Quarterly	N/A		2/05/18		USD	107,000		272,812		$	267		272,545
6-Month EURIBOR	Semi-annual	(0.21)%	Annual	9/11/17¹		6/14/19		EUR	17,180		(784	)		240		(1,024	)
3-Month LIBOR	Quarterly	1.64%	Semi-annual	1/04/18¹		9/30/19		USD	21,100		21,392			249		21,143
3-Month LIBOR	Quarterly	1.62%	Semi-annual	1/04/18¹		9/30/19		USD	28,100		16,927			331		16,596
1.65%	Semi-annual	3-Month LIBOR	Quarterly	11/21/17¹		11/21/19		USD	13,200		(19,487	)		151		(19,638	)
1.87%	Semi-annual	3-Month LIBOR	Quarterly	1/19/18¹		1/19/20		USD	2,600		(13,437	)		29		(13,466	)
2.17%	Semi-annual	3-Month LIBOR	Quarterly	3/13/18¹		3/13/20		USD	5,000		(52,877	)		56		(52,933	)
1.75%	Semi-annual	3-Month LIBOR	Quarterly	5/21/18¹		5/21/20		USD	10,950		(18,427	)		—		(18,427	)
1.83%	Semi-annual	3-Month LIBOR	Quarterly	6/29/18¹		6/30/20		USD	2,000		(6,224	)		—		(6,224	)
1.87%	Semi-annual	3-Month LIBOR	Quarterly	7/03/18¹		7/03/20		USD	2,810		(10,302	)		—		(10,302	)
1.94%	Semi-annual	3-Month LIBOR	Quarterly	7/09/18¹		7/07/20		USD	6,000		(29,981	)		—		(29,981	)
3-Month LIBOR	Quarterly	1.84%	Semi-annual	8/06/18¹		8/06/20		USD	11,500		30,666			136		30,530
1.55%	Annual	Overnight FED Funds Effective Rate	Annual	1/04/18¹		2/28/22		USD	7,400		(20,407	)		98		(20,505	)
1.81%	Semi-annual	3-Month LIBOR	Quarterly	N/A		6/06/22		USD	2,820		(8,841	)		—		(8,841	)
6-Month EURIBOR	Semi-annual	0.41%	Annual	4/03/18¹		4/03/23		EUR	1,800		12,465			—		12,465
0.72%	Annual	6-Month EURIBOR	Semi-annual	12/11/17¹		8/15/26		EUR	1,870		(3,291	)		32		(3,323	)
3-Month LIBOR	Quarterly	1.97%	Semi-annual	10/27/21¹		10/27/26		USD	720		(11,184	)		9		(11,193	)
3-Month LIBOR	Quarterly	2.07%	Semi-annual	10/29/21¹		10/29/26		USD	6,160		(68,208	)		77		(68,285	)
3-Month LIBOR	Quarterly	2.95%	Semi-annual	12/21/21¹		12/21/26		USD	4,100		112,538			828		111,710
3-Month LIBOR	Quarterly	2.75%	Semi-annual	1/05/22¹		1/05/27		USD	6,930		127,009			87		126,922
3-Month LIBOR	Quarterly	3.02%	Semi-annual	3/14/22¹		3/14/27		USD	5,220		153,860			63		153,797
3-Month LIBOR	Quarterly	2.32%	Semi-annual	N/A		5/03/27		USD	1,380		32,804			—		32,804
2.17%	Semi-annual	3-Month LIBOR	Quarterly	12/29/17¹		5/15/27		USD	12,400		(96,117	)		195		(96,312	)
6-Month EURIBOR	Semi-annual	1.40%	Annual	6/08/22¹		6/08/27		EUR	200		213			—		213
2.37%	Semi-annual	3-Month LIBOR	Quarterly	N/A		7/13/27		USD	455		(12,769	)		—		(12,769	)
2.22%	Semi-annual	3-Month LIBOR	Quarterly	N/A		8/18/27		USD	1,330		(18,630	)		21		(18,651	)
2.13%	Semi-annual	3-Month LIBOR	Quarterly	N/A		8/30/27		USD	445		(2,636	)		7		(2,643	)
3-Month LIBOR	Quarterly	2.07%	Semi-annual	N/A		8/31/27		USD	1,800		30			28		2
3-Month LIBOR	Quarterly	2.07%	Semi-annual	N/A		8/31/27		USD	900		98			14		84
3-Month LIBOR	Quarterly	2.11%	Semi-annual	N/A		9/05/27		USD	408		1,531			6		1,525
2.90%	Semi-annual	3-Month LIBOR	Quarterly	1/27/27¹		1/27/37		USD	730		(14,627	)		10		(14,637	)
3.07%	Semi-annual	3-Month LIBOR	Quarterly	3/22/27¹		3/20/37		USD	1,000		(32,911	)		14		(32,925	)
2.68%	Semi-annual	3-Month LIBOR	Quarterly	6/28/27¹		6/28/37		USD	1,130		(3,504	)		—		(3,504	)
2.45%	Semi-annual	3-Month LIBOR	Quarterly	12/29/17¹		11/15/43		USD	1,200		(16,429	)		25		(16,454	)
Total										$	311,348		$	2,973	$	308,375

¹ Forward Swap.


OTC Credit Default Swaps — Buy Protection
Reference Obligation/Index	Financing Rate Paid by the Trust			Payment Frequency	Counterparty	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Australia & New Zealand Banking Group Ltd.		1.00	%	Quarterly	Deutsche Bank AG	9/20/17		USD	1	$	(1	)		—	$	(1	)
Westpac Banking Corp.		1.00	%	Quarterly	Deutsche Bank AG	9/20/17		USD	1		1			—		1
Total											—			—		—


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Counterparty	Termination Date	Credit Rating¹	Notional Amount (000)²			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Hellenic Telecommunications Organization SA		5.00	%	Quarterly	Barclays Bank PLC	12/20/21	B+		EUR	20	$	3,770		$	1,159		$	2,611
Jaguar Land Rover Automotive PLC		5.00	%	Quarterly	Barclays Bank PLC	6/20/22	BB+		EUR	10		1,980			1,882			98
Jaguar Land Rover Automotive PLC		5.00	%	Quarterly	Credit Suisse International	6/20/22	BB+		EUR	20		3,956			3,795			161
Markit CMBX North America, Series 8		3.00	%	Monthly	Barclays Bank PLC	10/17/57	N/R		USD	5,000		(822,770	)		(521,588	)		(301,182	)
Markit CMBX North America, Series 8		3.00	%	Monthly	Credit Suisse International	10/17/57	N/R		USD	2,500		(411,385	)		(257,706	)		(153,679	)
Markit CMBX North America, Series 8		3.00	%	Monthly	Morgan Stanley & Co. International PLC	10/17/57	N/R		USD	5,550		(912,813	)		(762,415	)		(150,398	)
Markit CMBX North America, Series 9		3.00	%	Monthly	Morgan Stanley & Co. International PLC	9/17/58	N/R		USD	9,450		(1,093,344	)		(1,199,543	)		106,199
Markit CMBX North America, Series 9		3.00	%	Monthly	Credit Suisse International	9/17/58	N/R		USD	5,000		(578,489	)		(556,917	)		(21,572	)
Markit CMBX North America, Series 9		3.00	%	Monthly	Credit Suisse International	9/17/58	N/R		USD	5,000		(578,489	)		(556,917	)		(21,572	)
Markit CMBX North America, Series 9		3.00	%	Monthly	Credit Suisse International	9/17/58	N/R		USD	5,000		(578,489	)		(550,834	)		(27,655	)
Markit CMBX North America, Series 9		3.00	%	Monthly	Credit Suisse International	9/17/58	N/R		USD	5,000		(578,489	)		(556,864	)		(21,625	)
Total											$	(5,544,562	)	$	(4,955,948	)	$	(588,614	)

¹ Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.
² The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.


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



	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps¹	$	2,973	$	(9,679	)	$	781,593	$	(497,379	)
OTC Derivatives		6,836		(4,962,784	)		109,070		(697,684	)
¹ 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:


Assets — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts	Net unrealized appreciation¹		—		—		—		—	$	340,494		—	$	340,494
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		—		—		—	$	1,753,240		—		—		1,753,240
Options purchased²	Investments at value — unaffiliated³		—		—		—		3,204,934		3,522,192		—		6,727,126
Swaps — centrally cleared	Net unrealized appreciation¹		—		—		—		—		781,593		—		781,593
Swaps — OTC	Unrealized appreciation on OTC swaps; Swap premiums paid		—	$	115,906		—		—		—		—		115,906

Total	—			$	115,906		—	$	4,958,174	$	4,644,279		—	$	9,718,359


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Liabilities — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts	Net unrealized depreciation¹		—		—		—		—	$	784,275		—	$	784,275
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts		—		—		—	$	1,460,480		—		—		1,460,480
Options written	Options written at value;		—		—		—		2,697,369		2,777,437		—		5,474,806
Swaps — centrally cleared	Net unrealized depreciation¹		—	$	24,161		—		—		473,218		—		497,379
Swaps — OTC	Unrealized depreciation on OTC swaps; Swap premiums received		—		5,660,468		—		—		—		—		5,660,468

Total			—	$	5,684,629		—	$	4,157,849	$	4,034,930		—	$	13,877,408

¹ Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
² Includes forward settling swaptions.
³ Includes options purchased at value as reported in the Schedule of Investments.

For the year ended August 31, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:


Net Realized Gain (Loss) from:	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Futures contracts		—		—			—		—		$	(2,298,146	)		—	$	(2,298,146	)
Forward foreign currency exchange contracts		—		—			—	$	(1,315,804	)		—			—		(1,315,804	)
Options purchased¹		—		—			—		(2,819,559	)		(274,949	)		—		(3,094,508	)
Options written		—		—			—		2,486,847			3,203,801			—		5,690,648
Swaps		—	$	751,188			—		—			1,325,884			—		2,077,072

Total		—	$	751,188			—	$	(1,648,516	)	$	1,956,590			—	$	1,059,262


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		—		—			—		—		$	(405,664	)		—	$	(405,664	)
Forward foreign currency exchange contracts		—		—			—	$	327,015			—			—		327,015
Options purchased²		—		—			—		1,448,862			(879,620	)		—		569,242
Options written		—		—			—		(1,094,222	)		(2,644,501	)		—		(3,738,723	)
Swaps		—	$	(191,081	)		—		—			220,352			—		29,271

Total		—	$	(191,081	)		—	$	681,655		$	(3,709,433	)		—	$	(3,218,859	)

¹ Options purchased are included in net realized gain (loss) from investments.
² Options purchased are included in net change in unrealized appreciation (depreciation) on investments.

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	136,146,930
Average notional value of contracts — short	$	213,040,529
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	172,306,985
Average amounts sold — in USD	$	117,908,531
Options:
Average value of option contracts purchased	$	1,336,707
Average value of option contracts written	$	1,097,285
Average notional value of swaption contracts purchased	$	230,233,322
Average notional value of swaption contracts written	$	692,250,985
Credit default swaps:
Average notional amount-buy protection	$	23,467
Average notional amount-sell protection	$	29,295,820
Interest rate swaps:
Average notional amount-pays fixed rate	$	571,546,100
Average notional amount-receives fixed rate	$	81,848,365

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


Schedule of Investments (continued)		BlackRock Core Bond Trust (BHK)


Derivative Financial Instruments — Offsetting as of Period End

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


	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	38,062		$	179,241
Forward foreign currency exchange contracts		1,753,240			1,460,480
Options¹		6,727,126	²		5,474,806
Swaps — Centrally cleared		—			8,785
Swaps — OTC³		115,906			5,660,468

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	8,634,334		$	12,783,780

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(38,062	)		(188,026	)

Total derivative assets and liabilities subject to an MNA	$	8,596,272		$	12,595,754

¹ Includes forward settling swaptions.
²Includes 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.
³Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.

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


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset¹			Non-cash Collateral Received		Cash Collateral Received²			Net Amount of Derivative Assets^3,6
Bank of America N.A.	$	107,307	$	(107,307	)		—		—			—
Barclays Bank PLC		2,176,014		(1,922,069	)		—	$	(253,945	)		—
BNP Paribas S.A.		404,595		(235,982	)		—		—		$	168,613
Citibank N.A.		688,254		(145,083	)		—		—			543,171
Credit Suisse International		195,553		(195,553	)		—		—			—
Deutsche Bank AG		982,026		(982,026	)		—		—			—
Goldman Sachs Bank USA		484,730		(484,730	)		—		—			—
Goldman Sachs International		790,663		(488,526	)		—		—			302,137
HSBC Bank PLC		198,367		(122,607	)		—		—			75,760
HSBC Bank USA N.A.		186,008		—			—		—			186,008
JPMorgan Chase Bank N.A.		1,552,289		(1,327,505	)		—		(224,784	)		—
Morgan Stanley & Co. International PLC		784,443		(784,443	)		—		—			—
State Street Bank and Trust Co.		46,023		(46,023	)		—		—			—

Total	$	8,596,272	$	(6,841,854	)		—	$	(478,729	)	$	1,275,689


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset¹			Non-cash Collateral Pledged		Cash Collateral Pledged⁴			Net Amount of Derivative Liabilities^5.6
Bank of America N.A.	$	312,536	$	(107,307	)		—		—		$	205,229
Barclays Bank PLC		1,922,069		(1,922,069	)		—		—			—
BNP Paribas S.A.		235,982		(235,982	)		—		—			—
Citibank N.A.		145,083		(145,083	)		—		—			—
Credit Suisse International		2,794,330		(195,553	)		—	$	(1,400,000	)		1,198,777
Deutsche Bank AG		1,361,504		(982,026	)		—		(379,478	)		—
Goldman Sachs Bank USA		941,082		(484,730	)		—		(456,352	)		—
Goldman Sachs International		488,526		(488,526	)		—		—			—
HSBC Bank PLC		122,607		(122,607	)		—		—			—
JPMorgan Chase Bank N.A.		1,327,505		(1,327,505	)		—		—			—
Morgan Stanley & Co. International PLC		2,785,631		(784,443	)		—		(2,001,188	)		—
Royal Bank of Canada		17,084		—			—		—			17,084
Royal Bank of Scotland PLC		39,070		—			—		—			39,070
State Street Bank and Trust Co.		77,253		(46,023	)		—		—			31,230
UBS AG		25,492		—			—		—			25,492

Total	$	12,595,754	$	(6,841,854	)		—	$	(4,237,018	)	$	1,516,882

¹The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
²Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.
³Net amount represents the net amount receivable from the counterparty in the event of default.
⁴Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.
⁵Net amount represents the net amount payable due to counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities.
⁶Net amount may also include forward foreign currency exchange contracts and currency options that are not required to be collateralized.


Schedule of Investments (concluded)		BlackRock Core Bond Trust (BHK)

Fair Value Hierarchy as of Period End

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

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


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—		$	86,112,225		$	2,069,938	$	88,182,163
Corporate Bonds	$	510,283			539,290,517			7,166,469		546,967,269
Floating Rate Loan Interests		—			10,944,137			707,182		11,651,319
Foreign Agency Obligations		—			21,951,005			—		21,951,005
Municipal Bonds		—			25,313,846			—		25,313,846
Non-Agency Mortgage-Backed Securities		—			87,109,413			—		87,109,413
Preferred Securities		9,635,434			91,774,929			—		101,410,363
U.S. Government Sponsored Agency Securities		—			85,417,530			2		85,417,532
U.S. Treasury Obligations		—			117,440,211			—		117,440,211
Short-Term Securities:
Money Market Funds		4,374,729			—			—		4,374,729
Options Purchased:
Interest rate contracts¹		—			3,522,192			—		3,522,192
Foreign currency exchange contracts		—			3,204,934			—		3,204,934

Total	$	14,520,446		$	1,072,080,939		$	9,943,591	$	1,096,544,976


Derivative Financial Instruments²
Asset:
Credit contracts		—		$	109,070			—	$	109,070
Foreign currency exchange contracts		—			1,753,240			—		1,753,240
Interest rate contracts	$	340,494			781,593			—		1,122,087
Liabilities:
Credit contracts		—			(721,845	)		—		(721,845	)
Foreign currency exchange contracts		—			(4,157,849	)		—		(4,157,849	)
Interest rate contracts		(782,117	)		(3,252,813	)		—		(4,034,930	)

Total	$	(441,623	)	$	(5,488,604	)		—	$	(5,930,227	)

¹ Includes forward settling swaptions.
² 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 $289,078,038 are categorized as level 2 within the disclosure hierarchy.

During the year ended August 31, 2017, there were no transfers between Level 1 and Level 2.

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the 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:


	Asset-Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			U.S. Government Sponsored Agency Securities		Total
Assets:
Opening balance, as of August 31, 2016	$	6,235,302		$	7,833,603		$	425,295			—		$	2	$	14,494,202
Transfers into Level 3		—			—			172,809			—			—		172,809
Transfers out of Level 3		(897,270	)		—			—			—			—		(897,270	)
Accrued discounts/premiums		(178,903	)		—			8,338			—			—		(170,565	)
Net realized gain (loss)		(803,877	)		—			9,571		$	4			—		(794,302	)
Net change in unrealized appreciation (depreciation)^1,2		519,686			(406,045	)		(1,305	)		—			—		112,336
Purchases		1,750,000			—			223,046			—			—		1,973,046
Sales		(4,555,000	)		(261,089	)		(130,572	)		(4	)		—		(4,946,665	)

Closing Balance, as of August 31, 2017	$	2,069,938		$	7,166,469		$	707,182			—		$	2	$	9,943,591

Net change in unrealized appreciation (depreciation) on investments still held at August 31, 2017²	$	582,580		$	(406,045	)	$	(1,305	)		—			—	$	175,230

¹ Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
² Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2017 is generally due to derivative financial investments no longer held or categorized as Level 3 at period end.

The Trust’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

Consolidated Schedule of Investments August 31, 2017

BlackRock Corporate High Yield Fund, Inc. (HYT)

(Percentages shown are based on Net Assets)


Common Stocks		Shares		Value
Chemicals — 0.1%
Advanced Emissions Solutions, Inc.			168,580	$	1,749,860
Consumer Finance — 0.0%
Ally Financial, Inc.			2		45
Diversified Financial Services — 0.2%
Concrete Investments II S.C.A. (a)(b)			4,997		—
Kcad Holdings I Ltd. (a)(b)			2,223,465,984		3,046,149

					3,046,149
Energy Equipment & Services (c) — 0.1%
Laricina Energy Ltd. (a)(b)			211,764		2
Osum Oil Sands Corp. (a)(b)			400,000		794,394

					794,396
Media — 0.1%
Altice USA, Inc. (b)			45,696		1,394,185
Emmis Communications Corp., Class A (b)			7,210		19,106

					1,413,291
Metals & Mining — 0.1%
Peninsula Energy Ltd. (b)			2,051,920		603,534
Teck Resources Ltd., Class B			35,860		893,990

					1,497,524
Oil, Gas & Consumable Fuels — 0.4%
Gener8 Maritime Corp. (b)			965,338		4,344,021
Halcon Resources Corp. (b)			316,000		1,956,040

					6,300,061
Real Estate Management & Development — 0.0%
Aroundtown Property Holdings PLC			38,059		253,675
Semiconductors & Semiconductor Equipment — 0.0%
SunPower Corp.			1,025		9,061
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc. (b)			59,550		3,853,481
Total Common Stocks — 1.2%					18,917,543



Asset-Backed Securities		Par (000)
Asset-Backed Securities — 3.9%
Accunia European CLO I BV, Series 1X, Class E, (3 mo. EURIBOR + 7.000%), 7.00%, 7/15/29 (d)	EUR		1,400		1,685,476
Allegro CLO II Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 3.850%), 5.16%, 1/21/27 (d)(e)	USD		1,000		1,000,255
ALM Loan Funding (d)(e):
Series 2013-7R2A, Class BR, (3 mo. LIBOR US + 2.750%), 4.05%, 10/15/27	USD		500		504,813
Series 2013-8A, Class CR, (3 mo. LIBOR US + 3.950%), 5.25%, 10/15/28			1,400		1,407,680
ALM VI Ltd., Series 2012-6A, Class B1RR, (3 mo. LIBOR US + 2.050%), 3.35%, 7/15/26 (d)(e)			1,000		1,000,305
ALM VII R Ltd., Series 2013-7RA, Class BR, (3 mo. LIBOR US + 2.700%), 4.00%, 10/15/28 (d)(e)			500		504,912
ALM XII Ltd., Series 2015-12A (d)(e):
Class BR, (3 mo. LIBOR US + 2.050%), 3.35%, 4/16/27			500		500,960
Class C1R, (3 mo. LIBOR US + 3.200%), 4.50%, 4/16/27			1,500		1,504,821


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
ALM XIV Ltd., Series 2014-14A, Class C, (3 mo. LIBOR US + 3.450%), 4.76%, 7/28/26 (d)(e)	USD		500	$	502,548
ALM XVI Ltd/ALM XVI LLC, Series 2015-16A (d)(e):
Class BR, (3 mo. LIBOR US + 2.050%), 3.35%, 7/15/27			590		590,188
Class C1R, (3 mo. LIBOR US + 3.200%), 4.50%, 7/15/27			742		736,043
AMMC CLO 18 Ltd., Series 2016-18A, Class D, (3 mo. LIBOR US + 5.000%), 6.32%, 5/26/28 (d)(e)			500		508,057
AMMC CLO 19 Ltd., Series 2016-19A, Class C, (3 mo. LIBOR US + 2.800%), 4.10%, 10/15/28 (d)(e)			413		414,145
Anchorage Capital CLO Ltd. (d)(e):
Series 2012-1A, Class DR, (3 mo. LIBOR US + 7.250%), 8.55%, 1/13/27			600		605,367
Series 2014-3A, Class C, (3 mo. LIBOR US + 3.500%), 4.81%, 4/28/26			500		499,896
Series 2014-4A, Class CR, (3 mo. LIBOR US + 3.400%), 4.71%, 7/28/26			1,000		999,757
Series 2016-8A, Class D, (3 mo. LIBOR US + 4.200%), 5.51%, 7/28/28			1,000		1,007,686
Apidos CLO XIX, Series 2014-19A, Class CR, (3 mo. LIBOR US + 2.200%), 3.50%, 10/17/26 (d)(e)			500		500,761
Apidos CLO XVIII, Series 2014-18A, Class CR, (3 mo. LIBOR US + 3.250%), 4.56%, 7/22/26 (d)(e)			550		550,285
Apidos CLO XX, Series 2015-20A, Class BR, (3 mo. LIBOR US + 2.600%), 3.90%, 1/16/27 (d)(e)			250		250,150
Apidos CLO XXIII, Series 2015-23A, Class D2, (3 mo. LIBOR US + 5.950%), 7.25%, 1/14/27 (d)(e)			750		758,183
Ares XXVII CLO Ltd., Series 2013-2A, Class DR, (3 mo. LIBOR US + 3.750%), 5.00%, 7/28/29 (d)(e)			500		504,336
Ares XXVIII CLO Ltd., Series 2013-3A, Class DR, (3 mo. LIBOR US + 3.250%), 4.55%, 10/17/24 (d)(e)			350		351,019
Ares XXXII CLO Ltd., Series 2014-32A, Class CR, (3 mo. LIBOR US + 3.450%), 4.77%, 11/15/25 (d)(e)			750		750,077
Ares XXXIII CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 4.200%), 5.42%, 12/05/25 (d)(e)			1,000		1,014,345
Ares XXXIX CLO Ltd., Series 2016-39A, Class E, (3 mo. LIBOR US + 7.250%), 8.55%, 7/18/28 (d)(e)			1,000		1,004,583
Ares XXXVII CLO Ltd., Series 2015-4A (d)(e):
Class C, (3 mo. LIBOR US + 4.250%), 5.55%, 10/15/26			1,000		1,004,374
Class D1, (3 mo. LIBOR US + 6.800%), 8.10%, 10/15/26			500		502,051
Aurium CLO II DAC, Series 2X, Class E, (3 mo. EURIBOR + 5.950%), 5.95%, 7/13/29 (d)	EUR		2,024		2,429,399
Ballyrock CLO Ltd., Series 2016-1A, Class C, (3 mo. LIBOR US + 2.700%), 4.00%, 10/15/28 (d)(e)	USD		1,000		1,000,286
Betony CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.850%), 4.15%, 4/15/27 (d)(e)			250		250,285


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


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
BlueMountain CLO Ltd., Series 2012-2A, Class CR, (3 mo. LIBOR US + 2.600%), 3.92%, 11/20/28 (d)(e)	USD		500	$	503,755
Cairn CLO VII BV, Series 2016-7X, Class E, (3 mo. EURIBOR + 6.350%), 6.35%, 1/31/30 (d)	EUR		900		1,095,225
Carlyle Global Market Strategies CLO Ltd. (e):
Series 2012-4A, Class DR, (3 mo. LIBOR US + 4.100%), 5.41%, 1/20/29 (d)	USD		500		508,380
Series 2013-3A, Class B, (3 mo. LIBOR US + 2.650%), 3.95%, 7/15/25 (d)			500		500,216
Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.750%), 4.05%, 4/17/25 (d)			500		502,003
Series 2015-3A, Class D, 6.87%, 7/28/28 (f)			500		500,894
Series 2016-3A, Class D, (3 mo. LIBOR US + 7.000%), 8.31%, 10/20/29 (d)			500		504,924
Cedar Funding Ltd., Series 2017-8A, Class D, 1.00%, 10/17/30 (a)(e)(f)(g)			535		529,490
CIFC Funding I Ltd., Series 2017-1A, Class D, (3 mo. LIBOR US + 3.500%), 4.81%, 4/23/29 (d)(e)			500		500,693
CIFC Funding II Ltd., Series 2014-2A, Class A3LR, (3 mo. LIBOR US + 2.250%), 3.57%, 5/24/26 (d)(e)			500		500,671
CIFC Funding III Ltd. (d)(e):
Series 2014-3A, Class C1R, (3 mo. LIBOR US + 1.900%), 3.21%, 7/22/26			1,250		1,250,157
Series 2015-3A, Class E, (3 mo. LIBOR US + 6.050%), 7.36%, 10/19/27			750		749,186
CIFC Funding V Ltd. (d)(e):
Series 2014-5A, Class CR, (3 mo. LIBOR US + 2.700%), 4.00%, 1/17/27			750		753,708
Series 2015-5A, Class D, (3 mo. LIBOR US + 6.300%), 7.61%, 10/25/27			500		497,826
Dryden Senior Loan Fund (d)(e):
Series 2014-31A, Class DR, (3 mo. LIBOR US + 3.350%), 4.65%, 4/18/26			500		502,683
Series 2014-36A, Class CR, (3 mo. LIBOR US + 2.800%), 4.10%, 1/15/28			250		252,947
Series 2014-36A, Class DR, (3 mo. LIBOR US + 4.240%), 5.54%, 1/15/28			1,500		1,520,850
Series 2017-50A, Class C, (3 mo. LIBOR US + 2.250%), 3.51%, 7/15/30 (a)			500		500,000
Highbridge Loan Management Ltd., Series 5A-2015 (d)(e):
Class C1R, (3 mo. LIBOR US + 2.100%), 3.41%, 1/29/26			500		501,261
Class D1R, (3 mo. LIBOR US + 3.300%), 4.61%, 1/29/26			500		500,260
Class D2R, (3 mo. LIBOR US + 3.300%), 4.61%, 1/29/26			500		500,260
HPS Loan Management Ltd., Series 9A-2016, Class D2, (3 mo. LIBOR US + 6.450%), 7.76%, 7/19/27 (d)(e)			800		803,948
LCM XV LP, Series 15A, Class CR, (3 mo. LIBOR US + 2.400%), 3.59%, 7/20/30 (d)(e)			500		504,026
Madison Park Funding XIV Ltd., Series 2014-14A, Class DR, (3 mo. LIBOR US + 3.250%), 4.56%, 7/20/26 (d)(e)			500		500,009
Madison Park Funding XV Ltd., Series 2014-15A, Class CR, (3 mo. LIBOR US + 3.450%), 4.77%, 1/27/26 (d)(e)			500		500,571
Madison Park Funding XVI Ltd., Series 2015-16A, Class D, (3 mo. LIBOR US + 5.500%), 6.81%, 4/20/26 (d)(e)			500		499,438


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
Mill Creek II CLO Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.750%), 9.06%, 4/20/28 (d)(e)	USD		500	$	501,576
MP CLO VI Ltd., Series 2014-2A, Class DR, (3 mo. LIBOR US + 3.500%), 4.80%, 1/15/27 (d)(e)			1,000		993,739
Neuberger Berman CLO XVII Ltd., Series 2014-17A, Class DR, (3 mo. LIBOR US + 3.650%), 4.96%, 4/22/29 (d)(e)			500		499,876
Neuberger Berman CLO XVIII Ltd., Series 2014-18A (d)(e):
Class BR, (3 mo. LIBOR US + 2.550%), 3.86%, 11/14/27			500		502,913
Class CR, (3 mo. LIBOR US + 4.250%), 5.56%, 11/14/27			1,500		1,511,657
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class E, (3 mo. LIBOR US + 6.450%), 7.75%, 1/15/28 (d)(e)			500		500,546
Neuberger Berman CLO XXII Ltd., Series 2016-22A, Class E, (3 mo. LIBOR US + 6.750%), 8.05%, 10/17/27 (d)(e)			500		502,525
Neuberger Berman CLO XXIII Ltd., Series 2016-23A, Class E, (3 mo. LIBOR US + 6.580%), 7.88%, 10/17/27 (d)(e)			500		499,369
OCP CLO, Series 2014-7A, Class A1A, (3 mo. LIBOR US + 1.600%), 2.91%, 10/20/26 (d)(e)			500		501,335
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.680%), 2.99%, 10/25/25 (d)(e)			1,500		1,500,910
Octagon Investment Partners XX Ltd., Series 2014-1A, Class D1R, (3 mo. LIBOR US + 3.300%), 4.61%, 11/25/25 (d)(e)			1,000		1,001,032
Octagon Investment Partners XXVI Ltd., Series 2016-1A, Class D, (3 mo. LIBOR US + 4.950%), 6.25%, 4/15/27 (d)(e)			500		507,167
Octagon Investment Partners XXVII Ltd., Series 2016-1A, Class E, (3 mo. LIBOR US + 7.100%), 8.40%, 7/15/27 (d)(e)			1,000		1,007,295
Octagon Investment Partners XXXII Ltd., Series 2017-1A, Class E, 7.52%, 7/15/29 (a)(e)(f)			500		490,000
OneMain Financial Issuance Trust, Series 2015-2A, Class C, 4.32%, 7/18/25 (e)			200		200,367
OZLM IX Ltd., Series 2014-9A Class CR, (3 mo. LIBOR US + 3.550%), 4.86%, 1/20/27 (d)(e)			1,000		1,001,185
Race Point IX CLO Ltd., Series 2015-9A (e):
Class A1, (3 mo. LIBOR US + 1.510%), 2.81%, 4/15/27 (d)			500		500,065
Class A1AR, 1.00%, 10/15/30 (f)(g)			500		500,000
Sound Point CLO IV Ltd., Series 2013-3A, Class CR, (3 mo. LIBOR US + 2.250%), 3.56%, 1/21/26 (d)(e)			500		500,548
Symphony CLO Ltd., Series 2016-17A, Class D, (3 mo. LIBOR US + 4.800%), 6.10%, 4/15/28 (d)(e)			250		253,824
Symphony CLO XII Ltd., Series 2013-12A, Class DR, (3 mo. LIBOR US + 3.250%), 4.55%, 10/15/25 (d)(e)			1,000		1,000,225
Venture XIII CLO Ltd., Series 2013-13A, Class D, (3 mo. LIBOR US + 3.550%), 4.78%, 6/10/25 (d)(e)			1,000		1,000,097
Venture XXVI CLO Ltd., Series 2017-26A, Class D, (3 mo. LIBOR US + 4.250%), 5.56%, 1/20/29 (d)(e)			750		763,144


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


Asset-Backed Securities		Par (000)		Value
Asset-Backed Securities (continued)
Voya CLO Ltd., Series 2016-3A (d)(e):
Class C, (3 mo. LIBOR US + 3.850%), 5.15%, 10/18/27	USD		1,000	$	1,010,683
Class D, (3 mo. LIBOR US + 6.850%), 8.15%, 10/18/27			500		502,886
Westcott Park CLO Ltd., Series 2016-1A (d)(e):
Class D, (3 mo. LIBOR US + 4.350%), 5.66%, 7/20/28			500		506,724
Class E, (3 mo. LIBOR US + 7.200%), 8.51%, 7/20/28			500		502,754
York CLO-3 Ltd., Series 2016-1A (a)(d)(e):
Class DR, (3 mo. LIBOR US + 3.600%), 4.91%, 10/20/29			500		500,000
Class ER, (3 mo. LIBOR US + 6.400%), 7.71%, 10/20/29			500		488,750
Total Asset-Backed Securities — 3.9%					60,577,616



Corporate Bonds
Aerospace & Defense — 3.0%
Arconic, Inc.:
6.15%, 8/15/20			1,540		1,685,145
5.13%, 10/01/24			4,644		4,922,640
5.90%, 2/01/27			1,890		2,060,100
6.75%, 1/15/28			969		1,104,660
5.95%, 2/01/37			674		705,880
Bombardier, Inc. (e):
8.75%, 12/01/21			7,009		7,961,733
6.00%, 10/15/22			1,580		1,603,700
6.13%, 1/15/23			518		531,437
7.50%, 3/15/25			4,763		5,069,618
EnPro Industries, Inc., 5.88%, 9/15/22			130		135,525
KLX, Inc., 5.88%, 12/01/22 (e)			5,434		5,698,907
Koppers, Inc., 6.00%, 2/15/25 (e)			1,190		1,261,400
Kratos Defense & Security Solutions, Inc., 7.00%, 5/15/19			621		630,315
Meccanica Holdings USA, Inc., 6.25%, 1/15/40 (e)			100		112,500
TransDigm, Inc.:
5.50%, 10/15/20			1,563		1,586,914
6.00%, 7/15/22			5,866		6,071,310
6.50%, 7/15/24			3,382		3,513,053
6.50%, 5/15/25			1,619		1,667,570
6.38%, 6/15/26			341		350,804

					46,673,211
Air Freight & Logistics — 0.5%
Air Medical Merger Sub Corp., 6.38%, 5/15/23 (e)			944		889,720
XPO Logistics, Inc.:
5.75%, 6/15/21	EUR		383		474,077
6.50%, 6/15/22 (e)	USD		5,733		6,031,689
6.13%, 9/01/23 (e)			147		153,431

					7,548,917
Airlines — 0.4%
US Airways Pass-Through Trust, Series 2013-1, Class B, 5.38%, 5/15/23			2,947		3,123,766
Virgin Australia Trust, Series 2013-1, Class C, 7.13%, 10/23/18 (e)			2,707		2,776,009

					5,899,775
Auto Components — 1.6%
Adient Global Holdings Ltd., 3.50%, 8/15/24	EUR		336		410,451
Allison Transmission, Inc., 5.00%, 10/01/24 (e)	USD		827		851,810


Corporate Bonds		Par (000)		Value
Auto Components (continued)
CNH Industrial Finance Europe SA, 1.75%, 9/12/25 (g)	EUR		300	$	354,450
Faurecia, 3.63%, 6/15/23			300		376,593
Fiat Chrysler Automobiles NV, 3.75%, 3/29/24			100		129,185
Fiat Chrysler Finance Europe, 4.75%, 7/15/22			267		360,961
FTE Verwaltungs GmbH, 9.00%, 7/15/20			100		123,597
Gestamp Funding Luxembourg SA, 3.50%, 5/15/23			100		124,527
Goodyear Tire & Rubber Co., 5.00%, 5/31/26	USD		471		491,606
Grupo-Antolin Irausa SA, 3.25%, 4/30/24	EUR		316		385,587
HP Pelzer Holding GmbH, 4.13%, 4/01/24			286		349,406
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.88%, 3/15/19	USD		8,471		8,555,710
6.25%, 2/01/22			1,620		1,670,625
6.75%, 2/01/24			1,528		1,608,679
IHO Verwaltungs GmbH (h):
(2.75% Cash or 3.50% PIK), 2.75%, 9/15/21	EUR		600		732,484
(3.25% Cash or 4.00% PIK), 3.25%, 9/15/23			475		584,433
(3.75% Cash or 4.50% PIK), 3.75%, 9/15/26			225		280,708
(4.13% Cash or 4.88% PIK), 4.13%, 9/15/21 (e)	USD		1,280		1,297,600
(4.50% Cash or 5.25% PIK), 4.50%, 9/15/23 (e)			1,367		1,390,923
Jaguar Land Rover Automotive PLC, 2.20%, 1/15/24	EUR		200		240,174
Schaeffler Finance BV, 4.75%, 5/15/23 (e)	USD		1,440		1,490,400
Tesla, Inc., 5.30%, 8/15/25 (e)			2,376		2,343,211
ZF North America Capital, Inc., 4.75%, 4/29/25 (e)			291		305,186

					24,458,306
Banks — 0.9%
Allied Irish Banks PLC, (5 year EUR Swap + 3.950%), 4.13%, 11/26/25 (i)	EUR		710		905,442
Banco Espirito Santo SA (b)(j):
4.75%, 1/15/18			1,900		681,384
4.00%, 1/21/19			1,100		394,486
Banco Popolare, 2.75%, 7/27/20			800		993,710
Banco Popolare di Milano Scarl, 4.25%, 1/30/19			200		249,591
Bank of Ireland, (5 year EUR Swap + 3.550%), 4.25%, 6/11/24 (i)			540		678,888
Bankia SA (i):
(5 year EUR Swap + 3.166%), 4.00%, 5/22/24			800		991,026
(5 year EUR Swap + 3.350%), 3.38%, 3/15/27			200		248,031
CaixaBank SA, (5 year EUR Swap + 3.350%), 3.50%, 2/15/27 (i)			400		505,228
CIT Group, Inc.:
5.50%, 2/15/19 (e)	USD		2,311		2,417,884
5.00%, 8/15/22			278		300,907
5.00%, 8/01/23			690		749,513
6.00%, 4/01/36			2,800		2,842,000
Deutsche Pfandbriefbank AG, 4.60%, 2/22/27	EUR		100		130,209
Intesa Sanpaolo SpA, 6.63%, 9/13/23			1,100		1,624,168

					13,712,467
Beverages — 0.1%
ARD Finance SA, (6.63% Cash or 7.38% PIK), 6.63%, 9/15/23 (h)			200		253,928
Horizon Parent Holdings Sarl, (8.25% Cash or 9.00% PIK), 8.25%, 2/15/22 (h)			350		444,666


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


Corporate Bonds		Par (000)		Value
Beverages (continued)
OI European Group BV, 3.13%, 11/15/24	EUR		175	$	214,793

					913,387
Biotechnology — 0.0%
Senvion Holding GmbH, 3.88%, 10/25/22			301		369,255
Building Materials — 0.0%
Titan Global Finance PLC, 3.50%, 6/17/21			400		510,770
Building Products — 1.1%
American Builders & Contractors Supply Co., Inc. (e):
5.63%, 4/15/21	USD		526		540,465
5.75%, 12/15/23			982		1,032,328
BMBG Bond Finance SCA, 3.00%, 6/15/21	EUR		225		275,552
Building Materials Corp. of America (e):
5.38%, 11/15/24	USD		299		312,455
6.00%, 10/15/25			2,308		2,481,100
CPG Merger Sub LLC, 8.00%, 10/01/21 (e)			3,218		3,338,675
Masonite International Corp., 5.63%, 3/15/23 (e)			2,950		3,075,375
Maxeda DIY Holding BV, 6.13%, 7/15/22	EUR		100		122,941
Ply Gem Industries, Inc., 6.50%, 2/01/22	USD		1,249		1,302,082
Standard Industries, Inc., 5.50%, 2/15/23 (e)			1,708		1,799,805
USG Corp. (e):
5.50%, 3/01/25			904		960,500
4.88%, 6/01/27			1,586		1,625,650

					16,866,928
Capital Markets — 1.1%
Blackstone CQP Holdco LP (e):
6.50%, 3/20/21			13,913		14,341,101
6.00%, 8/18/21			2,265		2,262,345
LPL Holdings, Inc., 5.75%, 9/15/25 (e)			323		338,342

					16,941,788
Chemicals — 3.4%
Alpha 3 BV/Alpha US Bidco, Inc., 6.25%, 2/01/25 (e)			4,100		4,212,750
Axalta Coating Systems Dutch Holding B BV, 3.75%, 1/15/25	EUR		225		282,096
Axalta Coating Systems LLC, 4.88%, 8/15/24 (e)	USD		1,451		1,483,648
Blue Cube Spinco, Inc.:
9.75%, 10/15/23			1,012		1,227,050
10.00%, 10/15/25			1,319		1,625,667
CF Industries, Inc.:
7.13%, 5/01/20			860		948,150
5.15%, 3/15/34			540		510,300
4.95%, 6/01/43			1,231		1,067,893
Chemours Co.:
6.13%, 5/15/23	EUR		100		127,954
6.63%, 5/15/23	USD		375		397,969
7.00%, 5/15/25			1,387		1,529,168
5.38%, 5/15/27			1,561		1,627,342
Hexion, Inc., 10.38%, 2/01/22 (e)			1,360		1,326,000
Huntsman International LLC:
4.88%, 11/15/20			1,450		1,520,688
5.13%, 4/15/21	EUR		379		513,218
5.13%, 11/15/22	USD		844		892,530
Ineos Finance PLC, 4.00%, 5/01/23	EUR		448		551,967
INEOS Group Holdings SA, 5.38%, 8/01/24			100		127,182
Inovyn Finance PLC, 6.25%, 5/15/21			160		198,567
Momentive Performance Materials, Inc., 3.88%, 10/24/21	USD		6,758		6,774,895
NOVA Chemicals Corp. (e):
4.88%, 6/01/24			1,815		1,815,000
5.25%, 6/01/27			2,351		2,345,122


Corporate Bonds		Par (000)		Value
Chemicals (continued)
Platform Specialty Products Corp. (e):
10.38%, 5/01/21	USD		1,818	$	1,992,982
6.50%, 2/01/22			9,736		10,101,100
PQ Corp., 6.75%, 11/15/22 (e)			2,337		2,529,802
PSPC Escrow Corp., 6.00%, 2/01/23	EUR		394		492,489
Tronox Finance LLC:
6.38%, 8/15/20	USD		1,587		1,612,789
7.50%, 3/15/22 (e)			481		503,848
Venator Finance Sarl/Venator Materials LLC, 5.75%, 7/15/25 (e)			764		783,100
Versum Materials, Inc., 5.50%, 9/30/24 (e)			834		877,785
WR Grace & Co-Conn, 5.13%, 10/01/21 (e)			1,817		1,975,987

					51,975,038
Commercial Services & Supplies — 2.0%
ADT Corp.:
3.50%, 7/15/22			1,271		1,266,933
4.13%, 6/15/23			1,781		1,803,262
4.88%, 7/15/32 (e)			4,049		3,750,386
Advanced Disposal Services, Inc., 5.63%, 11/15/24 (e)			1,563		1,625,520
Bilbao Luxembourg SA, (10.50% Cash or 11.25% PIK), 10.50%, 12/01/18 (h)	EUR		428		512,772
Booz Allen Hamilton, Inc., 5.13%, 5/01/25 (e)	USD		2,772		2,774,495
Catalent Pharma Solutions, Inc., 4.75%, 12/15/24	EUR		100		127,465
CD&R Waterworks Merger Sub LLC, 6.13%, 8/15/25 (e)	USD		1,075		1,096,500
Covanta Holding Corp., 5.88%, 7/01/25			924		917,070
Exela Intermediate LLC/Exela Finance, Inc., 10.00%, 7/15/23 (e)			1,132		1,109,360
Harland Clarke Holdings Corp., 8.38%, 8/15/22 (e)			1,870		1,998,562
Iron Mountain Europe PLC, 6.13%, 9/15/22	GBP		100		135,191
KAR Auction Services, Inc., 5.13%, 6/01/25 (e)	USD		4,224		4,368,461
La Financiere Atalian SAS, 4.00%, 5/15/24	EUR		415		515,034
Mobile Mini, Inc., 5.88%, 7/01/24	USD		3,503		3,625,605
Paprec Holding SA, 5.25%, 4/01/22	EUR		271		337,130
Park Aerospace Holdings Ltd., 5.25%, 8/15/22 (e)	USD		1,631		1,700,317
Ritchie Bros Auctioneers, Inc., 5.38%, 1/15/25 (e)			1,289		1,340,560
Silk Bidco AS, 7.50%, 2/01/22	EUR		247		310,214
United Rentals North America, Inc.:
7.63%, 4/15/22	USD		404		421,372
5.75%, 11/15/24			1,354		1,449,186
5.50%, 5/15/27			200		212,000
Verisure Holding AB, 6.00%, 11/01/22	EUR		167		214,677

					31,612,072
Communications Equipment — 1.8%
CommScope Technologies Finance LLC, 6.00%, 6/15/25 (e)	USD		147		156,188
CommScope Technologies LLC, 5.00%, 3/15/27 (e)			2,797		2,787,350
CommScope, Inc. (e):
5.00%, 6/15/21			2,278		2,337,798
5.50%, 6/15/24			1,804		1,880,670
Nokia OYJ:
3.38%, 6/12/22			714		721,140
4.38%, 6/12/27			1,003		1,030,272
6.63%, 5/15/39			3,513		4,039,950
Telefonaktiebolaget LM Ericsson, Series 7Y, 1.88%, 3/01/24	EUR		200		233,948


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



Corporate Bonds		Par (000)		Value
Communications Equipment (continued)
Zayo Group LLC/Zayo Capital, Inc.:
6.00%, 4/01/23	USD		4,752	$	5,029,754
6.38%, 5/15/25			3,973		4,269,743
5.75%, 1/15/27 (e)			4,358		4,624,840

					27,111,653
Construction & Engineering — 1.2%
AECOM, 5.13%, 3/15/27			625		635,938
BlueLine Rental Finance Corp., 9.25%, 3/15/24 (e)			8,326		9,091,159
Brand Energy & Infrastructure Services, Inc., 8.50%, 7/15/25 (e)			4,448		4,792,720
Engility Corp., 8.88%, 9/01/24			1,728		1,885,680
SPIE SA, 3.13%, 3/22/24	EUR		300		371,599
Tutor Perini Corp., 6.88%, 5/01/25 (e)	USD		937		1,007,275
Weekley Homes LLC/Weekley Finance Corp., 6.63%, 8/15/25 (e)			804		779,880

					18,564,251
Construction Materials — 0.9%
American Tire Distributors, Inc., 10.25%, 3/01/22 (e)			1,953		2,016,473
Autodis SA:
(3 mo. EURIBOR + 4.375%), 4.38%, 5/01/22 (d)	EUR		100		120,684
4.38%, 5/01/22			150		184,603
Beacon Roofing Supply, Inc., 6.38%, 10/01/23	USD		366		387,960
H&E Equipment Services, Inc., 5.63%, 9/01/25 (e)			512		528,640
HD Supply, Inc., 5.75%, 4/15/24 (e)			5,518		5,918,055
LKQ Italia Bondco SpA, 3.88%, 4/01/24	EUR		200		260,113
New Enterprise Stone & Lime Co., Inc., 10.13%, 4/01/22 (e)	USD		1,106		1,194,480
PulteGroup, Inc., 5.50%, 3/01/26			1,503		1,615,725
Rexel SA:
3.50%, 6/15/23	EUR		461		578,021
2.63%, 6/15/24			250		302,100

					13,106,854
Consumer Discretionary — 0.2%
AA Bond Co., Ltd., 2.75%, 7/31/43	GBP		175		229,309
Arch Merger Sub, Inc., 8.50%, 9/15/25 (e)	USD		1,685		1,632,344
Nielsen Co. Luxembourg SARL, 5.00%, 2/01/25 (e)			1,178		1,216,285
ServiceMaster Co. LLC, 5.13%, 11/15/24 (e)			606		622,665

					3,700,603
Consumer Finance — 2.5%
Alliance Data Systems Corp. (e):
5.25%, 12/01/17			150		150,938
5.88%, 11/01/21			3,207		3,295,192
5.38%, 8/01/22			2,283		2,334,367
Ally Financial, Inc.:
5.13%, 9/30/24			1,230		1,325,325
4.63%, 3/30/25			904		942,420
8.00%, 11/01/31			12,769		16,440,087
CDK Global, Inc., 4.88%, 6/01/27 (e)			2,140		2,172,100
IHS Markit Ltd., 4.75%, 2/15/25 (e)			1,125		1,198,125
Navient Corp.:
6.63%, 7/26/21			2,431		2,592,054
6.50%, 6/15/22			370		390,813
5.50%, 1/25/23			932		941,320
7.25%, 9/25/23			1,100		1,193,060
6.13%, 3/25/24			642		654,840
5.88%, 10/25/24			723		730,592
6.75%, 6/25/25			730		751,900
5.63%, 8/01/33			1,821		1,525,087


Corporate Bonds		Par (000)		Value
Consumer Finance (continued)
OneMain Financial Holdings LLC (e):
6.75%, 12/15/19	USD		1,661	$	1,733,669
7.25%, 12/15/21			436		457,255
Springleaf Finance Corp., 6.13%, 5/15/22			490		513,275

					39,342,419
Containers & Packaging — 3.8%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.00%, 6/30/21 (e)			3,968		4,074,144
4.25%, 9/15/22 (e)			627		642,675
4.13%, 5/15/23	EUR		275		348,483
4.63%, 5/15/23 (e)	USD		1,738		1,785,795
2.75%, 3/15/24	EUR		675		823,643
6.75%, 5/15/24			450		599,987
7.25%, 5/15/24 (e)	USD		9,905		10,926,205
6.00%, 2/15/25 (e)			6,546		6,971,490
4.75%, 7/15/27 (e)	GBP		427		558,399
4.75%, 7/15/27			362		473,397
Ball Corp.:
5.00%, 3/15/22	USD		710		759,700
4.00%, 11/15/23			1,374		1,394,610
4.38%, 12/15/23	EUR		100		136,009
BWAY Holding Co., 5.50%, 4/15/24 (e)	USD		5,001		5,219,794
Crown European Holdings SA:
4.00%, 7/15/22	EUR		200		266,518
3.38%, 5/15/25			303		379,644
Horizon Holdings I SASU, 7.25%, 8/01/23			100		127,378
JH-Holding Finance SA, (8.25% PIK), 8.25%, 12/01/22 (h)			300		390,904
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu:
5.75%, 10/15/20	USD		6,454		6,574,303
(3 mo. LIBOR US + 3.500%), 4.80%, 7/15/21 (d)(e)			3,182		3,241,662
5.13%, 7/15/23 (e)			1,259		1,312,117
7.00%, 7/15/24 (e)			6,231		6,674,959
Sappi Papier Holding GmbH, 4.00%, 4/01/23	EUR		150		188,521
Sealed Air Corp.:
4.88%, 12/01/22 (e)	USD		709		746,222
4.50%, 9/15/23	EUR		560		755,904
6.88%, 7/15/33 (e)	USD		700		819,000
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.38%, 5/01/22 (e)			1,901		1,962,782
Silgan Holdings, Inc., 3.25%, 3/15/25	EUR		230		281,675
Smurfit Kappa Acquisitions Unltd Co., 2.38%, 2/01/24			100		123,269
Verallia Packaging SASU, 5.13%, 8/01/22			575		725,101

					59,284,290
Diversified Consumer Services — 1.6%
APX Group, Inc.:
6.38%, 12/01/19	USD		216		220,828
8.75%, 12/01/20			1,718		1,769,540
7.88%, 12/01/22			1,874		2,033,290
Ascend Learning LLC, 6.88%, 8/01/25 (e)			1,485		1,544,400
Cognita Financing PLC, 7.75%, 8/15/21	GBP		225		301,858
GW Honos Security Corp., 8.75%, 5/15/25 (e)	USD		586		625,690
Laureate Education, Inc., 8.25%, 5/01/25 (e)			591		642,712
Prime Security Services Borrower LLC/Prime Finance, Inc., 9.25%, 5/15/23 (e)			14,774		16,325,270
Sotheby’s, 5.25%, 10/01/22 (e)			1,036		1,063,195

					24,526,783


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


Corporate Bonds		Par (000)		Value
Diversified Financial Services — 1.8%
Aircastle Ltd.:
7.63%, 4/15/20	USD		128	$	142,880
5.13%, 3/15/21			643		681,580
5.50%, 2/15/22			2,249		2,451,410
Arrow Global Finance PLC:
5.13%, 9/15/24	GBP		125		167,828
(3 mo. EURIBOR + 2.875%), 2.88%, 4/01/25 (d)	EUR		254		303,036
ASP AMC Merger Sub, Inc., 8.00%, 5/15/25 (e)	USD		637		605,150
Barclays PLC, 2.75%, 2/07/28 (f)	EUR		125		147,969
Cabot Financial Luxembourg SA:
6.50%, 4/01/21	GBP		100		133,231
7.50%, 10/01/23			100		139,739
CNH Industrial Finance Europe SA, 1.38%, 5/23/22	EUR		401		484,582
DFC Finance Corp., (12.00 % Cash or 11.00% PIK), 12.00%, 6/16/20 (e)(h)	USD		2,223		1,339,484
FBM Finance, Inc., 8.25%, 8/15/21 (e)			2,660		2,839,550
HRG Group, Inc., 7.88%, 7/15/19			2,745		2,796,469
Intrum Justitia AB:
(3 mo. EURIBOR + 2.625%), 2.63%, 7/15/22 (d)	EUR		208		251,330
2.75%, 7/15/22			229		275,316
Jefferies Finance LLC/JFIN Co-Issuer Corp. (e):
7.38%, 4/01/20	USD		2,695		2,775,850
6.88%, 4/15/22			2,552		2,552,000
Lehman Brother Holding Escrow, 1.00%, 9/22/18 (b)(j)			430		25,800
Lehman Brothers Holdings, Inc. (b)(j):
5.38%, 10/17/17	EUR		350		30,208
4.75%, 1/16/18			1,890		163,121
1.00%, 2/05/18			3,950		340,915
1.00%, 12/31/49	USD		1,535		92,100
LHC3 PLC, (4.13% Cash or 4.88% PIK), 4.13%, 8/15/24 (h)	EUR		604		725,968
Lincoln Finance Ltd., 6.88%, 4/15/21			100		126,926
Mercury Bondco PLC (h):
(7.13% Cash or 7.88% PIK), 7.13%, 5/30/21			525		650,236
(8.25% Cash or 9.00% PIK), 8.25%, 5/30/21			564		704,706
Pershing Square Holdings Ltd., 5.50%, 7/15/22 (e)	USD		2,100		2,224,215
ProGroup AG:
5.13%, 5/01/22	EUR		206		258,220
(3 mo. EURIBOR + 2.500%), 2.50%, 3/31/24 (d)			112		134,164
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 6/01/25 (e)	USD		1,383		1,414,117
UniCredit SpA:
6.95%, 10/31/22	EUR		375		542,141
(5 year EUR Swap + 4.100%), 5.75%, 10/28/25 (i)			700		924,604
(5 year EUR Swap + 4.316%), 4.38%, 1/03/27 (i)			675		862,550
WMG Acquisition Corp., 4.13%, 11/01/24			250		314,874

					27,622,269
Diversified Telecommunication Services — 3.3%
CenturyLink, Inc.:
5.63%, 4/01/25	USD		845		803,806
Series P, 7.60%, 9/15/39			54		47,655
Series S, 6.45%, 6/15/21			7,666		8,020,552
Series T, 5.80%, 3/15/22			1,539		1,529,381
Series U, 7.65%, 3/15/42			743		653,840
Cincinnati Bell, Inc., 7.00%, 7/15/24 (e)			2,502		2,476,980


Corporate Bonds		Par (000)		Value
Diversified Telecommunication Services (continued)
Frontier Communications Corp.:
8.13%, 10/01/18	USD		1,470	$	1,504,913
7.13%, 3/15/19			1,445		1,435,969
6.25%, 9/15/21			1,615		1,376,788
7.13%, 1/15/23			1,413		1,109,205
7.63%, 4/15/24			1,542		1,218,180
6.88%, 1/15/25			5,816		4,420,160
Level 3 Financing, Inc.:
5.38%, 8/15/22			243		249,998
5.63%, 2/01/23			1,551		1,597,530
5.13%, 5/01/23			1,292		1,312,995
5.38%, 1/15/24			1,521		1,554,766
5.38%, 5/01/25			2,469		2,536,897
5.25%, 3/15/26			4,271		4,367,097
OTE PLC, 3.50%, 7/09/20	EUR		700		874,948
Qwest Corp., 6.75%, 12/01/21	USD		680		746,084
SoftBank Group Corp.:
(5 year USD ICE Swap + 4.854%), 6.88% (i)(k)			500		514,500
4.75%, 7/30/25	EUR		310		414,846
Telecom Italia Capital SA:
6.38%, 11/15/33	USD		831		949,418
6.00%, 9/30/34			6,679		7,380,295
7.20%, 7/18/36			958		1,192,710
7.72%, 6/04/38			134		172,163
Telecom Italia Finance SA, 7.75%, 1/24/33	EUR		280		489,593
Telecom Italia SpA:
1.13%, 3/26/22 (l)			100		118,807
3.25%, 1/16/23			300		394,394
5.88%, 5/19/23	GBP		400		613,481
3.63%, 1/19/24	EUR		200		266,485
5.30%, 5/30/24 (e)	USD		640		692,800

					51,037,236
Electric Utilities — 0.2%
AES Corp.:
5.50%, 4/15/25			210		218,925
5.13%, 9/01/27			765		778,387
Talen Energy Supply LLC, 6.50%, 6/01/25			1,181		862,130
Viridian Group FundCo II Ltd., 7.50%, 3/01/20	EUR		454		504,659

					2,364,101
Electrical Equipment — 0.3%
Areva SA, 4.88%, 9/23/24			900		1,190,385
Belden, Inc., 5.50%, 4/15/23			472		591,857
Trionista Holdco GmbH, 5.00%, 4/30/20			1,405		1,700,516
Trionista TopCo GmbH, 6.88%, 4/30/21			418		517,657

					4,000,415
Electronic Equipment, Instruments & Components — 0.8%
CDW LLC/CDW Finance Corp.:
5.00%, 9/01/23	USD		3,624		3,773,490
5.50%, 12/01/24			5,857		6,420,736
5.00%, 9/01/25			714		744,345
SESI LLC, 7.75%, 9/15/24 (e)			1,389		1,402,890

					12,341,461
Energy Equipment & Services — 1.7%
Ensco PLC:
4.50%, 10/01/24			1,238		903,740
5.20%, 3/15/25			270		201,150
Gates Global LLC/Gates Global Co.:
5.75%, 7/15/22	EUR		310		376,236
6.00%, 7/15/22 (e)	USD		5,980		6,128,304
Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 2/15/21			283		283,000
Noble Holding International Ltd., 4.63%, 3/01/21			61		52,003


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


Corporate Bonds		Par (000)		Value
Energy Equipment & Services (continued)
Pattern Energy Group, Inc., 5.88%, 2/01/24 (e)	USD		935	$	979,413
Pioneer Energy Services Corp., 6.13%, 3/15/22			2,090		1,661,550
Precision Drilling Corp.:
6.50%, 12/15/21			785		761,450
5.25%, 11/15/24			600		523,500
Transocean, Inc.:
6.00%, 3/15/18			716		729,425
5.80%, 10/15/22			1,609		1,524,527
9.00%, 7/15/23 (e)			5,309		5,640,812
6.80%, 3/15/38			925		707,625
Trinidad Drilling Ltd., 6.63%, 2/15/25 (e)			2,272		2,101,600
Weatherford International Ltd.:
7.75%, 6/15/21			1,271		1,271,000
8.25%, 6/15/23			300		294,000
9.88%, 2/15/24 (e)			1,455		1,487,738

					25,627,073
Environmental, Maintenance, & Security Service — 0.2%
Befesa Zinc SAU Via Zinc Capital SA, 8.88%, 5/15/18	EUR		530		633,513
Tervita Escrow Corp., 7.63%, 12/01/21 (e)	USD		2,397		2,408,985

					3,042,498
Food & Staples Retailing — 1.0%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC:
6.63%, 6/15/24			874		834,233
5.75%, 3/15/25			1,011		911,164
B&M European Value Retail SA, 4.13%, 2/01/22	GBP		225		302,588
Casino Guichard Perrachon SA:
5.98%, 5/26/21	EUR		300		420,391
4.56%, 1/25/23			600		806,394
4.50%, 3/07/24			500		665,372
3.58%, 2/07/25			100		125,143
Dollar Tree, Inc.:
5.25%, 3/01/20	USD		262		269,369
5.75%, 3/01/23			5,504		5,806,720
Family Dollar Stores, Inc., 5.00%, 2/01/21			1,434		1,537,362
Rite Aid Corp.:
6.75%, 6/15/21			210		217,350
6.13%, 4/01/23 (e)			2,881		2,826,981
7.70%, 2/15/27			95		91,200

					14,814,267
Food Products — 1.4%
Acosta, Inc., 7.75%, 10/01/22 (e)			1,411		1,054,722
Aramark Services, Inc., 5.13%, 1/15/24			1,182		1,255,875
B&G Foods, Inc., 5.25%, 4/01/25			1,890		1,941,975
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 4/15/25 (e)			2,638		2,868,825
Darling Global Finance BV, 4.75%, 5/30/22	EUR		100		124,849
FAGE International SA/FAGE USA Dairy Industry, Inc., 5.63%, 8/15/26 (e)	USD		560		571,200
JBS USA LLC/JBS USA Finance, Inc. (e):
5.88%, 7/15/24			737		746,213
5.75%, 6/15/25			3,775		3,784,437
Post Holdings, Inc. (e):
5.50%, 3/01/25			3,117		3,241,680
5.00%, 8/15/26			2,315		2,315,000
5.75%, 3/01/27			674		697,590
TreeHouse Foods, Inc., 6.00%, 2/15/24 (e)			976		1,032,120
WhiteWave Foods Co., 5.38%, 10/01/22			1,255		1,418,012

					21,052,498
Health Care Equipment & Supplies — 1.4%
Crimson Merger Sub, Inc., 6.63%, 5/15/22 (e)			7,648		7,495,040


Corporate Bonds		Par (000)		Value
Health Care Equipment & Supplies (continued)
DJO Finco, Inc./DJO Finance LLC/DJO Finance Corp., 8.13%, 6/15/21 (e)	USD		7,141	$	6,786,092
IASIS Healthcare LLC/IASIS Capital Corp., 8.38%, 5/15/19			1,504		1,504,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (e):
4.88%, 4/15/20			1,110		1,101,675
5.75%, 8/01/22			2,210		2,176,850
5.63%, 10/15/23			119		113,943
5.50%, 4/15/25			1,794		1,672,905
Teleflex, Inc., 4.88%, 6/01/26			684		704,520

					21,555,025
Health Care Providers & Services — 8.0%
Acadia Healthcare Co., Inc.:
5.13%, 7/01/22			408		422,280
5.63%, 2/15/23			1,788		1,863,990
6.50%, 3/01/24			1,734		1,864,050
Alere, Inc., 6.38%, 7/01/23 (e)			1,387		1,484,090
Amsurg Corp., 5.63%, 7/15/22			6,196		6,443,840
Centene Corp.:
5.63%, 2/15/21			2,516		2,616,640
4.75%, 5/15/22			2,467		2,589,116
6.13%, 2/15/24			391		420,814
4.75%, 1/15/25			2,205		2,276,662
CHS/Community Health Systems, Inc.:
8.00%, 11/15/19			993		984,311
7.13%, 7/15/20			2,651		2,493,597
5.13%, 8/01/21			1,102		1,103,378
6.88%, 2/01/22			807		668,801
6.25%, 3/31/23			6,511		6,559,832
DaVita, Inc.:
5.13%, 7/15/24			210		214,331
5.00%, 5/01/25			1,938		1,964,744
Eagle Holding Co. II LLC, (7.63% Cash or 8.38% PIK), 7.63%, 5/15/22 (e)(h)			1,776		1,835,940
Envision Healthcare Corp. (e):
5.13%, 7/01/22			835		867,356
6.25%, 12/01/24			2,438		2,626,945
HCA, Inc.:
6.50%, 2/15/20			7,646		8,326,341
5.88%, 3/15/22			1,245		1,379,335
4.75%, 5/01/23			512		540,058
5.88%, 5/01/23			2,481		2,714,214
5.00%, 3/15/24			4,905		5,211,562
5.38%, 2/01/25			8,186		8,636,230
5.25%, 4/15/25			841		907,229
5.88%, 2/15/26			3,125		3,371,094
5.25%, 6/15/26			4,611		4,962,589
4.50%, 2/15/27			2,004		2,031,555
5.50%, 6/15/47			7,321		7,568,084
HealthSouth Corp., 5.75%, 11/01/24			1,170		1,205,100
Hologic, Inc., 5.25%, 7/15/22 (e)			1,930		2,031,904
HomeVi SAS, 6.88%, 8/15/21	EUR		141		173,576
MEDNAX, Inc., 5.25%, 12/01/23 (e)	USD		1,134		1,173,690
Molina Healthcare, Inc., 4.88%, 6/15/25 (e)			685		673,013
MPH Acquisition Holdings LLC, 7.13%, 6/01/24 (e)			6,694		7,179,315
RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/01/23 (e)			2,027		2,151,154
Sterigenics-Nordion Holdings LLC, 6.50%, 5/15/23 (e)			424		436,720
Surgery Center Holdings, Inc. (e):
8.88%, 4/15/21			1,066		1,095,315
6.75%, 7/01/25			1,254		1,183,463


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


Corporate Bonds		Par (000)		Value
Health Care Providers & Services (continued)
Tenet Healthcare Corp.:
4.75%, 6/01/20	USD		210	$	216,563
6.00%, 10/01/20			5,640		6,004,852
7.50%, 1/01/22 (e)			1,146		1,234,815
8.13%, 4/01/22			4,228		4,439,400
6.75%, 6/15/23			3,367		3,340,401
4.63%, 7/15/24 (e)			2,138		2,137,572
THC Escrow Corp. III (e):
5.13%, 5/01/25			300		301,860
7.00%, 8/01/25			2,838		2,780,360
Unilabs Subholding AB, 5.75%, 5/15/25	EUR		100		119,734
Vizient, Inc., 10.38%, 3/01/24 (e)	USD		525		603,750
WellCare Health Plans, Inc., 5.25%, 4/01/25			706		739,535

					124,171,100
Health Care Technology — 0.1%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc., 5.75%, 3/01/25 (e)			1,505		1,548,269
Quintiles IMS, Inc.:
3.25%, 3/15/25 (e)	EUR		350		428,538
3.25%, 3/15/25			100		122,440

					2,099,247
Hotels, Restaurants & Leisure — 4.5%
Burger King France SAS:
(3 mo. EURIBOR + 5.250%), 5.25%, 5/01/23 (d)			419		515,483
6.00%, 5/01/24			325		415,430
Caesars Entertainment Resort Properties LLC/Caesars Entertainment Resort Property, 8.00%, 10/01/20	USD		4,753		4,871,825
Cirsa Funding Luxembourg SA:
5.75%, 5/15/21	EUR		100		125,593
5.88%, 5/15/23			100		125,275
Codere Finance 2 Luxembourg SA, 6.75%, 11/01/21			210		256,540
CPUK Finance Ltd.:
4.25%, 2/28/47	GBP		274		359,217
4.88%, 2/28/47			153		200,143
ESH Hospitality, Inc., 5.25%, 5/01/25 (e)	USD		1,800		1,854,000
GLP Capital LP/GLP Financing II, Inc., 5.38%, 4/15/26			1,116		1,210,860
International Game Technology PLC, 4.75%, 2/15/23	EUR		210		276,218
Jacobs Entertainment, Inc., 7.88%, 2/01/24 (e)	USD		473		509,657
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (e):
5.00%, 6/01/24			255		266,552
5.25%, 6/01/26			1,176		1,239,210
KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 6/01/27 (e)			783		803,554
Melco Resorts Finance Ltd., 4.88%, 6/06/25 (e)			1,847		1,854,357
MGM Resorts International:
5.25%, 3/31/20			920		970,600
6.75%, 10/01/20			2,998		3,327,780
6.63%, 12/15/21			3,180		3,569,550
7.75%, 3/15/22			740		865,800
4.63%, 9/01/26			4,962		5,048,785
New Red Finance, Inc. (e):
6.00%, 4/01/22			1,980		2,045,340
4.25%, 5/15/24			2,424		2,454,300
5.00%, 10/15/25			4,895		5,023,494


Corporate Bonds		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Sabre GLBL, Inc. (e):
5.38%, 4/15/23	USD		1,516	$	1,559,585
5.25%, 11/15/23			745		763,625
Scientific Games International, Inc.:
7.00%, 1/01/22 (e)			5,051		5,391,942
10.00%, 12/01/22			9,118		10,143,775
Six Flags Entertainment Corp. (e):
4.88%, 7/31/24			3,690		3,722,472
5.50%, 4/15/27			2,311		2,362,997
Snai SpA, 6.38%, 11/07/21	EUR		200		255,495
Station Casinos LLC, 7.50%, 3/01/21	USD		2,893		3,001,487
Stonegate Pub Co. Financing PLC:
(3 mo. LIBOR GBP + 4.375%), 4.66%, 3/15/22 (d)	GBP		150		194,361
4.88%, 3/15/22			325		427,542
Unique Pub Finance Co. PLC:
Series A4, 5.66%, 6/30/27			491		711,874
Series N, 6.46%, 3/30/32			1,000		1,263,805
Vue International Bidco PLC, 7.88%, 7/15/20			520		687,161
Yum! Brands, Inc., 3.88%, 11/01/23	USD		721		715,592

					69,391,276
Household Durables — 1.8%
AV Homes, Inc., 6.63%, 5/15/22			674		696,748
Brookfield Residential Properties, Inc./Brookfield Residential US Corp., 6.13%, 7/01/22 (e)			1,604		1,672,170
CalAtlantic Group, Inc.:
8.38%, 1/15/21			2,810		3,273,650
5.25%, 6/01/26			302		311,060
K Hovnanian Enterprises, Inc. (e):
10.00%, 7/15/22			685		702,125
10.50%, 7/15/24			811		847,495
Lennar Corp.:
4.50%, 11/15/19			2,482		2,559,562
4.75%, 4/01/21			314		331,270
4.13%, 1/15/22			1,014		1,044,420
4.75%, 11/15/22			1,300		1,358,500
4.88%, 12/15/23			968		1,023,660
Mattamy Group Corp., 6.88%, 12/15/23 (e)			708		720,390
Meritage Homes Corp., 5.13%, 6/06/27 (e)			539		536,979
PulteGroup, Inc., 6.38%, 5/15/33			2,805		2,987,325
Ryland Group, Inc., 6.63%, 5/01/20			1,160		1,278,900
Tempur Sealy International, Inc.:
5.63%, 10/15/23			424		441,490
5.50%, 6/15/26			2,812		2,902,406
Toll Brothers Finance Corp., 6.75%, 11/01/19			220		239,525
TRI Pointe Group, Inc.:
4.38%, 6/15/19			1,060		1,081,200
4.88%, 7/01/21			1,275		1,332,375
5.88%, 6/15/24			770		818,125
5.25%, 6/01/27			1,220		1,235,250
VWR Funding, Inc., 4.63%, 4/15/22	EUR		100		123,807
William Lyon Homes, Inc., 5.88%, 1/31/25	USD		769		790,147

					28,308,579
Household Products — 0.3%
ACCO Brands Corp., 5.25%, 12/15/24 (e)			539		555,170
Diamond BC BV, 5.63%, 8/15/25	EUR		149		180,073
Prestige Brands, Inc., 6.38%, 3/01/24 (e)	USD		2,176		2,322,880
Spectrum Brands, Inc.:
6.63%, 11/15/22			1,385		1,438,669
4.00%, 10/01/26	EUR		208		257,518

					4,754,310


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


Corporate Bonds		Par (000)		Value
Independent Power and Renewable Electricity Producers — 1.1%
Calpine Corp.:
6.00%, 1/15/22 (e)	USD		251	$	258,844
5.38%, 1/15/23			514		488,942
5.88%, 1/15/24 (e)			1,389		1,425,461
5.25%, 6/01/26 (e)			323		316,540
Dynegy, Inc.:
7.38%, 11/01/22			1,935		2,002,725
8.13%, 1/30/26 (e)			1,136		1,172,920
MPM Escrow LLC, 8.88%, 10/15/20 (a)(f)			3,738		—
NRG Energy, Inc.:
7.88%, 5/15/21			427		440,878
6.25%, 7/15/22			1,384		1,449,740
6.63%, 3/15/23			210		217,350
6.25%, 5/01/24			615		636,525
6.63%, 1/15/27			5,469		5,742,450
NRG Yield Operating LLC, 5.38%, 8/15/24			775		809,875
QEP Resources, Inc., 5.38%, 10/01/22			914		879,725
TerraForm Power Operating LLC, 6.38%, 2/01/23 (e)(m)			1,301		1,346,535

					17,188,510
Industrial Conglomerates — 0.3%
Colfax Corp., 3.25%, 5/15/25	EUR		489		595,342
Vertiv Group Corp., 9.25%, 10/15/24 (e)	USD		3,406		3,789,175

					4,384,517
Insurance — 1.2%
Ardonagh Midco 3 PLC:
8.38%, 7/15/23	GBP		500		627,922
8.63%, 7/15/23 (e)	USD		3,012		3,025,546
Assicurazioni Generali SpA (i):
(3 mo. EURIBOR + 7.113%), 7.75%, 12/12/42	EUR		400		601,178
(3 mo. EURIBOR + 5.350%), 5.50%, 10/27/47			200		274,839
AssuredPartners, Inc., 7.00%, 8/15/25 (e)	USD		752		757,565
BNP Paribas Cardif SA, (3 mo. EURIBOR + 3.930%), 4.03% (i)(k)	EUR		100		129,441
Credit Agricole Assurances SA, (5 year EUR Swap + 4.350%), 4.50% (i)(k)			200		260,493
Groupama SA, 6.00%, 1/23/27			500		732,127
HUB International Ltd., 7.88%, 10/01/21 (e)	USD		5,484		5,701,715
Old Mutual PLC, 8.00%, 6/03/21	GBP		200		299,676
Pension Insurance Corp. PLC, 6.50%, 7/03/24			175		247,266
Radian Group, Inc.:
5.25%, 6/15/20	USD		706		746,595
7.00%, 3/15/21			366		412,665
USIS Merger Sub, Inc., 6.88%, 5/01/25 (e)			323		329,056
Wayne Merger Sub LLC, 8.25%, 8/01/23 (e)			4,338		4,554,900

					18,700,984
Internet Software & Services — 0.8%
Equinix, Inc.:
5.38%, 1/01/22			1,110		1,162,725
5.88%, 1/15/26			3,197		3,508,707
Netflix, Inc.:
5.38%, 2/01/21			210		224,962
5.50%, 2/15/22			2,087		2,243,525
4.38%, 11/15/26 (e)			2,326		2,267,850
3.63%, 5/15/27	EUR		505		607,805
Symantec Corp., 5.00%, 4/15/25 (e)	USD		1,596		1,671,331
United Group BV:
4.38%, 7/01/22	EUR		258		312,705
(3 mo. EURIBOR + 4.375%), 4.38%, 7/01/23 (d)			395		474,343

					12,473,953


Corporate Bonds		Par (000)		Value
IT Services — 2.4%
Ceridian HCM Holding, Inc., 11.00%, 3/15/21 (e)	USD		1,631	$	1,726,821
First Data Corp. (e):
7.00%, 12/01/23			8,023		8,644,783
5.75%, 1/15/24			18,420		19,387,050
Gartner, Inc., 5.13%, 4/01/25 (e)			1,772		1,867,245
WEX, Inc., 4.75%, 2/01/23 (e)			4,804		4,930,105

					36,556,004
Machinery — 0.5%
EnPro Industries, Inc., 5.88%, 9/15/22 (e)			848		884,040
Navistar International Corp., 8.25%, 11/01/21			830		836,225
SPX FLOW, Inc. (e):
5.63%, 8/15/24			993		1,025,273
5.88%, 8/15/26			993		1,037,685
Terex Corp., 5.63%, 2/01/25 (e)			3,529		3,696,627
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc., 6.38%, 5/01/22	EUR		490		626,428

					8,106,278
Media — 15.7%
Altice Financing SA (e):
6.63%, 2/15/23	USD		1,145		1,210,838
7.50%, 5/15/26			7,967		8,725,458
Altice Finco SA, 8.13%, 1/15/24 (e)			500		540,475
Altice Luxembourg SA:
7.25%, 5/15/22	EUR		300		379,193
7.75%, 5/15/22 (e)	USD		2,649		2,811,251
6.25%, 2/15/25	EUR		660		853,228
Altice US Finance I Corp. (e):
5.38%, 7/15/23	USD		7,610		7,971,475
5.50%, 5/15/26			2,435		2,576,534
AMC Networks, Inc.:
5.00%, 4/01/24			800		825,000
4.75%, 8/01/25			2,556		2,565,585
Banijay Group SAS, 4.00%, 7/01/22	EUR		259		320,274
Block Communications, Inc., 6.88%, 2/15/25 (e)	USD		685		733,806
Cablevision Systems Corp.:
8.63%, 9/15/17			550		550,825
7.75%, 4/15/18			1,393		1,434,790
8.00%, 4/15/20			2,224		2,460,300
CBS Radio, Inc., 7.25%, 11/01/24 (e)			526		553,615
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.25%, 9/30/22			795		818,850
5.13%, 5/01/23 (e)			678		709,276
5.13%, 5/01/27 (e)			21,235		21,872,050
5.00%, 2/01/28 (e)			2,610		2,654,057
Cequel Communications Holdings I LLC/Cequel Capital Corp. (e):
6.38%, 9/15/20			210		214,788
5.13%, 12/15/21			7,150		7,275,125
7.75%, 7/15/25			7,299		8,056,271
Clear Channel International BV, 8.75%, 12/15/20 (e)			3,473		3,629,285
Clear Channel Worldwide Holdings, Inc.:
6.50%, 11/15/22			13,137		13,494,847
Series B, 7.63%, 3/15/20			8,341		8,309,721
Columbus Cable Barbados Ltd., 7.38%, 3/30/21 (e)			1,247		1,334,041
CSC Holdings LLC:
7.88%, 2/15/18			734		751,433
7.63%, 7/15/18			351		366,795
10.13%, 1/15/23 (e)			4,866		5,637,018
5.25%, 6/01/24			5,105		5,239,006
6.63%, 10/15/25 (e)			1,341		1,468,395
10.88%, 10/15/25 (e)			10,299		12,667,770


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


Corporate Bonds		Par (000)		Value
Media (continued)
DISH DBS Corp.:
6.75%, 6/01/21	USD		74	$	81,678
5.88%, 7/15/22			3,972		4,294,725
5.00%, 3/15/23			3,554		3,670,571
5.88%, 11/15/24			2,546		2,746,497
7.75%, 7/01/26			6,060		7,112,925
DISH Network Corp., 3.38%, 8/15/26 (l)			2,044		2,368,485
eircom Finance DAC, 4.50%, 5/31/22	EUR		300		372,759
GTT Communications, Inc., 7.88%, 12/31/24 (e)	USD		1,722		1,837,698
Hughes Satellite Systems Corp.:
7.63%, 6/15/21			595		677,556
5.25%, 8/01/26			3,978		4,171,927
6.63%, 8/01/26			801		874,091
iHeartCommunications, Inc.:
9.00%, 12/15/19			1,024		814,080
9.00%, 3/01/21			241		175,328
9.00%, 9/15/22			2,382		1,726,950
10.63%, 3/15/23			1,980		1,450,350
Intelsat Jackson Holdings SA:
7.25%, 10/15/20			2,603		2,477,731
5.50%, 8/01/23			2,311		1,929,685
9.75%, 7/15/25 (e)			2,678		2,724,865
LG Finance Co. Corp., 5.88%, 11/01/24 (e)			598		624,910
LGE HoldCo VI BV, 7.13%, 5/15/24	EUR		300		402,670
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance, 7.88%, 5/15/24 (e)	USD		639		611,843
MDC Partners, Inc., 6.50%, 5/01/24 (e)			2,003		1,995,489
Midcontinent Communications/Midcontinent Finance Corp., 6.88%, 8/15/23 (e)			1,100		1,182,500
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/01/18 (e)			2,039		2,042,059
Numericable Group SA:
5.38%, 5/15/22	EUR		280		347,966
6.00%, 5/15/22	USD		200		210,746
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 2/15/22			650		671,125
Radio One, Inc., 7.38%, 4/15/22 (e)			805		816,069
SFR Group SA (e):
6.00%, 5/15/22			5,489		5,783,924
7.38%, 5/01/26			11,160		12,053,023
Sirius XM Radio, Inc. (e):
4.63%, 5/15/23			230		236,900
5.00%, 8/01/27			409		420,248
Sterling Entertainment Corp., 9.75%, 12/15/19 (a)			4,810		4,761,900
TEGNA, Inc.:
5.13%, 10/15/19			857		869,855
5.50%, 9/15/24 (e)			344		362,060
Telenet Finance V Luxembourg SCA, 6.75%, 8/15/24	EUR		982		1,273,795
Telesat Canada/Telesat LLC, 8.88%, 11/15/24 (e)	USD		3,421		3,831,520
Townsquare Media, Inc., 6.50%, 4/01/23 (e)			517		520,878
Tribune Media Co., 5.88%, 7/15/22			1,679		1,741,963
United Group BV, 4.88%, 7/01/24	EUR		283		341,985
Unitymedia GmbH, 3.75%, 1/15/27			200		240,433
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
5.63%, 4/15/23			146		183,045
4.00%, 1/15/25			911		1,146,859
5.00%, 1/15/25 (e)	USD		710		749,050
4.63%, 2/15/26	EUR		100		129,462
3.50%, 1/15/27			200		246,538
6.25%, 1/15/29			700		946,771


Corporate Bonds		Par (000)		Value
Media (continued)
Univision Communications, Inc. (e):
5.13%, 5/15/23	USD		2,315	$	2,355,512
5.13%, 2/15/25			1,847		1,856,235
UPC Holding BV, 6.75%, 3/15/23	EUR		200		253,328
UPCB Finance IV Ltd., 4.00%, 1/15/27			400		499,013
Videotron Ltd., 5.13%, 4/15/27 (e)	USD		1,657		1,706,710
Virgin Media Finance PLC:
4.50%, 1/15/25	EUR		183		228,514
5.75%, 1/15/25 (e)	USD		4,788		4,931,640
Virgin Media Receivables Financing Notes I DAC, 5.50%, 9/15/24	GBP		300		402,470
Virgin Media Secured Finance PLC:
5.13%, 1/15/25			210		286,302
5.25%, 1/15/26 (e)	USD		1,656		1,722,240
5.50%, 8/15/26 (e)			522		552,015
4.88%, 1/15/27	GBP		200		268,924
6.25%, 3/28/29			829		1,166,958
WaveDivision Escrow LLC/WaveDivision Escrow Corp., 8.13%, 9/01/20 (e)	USD		4,428		4,544,235
Wind Acquisition Finance SA:
4.75%, 7/15/20 (e)			250		253,125
7.00%, 4/23/21	EUR		400		495,456
7.38%, 4/23/21 (e)	USD		4,095		4,257,653
Ziggo Bond Finance BV:
4.63%, 1/15/25	EUR		300		377,295
5.88%, 1/15/25 (e)	USD		2,643		2,738,809
Ziggo Secured Finance BV, 4.25%, 1/15/27	EUR		400		502,727

					242,664,023
Metals & Mining — 7.8%
Alcoa Nederland Holding BV, 7.00%, 9/30/26 (e)	USD		681		761,018
Anglo American Capital PLC:
3.63%, 5/14/20 (e)			1,116		1,138,097
4.45%, 9/27/20 (e)			412		431,570
4.13%, 4/15/21 (e)			210		217,350
3.50%, 3/28/22	EUR		200		265,091
4.13%, 9/27/22 (e)	USD		200		207,500
3.25%, 4/03/23	EUR		300		396,432
4.88%, 5/14/25 (e)	USD		400		424,480
ArcelorMittal:
3.00%, 4/09/21	EUR		100		127,965
3.13%, 1/14/22			100		129,411
7.50%, 10/15/39	USD		400		473,000
7.25%, 3/01/41			2,156		2,496,217
Big River Steel LLC/BRS Finance Corp., 7.25%, 9/01/25 (e)			1,407		1,473,832
Constellium NV:
7.00%, 1/15/23	EUR		200		252,440
8.00%, 1/15/23 (e)	USD		5,933		6,318,645
6.63%, 3/01/25 (e)			4,046		4,248,300
First Quantum Minerals Ltd. (e):
7.00%, 2/15/21			4,991		5,137,611
7.25%, 5/15/22			1,533		1,575,157
7.50%, 4/01/25			234		239,558
Freeport-McMoRan, Inc.:
2.30%, 11/14/17			1,337		1,337,000
2.38%, 3/15/18			15,430		15,430,000
3.10%, 3/15/20			2,976		2,976,000
4.00%, 11/14/21			2,078		2,079,039
3.55%, 3/01/22			2,374		2,335,422
3.88%, 3/15/23			8,890		8,801,100
5.40%, 11/14/34			689		663,163
5.45%, 3/15/43			7,738		7,196,340
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23 (e)			2,662		2,861,650


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


Corporate Bonds		Par (000)		Value
Metals & Mining (continued)
Joseph T Ryerson & Son, Inc., 11.00%, 5/15/22 (e)	USD		1,378	$	1,558,862
Kaiser Aluminum Corp., 5.88%, 5/15/24			773		827,110
Kinross Gold Corp.:
4.50%, 7/15/27 (e)			807		807,000
6.88%, 9/01/41			495		530,888
Novelis Corp. (e):
6.25%, 8/15/24			7,475		7,895,469
5.88%, 9/30/26			5,244		5,466,870
Nyrstar Netherlands Holdings BV, 6.88%, 3/15/24	EUR		200		244,042
Peabody Energy Corp. (e):
6.00%, 3/31/22	USD		490		502,250
6.38%, 3/31/25			536		546,720
Petra Diamonds US Treasury PLC, 7.25%, 5/01/22 (e)			906		939,975
Steel Dynamics, Inc.:
5.13%, 10/01/21			3,215		3,299,233
6.38%, 8/15/22			1,345		1,392,075
5.25%, 4/15/23			949		982,215
5.50%, 10/01/24			1,540		1,653,575
5.00%, 12/15/26			470		497,025
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 6/15/25 (e)			1,525		1,555,500
Teck Resources Ltd.:
4.50%, 1/15/21			902		943,718
3.75%, 2/01/23			2,259		2,274,700
8.50%, 6/01/24 (e)			3,550		4,091,375
6.13%, 10/01/35			502		553,455
6.00%, 8/15/40			3,317		3,540,897
5.20%, 3/01/42			3,303		3,253,455
5.40%, 2/01/43			3,691		3,681,772
ThyssenKrupp AG:
2.75%, 3/08/21	EUR		100		125,984
1.38%, 3/03/22			675		806,947
United States Steel Corp., 8.38%, 7/01/21 (e)	USD		2,224		2,457,520

					120,422,020
Multi-Utilities — 0.3%
NGL Energy Partners LP/NGL Energy Finance Corp.:
5.13%, 7/15/19			980		965,300
6.88%, 10/15/21			1,230		1,199,250
7.50%, 11/01/23			2,795		2,690,188

					4,854,738
Multiline Retail — 0.0%
Neiman Marcus Group Ltd., 8.00%, 10/15/21 (e)			1,214		622,175
Oil, Gas & Consumable Fuels — 12.0%
Alta Mesa Holdings LP/Alta Mesa Finance Services Corp., 7.88%, 12/15/24 (e)			801		859,073
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 9/15/24			385		392,700
Antero Resources Corp.:
5.13%, 12/01/22			744		745,860
5.63%, 6/01/23			644		655,270
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 10.00%, 4/01/22 (e)			1,962		1,996,335
California Resources Corp., 8.00%, 12/15/22 (e)			1,148		632,835
Callon Petroleum Co., 6.13%, 10/01/24			3,192		3,239,880
Carrizo Oil & Gas, Inc.:
6.25%, 4/15/23			1,433		1,390,010
8.25%, 7/15/25			691		715,185
Cheniere Corpus Christi Holdings LLC:
7.00%, 6/30/24			2,859		3,252,112
5.88%, 3/31/25			2,649		2,847,675
5.13%, 6/30/27 (e)			5,397		5,585,895


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Chesapeake Energy Corp.:
6.88%, 11/15/20	USD		1,262	$	1,262,000
8.00%, 12/15/22 (e)			210		217,088
5.75%, 3/15/23			216		190,890
8.00%, 6/15/27 (e)			754		716,300
CONSOL Energy, Inc.:
5.88%, 4/15/22			17,481		17,481,000
8.00%, 4/01/23			786		829,230
Continental Resources, Inc.:
3.80%, 6/01/24			3,669		3,412,170
4.90%, 6/01/44			880		744,128
Corral Petroleum Holdings AB, (11.75% Cash or 13.25% PIK), 11.75%, 5/15/21 (h)	EUR		200		261,752
Covey Park Energy LLC/Covey Park Finance Corp., 7.50%, 5/15/25 (e)	USD		1,332		1,336,995
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 6.25%, 4/01/23			385		397,513
CrownRock LP/CrownRock Finance, Inc. (e):
7.13%, 4/15/21			2,753		2,808,060
7.75%, 2/15/23			2,489		2,638,340
DCP Midstream LLC (e):
6.45%, 11/03/36			1,258		1,324,045
6.75%, 9/15/37			1,490		1,579,400
DEA Finance SA, 7.50%, 10/15/22	EUR		330		427,023
Denbury Resources, Inc.:
9.00%, 5/15/21 (e)	USD		130		116,350
5.50%, 5/01/22			2,602		1,190,415
4.63%, 7/15/23			1,278		562,320
Diamond Offshore Drilling, Inc., 7.88%, 8/15/25			620		620,000
Diamondback Energy, Inc., 5.38%, 5/31/25			1,071		1,100,452
Eclipse Resources Corp., 8.88%, 7/15/23			550		550,000
Energy Transfer Equity LP:
7.50%, 10/15/20			665		750,619
5.88%, 1/15/24			3,623		3,903,782
5.50%, 6/01/27			3,209		3,417,585
EP Energy LLC/Everest Acquisition Finance, Inc.:
9.38%, 5/01/20			1,802		1,326,722
8.00%, 11/29/24 (e)			2,325		2,272,687
Extraction Oil & Gas Holdings LLC/Extraction Finance Corp., 7.88%, 7/15/21 (e)			1,843		1,902,897
Extraction Oil & Gas, Inc., 7.38%, 5/15/24 (e)			973		977,865
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25			966		946,680
Great Western Petroleum LLC/Great Western Finance, Inc., 9.00%, 9/30/21 (e)			2,007		1,996,965
Gulfport Energy Corp.:
6.63%, 5/01/23			638		634,810
6.00%, 10/15/24 (e)			722		707,560
Halcon Resources Corp., 6.75%, 2/15/25 (e)			6,539		6,571,695
Matador Resources Co., 6.88%, 4/15/23			152		158,080
MEG Energy Corp. (e):
6.38%, 1/30/23			2,095		1,673,381
7.00%, 3/31/24			3,193		2,538,435
6.50%, 1/15/25			5,097		4,733,839
Murphy Oil Corp.:
6.88%, 8/15/24			2,221		2,345,931
6.13%, 12/01/42			353		331,820
Newfield Exploration Co., 5.63%, 7/01/24			872		928,680
NGPL PipeCo LLC (e):
4.38%, 8/15/22			1,254		1,288,485
4.88%, 8/15/27			2,728		2,809,840
7.77%, 12/15/37			2,926		3,635,555
Noble Holding International Ltd., 7.75%, 1/15/24			2,489		1,922,703
Noble Holding US Corp/Noble Drilling Services 6 LLC/Noble Drilling Holding LLC, 7.50%, 3/15/19			675		688,500


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


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Oasis Petroleum, Inc.:
6.50%, 11/01/21	USD		837	$	815,029
6.88%, 3/15/22			963		936,518
6.88%, 1/15/23			383		366,531
ONEOK, Inc., 6.00%, 6/15/35			260		289,976
Paramount Resources Ltd., 6.88%, 6/30/23 (e)			4,645		4,830,800
Parker Drilling Co., 7.50%, 8/01/20			335		288,100
Parsley Energy LLC/Parsley Finance Corp. (e):
6.25%, 6/01/24			458		477,465
5.38%, 1/15/25			2,170		2,180,850
5.25%, 8/15/25			532		532,000
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/25 (e)			1,424		1,409,760
Petroleos Mexicanos, 5.38%, 3/13/22 (e)			270		289,710
QEP Resources, Inc., 5.25%, 5/01/23			1,240		1,178,000
Range Resources Corp.:
5.88%, 7/01/22 (e)			2,612		2,664,240
5.00%, 8/15/22 (e)			530		520,725
4.88%, 5/15/25			844		808,130
Resolute Energy Corp., 8.50%, 5/01/20			2,474		2,474,000
Rockies Express Pipeline LLC (e):
6.00%, 1/15/19			1,984		2,050,960
5.63%, 4/15/20			695		731,488
6.88%, 4/15/40			2,829		3,090,682
Rowan Cos., Inc.:
4.88%, 6/01/22			195		176,963
7.38%, 6/15/25			5,845		5,289,725
RSP Permian, Inc.:
6.63%, 10/01/22			2,395		2,490,800
5.25%, 1/15/25 (e)			1,046		1,048,615
Sanchez Energy Corp.:
7.75%, 6/15/21			138		119,370
6.13%, 1/15/23			6,474		4,936,425
SESI LLC, 7.13%, 12/15/21			655		658,275
Seven Generations Energy Ltd., 8.25%, 5/15/20 (e)			852		886,080
SM Energy Co.:
1.50%, 7/01/21 (l)			1,740		1,530,112
6.50%, 11/15/21			845		816,481
6.13%, 11/15/22			1,620		1,530,900
6.50%, 1/01/23			523		500,773
5.00%, 1/15/24			38		33,820
Southwestern Energy Co., 5.80%, 1/23/20			6,857		7,062,710
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (e):
5.50%, 9/15/24			1,206		1,206,000
5.13%, 2/01/25			548		563,070
5.38%, 2/01/27			531		549,585
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.25%, 5/01/23			78		79,755
Tesoro Logistics LP/Tesoro Logistics Finance Corp.:
6.13%, 10/15/21			321		331,834
6.25%, 10/15/22			3,154		3,335,355
Tullow Oil PLC:
6.00%, 11/01/20 (e)			200		193,250
6.00%, 11/01/20			200		193,250
6.25%, 4/15/22 (e)			200		188,000
Weatherford International LLC, 6.80%, 6/15/37			702		593,190
Weatherford International Ltd.:
6.50%, 8/01/36			1,931		1,602,730
7.00%, 3/15/38			1,523		1,286,935
5.95%, 4/15/42			959		762,405
Whiting Petroleum Corp., 5.00%, 3/15/19			784		776,160
Williams Cos., Inc.:
4.55%, 6/24/24			1,614		1,650,315
5.75%, 6/24/44			4,897		5,080,637


Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
WPX Energy, Inc.:
7.50%, 8/01/20	USD		258	$	278,640
6.00%, 1/15/22			1,165		1,201,406
8.25%, 8/01/23			1,245		1,366,387
5.25%, 9/15/24			332		325,360

					185,123,694
Paper & Forest Products — 0.2%
Mercer International, Inc., 6.50%, 2/01/24 (e)			1,446		1,507,455
Norbord, Inc., 6.25%, 4/15/23 (e)			1,605		1,725,375
Stora Enso OYJ, 2.50%, 6/07/27	EUR		200		237,210

					3,470,040
Pharmaceuticals — 3.3%
Endo Finance LLC/Endo Finco, Inc. (e):
7.25%, 1/15/22	USD		1,176		1,131,900
6.00%, 7/15/23			931		782,040
5.88%, 10/15/24			1,079		1,114,068
6.00%, 2/01/25			1,442		1,186,045
Ephios Bondco PLC, 6.25%, 7/01/22	EUR		675		863,258
Ephios Holdco II PLC, 8.25%, 7/01/23			159		209,955
Grifols SA, 3.20%, 5/01/25			200		241,706
inVentiv Group Holdings, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/01/24 (e)	USD		1,310		1,447,550
Jaguar Holding Co. II/Pharmaceutical Product Development LLC, 6.38%, 8/01/23 (e)			10,081		10,571,945
NBTY, Inc., 7.63%, 5/15/21 (e)			2,645		2,823,538
Synlab Bondco PLC, 6.25%, 7/01/22	EUR		210		268,569
Tennessee Merger Sub, Inc., 6.38%, 2/01/25 (e)	USD		3,826		3,692,664
Valeant Pharmaceuticals International, Inc.:
7.00%, 10/01/20 (e)			5,613		5,598,967
6.38%, 10/15/20 (e)			2,696		2,669,849
7.50%, 7/15/21 (e)			1,870		1,834,938
6.75%, 8/15/21 (e)			3,813		3,650,947
5.63%, 12/01/21 (e)			830		761,525
6.50%, 3/15/22 (e)			2,043		2,142,596
5.50%, 3/01/23 (e)			77		64,680
4.50%, 5/15/23	EUR		226		220,843
5.88%, 5/15/23 (e)	USD		3,471		2,959,027
7.00%, 3/15/24 (e)			3,210		3,406,612
6.13%, 4/15/25 (e)			4,397		3,709,969

					51,353,191
Real Estate Investment Trusts (REITs) — 1.1%
Hilton Domestic Operating Co., Inc., 4.25%, 9/01/24			1,269		1,296,385
iStar, Inc.:
4.00%, 11/01/17			685		684,144
6.00%, 4/01/22			637		654,518
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 5/01/24			8,391		9,125,212
4.50%, 9/01/26			3,385		3,444,237
NH Hotel Group SA, 3.75%, 10/01/23	EUR		372		467,084
Starwood Property Trust, Inc., 5.00%, 12/15/21	USD		1,695		1,756,444
TVL Finance PLC, (3 mo. LIBOR GBP + 4.875%), 5.15%, 5/15/23 (d)	GBP		203		264,904

					17,692,928
Real Estate Management & Development — 0.9%
ADLER Real Estate AG, 4.75%, 4/08/20	EUR		134		167,656
Aroundtown Property Holdings PLC, 1.50%, 1/18/21 (l)			100		136,306
DEMIRE Deutsche Mittelstand Real Estate AG, 2.88%, 7/15/22			217		262,306
Howard Hughes Corp., 5.38%, 3/15/25 (e)	USD		1,442		1,442,952


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


Corporate Bonds		Par (000)		Value
Real Estate Management & Development (continued)
Punch Taverns Finance B Ltd., Series A6, 5.94%, 9/30/22	GBP		128	$	180,916
Punch Taverns Finance PLC, Series M3, (3 mo. LIBOR GBP + 5.500%), 5.79%, 10/15/27 (d)			622		804,309
Realogy Group LLC/Realogy Co-Issuer Corp. (e):
4.50%, 4/15/19	USD		806		830,180
5.25%, 12/01/21			2,296		2,387,840
4.88%, 6/01/23			5,931		6,049,620
Rialto Holdings LLC/Rialto Corp., 7.00%, 12/01/18 (e)			1,065		1,076,715

					13,338,800
Road & Rail — 0.6%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (e):
5.13%, 6/01/22			927		929,317
6.38%, 4/01/24			355		362,988
Avis Budget Finance PLC:
4.13%, 11/15/24	EUR		250		297,181
4.50%, 5/15/25			273		323,371
Herc Rentals, Inc. (e):
7.50%, 6/01/22	USD		1,582		1,732,290
7.75%, 6/01/24			1,465		1,604,175
Hertz Corp., 7.63%, 6/01/22 (e)			1,981		1,998,334
Hertz Holdings Netherlands BV, 4.13%, 10/15/21	EUR		525		612,487
Loxam SAS:
3.50%, 4/15/22			168		210,495
3.50%, 5/03/23			150		186,688
4.25%, 4/15/24			100		127,949
6.00%, 4/15/25			108		140,140
Watco Cos. LLC/Watco Finance Corp., 6.38%, 4/01/23 (e)	USD		1,093		1,136,720

					9,662,135
Semiconductors & Semiconductor Equipment — 1.3%
Advanced Micro Devices, Inc.:
7.50%, 8/15/22			422		474,750
7.00%, 7/01/24			409		435,074
Micron Technology, Inc.:
5.25%, 8/01/23 (e)			2,331		2,427,154
7.50%, 9/15/23			150		166,313
5.50%, 2/01/25			58		61,260
Series G, 3.00%, 11/15/43 (l)			1,428		1,673,437
Microsemi Corp., 9.13%, 4/15/23 (e)			134		153,458
NXP BV/NXP Funding LLC (e):
4.13%, 6/15/20			2,409		2,517,405
4.13%, 6/01/21			1,448		1,514,608
4.63%, 6/15/22			1,319		1,408,032
3.88%, 9/01/22			1,422		1,471,770
5.75%, 3/15/23			1,070		1,116,813
4.63%, 6/01/23			1,145		1,224,062
Sensata Technologies BV (e):
5.63%, 11/01/24			903		984,270
5.00%, 10/01/25			3,923		4,109,342

					19,737,748
Software — 4.9%
BMC Software Finance, Inc., 8.13%, 7/15/21 (e)			9,633		9,946,072
Ensemble S Merger Sub, Inc., 9.00%, 9/30/23 (e)			1,553		1,603,473
Genesys Telecommunications Laboratories Inc/Greeneden Lux 3 Sarl/Greeneden US Holdings LLC, 10.00%, 11/30/24 (e)			1,255		1,427,563
Inception Merger Sub, Inc./Rackspace Hosting, Inc., 8.63%, 11/15/24 (e)			2,714		2,880,232


Corporate Bonds		Par (000)		Value
Software (continued)
Infinity Acquisition LLC/Infinity Acquisition Finance Corp., 7.25%, 8/01/22 (e)	USD		1,444	$	1,371,800
Infor Software Parent LLC/Infor Software Parent, Inc., (7.13% Cash or 7.88% PIK), 7.13%, 5/01/21 (e)(h)			3,521		3,591,420
Infor US, Inc., 6.50%, 5/15/22			10,231		10,435,620
Informatica LLC, 7.13%, 7/15/23 (e)			2,439		2,451,195
Nuance Communications, Inc.:
5.38%, 8/15/20 (e)			356		361,340
6.00%, 7/01/24			1,600		1,723,664
5.63%, 12/15/26 (e)			690		720,188
PTC, Inc., 6.00%, 5/15/24			1,996		2,135,720
RP Crown Parent LLC, 7.38%, 10/15/24 (e)			2,666		2,719,320
Solera LLC/Solera Finance, Inc., 10.50%, 3/01/24 (e)			10,664		12,143,630
SS&C Technologies Holdings, Inc., 5.88%, 7/15/23			4,047		4,249,350
TIBCO Software, Inc., 11.38%, 12/01/21 (e)			9,136		10,003,920
Veritas US, Inc./Veritas Bermuda Ltd.:
7.50%, 2/01/23	EUR		300		380,170
7.50%, 2/01/23 (e)	USD		2,376		2,524,500
10.50%, 2/01/24 (e)			4,492		4,817,670

					75,486,847
Specialty Retail — 0.7%
Asbury Automotive Group, Inc., 6.00%, 12/15/24			1,899		1,955,970
JC Penney Corp., Inc.:
8.13%, 10/01/19			218		234,895
6.38%, 10/15/36			554		398,880
7.40%, 4/01/37			304		231,040
L Brands, Inc.:
8.50%, 6/15/19			3,925		4,307,687
6.88%, 11/01/35			2,338		2,238,635
Penske Automotive Group, Inc.:
5.75%, 10/01/22			729		750,870
5.50%, 5/15/26			346		349,460
PetSmart, Inc., 5.88%, 6/01/25 (e)			897		800,573

					11,268,010
Technology Hardware, Storage & Peripherals — 0.9%
Dell International LLC/EMC Corp. (e):
7.13%, 6/15/24			4,522		5,009,283
6.02%, 6/15/26			1,390		1,552,855
Riverbed Technology, Inc., 8.88%, 3/01/23 (e)			2,192		2,142,680
Western Digital Corp.:
7.38%, 4/01/23 (e)			1,534		1,681,648
10.50%, 4/01/24			3,263		3,874,812

					14,261,278
Textiles, Apparel & Luxury Goods — 0.1%
BiSoho SAS, 5.88%, 5/01/23	EUR		360		464,556
Levi Strauss & Co., 3.38%, 3/15/27			225		275,903
Springs Industries, Inc., 6.25%, 6/01/21	USD		274		282,220

					1,022,679
Thrifts & Mortgage Finance — 0.3%
Amigo Luxembourg SA, 7.63%, 1/15/24	GBP		100		134,327
Jerrold Finco PLC:
6.25%, 9/15/21			225		302,818
6.13%, 1/15/24			445		581,932
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 3/15/22 (e)	USD		2,298		2,366,940
MGIC Investment Corp., 5.75%, 8/15/23			1,117		1,221,719

					4,607,736
Trading Companies & Distributors — 0.0%
Ashtead Capital, Inc., 5.63%, 10/01/24 (e)			278		297,771


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


Corporate Bonds		Par (000)		Value
Transportation Infrastructure — 0.2%
CMA CGM SA:
7.75%, 1/15/21	EUR		199	$	249,337
6.50%, 7/15/22			225		278,642
Hapag-Lloyd AG, 5.13%, 7/15/24			284		344,868
Heathrow Finance PLC, 3.88%, 3/01/27	GBP		178		227,540
Swissport Financing Sarl:
6.75%, 12/15/21	EUR		827		1,056,667
9.75%, 12/15/22			200		261,884
WFS Global Holding SAS, 9.50%, 7/15/22			465		599,505

					3,018,443
Utilities — 0.0%
ContourGlobal Power Holdings SA, 5.13%, 6/15/21			300		375,081
Drax Finco PLC, 4.25%, 5/01/22	GBP		137		183,869

					558,950
Wireless Telecommunication Services — 5.7%
CyrusOne LP/CyrusOne Finance Corp. (e):
5.00%, 3/15/24	USD		2,105		2,199,725
5.38%, 3/15/27			130		137,475
Digicel Group Ltd., 7.13%, 4/01/22 (e)			2,085		1,853,044
Digicel Ltd., 6.00%, 4/15/21 (e)			5,495		5,330,150
GEO Group, Inc.:
5.88%, 1/15/22			350		363,563
5.13%, 4/01/23			300		301,125
5.88%, 10/15/24			2,030		2,101,050
6.00%, 4/15/26			1,860		1,915,800
Matterhorn Telecom SA, 3.88%, 5/01/22	EUR		635		779,219
Radiate Holdco LLC/Radiate Finance, Inc., 6.63%, 2/15/25 (e)	USD		1,994		1,971,567
SBA Communications Corp., 4.88%, 9/01/24			2,489		2,569,892
Sprint Capital Corp.:
6.90%, 5/01/19			640		684,864
6.88%, 11/15/28			8,312		9,143,200
8.75%, 3/15/32			934		1,158,160
Sprint Communications, Inc. (e):
9.00%, 11/15/18			6,496		7,015,680
7.00%, 3/01/20			1,270		1,390,650
Sprint Corp.:
7.25%, 9/15/21			922		1,016,505
7.88%, 9/15/23			4,787		5,469,770
7.13%, 6/15/24			18,030		19,833,000
7.63%, 2/15/25			3,520		3,977,600
T-Mobile USA, Inc.:
6.13%, 1/15/22			367		382,597
4.00%, 4/15/22			1,337		1,377,110
6.00%, 3/01/23			2,169		2,285,584
6.50%, 1/15/24			2,638		2,816,065
6.38%, 3/01/25			994		1,070,414
5.13%, 4/15/25			1,363		1,431,559
5.38%, 4/15/27			818		877,550
Trilogy International Partners LLC/Trilogy International Finance, Inc., 8.88%, 5/01/22 (e)			711		735,885
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC:
8.25%, 10/15/23			3,172		3,099,361
7.13%, 12/15/24 (e)			2,729		2,538,925
Wind Acquisition Finance SA, 4.00%, 7/15/20	EUR		824		991,722
Xplornet Communications, Inc., (9.63% Cash or 10.63% PIK), 9.63%, 6/01/22 (e)(h)	USD		589		615,505

					87,434,316
Total Corporate Bonds — 115.2%					1,779,607,890


Floating Rate Loan Interests		Par (000)		Value
Aerospace & Defense — 0.2%
Accudyne Industries LLC, 2017 Term Loan, (2 mo. LIBOR + 3.750%, 1.00% Floor), 5.01%, 8/02/24 (n)	USD		3,269	$	3,267,987
Sequa Mezzanine Holdings L.L.C., 2nd Lien Term Loan, (3 mo. LIBOR + 9.000%, 1.00% Floor), 10.31%, 4/28/22 (a)(n)			385		392,700

					3,660,687
Air Freight & Logistics — 0.2%
CEVA Group PLC, Letter of Credit, (3 mo. LIBOR + 5.500%), 6.50%, 3/19/21 (n)			916		856,300
CEVA Intercompany BV, Dutch Term Loan, (3 mo. LIBOR + 5.500%, 1.00% Floor), 6.81%, 3/19/21 (n)			939		883,462
CEVA Logistics Canada ULC, Canadian Term Loan, (3 mo. LIBOR + 5.500%, 1.00% Floor), 6.81%, 3/19/21 (n)			142		134,155
CEVA Logistics US Holdings, Inc., Term Loan, (3 mo. LIBOR + 5.500%, 1.00% Floor), 6.81%, 3/19/21 (n)			1,336		1,257,923

					3,131,840
Airlines — 0.2%
Northwest Airlines, Inc., Term Loan, (6 mo. LIBOR + 1.230%), 2.65%, 9/10/18 (a)(n)			2,436		2,410,576
Auto Components — 0.0%
USI, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.000%), 4.31%, 5/16/24 (n)			592		588,424
Chemicals — 0.0%
Element Materials Technology Group US Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.500%, 1.00% Floor), 4.75%, 6/01/24 (n)			345		348,322
Commercial Services & Supplies — 0.2%
Asurion LLC, 2017 2nd Lien Term Loan, 8/04/25 (q)			1,529		1,560,222
Garda World Security Corp., 2017 Term Loan, (PRIME + 3.000%, 1.00% Floor), 5.31%, 5/24/24 (n)			1,258		1,265,237

					2,825,459
Construction & Engineering — 0.5%
Brand Energy & Infrastructure Services, Inc., 2017 Term Loan, (2 mo. LIBOR + 4.250%, 1.00% Floor), 5.56%, 6/21/24 (n)			8,126		8,145,471
Diversified Consumer Services — 0.3%
Ascend Learning LLC, 2017 Term Loan B, (3 mo. LIBOR + 3.250%, 1.00% Floor), 4.53%, 7/12/24 (n)			405		406,348
Gol LuxCo S.A., 1st Lien Term Loan, 6.50%, 8/31/20			3,885		3,977,269
Laureate Education, Inc., 2017 Term Loan B, (1 mo. LIBOR + 4.500%, 1.00% Floor), 5.74%, 4/26/24 (n)			763		765,949

					5,149,566
Diversified Financial Services — 0.1%
Diamond (BC) BV, Term Loan, (3 mo. LIBOR + 3.000%), 4.32%, 7/12/24 (n)			755		749,813
Diversified Telecommunication Services — 0.3%
CenturyLink, Inc., 2017 Term Loan B, 2.75%, 1/31/25			5,161		5,047,045
Energy Equipment & Services — 0.1%
Weatherford International Ltd., Term Loan, (1 mo. LIBOR + 2.300%), 3.54%, 7/13/20 (a)(n)			1,875		1,781,613


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


Floating Rate Loan Interests		Par (000)		Value
Food Products — 0.0%
Chobani LLC, 1st Lien Term Loan, (1 mo. LIBOR + 4.250%, 1.00% Floor), 5.49%, 10/07/23 (n)			399	$	401,615
Health Care Equipment & Supplies — 0.5%
DJO Finance LLC, 2015 Term Loan, (1 mo. LIBOR + 3.250%, 1.00% Floor), 4.49%, 6/08/20 (n)			2,669		2,654,624
Immucor, Inc., Extended Term Loan B, (1 mo. LIBOR + 5.000%, 1.00% Floor), 6.24%, 6/15/21 (n)	USD		4,049		4,100,119
Ortho-Clinical Diagnostics, Inc., Term Loan B, (3 mo. LIBOR + 3.750%, 1.00% Floor), 5.05%, 6/30/21 (n)			239		239,213

					6,993,956
Health Care Providers & Services — 0.1%
Iasis Healthcare LLC, Term Loan B3, (3 mo. LIBOR + 4.000%), 5.30%, 2/16/21 (n)			445		445,886
Surgery Center Holdings, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.250%), 4.49%, 6/06/24 (n)			880		870,830
Team Health Holdings, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 2.750%, 1.00% Floor), 3.99%, 2/06/24 (n)			326		321,698

					1,638,414
Hotels, Restaurants & Leisure — 1.5%
Bronco Midstream Funding LLC, Term Loan B, (3 mo. LIBOR + 4.000%, 1.00% Floor), 5.32%, 8/15/20 (n)			4,896		4,938,996
Caesars Entertainment Operating Co., Term Loan B7, 4.00%, 3/01/22 (b)(j)			3,447		4,382,670
Caesars Entertainment Resort Properties LLC, Term Loan B, (1 mo. LIBOR + 3.500%, 1.00% Floor), 4.74%, 10/11/20 (n)			13,150		13,204,848

					22,526,514
Industrial Conglomerates — 0.2%
Cortes NP Acquisition Corp., 2017 Term Loan B, (1 mo. LIBOR + 4.000%, 1.00% Floor), 5.24%, 11/30/23 (n)			1,530		1,539,171
Sequa Corp., 1st Lien Term Loan, (3 mo. LIBOR + 5.500%), 6.81%, 11/28/21 (n)			1,169		1,176,306

					2,715,477
Insurance — 0.0%
Alliant Holdings I, Inc., 2015 Term Loan B, (3 mo. LIBOR + 3.250%, 1.00% Floor), 4.56%, 8/12/22 (n)			711		710,422
IT Services — 0.1%
Peak 10, Inc. (n):
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.500%, 1.00% Floor), 4.81%, 8/01/24			997		993,261
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.250%, 1.00% Floor), 8.56%, 8/01/25			420		422,802

					1,416,063
Life Sciences Tools & Services — 0.2%
Albany Molecular Research, Inc. (n):
2017 1st Lien Term Loan, (3 mo. LIBOR + 3.250%), 4.49%, 7/19/24			1,002		1,002,000
2017 2nd Lien Term Loan, (3 mo. LIBOR + 7.000%), 8.24%, 7/19/25			167		169,087
Parexel International Corp,, Term Loan B, 8/07/24 (q)			1,145		1,147,654

					2,318,741
Machinery — 0.0%
Hayward Industries, Inc., Term Loan B, 7/18/24 (q)			372		373,629


Floating Rate Loan Interests		Par (000)		Value
Media — 0.9%
CSC Holdings LLC, 2017 1st Lien Term Loan, (1 mo. LIBOR + 2.250%), 3.48%, 7/17/25 (n)			385	$	382,591
iHeartCommunications, Inc., Term Loan D, (1 mo. LIBOR + 6.750%), 7.99%, 1/30/19 (n)			6,889		5,510,711
Intelsat Jackson Holdings SA, Term Loan B2, (3 mo. LIBOR + 2.750%, 1.00% Floor), 4.00%, 6/30/19 (n)			8,606		8,567,180

					14,460,482
Multiline Retail — 0.1%
Neiman Marcus Group, Inc., 2020 Term Loan, (1 mo. LIBOR + 3.250%, 1.00% Floor), 4.48%, 10/25/20 (n)	USD		1,426		1,047,932
Oil, Gas & Consumable Fuels — 1.4%
California Resources Corp. (n):
Second Out Term Loan, (1 mo. LIBOR + 10.375%), 11.60%, 12/31/21			467		494,220
Term Loan A, (1 mo. LIBOR + 3.000%), 4.24%, 10/01/19 (a)			3,255		3,091,985
Chesapeake Energy Corp., Term Loan, (3 mo. LIBOR + 7.500%, 1.00% Floor), 8.81%, 8/23/21 (n)			13,950		14,810,640
CITGO Holding, Inc., 2015 Term Loan B, (3 mo. LIBOR + 8.500%, 1.00% Floor), 9.80%, 5/12/18 (n)			2,490		2,505,584

					20,902,429
Pharmaceuticals — 0.2%
Jaguar Holding Co. II, 2017 Term Loan, (3 mo. LIBOR + 2.750%, 1.00% Floor), 3.99%, 8/18/22 (n)			3,534		3,541,539
Professional Services — 0.0%
Information Resources, Inc., 1st Lien Term Loan, (1 mo. LIBOR + 4.250%, 1.00% Floor), 5.49%, 1/18/24 (n)			507		509,897
Software — 1.2%
Almonde, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 7.250%), 8.57%, 6/13/25 (n)			496		504,293
BMC Software Finance, Inc., 2017 Term Loan, (1 mo. LIBOR + 4.000%, 1.00% Floor), 5.24%, 9/10/22 (n)			1,995		2,000,955
Cypress Intermediate Holdings, Inc. (n):
2017 1st Lien Term Loan, (1 mo. LIBOR + 3.000%, 1.00% Floor), 4.24%, 4/27/24			768		766,224
2017 2nd Lien Term Loan, (1 mo. LIBOR + 6.750%, 1.00% Floor), 7.99%, 4/27/25			212		217,764
Infor (US), Inc., Term Loan B6, (3 mo. LIBOR + 2.750%, 1.00% Floor), 4.05%, 2/01/22 (n)			1,965		1,959,162
Kronos, Inc., 2nd Lien Term Loan, (3 mo. LIBOR + 8.250%, 1.00% Floor), 9.56%, 11/01/24 (n)			3,635		3,752,621
Misys Europe SA, 1st Lien Term Loan, (3 mo. LIBOR + 3.500%), 4.82%, 6/13/24 (n)			2,272		2,281,656
Project Alpha Intermediate Holding, Inc., 2017 Term Loan B, (3 mo. LIBOR + 3.500%, 1.00% Floor), 4.81%, 4/26/24 (n)			1,081		1,053,975
Veritas Bermuda Ltd., Repriced Term Loan B, (3 mo. LIBOR + 4.500%, 1.00% Floor), 5.80%, 1/27/23 (n)			5,333		5,370,390

					17,907,040
Specialty Retail — 0.1%
Staples, Inc., 2017 Term Loan B, (3 mo. LIBOR + 4.000%), 5.31%, 8/06/24 (n)			1,603		1,594,616
Textiles, Apparel & Luxury Goods — 0.3%
Ascend Performance Materials Operations LLC, Term Loan B, (3 mo. LIBOR + 5.250%, 1.00% Floor), 6.55%, 8/12/22 (a)(n)			5,295		5,321,217


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


Floating Rate Loan Interests		Par (000)		Value
Trading Companies & Distributors — 0.1%
HD Supply Waterworks Ltd., 2017 Term Loan B, (6 mo. LIBOR + 3.000%, 1.00% Floor), 4.46%, 8/01/24 (n)			855	$	856,069
Wireless Telecommunication Services — 1.5%
Ligado Networks LLC, 2015 2nd Lien Term Loan, (3 mo. LIBOR + 12.500%, 1.00% Floor), 13.82%, 12/07/20 (b)(j)(n)			38,106		23,316,127
Total Floating Rate Loan Interests — 10.5%					162,390,995



Investment Companies		Shares
Capital Markets — 2.0%
iShares iBoxx USD High Yield Corporate Bond ETF (r)			349,667		30,980,496



Non-Agency Mortgage-Backed Securities		Par (000)
Commercial Mortgage-Backed Securities — 0.1%
GAHR Commercial Mortgage Trust NRF, Series 2015-NRF, Class FFX, 3.49%, 12/15/34 (e)(f)	USD		1,925		1,921,872



Other Interests (o)		Beneficial Interest (000)
Auto Components — 0.0%
Lear Corp. Escrow (a)			1,250		13



Preferred Securities		Par (000)
Capital Trusts
Banks — 1.6%
ABN AMRO Bank NV, 5.75% (i)(k)			300		379,902
Allied Irish Banks PLC, 7.38% (i)(k)			210		275,294
Banco Bilbao Vizcaya Argentaria SA (i)(k):
7.00%			600		740,493
8.88%			200		276,780
Banco Santander SA, 6.25% (i)(k)			500		612,561
CaixaBank SA, Series, 6.75% (i)(k)			200		255,947
CIT Group, Inc., Series A, 5.80% (i)(k)			3,292		3,415,450
Citigroup, Inc. (i)(k):
5.95%			1,405		1,513,887
Series O, 5.88%			2,405		2,513,225
Series P, 5.95%			1,452		1,568,160
Series Q, 5.95%			1,165		1,229,803
Series R, 6.13%			615		658,419
Cooperatieve Rabobank UA (i)(k):
5.50%			200		253,864
6.63%			400		532,727
Danske Bank A/S, 5.75% (i)(k)			200		255,080
Erste Group Bank AG, 6.50% (i)(k)			400		519,593
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, 1.50% (d)(k)			400		331,330
Intesa Sanpaolo SpA (i)(k):
7.00%			375		480,458
7.70% (e)			200		209,250
KBC Group NV, 5.63% (i)(k)			200		246,721
National Westminster Bank PLC, Series C, 1.50% (f)(k)			200		168,409


Preferred Securities		Par (000)		Value
Banks (continued)
RZB Finance Jersey IV Ltd., 1.62% (i)(k)			200	$	231,057
Santander UK Group Holdings PLC, 6.75% (i)(k)			275		388,361
Swedbank Hypotek AB, 6.00% (i)(k)			200		211,500
U.S. Bancorp, Series J, 5.30% (i)(k)			1,899		2,060,415
Wells Fargo & Co. (i)(k):
Series S, 5.90%			3,460		3,754,100
Series U, 5.88%			1,375		1,526,250

					24,609,036
Capital Markets — 0.7%
Goldman Sachs Group, Inc., Series L, 5.70% (i)(k)			5,218		5,400,630
Morgan Stanley (i)(k):
Series H, 5.45%	USD		3,309		3,404,134
Series J, 5.55%			440		458,146
UBS Group AG (i)(k):
5.75%			800		1,063,015
7.00%			425		474,277

					10,800,202
Chemicals — 0.1%
Lanxess AG, 4.50%, 12/06/76 (i)			225		293,702
Solvay Finance SA, 5.12% (i)(k)			730		968,750

					1,262,452
Diversified Financial Services — 2.2%
Banco Santander SA, 6.75% (i)(k)			300		391,956
Bank of America Corp. (i)(k):
Series AA, 6.10%			3,011		3,300,809
Series V, 5.13%			2,205		2,254,855
Series X, 6.25%			2,874		3,158,526
Series Z, 6.50%			1,816		2,047,540
Barclays PLC, 7.25% (i)(k)			680		952,951
Credit Agricole SA, 6.50% (i)(k)			400		527,846
Credit Suisse Group AG, 6.25% (i)(k)			300		318,000
HBOS Capital Funding LP, 6.85% (k)			800		817,680
HSBC Holdings PLC, 6.00% (i)(k)			2,298		2,416,347
HSH Nordbank AG, 7.25% (k)			271		59,620
JPMorgan Chase & Co. (i)(k):
6.75%			5,324		6,082,670
Series Q, 5.15%			850		876,104
Series U, 6.13%			4,228		4,645,515
Series V, 5.00%			3,075		3,122,662
Royal Bank of Scotland Group PLC (i)(k):
7.50%			200		211,000
8.63%			982		1,087,565
Societe Generale SA, 8.88% (i)(k)			200		272,679
UniCredit SpA (i)(k):
6.75%			200		246,126
9.25%			425		590,054

					33,380,505
Diversified Telecommunication Services — 0.4%
Koninklijke KPN NV (i):
6.13% (k)			566		710,261
6.88%, 3/14/73			230		330,129
Orange SA (i)(k):
4.00%			600		774,162
5.75%			100		144,375
SoftBank Group Corp., 6.00% (i)(k)			500		501,250
Telefonica Europe BV (i)(k):
3.75%			200		248,557
4.20%			1,300		1,635,024
6.50%			600		756,769
6.75%			200		286,558
7.63%			300		426,819

					5,813,904


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


Preferred Securities		Par (000)		Value
Electric Utilities — 0.1%
Enel SpA (i):
6.50%, 1/10/74			489	$	625,790
7.75%, 9/10/75			105		155,125
Origin Energy Finance Ltd., 4.00%, 9/16/74 (i)			410		507,784
RWE AG, 2.75%, 4/21/75 (i)			500		601,862

					1,890,561
Insurance — 0.0%
Ethias SA, 5.00%, 1/14/26			200		260,762
Groupama SA, 6.38% (i)(k)			200		274,075

					534,837
Media — 0.0%
NBCUniversal Enterprise, Inc., 5.25% (e)(k)	USD		400		424,000
Oil, Gas & Consumable Fuels — 0.2%
Gas Natural Fenosa Finance BV, 3.38% (i)(k)			1,000		1,214,212
Repsol International Finance BV (i):
3.88% (k)			300		374,992
4.50%, 3/25/75			489		617,955
TOTAL SA, 3.88% (i)(k)			425		547,520

					2,754,679
Real Estate — 0.0%
AT Securities BV, 5.25% (i)(k)			250		246,437
Total Capital Trusts — 5.3%					81,716,613



Preferred Stocks		Shares
Auto Components — 0.2%
UCI International, Inc. (a)			164,729		2,696,614
Capital Markets — 0.3%
Morgan Stanley, Series K, 5.85% (i)(k)			171,786		4,684,604
Diversified Financial Services — 0.0%
Concrete Investments II (a)			4,997		130,871
Hotels, Restaurants & Leisure — 1.1%
The Stars Group, Inc. (a)			17,786		17,118,713
Wireless Telecommunication Services — 0.0%
CF-B L2 (D) LLC, (Acquired 4/08/15, cost $629,122) (p)			633,462		578,477
Total Preferred Stocks — 1.6%					25,209,279


Trust Preferred	Shares		Value
Diversified Financial Services — 0.5%
GMAC Capital Trust I, 7.10% 2/15/2040 (i)		256,246	$	6,673,716
Total Preferred Securities — 7.4%				113,599,608



Warrants (b)
Metals & Mining — 0.0%
Peninsula Energy Ltd.:
(1 Share for 1 Warrant, Expires 12/31/17, Strike Price AUD 0.08)		288,820		2
(1 Share for 1 Warrant, Expires 12/31/18, Strike Price AUD 0.05 )		515,378		13,520

				13,522
Software — 0.0%
HMH Holdings/EduMedia (Issued/exercisable 3/09/10, 19 Shares for 1 Warrant, Expires 6/22/19, Strike Price $42.27) (a)		6,494		455
Total Warrants — 0.0%				13,977
Total Long-Term Investments (Cost — $2,171,923,265) — 140.3%				2,168,010,010
Options Purchased (Cost — $357,416) — 0.0%				133,125
Total Investments Before Options Written (Cost — $2,172,280,681) — 140.3%				2,168,143,135
Options Written (Premiums Received — $196,346) — (0.0)%				(56,551	)
Total Investments, Net of Options Written (Cost — $2,172,084,335) — 140.3%				2,168,086,584
Liabilities in Excess of Other Assets — (40.3)%				(622,464,434	)

Net Assets — 100.0%			$	1,545,622,150

Notes to Schedule of Investments

(a)

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

(b)

Non-income producing security.

(c)

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.

(d)

Floating rate security. Rate shown is the rate in effect as of period end.

(e)

(f)

(g)

When-issued security.

(h)

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

(i)

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

(j)

Issuer filed for bankruptcy and/or is in default.

(k)

Perpetual security with no stated maturity date.

(l)

Convertible security.

(m)

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

(n)

Variable rate security. Rate shown is the rate in effect as of period end.

(o)

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


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

(p)

Restricted security as to resale, excluding 144A securities. As of period end, the Trust held restricted securities with a current value of $578,477 and an original cost of $629,122, which was 0.04% of its net assets.

(q)

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.

(r)


Affiliate Persons and/or Related Parties	Shares Held at August 31, 2016		Shares Purchased		Shares Sold			Shares Held at August 31, 2017		Value at August 31, 2017		Income		Net Realized Gain (Loss)¹			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		—		—			—		—	$	13,952	$	5			—
iShares iBoxx USD High Yield Corporate Bond ETF		152,000		1,058,809		(861,142	)		349,667	$	30,980,496		431,000		(64,733	)	$	(131,049	)
Total										$	30,980,496	$	444,952	$	(64,728	)	$	(131,049	)

¹ Includes net capital gain distributions.

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


Derivative Financial Instruments Outstanding as of Period End


Futures Contracts
Description	Number of Contracts			Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro Bund		18		November 2017	$	15		$	(11,269	)
Euro Bund		9		November 2017	$	3			(8,152	)

									(19,421	)

Short Contracts
Euro Bund		(13	)	September 2017	$	2,555			(10,228	)
10-Year U.S. Treasury Note		(2	)	December 2017	$	254			(377	)
UK Long Gilt Bond		(4	)	December 2017	$	658			1,703

									(8,902	)
Total								$	(28,323	)


Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	1,200,000	USD	1,418,210	Citibank N.A.		9/06/17	$	10,401
EUR	350,000	USD	412,515	State Street Bank and Trust Co.		9/06/17		4,163
EUR	110,000	USD	129,890	UBS AG		9/06/17		1,066
GBP	200,000	USD	256,336	Goldman Sachs International		9/06/17		2,292
USD	1,279,769	AUD	1,605,000	National Australia Bank Ltd.		9/06/17		3,888
USD	119,167	EUR	100,000	State Street Bank and Trust Co.		9/06/17		116
USD	154,738	EUR	129,000	State Street Bank and Trust Co.		9/06/17		1,162
USD	14,314,814	GBP	10,901,000	State Street Bank and Trust Co.		9/06/17		218,288
USD	49,956,105	EUR	41,850,500	Deutsche Bank AG		10/04/17		56,746

								298,122

GBP	650,000	USD	860,564	State Street Bank and Trust Co.		9/06/17		(20,022	)
USD	18,399,916	CAD	22,998,000	Goldman Sachs International		9/06/17		(17,638	)
USD	100,529,740	EUR	85,132,000	Deutsche Bank AG		9/06/17		(820,693	)
USD	125,003	GBP	97,000	Citibank N.A.		9/06/17		(432	)
USD	1,272,847	AUD	1,605,000	Nomura International PLC		10/04/17		(2,598	)
USD	18,238,485	CAD	22,998,000	Westpac Banking Corp.		10/04/17		(184,617	)
USD	49,609,248	EUR	41,850,500	Royal Bank of Scotland PLC		10/04/17		(290,111	)
USD	13,121,791	GBP	10,146,000	UBS AG		10/04/17		(11,427	)

								(1,347,538	)
Net Unrealized Depreciation							$	(1,049,416	)


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

Exchange-Traded Options Purchased

Description

Number of
Contracts

Expiration
Date

Exercise
Price

Notional
Amount
(000)

Value

Put

SPDR S&P 500 ETF Trust

622

10/20/17

USD

241.00

15,394

122,534

OTC Options Purchased

Description

Counterparty

Number of
Contracts

Expiration
Date

Exercise
Price

Notional
Amount
(000)

Value

Call

Marsico Parent Superholdco LLC

Goldman Sachs & Co.

12/14/19

USD

942.86

—


Exchange-Traded Options Written
Description	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Put
SPDR S&P 500 ETF Trust		622		10/20/17		USD	231.00	$	(15,394	)	$	(51,004	)

OTC Credit Default Swaptions Purchased

Received by the Trust

Paid by the Trust

Description

Counterparty

Expiration
Date

Exercise
Price

Rate/
Reference

Frequency

Rate/
Reference

Frequency

Notional
Amount
(000)

Value

Call

Sold protection on 5-Year Credit Default Swaps, 6/20/22

Goldman Sachs International

9/20/17

108.00

5.00

Quarterly

Markit CDX North America High Yield Index, Series 28, Version 1

Quarterly

USD

20,000

10,591

OTC Credit Default Swaptions Written

Received by the Trust

Paid by the Trust

Description

Counterparty

Expiration
Date

Exercise
Price

Rate/
Reference

Frequency

Rate/
Reference

Frequency

Credit
Rating¹

Notional
Amount
(000)

Value

Put

Sold protection on 5-Year Credit Default Swaps, 6/20/22

Goldman Sachs International

9/20/17

102.00

5.00

Quarterly

Markit CDX North America High Yield Index, Series 28, Version 1

Quarterly

B+

USD

20,000

(5,547

)

¹Using Standard & Poor’s (“S&P’s’) rating of the issuer or the underlying securities of the index, as applicable.


Centrally Cleared Credit Default Swaps — Sell Protection
Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Termination Date		Credit Rating¹		Notional Amount (000)²		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Markit CDX North America High Yield Index, Series 28, Version 1		5.00	%	Quarterly		6/20/22		B+	USD	62,350	$	4,527,904		$	4,295,527		$	232,377
Chesapeake Energy Corp.		5.00	%	Quarterly		12/20/21		CCC	USD	425		(53,268	)		(15,236	)		(38,032	)
Total											$	4,474,636		$	4,280,291		$	194,345

¹Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.
²The 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 Investments (continued)		BlackRock Corporate High Yield Fund, Inc. (HYT)


OTC Credit Default Swaps — Sell Protection
Reference Obligation/Index	Financing Rate Received by the Trust			Payment Frequency	Counterparty	Termination Date		Credit Rating¹	Notional Amount (000)²			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CCO Holdings LLC		8.00	%	Quarterly	Deutsche Bank AG		9/20/17	B+		USD	8,180	$	166,330			—		$	166,330
Hellenic Telecommunications Organization SA		5.00	%	Quarterly	Goldman Sachs International		12/20/21	B+		EUR	170		32,040		$	8,780			23,260
Avis Budget Car Rental LLC/Avis Budget Finance Inc.		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	BB-		USD	20		1,341			425			916
Hertz Corp.		5.00	%	Quarterly	Goldman Sachs International		6/20/22	B-		USD	903		(45,238	)		(56,243	)		11,005
Hertz Corp.		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	B-		USD	750		(103,271	)		(72,926	)		(30,345	)
Jaguar Land Rover Automotive PLC		5.00	%	Quarterly	Barclays Bank PLC		6/20/22	BB+		EUR	100		19,798			18,823			975
Jaguar Land Rover Automotive PLC		5.00	%	Quarterly	Credit Suisse International		6/20/22	BB+		EUR	150		29,672			28,459			1,213
Saipem Finance International BV		5.00	%	Quarterly	Credit Suisse International		6/20/22	BB+		EUR	200		16,607			14,173			2,434
Total												$	117,279		$	(58,509	)	$	175,788

¹Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.
²The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.


OTC Total Return Swaps
Reference Entity	Floating Rate¹	Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
iBoxx USD Liquid High Yield Index	3-Month LIBOR	Quarterly	JPMorgan Chase Bank N.A.		9/20/17	USD	2,700	$	97,538			—		$	97,538
iBoxx USD Liquid High Yield Index	3-Month LIBOR	Quarterly	Goldman Sachs International		9/20/17	USD	10,000		84,998		$	(18,750	)		103,748
iBoxx USD Liquid High Yield Index	3-Month LIBOR	Quarterly	Citibank N.A.		12/20/17	USD	5,000		194,669			—			194,669
iBoxx USD Liquid High Yield Index	3-Month LIBOR	Quarterly	Goldman Sachs International		12/20/17	USD	5,800		35,284			—			35,284
Morgan Stanley Energy Long Basket Index	FED Funds Effective Rate plus 0.25%	Monthly	Morgan Stanley & Co. International PLC		12/29/17	USD	132		(13,918	)		—			(13,918	)
iBoxx USD Liquid High Yield Index	3-Month LIBOR	Quarterly	Morgan Stanley & Co. International PLC		3/20/18	USD	3,600		7,641			(4,712	)		12,353
Total								$	406,212		$	(23,462	)	$	429,674

¹ The Trust pays the floating rate and receives the total return of the reference entity.


Balances reported in the Consolidated Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Derivatives


	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps¹	$	4,295,527	$	(15,236	)	$	232,377	$	(38,032	)
OTC Derivatives		70,660		(152,631	)		649,725		(44,263	)
¹ Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.


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

Derivative Financial Instruments Categorized by Risk Exposure

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


Assets — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts	Net unrealized appreciation¹		—		—		—		—	$	1,703		—	$	1,703
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts		—		—		—	$	298,122		—		—		298,122
Options purchased	Investments at value — unaffiliated²;		—	$	10,591	$	122,534		—		—		—		133,125
Swaps — centrally cleared	Net unrealized appreciation¹		—		232,377		—		—		—		—		232,377
Swaps — OTC	Unrealized appreciation on OTC swaps; Swap premiums paid		—		276,793		—		—		443,592		—		720,385

Total			—	$	519,761	$	122,534	$	298,122	$	445,295		—	$	1,385,712


Liabilities — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts	Net unrealized depreciation¹		—		—		—		—	$	30,026		—	$	30,026
Forward foreign currency exchange contracts	Unrealized depreciation on forward foreign currency exchange contracts		—		—		—	$	1,347,538		—		—		1,347,538
Options written	Options written at value;		—	$	5,547	$	51,004		—		—		—		56,551
Swaps — centrally cleared	Net unrealized depreciation¹		—		38,032		—		—		—		—		38,032
Swaps — OTC	Unrealized depreciation on OTC swaps; Swap premiums received		—		159,514		13,918		—		23,462		—		196,894

Total			—	$	203,093	$	64,922	$	1,347,538	$	53,488		—	$	1,669,041

¹Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities.
²Includes options purchased at value as reported in the Consolidated Schedule of Investments.

For the year ended August 31, 2017, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:


Net Realized Gain (Loss) from:	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Futures contracts		—		—		$	(4,479,842	)		—		$	(14,510	)		—	$	(4,494,352	)
Forward foreign currency exchange contracts		—		—			—		$	(11,926,761	)		—			—		(11,926,761	)
Options purchased¹		—	$	59,250			(2,034,787	)		—			772,492			—		(1,203,045	)
Options written		—		49,750			623,046			—			—			—		672,796
Swaps				7,631,821			538,536			—			2,810,512					10,980,869

Total		—	$	7,740,821		$	(5,353,047	)	$	(11,926,761	)	$	3,568,494			—	$	(5,970,493	)


Net Change in Unrealized Appreciation (Depreciation) on:	Commodity Contracts		Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Futures contracts		—		—		$	1,352,662			—		$	(28,323	)		—	$	1,324,339
Forward foreign currency exchange contracts		—		—			—		$	(943,181	)		—			—		(943,181	)
Options purchased²		—	$	(32,780	)		(161,248	)		—			—			—		(194,028	)
Options written		—		38,494			104,342			—			—			—		142,836
Swaps		—		(359,291	)		(229,630	)		—			(1,156,160	)		—		(1,745,081	)

Total		—	$	(353,577	)	$	1,066,126		$	(943,181	)	$	(1,184,483	)		—	$	(1,415,115	)

¹Options purchased are included in net realized gain (loss) from investments.
²Options purchased are included in net change in unrealized appreciation (depreciation) on investments.


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


Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	4,607
Average notional value of contracts — short	$	18,339,637
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	247,057,641
Average amounts sold — in USD	$	4,980,050
Options:
Average value of option contracts purchased	$	209,307
Average value of option contracts written	$	86,208
Average notional value of swaption contracts purchased	$	42,970,000
Average notional value of swaption contracts written	$	5,000,000
Credit default swaps:
Average notional value — buy protection	$	247,137
Average notional value — sell protection	$	91,894,063
Total return swaps:
Average notional value	$	36,568,621

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


Derivative Financial Instruments — Offsetting as of Period End


	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	589			—
Forward foreign currency exchange contracts		298,122		$	1,347,538
Options		133,125	¹		56,551
Swaps — Centrally cleared		113,214			—
Swaps — OTC²		720,385			196,894

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities	$	1,265,435		$	1,600,983

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(236,337	)		(51,004	)

Total derivative assets and liabilities subject to an MNA	$	1,029,098		$	1,549,979

¹Includes options purchased at value which is included in Investments at value — unaffiliated in the Consolidated Statement of Assets and Liabilities and reported in the Consolidated Schedule of Investments.
²Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Consolidated Statement of Assets and Liabilities.

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


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset¹			Non-cash Collateral Received		Cash Collateral Received²			Net Amount of Derivative Assets³
Barclays Bank PLC	$	21,139	$	(21,139	)		—		—			—
Citibank N.A.		205,070		(432	)		—	$	(204,638	)		—
Credit Suisse International		46,279		—			—		—		$	46,279
Deutsche Bank AG		223,076		(223,076	)		—		—			—
Goldman Sachs International		194,960		(98,178	)		—		—			96,782
JPMorgan Chase Bank N.A.		97,538		—			—		—			97,538
Morgan Stanley & Co. International PLC		12,353		(12,353	)		—		—			—
National Australia Bank Ltd.		3,888		—			—		—			3,888
State Street Bank and Trust Co.		223,729		(20,022	)		—		—			203,707
UBS AG		1,066		(1,066	)		—		—			—

Total	$	1,029,098	$	(376,266	)		—	$	(204,638	)	$	448,194


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


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset¹			Non-cash Collateral Pledged		Cash Collateral Pledged⁴		Net Amount of Derivative Liabilities⁵
Barclays Bank PLC	$	103,271	$	(21,139	)		—		—	$	82,132
Citibank N.A.		432		(432	)		—		—		—
Deutsche Bank AG		820,693		(223,076	)		—		—		597,617
Goldman Sachs International		98,178		(98,178	)		—		—		—
Morgan Stanley & Co. International PLC		18,630		(12,353	)		—		—		6,277
Nomura International PLC		2,598		—			—		—		2,598
Royal Bank of Scotland PLC		290,111		—			—		—		290,111
State Street Bank and Trust Co.		20,022		(20,022	)		—		—		—
UBS AG		11,427		(1,066	)		—		—		10,361
Westpac Banking Corp.		184,617		—			—		—		184,617

Total	$	1,549,979	$	(376,266	)		—		—	$	1,173,713

¹The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
²Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.
³Net amount represents the net amount receivable from the counterparty in the event of default.
⁴Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.
⁵Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

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


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—		$	58,069,376		$	2,508,240	$	60,577,616
Common Stocks		10,479,302			4,597,696			3,840,545		18,917,543
Corporate Bonds		255,113			1,774,590,877			4,761,900		1,779,607,890
Floating Rate Loan Interests		—			149,392,904			12,998,091		162,390,995
Investment Companies		30,980,496			—			—		30,980,496
Non-Agency Mortgage-Backed Securities		—			1,921,872			—		1,921,872
Other Interests		—			—			13		13
Preferred Securities		11,358,320			81,716,613			19,946,198		113,021,131
Warrants		—			13,522			455		13,977
Options Purchased:
Credit contracts		—			10,591			—		10,591
Equity contracts		122,534			—			—		122,534

Subtotal	$	53,195,765		$	2,070,313,451		$	44,055,442	$	2,167,564,658

Investments Valued at NAV¹										578,477

Total									$	2,168,143,135


Derivative Financial Instruments²
Assets:
Credit contracts		—		$	438,510			—	$	438,510
Foreign currency exchange contracts		—			298,122			—		298,122
Interest rate contracts	$	1,703			443,592			—		445,295
Liabilities:
Credit contracts		—			(73,924	)		—		(73,924	)
Equity contracts		(51,004	)		(13,918	)		—		(64,922	)
Foreign currency exchange contracts		—			(1,347,538	)		—		(1,347,538	)
Interest rate contracts		(10,605	)		(19,421	)		—		(30,026	)

Total	$	(59,906	)	$	(274,577	)		—	$	(334,483	)

¹ As of August 31, 2017, certain investments of the Trust were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
² 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.


Schedule of Investments (concluded)		BlackRock Corporate High Yield Fund, Inc. (HYT)

During the year ended August 31, 2017, there were no transfers between Level 1 and Level 2.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $649,000,000 are categorized as Level 2 within the disclosure hierarchy.

A reconciliation of Level 3 Investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the 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:


	Common Stocks			Asset-Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Other Interests		Preferred Securities			Warrants			Total
Assets:
Opening balance, as of August 31, 2016¹	$	1,725,910		$	13,191,932		$	5,853,024		$	22,184,147		$	13	$	17,201,711		$	13,361		$	60,170,098
Transfers into Level 3²		—			—			—			1,534,446			—		—			—			1,534,446
Transfers out of Level 3³		—			(7,056,472	)		—			(8,712,450	)		—		—			(130	)		(15,769,052	)
Accrued discounts/premiums		—			13,751			1,726			162,789			—		—			—			178,266
Net realized gain (loss)		(162,612	)		146,674			(1,850,079	)		169,987			—		(4,488	)		—			(1,700,518	)
Net change in unrealized appreciation (depreciation)^4,5		2,302,098			(101,395	)		1,848,821			(10,977	)		—		(1,857,773	)		(12,776	)		2,167,998
Purchases		473			2,513,750			—			2,412,272			—		23,415,576			—			28,342,071
Sales		(25,324	)		(6,200,000	)		(1,091,592	)		(4,742,123	)		—		(18,808,828	)		—			(30,867,867	)

Closing Balance, as of August 31, 2017	$	3,840,545		$	2,508,240		$	4,761,900		$	12,998,091		$	13	$	19,946,198		$	455		$	44,055,442

Net change in unrealized appreciation (depreciation) on investments still held at August 31, 2017⁵	$	2,126,809		$	(5,511	)		—		$	(4,150	)		—	$	(3,602,376	)	$	(12,776	)	$	(1,498,004	)

¹ The opening balance of preferred securities has been restated to exclude certain investments in the amount of $523,176 that were valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
² As of August 31, 2016, the Trust used observable inputs in determining the value of certain investments. As of August 31, 2017, 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.
³ As of August 31, 2016, the Trust used significant unobservable inputs in determining the value of certain investments. As of August 31, 2017, 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.
⁴ Included in the related net change in unrealized appreciation (depreciation) in the Consolidated Statement of Operations.
⁵ Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.

Schedule of Investments August 31, 2017

BlackRock Income Trust, Inc. (BKT)

(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)		Value
Asset-Backed Securities — 0.4%
Securitized Asset Backed Receivables LLC Trust, Series 2005-OP2, Class M1, (1 mo. LIBOR US + 0.430%), 1.66%, 10/25/35 (a)	$	1,875	$	1,828,991
Interest Only Asset-Backed Securities — 0.1%
Small Business Administration Participation Certificates, Series 2000-1, 1.00%, 3/15/21 (b)		256		2,240
Sterling Bank Trust, Series 2004-2, Class Note, 2.08%, 3/30/30 (b)(c)		1,480		88,801
Sterling Coofs Trust, Series 2004-1, Class A, 2.36%, 4/15/29 (b)		2,163		95,310

				186,351
Total Asset-Backed Securities — 0.5%				2,015,342



Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 0.5%
Deutsche Securities, Inc. Mortgage Alternate Loan Trust, Series 2006-AR5, Class 22A, 5.50%, 10/25/21		144		140,996
HomeBanc Mortgage Trust, Series 2005-4, Class A1, (1 mo. LIBOR US + 0.270%), 1.50%, 10/25/35 (a)		1,171		1,152,416
Kidder Peabody Acceptance Corp., Series 1993-1, Class A6, (1 mo. LIBOR + 16.621%), 14.33%, 8/25/23 (a)		32		35,786
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-11, Class A, 3.33%, 8/25/34 (d)		686		673,342

				2,002,540
Interest Only Collateralized Mortgage Obligations — 0.3%
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 5/25/37		384		86,149
IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 4AX, 0.17%, 1/25/37 (b)		36,900		46,125
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3AX, 0.48%, 4/25/34 (b)(e)		4,224		84,488
MASTR Alternative Loans Trust, Series 2003-9, Class 15X2, 6.00%, 1/25/19		65		1,655
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 1AX, 5.00%, 5/25/19		37		274
Sequoia Mortgage Trust, Series 2005-2, Class XA, 0.71%, 3/20/35 (b)(d)		20,785		571,588
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-7, Class 3AS, 1.94%, 8/25/36 (b)(d)		9,128		661,769
Vendee Mortgage Trust, Series 1999-2, Class 1, 0.00%, 5/15/29 (d)		22,885		23

				1,452,071
Principal Only Collateralized Mortgage Obligations — 0.1%
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2003-J8, 0.00%, 9/25/23 (f)		27		25,408
Residential Asset Securitization Trust, Series 2005-A15, Class 1A8, 0.00%, 2/25/36 (f)		283		239,909
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-9, Class CP, 0.00%, 11/25/35 (f)		123		92,577

				357,894
Total Non-Agency Mortgage-Backed Securities — 0.9%				3,812,505


U.S. Government Sponsored Agency Securities	Par (000)			Value
Agency Obligations — 2.6%
Federal Housing Administration (b):
USGI Projects, Series 99, 7.43%, 6/01/21 - 10/01/23	$	2,134		$	2,038,613
General Motors Acceptance Corp. Projects, Series 56, 7.43%, 11/01/22		—	(g)		1
Merrill Lynch Projects, Series 54, 7.43%, 5/15/23		1			1,028
Reilly Projects, Series 41, 8.28%, 3/01/20		20			20,484
Residual Funding Corp., 0.00%, 4/15/30 (f)		13,000			9,151,278

					11,211,404
Collateralized Mortgage Obligations — 64.8%
Fannie Mae Mortgage-Backed Securities:
Series 2011-142, Class PE, 3.50%, 1/25/42		15,567			16,202,474
Series 2014-28, Class BD, 3.50%, 8/25/43		5,563			5,841,393
Series 2010-136, Class CY, 4.00%, 12/25/40		3,060			3,348,616
Series 2011-8, Class ZA, 4.00%, 2/25/41		6,373			6,732,992
Series 2011-117, Class CP, 4.00%, 11/25/41		14,350			15,818,623
Series 2011-99, Class CB, 4.50%, 10/25/41		43,000			48,558,692
Series 2010-47, Class JB, 5.00%, 5/25/30		9,448			10,264,395
Series 2003-135, Class PB, 6.00%, 1/25/34		6,764			7,134,658
Series 2004-31, Class ZG, 7.50%, 5/25/34		4,967			6,112,048
Series 1993-247, Class SN, (11th District Cost of Funds + 63.846%), 10.00%, 12/25/23 (a)		89			106,730
Series 2005-73, Class DS, (1 mo. LIBOR + 17.550%), 14.34%, 8/25/35 (a)		456			528,420
Series 1991-87, Class S, (1 mo. LIBOR + 26.683%), 23.41%, 8/25/21 (a)		7			8,089
Series G-49, Class S, (1 mo. LIBOR + 1034.800%), 906.42%, 12/25/21 (a)		—	(g)		33
Series G-07, Class S, (1 mo. LIBOR + 1144.571%), 1,005.33%, 3/25/21 (a)		—	(g)		272
Series 1991-46, Class S, (1 mo. LIBOR + 2519.000%), 2,236.31%, 5/25/21 (a)		—	(g)		1
Freddie Mac Mortgage-Backed Securities:
Series T-11, Class A9, 3.10%, 1/25/28 (d)		707			735,476
Series 4242, Class PA, 3.50%, 5/15/41		5,735			5,943,052
Series 3762, Class LN, 4.00%, 11/15/40		2,000			2,193,657
Series 4269, Class PM, 4.00%, 8/15/41		8,884			9,599,834
Series 4016, Class BX, 4.00%, 9/15/41		15,408			17,065,220
Series 3688, Class PB, 4.50%, 8/15/32		10,000			10,334,312
Series 4316, Class VB, 4.50%, 3/15/34		10,787			11,786,198
Series 3856, Class PB, 5.00%, 5/15/41		10,000			11,347,315
Series 2927, Class BZ, 5.50%, 2/15/35		4,120			4,666,570
Series 2542, Class UC, 6.00%, 12/15/22		1,386			1,466,803
Series 0040, Class K, 6.50%, 8/17/24		86			94,456
Series 0019, Class F, 8.50%, 3/15/20		4			3,755
Series 2218, Class Z, 8.50%, 3/15/30		1,774			2,096,387
Series 0173, Class RS, 10.30%, 11/15/21 (b)(d)		—	(g)		2
Series 1160, Class F, (1 mo. LIBOR + 40.163%), 34.95%, 10/15/21 (a)		4			5,283
Ginnie Mae Mortgage-Backed Securities:
Series 2010-099, Class JM, 3.75%, 12/20/38		19,039			19,393,352
Series 2010-112, Class TL, 4.00%, 1/20/39		15,000			15,387,945
Series 2011-80, Class PB, 4.00%, 10/20/39		11,489			11,857,497
Series 2012-16, Class HJ, 4.00%, 9/20/40		10,000			10,695,512
Series 2011-88, Class PY, 4.00%, 6/20/41		15,402			16,326,085
Series 2015-96, Class ZM, 4.00%, 7/20/45		6,822			7,595,125
Series 2004-89, Class PE, 6.00%, 10/20/34		53			54,524

					279,305,796
Interest Only Collateralized Mortgage Obligations — 5.9%
Fannie Mae Mortgage-Backed Securities:
Series 1997-50, Class SI, (1 mo. LIBOR + 9.200%), 1.20%, 4/25/23 (a)		72			1,728


Schedule of Investments (continued)		BlackRock Income Trust, Inc. (BKT)


U.S. Government Sponsored Agency Securities	Par (000)			Value
Interest Only Collateralized Mortgage Obligations (continued)
Fannie Mae Mortgage-Backed Securities (continued):
Series G92-60, Class SB, (11th District Cost of Funds + 9.350%), 1.60%, 10/25/22 (a)	$	36		$	1,124
Series 2013-10, Class PI, 3.00%, 2/25/43		13,155			1,378,442
Series 2012-96, Class DI, 4.00%, 2/25/27		3,269			261,313
Series 2013-45, Class EI, 4.00%, 4/25/43		6,014			885,150
Series 2010-74, Class DI, 5.00%, 12/25/39		3,153			159,653
Series 2015-66, Class AS, (1 mo. LIBOR + 6.250%), 5.02%, 9/25/45 (a)		49,493			8,737,596
Series 2011-100, Class S, (1 mo. LIBOR + 6.450%), 5.22%, 10/25/41 (a)		3,569			570,206
Series 2006-36, Class PS, (1 mo. LIBOR + 6.600%), 5.37%, 5/25/36 (a)		6,511			1,247,196
Series 2011-124, Class GS, (1 mo. LIBOR + 6.700%), 5.47%, 3/25/37 (a)		6,493			468,620
Series 1997-90, Class M, 6.00%, 1/25/28		1,179			145,898
Series 1999-W4, 6.50%, 12/25/28		108			9,889
Series G92-05, Class H, 9.00%, 1/25/22		—	(g)		32
Series 094, Class 2, 9.50%, 8/25/21		—	(g)		50
Series 1990-136, Class S, 18.85%, 11/25/20 (a)		2			3
Series 1991-139, Class PT, 648.35%, 10/25/21		—	(g)		1
Series G-10, Class S, 972.61%, 5/25/21 (a)		—	(g)		1
Freddie Mac Mortgage-Backed Securities:
Series 2559, Class IO, 0.50%, 8/15/30 (d)		27			127
Series 3745, Class IN, 4.00%, 1/15/35		8,659			316,154
Series 3744, Class PI, 4.00%, 6/15/39		8,120			857,054
Series 4026, Class IO, 4.50%, 4/15/32		2,618			331,818
Series 4611, Class BS, (1 mo. LIBOR + 6.100%), 4.87%, 6/15/41 (a)		16,106			2,512,537
Series 3796, Class WS, (1 mo. LIBOR + 6.550%), 5.32%, 2/15/40 (a)		6,192			743,562
Series 2611, Class QI, 5.50%, 9/15/32		337			12,158
Series 1043, Class H, (1 mo. LIBOR + 45.000%), 39.48%, 2/15/21 (a)		2			3
Ginnie Mae Mortgage-Backed Securities (a):
Series 2012-97, Class JS, (1 mo. LIBOR + 6.250%), 5.02%, 8/16/42		18,407			2,991,218
Series 2009-116, Class KS, (1 mo. LIBOR + 6.470%), 5.24%, 12/16/39		1,149			179,592
Series 2011-52, Class MJ, (1 mo. LIBOR + 6.650%), 5.42%, 4/20/41		8,675			1,535,254
Series 2011-52, Class NS, (1 mo. LIBOR + 6.670%), 5.44%, 4/16/41		10,059			1,878,445

					25,224,824
Mortgage-Backed Securities — 69.9%
Fannie Mae Mortgage-Backed Securities:
2.50%, 9/01/32 (h)		180			182,531
3.00%, 1/01/43 - 10/01/46 (i)		59,061			60,035,056
3.50%, 10/01/42 - 10/01/47 (h)(i)		61,346			63,799,082
4.00%, 1/01/41 - 9/01/47 (h)(i)		44,756			47,607,503
4.50%, 8/01/25 - 9/01/41 (i)		50,034			54,488,631
5.00%, 1/01/23 - 10/01/41 (i)		30,829			33,948,679
5.50%, 9/01/17 - 10/01/39 (i)		12,331			13,779,652
6.50%, 12/01/37 - 10/01/39		4,210			4,822,718
7.50%, 2/01/22		—	(g)		6
9.50%, 1/01/19 - 9/01/19		1			684
Freddie Mac Mortgage-Backed Securities:
(1 year CMT + 2.428%), 2.93%, 10/01/34 (a)		98			99,810
3.11%, 1/01/35 (d)		166			165,992
5.00%, 2/01/22 - 4/01/22		118			124,273
5.50%, 1/01/39 (i)		15,925			17,695,091
9.00%, 9/01/20		2			2,435


U.S. Government Sponsored Agency Securities	Par (000)		Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities:
5.00%, 10/20/39	$	4,007	$	4,421,407
7.50%, 8/15/21 - 11/15/23		51		53,602
8.00%, 10/15/22 - 8/15/27		32		33,906
9.00%, 4/15/20 - 9/15/21		2		1,711

				301,262,769
Principal Only Collateralized Mortgage Obligations — 0.1%
Fannie Mae Mortgage-Backed Securities (f):
Series 1991-7, Class J, 0.00%, 2/25/21		1		1,321
Series G93-2, Class KB, 0.00%, 1/25/23		45		42,821
Series 203, Class 1, 0.00%, 2/25/23		5		4,224
Series 1993-51, Class E, 0.00%, 2/25/23		15		14,021
Series 1993-70, Class A, 0.00%, 5/25/23		2		2,256
Series 0228, Class 1, 0.00%, 6/25/23		4		3,776
Series 1999-W4, 0.00%, 2/25/29		47		44,210
Series 2002-13, Class PR, 0.00%, 3/25/32		96		88,129
Freddie Mac Mortgage-Backed Securities (f):
Series 1418, Class M, 0.00%, 11/15/22		14		13,737
Series 1571, Class G, 0.00%, 8/15/23		111		106,036
Series 1691, Class B, 0.00%, 3/15/24		230		215,187
Series T-8, Class A10, 0.00%, 11/15/28		24		24,070

				559,788
Total U.S. Government Sponsored Agency Securities — 143.3%				617,564,581



U.S. Treasury Obligations
U.S. Treasury Bonds, 2.50%, 2/15/46 (i)		2,500		2,386,914
U.S. Treasury Notes:
1.00%, 11/30/19 (i)		2,965		2,942,531
1.38%, 8/31/20 (i)		4,045		4,036,626
1.63%, 11/15/22		780		775,155
2.00%, 8/15/25 (i)		2,860		2,853,520
Total U.S. Treasury Obligations — 3.0%				12,994,746
Total Long-Term Investments (Cost — $643,245,562) — 147.7%				636,387,174



Short-Term Securities	Shares
Money Market Funds — 2.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.89% (l)(m)		8,868,413		8,868,413



	Par (000)
Borrowed Bond Agreement (j)(k) — 0.2%
Credit Suisse Securities (USA) LLC, 1.13%, Open (Purchased on 12/19/16 to be repurchased at $863,129. Collateralized by U.S. Treasury Bonds, 2.75%, 11/15/42, par and fair values of $917,000 and 928,140, respectively)	$	856		856,249
Total Short-Term Securities (Cost — $9,724,662) — 2.3%				9,724,662
Total Investments Before Borrowed Bonds and TBA Sale Commitments (Cost — $652,970,224) — 150.0%				646,111,836


Schedule of Investments (continued)		BlackRock Income Trust, Inc. (BKT)


Borrowed Bonds	Par (000)			Value
U.S. Treasury Bonds, 2.75%, 11/15/42	$	(917	)	$	(928,140	)
Total Borrowed Bonds (Proceeds — $842,347) — (0.2)%					(928,140	)



TBA Sale Commitments
Mortgage-Backed Securities — (22.5)%
Fannie Mae Mortgage-Backed Securities (h):
3.00%, 9/01/47		48,800			(49,362,342	)
3.50%, 9/01/47		3,500			(3,626,465	)
4.00%, 9/01/47 - 10/01/47		28,182			(29,766,692	)
5.00%, 9/01/47		12,900			(14,095,265	)
Total TBA Sale Commitments (Proceeds — $96,348,549) — (22.5)%					(96,850,764	)
Total Investments, Net of Borrowed Bonds and TBA Sale Commitments (Cost — $555,779,328) — 127.3%					548,332,932
Liabilities in Excess of Other Assets — (27.3)%					(117,503,255	)

Net Assets — 100.0%				$	430,829,677

Notes to Schedule of Investments

(a)

Floating rate security. Rate shown is the rate in effect as of period end.

(b)

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

(c)

(d)

(e)

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

(f)

Zero-coupon bond.

(g)

Amount is less than $500.

(h)

Represents or includes a TBA transaction. As of period end, unsettled TBA transactions were as follows:


Counterparty	Value			Unrealized Appreciation (Depreciation)
Bank of America N.A.	$	2,160,797		$	13,331
Barclays Bank PLC	$	3,880,403		$	11,597
BNP Paribas Securities Corp.	$	(10,785,874	)	$	(89,969	)
Citigroup Global Market, Inc.	$	(29,621,754	)	$	(227,609	)
Credit Suisse Securities (USA) LLC	$	184,787		$	1,043
Goldman Sachs & Co.	$	(10,483,709	)	$	(45,141	)
J.P. Morgan Securities LLC	$	(14,396,127	)	$	4,088
Mizuho Securities USA Inc.	$	(950,977	)	$	(5,273	)
Morgan Stanley & Co. LLC	$	(5,497,701	)	$	(32,554	)
Wells Fargo Securities LLC	$	1,099		$	43

(i)

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

(j)

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

(k)

The amount to be repurchased assumes the maturity will be the day after period end.

(l)

Annualized 7-day yield as of period end


Schedule of Investments (continued)		BlackRock Income Trust, Inc. (BKT)

(m)


Affiliate	Shares Investment Value Held at August 31, 2016		Net Activity			Shares Investment Value Held at August 31, 2017		Value at August 31, 2017		Income		Net Realized Gain¹		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		8,868,413			8,868,413	$	8,868,413	$	59,879	$	57		—
BlackRock Liquidity Funds, TempFund, Institutional Class		7,183,580		(7,183,580	)		—		—		—		—		—
Total								$	8,868,413	$	59,879	$	57		—

¹ Includes net capital gain distributions.


Reverse Repurchase Agreements
Counterparty	Interest Rate			Trade Date		Maturity Date¹		Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements
BNP Paribas Securities Corp.		1.09	%		12/19/16		Open	$	2,924,231	$	2,939,284	U.S. Treasury Obligations	Open/Demand¹
BNP Paribas Securities Corp.		1.18	%		12/19/16		Open		4,004,550		4,029,790	U.S. Treasury Obligations	Open/Demand¹
BNP Paribas Securities Corp.		1.21	%		4/19/17		Open		2,315,625		2,324,439	U.S. Treasury Obligations	Open/Demand¹
BNP Paribas Securities Corp.		1.21	%		4/19/17		Open		2,831,400		2,842,202	U.S. Treasury Obligations	Open/Demand¹
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		17,116,000		17,126,526	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		19,315,000		19,326,879	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		16,282,000		16,292,014	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		8,753,000		8,758,383	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		13,702,000		13,710,427	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		15,911,000		15,920,785	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		9,568,000		9,573,884	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		15,661,000		15,670,632	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		13,763,000		13,771,464	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		4,703,000		4,705,892	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		18,880,000		18,891,611	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		10,473,000		10,479,441	U.S. Government Sponsored Agency Securities	Up to 30 Days
HSBC Securities (USA), Inc.		1.23	%		8/10/17		9/13/17		9,400,000		9,405,781	U.S. Government Sponsored Agency Securities	Up to 30 Days
Total								$	185,602,806	$	185,769,434

¹ Certain agreements have no stated maturity and can be terminated by either party at any time.


Derivative Financial Instruments Outstanding as of Period End


Futures Contracts
Description	Number of Contracts			Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Ultra Long U.S. Treasury Bond		285		December 2017	$	48,183		$	347,478
Short Contracts
90-Day Euro Dollar		(34	)	September 2017	$	8,388			(4,068	)
5-Year U.S. Treasury Note		(508	)	December 2017	$	60,198			(74,400	)
10-Year U.S. Treasury Note		(123	)	December 2017	$	15,619			(15,356	)
10-Year U.S. Ultra Long Treasury Note		(70	)	December 2017	$	9,557			(42,702	)
90-Day Euro Dollar		(34	)	December 2017	$	8,380			(4,993	)
Long U.S. Treasury Bond		(663	)	December 2017	$	103,490			(712,519	)
90-Day Euro Dollar		(34	)	March 2018	$	8,376			(8,581	)
90-Day Euro Dollar		(40	)	June 2018	$	9,850			(15,651	)
90-Day Euro Future		(40	)	September 2018	$	9,845			(20,089	)


Schedule of Investments (continued)		BlackRock Income Trust, Inc. (BKT)


Futures Contracts (continued)
Description	Number of Contracts			Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
90-Day Euro Future		(40	)	December 2018	$	9,838		$	(23,389	)
90-Day Euro Dollar		(40	)	March 2019	$	9,835			(25,978	)
90-Day Euro-Dollar		(10	)	June 2019	$	2,458			(2,788	)

									(950,514	)
Total								$	(603,036	)


OTC Interest Rate Swaps
Paid by the Trust		Received by the Trust
Rate	Frequency	Rate	Frequency	Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
4.31%	Semi-annual	3-Month LIBOR	Quarterly	Deutsche Bank AG		N/A		10/01/18	USD	60,000	$	(2,781,031	)		—		$	(2,781,031	)
3-Month LIBOR	Quarterly	3.43%	Semi-annual	JPMorgan Chase Bank N.A.		N/A		3/28/21	USD	6,000		442,719		$	(101,886	)		544,605
3-Month LIBOR	Quarterly	5.41%	Semi-annual	JPMorgan Chase Bank N.A.		N/A		8/15/22	USD	9,565		1,683,421			—			1,683,421
Total											$	(654,891	)	$	(101,886	)	$	(553,005	)


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

Swap
Premiums

Paid

Swap
Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC Derivatives

—

(101,886

)

2,228,026

(2,781,031

)


Derivative Financial Instruments Categorized by Risk Exposure


Assets — Derivative Financial Instruments		Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Futures contracts	Net unrealized appreciation¹		—		—		—		—	$	347,478		—	$	347,478
Swaps — OTC	Unrealized appreciation on OTC swaps		—		—		—		—		2,228,026		—		2,228,026

Total			—		—		—		—	$	2,575,504		—	$	2,575,504


Liabilities — Derivative Financial Instruments
Futures contracts	Net unrealized depreciation¹		—		—		—		—	$	950,514		—	$	950,514
Swaps — OTC	Unrealized depreciation on OTC swaps; Swap premiums received		—		—		—		—		2,882,917		—		2,882,917

Total			—		—		—		—	$	3,833,431		—	$	3,833,431

¹ Includes cumulative appreciation (depreciation) on futures contracts, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the year ended August 31, 2017, the effect of derivative financial instruments in the Statements of Operations was as follows:


Net Realized Gain (Loss) from:	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Futures contracts		—		—		—		—	$	5,733,784			—	$	5,733,784
Swaps		—		—		—		—		(1,446,942	)		—		(1,446,942	)

Total		—		—		—		—	$	4,286,842			—	$	4,286,842


Schedule of Investments (continued)		BlackRock Income Trust, Inc. (BKT)


Net Change in Unrealized Appreciation (Depreciation) on:	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Futures contracts		—		—		—		—	$	(689,894	)		—	$	(689,894	)
Swaps		—		—		—		—		1,368,637			—		1,368,637

Total		—		—		—		—	$	678,743			—	$	678,743

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	57,452,438
Average notional value of contracts — short	$	190,573,784
Interest rate swaps:
Average notional amount-pays fixed rate	$	60,000,000
Average notional amount-receives fixed rate	$	15,565,000

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	213,750		$	367,840
Swaps — OTC¹		2,228,026			2,882,917

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	2,441,776		$	3,250,757

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(213,750	)		(367,840	)

Total derivative assets and liabilities subject to an MNA	$	2,228,026		$	2,882,917

¹ Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Statements of Assets and Liabilities.


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset¹			Non-cash Collateral Received		Cash Collateral Received			Net Amount of Derivative Assets²
JPMorgan Chase Bank N.A.	$	2,228,026	$	(101,886	)		—	$	(2,040,000	)	$	86,140

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset¹			Non-cash Collateral Pledged		Cash Collateral Pledged			Net Amount of Derivative Liabilities³
Deutsche Bank AG	$	2,781,031		—			—	$	(2,540,000	)	$	241,031
JPMorgan Chase Bank N.A.		101,886	$	(101,886	)		—		—			—

Total	$	2,882,917	$	(101,886	)		—	$	(2,540,000	)	$	241,031

¹The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.
²Net amount represents the net amount receivable from the counterparty in the event of default.
³Net amount represents the net amount payable due to counterparty in the event of default.


Schedule of Investments (concluded)		BlackRock Income Trust, Inc. (BKT)

Fair Value Hierarchy as of Period End

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


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—		$	1,828,991		$	186,351	$	2,015,342
Non-Agency Mortgage-Backed Securities		—			2,448,535			1,363,970		3,812,505
U.S. Government Sponsored Agency Securities		—			615,504,453			2,060,128		617,564,581
U.S. Treasury Obligations		—			12,994,746			—		12,994,746
Short-Term Securities:
Money Market Funds	$	8,868,413			—			—		8,868,413
Borrowed Bond Agreement		—			856,249			—		856,249
Liabilities:
Investments:
Borrowed Bonds		—			(928,140	)		—		(928,140	)
TBA Sale Commitments		—			(96,850,764	)		—		(96,850,764	)

Total	$	8,868,413		$	535,854,070		$	3,610,449	$	548,332,932


Derivative Financial Instruments¹
Assets:
Interest rate contracts	$	347,478		$	2,228,026			—	$	2,575,504
Liabilities:
Interest rate contracts		(950,514	)		(2,781,031	)		—		(3,731,545	)

Total	$	(603,036	)	$	(553,005	)		—	$	(1,156,041	)

¹ Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, reverse repurchase agreements of $185,769,434 are categorized as Level 2 within the disclosure hierarchy.

During the year ended August 31, 2017, there were no transfers between Level 1 and Level 2.


	Asset-Backed Securities			Non-Agency Mortgage-Backed Securities			U.S. Government Sponsored Agency Securities			Total
Assets:
Opening Balance, as of August 31, 2016	$	468,888		$	1,589,583		$	2,580,068		$	4,638,539
Transfers into Level 3		—			12,150			—			12,150
Transfers out of Level 3		—			—			—			—
Accrued discounts/premiums		(120,063	)		(111	)		(9,755	)		(129,929	)
Net realized gain (loss)		(97,340	)		6			(11,002	)		(108,336	)
Net change in unrealized appreciation (depreciation)^1,2		(65,134	)		(237,652	)		45,050			(257,736	)
Purchases		—			—			—			—
Sales		—			(6	)		(544,233	)		(544,239	)

Closing Balance, as of August 31, 2017	$	186,351		$	1,363,970		$	2,060,128		$	3,610,449

Net change in unrealized appreciation (depreciation) on investments held as of August 31, 2017²	$	(65,134	)	$	(237,652	)	$	45,050		$	(257,736	)

¹ Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
² Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments held as of August 31, 2017 is generally due to investments no longer held or categorized as Level 3 at period end.

The Trust’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information inputs could result in a significantly lower or higher value of such Level 3 investments.


Statements of Assets and Liabilities


August 31, 2017	BlackRock Core Bond Trust (BHK)		BlackRock Corporate High Yield Fund, Inc. (HYT)¹			BlackRock Income Trust, Inc. (BKT)

Assets
Investments at value — unaffiliated²	$	1,092,170,247	$	2,137,162,639		$	637,243,423
Investments at value — affiliated³		4,374,729		30,980,496			8,868,413
Cash		15,492		5,056			27,140
Cash pledged:
Collateral — OTC derivatives		4,450,000		—			2,540,000
Centrally cleared swaps		464,940		3,370,000			—
Futures contracts		1,138,922		70,150			1,855,260
Collateral — reverse repurchase agreements		459,000		—			—
Foreign currency at value⁴		1,321,145		204,117			—
Receivables:
Investments sold		1,116,747		10,531,562			111,106
Interest — unaffiliated		11,005,707		31,699,501			2,151,812
Options written		143,326		—			—
Dividends — unaffiliated		45,000		42,124			—
Dividends — affiliated		12,506		1,459			12,831
Swaps		9		108			—
TBA sale commitments		—		—			96,348,549
Variation margin on futures contracts		38,062		589			213,750
Variation margin on centrally cleared swaps		—		113,214			—
Swap premiums paid		6,836		70,660			—
Unrealized appreciation on:
Forward foreign currency exchange contracts		1,753,240		298,122			—
OTC swaps		109,070		649,725			2,228,026
Prepaid expenses		14,136		29,870			11,509
Other assets		4,096		—			530

Total assets		1,118,643,210		2,215,229,392			751,612,349


Liabilities
Cash received:
Collateral — reverse repurchase agreements		4,798,000		—			—
Collateral — OTC derivatives		700,000		850,000			2,040,000
Borrowed bonds at value⁵		—		—			928,140
Options written at value⁶		5,474,806		56,551			—
TBA sale commitments at value⁷		—		—			96,850,764
Reverse repurchase agreements at value		289,078,038		—			185,769,434
Payables:
Investments purchased		3,410,506		13,989,286			31,246,003
Administration fees		—		—			54,801
Bank borrowings		—		649,000,000			—
Income dividends		69,862		407,456			47,885
Interest expense		—		1,305,163			7,469
Investment advisory fees		466,292		1,096,577			236,611
Officer’s and Trustees’ fees		208,874		582,708			210,654
Variation margin on futures contracts		179,241		—			367,840
Variation margin on centrally cleared swaps		8,785		—			—
Other accrued expenses		280,099		775,069			140,154
Swap premiums received		4,962,784		152,631			101,886
Unrealized depreciation on:
Forward foreign currency exchange contracts		1,460,480		1,347,538			—
OTC swaps		697,684		44,263			2,781,031
Contingencies		—		—	⁸		—

Total liabilities		311,795,451		669,607,242			320,782,672

Net Assets	$	806,847,759	$	1,545,622,150		$	430,829,677


Statements of Assets and Liabilities (concluded)


August 31, 2017	BlackRock Core Bond Trust (BHK)			BlackRock Corporate High Yield Fund, Inc. (HYT)¹			BlackRock Income Trust, Inc. (BKT)

Net Assets Consist of
Paid-in capital^9,10,11	$	755,543,973		$	1,681,971,571		$	478,262,054
Undistributed (distributions in excess of) net investment income		1,718,769			(2,481,742	)		1,678,462
Accumulated net realized loss		(5,840,572	)		(130,102,272	)		(40,508,932	)
Net unrealized appreciation (depreciation)		55,425,589			(3,765,407	)		(8,601,907	)

Net Assets	$	806,847,759		$	1,545,622,150		$	430,829,677

Net asset value, offering and redemption price per share	$	14.96		$	12.22		$	6.74

¹ Consolidated Statement of Assets and Liabilities
² Investments at cost — unaffiliated	$	1,036,156,840		$	2,141,298,716		$	644,101,811
³ Investments at cost — affiliated	$	4,374,729		$	30,981,965		$	8,868,413
⁴Foreign currency at cost	$	1,331,568		$	203,971			—
⁵Proceeds received from borrowed bonds		—			—		$	842,347
⁶Premiums received	$	5,291,168		$	196,346			—
⁷Proceeds from TBA sale commitments		—			—		$	96,348,549
⁸ See Note 12 of the Notes to Financial Statements for details of contingencies.
⁹Par value	$	0.001		$	0.100		$	0.010
¹⁰Shares outstanding		53,935,126			126,458,988			63,942,535
¹¹Shares authorized		Unlimited			200 million			200 million


Statements of Operations


Year Ended August 31, 2017	BlackRock Core Bond Trust (BHK)			BlackRock Corporate High Yield Fund, Inc. (HYT)¹			BlackRock Income Trust, Inc. (BKT)

Investment Income
Interest — unaffliliated	$	49,148,351		$	128,792,870		$	21,254,273
Dividends — unaffiliated		693,177			1,062,157			—
Dividends — affiliated		111,630			444,952			59,879
Other income		8,781			186,166			—
Foreign taxes withheld		(51	)		(50,066	)		—

Total investment income		49,961,888			130,436,079			21,314,152


Expenses
Investment advisory		5,519,741			12,592,911			2,819,375
Professional		148,217			358,738			99,341
Accounting services		106,277			192,322			65,570
Officer and Trustees		101,515			206,620			63,155
Custodian		100,866			202,990			38,821
Transfer agent		91,018			163,242			85,138
Printing		22,964			33,348			17,368
Registration		21,537			50,554			25,525
Administration		—			—			650,625
Miscellaneous		62,607			122,429			30,488

Total expenses excluding interest expense and income tax		6,174,742			13,923,154			3,895,406
Interest expense		2,990,610			9,512,603			1,680,271
Income tax		—			26,822			—

Total expenses		9,165,352			23,462,579			5,575,677
Less fees waived by the Manager		(14,010	)		(66,762	)		(7,874	)

Total expenses after fees waived		9,151,342			23,395,817			5,567,803

Net investment income		40,810,546			107,040,262			15,746,349


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments — unaffliliated		2,016,688			33,380,106			229,448
Investments — affiliated		—			(64,733	)		—
Futures contracts		(2,298,146	)		(4,494,352	)		5,733,784
Forward foreign currency exchange contracts		(1,315,804	)		(11,926,761	)		—
Foreign currency transactions		1,659,040			7,169,859			—
Capital gain distributions from investment companies — affiliated		77			5			57
Payment from affiliate		—			29,894			—
Options written		5,690,648			672,796			—
Swaps		2,077,072			10,980,869			(1,446,942	)

		7,829,575			35,747,683			4,516,347

Net change in unrealized appreciation (depreciation) on:
Investments — unaffliliated		(18,488,350	)		25,130,671			(14,750,672	)
Investments — affiliated		—			(131,049	)		—
Futures contracts		(405,664	)		1,324,339			(689,894	)
Forward foreign currency exchange contracts		327,015			(943,181	)		—
Foreign currency translations		4,579			391,872			—
Options written		(3,738,723	)		142,836			—
Swaps		29,271			(1,745,081	)		1,368,637
Borrowed bonds		—			—			90,518

		(22,271,872	)		24,170,407			(13,981,411	)

Net realized and unrealized gain (loss)		(14,442,297	)		59,918,090			(9,465,064	)

Net Increase in Net Assets Resulting from Operations	$	26,368,249		$	166,958,352		$	6,281,285

¹Consolidated Statement of Operations.


Statements of Changes in Net Assets		BlackRock Core Bond Trust (BHK)


	Year Ended August 31,
Increase (Decrease) in Net Assets:	2017			2016

Operations
Net investment income	$	40,810,546		$	42,442,765
Net realized gain (loss)		7,829,575			(9,103,783	)
Net change in unrealized appreciation (depreciation)		(22,271,872	)		63,936,110

Net increase in net assets resulting from operations		26,368,249			97,275,092


Distributions to Shareholders¹
From net investment income		(42,069,403	)		(45,548,216	)


Net Assets
Total increase (decrease) in net assets		(15,701,154	)		51,726,876
Beginning of year		822,548,913			770,822,037

End of year	$	806,847,759		$	822,548,913

Undistributed (distributions in excess of) net investment income, end of year	$	1,718,769		$	(234,993	)

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


Consolidated Statements of Changes in Net Assets		BlackRock Corporate High Yield Fund, Inc. (HYT)


	Year Ended August 31,
Increase (Decrease) in Net Assets:	2017			2016

Operations
Net investment income	$	107,040,262		$	104,178,797
Net realized gain (loss)		35,747,683			(81,809,717	)
Net change in unrealized appreciation (depreciation)		24,170,407			68,616,518

Net increase in net assets resulting from operations		166,958,352			90,985,598


Distributions to Shareholders¹
From net investment income		(112,731,371	)		(125,343,672	)


Capital Share Transactions
Redemption of shares resulting from share repurchase program (including transaction costs)		(1,553,292	)		—


Net Assets
Total increase (decrease) in net assets		52,673,689			(34,358,074	)
Beginning of year		1,492,948,461			1,527,306,535

End of year	$	1,545,622,150		$	1,492,948,461

Undistributed (distributions in excess of) net investment income, end of year	$	(2,481,742	)	$	6,355,015

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


Statements of Changes in Net Assets		BlackRock Income Trust, Inc. (BKT)


	Year Ended August 31,
Increase (Decrease) in Net Assets:	2017			2016

Operations
Net investment income	$	15,746,349		$	17,954,552
Net realized gain (loss)		4,516,347			(7,232,394	)
Net change in unrealized appreciation (depreciation)		(13,981,411	)		3,604,122

Net increase in net assets resulting from operations		6,281,285			14,326,280


Distributions to Shareholders¹
From net investment income		(20,333,729	)		(22,060,177	)


Net Assets
Total decrease in net assets		(14,052,444	)		(7,733,897	)
Beginning of year		444,882,121			452,616,018

End of year	$	430,829,677		$	444,882,121

Undistributed net investment income, end of year	$	1,678,462		$	4,211,880

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


Statements of Cash Flows


Year Ended August 31, 2017	BlackRock Core Bond Trust (BHK)			BlackRock Corporate High Yield Fund, Inc. (HYT)¹			BlackRock Income Trust, Inc. (BKT)

Cash Provided by (Used for) Operating Activities
Net increase in net assets resulting from operations	$	26,368,249		$	166,958,352		$	6,281,285
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Proceeds from sales of long-term investments and principal paydowns		354,670,837			1,581,600,149			1,772,412,847
Purchases of long-term investments		(376,561,000	)		(1,616,713,601	)		(1,812,046,954	)
Net purchases of short-term securities		8,552,180			—			(1,605,742	)
Amortization of premium and accretion of discount on investments		3,499,848			(2,947,394	)		6,470,716
Paid-in-kind income		—			(3,775,851	)		—
Premiums paid on closing options written		(9,722,702	)		(84,348	)		—
Premiums received from options written		13,286,435			934,490			—
Net realized (gain) loss on investments and options written		(7,718,240	)		(32,084,439	)		264,957
Net unrealized (gain) loss on investments, options written, swaps, borrowed bonds and foreign currency translations		22,103,833			(22,166,171	)		13,291,353
(Increase) Decrease in Assets:
Cash pledged:
Collateral — OTC derivatives		(430,000	)		—			2,500,000
Collateral — reverse repurchase agreements		(459,000	)		—			682,769
Futures contracts		211,048			1,498,000			668,000
Centrally cleared swaps		775,000			(513,000	)		—
Receivables:
Dividends — unaffiliated		(17,578	)		(33,363	)		—
Dividends — affiliated		(9,369	)		(893	)		(6,255	)
Interest — unaffiliated		118,962			(1,975,148	)		(22,163	)
Variation margin on futures contracts		37,273			132,306			(121,000	)
Variation margin on centrally cleared swaps		5,906			(113,214	)		—
Swaps		(9	)		(108	)		—
Swap premiums paid		(6,829	)		(17,422	)		—
Prepaid expenses		(528	)		(207	)		138
Other assets		1,846			—			238
Increase (Decrease) in Liabilities:
Cash received:
Collateral — reverse repurchase agreements		3,594,000			—			—
Collateral — OTC derivatives		180,000			(1,480,000	)		(1,290,000	)
Payables:
Swaps		—			—			—
Administration		—			—			(58,442	)
Interest expense		503,976			546,571			81,043
Investment advisory		(467,505	)		(965,227	)		(253,142	)
Officer’s and Trustees’		11,926			75,986			28,500
Other accrued expenses		(19,243	)		2,233			(34,025	)
Variation margin on futures contracts		176,072			—			313,715
Variation margin on centrally cleared swaps		8,785			(99,311	)		—
Swap premiums received		4,161,429			134,293			(26,986	)
Other liabilities		(240,760	)		—			—

Net cash provided by (used for) operating activities		42,614,842			68,912,683			(12,469,148	)

¹ Consolidated Statement of Cash Flows.


Statements of Cash Flows (concluded)


Year Ended August 31, 2017	BlackRock Core Bond Trust (BHK)			BlackRock Corporate High Yield Fund, Inc. (HYT)¹			BlackRock Income Trust, Inc. (BKT)

Cash Provided by (Used for) Financing Activities
Cash dividends paid to Common Shareholders	$	(42,082,395	)	$	(112,778,603	)	$	(20,333,600	)
Net payments on Common Shares redeemed		—						—
Net payments on redemption of Common Shares		—			(1,553,292	)		—
Payments on the bank borrowings		—			(690,000,000	)		—
Proceeds from bank borrowings		—			735,000,000			—
Decrease in bank overdraft		—			(2,604	)		—
Net borrowing of reverse repurchase agreements		335,173			—			32,829,888

Net cash provided by (used for) financing activities		(41,747,222	)		(69,334,499	)		12,496,288


Cash Impact from Foreign Exchange Fluctuations
Cash impact from foreign exchange fluctuations	$	(13,458	)	$	(469	)		—


Cash and Foreign Currency
Net increase (decrease) in cash and foreign currency at value		854,162			(422,285	)		27,140
Cash and foreign currency at value at beginning of year		482,475			631,458			—

Cash and foreign currency at value at end of year	$	1,336,637		$	209,173		$	27,140


Supplemental Disclosure of Cash Flow Information
Cash paid during the year for interest expense	$	2,486,634		$	8,966,032		$	1,599,228

¹ Consolidated Statement of Cash Flows.


Financial Highlights		BlackRock Core Bond Trust (BHK)


	Year Ended August 31,
	2017			2016			2015			2014			2013

Per Share Operating Performance
Net asset value, beginning of year	$	15.25		$	14.29		$	15.24		$	14.05		$	15.21

Net investment income¹		0.76			0.79			0.86			0.87			0.89
Net realized and unrealized gain (loss)		(0.27	)		1.01			(0.73	)		1.23			(1.11	)

Net increase (decrease) from investment operations		0.49			1.80			0.13			2.10			(0.22	)

Distributions:²
From net investment income		(0.78	)		(0.84	)		(1.04	)		(0.91	)		(0.94	)
In excess of net investment income³		—			—			(0.04	)		—			—

Total distributions		(0.78	)		(0.84	)		(1.08	)		(0.91	)		(0.94	)

Net asset value, end of year	$	14.96		$	15.25		$	14.29		$	15.24		$	14.05

Market price, end of year	$	14.10		$	14.33		$	12.63		$	13.64		$	12.50


Total Return⁴
Based on net asset value		3.88%			13.67%			1.62%			16.09%	⁵		(1.42)%

Based on market price		4.20%			20.85%			0.35%			16.78%			(13.43)%


Ratios to Average Net Assets
Total expenses		1.16%			0.97%			0.95%	⁶		1.06%	⁶		1.03%

Total expenses after fees waived and paid indirectly		1.16%			0.97%			0.95%	⁶		1.02%	⁶		0.98%

Total expenses after fees waived and paid indirectly and excluding interest expense		0.78%			0.78%			0.82%	⁶		0.91%	⁶		0.86%

Net investment income		5.19%			5.48%			5.83%			5.94%			5.92%


Supplemental Data
Net assets, end of year (000)	$	806,848		$	822,549		$	770,822		$	412,078		$	379,913

Borrowings outstanding, end of year (000)		$289,078		$	288,239		$	303,651		$	168,301		$	172,537

Portfolio turnover rate⁷		32%			35%			55%			82%			100%

Based on average shares outstanding.

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

Taxable distribution.

⁴

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.

⁵

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

⁶

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

⁷

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


	Year Ended August 31,
	2017		2016		2015		2014		2013
Portfolio turnover (excluding MDRs)		32%		35%		51%		48%		63%


Consolidated Financial Highlights		BlackRock Corporate High Yield Fund, Inc. (HYT)


	Year Ended August 31,
	2017			2016			2015			2014			2013

Per Share Operating Performance
Net asset value, beginning of year	$	11.79		$	12.06		$	13.47		$	12.62		$	12.32

Net investment income¹		0.85			0.82			0.87			0.98			1.00
Net realized and unrealized gain (loss)		0.47			(0.10	)		(1.31	)		0.91			0.41

Net increase (decrease) from investment operations		1.32			0.72			(0.44	)		1.89			1.41

Distributions from net investment income²		(0.89	)		(0.99	)		(0.97	)		(1.04	)		(1.11	)

Net asset value, end of year	$	12.22		$	11.79		$	12.06	³	$	13.47		$	12.62

Market price, end of year	$	11.13		$	10.88		$	9.97		$	12.07		$	11.37


Total Return⁴
Based on net asset value		12.41%	⁵		7.76%			(2.40)%	³		16.21%			11.90%

Based on market price		10.94%			20.29%			(9.96)%			15.58%			(4.16)%


Ratios to Average Net Assets
Total expenses		1.54%	⁶		1.39%	⁶		1.37%			1.35%	⁷		1.54%	⁸

Total expenses after fees waived and paid indirectly		1.54%	⁶		1.39%	⁶		1.37%			1.35%	⁷		1.54%	⁸

Total expenses after fees waived and paid indirectly and excluding interest expense and income tax		0.91%	⁶		0.93%	⁶		0.96%			0.98%	⁷		1.16%	^8,9

Net investment income		7.04%	⁶		7.30%	⁶		6.88%			7.40%			7.83%


Supplemental Data
Net assets, end of year (000)	$	1,545,622		$	1,492,948		$	1,527,307		$	1,705,422		$	446,847

Borrowings outstanding, end of year (000)	$	649,000		$	604,000		$	631,000		$	723,000		$	191,000

Asset coverage, end of year $1,000 of bank borrowing	$	3,382		$	3,472		$	3,419		$	3,359		$	3,340

Portfolio turnover rate		75%			66%			57%			64%			77%

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.

⁴

⁵

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

⁶

Excludes 0.04% and 0.11% of expenses incurred indirectly as a result of investments in underlying funds for the years ended August 31, 2017 and August 31, 2016.

⁷

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.

⁸

⁹

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


Financial Highlights		BlackRock Income Trust, Inc. (BKT)


	Year Ended August 31,
	2017			2016			2015			2014			2013

Per Share Operating Performance
Net asset value, beginning of year	$	6.96		$	7.08		$	7.27		$	7.32		$	7.94

Net investment income¹		0.25			0.28			0.32			0.35			0.32
Net realized and unrealized gain (loss)		(0.15	)		(0.05	)		(0.11	)		0.03			(0.46	)

Net increase (decrease) from investment operations		0.10			0.23			0.21			0.38			(0.14	)

Distributions from net investment income²		(0.32	)		(0.35	)		(0.40	)		(0.43	)		(0.48	)

Net asset value, end of year	$	6.74		$	6.96		$	7.08		$	7.27		$	7.32

Market price, end of year	$	6.31		$	6.60		$	6.30		$	6.42		$	6.40


Total Return³
Based on net asset value		1.82%			3.64%			3.56%			6.05%			(1.45)%

Based on market price		0.53%			10.44%			4.35%			7.12%			(10.34)%


Ratios to Average Net Assets
Total expenses		1.29%	⁴		1.08%			0.99%	⁵		1.02%	⁵		1.00%

Total expenses after fees waived and paid indirecly		1.28%	⁴		1.08%			0.99%	⁵		1.02%	⁵		1.00%

Total expenses after fees waived and paid indirecly and excluding interest expense		0.90%	⁴		0.89%			0.90%	⁵		0.96%	⁵		0.90%

Net investment income		3.63%	⁴		4.01%			4.48%			4.74%			4.18%


Supplemental Data
Net assets, end of year (000)	$	430,830		$	444,882		$	452,616		$	464,933		$	467,948

Borrowings outstanding, end of year (000)	$	185,769		$	152,859		$	173,695		$	205,415		$	148,344

Portfolio turnover rate⁶		346%			141%			191%			256%			358%

Based on average shares outstanding.

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

⁴

Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

⁵

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 0.99%, 0.99% and 0.89% for the year ended August 31, 2015 and 0.97%, 0.97% and 0.90% for the year ended August 31, 2014, respectively.

⁶

Includes MDRs. Additional information regarding portfolio turnover rate is as follows:


	Year Ended August 31,
	2017		2016		2015		2014		2013
Portfolio turnover (excluding MDRs)		161%		63%		78%		125%		196%


Notes to Financial Statements

1. Organization:

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


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

The Boards of Directors and Board of Trustees of the Trusts are collectively referred to throughout this report as the “Board of Trustees” or the “Board,” and the directors/trustees thereof are collectively referred to throughout this report as “Trustees.” The Trusts determine and make available for publication the net asset value (“NAV”) of their Common Shares on a daily basis.

The Trusts, together with certain other registered investment companies advised by BlackRock Advisors, LLC (“the “Manager”) or its affiliates, are included in a complex of closed-end Trusts referred to as the Closed-End Complex.

Basis of Consolidation: The accompanying consolidated financial statements of HYT include the accounts of BLK HYT (Luxembourg) Investments, S.a.r.l., BLK HYV (Luxembourg) Investments, S.a.r.l., BLK COY (Luxembourg) Investments, S.a.r.l. and BLK CYE (Luxembourg) Investments, S.a.r.l. collectively, (the “Taxable Subsidiaries”), which are wholly owned taxable subsidiaries of HYT which hold shares of private Canadian companies, Laricina Energy Ltd. and Osum Oil Sands Corp. Such shares are held in the Taxable Subsidiaries in order to realize benefits under the Double Tax Avoidance Convention between Canada and Luxembourg, the result of which that gains on the sale of such shares will generally not be subject to capital gains taxes in Canada. Income earned on the investment held by the Taxable Subsidiary may be taxable to such subsidiary in Luxembourg. A tax provision, if any, is included in expenses in the Consolidated Statement of Operations for HYT. The net assets of the Taxable Subsidiaries as of period end were $475,382, which is less than 0.1% of HYT’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Taxable Subsidiaries are subject to the same investment policies and restrictions that apply to HYT.

2. Significant Accounting Policies:

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Trust is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income (in the form of cash) and non-cash dividend income (in the form of additional securities) are recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Trusts are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on an accrual basis. Payment-in-kind interest income is accrued as interest income and is reclassified as payment-in-kind interest income when the additional securities are received.

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

Each Trust does not isolate the portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Trust reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Segregation and Collateralization: In cases where a Trust enters into certain investments (e.g., dollar rolls, TBA sale commitments, futures contracts, forward foreign currency exchange contracts, options written, swaps and short sales) or certain borrowings (e.g., reverse repurchase transactions) that would be treated as “senior securities” for 1940 Act purposes, a Trust may segregate or designate on its books and records cash or liquid assets having a market



86	ANNUAL REPORT	AUGUST 31, 2017


Notes to Financial Statements (continued)

value at least equal to the amount of its future obligations under such investments or borrowings. Doing so allows the investment or borrowing to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Trusts may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend date and made at least annually. The character of distributions is determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Trust’s Board, the independent Trustees (“Independent Trustees”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain other BlackRock Closed-End Funds.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust, if applicable. Deferred compensation liabilities are included in the officer’s and trustees’ fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Trusts until such amounts are distributed in accordance with the Plan.

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

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

Indemnifications: In the normal course of business, a Trust enters into contracts that contain a variety of representations that provide general indemnification. A Trust’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Trust, which cannot be predicted with any certainty.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several trusts, including other trusts managed by the Manager, are prorated among those trusts on the basis of relative net assets or other appropriate methods.

Through May 31, 2016, the Trusts had an arrangement with their custodian whereby credits were earned on uninvested cash balances, which could be used to reduce custody fees and/or overdraft charges. Credits previously earned have been utilized until December 31, 2016. Under current arrangements effective June 1, 2016, the Trusts no longer earn credits on uninvested cash, and may incur charges on uninvested cash balances and overdrafts, subject to certain conditions.

3. Investment Valuation and Fair Value Measurements:

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

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

•

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

•

Fixed-income securities for which market quotations are readily available are generally valued using the last available bid prices or current market quotations provided by independent dealers or third party pricing services. Floating rate loan interests are valued at the mean of the bid prices from one or more independent brokers or dealers as obtained from a third party pricing service. Pricing services generally value fixed-income securities assuming



ANNUAL REPORT	AUGUST 31, 2017	87


Notes to Financial Statements (continued)

orderly transactions of an institutional round lot size, but a trust may hold or transact in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

•

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

•

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

•

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

•

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

•

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

•

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

•

To-be-announced (“TBA”) commitments are valued on the basis of last available bid prices or current market quotations provided by pricing services.

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

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



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For investments in equity or debt issued by privately-held companies or trusts (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by third party pricing services utilize one or a combination of, but not limited to, the following inputs.


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

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

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

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

•

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

•

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

•

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

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

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

As of August 31, 2017, certain investments of HYT were valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. Securities and Other Investments:

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed



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

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or mortgage pass-through securities (the “Mortgage Assets”). The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a trust’s initial investment in the IOs may not fully recoup.

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 pay-



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ments 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 trustees. Preferred stock also may be subject to optional or mandatory redemption provisions.

Warrants: Warrants entitle a trust to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Floating Rate Loan Interests: Floating rate loan interests are typically issued to companies (the “borrower”) by banks, other financial institutions, or privately and publicly offered corporations (the “lender”). Floating rate loan interests are generally non-investment grade, often involve borrowers whose financial condition is troubled or uncertain and companies that are highly leveraged or in bankruptcy proceedings. In addition, transactions in floating rate loan interests may settle on a delayed basis, which may result in proceeds from the sale not being readily available for a trust to make additional investments or meet its redemption obligations. Floating rate loan interests may include fully funded term loans or revolving lines of credit. Floating rate loan interests are typically senior in the corporate capital structure of the borrower. Floating rate loan interests generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. Since the rates reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the NAV of a trust to the extent that it invests in floating rate loan interests. The base lending rates are generally the lending rate offered by one or more European banks, such as the London Interbank Offered Rate (“LIBOR”), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. Floating rate loan interests may involve foreign borrowers, and investments may be denominated in foreign currencies. These investments are treated as investments in debt securities for purposes of a trust’s investment policies.

When a trust purchases a floating rate loan interest, it may receive a facility fee and when it sells a floating rate loan interest, it may pay a facility fee. On an ongoing basis, a trust may receive a commitment fee based on the undrawn portion of the underlying line of credit amount of a floating rate loan interest. Facility and commitment fees are typically amortized to income over the term of the loan or term of the commitment, respectively. Consent and amendment fees are recorded to income as earned. Prepayment penalty fees, which may be received by a trust upon the prepayment of a floating rate loan interest by a borrower, are recorded as realized gains. A trust may invest in multiple series or tranches of a loan. A different series or tranche may have varying terms and carry different associated risks.

Floating rate loan interests are usually freely callable at the borrower’s option. A trust may invest in such loans in the form of participations in loans (“Participations”) or assignments (“Assignments”) of all or a portion of loans from third parties. Participations typically will result in a trust having a contractual relationship only with the lender, not with the borrower. A trust has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the Participation and only upon receipt by the lender of the payments from the borrower. In connection with purchasing Participations, a trust generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of offset against the borrower. A trust may not benefit directly from any collateral supporting the loan in which it has purchased the Participation. As a result, a trust assumes the credit risk of both the borrower and the lender that is selling the Participation. A trust’s investment in loan participation interests involves the risk of insolvency of the financial intermediaries who are parties to the transactions. In the event of the insolvency of the lender selling the Participation, a trust may be treated as a general creditor of the lender and may not benefit from any offset between the lender and the borrower. Assignments typically result in a trust having a direct contractual relationship with the borrower, and a trust may enforce compliance by the borrower with the terms of the loan agreement.

Forward Commitments and When-Issued Delayed Delivery Securities: Certain Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Trust may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a Trust may be required to pay more at settlement than the security is worth. In addition, a Trust is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Trust assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a Trust’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities



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must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a trust may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

In order to better define contractual rights and to secure rights that will help a trust mitigate their counterparty risk, TBA commitments may be entered into by a trust under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a trust and the counterparty. Cash collateral that has been pledged to cover the obligations of a trust and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a trust, if any, is noted in the Schedule of Investments. Typically, a trust is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a trust is not fully collateralized, contractually or otherwise, a trust bears the risk of loss from counterparty non-performance.

Mortgage Dollar Roll Transactions: Certain Trusts may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a trust is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and realize gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a trust is required to purchase may decline below the agreed upon repurchase price of those securities.

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

Reverse Repurchase Agreements: Reverse repurchase agreements are agreements with qualified third party broker dealers in which a trust sells securities to a bank or broker-dealer and agrees to repurchase the same securities at a mutually agreed upon date and price. A trust receives cash from the sale to use for other investment purposes. During the term of the reverse repurchase agreement, a trust continues to receive the principal and interest payments on the securities sold. Certain agreements have no stated maturity and can be terminated by either party at any time. Interest on the value of the reverse repurchase agreements issued and outstanding is based upon competitive market rates determined at the time of issuance. A trust may utilize reverse repurchase agreements when it is anticipated that the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction. Reverse repurchase agreements involve leverage risk. If a trust suffers a loss on its investment of the transaction proceeds from a reverse repurchase agreement, a trust would still be required to pay the full repurchase price. Further, a trust remains subject to the risk that the market value of the securities repurchased declines below the repurchase price. In such cases, a trust would be required to return a portion of the cash received from the transaction or provide additional securities to the counterparty.

Cash received in exchange for securities delivered plus accrued interest due to the counterparty is recorded as a liability in the Statements of Assets and Liabilities at face value including accrued interest. Due to the short-term nature of the reverse repurchase agreements, face value approximates fair value. Interest payments made by a trust to the counterparties are recorded as a component of interest expense in the Statements of Operations. In periods of increased demand for the security, a trust may receive a fee for the use of the security by the counterparty, which may result in interest income to a trust.

For the year ended August 31, 2017, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rates were as follows:


	Average Amount Outstanding		Daily Weighted Average Interest Rate
BHK	$	317,522,123		0.97%
BKT	$	181,884,354		0.92%

Borrowed bond agreements and reverse repurchase transactions are entered into by a trust under Master Repurchase Agreements (each, an “MRA”), which permit a trust, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from a trust. With borrowed bond agreements and reverse repurchase transactions, typically a trust and counterparty under an MRA are permitted to sell, re-pledge, or use the collateral associated with



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the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, a trust receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by a trust upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, a trust is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.

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


BHK
Counterparty	Reverse Repurchase Agreements		Fair Value of Non-cash Collateral Pledged Including Accrued Interest¹			Cash Collateral Pledged/ Received			Net Amount²
BNP Paribas Securities Corp.	$	65,488,751	$	(65,488,751	)		—			—
Credit Suisse Securities (USA) LLC		8,312,410		(8,312,410	)		—			—
Deutsche Bank AG		22,675,325		(22,675,325	)		—			—
HSBC Securities (USA), Inc.		54,785,752		(54,785,752	)		—			—
Merrill Lynch, Pierce, Fenner & Smith, Inc		2,105,864		(2,105,864	)		—			—
Nomura Securities International, Inc.		28,753,744		(28,677,615	)	$	(76,129	)		—
RBC Capital Markets, LLC		106,956,192		(106,956,192	)		—			—

Total	$	289,078,038	$	(289,001,909	)	$	(76,129	)		—

Collateral with a value of $301,073,275 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.

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


BKT
Counterparty	Reverse Repurchase Agreements		Fair Value of Non-cash Collateral Pledged Including Accrued Interest¹			Cash Collateral Pledged/ Received		Net Amount²
BNP Paribas Securities Corp.	$	12,135,715	$	(12,135,715	)		—		—
HSBC Securities (USA), Inc.		173,633,719		(173,633,719	)		—		—

Total	$	185,769,434	$	(185,769,434	)		—		—

Collateral with a value of $191,669,426 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.

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

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


BKT
Counterparty	Borrowed Bonds Agreements¹		Borrowed Bonds at Value including Accrued Interest²			Exposure Due (to)/ from Counterparty before Collateral			Non-cash Collateral Received		Cash Collateral Received		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Collateral (Received)/ Pledged		Net Exposure Due (to)/from Counterparty³
Credit Suisse Securities (USA) LLC	$	856,249	$	(935,609	)	$	(79,360	)		—		—		—		—		—	$	(79,360	)

Included in investments at value-unaffiliated in the Statements of Assets and Liabilities.

Includes accrued interest on borrowed bonds in the amount of $7,469 which is included in interest expense payable in the Statements of Assets and Liabilities.

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

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, a trust’s use of the proceeds from the agreement may be restricted while the counterparty, or its trustee or receiver, determines whether or not to enforce a trust’s obligation to repurchase the securities.

Short Sale Transactions: In short sale transactions, a trust sells a security it does not hold in anticipation of a decline in the market price of that security. When a trust makes a short sale, it will borrow the security sold short (borrowed bond) and deliver the fixed-income security to the counterparty to which it sold the security short. An amount equal to the proceeds received by a trust is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. A trust is required to repay the counterparty interest on the security sold short, which, if applicable, is shown as interest expense in the Statements of Operations. A trust is exposed to market risk based on the amount, if any, that the market value of the security increases beyond the market value at which the position was sold. Thus, a short sale of a security involves the risk that instead of declining, the price of the security sold short will rise. The short sale of securities involves the possibility of an unlimited loss since there is



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an unlimited potential for the market price of the security sold short to increase. A gain is limited to the price at which a trust sold the security short. A realized gain or loss is recognized upon the termination of a short sale if the market price is either less than or greater than the proceeds originally received. There is no assurance that a trust will be able to close out a short position at a particular time or at an acceptable price.

5. Derivative Financial Instruments:

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

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

Futures contracts are agreements between the Trusts and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, is shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Trusts are denominated and in some cases, may be used to obtain exposure to a particular market.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies.

Options: Certain Trusts purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value — unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Trusts write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Trusts write a put option, such option is covered by cash in an amount sufficient to cover the obligation.

•

Swaptions — Certain Trusts purchase and write options on swaps (“swaptions”) primarily to preserve a return or spread on a particular investment or portion of the Trusts’ holdings, as a duration management technique or to protect against an increase in the price of securities it anticipates purchasing



94	ANNUAL REPORT	AUGUST 31, 2017


Notes to Financial Statements (continued)

at a later date. The purchaser and writer of a swaption is buying or granting the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

•

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

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

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Trusts and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

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

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Trusts’ counterparty on the swap agreement becomes the CCP. The Trusts are required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Trusts are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

•

Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a trust is not otherwise exposed (credit risk).

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

•

Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one market (e.g., fixed-income) with another market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. If the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Trusts receive payment from or make a payment to the counterparty.

•

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



ANNUAL REPORT	AUGUST 31, 2017	95


Notes to Financial Statements (continued)

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

•

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

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

Master Netting Arrangements: In order to define their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Trusts may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each Trust and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Trust may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event each Trust’s net assets decline by a stated percentage or the Trusts fail to meet the terms of their ISDA Master Agreements. The result would cause the Trusts to accelerate payment of any net liability owed to the counterparty.

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 on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Trusts, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Trusts. Any additional required collateral is delivered to/pledged by the Trusts on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Trust generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Trusts from their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Trusts have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Trusts do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. Investment Advisory Agreement and Other Transactions with Affiliates:

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

Investment Advisory: Each Trust, entered into an Investment Advisory Agreement with the Manager, the Trusts’ investment adviser, an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Trust’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Trust.

For such services, BHK pays the Manager a monthly fee based on an annual rate of 0.50% of the average weekly value of the Trust’s managed assets. For purposes of calculating this fee, “managed assets” means the total assets of the Trust minus the sum of its accrued liabilities (other than the aggregate indebtedness constituting financial leverage).

For such services, HYT pays the Manager a monthly fee at an annual rate equal to 0.60% of the average daily value of the Trust’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage. For purposes of calculating this fee, “net assets” means the total assets of the Trust minus the sum of its accrued liabilities.

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



96	ANNUAL REPORT	AUGUST 31, 2017


Notes to Financial Statements (continued)

The Manager provides investment management and other services to the Taxable Subsidiaries. The Manager does not receive separate compensation from the Taxable Subsidiaries for providing investment management or administrative services. However, HYT pays the Manager based on HYT’s net assets, plus the proceeds of any debt securities or outstanding borrowings used for leverage, which includes the assets of the Taxable Subsidiaries.

Distribution Fees: HYT has entered into a Distribution Agreement with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager, to provide for distribution of HYT’s common shares on a reasonable best efforts basis through an equity shelf offering (a “Shelf Offering”) (the “Distribution Agreement”); however, as of August 31, 2017, HYT is no longer actively engaged in a Shelf Offering and has no effective registration statement or current prospectus.

Administration: BKT has an Administration Agreement with the Manager. The administration fee paid monthly to the Manager is computed at an annual rate of 0.15% of the BKT’s average net assets.

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Trusts with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to sub-accounts they service. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets.

Expense Waivers: The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”). These amounts are included in fees waived by the Manager in the Statements of Operations. For the year ended August 31, 2017, the amounts waived were as follows:


	BHK		HYT		BKT
Amounts waived	$	14,010	$	1,855	$	7,874

Effective September 1, 2016, the Manager voluntarily 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. Prior to September 1, 2016, the Manager did not waive such fees. Effective December 2, 2016, the waiver became contractual through June 30, 2018. The agreement can be renewed for annual periods thereafter, and may be terminated on 90 days’ notice, each subject to approval by a majority of the Trusts’ Independent Trustees. For the year ended August 31, 2017, HYT waived $64,907 in investment advisory fees pursuant to these arrangements.

Officers and Trustees: Certain officers and/or trustees of the Trusts are officers and/or directors 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 Officer and Trustees in the Statements of Operations.

Other Transactions: During the year ended August 31, 2017, HYT received reimbursements of $29,894 from an affiliate, which is shown as payment by affiliate in the Consolidated Statement of Operations, relating to an operating error.

The Trusts may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended August 31, 2017, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:


	Purchases		Sales		Net Realized Gain
HYT	$	116,513,292	$	459,293	$	24,624

7. Purchases and Sales:

For the year ended August 31, 2017, purchases and sales of investments including paydowns, mortgage dollar rolls and TBA transactions and excluding short-term securities, were as follows:


Purchases
	BHK		HYT		BKT
Non-U.S. Government Securities	$	357,685,055	$	1,599,001,618	$	1,843,292,957
U.S. Government Securities		—		—		—

Total Purchases	$	357,685,055	$	1,599,001,618	$	1,843,292,957

Sales
	BHK		HYT		BKT
Non-U.S. Government Securities	$	316,415,361	$	1,581,237,577	$	1,854,576,394
U.S. Government Securities		24,719,514		—		—

Total Sales	$	341,134,875	$	1,581,237,577	$	1,854,576,394



ANNUAL REPORT	AUGUST 31, 2017	97


Notes to Financial Statements (continued)

For the year ended August 31, 2017, purchases and sales related to mortgage dollar rolls for BKT were $986,905,771 and $985,662,042, respectively.

8. Income Tax Information:

It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. except with respect to any taxes related to the Taxable Subsidiaries.

Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Trust’s U.S. federal tax returns generally remains open for each of the four years ended August 31, 2017. The statutes of limitations on each Trust’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Trusts as of August 31, 2017, 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.

U.S. GAAP require 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 net asset values per share. As of period end the following permanent differences attributable to the accounting for swap agreements, the classification of settlement proceeds, the classification of investments, foreign currency transactions, the sale of stock of passive foreign investment companies, the expiration of capital loss carryforwards, net paydowns gains, income recognized from investments in partnerships, characterization income/losses from a wholly owned subsidiary and dividends recognized for tax purposes were reclassified to the following accounts:


	BHK			HYT			BKT
Paid-in capital	$	(5,617,079	)	$	(95,246,388	)	$	—
Undistributed net investment income	$	3,212,619		$	(3,145,648	)	$	2,053,962
Accumulated net realized loss	$	2,404,460		$	98,392,036		$	(2,053,962	)

The tax character of distributions paid was as follows:


		BHK		HYT		BKT
Ordinary income	8/31/2017	$	42,069,403	$	112,731,371	$	20,333,729
	8/31/2016	$	45,548,216	$	125,343,672	$	22,060,177

Total	8/31/2017	$	42,069,403	$	112,731,371	$	20,333,729

	8/31/2016	$	45,548,216	$	125,343,672	$	22,060,177

As of period end, the tax components of accumulated net earnings (losses) were as follows:


	BHK			HYT			BKT
Undistributed ordinary income	$	3,724,960		$	6,293,781		$	1,885,061
Capital loss carryforwards		(6,194,640	)		(131,097,395	)		(41,910,926	)
Net unrealized gains (losses)¹		53,773,466			(11,545,807	)		(7,406,512	)

Total	$	51,303,786		$	(136,349,421	)	$	(47,432,377	)

The differences between book-basis and tax-basis net unrealized gains (losses) were attributable primarily to the tax deferral of losses on wash sales and straddles, amortization methods for premiums and discounts on fixed income securities, the accrual of income on securities in default, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the realization for tax purposes of unrealized gains/losses on certain futures and foreign currency contracts, the accounting for swap agreements, deferral of compensation to trustees, the classification of investments, the investment in a wholly owned subsidiary and dividends recognized for tax purposes.

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


Expires	BHK		HYT		BKT
No expiration date²	$	6,194,640	$	75,431,788	$	41,910,926
2018		—		55,665,607		—

Total	$	6,194,640	$	131,097,395	$	41,910,926

Must be utilized prior to losses subject to expiration.

During the year ended August 31 2017, the Trusts listed below utilized the following amounts of their respective capital loss carryforward:


BHK		HYT		BKT
$	5,178,996	$	38,771,021	$	1,841,006

As of August 31, 2017, gross unrealized appreciation and gross unrealized depreciation for investments and derivatives based on cost for federal income tax purposes were as follows:


	BHK			HYT			BKT
Tax cost	$	1,040,350,168		$	2,174,714,338		$	653,014,164

Gross unrealized appreciation	$	71,086,033		$	85,742,269		$	23,437,690
Gross unrealized depreciation		(15,374,746	)		(88,009,844	)		(30,637,603	)

Net unrealized appreciation (depreciation)	$	55,711,287		$	(2,267,575	)	$	(7,199,913	)



98	ANNUAL REPORT	AUGUST 31, 2017


Notes to Financial Statements (continued)

9. Bank Borrowings:

HYT is party to a senior committed secured, 360-day rolling line of credit facility and a separate security agreement (the “SSB Agreement”) with State Street Bank and Trust Company (“SSB”). SSB may elect to terminate its commitment upon 360-days written notice to HYT. As of period end, HYT has not received any notice to terminate. HYT has granted a security interest in substantially all of its assets to SSB.

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

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

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

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

For the year ended August 31, 2017, the average amount of bank borrowings and the daily weighted average interest rates for HYT for loans under the revolving credit agreements were $579,520,548 and 1.64%, respectively.

10. Principal Risks:

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

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

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

Each Trust may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Trust to reinvest in lower yielding securities. Each Trust may also be exposed to reinvestment risk, which is the risk that income from each Trust’s portfolio will decline if each Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Trust portfolio’s current earnings rate.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Trust may invest in illiquid investments and may experience difficulty in selling those investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Trust’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Trust may lose value, regardless of the individual results of the securities and other instruments in which a Trust invests.

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

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



ANNUAL REPORT	AUGUST 31, 2017	99


Notes to Financial Statements (continued)

only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Trusts.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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

For OTC options purchased, each Trust bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Trusts should the counterparty fail to perform under the contracts. Options written by the Trusts do not typically give rise to counterparty credit risk, as options written generally obligate the Trusts, and not the counterparty, to perform. The Trusts may be exposed to counterparty credit risk with respect to options written to the extent the Trusts deposit collateral with its counterparty to a written option.

With exchange-traded options purchased and futures and centrally cleared swaps, there is less counterparty credit risk to the Trusts since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Trust does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Trusts.

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

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 increase as interest rates fall and decrease as interest rates rise. The Trusts may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Certain Trusts invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. Investment percentages in these securities are presented in the Schedules of Investments. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions.

11. Capital Share Transactions:

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

Common Shares: HYT had previously filed a final prospectus with the SEC allowing it to issue an additional 10,425,000 Common Shares through an equity shelf program (a “Shelf Offering”). HYT did not issue any Common Shares through its Shelf Offering. HYT is no longer actively engaged in a Shelf Offering and has no effective registration statement or current prospectus for the sale of Common Shares.

Initial costs incurred by HYT in connection with its shelf offering are recorded as “Deferred offering costs” on the Consolidated Statement 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. Any subsequent costs incurred to keep the filing active will be charged to expense as incurred.

The Board previously approved each Trust’s participation in an open market share repurchase program. The Trusts are eligible to purchase, at prevailing market prices, up to 5% of their common shares outstanding as of the close of business on October 28, 2016, subject to certain conditions. Repurchases may be made through November 30, 2017. On September 6, 2017, the Board approved a renewal of this program. Commencing December 1, 2017, each Trust may purchase through November 30, 2018, up to 5% of its shares outstanding as of the close of business on November 30, 2017, subject to certain conditions. There is no assurance that the Trusts will purchase shares in any particular amounts. For the year ended August 31, 2017, BHK and BKT did not repurchase any shares. For the year ended August 31, 2017, HYT repurchased 140,680 shares at a cost of $1,553,292, including transaction costs. The total amount of the repurchase offer is reflected in HYT’s Consolidated Statements of Changes in Net Assets.



100	ANNUAL REPORT	AUGUST 31, 2017


Notes to Financial Statements (concluded)

For the year ended August 31, 2017, shares issued and outstanding remained constant for BHK and BKT. For the year ended August 31, 2016, shares issued and outstanding remained constant for BHK, HYT and BKT.

12. Contingencies:

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

13. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:


	Common Dividend Per Share
	Paid¹		Declared²
BHK	$	0.0650	$	0.0650
HYT	$	0.0700	$	0.0700
BKT	$	0.0265	$	0.0265

Net investment income dividend paid on September 29, 2017 to Common Shareholders of record on September 15, 2017.

Net investment income dividend declared on October 2, 2017, payable to Common Shareholders of record on October 16, 2017.



ANNUAL REPORT	AUGUST 31, 2017	101


Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees/Directors of BlackRock Core Bond Trust, BlackRock Corporate High Yield Fund, Inc., BlackRock Income Trust, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of BlackRock Core Bond Trust and BlackRock Income Trust, Inc. as of August 31, 2017, and 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, and the financial highlights for each of the five years in the period then ended. We have also audited the consolidated statement of assets and liabilities, including the consolidated schedule of investments of BlackRock Corporate High Yield Fund, Inc., (collectively with the BlackRock Core Bond Trust and BlackRock Income Trust, Inc., the “Trusts”) as of August 31, 2017, and the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of August 31, 2017, by correspondence with the custodian, brokers, and agent banks; where replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock Core Bond Trust, BlackRock Income Trust, Inc., and BlackRock Corporate High Yield Fund, Inc., as of August 31, 2017, 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.

Deloitte & Touche LLP

Boston, Massachusetts

October 24, 2017


Important Tax Information (Unaudited)

During the fiscal year ended August 31, 2017, the following information is provided with respect to the ordinary income distributions paid by the Trusts:


	Payable Dates		BHK		HYT		BKT
Interest-Related Dividends for Non-U.S. Residents¹		September 2016 — January 2017		61.74%		79.77%		100.00%
		February 2017 — August 2017		58.10%		69.55%		100.00%
Qualified Dividend Income For individuals²		September 2016		9.86%		3.64%		—
		October 2016		9.65%		3.50%		—
		November 2016 — January 2017		9.65%		3.44%		—
		February 2017 — August 2017		14.41%		4.09%		—
Dividends Qualifying for Dividends Received deduction for corporations²		September 2016 — August 2017		10.28%		3.02%		—
Federal Obligation Interest³		September 2016 — August 2017		6.66%		—		0.81%

Represents the portion of the taxable ordinary income dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

The Trusts hereby designates the percentage indicated above or the maximum amount allowable by law.

The law varies in each state as to whether and what percentage of dividend income attributable to federal obligations is exempt from state income tax. We recommend that you consult your tax advisor to determine if any portion of the dividends you received is exempt from state income taxes.



102	ANNUAL REPORT	AUGUST 31, 2017


Disclosure of Investment Advisory Agreements

The Board of Trustees or the Board of Directors, as applicable (the “Board,” the members of which are referred to as “Board Members”), of BlackRock Core Bond Trust (“BHK”), BlackRock Corporate High Yield Fund, Inc. (“HYT”) and BlackRock Income Trust, Inc. (“BKT” and together with BHK and HYT, each a “Trust,” and, collectively, the “Trusts”) met in person on April 27, 2017 (the “April Meeting”) and June 7-8, 2017 (the “June Meeting”) to consider the approval of each Trust’s investment advisory agreement (each an “Agreement,” and collectively, the “Agreements”) with BlackRock Advisors, LLC (the “Manager”), each Trust’s investment advisor. The Manager is also referred to herein as “BlackRock”.

Activities and Composition of the Board

On the date of the June Meeting, the Board of each Trust consisted of eleven individuals, nine of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of its Trust and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of each Board is an Independent Board Member. Each Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee, and an Executive Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Executive Committee, which also has one interested Board Member).

The Agreements

Pursuant to the 1940 Act, each Board is required to consider the continuation of the Agreement for its Trust on an annual basis. Each Board has four quarterly meetings per year, each extending over two days, a fifth one-day meeting to consider specific information surrounding the consideration of renewing the Agreement for its Trust and additional in-person and telephonic meetings as needed. In connection with this year-long deliberative process, each Board assessed, among other things, the nature, extent and quality of the services provided to its Trust by BlackRock, BlackRock’s personnel and affiliates, including, as applicable; investment management, administrative, and shareholder services; the oversight of fund service providers; marketing; risk oversight; compliance; and ability to meet applicable legal and regulatory requirements.

Each Board, acting directly and through its committees, considers at each of its meetings, and from time to time as appropriate, factors that are relevant to its annual consideration of the renewal of the Agreement for its Trust, including the services and support provided by BlackRock to the Trust and its shareholders. BlackRock also furnished additional information to each Board in response to specific questions from the Board. This additional information is discussed further below in the section titled “Board Considerations in Approving the Agreements.” Among the matters each Board considered were: (a) investment performance for one-year, three-year, five-year, ten-year, and/or since inception periods, as applicable, against peer funds, applicable benchmarks, and performance metrics, as applicable, as well as senior management’s and portfolio managers’ analysis of the reasons for any over-performance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, paid to BlackRock and its affiliates by the Trust for services; (c) Trust operating expenses and how BlackRock allocates expenses to the Trust; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Trust’s investment objective(s), policies and restrictions, and meeting regulatory requirements; (e) the Trust’s adherence to its compliance policies and procedures; (f) the nature, cost and character of non-investment management services provided by BlackRock and its affiliates; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of the Trust’s valuation and liquidity procedures; (k) an analysis of management fees for products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Trust; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Board Considerations in Approving the Agreements

The Approval Process: Prior to the April Meeting, each Board requested and received materials specifically relating to the Agreement for its Trust. Each Board is continuously engaged in a process with its independent legal counsel and BlackRock to review the nature and scope of the information provided to better assist its deliberations. The materials provided to the Board of each Trust in connection with the April Meeting included (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) on Trust fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Trust as compared with a peer group of funds as determined by Broadridge,¹ as well as the performance of BHK and BKT as compared with its custom benchmark; (b) information on the profits realized by BlackRock and its affiliates pursuant to the Trust’s Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (c) a general analysis provided by BlackRock concerning investment management fees charged to other clients, such as institutional clients, sub-advised mutual funds, and open-end funds, under similar investment mandates, as applicable; (d) review of non-management fees; (e) the existence, impact and sharing of potential economies of scale; and (f) a summary of aggregate amounts paid by the Trust to BlackRock.

Trusts are ranked by Broadridge in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable.



ANNUAL REPORT	AUGUST 31, 2017	103


Disclosure of Investment Advisory Agreements (continued)

At the April Meeting, each Board reviewed materials relating to its consideration of the Agreement for its Trust. As a result of the discussions that occurred during the April Meeting, and as a culmination of each Board’s year-long deliberative process, each Board presented BlackRock with questions and requests for additional information. BlackRock responded to these requests with additional written information in advance of the June Meeting. Topics covered included: (a) fund repositionings and portfolio management changes, including additional information about the portfolio managers, research teams, organization and methods and historical track records of the teams, and the potential impact of such changes on fund performance and the costs of such changes; (b) scientific active equity management; (c) BlackRock’s option overwrite policy; (d) differences in services between closed-end funds and mutual funds; (d) market discount; and (e) adviser profitability.

At the June Meeting, each Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and its Trust for a one-year term ending June 30, 2018. In approving the continuation of the Agreement for its Trust, each Board considered: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Trust; (c) the advisory fee and the cost of the services and profits to be realized by BlackRock and its affiliates from their relationship with the Trust; (d) the Trust’s costs to investors compared to the costs of Expense Peers and performance compared to the relevant performance metrics as previously discussed; (e) the sharing of potential economies of scale; (f) fall-out benefits to BlackRock and its affiliates as a result of its relationship with the Trust; and (g) other factors deemed relevant by the Board Members.

Each Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, services related to the valuation and pricing of Trust portfolio holdings, and advice from independent legal counsel with respect to the review process and materials submitted for the Board’s review. Each Board noted the willingness of BlackRock personnel to engage in open, candid discussions with the Board. Each Board did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock: Each Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of its Trust. Throughout the year, each Board compared its Trust’s performance to the performance of a comparable group of closed-end funds, relevant benchmark, and performance metrics, as applicable. Each Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. Each Board also reviewed the materials provided by its Trust’s portfolio management team discussing the Trust’s performance and the Trust’s investment objective(s), strategies and outlook.

Each Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and its Trust’s portfolio management team; BlackRock’s research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. Each Board engaged in a review of BlackRock’s compensation structure with respect to its Trust’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, each Board considered the quality of the administrative and other non-investment advisory services provided to its Trust. BlackRock and its affiliates provide each Trust with certain administrative, shareholder, and other services (in addition to any such services provided to the Trust by third parties) and officers and other personnel as are necessary for the operations of the Trust. In particular, BlackRock and its affiliates provide each Trust with administrative services including, among others: (i) preparing disclosure documents, such as the prospectus and the statement of additional information in connection with the initial public offering and periodic shareholder reports; (ii) preparing communications with analysts to support secondary market trading of the Trust; (iii) oversight of daily accounting and pricing; (iv) preparing periodic filings with regulators and stock exchanges; (v) overseeing and coordinating the activities of other service providers; (vi) organizing Board meetings and preparing the materials for such Board meetings; (vii) providing legal and compliance support; (viii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain closed-end funds; and (ix) performing other administrative functions necessary for the operation of the Trust, such as tax reporting, fulfilling regulatory filing requirements and call center services. Each Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal & compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Trusts and BlackRock: Each Board, including the Independent Board Members, also reviewed and considered the performance history of its Trust. In preparation for the April Meeting, the Board of each Trust was provided with reports independently prepared by Broadridge, which included a comprehensive analysis of the Trust’s performance. Each Board also reviewed a narrative and statistical analysis of the Broadridge data that was prepared by BlackRock. In connection with its review, the Board of each Trust received and reviewed information regarding the investment performance, based on net asset value (NAV), of the Trust as compared to other funds in its applicable Broadridge category and the performance of BHK and BKT as compared with its custom benchmark. Each Board was provided with a description of the methodology used by Broadridge to select peer funds and periodically meets with Broadridge representatives to review its methodology. Each Board was provided with information on the composition of the Broadridge performance universes and expense universes. Each Board and its Performance Oversight Committee regularly review, and meet with Trust management to discuss, the performance of its Trust throughout the year.



104	ANNUAL REPORT	AUGUST 31, 2017


Disclosure of Investment Advisory Agreements (continued)

In evaluating performance, each Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. Further, each Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to affect long-term performance disproportionately.

The Board of BHK noted that for the one-, three- and five-year periods reported, BHK underperformed, exceeded and exceeded, respectively, its customized benchmark. BlackRock believes that performance relative to the customized benchmark is an appropriate performance metric for BHK. The Board and BlackRock reviewed BHK’s underperformance during the one-year period. The Board was informed that, among other things, an underweight position in investment grade credit and poor security selection within the industrials subsector were the primary detractors from performance over the one-year period.

The Board of HYT noted that for the one-, three- and five-year periods reported, HYT ranked in the third, second and first quartiles, respectively, against its Broadridge Performance Universe. The Board and BlackRock reviewed HYT’s underperformance during the one-year period.

The Board of BKT noted that for each of the one-, three- and five-year periods reported, BKT underperformed its Broadridge Performance Universe. BlackRock believes that comparing the performance of BKT to its Broadridge Performance Universe should not be the sole judgment for the performance of BKT because BKT is the only exchange traded closed end mortgage fund in BKT’s Broadridge Performance Universe that invests at least 80% of its assets in high quality securities that are either issued or guaranteed by the U.S. government or one of its agencies or instrumentalities or are rated at the time of investment either AAA by Standard & Poor’s Corporate Ratings Group or Aaa by Moody’s Investors Service, Inc. Given this limitation of the Broadridge Performance Universe, the Board has historically considered alternative measures of performance when evaluating BKT’s performance, including a “high quality” custom peer group and also an internal custom benchmark. The custom “high quality” peer group consists of closed-end funds that invest an average of 75% or greater of their portfolios in AAA-rated bonds, securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities and cash or cash equivalents. The Board noted that for each of the one-, three- and five-year periods reported, BKT underperformed its customized benchmark. BKT has performed well over most periods as compared to the custom peer group, and also on a risk adjusted basis as measured by the Sharpe Ratio.

In further discussions with the Board, BlackRock noted that as of March 31, 2017, BKT’s performance has improved for the one- and five-year periods relative to the customized benchmark.

C. Consideration of the Advisory/Management Fees and the Cost of the Services and Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Trusts: Each Board, including the Independent Board Members, reviewed its Trust’s contractual management fee rate compared with the other funds in its Broadridge category. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. Each Board also compared its Trust’s total expense ratio, as well as its actual management fee rate as a percentage of total assets, to those of other funds in its Broadridge category. The total expense ratio represents a fund’s total net operating expenses, excluding any investment related expenses. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. Each Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

Each Board received and reviewed statements relating to BlackRock’s financial condition. Each Board reviewed BlackRock’s profitability methodology and was also provided with a profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to its Trust. Each Board reviewed BlackRock’s profitability with respect to its Trust and other funds the Board currently oversees for the year ended December 31, 2016 compared to available aggregate profitability data provided for the prior two years. Each Board reviewed BlackRock’s profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. Each Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the profitability analysis, noting the inherent limitations in allocating costs among various advisory products. Each Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. As a result, calculating and comparing profitability at individual fund levels is difficult.

Each Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. Each Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly-traded asset management firms. Each Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

In addition, each Board considered the cost of the services provided to its Trust by BlackRock, and BlackRock’s and its affiliates’ profits relating to the management of its Trust and the other funds advised by BlackRock and its affiliates. As part of its analysis, each Board reviewed BlackRock’s methodology in allocating its costs of managing its Trust, to the Trust. Each Board may receive and review information from independent third parties as part of its annual evaluation. Each Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Trust’s Agreement and to continue to provide the high quality of services that is expected by the Board. Each Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing its



ANNUAL REPORT	AUGUST 31, 2017	105


Disclosure of Investment Advisory Agreements (concluded)

Trust in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, closed-end fund, sub-advised mutual fund, collective investment trust, and institutional separate account product channels, as applicable.

The Board of BHK noted that BHK’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

The Board of each of BKT and HYT noted that its Trust’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Expense Peers.

D. Economies of Scale: Each Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of its Trust increase. Each Board also considered the extent to which its Trust benefits from such economies in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Trust to more fully participate in these economies of scale. Each Board considered its Trust’s asset levels and whether the current fee was appropriate.

Based on each Board’s review and consideration of the issue, each Board concluded that most closed-end funds do not have fund level breakpoints because closed-end funds generally do not experience substantial growth after the initial public offering. They are typically priced at scale at a fund’s inception.

E. Other Factors Deemed Relevant by the Board Members: Each Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from their respective relationships with its Trust, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Trust, including for administrative, securities lending and cash management services. Each Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. Each Board also noted that BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement for its Trust, each Board also received information regarding BlackRock’s brokerage and soft dollar practices. Each Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

Each Board noted the competitive nature of the closed-end fund marketplace, and that shareholders are able to sell their Trust shares in the secondary market if they believe that the Trust’s fees and expenses are too high or if they are dissatisfied with the performance of the Trust.

Each Board also considered the various notable initiatives and projects BlackRock performed in connection with its closed-end fund product line. These initiatives included the redemption of auction rate preferred shares (“AMPS”) for the BlackRock closed-end funds with AMPS outstanding; developing equity shelf programs; efforts to eliminate product overlap with fund mergers; ongoing services to manage leverage that has become increasingly complex; periodic evaluation of share repurchases and other support initiatives for certain BlackRock funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted BlackRock’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. BlackRock’s support services included, among other things: continuing communications concerning the redemption efforts related to AMPS; sponsoring and participating in conferences; communicating with closed-end fund analysts covering the BlackRock funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing its closed-end fund website.

Conclusion

Each Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and its Trust for a one-year term ending June 30, 2018. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, each Board, including the Independent Board Members, was satisfied that the terms of the Agreement for its Trust were fair and reasonable and in the best interest of the Trust and its shareholders. In arriving at its decision to approve the Agreement for its Trust, each Board did not identify any single factor or group of factors as, all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination. The contractual fee arrangements for each Trust reflect the results of several years of review by the Trust’s Board Members and predecessor Board Members, and discussions between such Board Members (and predecessor Board Members) and BlackRock. As a result, the Board Members’ conclusions may be based in part on their consideration of these arrangements in prior years.



106	ANNUAL REPORT	AUGUST 31, 2017


Automatic Dividend Reinvestment Plan

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Reinvestment Plan”), Common Shareholders are automatically enrolled to have all distributions of dividends and capital gains 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 the Trusts 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 per share (“NAV”) 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 that request a sale of shares are subject to a $2.50 sales fee and a $0.15 per share 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 http://www.computershare.com/blackrock, or in writing to Computershare, P.O. Box 505000, Louisville, KY 40233, Telephone: (800) 699-1236. Overnight correspondence should be directed to the Reinvestment Plan Agent at Computershare, 462 South 4^th Street, Suite 1600, Louisville, KY 40202.



ANNUAL REPORT	AUGUST 31, 2017	107


Officers and Trustees


Name, Address¹ and Year of Birth	Position(s) Held with the Trusts	Length of Time Served³	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen⁴	Public Company and Other Investment Company Directorships Held During Past Five Years
Independent Trustees²
Richard E. Cavanagh 1946	Chair of the Board and Trustee	Since 2007	Director, The Guardian Life Insurance Company of America since 1998; Board Chair, Volunteers of America (a not-for-profit organization) since 2015 (board member since 2009); Director, Arch Chemical (chemical and allied products) from 1999 to 2011; Trustee, Educational Testing Service from 1997 to 2009 and Chairman thereof from 2005 to 2009; Senior Advisor, The Fremont Group since 2008 and Director thereof since 1996; Faculty Member/Adjunct Lecturer, Harvard University since 2007; President and Chief Executive Officer, The Conference Board, Inc. (global business research organization) from 1995 to 2007.	74 RICs consisting of 74 Portfolios	None
Karen P. Robards 1950	Vice Chair of the Board and Trustee	Since 2007	Principal of Robards & Company, LLC (consulting and private investing) since 1987; Co-founder and Director of the Cooke Center for Learning and Development (a not-for-profit organization) since 1987; Investment Banker at Morgan Stanley from 1976 to 1987.	74 RICs consisting of 74 Portfolios	Greenhill & Co., Inc.; AtriCure, Inc. (medical devices) from 2000 until 2017
Michael J. Castellano 1946	Trustee	Since 2011	Chief Financial Officer of Lazard Group LLC from 2001 to 2011; Chief Financial Officer of Lazard Ltd from 2004 to 2011; Director, Support Our Aging Religious (non-profit) from 2009 to June 2015 and since 2017; Director, National Advisory Board of Church Management at Villanova University since 2010; Trustee, Domestic Church Media Foundation since 2012; Director, CircleBlack Inc. (financial technology company) since 2015.	74 RICs consisting of 74 Portfolios	None
Cynthia L. Egan 1955	Trustee	Since 2016	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.	74 RICs consisting of 74 Portfolios	Unum (insurance); The Hanover Insurance Group (insurance); Envestnet (investment platform) from 2013 until 2016
Frank J. Fabozzi 1948	Trustee	Since 2007	Editor of and Consultant for The Journal of Portfolio Management since 2006; Professor of Finance, EDHEC Business School since 2011; Visiting Professor, Princeton University from 2013 to 2014 and since 2016; Professor in the Practice of Finance and Becton Fellow, Yale University School of Management from 2006 to 2011.	74 RICs consisting of 74 Portfolios	None
Jerrold B. Harris 1942	Trustee	Since 2007	Trustee, Ursinus College from 2000 to 2012; Director, Ducks Unlimited — Canada (conservation) since 2015; Director, Waterfowl Chesapeake (conservation) since 2014; Director, Ducks Unlimited, Inc. since 2013; Director, Troemner LLC (scientific equipment) from 2000 to 2016; Director of Delta Waterfowl Foundation from 2010 to 2012; President and Chief Executive Officer, VWR Scientific Products Corporation from 1990 to 1999.	74 RICs consisting of 74 Portfolios	BlackRock Capital Investment Corp. (business development company)
R. Glenn Hubbard 1958	Trustee	Since 2007	Dean, Columbia Business School since 2004; Faculty member, Columbia Business School since 1988.	74 RICs consisting of 74 Portfolios	ADP (data and information services); Metropolitan Life Insurance Company (insurance)
W. Carl Kester 1951	Trustee	Since 2007	George Fisher Baker Jr. Professor of Business Administration, Harvard Business School since 2008, 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.	74 RICs consisting of 74 Portfolios	None
Catherine A. Lynch 1961	Trustee	Since 2016	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.	74 RICs consisting of 74 Portfolios	None



108	ANNUAL REPORT	AUGUST 31, 2017


Officers and Trustees (continued)


Name, Address¹ and Year of Birth	Position(s) Held with the Trusts	Length of Time Served³	Principal Occupation(s) During Past Five Years	Number of BlackRock- Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen⁴	Public Company and Other Investment Company Directorships Held During Past Five Years
Interested Trustees⁵
Barbara G. Novick 1960	Trustee	Since 2014	Vice Chairman of BlackRock, Inc. since 2006; Chair of BlackRock’s Government Relations Steering Committee since 2009; Head of the Global Client Group of BlackRock, Inc. from 1988 to 2008.	100 RICs consisting of 218 Portfolios	None
John M. Perlowski 1964	Trustee, President and Chief Executive Officer	Since 2014 (Trustee); Since 2011 (President and Chief Executive Officer)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Fund & Accounting Services since 2009; Managing Director and Chief Operating Officer of the Global Product Group at Goldman Sachs Asset Management, L.P. from 2003 to 2009; Treasurer of Goldman Sachs Mutual Funds from 2003 to 2009 and Senior Vice President thereof from 2007 to 2009; Director of Goldman Sachs Offshore Funds from 2002 to 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	127 RICs consisting of 316 Portfolios	None
	¹The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
	²Each Independent Trustee will serve until his or her successor is elected and qualifies, or until his or her earlier death, resignation, retirement or removal, or until December 31 of the year in which he or she turns 75. The maximum age limitation may be waived as to any Trustee by action of a majority of the Trustees upon finding of good cause therefor.
	³Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. (“BlackRock”) in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. As a result, although the chart shows certain Independent Trustees as joining the Board in 2007, each Trustee first became a member of the boards of other legacy MLIM or legacy BlackRock funds as follows: Richard E. Cavanagh, 1994; Frank J. Fabozzi, 1988; Jerrold B. Harris, 1999; R. Glenn Hubbard, 2004; W. Carl Kester, 1995 and Karen P. Robards, 1998.
	⁴For purposes of this chart, “RICs” refers to investment companies registered under the 1940 Act and “Portfolios” refers to the investment programs of the BlackRock-advised funds. The Closed-End Complex is comprised of 74 RICs. Ms. Novick and Mr. Perlowski are also board members of certain complexes of BlackRock registered open-end funds. Ms. Novick is also a board member of the BlackRock Equity-Liquidity Complex and Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex and the BlackRock Equity-Liquidity Complex.
	⁵Ms. Novick and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock and its affiliates. Ms. Novick and Mr. Perlowski are also board members of certain complexes of BlackRock registered open-end funds. Ms. Novick is also a board member of the BlackRock Equity-Liquidity Complex and Mr. Perlowski is also a board member of the BlackRock Equity-Bond Complex and the BlackRock Equity-Liquidity Complex. Interested Trustees serve until their resignation, removal or death, or until December 31 of the year in which they turn 72. The maximum age limitation may be waived as to any Trustee by action of a majority of the Trustees upon a finding of good cause therefor.



ANNUAL REPORT	AUGUST 31, 2017	109


Officers and Trustees (concluded)


Name, Address¹and Year of Birth	Position(s) Held with the Trusts	Length of Time Served as an Officer	Principal Occupation(s) During Past Five Years
Officers Who Are Not Trustees²
Jonathan Diorio 1980	Vice President	Since 2015	Managing Director of BlackRock, Inc. since 2015; Director of BlackRock, Inc. from 2011 to 2015; Director of Deutsche Asset & Wealth Management from 2009 to 2011.
Neal J. Andrews 1966	Chief Financial Officer	Since 2007	Managing Director of BlackRock, Inc. since 2006; Senior Vice President and Line of Business Head of Fund Accounting and Administration at PNC Global Investment Servicing (U.S.) Inc. from 1992 to 2006.
Jay M. Fife 1970	Treasurer	Since 2007	Managing Director of BlackRock, Inc. since 2007; Director of BlackRock, Inc. in 2006; Assistant Treasurer of the MLIM and Fund Asset Management, L.P. advised funds from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.
Charles Park 1967	Chief Compliance Officer	Since 2014	Anti-Money Laundering Compliance Officer for the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex since 2014; Principal of and Chief Compliance Officer for iShares^® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares^® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Janey Ahn 1975	Secretary	Since 2012	Director of BlackRock, Inc. since 2009; Assistant Secretary of the funds in the Closed-End Complex from 2008 to 2012.
	¹The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, NY 10055.
	²Officers of the Trust serve at the pleasure of the Board.

For HYT.



110	ANNUAL REPORT	AUGUST 31, 2017


Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on July 25, 2017 for shareholders of record on May 30, 2017 to vote on the following proposals:

1. To elect trustee nominees for each Trust.

Approved the Class I Trustees as follows:


	Michael J. Castellano				R. Glenn Hubbard				W. Carl Kester				John M. Perlowski
	Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld
BHK		46,833,332		1,908,438		45,907,355		2,834,415		45,927,363		2,814,407		46,909,082		1,832,688
BKT		47,893,576		11,671,042		47,739,553		11,825,065		47,768,404		11,796,214		47,778,974		11,785,644

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 Richard E. Cavanagh, Cynthia L. Egan, Frank J. Fabozzi, Jerrold B. Harris, Catherine A. Lynch, Barbara G. Novick and Karen P. Robards.

Approved the Class I Trustees as follows:

Michael J. Castellano

Cynthia L. Egan

Catherine A. Lynch

Votes For

Votes
Withheld

Votes For

Votes
Withheld

Votes For

Votes
Withheld

HYT

107,841,435

1,970,664

108,012,414

1,799,685

107,956,281

1,855,818

HYT Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Richard E. Cavanagh, W. Carl Kester, Frank J. Fabozzi, Jerrold B. Harris, R. Glenn Hubbard, Barbara G. Novick, John M. Perlowski and Karen P. Robards.

2. For BKT, to consider a shareholder proposal to terminate the investment management agreement by and between BKT and BlackRock Advisors, LLC.

Shareholders voted against the proposal to terminate the investment management agreement:


	Votes Against		Votes For		Abstain
BKT		20,386,593		18,729,655		1,556,859

The shareholder proposal to terminate BKT’s investment management agreement did not receive the required affirmative vote of the lesser of (a) 67% or more of the shares present in person or by proxy at the meeting or (b) more than 50% of the outstanding voting shares.

Trust Certification

The Trusts are listed for trading on the NYSE and have filed with the NYSE their annual chief executive officer certification regarding compliance with the NYSE’s listing standards. The Trusts filed with the SEC the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

Dividend Policy

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



ANNUAL REPORT	AUGUST 31, 2017	111


Additional Information (continued)

General Information

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

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

Except as described below, during the period, there were no material changes in the Trusts’ investment objectives or policies or to the Trusts’ charters or by-laws that would delay or prevent a change of control of the Trusts that were not approved by the shareholders or in the principal risk factors associated with investment in the Trusts. Other than as reported on page 110, there have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolios.

On October 28, 2016, HYT announced that it had divided its Board of Trustees into three classes with one class standing for election each year, and had adopted a voting standard of a majority of the outstanding shares for the election of trustees in a contested election.

On October, 28, 2016, BHK announced that it had adopted a voting standard of a majority of the outstanding shares for the election of trustees in a contested election.

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.

Electronic Delivery

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports by enrolling in the Trusts’ electronic delivery program. Electronic copies of shareholder reports are available on BlackRock’s website.

To enroll in electronic delivery:

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

Please contact your financial advisor. Please note that not all investment advisers, banks or brokerages may offer this service.

Householding

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Trusts at (800) 882-0052.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Procedures

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

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 882-0052; and (2) on the SEC’s website at http://www.sec.gov.

Availability of Trust Updates

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of http://www.blackrock.com as well as certain other material information as necessary from time to time. Investors and others are advised to check the website for updated performance information and the release of other material information about the Trusts. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended to, incorporate BlackRock’s website in this report.



112	ANNUAL REPORT	AUGUST 31, 2017


Additional Information (concluded)

Section 19(a) Notices

BHK’s amounts and sources of distributions reported are estimates and are being provided to you pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Trust’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Trust will provide a Form 1099-DIV each calendar year that will tell you how to report these distributions for U.S. federal income tax purposes.


February 28, 2017
	Total Fiscal Year to Date Cumulative Distributions by Character										% of Fiscal Year to Date Cumulative Distributions by Character
	Net Investment Income		Net Realized Capital Gains Short Term		Net Realized Capital Gains Long Term		Return of Capital		Total Per Common Share		Net Investment Income			Net Realized Capital Gains Short Term			Net Realized Capital Gains Long Term			Return of Capital			Total Per Common Share
BHK	$	0.7708214		—		—	$	0.0091786	$	0.7800000		99	%		0	%		0	%		1	%		100	%

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

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

BlackRock Privacy Principles

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

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

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

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

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



ANNUAL REPORT	AUGUST 31, 2017	113

This report is intended for current holders. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term interest rates may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

LOGO


CEFBHK-8/17-AR

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 clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. 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, by calling 1-800-882-0052, option 4.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Michael Castellano

Frank J. Fabozzi

W. Carl Kester

Catherine A. Lynch

Karen P. Robards

The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.

Prof. Kester has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services to corporate clients since 1978. Prof. Kester’s financial consulting services present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is a member of the audit committee of one publicly held company and a non-profit organization.

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 as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an

audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

(a) Audit Fees

(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 Corporate High Yield Fund, Inc.

$92,119

$97,117

$4,000

$45,042

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 (“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	$2,129,000	$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 $2,129,000 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 Corporate High Yield Fund, Inc.

$45,042

$49,042

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

$2,129,000

$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.

Item 5 – Audit Committee of Listed Registrants

(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)):

Michael Castellano

Frank J. Fabozzi

W. Carl Kester

Catherine A. Lynch

Karen P. Robards

(b)

Not Applicable

Item 6 – Investments

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

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The board of directors has delegated the voting of proxies for the Fund’s portfolio securities to the Investment Adviser pursuant to the Investment Adviser’s proxy voting guidelines. Under these guidelines, the Investment Adviser will vote proxies related to Fund securities in the best interests of the Fund and its stockholders. From time to time, a vote may present a conflict between the interests of the Fund’s stockholders, on the one hand, and those of the Investment Adviser, or any affiliated person of the Fund or the Investment Adviser, on the other. In such event, provided that the Investment Adviser’s Equity Investment Policy Oversight Committee, or a sub-committee thereof (the “Oversight Committee”) is aware of the real or potential conflict or material non-routine matter and if the Oversight Committee does not reasonably believe it is able to follow its general voting guidelines (or if the particular proxy matter is not addressed in the guidelines) and vote impartially, the Oversight Committee may retain an independent fiduciary to advise the Oversight Committee on how to vote or to cast votes on behalf of the Investment Adviser’s clients. If the Investment Adviser determines not to retain an independent fiduciary, or does not desire to follow the advice of such independent fiduciary, the Oversight Committee shall determine how to vote the proxy after consulting with the Investment Adviser’s Portfolio Management Group and/or the Investment Adviser’s Legal and Compliance Department and concluding that the vote cast is in its client’s best interest notwithstanding the conflict. A copy of the Fund’s Proxy Voting Policy and Procedures 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 without charge, (i) at www.blackrock.com and (ii) on the SEC’s website at http://www.sec.gov.

Item 8 – 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 James E. Keenan, Managing Director at BlackRock, Mitchell Garfin, Managing Director at BlackRock, and Derek Schoenhofen, Director at BlackRock. Messrs. Keenan, Garfin and Schoenhofen are the Fund’s co-portfolio managers. Mr. Keenan is responsible for setting the

registrant’s overall investment strategy and overseeing the registrant’s investment process and performance. Messrs. Garfin and Schoenhofen are responsible for the day-to-day management of the Fund’s portfolio, which includes setting the Fund’s overall investment strategy, overseeing the management of the Fund and/or selection of its investments. Mr. Keenan has been a member of the Fund’s portfolio management team since 2006. Messrs. Garfin and Schoenhofen have been members of the Fund’s portfolio management team since 2009.


Portfolio Manager		Biography
James E. Keenan		Managing Director of BlackRock since 2008 and Head of the Leveraged Finance Portfolio team; Director of BlackRock from 2006 to 2007.
Mitchell Garfin		Managing Director of BlackRock since 2009; Director of BlackRock from 2005 to 2008.
Derek Schoenhofen		Director of BlackRock since 2006; Vice President of BlackRock from 2000 to 2005.

(a)(2) As of August 31, 2017:


	(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
James E. Keenan	13	24	20	0	0	4
	$26.85 Billion	$14.14 Billion	$8.86 Billion	$0	$0	$907.3 Million
Mitchell Garfin	13	12	23	0	0	4
	$23.11 Billion	$8.33 Billion	$10.66 Billion	$0	$0	$907.3 Million
Derek Schoenhofen	5	6	3	0	0	0
	$20.56 Billion	$4.90 Billion	$698.1 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. Garfin, Keenan and Schoenhofen may be managing hedge fund and/or long only accounts, or may be part of a team managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Garfin, Keenan and Schoenhofen 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 August 31, 2017:

Portfolio Manager Compensation Overview

The discussion below describes the portfolio managers’ compensation as of August 31, 2017.

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the incentive compensation programs established by BlackRock.

Base compensation. Generally, portfolio managers receive base compensation based on their position with the firm.

Discretionary Incentive Compensation. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s performance and contribution to the overall performance of these portfolios and BlackRock. In most cases, these benchmarks are the same as

the benchmark or benchmarks against which the performance of the Funds or other accounts managed by the portfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each portfolio manager’s compensation based on the performance of the Funds and other accounts managed by each portfolio manager relative to the various benchmarks. Performance of fixed income funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3- and 5- year periods, as applicable. With respect to these portfolio managers, such benchmarks for the Fund and other accounts are: a combination of market-based indices (e.g., The Bloomberg Barclays 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.

Typically, the cash portion of the discretionary incentive compensation, when combined with base salary, represents more than 60% of total compensation for the portfolio managers.

Portfolio managers generally receive deferred BlackRock, Inc. stock awards 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. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest ratably over a number of years and, once vested, settle in BlackRock, Inc. common stock. 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 their interests with long-term shareholder interests and motivate performance. Such equity 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 some portfolio managers, 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. Providing a portion of discretionary incentive compensation in deferred cash awards that notionally track the BlackRock investment products they manage provides direct alignment with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Any portfolio manager who is either a managing director or director at BlackRock with compensation above a specified threshold is eligible to participate in the deferred compensation 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 ($270,000 for 2017). 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 August 31, 2017.


Portfolio Manager		Dollar Range of Equity Securities of the Fund Beneficially Owned
James E. Keenan		$500,001 - $1,000,000
Mitchell Garfin		$10,001-$50,000
Derek Schoenhofen		$50,001 - $100,000

(b) Not Applicable

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


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share	(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs¹
March 1-31, 2017	N/A	N/A	N/A	6,189,303
April 1-31, 2017	N/A	N/A	N/A	6,189,303
May 1-31, 2017	N/A	N/A	N/A	6,189,303
June 1-30, 2017	N/A	N/A	N/A	6,189,303
July 1-31, 2017	N/A	N/A	N/A	6,189,303
August 1-31, 2017	N/A	N/A	N/A	6,189,303
Total:	N/A	N/A	N/A	6,189,303

¹The Fund announced an open market share repurchase program on October 28, 2016 pursuant to which the Fund may repurchase, through November 30, 2017, up to 5% of its outstanding common shares based on common shares outstanding on October 28, 2016 (6,189,303 common shares), in open market transactions. On September 6, 2017, the Fund announced a continuation of the open market share repurchase program. Commencing on December 1, 2017, the Fund may repurchase up to 5% of its outstanding shares based on common shares outstanding on November 30, 2017, in open market transactions, subject to certain conditions.

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

Item 11 – Controls and Procedures

(a) – The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

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

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

(a) The following table shows the dollar amounts of income, and dollar amounts of fees and/or compensation paid, relating to the Fund’s securities lending activities during the fiscal year ended August 31, 2017. The Fund did not engage in any securities lending activity during the fiscal year ended August 31, 2017.


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

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

Item 13 – Exhibits attached hereto

(a)(1) – Code of Ethics – See Item 2

(a)(2) – Certifications – Attached hereto

(a)(3) – Not Applicable

(b) – Certifications – Attached hereto

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


BlackRock Corporate High Yield Fund, Inc.

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

Date: November 3, 2017

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


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

Date: November 3, 2017

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

Date: November 3, 2017