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:      July 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)
JULY 31, 2005

BlackRock Core Bond Trust (BHK)

  Principal      
    Amount      
Rating1   (000)   Description Value  
      LONG-TERM INVESTMENTS—144.0%  
        Mortgage Pass-Through Securities—14.5%  
        Federal Home Loan Mortgage Corp.,  
    $ 1,875       3.01%, 4/19/07 $    1,833,169  
    96       5.00%, 8/01/33 94,592  
    8,664       5.50%, 11/01/18 - 12/01/99 8,752,422  
    291       5.944%, 5/01/32 296,231  
    7,291       6.00%, 2/01/13 - 12/15/19 7,508,845  
    42       7.00%, 9/01/31 44,040  
        Federal National Mortgage Assoc.,  
    870       1.75%, 6/16/06 853,679  
    6,805       2.35%, 4/29/06 - 4/05/07 6,647,261  
    2,062       3.86%, 12/25/33 2,073,541  
    81       4.50%, 8/01/18 - 12/01/99 81,652  
    1,280       4.75%, 2/21/13 1,258,291  
    14,470       5.00%, 11/01/17 - 12/01/99 14,487,637  
    10,056 2     5.50%, 3/15/11 - 12/01/99 10,224,587  
    34       6.00%, 8/01/29 - 5/01/33 34,611  
    546       7.00%, 1/01/31 - 7/01/32 575,098  
    426   Government National Mortgage Assoc., 5.50%, 8/15/33 431,231  
        Small Business Administration,  
    984       Ser. P10B, Class 1, 4.754%, 8/10/14 982,880  
    2,300       Ser. P10B, Class 1, 5.136%, 8/10/13 2,362,244  
        Total Mortgage Pass-Through Securities 58,542,011  
        Federal Housing Administration—0.3%  
    1,079   FHA Hebre Home Hospital, 6.25%, 9/01/28 1,111,576  
        Agency Multiple Class Mortgage Pass-Through Securities—5.0%  
        Federal Home Loan Mortgage Corp.,  
    1,597       Ser. 2825, Class VP, 5.50%, 6/15/15 1,611,321  
    1,300       Ser. 2883, Class DR, 5.00%, 11/15/19 1,270,646  
    3,736       Ser. 2922, Class GA, 5.50%, 5/15/34 3,743,655  
    1,949       Ser. 2927, Class BA, 5.50%, 10/15/33 1,954,365  
    1,950       Ser. 2933, Class HD, 5.50%, 2/15/35 1,956,532  
    2,000       Ser. 82, Class HJ, 5.50%, 9/25/32 2,013,940  
        Federal National Mortgage Assoc.,  
    2,240       Ser. 27, Class PC, 5.50%, 5/25/34 2,255,687  
    1,670       Ser. 3, Class AP, 5.50%, 2/25/35 1,673,758  
    3,750       Ser. 5, Class PK, 5.00%, 12/25/34 3,722,033  
        Total Agency Multiple Class Mortgage Pass-Through Securities 20,201,937  
        Non-Agency Multiple Class Mortgage Pass-Throughs—0.5%  
Aaa   1,916   Banc of America Alternative Loan Trust, Ser. 11, Class 2, 6.00%, 12/25/34 1,916,106  
        Interest Only Asset-Backed Securities—1.3%  
        Sterling Coofs Trust,  
    36,780 3     Ser. 1, 2.546%, 4/15/29 3,080,367  
    30,350 3     Ser. 2, 2.02%, 3/30/30 2,352,125  
        Total Interest Only Asset-Backed Securities 5,432,492  
        Interest Only Mortgage-Backed Securities—1.6%  
        Federal Home Loan Mortgage Corp.,  
    3,465       Ser. 2579, Class HI, 5.00%, 8/15/17 408,736  
    8,214       Ser. 2611, Class QI, 5.50%, 9/15/32 1,434,062  
        Federal National Mortgage Assoc.,  
    12,363       Ser. 64, Class QI, 5.50%, 1/25/33 2,213,023  
    35,320       Ser. 90, Class JH, 3.24%, 8/25/05 2,293,672  
        Total Interest Only Mortgage-Backed Securities 6,349,493  

1

BlackRock Core Bond Trust (BHK) (continued)

  Principal      
    Amount      
Rating1   (000)   Description Value  
      Commercial Mortgage-Backed Securities—6.2%  
        Banc of America Commercial Mortgage, Inc.,  
Aaa   $ 2,190       Ser. 1, Class A2, 6.503%, 4/15/36 $    2,340,190  
AAA   2,180       Ser. 1, Class A4, 5.034%, 6/01/05 2,188,110  
AAA   2,449   Commercial Mortgage Acceptance Corp., Ser. C2, Class A2, 6.03%, 9/15/30 2,498,823  
Aaa   1,677   Heller Financial Commercial Mortgage Asset Co., Ser. PH1, Class A2, 6.847%, 5/15/31 1,768,447  
Aaa   1,790   JP Morgan Commercial Mortgage Finance Corp., 7.371%, 8/15/32 1,960,479  
    3,000   Morgan Stanley Cap. Trust I, Ser. HF2, Class A2, 6.48%, 11/15/30 3,133,194  
AAA   3,500   Salomon Brothers Mortgage Securities VII, Ser. C1, Class A2, 7.52%, 12/18/09 3,853,336  
Aaa   1,931   GMAC Commercial Mortgage Securities, Inc., Ser. C3, Class A2, 7.179%, 8/15/36 2,074,031  
AAA   2,810   GS Mortgage Securities Corp. II, Ser. C1, Class A3, 6.135%, 10/18/30 2,893,787  
AAA   2,180   JP Morgan Chase Commercial Mortgage Securities Corp., Ser. CBX, Class A4, 4.529%, 1/12/37 2,145,927  
        Total Commercial Mortgage-Backed Securities 24,856,324  
        Collateralized Mortgage Obligation Securities—1.2%  
AAA   8,214   Federal Home Loan Mortgage Corp., Ser. 2582, Class TB, 3.50% 10/15/21 2,188,849  
AAA   3,076 3 Structured Asset Securities Corp., Class A2, 3.45%, 2/25/32 2,800,087  
        Total Collateralized Mortgage Obligation Securities 4,988,936  
        Bank Trust Preferred Securities—0.4%  
A1   1,030   RBS Capital Trust I, 4.709%, 6/30/05 1,008,597  
Baa3   535 3 Resona Global Securities (Cayman Islands), 7.191%, 7/30/06 550,376  
        Total Bank Trust Preferred Securities 1,558,973  
        Corporate Bonds—61.4%  
        Aerospace & Defense—2.5%  
    345 3 Aero Invest 1 S.A., 10.635%, 9/01/05 419,088  
B+   30   Armor Holdings, Inc., 8.25%, 8/15/13 32,700  
B-   2,220   BE Aerospace, Inc., 8.875%, 5/01/11 2,308,800  
B-   255   K&F Acquisition, Inc., 7.75%, 11/15/14 261,375  
        Lockheed Martin Corp.,  
BBB+   380       7.20%, 5/01/36 472,184  
BBB+   1,175       8.50%, 12/01/29 1,643,285  
        Northrop Grumman Corp.,  
BBB+   615       4.079%, 11/16/06 612,829  
BBB+   380       7.125%, 2/15/11 422,465  
BBB+   960       7.875%, 3/01/26 1,239,986  
    1,190   Raytheon Co., 7.00%, 5/15/06 1,243,926  
BB-   90   Sequa Corp., Ser. B, 8.875%, 4/01/08 97,200  
B-   200 3 Standard Aero Holdings, Inc., 8.25%, 9/01/14 211,000  
A   1,125   United Technologies Corp., 4.875%, 5/01/15 1,118,970  
          10,083,808  
        Automotive—1.0%  
B-   240   Accuride Corp., 8.50%, 2/01/15 249,600  
BB   100   ArvinMeritor, Inc., 8.75%, 3/01/12 107,750  
B   70   Cooper-Standard Automotive, Inc., 7.00%, 12/15/12 67,200  
A3   660   DaimlerChrysler NA Holding Corp., 7.45%, 3/01/27 749,679  
CCC   1,500   Delco Remy Intl., Inc., 11.00%, 5/01/09 1,387,500  
Ca   145   Delphi Corp., 6.50%, 5/01/09 130,500  
B-   100   Goodyear Tire & Rubber Co., 7.857%, 8/15/11 100,125  
CCC+   300 3 Metaldyne Corp., 10.00%, 11/01/13 272,250  
BB-   170 3 Navistar Intl. Corp., 6.25%, 3/01/12 166,600  
BB-   742   TRW Automotive, Inc., 9.375%, 2/15/13 831,040  
          4,062,244  
        Basic Materials—3.0%  
BB-   310   Abitibi-Consolidated, Inc., 8.375%, 4/01/15, (Canada) 323,175  
B-   75   Borden United States Finance Corp./Nova Scotia Finance ULC, 9.00%, 7/15/14 77,531  
B-   4,330   Caraustar Industries, Inc., 9.875%, 4/01/11 4,427,425  
B2   200 3 Compression Polymers Corp., 10.50%, 7/01/13 202,000  
BB-   150   Donohue Forest Products, 7.625%, 5/15/07, (Canada) 153,375  
B   66   Huntsman LLC, 11.50%, 7/15/12 77,220  
BB   70   IMC Global, Inc., Ser. B, 10.875%, 6/01/08 79,625  
CCC+   770 3 Innophos, Inc., 8.875%, 8/15/14 791,175  
BBB+   130   Ispat Inland ULC, 9.75%, 4/01/14, (Canada) 153,400  
BB-   3,600   Lyondell Chemical Co., 9.50%, 12/15/08 3,834,000  

2

BlackRock Core Bond Trust (BHK) (continued)

  Principal      
    Amount      
Rating1   (000)   Description Value  
      Basic Materials—(continued)  
B3   $     380 3 NewPage Corp., 10.00%, 5/01/12 $        382,850  
BBB-   325   Noranda, Inc., 5.50%, 6/15/17 321,237  
B-   280 3 PQ Corp., 7.50%, 2/15/13 278,600  
CCC+   420   Rhodia SA, 8.875%, 6/01/11, (France) 409,500  
BBB-   150 3  Southern Peru Copper Corp., 7.50%, 7/27/35 148,688  
B3   425   Trimas Corp., 9.875%, 6/15/12 362,312  
          12,022,113  
        Building & Development—1.1%  
B-   730 3  Goodman Global Holding Co., Inc., 7.875%, 12/15/12 698,062  
Ba1   3,000   Hovnanian Enterprises, Inc., 10.50%, 10/01/07 3,307,500  
CCC+   115   Nortek, Inc., 8.50%, 9/01/14 111,119  
BBB-   455   Pulte Homes, Inc., 6.00%, 2/15/35 434,666  
          4,551,347  
        Conglomerates—2.1%  
AAA   4,840 2  General Electric Cap. Corp., 3.60%, 10/15/08 4,715,031  
AAA   3,625   General Electric Capital Corp., 3.45%, 7/15/05 3,627,103  
BB-   30   Stena AB, 7.00%, 12/01/16, (Sweden) 28,575  
          8,370,709  
        Consumer Products—3.4%  
Baa2   375   Albertsons, Inc., 7.45%, 8/01/29 426,157  
B3   90   ALH Finance LLC/ALH Finance Corp., 8.50%, 1/15/13 85,500  
BB+   815   Delhaize America, Inc., 9.00%, 4/15/31 1,028,139  
A   1,540   Diageo Cap. PLC, 3.375%, 3/20/08, (United Kingdom) 1,499,144  
BBB+   530   Federated Department Stores, Inc. DE, 6.79%, 7/15/27 587,876  
B+   480   Finlay Fine Jewelry Corp., 8.375%, 6/01/12 451,200  
BBB+   1,010   General Mills, Inc., 5.125%, 2/15/07 1,018,423  
B   80   Gold Kist, Inc., 10.25%, 3/15/14 90,800  
A3   950   Kraft Foods, Inc., 4.00%, 10/01/08 932,786  
Baa2   650   Kroger Co., 6.80%, 4/01/11 703,903  
B-   330   Lazydays RV Center, Inc., 11.75%, 5/15/12 347,325  
B-   385   Levi Strauss & Co., 8.254%, 4/01/12 385,962  
        May Department Stores Co.,  
BBB   795       6.70%, 7/15/34 869,070  
BBB   230       7.875%, 3/01/30 280,736  
B2   670 3   Movie Gallery, Inc., 11.00%, 5/01/12 693,450  
B-   1,000   Pantry, Inc., 7.75%, 2/15/14 1,030,000  
BB-   200 3  Quicksilver, Inc., 6.875%, 4/15/15 201,000  
B-   865 3  Rite Aid Corp., 6.125%, 12/15/08 821,750  
B   2,100   Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13 2,163,000  
          13,616,221  
        Containers & Packaging—0.8%  
B   1,000   Crown European Hldgs. SA, 10.875%, 3/01/13, (France) 1,180,000  
B   1,500   Owens Brockway Glass Container, 8.25%, 5/15/13 1,623,750  
B3   455   Pliant Corp., 11.125%, 9/01/09 442,488  
          3,246,238  
        Ecological Services & Equipment—0.1%  
BB-   320   Allied Waste NA, Inc., 7.25%, 3/15/15 316,000  
        Energy—7.3%  
BBB+   565   Anadarko Finance Co., Ser. B, 7.50%, 5/01/31, (Canada) 701,702  
        ANR Pipeline Co.,  
B1   260       7.375%, 2/15/24 273,325  
B1   810       9.625%, 11/01/21 1,034,775  
CCC   705   Calpine Canada Energy Finance LLC, 8.50%, 5/01/08, (Canada) 511,125  
B   150   Calpine Corp., 9.625%, 9/30/14 156,375  
CCC+   260   Calpine Generating Co. LLC, 11.50%, 4/01/11 244,400  
        CMS Energy Corp.,  
B+   30       7.50%, 1/15/09 31,650  
B+   100       9.875%, 10/15/07 109,750

3

BlackRock Core Bond Trust (BHK) (continued)

  Principal      
    Amount      
Rating1   (000)   Description Value  
      Energy—(continued)  
        Coastal Corp.,  
B-   $     250       7.42%, 2/15/37 $        230,000  
B-   65       9.625%, 5/15/12 72,312  
B-   150       10.75%, 10/01/10 165,750  
BB-   160 3  Compagnie Generale de Geophysique SA, 7.50%, 5/15/15, (France) 167,200  
A-   1,800   Conoco Funding Co., 6.35%, 10/15/11, (Canada) 1,961,622  
BBB   1,980   Devon Financing Corp. LLC, 7.875%, 9/30/31 2,511,491  
BBB+   150   Dominion Resources, Inc., 5.70%, 9/17/12 155,909  
BBB+   1,100   Dominion Resources, Inc. VA, 5.95%, 6/15/35 1,123,815  
B2   690   Dresser, Inc., 9.375%, 4/15/11 724,500  
        Dynegy Holdings, Inc.,  
B-   70 3      9.875%, 7/15/10 77,350  
B-   1,075 3      10.125%, 7/15/13 1,222,812  
B-   100   El Paso Corp., 7.80%, 8/01/31 100,000  
        El Paso Natural Gas Co.,  
B1   850       7.625%, 8/01/10 894,625  
B1   225       8.375%, 6/15/32 266,625  
B1   265       8.625%, 1/15/22 314,025  
Ba2   130   Elwood Energy LLC, 8.159%, 7/05/26 146,962  
        EnCana Corp.,  
A-   1,810       4.75%, 10/15/13, (Canada) 1,774,488  
A-   350       6.50%, 8/15/34, (Canada) 396,228  
Baa3   925 3  Enterprise Products Operating LP, 5.75%, 3/01/35 878,879  
B   80   Exco Resources, Inc., 7.25%, 1/15/11 82,400  
BBB+   305   Exelon Corp., 6.75%, 5/01/11 332,532  
Baa3   765   FirstEnergy Corp., Ser. C, 7.375%, 11/15/31 920,042  
Aa3   525   Florida Power & Light Co., 4.95%, 6/01/35 503,176  
BBB   175   Halliburton Co., 7.60%, 8/15/96 215,177  
B   100 3  Hilcorp Energy I LP/Hilcorp Finance Corp., 10.50%, 9/01/10 111,000  
B-   170 3  KCS Energy, Inc., 7.125%, 4/01/12 174,250  
B+   99   Midwest Generation LLC, 8.56%, 1/02/16 110,274  
B2   590   Mission Energy Holdings Co., 13.50%, 7/15/08 703,575  
B   175 3  North American Energy Partners, Inc., 9.00%, 5/15/10, (Canada) 178,500  
A-   360   Occidental Petroleum Corp., 7.20%, 4/01/28 445,725  
BBB+   775   Oneok, Inc., 6.00%, 6/15/35 793,894  
B   130   Orion Power Holdings, Inc., 12.00%, 5/01/10 156,975  
Baa1   790   Peco Energy Cap. Trust IV, 5.75%, 6/15/33 798,294  
        Pemex Project Funding Master Trust,  
Baa1   240 3      5.75%, 12/15/15 236,760  
Baa1   1,650 3      9.375%, 12/02/08 1,856,250  
BBB   720   Petro Canada, 5.95%, 5/15/35 732,456  
B   25   Range Resources Corp., 6.375%, 3/15/15 25,125  
B+   145   Reliant Energy, Inc., 6.75%, 12/15/14 142,463  
Aa1   290 3  SP PowerAssets Ltd., 5.00%, 10/22/13, (Singapore) 293,213  
A-   295   Suncor Energy, Inc., 5.95%, 12/01/34, (Canada) 319,917  
AA   1,050   Texaco Cap. Inc., 8.875%, 9/01/21 1,480,374  
Ba2   20   Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26 22,275  
B2   1,365   Utilicorp Canada Finance Corp., 7.75%, 6/15/11, (Canada) 1,423,012  
A3   725   Virginia Electric & Power Co., Ser. A, 5.75%, 3/31/06 732,366  
B2   280   Whiting Petroleum Corp., 7.25%, 5/01/13 283,500  
B-   250 3  Williams Clayton Energy, Inc., 7.75%, 8/01/13 249,375  
          29,570,595  
        Entertainment & Leisure—0.7%  
B1   1,000   Circus & Eldorado Joint Venture, 10.125%, 3/01/12 1,060,000  
B-   150   Gaylord Entertainment Co., 6.75%, 11/15/14 149,063  
B   50   Hammons John Q. Hotels LP, Ser. B, 8.875%, 5/15/12 54,750  
B   110   Poster Financial Group, Inc., 8.75%, 12/01/11 112,750  
B   1,000   Resorts Intl. Hotel & Casino, Inc., 11.50%, 3/15/09 1,130,000  
BB-   260 3  Seneca Gaming Corp., 7.25%, 5/01/12 269,750  
B-   75 3  WMG Hldgs. Corp., 9.50%, 12/15/14 52,125  
B+   115   Wynn Las Vegas LLC, 6.625%, 12/01/14 111,981  
          2,940,419  

4

BlackRock Core Bond Trust (BHK) (continued)

  Principal      
    Amount      
Rating1   (000)   Description Value  
      Financial Institutions—21.1%  
AA   $     550 2,3  Allstate Financial Global Funding II, 2.625%, 10/22/06 $        538,279  
Aa3   1,625   American Express Bank, 3.513%, 8/21/05 1,624,919  
        Bank of America Corp.,  
Aa2   765       3.25%, 8/15/08 738,929  
Aa2   1,640       3.375%, 2/17/09 1,580,517  
Aa2   1,530       4.50%, 8/01/10 1,519,719  
Aa2   370       5.25%, 2/01/07 375,213  
Aa2   325   Bank One Corp., 3.70%, 1/15/08 319,443  
Aa2   1,400   BankBoston NA, 6.375%, 3/25/08 - 4/15/08 1,467,225  
        Barclays Bank PLC,  
Aa3   320       6.278%, 12/15/05 323,700  
Aa3   170 3      6.86%, 6/15/05, (United Kingdom) 195,670  
B-   60   BCP Crystal US Holdings Corp., 9.625%, 6/15/14 68,100  
Aaa   350 3  Belvoir Land LLC, Ser. A, Class I, 5.27%, 12/15/47 343,147  
        Berkshire Hathaway Finance Corp.,  
AAA   1,200       3.40%, 7/02/07 1,177,147  
AAA   1,440       4.125%, 1/15/10 1,411,330  
AAA   1,175 3  Berkshire Hathaway, Inc. DE, 4.75%, 5/15/12 1,171,252  
Aa1   600   CitiFinancial, 6.25%, 1/01/08 624,216  
        Citigroup, Inc.,  
Aa1   3,010       3.625%, 2/09/09 2,926,683  
Aa1   5,470       4.125%, 2/22/10 5,369,845  
Aa1   1,960       4.25%, 7/29/09 1,939,851  
Aa1   325       5.85%, 12/11/34 349,596  
Aa2   185       6.00%, 10/31/33 200,512  
Aa1   525       6.875%, 2/15/98 627,564  
BB   1,080   Crum & Forster Hldgs. Corp., 10.375%, 6/15/13 1,188,000  
AAA   2,150   Depfa ACS Bank, 4.25%, 8/16/05 2,120,448  
Aa3   900   Deutsche Bank AG/New York, 3.843%, 9/15/06 895,950  
BB   200   Fairfax Financial Holdings Ltd., 7.75%, 4/26/12, (Canada) 193,500  
Aa2   2,790   First Bank NA, 6.50%, 2/01/08 2,932,150  
Baa3   100   Ford Motor Credit Co., 7.25%, 10/25/11 98,689  
        General Motors Acceptance Corp.,  
Ba1   1,160       zero coupon, 12/01/12 619,148  
Ba1   340       4.75%, 9/14/09 395,531  
Ba1   29       6.875%, 9/15/11 28,142  
        HBOS Treasury Services PLC,  
AA   855 3      3.60%, 8/15/07, (United Kingdom) 841,764  
AA   825 3      3.75%, 9/30/08, (United Kingdom) 808,327  
        HSBC Bank USA, Inc.,  
Aa2   430       3.875%, 9/15/09 418,360  
Aa3   775       5.875%, 11/01/34 824,437  
        HSBC Finance Corp.,  
A1   1,820       4.75%, 5/15/09 1,823,349  
A1   635       6.375%, 8/01/10 678,024  
AA   1,500 3  Irwin Land LLC, 5.40%, 12/15/47 1,493,640  
        JP Morgan Chase & Co.,  
Aa3   1,600       5.25%, 5/30/07 1,623,888  
Aa3   600       5.35%, 3/01/07 608,700  
B-   45 3  KRATON Polymers LLC, 8.125%, 1/15/14 43,650  
BBB   825 3  Liberty Mutual Group, 6.50%, 3/15/35 796,605  
AA   1,150 3  MetLife Global Funding I, 4.25%, 7/30/09 1,134,463  
A   1,505   Metlife, Inc., 5.70%, 6/15/35 1,516,528  
AA   450 3  Monumental Global Funding II, 4.375%, 7/30/09 445,626  
Aa3   1,200   National City Bank Cleveland Ohio, 3.375%, 10/15/07 1,173,528  
Aa3   2,125 3  Nationwide Building Society, 3.50%, 7/31/07, (United Kingdom) 2,086,537  
AA+   850 3  New York Life Global Funding, 3.875%, 1/15/09 834,419  
B   200   Primedia, Inc., 8.643%, 5/15/10 211,000  
AA   1,310   Protective Life Secured Trust, 3.70%, 11/24/08 1,277,745  
A-   500   Prudential Financial, Inc., 5.40%, 6/13/35 483,690

5

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 $    1,052,850  
        Rainbow National Services LLC,  
B+   200 3      8.75%, 9/01/12 220,000  
B+   1,230       10.375%, 9/01/14 1,417,575  
A1   650   Royal Bank of Scotland Group PLC, 7.648%, 8/31/49, (United Kingdom) 806,611  
        SLM Corp.,  
A   4,220       3.625%, 3/17/08 4,128,088  
A   90       5.625%, 4/10/07 91,818  
Aa2   875   State Street Bank & Trust Co., Ser. CD1, 3.33%, 12/11/06 874,956  
AA+   3,646   Structured Asset Receivable Trust, 1.649%, 1/21/10 3,645,138  
A2   800 3  Sumitomo Mitsui Bkg Corp., 5.625%, 10/15/05 796,990  
        SunTrust Banks, Inc.,  
Aa3   1,635       3.625%, 10/15/07 1,608,170  
Aa2   1,265       4.415%, 6/15/09 1,255,892  
Aa3   995       4.00%, 10/15/08 979,299  
AAA   1,300 3  TIAA Global Markets, Inc., 3.875%, 1/22/08 1,282,580  
Aa2   375   U.S. Bancorp, Ser. N, 3.95%, 8/23/07 371,685  
A2   429,000   UBS AG Park Avenue, zero coupon, 9/27/05 3,828,047  
B-   250   UGS Corp., 10.00%, 6/01/12 278,750  
B-   50   Universal City Florida Hldg. Co. I/II, 7.96%, 5/01/10 52,500  
Aa1   1,380   US Bank NA, 2.87%, 2/01/07 1,349,461  
AAA   495 3  USAA Capital Corp., 4.00%, 12/10/07 490,778  
Aa3   4,200   Wachovia Corp., 3.50%, 8/15/08 4,088,658  
        Wells Fargo & Co.,  
Aa1   1,031       3.12%, 8/15/08 992,667  
Aa1   1,185       4.00%, 8/15/08 1,171,882  
Aa1   1,665       4.20%, 1/15/10 1,641,424  
BB-   50   Western Financial Bank, 9.625%, 5/15/12 55,125  
          84,969,639  
        Health Care—1.5%  
A   210   Boston Scientific Corp., 5.45%, 6/15/14 215,869  
CCC   20   Curative Health Services, Inc., 10.75%, 5/01/11 15,700  
B   430 3  Elan Finance Corp., 7.75%, 11/15/11, (Ireland) 373,025  
B3   55   Insight Health Services Corp., Ser. B, 9.875%, 11/01/11 47,850  
AA-   1,085   Merck & Co., Inc., 4.75%, 3/01/15 1,068,237  
        Tenet Healthcare Corp.,  
B   70       6.375%, 12/01/11 66,850  
B   475       9.875%, 7/01/14 508,250  
B   2,000   United Surgical Partners Intl., Inc., 10.00%, 12/15/11 2,200,000  
A   1,210   UnitedHealth Group, Inc., 3.375%, 8/15/07 1,182,981  
B-   410   Universal Hospital Services, Inc., 10.125%, 11/01/11 423,325  
BBB+   85   Wellpoint, Inc., 5.95%, 12/15/34 90,324  
          6,192,411  
        Industrials—1.8%  
B-   250   Cenveo Corp., 7.875%, 12/01/13 241,875  
B-   1,295 3  DI Finance/DynCorp. Intl., 9.50%, 2/15/13 1,285,287  
B-   635   ERICO Intl. Corp., 8.875%, 3/01/12 660,400  
B-   360 3  Hydrochem Industrial Services, 9.25%, 2/15/13 337,500  
B-   690 3  Knowledge Learning Corp., Inc., 7.75%, 2/01/15 669,300  
Caa1   390 3  Nationsrent Cos., Inc., 9.50%, 5/01/15 406,575  
CCC+   420 3  Park-Ohio Inds., Inc., 8.375%, 11/15/14 393,750  
        Rural/Metro Corp.,  
CCC+   140 3      zero coupon, 3/15/16 76,300  
CCC+   235 3      9.875%, 3/15/15 234,412  
B3   480 3  Sunstate Equipment Co. LLC, 10.50%, 4/01/13 493,200  
B   2,000   Terex Corp., 9.25%, 7/15/11 2,180,000  
B+   305   United Rentals NA, Inc., 7.00%, 2/15/14 287,463  
          7,266,062  

6

BlackRock Core Bond Trust (BHK) (continued)

  Principal      
    Amount      
Rating1   (000)   Description Value  
      Media—5.5%  
        AOL Time Warner, Inc.,  
BBB+   $         80       6.125%, 4/15/06 $            81,089  
BBB+   90       6.625%, 5/15/29 98,442  
BBB+   3,040       7.57%, 2/01/24 3,589,237  
BBB+   205       7.625%, 4/15/31 250,635  
BBB+   1,540       7.70%, 5/01/32 1,904,040  
B2   510 3  Cablecom SCA (Luxembourg) (EUR), 4.898%, 7/15/05 622,620  
B+   175   Cenveo Corp., 9.625%, 3/15/12 188,562  
CCC-   810   Charter Communications Hldgs. II LLC/Charter Communications Hldgs. II Cap. Corp.,  
            10.25%, 9/15/10 838,350  
Ca   3,250   Charter Communications Holdings LLC, 10.75%, 10/01/09 2,665,000  
        Comcast Corp.,  
BBB+   4,405       5.50%, 3/15/11 4,542,656  
BBB+   80       7.05%, 3/15/33 92,866  
BB-   125   Echostar DBS Corp., 6.754%, 10/01/08 127,813  
B   250   General Cable Corp., 9.50%, 11/15/10 266,875  
CCC+   100 3  Iesy Repository GMBH, 10.375%, 2/15/15 103,000  
BBB-   825   News America Holdings, Inc., 7.70%, 10/30/25 975,241  
        News America, Inc.,  
BBB-   735       6.20%, 12/15/34 755,506  
BBB-   985       7.625%, 11/30/28 1,160,005  
B-   160 3  Nexstar Finance, Inc., 7.00%, 1/15/14 149,600  
B   125 3  Penn National Gaming, Inc., 6.75%, 3/01/15 125,625  
B   200   Sinclair Broadcast Group, Inc., 8.75%, 12/15/11 212,500  
        TCI Communications, Inc.,  
BBB+   200       7.125%, 2/15/28 228,238  
BBB+   620       7.875%, 8/01/13 - 2/15/26 757,666  
        Vertis, Inc.,  
CCC   575       10.875%, 6/15/09 557,750  
Caa2   170       13.50%, 12/07/09 130,900  
A3   800   Viacom, Inc., 7.875%, 7/30/30 917,952  
CCC   55   WRC Media, Inc./Weekly Reader Corp./JLC Learning Corp., 12.75%, 11/15/09 58,438  
CCC   620   Young Broadcasting, Inc., 10.00%, 3/01/11 582,800  
          21,983,406  
        Real Estate—2.3%  
BB   3,165   American Real Estate Partners LP, 8.125%, 6/01/12 3,339,075  
BB   320 3  American Real Estate Partners LP/American Real Estate Finance Corp.,  
            7.125%, 2/15/13 320,000  
        AvalonBay Communities, Inc.,  
BBB+   350       6.625%, 9/15/11 381,090  
BBB+   775       8.25%, 7/15/08 849,191  
BBB+   1,700   EOP Operating LP, 7.00%, 7/15/11 1,861,687  
        Rouse Co.,  
BB+   895       3.625%, 3/15/09 840,504  
BB+   1,650       5.375%, 11/26/13 1,583,736  
          9,175,283  
        Technology—0.6%  
    250   Celestica, Inc., 7.625%, 7/01/13 254,063  
Ba3   100 3  MagnaChip Semiconductor SA/MagnaChip Semiconductor Finance Co.,  
            6.66%, 12/15/11, (Luxembourg) 100,250  
B1   100   Sanmina SCI Corp., 6.75%, 3/01/13 96,000  
        Sungard Data Systems, Inc.,  
B-   110       zero coupon, 8/15/13 114,125  
B-   350 3      9.125%, 8/15/13 365,330  
B-   425 3      10.25%, 8/15/15 442,552  
B   835   Superior Essex Communications LLC/Essex Group, Inc., 9.00%, 4/15/12 851,700  
          2,224,020  

7

BlackRock Core Bond Trust (BHK) (continued)

  Principal      
    Amount      
Rating1   (000)   Description Value  
      Telecommunications—5.1%  
B-   $        270   Allbritton Communications Co., 7.75%, 12/15/12 $         272,025  
A   2,000 3  Bellsouth Corp., 4.258%, 4/26/06 1,999,280  
A   1,700   Bellsouth Telecommunications, zero coupon, 12/15/95 924,698  
B1   210   Cincinnati Bell, Inc., 7.25%, 7/15/13 223,912  
A-   25   Deutsche Telekom Intl. Finance BV, 8.75%, 6/15/05, (Netherlands) 33,531  
B-   190 3  Hawaiian Telcom Communications, Inc., 8.914%, 5/01/13 197,125  
        Intelsat Ltd.,  
B   175 3      5.25%, 11/01/08, (Bermuda) 166,250  
B+   195 3      8.25%, 1/15/13, (Bermuda) 203,775  
B+   405 3      8.625%, 1/15/15, (Bermuda) 431,325  
B+   175       8.695%, 1/15/12, (Bermuda) 178,500  
        Lucent Technologies, Inc.,  
B1   150       6.45%, 3/15/29 135,375  
B1   805       6.50%, 1/15/28 716,450  
        Qwest Corp.,  
BB-   470 3      6.671%, 9/17/05 488,800  
BB-   200       7.875%, 9/01/11 208,500  
B   375   Qwest Services Corp., 13.50%, 12/15/10 431,719  
BB   155   Rogers Wireless, Inc., 7.25%, 12/15/12, (Canada) 167,400  
CCC   730   Rural Cellular Corp., 9.875%, 2/01/10 776,537  
A   780   SBC Communications, Inc., 6.45%, 6/15/34 865,121  
A-   675   Sprint Cap. Corp., 8.75%, 3/15/32 926,289  
A-   1,715   Sprint Capital Corp., 6.875%, 11/15/28 1,935,326  
BBB+   1,875 3  Telecom Italia Capital, 6.00%, 9/30/34, (Luxembourg) 1,863,000  
A   725   Telefonica Europe BV, 7.75%, 9/15/10, (Netherlands) 819,395  
A+   70   Verizon Global Funding Corp., 7.75%, 12/01/30 89,033  
A+   125   Verizon Maryland, Inc., 5.125%, 6/15/33 114,588  
        Verizon New Jersey, Inc.,  
A+   230       7.85%, 11/15/29 276,414  
A+   335       Ser. A, 5.875%, 1/17/12 348,484  
A+   3,150   Verizon Virginia, Inc., 4.625%, 3/15/13 3,069,171  
A   2,504   Vodafone Group PLC, 7.75%, 2/15/10, (United Kingdom) 2,817,451  
          20,679,474  
        Transportation—1.5%  
A-   350   Canadian National Railway Co., 6.25%, 8/01/34, (Canada) 396,350  
BBB   1,450   Canadian Pacific Railway Ltd., 6.25%, 10/15/11, (Canada) 1,565,202  
B   315 3  CHC Helicopter Corp., 7.375%, 5/01/14, (Canada) 318,938  
B+   165   General Maritime Corp., 10.00%, 3/15/13, (Marshall Island) 180,263  
B3   60 3  Horizon Lines LLC, 9.00%, 11/01/12 64,050  
BBB+   1,300   Norfolk Southern Corp., 7.05%, 5/01/37 1,565,642  
B+   90   OMI Corp., 7.625%, 12/01/13, (Marshall Island) 91,688  
B   1,635   Sea Containers Ltd., 10.50%, 5/15/12, (Bermuda) 1,704,487  
          5,886,620  
        Total Corporate Bonds 247,156,609  
        U.S. Government and Agency Securities—46.5%  
    1,670   Aid to Israel, 5.50%, 4/26/24 - 9/18/33 1,842,536  
    1,050   Resolution Funding Corp., zero coupon, 7/15/18 - 10/15/18 568,312  
        U.S. Treasury Bonds,  
    16,295 4      5.375%, 2/15/31 18,510,142  
    50,670 4      5.50%, 8/15/28 57,526,158  
    3,660 4      6.00%, 2/15/26 4,358,259  
    8,960 4      6.75%, 8/15/26 11,601,766  
    7,000 4      8.00%, 11/15/21 9,777,040  
    1,800 4      8.50%, 2/15/20 2,563,038  
        U.S. Treasury Notes,  
    1,029       1.875%, 7/15/15 1,027,520  
    1,939 2      2.00%, 7/15/14 1,960,150  
    28,640       3.50%, 5/31/07 28,396,915  
    8,100 4      3.625%, 4/30/07 - 6/15/10 8,019,084

8

BlackRock Core Bond Trust (BHK) (continued)

  Principal      
    Amount      
Rating1   (000)   Description Value  
      U.S. Government and Agency Securities—(continued)  
    $    29,090 4      3.75%, 3/31/07  $    28,976,258  
    1,400       3.875%, 7/15/10 1,384,474  
    4,580 4      4.00%, 2/15/15 4,476,950  
    3,080       4.125%, 5/15/15 3,046,351  
    85       5.00%, 8/15/11 88,851  
    3,029   U.S. Treasury Notes TIPS, 1.625%, 1/15/15 2,961,725  
        Total U.S. Government and Agency Securities 187,085,529  
        Taxable Municipal Bonds—2.0%  
AAA   1,340   California St., 5.00%, 6/01/31 1,412,427  
AAA   445   Connecticut St., Ser. B, 5.00%, 12/01/15 485,054  
AAA   1,115   Georgia St., Ser. C, 5.50%, 7/01/16 1,267,041  
AAA   225   Hawaii St., Ser. DG, 5.00%, 7/01/15 247,705  
AAA   320   Maricopa County Arizona Unified School District Number 48 Scottsdale, School Improvement  
            Project, Ser. A, 5.00%, 7/01/16 350,074  
AAA   640   Maryland St., State & Local Facilities Loan, Ser. Y, 5.50%, 7/15/15 736,877  
AAA   745   Metropolitan Transportation Authority New York Revenue, Ser. A, 5.00%, 11/15/33 787,927  
AA+   450   New York City Municipal Water Finance Authority Water & Sewer Systems Revenue, Ser. C,
    5.00%, 6/15/31		 475,461  
AAA   495   New York State Environmental Facilities Corp. State Clean Water & Drinking Water Revenue,  
            NYC Municipal Water Finance Project, 5.00%, 6/15/34 522,166  
AA   350 3  Ohana Military Cmntys. LLC, 6.193%, 4/01/49 394,180  
AA   640   University Maryland Systems Auxiliary Facility And Tuition Revenue, Series A, 5.00%, 4/01/16 702,131  
AAA   495   University Texas Permanent University Fund, Series B, 5.00%, 7/01/35 522,705  
        Total Taxable Municipal Bonds 7,903,748  
        Foreign Government Bonds—3.1%  
        Federal Republic of Germany,  
AAA   2,325       4.00%, 1/04/37 2,959,407  
AAA   525       4.75%, 7/04/34 750,452  
Aaa   1,700   Japan Finance Corp. for Municipal Enterprises, 4.625%, 4/21/15 1,684,292  
        United Mexican States,  
Baa1   3,650       6.625%, 3/03/15 3,945,650  
Baa1   400       6.75%, 9/27/34 421,000  
Baa1   2,255       8.00%, 9/24/22 2,706,000  
        Total Foreign Government Bonds 12,466,801  
        Total Long-Term Investments (cost $581,614,3615) 579,570,535  
        BORROWED BONDS—0.2%  
        U.S. Government and Agency Securities—0.2%  
        U.S. Treasury Bonds,  
    255 6      2.75%, 8/04/05 255,200  
    408 6      2.80%, 8/04/05 408,187  
        Total Borrowed Bonds (cost $663,387) 663,387  

See Notes to Financial Statements.

9

BlackRock Core Bond Trust (BHK) (continued)

       
    Notional      
    Amount      
    (000)   Description Value  
        OUTSTANDING OPTIONS WRITTEN—(0.4%)  
        Interest Swap  
    $    (10,600)       5.135% over 3-month LIBOR, expires 4/21/08 $ (447,161)  
    (23,000)       5.67% over 3-month LIBOR, expires 1/04/10 (1,161,500)  
    (39,000)       5.75% over 3-month LIBOR, expires 9/23/05 (780)  
    (73)       U.S. Treasury Notes Future, expiring 9/16/05 (1,141)  
    (66)       U.S. Treasury Notes Future, expiring 9/16/05 (16,500)  
    (48)       U.S. Treasury Notes Future, expiring 9/16/05 (3,750)  
    (16)       U.S. Treasury Notes Future, expiring 9/16/05 (250)  
    (58)       U.S. Treasury Notes Future, expiring 9/16/05 (906)  
        Total Outstanding Options Written (premium received $2,631,571) (1,631,988)  
        Total investments net of borrowed bonds and outstanding options written—143.8% 578,601,934  
        Liabilities in excess of other assets (including $44,876,434 of investment purchase payable and  
            $148,318,130 of reverse repurchase agreement payable)—(43.8)% (176,024,898)  
        Net Assets—100% $ 402,577,036  

1   Using the higher of Standard & Poor’s, Moody’s Investor Service or Fitch Ratings.  
2   Security, or a portion thereof, pledged as collateral with a value at $2,435,446 on 532 long U.S. Treasury Note futures contracts expiring September 2005, 1,846 Short U.S. Treasury futures contracts expiring September 2005, 208 short Eurodollar futures contracts expiring September 2005 to September 2007 and 101 Short Germany Federal Republic Bonds futures contracts expiring September 2005. The value of such contracts on July 31, 2005 was $202,505,533, with an unrealized gain of $1,595,936.  
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 July 31, 2005, the Trust held 11.8% of it nets assets, with a current market value of $47,356,795, in securities restricted as to resale.  
4   Entire or partial principal amount pledged as collateral for reverse repurchase agreements.  
5   Cost for Federal income tax purposes is $588,193,110. The net unrealized depreciation on a tax basis is $8,622,575, consisting of $1,588,422 gross unrealized appreciation and $10,210,997 gross unrealized depreciation.  
6   The interest rate and maturity date shares represent the terms of the bonds borrowed transaction, not the security borrowed. 

10

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management , including it principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(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 (17 CFR 270.30a -3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are 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: September 28, 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: September 28, 2005

By: /s/ Henry Gabbay                                                  
Name: Henry Gabbay
Title: Principal Financial Officer
Date: September 28, 2005