UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:__811-10543______

_______BlackRock Core Bond Trust______
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE
19809
(Address of principal executive offices)
(Zip code)
     

 

Robert S. Kapito, President

BlackRock Core Bond Trust

__________40 East 52nd Street, New York, NY 10022__________
(Name and address of agent for service)

Registrant's telephone number, including area code:_888-825-2257__________________

Date of fiscal year end: October 31, 2005

Date of reporting period:__January 31, 2005_________________________________

Item 1. Schedule of Investments.

The registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

 

PORTFOLIO OF INVESTMENTS (unaudited)
JANUARY 31, 2005

BlackRock Core Bond Trust (BHK)

 
Principal
     
 
Amount
     
Rating1
(000) 
 Description
Value     
      LONG-TERM INVESTMENTS—125.2%  
      Mortgage Pass-Through Securities—17.5%  
      Federal Home Loan Mortgage Corp.,  
  $ 1,875        3.01%, 4/19/07 $    1,848,300  
  465        3.875%, 11/10/08 465,441  
  1,400        4.125%, 2/24/11 1,377,670  
  1,125        4.50%, 12/16/10 1,121,265  
  2,795        4.75%, 12/08/10 2,813,587  
  96        5.00%, 5/01/34 95,681  
  9,214        5.50%, 11/01/18 - 12/01/99 9,430,608  
  330        5.978%, 5/01/32 336,100  
  5,057        6.00%, 9/01/10 - 12/01/18 5,289,849  
  53        7.00%, 9/01/31 56,256  
      Federal National Mortgage Assoc.,  
  2,005        1.40%, 2/15/05 2,004,198  
  870        1.75%, 6/16/06 851,895  
  6,180        2.35%, 4/29/06 - 4/05/07 6,052,199  
  2,486        4.50%, 5/01/19 - 8/01/19 2,484,895  
  1,280        4.75%, 2/21/13 1,273,715  
  15,345        5.00%, 11/01/17 - 2/01/34 15,578,820  
  10,222        5.50%, 1/01/18 - 12/01/99 10,417,259  
  4,892        6.00%, 8/01/29 - 12/01/99 5,058,038  
  691        7.00%, 1/01/31 - 7/01/32 731,028  
  500   Government National Mortgage Assoc.,
 
           5.50%, 12/01/99 512,813  
      Small Business Administration,  
  1,000        Ser. P10B, Class 1, 4.754%, 8/10/14 1,006,605  
  2,461        Ser. P10B, Class 1, 5.136%, 8/10/13 2,509,431  
      Total Mortgage Pass-Through Securities 71,315,653  
       
      Agency Multiple Class Mortgage Pass-Through Securities—1.8%  
      Federal Home Loan Mortgage Corp.,
  1,657        Ser. 2825, Class VP, 6/15/15 1,718,012  
  1,950        Ser. 2933, Class HD, 1/15/35 2,030,438  
  2,000        Ser. 82, Class HJ, 9/25/32 2,045,560  
  1,670   Federal National Mortgage Assoc., Ser. 3, Class AP, 2/25/35 1,743,584  
      Total Agency Multiple Class Mortgage Pass-Through Securities 7,537,594  
       
      Interest Only Asset-Backed Securities—1.5%    
      Sterling Coofs Trust,  
  40,810        Ser. 1, 2/25/05 3,570,876  
  30,350        Ser. 2, 3/30/30 2,418,516  
      Total Interest Only Asset-Backed Securities 5,989,392  
       
      Interest Only Mortgage-Backed Securities—1.9%  
      Federal Home Loan Mortgage Corp.,  
  3,906        Ser. 2579, Class HI, 8/15/17 426,901  
  8,817        Ser. 2611, Class QI, 9/15/32 1,636,105  
      Federal National Mortgage Assoc.,  
  13,266        Ser. 64, Class QI, 1/25/33 2,401,252  
  36,697        Ser. 90, Class JH, 11/25/34 3,130,264  
      Total Interest Only Mortgage-Backed Securities 7,594,522  

1

BlackRock Core Bond Trust (BHK) (continued)

 
Principal
     
 
Amount
     
Rating1
(000) 
 Description
Value     
    Commercial Mortgage-Backed Securities—6.0%  
AAA $ 2,190   Banc of America Commerce Mortgage, Inc., Ser. 1, Class A2, 6.503%, 4/15/36 $    2,429,870  
AAA 3,300   Commercial Mortgage Acceptance Corp., Ser. C2, Class A2, 6.03%, 9/15/30 3,445,618  
AAA 1,677   Heller Financial Commercial Mortgage Asset Co., Ser. PH1, Class A2, 6.847%, 5/15/31 1,816,225  
AAA 1,790   JP Morgan Commercial Mortgage Finance Corp., 7.371%, 8/15/32 2,018,511  
AAA 3,070   Morgan Stanley Capital Trust I, Ser. HF2, Class A2, 6.48%, 11/15/30 3,290,571  
AAA 3,500   Salomon Brothers Mortgage Securities VII, Ser. C1, Class A2, 7.52%, 12/18/09 3,965,269  
AAA 1,954   General Motors Acceptance Corp. Commercial Mortgage Securities, Inc., Ser. C3, Class A2, 7.179%,    
      8/15/36 2,158,516  
AAA 2,953   Goldman Sachs Mortgage Securities Corp. II, Ser. C1, Class A3, 6.135%, 10/18/30 3,131,735  
AAA 2,180   JP Morgan Chase Commercial Mortgage Securities Corp., Ser. CBX, Class A4, 4.529%, 1/12/37 2,187,194  
      Total Commercial Mortgage-Backed Securities 24,443,509  
      Collateralized Mortgage Obligations—1.3%  
AAA 2,058   Banc of America Alternative Loan Trust, Ser. 11, Class 2, 12/25/34 2,091,834  
AAA 3,310   Structured Asset Securities Corp., Class A2, 2/25/32 3,071,442  
      Total Collateralized Mortgage Obligations 5,163,276  
      U.S. Government and Agency Securities—38.3%  
  1,670   Aid to Israel, 5.50%, 4/26/24 - 9/18/33 1,813,347  
  1,050   Resolution Funding Corp., zero coupon, 7/15/18 - 10/15/18 553,481  
      U.S. Treasury Bonds,
  709        3.875%, 4/15/29 974,928  
  63,900 2      5.50%, 8/15/28 71,488,125  
  3,860        6.00%, 2/15/26 4,547,562  
  4,945 2      6.125%, 11/15/27 5,954,077  
  8,960        6.75%, 8/15/26 11,508,045  
  1,425        12.00%, 8/15/13 1,824,000  
      U.S. Treasury Notes,  
  8,399        2.00%, 1/15/14 8,693,947  
  20,590        2.375%, 8/31/06 20,345,597  
  11,860        2.50%, 5/31/06 - 9/30/06 11,764,916  
  4,545        2.75%, 6/30/06 4,523,002  
  4,195        3.00%, 12/31/06 4,175,325  
  430        3.375%, 10/15/09 424,423  
  7,595        3.625%, 1/15/10 7,568,873  
  380        4.25%, 11/15/14 383,443  
      Total U.S. Government and Agency Securities 156,543,091  
      CORPORATE BONDS—54.5%  
      Aerospace & Defense—2.0%  
B- 3,000   BE Aerospace, Inc., Ser. B, 8.00%, 3/01/08 2,970,000  
      Lockheed Martin Corp.,  
BBB+ 380        7.20%, 5/01/36 473,320  
BBB+ 1,175        8.50%, 12/01/29 1,645,505  
      Northrop Grumman Corp.,  
BBB 615        4.079%, 11/16/06 619,084  
BBB 380        7.125%, 2/15/11 434,530  
BBB 960        7.875%, 3/01/26 1,240,947  
NR 690   Raytheon Co., 7.00%, 5/15/06 738,815  
        8,122,201  
      Automotive—2.3%    
B- 240 3 Accuride Corp., 8.50%, 2/01/15 245,400  
A3 660   DaimlerChrysler NA Holding Corp., 7.45%, 3/01/27 751,515  
CCC+ 1,500   Delco Remy Intl., Inc., 11.00%, 5/01/09 1,582,500  
      General Motors Acceptance Corp.,  
Baa1 1,160        zero coupon, 12/01/12 676,237  
Baa1 4,129        6.875%, 9/15/11 4,141,428  
BBB 1,170   General Motors Corp., 8.375%, 7/15/33 1,137,024  
B3 110 3 Metaldyne Corp., 10.00%, 11/01/13 103,950  
BB- 892   TRW Automotive, Inc., 9.375%, 2/15/13 1,003,500  
        9,641,554  

2

BlackRock Core Bond Trust (BHK) (continued)

 
Principal
     
 
Amount
     
Rating1
(000) 
 Description
Value     
    Basic Materials—2.0%    
B $3,425   Caraustar Industries, Inc., 9.875%, 4/01/11 $    3,750,375  
B+ 3,600   Lyondell Chemical Co., 9.50%, 12/15/08 3,879,000  
B1 160 3 Novelis, Inc., 7.25%, 2/15/15 (Canada) 160,000  
B 275   Tembec Industries, Inc., 7.75%, 3/15/12 (Canada) 260,563  
        8,049,938  
      Building & Development—1.0%  
B- 490 3 Goodman Global Holding Co., Inc., 7.875%, 12/15/12 472,850  
BB+ 3,000   Hovnanian Enterprises, Inc., 10.50%, 10/01/07 3,435,000  
        3,907,850  
      Conglomerates—3.0%  
      General Electric Capital Corp.,  
AAA 2,200        2.219%, 1/28/05 2,202,728  
AAA 3,625        3.45%, 7/15/05 3,630,474  
AAA 5,770 2      3.60%, 10/15/08 5,698,682  
BB- 150 3 Stena AB, 7.00%, 12/01/16 (Sweden) 145,500  
B- 475   Trimas Corp., 9.875%, 6/15/12 495,188  
        12,172,572  
      Consumer Products—2.3%  
B3 90 3 ALH Finance Corp., 8.50%, 1/15/13 92,588  
A- 465   CVS Corp., 4.875%, 9/15/14 467,785  
A+ 1,680   Diageo Capital PLC, 3.375%, 3/20/08 (United Kingdom) 1,655,556  
B+ 210   Finlay Fine Jewelry Corp., 8.375%, 6/01/12 212,625  
BBB+ 1,010   General Mills, Inc., 5.125%, 2/15/07 1,036,886  
A3 950   Kraft Foods, Inc., 4.00%, 10/01/08 948,051  
BBB 650   Kroger Co., 6.80%, 4/01/11 729,570  
B2 130 3 Leslies Poolmart, Inc., 7.75%, 2/01/13 132,275  
B- 1,000   Pantry, Inc., 7.75%, 2/15/14 1,050,000  
B- 465 3 Rite Aid Corp., 6.125%, 12/15/08 433,613  
B+ 2,100   Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13 2,226,000  
B+ 500   Stoneridge, Inc., 11.50%, 5/01/12 572,500  
        9,557,449  
      Containers & Packaging—0.7%  
B 1,000   Crown European Holdings SA, 10.875%, 3/01/13 (France) 1,177,500  
BB- 1,500   Owens-Brockway Glass Container, Inc., 8.75%, 11/15/12 1,672,500  
        2,850,000  
      Ecological Services & Equipment—0.7%  
B+ 2,825   Allied Waste NA, Inc., Ser. B, 10.00%, 8/01/09 2,966,250  
      Energy—6.7%  
BBB+ 315   Anadarko Finance Co., Ser. B, 7.50%, 5/01/31 (Canada) 398,925  
CCC+ 775   Calpine Canada Energy Finance LLC, 8.50%, 5/01/08 (Canada) 567,688  
BB 1,250   Chesapeake Energy Corp., 9.00%, 8/15/12 1,409,375  
BB 667   Compagnie Generale de Geophysique SA, 10.625%, 11/15/07 (France) 702,851  
A- 1,800   Conoco Funding Co., 6.35%, 10/15/11 (Canada) 2,009,826  
A- 350   ConocoPhillips Holding Co., 6.95%, 4/15/29 428,323  
BBB 1,915   Devon Energy Corp., 7.95%, 4/15/32 2,513,993  
BBB 230   Devon Financing Corp. LLC, 7.875%, 9/30/31 298,207  
BBB+ 150   Dominion Resources, Inc., 5.70%, 9/17/12 159,648  
B 1,950   Dresser, Inc., 9.375%, 4/15/11 2,115,750  
B 885 3 Dynegy Holdings, Inc., 10.125%, 7/15/13 980,138  
      El Paso Natural Gas Co.,  
B1 850        7.625%, 8/01/10 926,500  
B1 265        8.625%, 1/15/22 304,750  
B- 2,250   El Paso Production Holding Co., 7.75%, 6/01/13 2,345,625  
      EnCana Corp.,  
A- 1,810        4.75%, 10/15/13 (Canada) 1,811,701  
A- 350        6.50%, 8/15/34 (Canada) 395,910  
BBB+ 305   Exelon Corp., 6.75%, 5/01/11 341,341  
BBB- 1,420   FirstEnergy Corp., Ser. C, 7.375%, 11/15/31 1,651,179  
BBB+ 360   Occidental Petroleum Corp., 7.20%, 4/01/28 439,566  
AA 835   Ontario Electricity Financial Corp., 6.10%, 1/30/08 (Canada) 890,477  

3

BlackRock Core Bond Trust (BHK) (continued)

 
Principal
     
 
Amount
     
Rating1
(000) 
 Description
Value     
    Energy—(continued)  
Baa1 $ 790   Peco Energy Capital Trust IV, 5.75%, 6/15/33 $ 785,669  
Baa1 1,650 3 Pemex Project Funding Master Trust, 9.375%, 12/02/08 1,914,000  
Aa1 290 3 SP PowerAssets Ltd., 5.00%, 10/22/13 (Singapore) 295,609  
A- 445   Suncor Energy, Inc., 5.95%, 12/01/34 (Canada) 479,024  
AA 1,050   Texaco Capital, Inc., 8.875%, 9/01/21 1,514,204  
B2 990   Utilicorp Canada Finance Corp., 7.75%, 6/15/11 (Canada) 1,023,412  
A3 725   Virginia Electric & Power Co., Ser. A, 5.75%, 3/31/06 744,466  
        27,448,157  
      Entertainment & Leisure—0.6%  
B+ 1,000   Circus & Eldorado Joint Venture, 10.125%, 3/01/12 1,075,000  
B 1,000   Resorts Intl. Hotel & Casino, Inc., 11.50%, 3/15/09 1,175,000  
B+ 90 3 Wynn Las Vegas LLC, 6.625%, 12/01/14 88,650  
        2,338,650  
      Financial Institutions—18.2%  
Aa3 1,625   American Express Bank, 2.584%, 2/21/05 1,624,919  
BB 3,165   American Real Estate Partners LP, 8.125%, 6/01/12 3,362,813  
AA+ 455 2 Associates Corp. NA, 6.95%, 11/01/18 538,101  
      Bank of America Corp.,  
Aa2 765        3.25%, 8/15/08 749,233  
Aa2 1,640        3.375%, 2/17/09 1,603,330  
Aa2 105        4.375%, 12/01/10 105,182  
Aa2 370        5.25%, 2/01/07 381,836  
Aa3 1,225        7.40%, 1/15/11 1,419,273  
      Bank One Corp.,  
Aa2 325        3.70%, 1/15/08 324,009  
Aa3 725        6.00%, 8/01/08 772,349  
      BankBoston NA,  
Aa2 1,400        6.375%, 3/25/08 - 4/15/08 1,504,351  
      Berkshire Hathaway Finance Corp.,  
AAA 1,200 3      3.40%, 7/02/07 1,195,236  
AAA 2,440 3      4.125%, 1/15/10 2,437,096  
AA+ 600   CitiFinancial, 6.25%, 1/01/08 639,420  
      Citigroup, Inc.,  
AA+ 3,595        3.625%, 2/09/09 3,550,709  
AA+ 1,960        4.25%, 7/29/09 1,976,778  
AA 185        6.00%, 10/31/33 198,888  
BB 1,000   Crum & Forster Holdings Corp., 10.375%, 6/15/13 1,117,500  
BB 200   Fairfax Financial Holdings, Ltd., 7.75%, 4/26/12 (Canada) 203,000  
      HBOS Treasury Services PLC,  
AA+ 855 3      3.60%, 8/15/07 (United Kingdom) 850,041  
AA+ 825 3      3.75%, 9/30/08 (United Kingdom) 817,130  
      HSBC Bank USA, Inc.,  
AA- 775        5.875%, 11/01/34 812,812  
AA- 855        6.75%, 5/15/11 959,909  
      HSBC Finance Corp.,  
A1 2,250        4.75%, 5/15/09 2,296,035  
AA- 635        6.375%, 8/01/10 693,216  
      JP Morgan Chase & Co.,  
Aa3 1,600        5.25%, 5/30/07 1,653,536  
Aa3 600        5.35%, 3/01/07 619,830  
      Marsh & McLennan Cos., Inc.,  
BBB 250        2.77%, 7/13/07 246,930  
BBB 265        5.375%, 7/15/14 261,889  
AA 1415 3 MetLife Global Funding I, 4.25%, 7/30/09 1,407,500  
AA+ 450 3 Monumental Global Funding II, 4.375%, 7/30/09 450,428  
      National City Bank Cleveland Ohio,  
Aa3 800        2.669%, 3/29/05 799,416  
AA- 1,200        3.375%, 10/15/07 1,185,120  
AA- 2,125 3 Nationwide Building Society, 3.50%, 7/31/07 (United Kingdom) 2,107,660  
AAA 850 3 New York Life Global Funding, 3.875%, 1/15/09 843,957  
AA 1,500   Protective Life Secured Trust, 3.70%, 11/24/08 1,492,983

4

BlackRock Core Bond Trust (BHK) (continued)

 
Principal
     
 
Amount
     
Rating1
(000) 
 Description
Value     
    Financial Institutions—(continued)  
AA- $1,000 3 Prudential Funding LLC, 6.60%, 5/15/08 $ 1,080,740  
AA 400 3 Rabobank Capital Fund II, zero coupon, 12/31/49 404,628  
      Rainbow National Services LLC,  
B+ 200 3      8.75%, 9/01/12 225,500  
B+ 825 3      10.375%, 9/01/14 969,375  
      SLM Corp.,  
A+ 4,220        3.625%, 3/17/08 4,177,251  
A+ 90        5.625%, 4/10/07 93,352  
AA 875   State Street Bank & Trust Co., Ser. CD1, 2.41%, 3/07/05 874,563  
NR 3,879   Structured Asset Receivable Trust, 1.649%, 1/21/10 3,878,964  
      SunTrust Bank, Inc.,  
Aa3 1,635        3.625%, 10/15/07 1,627,087  
Aa3 995        4.00%, 10/15/08 992,393  
AA- 1,265        4.415%, 6/15/09 1,280,307  
AAA 1,300 3 TIAA Global Markets, Inc., 3.875%, 1/22/08 1,305,915  
Aa2 375   U.S. Bancorp, Ser. N, 3.95%, 8/23/07 376,789  
      US Bank NA,  
Aa1 1,380        2.87%, 2/01/07 1,355,988  
Aa2 2,790        6.50%, 2/01/08 3,000,533  
AAA 495 3 USAA Capital Corp., 4.00%, 12/10/07 498,930  
      Wachovia Corp.,  
Aa3 4,200        3.50%, 8/15/08 4,150,524  
Aa3 975        3.625%, 2/17/09 961,847  
      Wells Fargo & Co.,  
Aa1 2,040        2.59%, 3/15/05 2,040,286  
Aa1 300        2.609%, 3/28/05 299,754  
Aa1 1,031        3.12%, 8/15/08 1,020,113  
Aa1 1,185        4.00%, 8/15/08 1,191,683  
Aa1 1,150        4.20%, 1/15/10 1,152,966  
Aa1 200        7.80%, 6/15/05 203,280  
        71,365,183  
      Health Care—2.1%
A 410   Boston Scientific Corp., 5.45%, 6/15/14 428,134  
B 455 3 Elan Finance Corp., 7.75%, 11/15/11 (Ireland) 476,613  
NR 2,000   HealthSouth Corp., 7.625%, 6/01/12 2,010,000  
B3 220   Insight Health Services Corp., Ser. B, 9.875%, 11/01/11 220,550  
      Tenet Healthcare Corp.,  
B 380        6.375%, 12/01/11 342,950  
B 5        6.50%, 6/01/12 4,475  
B 565 3      9.875%, 7/01/14 586,188  
B 2,000   United Surgical Partners Intl., Inc., 10.00%, 12/15/11 2,255,000  
A 1,210   UnitedHealth Group, Inc., 3.375%, 8/15/07 1,196,182  
CCC+ 160 3 Warner Chilcott Corp., 8.75%, 2/01/15 164,400  
A- 85 3 WellPoint, Inc., 5.95%, 12/15/34 88,300  
A 670   Wyeth, 6.50%, 2/01/34 738,702  
        8,511,494  
      Industrials—1.3%  
B- 900   Cenveo Corp., 7.875%, 12/01/13 787,500  
B- 535   ERICO Intl. Corp., 8.875%, 3/01/12 551,050  
B- 670 3 Hexcel Corp., 6.75%, 2/01/15 673,350  
B- 690 3 Knowledge Learning Corp., Inc., 7.75%, 2/01/15 693,450  
CCC+ 450 3 Park Ohio Ind., Inc., 8.375%, 11/15/14 448,875  
B 2,000   Terex Corp., 9.25%, 7/15/11 2,215,000  
        5,369,225  
      Media—4.5%  
      AOL Time Warner, Inc.,  
BBB+ 80        6.125%, 4/15/06 82,403  
BBB+ 90        6.625%, 5/15/29 99,001  
BBB+ 3,040        7.57%, 2/01/24 3,627,906  
BBB+ 205        7.625%, 4/15/31 252,554  
CCC+ 750   Charter Communications Holdings II, LLC, 10.25%, 9/15/10 776,250

5

BlackRock Core Bond Trust (BHK) (continued)

 
Principal
     
 
Amount
     
Rating1
(000) 
 Description
Value     
    Media—(continued)  
CCC+ $3,250   Charter Communications Holdings LLC, 10.75%, 10/01/09 $ 2,754,375  
      Comcast Corp.,  
BBB 4,405        5.50%, 3/15/11 4,641,460  
BBB 80        7.05%, 3/15/33 94,058  
BBB- 245 3 COX Communications, Inc., 4.625%, 1/15/10 244,390  
BBB 825   News America Holdings, Inc., 7.70%, 10/30/25 995,866  
      News America, Inc.,  
BBB 735 3      6.20%, 12/15/34 759,615  
BBB 985        7.625%, 11/30/28 1,191,023  
      TCI Communications, Inc.,  
BBB 200        7.125%, 2/15/28 236,646  
BBB 620        7.875%, 8/01/13 - 2/15/26 774,650  
B3 350   Vertis, Inc., 10.875%, 6/15/09 376,250  
A- 800   Viacom, Inc., 7.875%, 7/30/30 1,022,400  
B- 415 3 WMG Holdings Corp., 6.905%, 3/15/05 419,150  
        18,347,997  
      Real Estate—2.2%  
      AvalonBay Communities, Inc.,  
BBB+ 350        6.625%, 9/15/11 391,160  
BBB+ 775        8.25%, 7/15/08 877,285  
      EOP Operating LP,  
BBB+ 325        4.75%, 3/15/14 315,715  
BBB+ 1,700        7.00%, 7/15/11 1,911,735  
      ERP Operating LP,  
BBB+ 1,950        5.20%, 4/01/13 1,992,023  
A- 825        6.95%, 3/02/11 921,987  
      Rouse Co.,  
BB+ 895        3.625%, 3/15/09 839,805  
BB+ 1,650        5.375%, 11/26/13 1,581,590  
        8,831,300  
      Technology—0.0%  
Ba3 100 3 MagnaChip Semiconductor SA, 5.76%, 3/15/05 (Luxembourg) 103,250  
      Telecommunications—4.0%  
A 650   British Telecommunications PLC, 8.875%, 12/15/30 (United Kingdom) 888,719  
A- 25   Deutsche Telekom Intl. Finance BV, 8.75%, 6/15/05 (Netherlands) 33,825  
      Intelsat Ltd.,  
B+ 320 3      8.25%, 1/15/13 (Bermuda) 330,400  
B+ 550 3      8.625%, 1/15/15 (Bermuda) 570,625  
B 550   Lucent Technologies, Inc., 6.45%, 3/15/29 493,625  
B+ 1,750 3 Qwest Communications Intl., zero coupon, 2/15/14 1,776,250  
BB 200 3 Qwest Corp., 7.875%, 9/01/11 214,000  
BB+ 155 3 Rogers Wireless Communications, Inc., 7.25%, 12/15/12 (Canada) 165,656  
CCC 250   Rural Cellular Corp., 9.875%, 2/01/10 266,875  
A+ 875   SBC Communications, Inc., 6.45%, 6/15/34 948,456  
BBB 1,065   Sprint Capital Corp., 6.875%, 11/15/28 1,191,171  
A- 1,875 3 Telecom Italia Capital, 6.00%, 9/30/34 (Luxembourg) 1,893,656  
A 725   Telefonica Europe BV, 7.75%, 9/15/10 (Netherlands) 845,778  
A+ 75   Verizon Global Funding Corp., 7.75%, 12/01/30 95,192  
Aa3 125   Verizon Maryland, Inc., 5.125%, 6/15/33 113,838  
      Verizon New Jersey, Inc.,  
Aa3 230        7.85%, 11/15/29 288,427  
Aa3 335        Ser. A, 5.875%, 1/17/12 357,793  
Aa3 2,900   Verizon Virginia, Inc., 4.625%, 3/15/13 2,825,035  
A 2,504   Vodafone Group PLC, 7.75%, 2/15/10 (United Kingdom) 2,893,497  
        16,192,818  

6

BlackRock Core Bond Trust (BHK) (continued)

 
Principal
     
 
Amount
     
Rating1
(000) 
 Description
Value     
    Transportation—0.9%  
BBB $1,450   Canadian Pacific Railway Ltd., 6.25%, 10/15/11 (Canada) $ 1,596,522  
B+ 120   OMI Corp., 7.625%, 12/01/13 (Marshall Islands) 126,300  
B 1,635   Sea Containers Ltd., 10.50%, 5/15/12 (Bermuda) 1,718,794  
BB- 200 3 Ultrapetrol Bahamas Ltd., 9.00%, 11/24/14 (Bahamas) 194,000  
        3,635,616  
      Total Corporate Bonds 222,411,503  
      Taxable Municipal Bonds—0.2%  
A 650   California Dept. of Wtr. Res. Pwr. Sply., 3.975%, 5/01/05 651,281  
AA 350   Ohana Military Cmntys. LLC, 6.193%, 4/01/49 391,419  
      Total Taxable Municipal Bonds 1,042,700  
      Foreign Government Bonds—2.2%  
AA- 2,000   Quebec Province Canada, 5.00%, 7/17/09 2,080,060  
      United Mexican States,  
Baa1 4,000        6.625%, 3/03/15 4,338,000  
Baa1 2,255        8.00%, 9/24/22 2,668,792  
      Total Foreign Government Bonds 9,086,852  
      Total investments before investment sold short and outstanding options written    
      (cost $502,715,442) 511,128,093  
      TBA COMMITMENTS —(1.0%)  
      Mortgage Pass-Through Security—(1.0%)  
  (4,200)   Federal National Mortgage Assoc., 6.00% (4,336,500)  
  Contracts/      
  Notional    
  Amount    
   (000)    
      Outstanding Options Written—(0.3%)  
  (5,150)   0.25% over 3-month LIBOR, expires 4/06/05 (14,484)  
  (28,700)   4.60% over 3-month LIBOR, expires 2/23/05 (76,055)  
  (23,000)   5.67% over 3-month LIBOR, expires 1/04/10 (1,134,527)  
  (39,000)   5.75% over 3-month LIBOR, expires 9/23/05 (26,910)  
  (12,000)   6.05% over 3-month LIBOR, expires 2/23/05 (1)  
      Total Outstanding Options Written (premium received $2,379,212) (1,251,977)  
      Total investments net of TBA commitments and outstanding options written—123.9% 505,539,616  
      Liabilities in excess of other assets —(23.9)% (97,424,967)  
      Net Assets—100% 408,114,649  

 

1   Using the higher of Standard & Poor’s, Moody’s Investor Service or Fitch’s Ratings.
2   Entire or partial principal amount pledged as collateral for reverse repurchase agreements or financial futures contracts.
3   Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of January 31, 2005, the Trust held 7.2% of its net assets, with a current market value of $29,460,878, in securities restricted as to resale.
     
    A category in the Corporate Bonds section may contain multiple industries as defined by the SEC’s Standard Industry Codes.

 

KEY TO ABBREVIATIONS

TBA - To Be Announced


7

 

Item 2. Controls and Procedures.

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the registrant’s principal executive and financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

SIGNATURES

          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.

(Registrant)___BlackRock Core Bond Trust___

By:    /s/ Henry Gabbay                                                                                                            
Name: Henry Gabbay
Title: Treasurer
Date: April 1, 2005

          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/ Robert S. Kapito                                                                                                        
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: April 1, 2005

By:    /s/ Henry Gabbay                                                                                                             
Name: Henry Gabbay
Title: Principal Financial Officer
Date: April 1, 2005