NPORT-EX 2 NPORT_D2I2_20566087_0325.htm EDGAR HTML
March 31, 2025 
2025 Quarterly Report
(Unaudited)
 
BlackRock Core Bond Trust (BHK)
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Schedule of Investments (unaudited)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)

 
Security
 
Par
(000)
Value
Asset-Backed Securities
AIMCO CLO, Series 2018-BA, Class CRR, (3-mo. CME
Term SOFR + 2.40%), 6.71%, 04/16/37(a)(b)
USD
650
$ 652,385
Apidos CLO XVIII-R(a)(b)
 
Series 2018-18A, Class A1R2, (3-mo. CME Term
SOFR + 1.33%), 5.70%, 01/22/38
 
1,295
1,295,117
Series 2018-18A, Class BR2, (3-mo. CME Term
SOFR + 1.70%), 6.07%, 01/22/38
 
777
774,763
Apidos CLO XXII, Series 2015-22A, Class CR, (3-mo.
CME Term SOFR + 3.21%), 7.50%, 04/20/31(a)(b)
 
250
250,000
Apidos CLO XXIV, Series 2016-24A, Class A1AL, (3-mo.
CME Term SOFR + 1.21%), 5.50%, 10/20/30(a)(b)
 
259
258,631
Assurant CLO I Ltd., Series 2017-1A, Class CR, (3-mo.
CME Term SOFR + 2.41%), 6.70%, 10/20/34(a)(b)
 
500
498,970
Assurant CLO IV Ltd.(a)(b)
 
Series 2019-4A, Class CR, (3-mo. CME Term SOFR +
2.66%), 6.95%, 04/20/30
 
500
499,984
Series 2019-4A, Class DR, (3-mo. CME Term SOFR +
3.91%), 8.20%, 04/20/30
 
600
599,961
Bain Capital Credit CLO Ltd., Series 2021-3A, Class D,
(3-mo. CME Term SOFR + 3.36%), 7.66%,
07/24/34(a)(b)
 
250
250,000
Ballyrock CLO Ltd., Series 2024-28A, Class A2, (3-mo.
CME Term SOFR + 1.70%), 6.03%, 01/20/38(a)(b)
 
500
499,917
Benefit Street Partners CLO VIII Ltd., Series 2015-8A,
Class A2R, (3-mo. CME Term SOFR + 1.71%), 6.00%,
01/20/31(a)(b)
 
1,500
1,499,712
Birch Grove CLO 3 Ltd., Series 2021-3A, Class D1R,
(3-mo. CME Term SOFR + 2.85%), 7.16%,
01/19/38(a)(b)
 
250
247,277
BlueMountain CLO XXVIII Ltd., Series 2021-28A,
Class D, (3-mo. CME Term SOFR + 3.16%), 7.46%,
04/15/34(a)(b)
 
500
498,369
Bryant Park Funding Ltd., Series 2024-22A, Class C,
(3-mo. CME Term SOFR + 2.60%), 6.90%,
04/15/37(a)(b)
 
1,200
1,204,356
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR,
(3-mo. CME Term SOFR + 1.07%), 5.36%,
07/18/34(a)(b)
 
2,500
2,492,500
Canyon Capital CLO Ltd.(a)(b)
 
Series 2016-1A, Class CR, (3-mo. CME Term SOFR +
2.16%), 6.46%, 07/15/31
 
250
249,801
Series 2021-2A, Class D, (3-mo. CME Term SOFR +
3.61%), 7.91%, 04/15/34
 
500
499,071
Carlyle Global Market Strategies CLO Ltd.(a)(b)
 
Series 2013-1A, Class A1RR, (3-mo. CME Term
SOFR + 1.21%), 5.53%, 08/14/30
 
2
1,823
Series 2013-1A, Class CR, (3-mo. CME Term SOFR +
3.61%), 7.93%, 08/14/30
 
1,000
1,000,310
CarVal CLO II Ltd., Series 2019-1A, Class AR2, (3-mo.
CME Term SOFR + 1.02%), 5.31%, 04/20/32(a)(b)
 
393
392,621
CarVal CLO VC Ltd., Series 2021-2A, Class D, (3-mo.
CME Term SOFR + 3.51%), 7.81%, 10/15/34(a)(b)
 
250
249,516
Cedar Funding XIV CLO Ltd., Series 2021-14A,
Class B1R, (3-mo. CME Term SOFR + 1.70%),
6.00%, 10/15/37(a)(b)
 
500
498,483
Cedar Funding XV CLO Ltd., Series 2022-15A, Class B,
(3-mo. CME Term SOFR + 1.80%), 6.09%,
04/20/35(a)(b)
 
400
398,184
CIFC Funding Ltd.(a)(b)
 
Series 2013-1A, Class CR, (3-mo. CME Term SOFR +
3.81%), 8.12%, 07/16/30
 
500
500,254
Series 2015-1A, Class ARR, (3-mo. CME Term SOFR
+ 1.37%), 5.66%, 01/22/31
 
486
486,192
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
CIFC Funding Ltd.(a)(b) (continued)
 
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR
+ 2.45%), 6.74%, 04/21/37
USD
1,000
$ 1,003,527
Series 2017-2A, Class AR, (3-mo. CME Term SOFR +
1.21%), 5.50%, 04/20/30
 
254
254,077
Series 2018-1A, Class A1R, (3-mo. CME Term SOFR
+ 1.32%), 5.67%, 01/18/38
 
1,036
1,036,029
Series 2018-1A, Class BR, (3-mo. CME Term SOFR +
1.70%), 6.05%, 01/18/38
 
1,295
1,294,092
Series 2019-1A, Class D1R2, (3-mo. CME Term
SOFR + 3.05%), 7.34%, 10/20/37
 
500
496,336
Series 2020-1A, Class DR, (3-mo. CME Term SOFR +
3.36%), 7.66%, 07/15/36
 
500
499,322
Concord Music Royalties LLC, Series 2024-1A, Class A,
5.64%, 10/20/74(b)
 
164
163,037
CWHEQ Revolving Home Equity Loan Trust,
Series 2006-I, Class 1A, (1 mo. Term SOFR + 0.25%),
4.57%, 01/15/37(a)
 
764
728,218
Dewolf Park CLO Ltd., Series 2017-1A, Class DR, (3-mo.
CME Term SOFR + 3.11%), 7.41%, 10/15/30(a)(b)
 
280
279,862
Dryden CLO Ltd.(a)(b)
 
Series 2017-53A, Class B, (3-mo. CME Term SOFR +
1.66%), 5.96%, 01/15/31
 
1,320
1,319,281
Series 2018-64A, Class D, (3-mo. CME Term SOFR +
2.91%), 7.20%, 04/18/31
 
1,250
1,249,460
Dryden Senior Loan Fund(a)(b)
 
Series 2015-37A, Class AR, (3-mo. CME Term SOFR
+ 1.36%), 5.66%, 01/15/31
 
134
134,383
Series 2017-50A, Class B, (3-mo. CME Term SOFR +
1.91%), 6.21%, 07/15/30
 
250
250,066
Eaton Vance CLO Ltd., Series 2015-1A, Class A2R, (3-
mo. CME Term SOFR + 1.51%), 5.80%, 01/20/30(a)(b)
 
1,000
999,174
EDvestinU Private Education Loan Issue No. 3 LLC,
Series 2021-A, Class B, 3.50%, 11/25/50(b)
 
110
92,857
Elmwood CLO 21 Ltd., Series 2022-8A, Class CR, (3-
mo. CME Term SOFR + 2.70%), 6.99%, 10/20/36(a)(b)
 
500
501,758
Elmwood CLO 26 Ltd, Series 2026-1A, Class C, (3-mo.
CME Term SOFR + 2.40%), 6.69%, 04/18/37(a)(b)
 
1,300
1,304,751
Elmwood CLO VI Ltd., Series 2020-3A, Class BRR, (3-
mo. CME Term SOFR + 1.70%), 5.99%, 07/18/37(a)(b)
 
250
249,143
Fairstone Financial Issuance Trust I, Series 2020-1A,
Class C, 5.16%, 10/20/39(b)
CAD
170
115,554
Flatiron CLO Ltd., Series 2018-1A, Class A, (3-mo. CME
Term SOFR + 1.21%), 5.51%, 04/17/31(a)(b)
USD
319
319,069
Galaxy CLO Ltd., Series 2023-31A, Class E, (3-mo. CME
Term SOFR + 8.43%), 12.73%, 04/15/36(a)(b)
 
350
349,697
Galaxy XX CLO Ltd., Series 2015-20A, Class CR, (3-mo.
CME Term SOFR + 2.01%), 6.30%, 04/20/31(a)(b)
 
250
249,971
Galaxy XXVII CLO Ltd., Series 2018-27A, Class A, (3-
mo. CME Term SOFR + 1.28%), 5.60%, 05/16/31(a)(b)
 
467
466,397
GoldenTree Loan Management U.S. CLO Ltd.(a)(b)
 
Series 2019-5A, Class BR, (3-mo. CME Term SOFR +
1.86%), 6.16%, 04/24/31
 
500
500,156
Series 2021-11A, Class AR, (3-mo. CME Term SOFR
+ 1.08%), 5.37%, 10/20/34
 
470
469,386
Golub Capital Partners CLO Ltd., Series 2021-55A,
Class E, (3-mo. CME Term SOFR + 6.82%), 11.11%,
07/20/34(a)(b)
 
250
248,027
Gracie Point International Funding LLC, Series 2023-1A,
Class D, (90-day Avg SOFR + 4.50%), 8.92%,
09/01/26(a)(b)
 
162
162,836
GreenSky Home Improvement Issuer Trust,
Series 2024-2, Class C, 5.55%, 10/27/59(b)
 
100
100,129
1
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Highbridge Loan Management, Series 3A-2014,
Class CR, (3-mo. CME Term SOFR + 3.86%), 8.15%,
07/18/29(a)(b)
USD
1,000
$ 1,000,606
Huntington Bank Auto Credit-Linked Notes,
Series 2024-2, Class B1, 5.44%, 10/20/32(b)
 
722
724,933
Long Beach Mortgage Loan Trust, Series 2006-8,
Class 2A4, (1 mo. Term SOFR + 0.59%), 4.91%,
09/25/36(a)
 
5,812
1,550,770
Madison Park Funding LIX Ltd., Series 2021-59A,
Class A1R, (3-mo. CME Term SOFR + 1.50%), 5.79%,
04/18/37(a)(b)
 
1,300
1,302,602
Madison Park Funding XLVIII Ltd., Series 2021-48A,
Class E, (3-mo. CME Term SOFR + 6.51%), 10.80%,
04/19/33(a)(b)
 
500
500,028
Madison Park Funding XXIII Ltd.(a)(b)
 
Series 2017-23A, Class AR, (3-mo. CME Term SOFR
+ 1.23%), 5.53%, 07/27/31
 
633
633,030
Series 2017-23A, Class CR, (3-mo. CME Term SOFR
+ 2.26%), 6.56%, 07/27/31
 
600
600,206
Madison Park Funding XXXVII Ltd., Series 2019-37A,
Class BR2, (3-mo. CME Term SOFR + 1.95%),
6.25%, 04/15/37(a)(b)
 
1,000
998,702
Madison Park Funding XXXVIII Ltd., Series 2021-38A,
Class C, (3-mo. CME Term SOFR + 2.16%), 6.46%,
07/17/34(a)(b)
 
250
249,173
Marble Point CLO XXIII Ltd., Series 2021-4A, Class D1,
(3-mo. CME Term SOFR + 3.91%), 8.20%,
01/22/35(a)(b)
 
250
249,691
Navient Private Education Refi Loan Trust(b)
 
Series 2019-D, Class A2A, 3.01%, 12/15/59
 
381
370,010
Series 2019-GA, Class A, 2.40%, 10/15/68
 
122
117,874
Series 2021-CA, Class A, 1.06%, 10/15/69
 
626
562,393
Series 2021-DA, Class C, 3.48%, 04/15/60
 
408
380,572
Series 2021-EA, Class A, 0.97%, 12/16/69
 
755
669,729
Series 2023-A, Class A, 5.51%, 10/15/71
 
134
136,646
Nelnet Student Loan Trust(b)
 
Series 2021-A, Class D, 4.93%, 04/20/62
 
460
413,191
Series 2021-BA, Class B, 2.68%, 04/20/62
 
1,983
1,733,969
Series 2021-CA, Class AFL, (1 mo. Term SOFR +
0.85%), 5.17%, 04/20/62(a)
 
279
277,177
Neuberger Berman Loan Advisers CLO Ltd., Series 2019-
34A, Class BR, (3-mo. CME Term SOFR + 1.75%),
6.04%, 01/20/35(a)(b)
 
400
398,189
OCP CLO Ltd.(a)(b)
 
Series 16-11R, Class B1R2, (3-mo. CME Term SOFR
+ 1.95%), 6.25%, 04/26/36
 
500
499,638
Series 2017-13A, Class AR2, (3-mo. CME Term
SOFR + 1.34%), 5.90%, 11/26/37
 
1,000
999,030
Series 2024-38A, Class A, (3-mo. CME Term SOFR +
1.33%), 5.68%, 01/21/38
 
1,000
1,000,095
Octagon 54 Ltd., Series 2021-1A, Class D, (3-mo. CME
Term SOFR + 3.31%), 7.61%, 07/15/34(a)(b)
 
250
249,298
Octagon Investment Partners XV Ltd., Series 2013-1A,
Class A1RR, (3-mo. CME Term SOFR + 1.23%),
5.52%, 07/19/30(a)(b)
 
717
716,370
Octagon Investment Partners XVII Ltd., Series 2013-1A,
Class BR2, (3-mo. CME Term SOFR + 1.66%),
5.96%, 01/25/31(a)(b)
 
500
499,656
Octagon Investment Partners XXII Ltd., Series 2014-1A,
Class DRR, (3-mo. CME Term SOFR + 3.01%),
7.30%, 01/22/30(a)(b)
 
500
498,611
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
OHA Credit Funding Ltd., Series 2019-4A, Class AR2,
(3-mo. CME Term SOFR + 1.29%), 5.58%,
01/22/38(a)(b)
USD
250
$ 250,033
OZLM XXI Ltd., Series 2017-21A, Class C, (3-mo. CME
Term SOFR + 2.93%), 7.22%, 01/20/31(a)(b)
 
1,000
999,605
Palmer Square CLO Ltd.(a)(b)
 
Series 2020-3ARR, Class A1R2, (3-mo. CME Term
SOFR + 1.65%), 5.97%, 11/15/36
 
250
250,455
Series 2020-3ARR, Class A2R2, (3-mo. CME Term
SOFR + 2.30%), 6.62%, 11/15/36
 
250
251,318
Series 2024-4A, Class B, (3-mo. CME Term SOFR +
1.65%), 5.98%, 01/15/38
 
920
917,357
Palmer Square Loan Funding Ltd., Series 2021-3A,
Class A1, (3-mo. CME Term SOFR + 1.06%), 5.35%,
07/20/29(a)(b)
 
34
34,094
Park Avenue Institutional Advisers CLO Ltd., Series 2017-
1A, Class DR, (3-mo. CME Term SOFR + 7.07%),
11.39%, 02/14/34(a)(b)
 
1,300
1,210,580
Prodigy Finance DAC, Series 2021-1A, Class C, (1 mo.
Term SOFR + 3.86%), 8.18%, 07/25/51(a)(b)
 
52
53,479
Regatta 30 Funding Ltd., Series 2024-4A, Class B, (3-
mo. CME Term SOFR + 1.65%), 5.96%, 01/25/38(a)(b)
 
1,700
1,697,979
Regatta XVIII Funding Ltd., Series 2021-1A, Class BR,
(3-mo. CME Term SOFR + 1.55%), 5.87%,
04/15/38(a)(b)
 
850
843,807
Rockford Tower CLO Ltd., Series 2021-3A, Class A1R,
(3-mo. CME Term SOFR + 1.40%), 5.84%,
01/15/38(a)(b)
 
1,709
1,707,728
Romark CLO Ltd., Series 2017-1A, Class B, (3-mo. CME
Term SOFR + 2.41%), 6.70%, 10/23/30(a)(b)
 
500
499,912
Signal Peak CLO Ltd., Series 2017-4A, Class XR, (3-mo.
CME Term SOFR + 1.21%), 5.51%, 10/26/34(a)(b)
 
600
599,935
SMB Private Education Loan Trust(b)
 
Series 2019-A, Class A2A, 3.44%, 07/15/36
 
714
701,958
Series 2019-B, Class A2A, 2.84%, 06/15/37
 
157
153,148
Series 2021-A, Class A2B, 1.59%, 01/15/53
 
282
255,222
Series 2021-A, Class B, 2.31%, 01/15/53
 
185
178,793
Series 2021-C, Class C, 3.00%, 01/15/53
 
110
97,840
Series 2021-C, Class D, 3.93%, 01/15/53
 
59
52,859
Series 2021-D, Class A1A, 1.34%, 03/17/53
 
836
780,303
Series 2022-C, Class A1A, 4.48%, 05/16/50
 
272
269,519
Series 2023-B, Class A1B, (30-day Avg SOFR +
1.80%), 6.15%, 10/16/56(a)
 
181
183,962
Series 2023-C, Class A1A, 5.67%, 11/15/52
 
1,270
1,288,616
Sterling COOFS Trust(b)(c)
 
Series 2004-1, Class A, 2.36%, 04/15/29
 
700
—
Series 2004-2, Class Note, 2.08%, 03/30/30
 
343
—
Structured Asset Securities Corp. Pass-Through
Certificates, Series 2002-AL1, Class A2, 3.45%,
02/25/32
 
13
10,927
Subway Funding LLC, Series 2024-1A, Class A2I,
6.03%, 07/30/54(b)
 
294
296,378
Symphony CLO XXXII Ltd., Series 2022-32A, Class B,
(3-mo. CME Term SOFR + 1.85%), 6.14%,
04/23/35(a)(b)
 
600
598,317
TCI-Symphony CLO Ltd., Series 2017-1A, Class AR,
(3-mo. CME Term SOFR + 1.19%), 5.49%,
07/15/30(a)(b)
 
247
247,224
Trestles CLO Ltd.(a)(b)
 
Series 2017-1A, Class CRR, (3-mo. CME Term SOFR
+ 2.10%), 6.40%, 07/25/37
 
1,750
1,754,668
Schedule of Investments
2
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Trestles CLO Ltd.(a)(b) (continued)
 
Series 2017-1A, Class D1RR, (3-mo. CME Term
SOFR + 3.15%), 7.45%, 07/25/37
USD
250
$ 248,342
Trimaran CAVU Ltd.(a)(b)
 
Series 2019-2A, Class C, (3-mo. CME Term SOFR +
4.98%), 9.27%, 11/26/32
 
500
501,901
Series 2021-2A, Class D1, (3-mo. CME Term SOFR +
3.51%), 7.81%, 10/25/34
 
500
499,385
Series 2023-1, Class E, (3-mo. CME Term SOFR +
8.94%), 13.23%, 07/20/36
 
500
502,188
Unique Pub Finance Co. PLC, Series 02, Class N,
6.46%, 03/30/32(d)
GBP
12
16,101
Voya CLO Ltd.(a)(b)
 
Series 2014-2A, Class A1RR, (3-mo. CME Term
SOFR + 1.28%), 5.58%, 04/17/30
USD
21
20,706
Series 2017-2A, Class A2AR, (3-mo. CME Term
SOFR + 1.91%), 6.21%, 06/07/30
 
250
250,205
Series 2018-2A, Class A2, (3-mo. CME Term SOFR +
1.51%), 5.81%, 07/15/31
 
1,000
999,555
Warwick Capital CLO Ltd., Series 2024-5A, Class A1,
(3-mo. CME Term SOFR + 1.36%), 5.68%,
01/20/38(a)(b)
 
750
750,429
Whetstone Park CLO Ltd., Series 2021-1A, Class B1,
(3-mo. CME Term SOFR + 1.86%), 6.15%,
01/20/35(a)(b)
 
725
723,001
Whitebox CLO I Ltd., Series 2019-1A, Class D1RR, (3-
mo. CME Term SOFR + 3.10%), 7.40%, 07/24/36(a)(b)
 
500
499,696
Whitebox CLO II Ltd., Series 2020-2A, Class D1R2, (3-
mo. CME Term SOFR + 2.90%), 7.20%, 10/24/37(a)(b)
 
500
500,002
Whitebox CLO III Ltd.(a)(b)
 
Series 2021-3A, Class DR, (3-mo. CME Term SOFR +
2.85%), 7.15%, 10/15/35
 
250
248,959
Series 2021-3A, Class ER, (3-mo. CME Term SOFR +
5.65%), 9.95%, 10/15/35
 
250
250,343
Total Asset-Backed Securities — 12.5%
(Cost: $71,237,814)
70,163,810
 
 
 
 
Shares
 
Common Stocks
Diversified Telecommunication Services — 0.0%
Wom New Holdco(c)
 
465
13,485
Womchi 2024
 
233,000
—
 
 
13,485
Total Common Stocks — 0.0%
(Cost: $13,485)
13,485
 
 
 
Par
(000)
 
Corporate Bonds
Advertising Agencies — 0.6%
Clear Channel Outdoor Holdings, Inc.(b)
 
5.13%, 08/15/27
USD
245
236,787
7.75%, 04/15/28
 
237
203,711
9.00%, 09/15/28(e)
 
472
484,774
7.50%, 06/01/29
 
618
510,380
7.88%, 04/01/30(e)
 
395
387,276
Security
 
Par
(000)
Value
Advertising Agencies (continued)
CMG Media Corp., 8.88%, 06/18/29(b)
USD
127
$ 109,538
Interpublic Group of Cos., Inc., 5.40%, 10/01/48(e)
 
500
464,698
Lamar Media Corp., 4.00%, 02/15/30
 
21
19,449
Neptune Bidco U.S., Inc., 9.29%, 04/15/29(b)
 
248
215,177
Outfront Media Capital LLC/Outfront Media Capital
Corp.(b)
 
5.00%, 08/15/27
 
46
45,211
4.25%, 01/15/29(e)
 
211
195,676
4.63%, 03/15/30
 
66
60,341
7.38%, 02/15/31
 
93
96,861
Stagwell Global LLC, 5.63%, 08/15/29(b)
 
69
65,709
 
 
3,095,588
Aerospace & Defense — 3.0%
AAR Escrow Issuer LLC, 6.75%, 03/15/29(b)
 
187
190,022
Boeing Co.
 
3.20%, 03/01/29
 
1,840
1,727,565
2.95%, 02/01/30
 
800
728,686
6.53%, 05/01/34
 
550
589,317
Bombardier, Inc.(b)
 
6.00%, 02/15/28(e)
 
161
158,881
7.50%, 02/01/29
 
3
3,077
8.75%, 11/15/30
 
294
309,964
7.25%, 07/01/31
 
100
100,340
7.00%, 06/01/32(e)
 
162
161,299
Efesto Bidco SpA Efesto U.S. LLC, Series XR, 7.50%,
02/15/32(b)
 
501
488,520
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%,
08/15/26(b)(e)
 
200
199,520
General Electric Co., 6.15%, 08/07/37(e)
 
2,150
2,308,952
Goat Holdco LLC, 6.75%, 02/01/32(b)
 
190
185,961
L3Harris Technologies, Inc.
 
2.90%, 12/15/29
 
1,200
1,106,352
1.80%, 01/15/31
 
300
254,034
Lockheed Martin Corp., 3.80%, 03/01/45
 
800
634,586
Northrop Grumman Corp.
 
4.70%, 03/15/33
 
400
394,617
4.75%, 06/01/43
 
850
767,829
RTX Corp.
 
2.38%, 03/15/32
 
1,000
850,588
5.15%, 02/27/33
 
900
908,006
4.50%, 06/01/42
 
300
263,880
Spirit AeroSystems, Inc.(b)
 
9.38%, 11/30/29
 
296
315,766
9.75%, 11/15/30
 
279
307,972
TransDigm, Inc.(b)
 
6.75%, 08/15/28
 
177
179,585
6.38%, 03/01/29
 
813
821,289
7.13%, 12/01/31
 
444
456,804
6.63%, 03/01/32
 
1,356
1,373,281
6.00%, 01/15/33
 
675
664,293
Triumph Group, Inc., 9.00%, 03/15/28(b)
 
428
449,949
 
 
16,900,935
Air Freight & Logistics(b) — 0.0%
Rand Parent LLC, 8.50%, 02/15/30
 
127
125,731
Stonepeak Nile Parent LLC, 7.25%, 03/15/32
 
60
61,157
 
 
186,888
Automobile Components — 0.5%
Aptiv Swiss Holdings Ltd., 5.40%, 03/15/49
 
465
401,003
Clarios Global LP/Clarios U.S. Finance Co.
 
4.38%, 05/15/26(d)
EUR
200
215,890
8.50%, 05/15/27(b)(e)
USD
1,287
1,287,302
3
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobile Components (continued)
Clarios Global LP/Clarios U.S. Finance Co. (continued)
 
6.75%, 05/15/28(b)
USD
340
$ 344,789
6.75%, 02/15/30(b)
 
127
128,210
Dana, Inc.
 
4.25%, 09/01/30
 
46
42,454
4.50%, 02/15/32
 
70
63,743
Goodyear Tire & Rubber Co.
 
5.25%, 04/30/31
 
6
5,412
5.63%, 04/30/33
 
81
72,352
IHO Verwaltungs GmbH, Series MAR, (7.00% PIK),
7.00%, 11/15/31(d)(f)
EUR
100
110,819
Schaeffler AG, 04/01/28(d)(g)
 
100
107,860
Tenneco, Inc., 8.00%, 11/17/28(b)
USD
185
176,443
 
 
2,956,277
Automobiles — 1.0%
Asbury Automotive Group, Inc., 4.50%, 03/01/28
 
10
9,628
Aston Martin Capital Holdings Ltd., 10.38%, 03/31/29(d)
GBP
100
120,236
Carvana Co.(b)(f)
 
(9.00% PIK), 9.00%, 06/01/30
USD
343
363,212
(9.00% PIK), 9.00%, 06/01/31
 
639
710,175
Cougar JV Subsidiary LLC, 8.00%, 05/15/32(b)
 
108
111,317
Ford Motor Co., 4.75%, 01/15/43
 
2,000
1,517,669
General Motors Co., 6.25%, 10/02/43(e)
 
2,506
2,411,092
LCM Investments Holdings II LLC(b)
 
4.88%, 05/01/29
 
55
51,612
8.25%, 08/01/31(e)
 
244
253,244
Nissan Motor Co. Ltd., 4.81%, 09/17/30(b)
 
200
189,968
RCI Banque SA, (5-year EURIBOR ICE Swap + 2.20%),
4.75%, 03/24/37(a)(d)
EUR
100
107,954
 
 
5,846,107
Banks — 6.5%
Abanca Corp. Bancaria SA, (5-year EURIBOR ICE Swap
+ 2.45%), 4.63%, 12/11/36(a)(d)
 
100
107,670
Bangkok Bank PCL/Hong Kong, (5-year CMT + 4.73%),
5.00%(a)(d)(h)
USD
500
496,500
Bank Negara Indonesia Persero Tbk PT, 3.75%,
03/30/26(d)
 
252
245,952
Bank of America Corp., (3-mo. CME Term SOFR +
1.57%), 4.27%, 07/23/29(a)
 
4,000
3,951,458
Barclays Bank PLC, 1.00%, 02/16/29(i)
 
229
226,545
Barclays PLC, (1-year CMT + 1.05%), 2.28%,
11/24/27(a)(e)
 
3,000
2,884,166
Citigroup, Inc., (1-day SOFR + 2.34%), 6.27%,
11/17/33(a)(e)
 
1,567
1,663,032
Deutsche Bank AG, (1-day SOFR + 3.18%), 6.72%,
01/18/29(a)(e)
 
850
889,568
Goldman Sachs Group, Inc., (3-mo. CME Term SOFR +
1.56%), 4.22%, 05/01/29(a)(e)
 
4,000
3,944,819
HSBC Holdings PLC, 6.10%, 01/14/42
 
610
645,840
JPMorgan Chase & Co.(a)
 
(1-day SOFR + 1.13%), 5.00%, 07/22/30(e)
 
3,000
3,027,154
(1-day SOFR + 1.18%), 2.55%, 11/08/32
 
1,000
864,861
(1-day SOFR + 1.62%), 5.34%, 01/23/35
 
540
545,749
(1-day SOFR + 2.08%), 4.91%, 07/25/33
 
1,381
1,370,019
(3-mo. CME Term SOFR + 1.42%), 3.70%, 05/06/30
 
1,000
962,266
(3-mo. CME Term SOFR + 2.46%), 3.11%, 04/22/41
 
800
604,123
Morgan Stanley(a)
 
(1-day SOFR + 1.26%), 5.66%, 04/18/30(e)
 
3,000
3,092,872
(1-day SOFR + 1.73%), 5.12%, 02/01/29(e)
 
3,000
3,041,103
Security
 
Par
(000)
Value
Banks (continued)
Morgan Stanley(a) (continued)
 
(1-day SOFR + 1.73%), 5.47%, 01/18/35
USD
600
$ 607,096
(1-day SOFR + 1.88%), 5.42%, 07/21/34
 
735
743,564
NatWest Group PLC, (1-year CMT + 2.27%), 5.52%,
09/30/28(a)
 
1,000
1,018,196
Standard Chartered PLC, (5-year USD ICE Swap +
1.97%), 4.87%, 03/15/33(a)(b)
 
500
494,540
State Street Corp., Series I, (5-year CMT + 2.61%),
6.70%(a)(h)
 
77
78,946
UBS AG/Stamford CT, 5.00%, 07/09/27
 
900
910,362
Walker & Dunlop, Inc., 6.63%, 04/01/33(b)
 
76
75,810
Wells Fargo & Co.(a)
 
(1-day SOFR + 1.78%), 5.50%, 01/23/35(e)
 
1,290
1,307,546
(1-day SOFR + 2.02%), 5.39%, 04/24/34
 
1,124
1,131,760
(1-day SOFR + 2.53%), 3.07%, 04/30/41(e)
 
2,250
1,676,804
 
 
36,608,321
Beverages — 0.8%
Anheuser-Busch InBev Worldwide, Inc., 4.44%,
10/06/48
 
4,600
3,929,508
Keurig Dr. Pepper, Inc., Series 31, 2.25%, 03/15/31
 
400
347,893
 
 
4,277,401
Biotechnology — 0.6%
Amgen, Inc.
 
5.25%, 03/02/30
 
800
818,251
4.20%, 03/01/33
 
1,000
947,890
5.25%, 03/02/33
 
600
608,665
5.60%, 03/02/43
 
650
644,297
Baxalta, Inc., 5.25%, 06/23/45
 
500
473,305
 
 
3,492,408
Building Materials — 0.7%
Builders FirstSource, Inc., 6.38%, 03/01/34(b)
 
125
124,039
EMRLD Borrower LP/Emerald Co-Issuer, Inc.
 
6.38%, 12/15/30(b)
EUR
110
122,392
6.38%, 12/15/30(d)
 
100
111,266
6.63%, 12/15/30(b)
USD
785
785,348
6.75%, 07/15/31(b)
 
122
122,793
JELD-WEN, Inc., 7.00%, 09/01/32(b)
 
248
220,016
New Enterprise Stone & Lime Co., Inc.(b)
 
5.25%, 07/15/28
 
55
53,160
9.75%, 07/15/28
 
89
89,468
Quikrete Holdings, Inc.(b)
 
6.38%, 03/01/32
 
698
702,432
6.75%, 03/01/33
 
204
203,072
Smyrna Ready Mix Concrete LLC(b)
 
6.00%, 11/01/28
 
251
243,536
8.88%, 11/15/31
 
479
496,261
Standard Building Solutions, Inc., 6.50%, 08/15/32(b)
 
224
223,933
Standard Industries, Inc.(b)
 
4.75%, 01/15/28
 
3
2,904
4.38%, 07/15/30
 
170
156,869
3.38%, 01/15/31
 
28
24,345
Wilsonart LLC, 11.00%, 08/15/32(b)
 
194
178,004
 
 
3,859,838
Building Products — 1.1%
Beacon Roofing Supply, Inc., 6.50%, 08/01/30(b)
 
76
79,948
GYP Holdings III Corp., 4.63%, 05/01/29(b)
 
138
129,104
Home Depot, Inc., 5.88%, 12/16/36(e)
 
1,660
1,774,855
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Building Products (continued)
Lowe’s Cos., Inc.
 
1.70%, 10/15/30
USD
1,600
$ 1,364,946
5.00%, 04/15/33(e)
 
1,000
995,832
3.70%, 04/15/46
 
1,000
744,802
White Cap Buyer LLC, 6.88%, 10/15/28(b)
 
936
898,328
 
 
5,987,815
Capital Markets — 1.0%
Apollo Debt Solutions BDC
 
6.90%, 04/13/29
 
23
23,864
6.70%, 07/29/31
 
105
108,333
6.55%, 03/15/32(b)
 
65
65,861
Ares Capital Corp., 5.80%, 03/08/32
 
39
38,766
Bain Capital Specialty Finance, Inc., 5.95%, 03/15/30
 
40
39,313
Blackstone Private Credit Fund
 
6.25%, 01/25/31
 
46
46,767
6.00%, 11/22/34(b)
 
385
370,374
Blue Owl Capital Corp. II, 8.45%, 11/15/26
 
66
69,183
Blue Owl Credit Income Corp.
 
7.75%, 09/16/27
 
169
176,384
6.60%, 09/15/29(b)
 
26
26,420
6.65%, 03/15/31
 
210
214,177
FMR LLC, 4.95%, 02/01/33(b)(e)
 
2,300
2,293,790
Focus Financial Partners LLC, 6.75%, 09/15/31(b)
 
167
164,692
Golub Capital Private Credit Fund, 5.88%, 05/01/30(b)
 
52
51,488
HA Sustainable Infrastructure Capital, Inc., 6.38%,
07/01/34(b)
 
151
149,247
HAT Holdings I LLC/HAT Holdings II LLC, 8.00%,
06/15/27(b)
 
130
134,580
HPS Corporate Lending Fund, 6.75%, 01/30/29
 
89
91,679
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
 
5.25%, 05/15/27
 
262
249,086
9.75%, 01/15/29
 
155
154,073
4.38%, 02/01/29
 
108
89,980
10.00%, 11/15/29(b)
 
200
198,599
JPMorgan Chase Financial Co. LLC, 0.50%, 06/15/27(i)
 
191
200,073
Raymond James Financial, Inc., 4.95%, 07/15/46
 
400
362,097
Sixth Street Lending Partners, 6.13%, 07/15/30(b)
 
55
55,356
 
 
5,374,182
Chemicals — 0.8%
Avient Corp., 6.25%, 11/01/31(b)
 
94
93,115
Axalta Coating Systems Dutch Holding B BV, 7.25%,
02/15/31(b)
 
173
178,421
Axalta Coating Systems LLC, 3.38%, 02/15/29(b)
 
198
181,079
Celanese U.S. Holdings LLC
 
6.50%, 04/15/30
 
97
96,300
6.75%, 04/15/33
 
95
92,221
Chemours Co.
 
5.38%, 05/15/27
 
151
147,302
5.75%, 11/15/28(b)
 
156
143,885
4.63%, 11/15/29(b)(e)
 
124
105,841
8.00%, 01/15/33(b)
 
114
106,599
Element Solutions, Inc., 3.88%, 09/01/28(b)
 
399
375,678
HB Fuller Co., 4.25%, 10/15/28
 
3
2,845
Herens Holdco SARL, 4.75%, 05/15/28(b)
 
200
179,914
Illuminate Buyer LLC/Illuminate Holdings IV, Inc., 9.00%,
07/01/28(b)(e)
 
159
158,040
Itelyum Regeneration SpA, 04/15/30(d)(g)
EUR
100
107,319
Kobe U.S. Midco 2, Inc., (9.25% Cash or 10.00% PIK),
9.25%, 11/01/26(b)(f)
USD
204
182,859
Mativ Holdings, Inc., 8.00%, 10/01/29(b)
 
80
68,950
Security
 
Par
(000)
Value
Chemicals (continued)
Methanex U.S. Operations, Inc., 6.25%, 03/15/32(b)
USD
122
$ 118,832
Olympus Water U.S. Holding Corp.
 
9.63%, 11/15/28(d)
EUR
100
112,591
9.75%, 11/15/28(b)
USD
363
376,872
7.25%, 06/15/31(b)
 
320
314,144
Sasol Financing USA LLC, 6.50%, 09/27/28
 
200
191,646
Sherwin-Williams Co., 3.80%, 08/15/49
 
350
261,185
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(b)
 
192
180,081
WR Grace Holdings LLC(b)
 
4.88%, 06/15/27
 
105
101,410
5.63%, 08/15/29(e)
 
742
638,570
7.38%, 03/01/31
 
152
151,869
 
 
4,667,568
Commercial Services & Supplies — 2.4%
ADT Security Corp., 4.88%, 07/15/32(b)
 
39
36,406
Allied Universal Holdco LLC, 7.88%, 02/15/31(b)
 
1,349
1,366,200
Allied Universal Holdco LLC/Allied Universal Finance
Corp., 6.00%, 06/01/29(b)(e)
 
698
641,449
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28(b)
 
329
311,615
Arena Luxembourg Finance SARL, 05/01/30(a)(d)(g)
EUR
100
108,186
BCP V Modular Services Finance II PLC, 4.75%,
11/30/28(d)
 
100
104,620
Belron UK Finance PLC, 5.75%, 10/15/29(b)
USD
218
216,474
Boels Topholding BV, 5.75%, 05/15/30(d)
EUR
100
110,576
Brink’s Co.(b)
 
6.50%, 06/15/29
USD
85
86,165
6.75%, 06/15/32
 
56
56,778
Deluxe Corp., 8.13%, 09/15/29(b)
 
70
70,409
EquipmentShare.com, Inc., 8.00%, 03/15/33(b)
 
73
73,506
Fortress Transportation and Infrastructure Investors
LLC(b)
 
5.50%, 05/01/28
 
9
8,821
7.88%, 12/01/30
 
478
499,205
7.00%, 05/01/31
 
193
196,092
7.00%, 06/15/32(e)
 
337
341,737
5.88%, 04/15/33
 
154
147,125
Garda World Security Corp.(b)
 
4.63%, 02/15/27
 
106
103,175
7.75%, 02/15/28
 
154
157,826
6.00%, 06/01/29
 
57
53,443
8.25%, 08/01/32
 
222
216,658
8.38%, 11/15/32
 
578
568,295
Hertz Corp., 12.63%, 07/15/29(b)
 
81
73,141
ITR Concession Co. LLC, 4.20%, 07/15/25(b)
 
4,000
3,977,954
Mavis Tire Express Services Topco Corp., 6.50%,
05/15/29(b)
 
82
77,609
Prime Security Services Borrower LLC/Prime Finance,
Inc., 6.25%, 01/15/28(b)(e)
 
145
145,114
Raven Acquisition Holdings LLC, 6.88%, 11/15/31(b)
 
79
76,714
RR Donnelley & Sons Co., 9.50%, 08/01/29(b)
 
317
313,989
Service Corp. International
 
3.38%, 08/15/30
 
5
4,456
4.00%, 05/15/31
 
20
18,114
5.75%, 10/15/32
 
333
327,251
Sotheby’s, 7.38%, 10/15/27(b)(e)
 
465
447,707
Techem Verwaltungsgesellschaft 674 mbH, 6.00%,
07/30/26(d)
EUR
88
95,068
Transurban Finance Co. Pty. Ltd., 4.13%, 02/02/26(b)
USD
580
577,167
Trustees of Columbia University in the City of New York,
Series 2024, 4.36%, 10/01/35
 
1,000
954,492
5
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Verisure Holding AB, 9.25%, 10/15/27(d)
EUR
80
$ 90,552
Veritiv Operating Co., 10.50%, 11/30/30(b)
USD
91
96,353
Wand NewCo 3, Inc., 7.63%, 01/30/32(b)
 
342
349,985
Williams Scotsman, Inc.(b)
 
6.63%, 06/15/29
 
19
19,223
6.63%, 04/15/30
 
163
164,742
7.38%, 10/01/31
 
167
171,979
 
 
13,456,371
Construction & Engineering — 0.2%
Arcosa, Inc.(b)
 
4.38%, 04/15/29
 
117
109,648
6.88%, 08/15/32
 
15
15,207
Brand Industrial Services, Inc., 10.38%, 08/01/30(b)
 
964
919,658
Cellnex Telecom SA, Series CLNX, 2.13%, 08/11/30(d)
EUR
100
114,187
GMR Hyderabad International Airport Ltd., 4.25%,
10/27/27(d)
USD
200
190,500
 
 
1,349,200
Consumer Finance — 0.6%
Block, Inc.
 
2.75%, 06/01/26
 
248
240,537
3.50%, 06/01/31
 
43
37,806
6.50%, 05/15/32(b)(e)
 
405
409,083
Boost Newco Borrower LLC, 7.50%, 01/15/31(b)
 
200
208,187
Bread Financial Holdings, Inc., (5-year CMT + 4.30%),
8.38%, 06/15/35(a)(b)
 
44
43,024
Capital One Financial Corp., (1-day SOFR + 2.60%),
5.82%, 02/01/34(a)
 
440
443,414
Global Payments, Inc., 1.50%, 03/01/31(i)
 
259
243,978
Moody’s Corp., 2.75%, 08/19/41
 
350
244,166
Navient Corp., 9.38%, 07/25/30
 
127
135,292
OneMain Finance Corp.
 
6.63%, 01/15/28
 
26
26,193
6.63%, 05/15/29
 
111
111,208
5.38%, 11/15/29
 
17
16,173
7.88%, 03/15/30
 
188
194,857
4.00%, 09/15/30
 
71
62,548
7.50%, 05/15/31
 
65
66,143
7.13%, 11/15/31
 
56
56,333
6.75%, 03/15/32
 
155
152,129
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.,
6.75%, 08/15/32(b)
 
251
252,993
Shift4 Payments, Inc., 0.00%, 12/15/25(i)(j)
 
112
128,128
SLM Corp., 6.50%, 01/31/30
 
32
32,835
WEX, Inc., 6.50%, 03/15/33(b)
 
193
190,884
 
 
3,295,911
Consumer Staples Distribution & Retail — 0.0%
B&M European Value Retail SA, 6.50%, 11/27/31(d)
GBP
100
125,989
Walgreens Boots Alliance, Inc.
 
8.13%, 08/15/29
USD
79
80,666
4.80%, 11/18/44
 
52
47,079
 
 
253,734
Containers & Packaging — 0.8%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC, 4.00%, 09/01/29(b)(e)
 
866
737,421
Ardagh Packaging Finance PLC/Ardagh Holdings USA,
Inc.
 
2.13%, 08/15/26(d)
EUR
200
199,770
4.13%, 08/15/26(b)
USD
202
185,529
Clydesdale Acquisition Holdings, Inc.(b)
 
6.63%, 04/15/29
 
219
220,209
Security
 
Par
(000)
Value
Containers & Packaging (continued)
Clydesdale Acquisition Holdings, Inc.(b) (continued)
 
6.88%, 01/15/30
USD
157
$ 158,191
8.75%, 04/15/30(e)
 
366
371,177
6.75%, 04/15/32
 
389
391,691
LABL, Inc.(b)
 
5.88%, 11/01/28
 
12
9,444
9.50%, 11/01/28
 
301
254,490
8.63%, 10/01/31
 
140
104,300
Mauser Packaging Solutions Holding Co.(b)
 
7.88%, 04/15/27(e)
 
1,474
1,444,520
9.25%, 04/15/27
 
100
94,330
OI European Group BV, 6.25%, 05/15/28(b)
EUR
100
110,968
Owens-Brockway Glass Container, Inc., 6.63%,
05/13/27(b)
USD
27
26,852
Sealed Air Corp.(b)
 
4.00%, 12/01/27
 
38
36,577
5.00%, 04/15/29
 
38
36,906
Sealed Air Corp./Sealed Air Corp. U.S., 7.25%,
02/15/31(b)
 
11
11,387
Trident TPI Holdings, Inc., 12.75%, 12/31/28(b)
 
23
24,668
 
 
4,418,430
Diversified REITs — 1.5%
American Tower Corp., 2.90%, 01/15/30(e)
 
2,500
2,299,648
Crown Castle, Inc.
 
4.90%, 09/01/29
 
750
746,562
2.10%, 04/01/31
 
1,000
840,836
2.90%, 04/01/41
 
350
245,616
Digital Realty Trust LP, 1.88%, 11/15/29(b)(i)
 
45
44,563
Equinix, Inc., 2.50%, 05/15/31
 
500
436,437
ERP Operating LP, 4.50%, 07/01/44
 
1,155
1,003,176
Iron Mountain Information Management Services, Inc.,
5.00%, 07/15/32(b)
 
54
49,858
Iron Mountain, Inc.(b)
 
7.00%, 02/15/29
 
194
198,408
5.25%, 07/15/30
 
13
12,465
5.63%, 07/15/32
 
62
59,272
6.25%, 01/15/33
 
165
163,410
Prologis LP, 4.63%, 01/15/33(e)
 
1,000
980,708
SBA Communications Corp., 3.13%, 02/01/29(e)
 
198
180,706
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC, 10.50%, 02/15/28(b)
 
1,215
1,290,685
 
 
8,552,350
Diversified Telecommunication Services — 3.6%
Altice Financing SA, 5.75%, 08/15/29(b)
 
200
146,297
AT&T, Inc.
 
5.40%, 02/15/34
 
560
569,000
6.00%, 08/15/40
 
520
533,065
6.38%, 03/01/41
 
1,200
1,273,421
5.45%, 03/01/47
 
1,500
1,425,556
CommScope LLC(b)
 
4.75%, 09/01/29
 
350
311,167
9.50%, 12/15/31
 
211
217,330
Connect Finco SARL/Connect U.S. Finco LLC, 9.00%,
09/15/29(b)
 
220
200,580
Corning, Inc., 4.38%, 11/15/57
 
2,000
1,590,892
EchoStar Corp.
 
(6.75% PIK), 6.75%, 11/30/30(f)
 
972
881,715
10.75%, 11/30/29
 
814
855,628
Fibercop SpA(b)
 
6.00%, 09/30/34
 
200
182,154
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Fibercop SpA(b) (continued)
 
7.20%, 07/18/36
USD
200
$ 192,592
Frontier Communications Holdings LLC
 
5.00%, 05/01/28(b)
 
293
289,085
5.88%, 11/01/29
 
86
85,758
6.00%, 01/15/30(b)
 
130
130,287
8.75%, 05/15/30(b)
 
1,093
1,151,401
8.63%, 03/15/31(b)
 
198
210,904
Iliad Holding SASU
 
5.38%, 04/15/30(d)
EUR
100
108,619
8.50%, 04/15/31(b)
USD
200
209,752
7.00%, 04/15/32(b)
 
322
322,426
Intelsat Jackson Holdings SA, 6.50%, 03/15/30(b)
 
8
7,600
Kaixo Bondco Telecom SA, 5.13%, 09/30/29(d)
EUR
100
108,665
Kenbourne Invest SA(c)(f)
 
12.50%, 01/31/31
USD
57
57,469
5.00%, 01/31/32
 
245
245,006
Level 3 Financing, Inc.(b)
 
10.50%, 04/15/29
 
788
866,427
4.88%, 06/15/29(e)
 
429
363,083
11.00%, 11/15/29
 
845
941,552
4.50%, 04/01/30
 
176
140,733
10.50%, 05/15/30
 
293
313,948
3.88%, 10/15/30
 
20
15,096
10.75%, 12/15/30
 
275
304,246
Lorca Telecom Bondco SA, 5.75%, 04/30/29(d)
EUR
100
112,510
Lumen Technologies, Inc.(b)
 
4.13%, 04/15/30
USD
139
129,995
10.00%, 10/15/32
 
116
115,622
Sable International Finance Ltd., 7.13%, 10/15/32(b)
 
260
250,120
SoftBank Group Corp.(d)
 
2.88%, 01/06/27
EUR
100
105,730
3.88%, 07/06/32
 
100
100,020
Telecom Italia Capital SA, 7.72%, 06/04/38
USD
40
41,428
Verizon Communications, Inc., 3.85%, 11/01/42(e)
 
5,000
3,999,224
Viavi Solutions, Inc., 3.75%, 10/01/29(b)
 
26
23,776
Windstream Escrow LLC/Windstream Escrow Finance
Corp., 8.25%, 10/01/31(b)
 
680
692,313
Zayo Group Holdings, Inc.(b)
 
4.00%, 03/01/27
 
434
395,304
6.13%, 03/01/28
 
264
219,581
 
 
20,437,077
Electric Utilities — 4.9%
Alpha Generation LLC, 6.75%, 10/15/32(b)
 
201
201,131
American Electric Power Co., Inc., 5.63%, 03/01/33(e)
 
3,000
3,076,677
Baltimore Gas and Electric Co.
 
3.50%, 08/15/46
 
800
584,792
3.75%, 08/15/47
 
500
378,310
California Buyer Ltd./Atlantica Sustainable Infrastructure
PLC
 
5.63%, 02/15/32(d)
EUR
100
109,470
6.38%, 02/15/32(b)
USD
150
145,449
Calpine Corp.(b)
 
5.13%, 03/15/28
 
92
90,519
5.00%, 02/01/31
 
30
28,642
CenterPoint Energy Houston Electric LLC, Series AI,
4.45%, 10/01/32
 
750
726,639
Clearway Energy Operating LLC, 4.75%, 03/15/28(b)
 
93
90,147
Cleveland Electric Illuminating Co., 5.95%, 12/15/36
 
434
448,968
ContourGlobal Power Holdings SA, 6.75%, 02/28/30(b)
 
200
200,880
Duke Energy Carolinas LLC, 6.10%, 06/01/37
 
640
674,728
Security
 
Par
(000)
Value
Electric Utilities (continued)
Duke Energy Florida LLC, 5.65%, 04/01/40
USD
770
$ 790,334
E.ON International Finance BV, 6.65%, 04/30/38(b)
 
2,000
2,173,866
Edison International, Series A, (5-year CMT + 4.70%),
5.38%(a)(h)
 
3,021
2,891,265
Electricite de France SA, 5.60%, 01/27/40(b)
 
2,800
2,767,128
Eversource Energy, 2.55%, 03/15/31
 
350
307,173
Lightning Power LLC, 7.25%, 08/15/32(b)
 
49
50,449
Mong Duong Finance Holdings BV, 5.13%, 05/07/29(d)
 
439
424,898
NRG Energy, Inc.(b)
 
5.75%, 07/15/29
 
112
109,896
6.00%, 02/01/33
 
425
413,455
6.25%, 11/01/34
 
143
140,771
Oncor Electric Delivery Co. LLC
 
4.15%, 06/01/32
 
1,000
950,866
4.55%, 09/15/32(e)
 
1,000
974,707
Pike Corp., 8.63%, 01/31/31(b)
 
57
60,067
San Diego Gas & Electric Co.
 
4.95%, 08/15/28
 
1,565
1,586,678
Series VVV, 1.70%, 10/01/30
 
750
637,973
Southern California Edison Co., Series 05-E, 5.35%,
07/15/35
 
1,300
1,271,148
Star Energy Geothermal Wayang Windu Ltd., 6.75%,
04/24/33(d)
 
194
194,184
Virginia Electric and Power Co., 6.35%, 11/30/37(e)
 
3,920
4,226,324
Vistra Corp., (5-year CMT + 6.93%), 8.00%(a)(b)(h)
 
100
102,618
Vistra Operations Co. LLC(b)
 
7.75%, 10/15/31
 
144
150,804
6.88%, 04/15/32
 
203
206,901
XPLR Infrastructure Operating Partners LP(b)
 
3.88%, 10/15/26
 
41
39,436
8.38%, 01/15/31
 
421
414,005
 
 
27,641,298
Electronic Equipment, Instruments & Components — 0.1%
Coherent Corp., 5.00%, 12/15/29(b)(e)
 
162
154,542
Imola Merger Corp., 4.75%, 05/15/29(b)
 
40
37,986
Nexans SA, 4.25%, 03/11/30(d)
EUR
100
109,085
WESCO Distribution, Inc.(b)
 
6.63%, 03/15/32
USD
111
112,601
6.38%, 03/15/33
 
137
137,692
Xerox Corp., 10/15/30(b)(g)
 
62
61,380
Zebra Technologies Corp., 6.50%, 06/01/32(b)
 
77
77,927
 
 
691,213
Energy Equipment & Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp.(b)
 
6.88%, 04/01/27
 
79
79,042
6.63%, 09/01/32
 
157
157,617
Halliburton Co., 4.75%, 08/01/43
 
500
438,615
Kodiak Gas Services LLC, 7.25%, 02/15/29(b)
 
330
336,386
Oceaneering International, Inc., 6.00%, 02/01/28
 
45
44,524
Star Holding LLC, 8.75%, 08/01/31(b)
 
138
131,906
USA Compression Partners LP/USA Compression
Finance Corp., 7.13%, 03/15/29(b)
 
151
153,577
Weatherford International Ltd., 8.63%, 04/30/30(b)
 
213
216,275
 
 
1,557,942
Entertainment — 0.6%
Boyne USA, Inc., 4.75%, 05/15/29(b)
 
47
44,249
Caesars Entertainment, Inc.(b)
 
4.63%, 10/15/29
 
2
1,838
7.00%, 02/15/30
 
404
409,534
6.50%, 02/15/32(e)
 
196
195,365
7
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Entertainment (continued)
Caesars Entertainment, Inc.(b) (continued)
 
6.00%, 10/15/32
USD
66
$ 61,635
Churchill Downs, Inc.(b)
 
4.75%, 01/15/28
 
35
34,002
5.75%, 04/01/30
 
149
145,741
6.75%, 05/01/31
 
180
181,418
Cinemark USA, Inc., 7.00%, 08/01/32(b)
 
60
60,566
Great Canadian Gaming Corp., 8.75%, 11/15/29(b)
 
215
216,010
Light & Wonder International, Inc.(b)
 
7.25%, 11/15/29
 
96
97,314
7.50%, 09/01/31
 
132
135,218
Lions Gate Capital Holdings 1, Inc., 5.50%, 04/15/29(b)
 
155
143,808
Live Nation Entertainment, Inc., 4.75%, 10/15/27(b)
 
42
40,943
Lottomatica Group SpA, (3-mo. EURIBOR + 4.00%),
6.49%, 12/15/30(a)(d)
EUR
100
108,517
Merlin Entertainments Group U.S. Holdings, Inc., 7.38%,
02/15/31(b)
USD
200
188,909
Mohegan Tribal Gaming Authority/MS Digital
Entertainment Holdings LLC, 04/15/30(b)(g)
 
93
91,396
Premier Entertainment Sub LLC/Premier Entertainment
Finance Corp.(b)
 
5.63%, 09/01/29
 
63
46,305
5.88%, 09/01/31
 
107
70,888
Rivers Enterprise Borrower LLC/Rivers Enterprise
Finance Corp., 6.63%, 02/01/33(b)
 
88
86,529
Scientific Games Holdings LP/Scientific Games
U.S. FinCo, Inc., 6.63%, 03/01/30(b)
 
192
181,074
Six Flags Entertainment Corp. /Six Flags Theme Parks,
Inc./Canada’s Wonderland Co., 6.63%, 05/01/32(b)
 
160
161,324
Vail Resorts, Inc., 6.50%, 05/15/32(b)
 
193
195,139
Wynn Resorts Finance LLC/Wynn Resorts Capital
Corp.(b)
 
5.13%, 10/01/29
 
139
133,392
7.13%, 02/15/31(e)
 
129
133,497
6.25%, 03/15/33
 
187
182,126
 
 
3,346,737
Environmental, Maintenance & Security Service — 0.3%
Clean Harbors, Inc., 6.38%, 02/01/31(b)
 
6
6,064
GFL Environmental, Inc.(b)
 
4.00%, 08/01/28
 
174
165,367
3.50%, 09/01/28
 
43
40,629
4.75%, 06/15/29(e)
 
148
142,426
6.75%, 01/15/31
 
123
126,790
Madison IAQ LLC(b)
 
4.13%, 06/30/28
 
172
162,325
5.88%, 06/30/29(e)
 
269
254,143
Reworld Holding Corp.
 
4.88%, 12/01/29(b)
 
92
85,570
5.00%, 09/01/30
 
48
44,463
Waste Management, Inc., 2.95%, 06/01/41
 
350
260,574
Waste Pro USA, Inc., 7.00%, 02/01/33(b)
 
540
541,822
Wrangler Holdco Corp., 6.63%, 04/01/32(b)
 
86
87,561
 
 
1,917,734
Financial Services — 0.7%
Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%,
01/17/40(a)
 
25
24,191
Azorra Finance Ltd., 7.75%, 04/15/30(b)
 
92
90,710
Clue Opco LLC, 9.50%, 10/15/31(b)
 
84
84,025
Freedom Mortgage Holdings LLC(b)
 
9.25%, 02/01/29
 
98
99,523
9.13%, 05/15/31
 
162
163,023
Security
 
Par
(000)
Value
Financial Services (continued)
Freedom Mortgage Holdings LLC(b) (continued)
 
8.38%, 04/01/32
USD
109
$ 106,504
GGAM Finance Ltd.(b)
 
7.75%, 05/15/26
 
30
30,331
8.00%, 02/15/27
 
120
122,942
8.00%, 06/15/28
 
113
118,493
6.88%, 04/15/29
 
86
87,023
5.88%, 03/15/30
 
72
71,146
Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/27(b)
 
145
146,994
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%,
08/15/28(b)
 
220
206,832
Macquarie Airfinance Holdings Ltd.(b)
 
8.13%, 03/30/29
 
176
184,704
6.50%, 03/26/31
 
95
98,925
Midcap Financial Issuer Trust, 6.50%, 05/01/28(b)
 
200
192,778
Nationstar Mortgage Holdings, Inc.(b)
 
6.50%, 08/01/29
 
174
176,401
5.13%, 12/15/30
 
87
86,777
5.75%, 11/15/31
 
71
70,978
7.13%, 02/01/32
 
400
415,506
PennyMac Financial Services, Inc.(b)
 
7.88%, 12/15/29
 
139
144,602
7.13%, 11/15/30
 
149
151,379
6.88%, 02/15/33
 
104
103,350
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(b)
 
2.88%, 10/15/26(e)
 
200
191,687
3.88%, 03/01/31
 
55
49,269
4.00%, 10/15/33
 
64
54,899
Stena International SA, 7.25%, 01/15/31(d)
 
200
199,907
UWM Holdings LLC, 6.63%, 02/01/30(b)
 
159
157,701
WOM Mobile SA, (11.00% PIK), 11.00%, 04/01/31(b)(f)
 
83
83,253
 
 
3,713,853
Food Products — 0.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC(b)
 
3.25%, 03/15/26
 
34
33,227
5.88%, 02/15/28
 
62
61,970
6.50%, 02/15/28
 
80
81,121
3.50%, 03/15/29
 
84
77,306
4.88%, 02/15/30
 
81
77,384
6.25%, 03/15/33
 
118
119,150
Aramark International Finance SARL, 3.13%, 04/01/25(d)
EUR
100
108,130
Aramark Services, Inc., 5.00%, 02/01/28(b)
USD
122
119,778
B&G Foods, Inc., 8.00%, 09/15/28(b)
 
48
48,228
Chobani Holdco II LLC, (8.75% in Cash or 9.5% in PIK),
8.75%, 10/01/29(b)(f)
 
583
633,699
Chobani LLC/Chobani Finance Corp., Inc.(b)
 
4.63%, 11/15/28
 
279
268,455
7.63%, 07/01/29
 
736
756,197
Darling Global Finance BV, 3.63%, 05/15/26(d)
EUR
100
107,342
Darling Ingredients, Inc., 6.00%, 06/15/30(b)
USD
27
26,836
Fiesta Purchaser, Inc.(b)
 
7.88%, 03/01/31
 
46
47,493
9.63%, 09/15/32
 
48
49,326
KeHE Distributors LLC/KeHE Finance Corp./NextWave
Distribution, Inc., 9.00%, 02/15/29(b)
 
86
88,460
Kraft Heinz Foods Co.
 
5.00%, 06/04/42
 
500
455,690
4.38%, 06/01/46
 
200
163,473
Lamb Weston Holdings, Inc.(b)
 
4.13%, 01/31/30
 
90
83,834
4.38%, 01/31/32
 
110
100,480
Schedule of Investments
8
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Food Products (continued)
Lion/Polaris Lux 4 SA, (3-mo. EURIBOR + 3.63%),
5.95%, 07/01/29(a)(d)
EUR
100
$ 107,860
Market Bidco Finco PLC, 4.75%, 11/04/27(d)
 
100
104,756
Performance Food Group, Inc.(b)
 
4.25%, 08/01/29
USD
34
31,795
6.13%, 09/15/32
 
169
167,979
Post Holdings, Inc.(b)
 
4.63%, 04/15/30
 
67
62,569
4.50%, 09/15/31
 
9
8,151
6.25%, 02/15/32
 
169
169,992
6.38%, 03/01/33
 
172
169,130
6.25%, 10/15/34
 
133
130,947
U.S. Foods, Inc.(b)
 
4.63%, 06/01/30
 
13
12,346
7.25%, 01/15/32
 
164
170,477
United Natural Foods, Inc., 6.75%, 10/15/28(b)
 
114
112,575
 
 
4,756,156
Gas Utilities — 1.0%
KeySpan Gas East Corp., 5.82%, 04/01/41(b)
 
1,010
989,977
NiSource, Inc., 1.70%, 02/15/31
 
400
334,759
Piedmont Natural Gas Co., Inc., 5.10%, 02/15/35(e)
 
4,450
4,407,380
 
 
5,732,116
Ground Transportation — 1.2%
Burlington Northern Santa Fe LLC, 5.05%, 03/01/41(e)
 
1,890
1,806,176
Genesee & Wyoming, Inc., 6.25%, 04/15/32(b)
 
140
139,890
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(b)
 
2,028
2,040,045
Norfolk Southern Corp., 5.05%, 08/01/30
 
1,800
1,837,744
Union Pacific Corp.
 
3.38%, 02/14/42
 
350
271,166
3.55%, 05/20/61
 
800
543,436
Watco Cos. LLC/Watco Finance Corp., 7.13%,
08/01/32(b)
 
75
75,417
 
 
6,713,874
Health Care Equipment & Supplies — 0.7%
Avantor Funding, Inc.
 
2.63%, 11/01/25(d)
EUR
100
107,438
4.63%, 07/15/28(b)
USD
115
110,836
3.88%, 11/01/29(b)
 
17
15,695
Bausch & Lomb Corp., 8.38%, 10/01/28(b)
 
760
788,500
Insulet Corp., 6.50%, 04/01/33(b)
 
125
127,058
Medline Borrower LP(b)
 
3.88%, 04/01/29
 
67
62,627
5.25%, 10/01/29
 
659
632,359
Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%,
04/01/29(b)
 
273
276,475
Neogen Food Safety Corp., 8.63%, 07/20/30(b)
 
136
143,194
Opal Bidco SAS(g)
 
03/31/32(d)
EUR
100
108,130
03/31/32(b)
USD
200
200,000
Sotera Health Holdings LLC, 7.38%, 06/01/31(b)
 
105
106,746
Thermo Fisher Scientific, Inc.
 
5.09%, 08/10/33
 
495
501,385
2.80%, 10/15/41
 
1,000
715,753
 
 
3,896,196
Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc., 7.38%, 03/15/33(b)
 
85
84,916
Aetna, Inc., 4.50%, 05/15/42
 
575
477,064
AHP Health Partners, Inc., 5.75%, 07/15/29(b)
 
153
141,947
CHS/Community Health Systems, Inc.(b)(e)
 
5.63%, 03/15/27
 
227
216,767
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
CHS/Community Health Systems, Inc.(b)(e) (continued)
 
6.00%, 01/15/29
USD
406
$ 360,793
5.25%, 05/15/30
 
591
487,601
4.75%, 02/15/31
 
235
185,762
10.88%, 01/15/32
 
437
430,520
Concentra Escrow Issuer Corp., 6.88%, 07/15/32(b)
 
218
221,816
DaVita, Inc., 6.88%, 09/01/32(b)
 
94
94,527
Elevance Health, Inc., 4.65%, 08/15/44
 
1,500
1,305,631
Encompass Health Corp., 4.75%, 02/01/30
 
134
128,918
Fortrea Holdings, Inc., 7.50%, 07/01/30(b)
 
76
69,108
HAH Group Holding Co. LLC, 9.75%, 10/01/31(b)
 
116
111,715
HCA, Inc., 5.50%, 06/15/47
 
1,090
1,003,761
HealthEquity, Inc., 4.50%, 10/01/29(b)
 
170
159,356
LifePoint Health, Inc.(b)
 
9.88%, 08/15/30(e)
 
113
119,226
11.00%, 10/15/30(e)
 
313
340,265
8.38%, 02/15/32
 
242
243,660
10.00%, 06/01/32(e)
 
194
185,058
Molina Healthcare, Inc.(b)
 
4.38%, 06/15/28
 
6
5,715
3.88%, 11/15/30
 
62
55,499
6.25%, 01/15/33
 
32
31,494
Northwell Healthcare, Inc., 4.26%, 11/01/47
 
725
583,428
Prime Healthcare Services, Inc., 9.38%, 09/01/29(b)
 
63
59,438
Star Parent, Inc., 9.00%, 10/01/30(b)
 
305
300,625
Surgery Center Holdings, Inc., 7.25%, 04/15/32(b)(e)
 
361
356,987
Tenet Healthcare Corp., 6.75%, 05/15/31
 
212
215,029
U.S. Acute Care Solutions LLC, 9.75%, 05/15/29(b)
 
143
142,588
UnitedHealth Group, Inc.
 
5.35%, 02/15/33
 
340
348,602
5.80%, 03/15/36(e)
 
1,750
1,846,403
5.70%, 10/15/40
 
600
615,499
 
 
10,929,718
Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc.
 
4.75%, 04/15/35
 
140
133,328
4.85%, 04/15/49
 
550
471,181
MPT Operating Partnership LP/MPT Finance Corp.,
8.50%, 02/15/32(b)
 
439
447,206
Ventas Realty LP, 3.25%, 10/15/26
 
870
852,974
 
 
1,904,689
Hotel & Resort REITs — 0.3%
Park Intermediate Holdings LLC/PK Domestic Property
LLC/PK Finance Co-Issuer, 7.00%, 02/01/30(b)
 
121
121,894
Pebblebrook Hotel LP/PEB Finance Corp., 6.38%,
10/15/29(b)
 
65
64,265
RHP Hotel Properties LP/RHP Finance Corp.(b)
 
7.25%, 07/15/28
 
72
73,726
6.50%, 04/01/32
 
212
211,620
Service Properties Trust
 
8.63%, 11/15/31(b)
 
752
793,295
8.88%, 06/15/32
 
253
250,373
XHR LP, 6.63%, 05/15/30(b)
 
64
62,831
 
 
1,578,004
Hotels, Restaurants & Leisure — 1.6%
1011778 B.C. ULC/New Red Finance, Inc., 5.63%,
09/15/29(b)
 
53
52,467
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc.(b)
 
3.88%, 01/15/28
 
39
37,275
4.38%, 01/15/28
 
144
138,482
9
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Burger King (Restaurant Brands International, Inc.)/New
Red Finance, Inc.(b) (continued)
 
4.00%, 10/15/30
USD
61
$ 55,206
Carnival Corp.(b)
 
6.00%, 05/01/29
 
98
97,314
6.13%, 02/15/33
 
476
469,065
Corvias Campus Living - USG LLC, 5.30%, 07/01/50(c)
 
5,475
1,946,546
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 4.63%, 01/15/29(b)
 
162
149,203
Hilton Domestic Operating Co., Inc.
 
4.88%, 01/15/30
 
19
18,375
4.00%, 05/01/31(b)
 
79
71,544
3.63%, 02/15/32(b)
 
65
56,972
6.13%, 04/01/32(b)
 
60
60,228
5.88%, 03/15/33(b)
 
162
160,402
Lindblad Expeditions Holdings, Inc., 9.00%, 05/15/28(b)
 
96
97,827
Lindblad Expeditions LLC, 6.75%, 02/15/27(b)
 
57
56,666
MajorDrive Holdings IV LLC, 6.38%, 06/01/29(b)
 
162
123,584
Melco Resorts Finance Ltd.(b)
 
4.88%, 06/06/25
 
200
199,260
5.75%, 07/21/28
 
200
192,500
5.38%, 12/04/29
 
400
367,996
7.63%, 04/17/32
 
200
199,715
MGM China Holdings Ltd.
 
5.88%, 05/15/26(d)
 
450
449,199
4.75%, 02/01/27(b)
 
200
195,500
MGM Resorts International, 6.13%, 09/15/29
 
155
153,464
NCL Corp. Ltd.(b)
 
8.13%, 01/15/29
 
77
80,991
7.75%, 02/15/29
 
84
87,546
6.25%, 03/01/30
 
38
37,306
6.75%, 02/01/32
 
242
239,048
NCL Finance Ltd., 6.13%, 03/15/28(b)
 
84
83,731
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29(b)
 
90
95,614
Royal Caribbean Cruises Ltd.(b)
 
5.63%, 09/30/31
 
529
519,437
6.00%, 02/01/33
 
278
277,827
Sabre GLBL, Inc.(b)
 
8.63%, 06/01/27
 
242
239,479
10.75%, 11/15/29(e)
 
274
275,994
Station Casinos LLC(b)
 
4.50%, 02/15/28
 
7
6,705
6.63%, 03/15/32
 
113
112,074
Studio City Co. Ltd., 7.00%, 02/15/27(d)
 
200
201,160
Viking Cruises Ltd.(b)
 
5.88%, 09/15/27
 
95
94,519
7.00%, 02/15/29
 
34
34,114
9.13%, 07/15/31
 
198
211,490
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29(b)
 
111
109,128
Wynn Macau Ltd.(b)
 
5.63%, 08/26/28
 
600
576,750
5.13%, 12/15/29
 
200
185,750
 
 
8,817,453
Household Durables — 0.2%
Beazer Homes USA, Inc.
 
5.88%, 10/15/27
 
28
27,454
7.50%, 03/15/31(b)
 
23
22,283
CD&R Smokey Buyer, Inc./Radio Systems Corp., 9.50%,
10/15/29(b)
 
90
82,125
Dream Finders Homes, Inc., 8.25%, 08/15/28(b)
 
58
59,944
Empire Communities Corp., 9.75%, 05/01/29(b)
 
28
28,319
Security
 
Par
(000)
Value
Household Durables (continued)
K Hovnanian Enterprises, Inc., 11.75%, 09/30/29(b)
USD
464
$ 496,301
LGI Homes, Inc.(b)
 
8.75%, 12/15/28
 
56
58,362
7.00%, 11/15/32
 
69
65,253
Meritage Homes Corp., 1.75%, 05/15/28(b)(i)
 
206
201,262
Scotts Miracle-Gro Co.
 
4.50%, 10/15/29
 
13
12,121
4.38%, 02/01/32
 
22
19,330
Somnigroup International, Inc., 3.88%, 10/15/31(b)
 
45
39,510
STL Holding Co. LLC, 8.75%, 02/15/29(b)
 
76
78,001
 
 
1,190,265
Household Products — 0.0%
Central Garden & Pet Co., 5.13%, 02/01/28
 
35
34,550
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/31(b)
 
32
28,380
 
 
62,930
Independent Power and Renewable Electricity Producers — 0.1%
Greenko Dutch BV, 3.85%, 03/29/26(d)
 
176
170,500
India Cleantech Energy, 4.70%, 08/10/26(b)
 
198
192,711
SCC Power PLC(b)(f)
 
(4.00% Cash and 4.00% PIK), 8.00%, 12/31/28
 
259
163,108
(4.00% Cash or 4.00% PIK), 4.00%, 05/17/32
 
140
35,059
 
 
561,378
Industrial Conglomerates — 0.1%
Amsted Industries, Inc., 6.38%, 03/15/33(b)
 
66
65,650
Axon Enterprise, Inc.(b)
 
6.13%, 03/15/30
 
147
148,356
6.25%, 03/15/33
 
115
116,183
Eaton Corp., 4.15%, 11/02/42
 
500
428,929
 
 
759,118
Insurance — 3.5%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-
Issuer(b)
 
4.25%, 10/15/27
 
324
312,693
6.75%, 10/15/27(e)
 
546
543,827
6.75%, 04/15/28
 
71
71,278
5.88%, 11/01/29(e)
 
818
790,626
7.00%, 01/15/31
 
297
297,908
7.38%, 10/01/32
 
493
495,165
AmWINS Group, Inc., 6.38%, 02/15/29(b)
 
85
85,648
Aon Global Ltd., 4.60%, 06/14/44
 
500
430,954
APH Somerset Investor 2 LLC/APH2 Somerset Investor
2 LLC/APH3 Somerset Investor 2 LLC, 7.88%,
11/01/29(b)
 
121
119,254
Ardonagh Finco Ltd.
 
6.88%, 02/15/31(d)
EUR
200
220,585
7.75%, 02/15/31(b)
USD
693
705,928
Ardonagh Group Finance Ltd., 8.88%, 02/15/32(b)
 
736
749,262
AssuredPartners, Inc., 7.50%, 02/15/32(b)
 
237
252,981
Berkshire Hathaway Finance Corp., 4.40%, 05/15/42(e)
 
500
460,064
Howden UK Refinance PLC/Howden UK Refinance
2 PLC/Howden US Refinance LLC(b)
 
7.25%, 02/15/31
 
800
807,389
8.13%, 02/15/32
 
586
592,146
HUB International Ltd.(b)
 
7.25%, 06/15/30
 
967
996,016
7.38%, 01/31/32
 
2,083
2,120,875
Jones Deslauriers Insurance Management, Inc.(b)
 
8.50%, 03/15/30
 
288
302,550
10.50%, 12/15/30
 
256
274,127
Liberty Mutual Group, Inc., 6.50%, 05/01/42(b)
 
2,000
1,990,520
Schedule of Investments
10
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
Marsh & McLennan Cos., Inc., 5.88%, 08/01/33(e)
USD
1,500
$ 1,586,803
Panther Escrow Issuer LLC, 7.13%, 06/01/31(b)
 
1,405
1,431,598
Progressive Corp., 3.00%, 03/15/32
 
750
670,644
Prudential Financial, Inc.
 
5.90%, 03/17/36
 
500
524,218
6.63%, 12/01/37
 
1,625
1,799,285
Ryan Specialty LLC(b)
 
4.38%, 02/01/30
 
60
57,088
5.88%, 08/01/32
 
135
133,337
Teachers Insurance & Annuity Association of America,
4.27%, 05/15/47(b)
 
700
568,580
USI, Inc., 7.50%, 01/15/32(b)(e)
 
295
300,952
 
 
19,692,301
Interactive Media & Services — 0.1%
iliad SA, 5.63%, 02/15/30(d)
EUR
100
113,711
Snap, Inc., 6.88%, 03/01/33(b)
USD
369
368,972
 
 
482,683
Internet Software & Services — 0.4%
Acuris Finance U.S., Inc./Acuris Finance SARL(b)
 
5.00%, 05/01/28
 
272
249,768
9.00%, 08/01/29
 
200
193,611
Amazon.com, Inc., 2.50%, 06/03/50
 
1,500
907,399
Cablevision Lightpath LLC(b)
 
3.88%, 09/15/27
 
220
208,913
5.63%, 09/15/28
 
200
183,348
Match Group Holdings II LLC(b)
 
4.13%, 08/01/30
 
20
17,924
3.63%, 10/01/31
 
24
20,684
Rakuten Group, Inc.(b)
 
11.25%, 02/15/27
 
200
216,675
9.75%, 04/15/29
 
200
217,144
 
 
2,215,466
IT Services — 0.5%
Amentum Holdings, Inc., 7.25%, 08/01/32(b)
 
139
136,729
Atos SE(d)(k)
 
5.20%, 12/18/30
EUR
23
20,259
9.36%, 12/18/29
 
18
20,987
CA Magnum Holdings, 5.38%, 10/31/26(b)
USD
278
273,052
Fortress Intermediate 3, Inc., 7.50%, 06/01/31(b)
 
313
315,534
Insight Enterprises, Inc., 6.63%, 05/15/32(b)
 
85
85,665
International Business Machines Corp.
 
4.40%, 07/27/32
 
500
484,129
4.75%, 02/06/33(e)
 
550
544,255
3.43%, 02/09/52
 
750
517,934
McAfee Corp., 7.38%, 02/15/30(b)(e)
 
363
321,283
 
 
2,719,827
Machinery — 0.6%
Chart Industries, Inc.(b)
 
7.50%, 01/01/30(e)
 
159
164,906
9.50%, 01/01/31
 
61
65,120
Esab Corp., 6.25%, 04/15/29(b)
 
145
147,116
GrafTech Global Enterprises, Inc., 9.88%, 12/23/29(b)
 
82
64,370
Husky Injection Molding Systems Ltd./Titan Co-Borrower
LLC, 9.00%, 02/15/29(b)
 
473
473,878
John Deere Capital Corp., 4.40%, 09/08/31
 
445
440,576
Manitowoc Co., Inc., 9.25%, 10/01/31(b)
 
72
74,012
Terex Corp.(b)
 
5.00%, 05/15/29
 
113
107,838
6.25%, 10/15/32
 
94
91,159
Security
 
Par
(000)
Value
Machinery (continued)
TK Elevator Holdco GmbH
 
6.63%, 07/15/28(d)
EUR
91
$ 98,438
7.63%, 07/15/28(b)
USD
400
400,340
TK Elevator Midco GmbH, 4.38%, 07/15/27(d)
EUR
303
325,586
TK Elevator U.S. Newco, Inc., 5.25%, 07/15/27(b)
USD
541
530,861
Vertiv Group Corp., 4.13%, 11/15/28(b)
 
204
194,200
 
 
3,178,400
Media — 3.1%
Cable One, Inc.
 
0.00%, 03/15/26(i)(j)
 
62
58,745
1.13%, 03/15/28(i)
 
394
312,746
4.00%, 11/15/30(b)
 
28
22,202
CCO Holdings LLC/CCO Holdings Capital Corp.
 
5.38%, 06/01/29(b)
 
21
20,320
6.38%, 09/01/29(b)
 
610
608,178
4.75%, 03/01/30(b)
 
22
20,404
4.25%, 02/01/31(b)
 
157
139,122
7.38%, 03/01/31(b)(e)
 
913
927,585
4.75%, 02/01/32(b)
 
78
69,256
4.50%, 05/01/32
 
15
13,021
4.50%, 06/01/33(b)
 
80
68,227
4.25%, 01/15/34(b)
 
571
469,647
Charter Communications Operating LLC/Charter
Communications Operating Capital
 
5.75%, 04/01/48
 
1,100
948,708
5.13%, 07/01/49
 
1,000
793,695
Comcast Corp.
 
6.45%, 03/15/37
 
790
864,940
3.90%, 03/01/38(e)
 
1,500
1,287,344
4.70%, 10/15/48(e)
 
3,000
2,598,970
CSC Holdings LLC(b)
 
5.38%, 02/01/28
 
400
341,132
11.75%, 01/31/29
 
800
775,874
3.38%, 02/15/31
 
200
143,075
Directv Financing LLC/Directv Financing Co-Obligor, Inc.,
5.88%, 08/15/27(b)
 
548
531,037
DISH DBS Corp.(b)
 
5.25%, 12/01/26
 
717
658,167
5.75%, 12/01/28
 
373
314,569
DISH Network Corp., 11.75%, 11/15/27(b)
 
878
924,601
Gray Media, Inc.(b)
 
7.00%, 05/15/27
 
84
82,322
10.50%, 07/15/29
 
303
315,681
Midcontinent Communications, 8.00%, 08/15/32(b)
 
197
199,189
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%,
09/15/26(b)
 
189
161,710
Sinclair Television Group, Inc., 8.13%, 02/15/33(b)
 
345
340,441
Sirius XM Radio, Inc.(b)
 
3.13%, 09/01/26
 
42
40,690
5.00%, 08/01/27
 
272
265,755
TCI Communications, Inc., 7.88%, 02/15/26
 
610
626,997
Univision Communications, Inc.(b)
 
6.63%, 06/01/27
 
265
262,808
8.00%, 08/15/28
 
454
455,418
7.38%, 06/30/30(e)
 
120
114,644
8.50%, 07/31/31
 
212
207,154
Walt Disney Co.
 
7.63%, 11/30/28
 
385
426,805
7.75%, 12/01/45
 
500
635,117
Ziggo BV, 4.88%, 01/15/30(b)
 
200
183,208
 
 
17,229,504
11
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Metals & Mining — 0.9%
ABJA Investment Co. Pte. Ltd., 5.45%, 01/24/28(d)
USD
200
$ 201,186
Advanced Drainage Systems, Inc., 6.38%, 06/15/30(b)
 
153
153,666
Arsenal AIC Parent LLC(b)
 
8.00%, 10/01/30
 
161
164,158
11.50%, 10/01/31
 
556
604,611
ATI, Inc.
 
5.88%, 12/01/27
 
97
96,322
7.25%, 08/15/30
 
208
214,394
5.13%, 10/01/31
 
110
103,008
Big River Steel LLC/BRS Finance Corp., 6.63%,
01/31/29(b)
 
302
302,405
Carpenter Technology Corp., 7.63%, 03/15/30
 
151
155,537
Cleveland-Cliffs, Inc.(b)
 
6.88%, 11/01/29
 
121
118,406
7.50%, 09/15/31
 
43
41,982
7.38%, 05/01/33
 
99
94,994
Constellium SE(b)
 
3.75%, 04/15/29(e)
 
341
308,943
6.38%, 08/15/32
 
250
244,125
First Quantum Minerals Ltd., 8.00%, 03/01/33(b)
 
200
202,500
Kaiser Aluminum Corp.(b)
 
4.63%, 03/01/28
 
90
85,487
4.50%, 06/01/31
 
262
231,877
New Gold, Inc., 6.88%, 04/01/32(b)
 
162
163,616
Novelis Corp.(b)
 
3.25%, 11/15/26
 
514
496,905
4.75%, 01/30/30
 
95
88,141
3.88%, 08/15/31
 
210
182,576
Novelis Sheet Ingot GmbH, 3.38%, 04/15/29(d)
EUR
100
102,798
Novelis, Inc., 6.88%, 01/30/30(b)
USD
235
238,325
Rio Tinto Finance USA PLC, 4.13%, 08/21/42
 
400
336,627
Samarco Mineracao SA(f)
 
(9.00% PIK), 9.00%, 06/30/31(d)
 
48
46,954
(9.00% PIK), 9.00%, 06/30/31(b)
 
17
16,226
Vale Overseas Ltd., 6.40%, 06/28/54
 
35
34,493
Volcan Cia Minera SAA, 8.75%, 01/24/30(b)
 
55
54,069
 
 
5,084,331
Mortgage Real Estate Investment Trusts (REITs)(b) — 0.1%
Blackstone Mortgage Trust, Inc., 3.75%, 01/15/27
 
85
80,818
Ladder Capital Finance Holdings LLLP/Ladder Capital
Finance Corp.
 
4.75%, 06/15/29
 
46
43,809
7.00%, 07/15/31
 
125
128,297
Starwood Property Trust, Inc.
 
7.25%, 04/01/29
 
94
96,364
6.00%, 04/15/30
 
48
46,905
6.50%, 07/01/30
 
119
119,061
10/15/30(g)
 
126
124,831
 
 
640,085
Oil, Gas & Consumable Fuels — 6.6%
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(b)
 
207
210,549
Antero Midstream Partners LP/Antero Midstream
Finance Corp.(b)
 
5.38%, 06/15/29
 
140
136,845
6.63%, 02/01/32
 
76
77,268
Ascent Resources Utica Holdings LLC/ARU Finance
Corp.(b)
 
9.00%, 11/01/27
 
91
111,475
5.88%, 06/30/29
 
6
5,855
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b)
 
7.00%, 07/15/29
USD
120
$ 122,638
7.25%, 07/15/32
 
97
100,347
Borr IHC Ltd./Borr Finance LLC, 10.38%, 11/15/30(b)
 
190
176,733
BP Capital Markets America, Inc., 2.72%, 01/12/32
 
620
544,189
Buckeye Partners LP
 
6.88%, 07/01/29(b)
 
52
52,860
6.75%, 02/01/30(b)
 
46
46,594
5.85%, 11/15/43
 
94
83,109
5.60%, 10/15/44
 
59
50,573
Burlington Resources LLC, 5.95%, 10/15/36
 
685
727,959
Chord Energy Corp., 6.75%, 03/15/33(b)
 
91
90,523
CITGO Petroleum Corp., 8.38%, 01/15/29(b)
 
322
327,687
Civitas Resources, Inc.(b)
 
8.38%, 07/01/28
 
56
57,791
8.63%, 11/01/30
 
131
135,149
8.75%, 07/01/31
 
225
231,062
CNX Midstream Partners LP, 4.75%, 04/15/30(b)
 
66
61,444
CNX Resources Corp., 7.25%, 03/01/32(b)
 
60
61,012
Comstock Resources, Inc.(b)
 
6.75%, 03/01/29
 
295
288,071
5.88%, 01/15/30
 
201
189,825
ConocoPhillips Co., 3.76%, 03/15/42
 
600
478,612
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%,
06/15/31(b)
 
500
479,678
Crescent Energy Finance LLC(b)
 
7.63%, 04/01/32(e)
 
301
297,709
7.38%, 01/15/33
 
324
312,407
Devon Energy Corp.
 
5.85%, 12/15/25
 
1,000
1,005,234
5.60%, 07/15/41
 
300
279,929
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/01/30(b)
 
89
91,203
DT Midstream, Inc., 4.38%, 06/15/31(b)
 
209
192,240
Ecopetrol SA, 8.88%, 01/13/33
 
175
180,206
eG Global Finance PLC, 12.00%, 11/30/28(b)
 
209
231,415
Encino Acquisition Partners Holdings LLC, 8.75%,
05/01/31(b)
 
94
99,887
Energy Transfer LP
 
6.25%, 04/15/49
 
540
535,706
(5-year CMT + 4.02%), 8.00%, 05/15/54(a)
 
342
359,903
Series H, (5-year CMT + 5.69%), 6.50%(a)(h)
 
4,275
4,269,960
Enterprise Products Operating LLC, 6.13%, 10/15/39
 
1,400
1,485,134
EOG Resources, Inc., 5.10%, 01/15/36
 
200
202,341
EQM Midstream Partners LP(b)
 
4.50%, 01/15/29
 
13
12,590
6.38%, 04/01/29
 
118
120,728
7.50%, 06/01/30
 
57
61,528
Genesis Energy LP/Genesis Energy Finance Corp.
 
7.75%, 02/01/28
 
118
119,174
8.25%, 01/15/29
 
209
215,779
8.88%, 04/15/30
 
82
85,160
7.88%, 05/15/32
 
175
176,243
8.00%, 05/15/33
 
131
132,019
Gulfport Energy Operating Corp., 6.75%, 09/01/29(b)
 
99
100,317
Harvest Midstream I LP, 7.50%, 05/15/32(b)
 
58
59,605
Hess Corp., 4.30%, 04/01/27
 
1,100
1,094,483
Hess Midstream Operations LP, 6.50%, 06/01/29(b)
 
138
140,744
Hilcorp Energy I LP/Hilcorp Finance Co.(b)
 
6.25%, 11/01/28
 
70
69,934
5.75%, 02/01/29
 
127
122,702
6.00%, 04/15/30
 
12
11,412
Schedule of Investments
12
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Hilcorp Energy I LP/Hilcorp Finance Co.(b) (continued)
 
8.38%, 11/01/33
USD
219
$ 224,426
6.88%, 05/15/34
 
117
110,036
7.25%, 02/15/35
 
78
74,490
Howard Midstream Energy Partners LLC(b)
 
8.88%, 07/15/28
 
148
154,317
7.38%, 07/15/32
 
122
124,992
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26(d)
 
200
197,000
Impulsora Pipeline LLC, 6.05%, 01/01/43(a)
 
1,515
1,308,437
ITT Holdings LLC, 6.50%, 08/01/29(b)(e)
 
291
268,457
Kimmeridge Texas Gas LLC, 8.50%, 02/15/30(b)
 
266
265,845
Kinder Morgan, Inc., 5.05%, 02/15/46
 
1,400
1,227,790
Kinetik Holdings LP(b)
 
6.63%, 12/15/28
 
36
36,573
5.88%, 06/15/30
 
11
10,885
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas
Finance Corp., 6.88%, 12/01/32(b)
 
78
77,856
Marathon Petroleum Corp., 6.50%, 03/01/41(e)
 
1,150
1,191,529
Matador Resources Co.(b)
 
6.88%, 04/15/28(e)
 
139
140,757
6.50%, 04/15/32
 
159
157,574
Medco Oak Tree Pte. Ltd., 7.38%, 05/14/26(d)
 
288
289,800
Moss Creek Resources Holdings, Inc., 8.25%,
09/01/31(b)
 
52
50,704
MPLX LP
 
4.25%, 12/01/27
 
250
247,795
4.80%, 02/15/29
 
500
500,857
Murphy Oil Corp., 5.88%, 12/01/42
 
18
15,462
Nabors Industries Ltd., 7.50%, 01/15/28(b)
 
94
86,526
Nabors Industries, Inc., 7.38%, 05/15/27(b)
 
157
154,849
NFE Financing LLC, 12.00%, 11/15/29(b)
 
271
228,106
NGL Energy Operating LLC/NGL Energy Finance
Corp.(b)
 
8.13%, 02/15/29
 
163
164,139
8.38%, 02/15/32
 
646
647,385
Noble Finance II LLC, 8.00%, 04/15/30(b)
 
193
192,887
Northern Oil & Gas, Inc.
 
8.13%, 03/01/28(b)
 
445
446,147
3.63%, 04/15/29(i)
 
96
101,165
8.75%, 06/15/31(b)
 
165
168,293
Northriver Midstream Finance LP, 6.75%, 07/15/32(b)
 
93
93,867
Parkland Corp., 6.63%, 08/15/32(b)
 
131
130,925
PBF Holding Co. LLC/PBF Finance Corp., 7.88%,
09/15/30(b)
 
112
98,088
Permian Resources Operating LLC(b)
 
8.00%, 04/15/27
 
189
192,572
5.88%, 07/01/29
 
170
167,775
7.00%, 01/15/32
 
208
212,700
6.25%, 02/01/33
 
95
94,624
Petroleos Mexicanos
 
6.50%, 03/13/27(e)
 
142
138,294
8.75%, 06/02/29
 
204
203,121
5.95%, 01/28/31(e)
 
245
207,503
6.70%, 02/16/32
 
117
102,656
10.00%, 02/07/33
 
47
48,826
6.38%, 01/23/45
 
48
32,470
Prairie Acquiror LP, 9.00%, 08/01/29(b)
 
113
115,021
Rockies Express Pipeline LLC, 4.95%, 07/15/29(b)
 
36
34,473
Sabine Pass Liquefaction LLC, 5.00%, 03/15/27
 
1,750
1,757,941
Sitio Royalties Operating Partnership LP/Sitio Finance
Corp., 7.88%, 11/01/28(b)
 
247
254,240
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
SM Energy Co.
 
6.50%, 07/15/28
USD
28
$ 27,808
7.00%, 08/01/32(b)
 
71
69,681
Sunoco LP, 6.25%, 07/01/33(b)
 
153
153,160
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.(b)
 
5.50%, 01/15/28
 
95
92,462
7.38%, 02/15/29
 
234
235,166
6.00%, 12/31/30
 
2
1,897
6.00%, 09/01/31
 
88
83,191
Talos Production, Inc., 9.38%, 02/01/31(b)
 
98
99,711
TGNR Intermediate Holdings LLC, 5.50%, 10/15/29(b)
 
119
111,729
TransCanada PipeLines Ltd., 5.60%, 03/31/34
 
500
501,374
TransMontaigne Partners LLC, 8.50%, 06/15/30(b)
 
30
30,221
Transocean Aquila Ltd., 8.00%, 09/30/28(b)
 
67
67,950
Transocean Titan Financing Ltd., 8.38%, 02/01/28(b)
 
99
100,744
Transocean, Inc.(b)
 
8.00%, 02/01/27
 
241
240,095
8.25%, 05/15/29
 
198
193,540
8.75%, 02/15/30(e)
 
114
118,815
8.50%, 05/15/31
 
173
168,101
Valaris Ltd., 8.38%, 04/30/30(b)
 
392
392,450
Venture Global Calcasieu Pass LLC(b)
 
3.88%, 08/15/29
 
113
104,605
4.13%, 08/15/31
 
3
2,726
3.88%, 11/01/33
 
79
67,991
Venture Global LNG, Inc.(b)
 
9.50%, 02/01/29
 
1,429
1,532,333
7.00%, 01/15/30
 
97
95,563
8.38%, 06/01/31(e)
 
892
904,739
9.88%, 02/01/32
 
975
1,035,533
Vermilion Energy, Inc., 6.88%, 05/01/30(b)
 
108
105,760
Vista Energy Argentina SAU, 7.63%, 12/10/35(b)
 
25
24,325
Vital Energy, Inc.
 
9.75%, 10/15/30
 
152
154,601
7.88%, 04/15/32(b)
 
351
326,753
Wildfire Intermediate Holdings LLC, 7.50%, 10/15/29(b)
 
117
113,744
 
 
36,820,483
Paper & Forest Products — 0.2%
Fiber Bidco SpA, 6.13%, 06/15/31(d)
EUR
100
105,490
International Paper Co., 6.00%, 11/15/41
USD
870
883,639
Magnera Corp., 7.25%, 11/15/31(b)
 
75
72,946
 
 
1,062,075
Passenger Airlines — 0.8%
American Airlines Pass-Through Trust
 
Series 2015-2, Class A, 4.00%, 03/22/29
 
861
832,496
Series 2015-2, Class AA, 3.60%, 03/22/29
 
860
833,425
American Airlines, Inc., 8.50%, 05/15/29(b)(e)
 
282
286,285
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(b)
 
110
108,580
OneSky Flight LLC, 8.88%, 12/15/29(b)
 
153
154,635
United Airlines Pass-Through Trust, Series 2023-1,
Class A, 4.30%, 02/15/27
 
1,914
1,905,917
United Airlines, Inc., 4.63%, 04/15/29(b)(e)
 
252
238,463
 
 
4,359,801
Personal Care Products — 0.0%
Perrigo Finance Unlimited Co., 6.13%, 09/30/32
 
127
124,950
Pharmaceuticals — 2.1%
1261229 BC Ltd., 04/15/32(b)(g)
 
1,501
1,491,788
1375209 BC Ltd., 9.00%, 01/30/28(b)
 
189
188,854
13
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
AbbVie, Inc.
 
3.20%, 05/14/26
USD
500
$ 493,657
4.30%, 05/14/36(e)
 
2,670
2,495,301
4.88%, 11/14/48(e)
 
2,095
1,920,301
Bausch Health Cos., Inc.(b)
 
5.50%, 11/01/25
 
148
147,852
6.13%, 02/01/27
 
501
508,014
5.75%, 08/15/27
 
95
94,834
11.00%, 09/30/28
 
624
594,360
Becton Dickinson & Co.
 
4.30%, 08/22/32
 
750
717,675
4.69%, 12/15/44(e)
 
600
524,750
Bristol-Myers Squibb Co.
 
4.50%, 03/01/44
 
350
310,780
4.35%, 11/15/47
 
300
251,357
CVS Health Corp., 6.00%, 06/01/44
 
700
683,891
Endo Finance Holdings, Inc., 8.50%, 04/15/31(b)(e)
 
143
149,081
Grifols SA, 2.25%, 11/15/27(d)
EUR
100
103,751
Nidda Healthcare Holding GmbH, 7.00%, 02/21/30(d)
 
100
112,763
Option Care Health, Inc., 4.38%, 10/31/29(b)
USD
76
70,908
Rossini SARL, (3-mo. EURIBOR + 3.88%), 6.23%,
12/31/29(a)(d)
EUR
100
108,671
Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30
USD
500
440,799
Teva Pharmaceutical Finance Netherlands III BV
 
3.15%, 10/01/26
 
234
226,184
4.75%, 05/09/27
 
200
196,078
7.88%, 09/15/29
 
200
215,080
 
 
12,046,729
Real Estate Management & Development — 0.3%
Adler Financing SARL(f)
 
Series 1.5L, (10.00% PIK), 10.00%, 12/31/29
EUR
7
7,794
Series 1L, (8.25% PIK), 8.25%, 12/31/28
 
26
29,401
Anywhere Real Estate Group LLC/Anywhere Co-Issuer
Corp.
 
7.00%, 04/15/30(b)
USD
150
133,122
Series AI, 7.00%, 04/15/30
 
158
140,142
CoreLogic, Inc., 4.50%, 05/01/28(b)
 
375
349,038
Cushman & Wakefield U.S. Borrower LLC, 8.88%,
09/01/31(b)
 
213
226,186
Fantasia Holdings Group Co. Ltd.(d)(l)(m)
 
11.75%, 04/17/22
 
200
5,000
10.88%, 01/09/23
 
307
7,675
11.88%, 06/01/23
 
400
10,000
9.25%, 07/28/23
 
300
7,500
i-595 Express LLC, 3.31%, 12/31/31(a)
 
608
574,138
Vivion Investments SARL, (6.50% PIK), 6.50%,
08/31/28(d)(f)
EUR
101
107,021
 
 
1,597,017
Retail REITs — 0.4%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR
Nimbus LLC/GGSI Sellco LLC, 4.50%, 04/01/27(b)
USD
66
63,239
Simon Property Group LP, 6.75%, 02/01/40(e)
 
1,670
1,878,644
 
 
1,941,883
Semiconductors & Semiconductor Equipment — 1.2%
Broadcom, Inc.
 
4.75%, 04/15/29
 
2,500
2,509,886
4.15%, 04/15/32(b)
 
1,500
1,422,782
Entegris, Inc., 4.75%, 04/15/29(b)
 
183
176,417
Intel Corp.
 
5.13%, 02/10/30
 
750
755,272
2.00%, 08/12/31(e)
 
1,000
835,462
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
KLA Corp., 5.00%, 03/15/49
USD
500
$ 463,063
QUALCOMM, Inc.
 
4.25%, 05/20/32
 
445
434,021
5.40%, 05/20/33
 
250
261,198
 
 
6,858,101
Software — 2.7%
AthenaHealth Group, Inc., 6.50%, 02/15/30(b)
 
1,735
1,627,451
Camelot Finance SA, 4.50%, 11/01/26(b)
 
246
241,122
Capstone Borrower, Inc., 8.00%, 06/15/30(b)
 
320
328,548
Central Parent LLC/CDK Global II LLC/CDK Financing
Co., Inc., 8.00%, 06/15/29(b)
 
229
200,918
Central Parent, Inc./CDK Global, Inc., 7.25%,
06/15/29(b)
 
150
129,807
Clarivate Science Holdings Corp.(b)(e)
 
3.88%, 07/01/28
 
458
424,860
4.88%, 07/01/29
 
230
205,157
Cloud Software Group, Inc.(b)
 
6.50%, 03/31/29(e)
 
1,531
1,488,232
9.00%, 09/30/29(e)
 
1,709
1,704,539
8.25%, 06/30/32
 
925
940,475
Dun & Bradstreet Corp., 5.00%, 12/15/29(b)(e)
 
226
226,373
Ellucian Holdings, Inc., 6.50%, 12/01/29(b)
 
172
169,150
Fair Isaac Corp., 4.00%, 06/15/28(b)
 
45
42,788
Fidelity National Information Services, Inc., 4.50%,
08/15/46
 
1,000
837,264
Fiserv, Inc., 4.40%, 07/01/49(e)
 
500
412,044
Microsoft Corp., 2.53%, 06/01/50(e)
 
1,600
1,002,285
Oracle Corp.
 
3.60%, 04/01/40
 
3,025
2,379,250
3.60%, 04/01/50
 
400
277,908
3.95%, 03/25/51
 
600
440,679
Playtika Holding Corp., 4.25%, 03/15/29(b)
 
7
6,162
SS&C Technologies, Inc., 6.50%, 06/01/32(b)
 
276
278,984
Twilio, Inc.
 
3.63%, 03/15/29
 
73
67,685
3.88%, 03/15/31
 
73
65,760
UKG, Inc., 6.88%, 02/01/31(b)
 
1,257
1,275,150
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.,
3.88%, 02/01/29(b)
 
147
134,853
 
 
14,907,444
Specialty Retail — 0.0%
Staples, Inc., 10.75%, 09/01/29(b)
 
122
110,220
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc., 4.38%, 05/13/45
 
1,000
887,043
Diebold Nixdorf, Inc., 7.75%, 03/31/30(b)
 
89
92,254
NCR Atleos Corp., 9.50%, 04/01/29(b)
 
74
80,239
Seagate HDD Cayman
 
8.25%, 12/15/29
 
174
185,007
8.50%, 07/15/31
 
111
117,889
 
 
1,362,432
Textiles, Apparel & Luxury Goods — 0.0%
Hanesbrands, Inc., 9.00%, 02/15/31(b)
 
8
8,430
Levi Strauss & Co., 3.50%, 03/01/31(b)
 
11
9,678
PrestigeBidCo GmbH, (3-mo. EURIBOR + 3.75%),
6.54%, 07/01/29(a)(d)
EUR
100
108,462
 
 
126,570
Tobacco — 0.8%
Altria Group, Inc.
 
2.45%, 02/04/32
USD
200
168,728
5.38%, 01/31/44(e)
 
2,000
1,907,600
Schedule of Investments
14
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Tobacco (continued)
BAT Capital Corp.
 
3.22%, 09/06/26
USD
394
$ 386,507
4.54%, 08/15/47
 
1,500
1,198,195
Reynolds American, Inc., 7.00%, 08/04/41
 
1,000
1,053,438
 
 
4,714,468
Trading Companies & Distributors(b) — 0.1%
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28
 
111
108,169
Gates Corp., 6.88%, 07/01/29
 
90
91,559
Resideo Funding, Inc.
 
4.00%, 09/01/29
 
42
38,131
6.50%, 07/15/32(e)
 
121
120,711
 
 
358,570
Transportation Infrastructure — 0.2%
FedEx Corp., 4.10%, 02/01/45
 
1,250
962,908
Water Utilities — 0.2%
American Water Capital Corp., 4.45%, 06/01/32
 
1,350
1,308,711
Wireless Telecommunication Services — 0.9%
Altice France SA(b)
 
5.13%, 07/15/29
 
400
313,333
5.50%, 10/15/29
 
400
316,942
Rogers Communications, Inc., 7.50%, 08/15/38(e)
 
2,325
2,663,977
T-Mobile U.S., Inc.
 
2.55%, 02/15/31
 
500
440,793
3.30%, 02/15/51
 
500
333,768
Vmed O2 U.K. Financing I PLC, 4.50%, 07/15/31(d)
GBP
100
110,090
Vodafone Group PLC, 4.88%, 06/19/49
USD
700
596,980
Zegona Finance PLC, 6.75%, 07/15/29(d)
EUR
100
114,077
 
 
4,889,960
Total Corporate Bonds — 66.8%
(Cost: $380,820,108)
375,581,994
Fixed Rate Loan Interests
Diversified Consumer Services — 0.0%
Clover Holdings SPV III LLC, 2024 USD Term Loan,
15.00%, 12/09/27
USD
15
14,958
Internet Software & Services — 0.0%
Abe Investment Holdings, Inc., 2025 USD Term Loan B,
11.25%, 02/21/30(c)
 
95
94,288
IT Services — 0.2%
Clover Holdings 2 LLC, Term Loan B, 7.75%, 12/09/31(c)
 
962
955,987
Software — 0.3%
Cotiviti, Inc., 2024 Term Loan B, 7.63%, 05/01/31
 
1,666
1,638,927
Total Fixed Rate Loan Interests — 0.5%
(Cost: $2,737,344)
2,704,160
Floating Rate Loan Interests(a)
Advertising Agencies — 0.1%
Clear Channel Outdoor Holdings, Inc., 2024 Term Loan,
(1-mo. CME Term SOFR at 0.00% Floor + 4.11%),
8.44%, 08/23/28
 
293
290,877
Security
 
Par
(000)
Value
Advertising Agencies (continued)
Neptune Bidco U.S., Inc., 2022 USD Term Loan B, (3-
mo. CME Term SOFR + 5.10%), 9.39%, 04/11/29
USD
209
$ 179,321
Summer BC Holdco B SARL, 2024 USD Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 5.26%),
9.56%, 02/15/29
 
57
56,733
 
 
526,931
Aerospace & Defense — 0.1%
Azorra Soar TLB Finance Ltd, Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.50%), 7.80%,
10/18/29
 
57
56,822
Dynasty Acquisition Co., Inc.
 
2024 1st Lien Term Loan B1, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.32%, 10/31/31
 
17
17,162
2024 1st Lien Term Loan B2, (1-mo. CME Term SOFR
at 0.00% Floor + 2.00%), 6.32%, 10/31/31
 
7
7,010
Goat Holdco LLC, 2025 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.32%, 01/27/32
 
102
101,235
Kaman Corp., 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.75%), 7.05%, 02/26/32
 
106
104,193
Signia Aerospace LLC, 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.00%), 7.32%,
11/21/31
 
132
130,959
 
 
417,381
Automobile Components — 0.1%
Clarios Global LP, 2025 USD Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 7.07%,
01/28/32
 
267
262,661
Tenneco, Inc.
 
2022 Term Loan A, (3-mo. CME Term SOFR at 0.50%
Floor + 5.10%), 9.17%, 11/17/28
 
15
14,702
2022 Term Loan B, (3-mo. CME Term SOFR +
5.10%), 9.42%, 11/17/28
 
66
64,123
 
 
341,486
Building Materials — 0.0%
Cornerstone Building Brands, Inc., 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.82%, 05/15/31
 
29
23,793
Quikrete Holdings, Inc., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.57%,
02/10/32
 
89
88,284
Wilsonart LLC, 2024 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.25%), 8.55%, 08/05/31
 
149
140,944
 
 
253,021
Building Products — 0.1%
Foundation Building Materials, Inc.
 
2021 Term Loan, 01/31/28(n)
 
10
9,465
2024 Term Loan B2, (3-mo. CME Term SOFR at
0.00% Floor + 4.26%), 8.55%, 01/29/31
 
240
217,857
Gulfside Supply, Inc., Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.30%, 06/17/31
 
29
28,598
White Cap Supply Holdings LLC, 2024 Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.57%, 10/19/29
 
257
248,439
 
 
504,359
Capital Markets — 0.1%
CPI Holdco B LLC, 2024 Term Loan, (1-mo. CME Term
SOFR + 2.00%), 6.32%, 05/19/31
 
55
54,838
15
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Capital Markets (continued)
Deerfield Dakota Holding LLC
 
2020 USD Term Loan B, (3-mo. CME Term SOFR at
1.00% Floor + 3.75%), 8.05%, 04/09/27
USD
51
$ 48,159
2021 USD 2nd Lien Term Loan, (3-mo. CME Term
SOFR at 0.75% Floor + 7.01%), 11.31%, 04/07/28
 
124
118,214
Summit Acquisition, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.75%), 8.07%,
10/16/31(c)
 
61
60,923
 
 
282,134
Chemicals — 0.1%
Advancion Holdings LLC, 2020 2nd Lien Term Loan,
(1-mo. CME Term SOFR + 7.85%), 12.17%, 11/24/28
 
65
60,601
Discovery Purchaser Corp., Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 3.75%), 8.04%,
10/04/29
 
267
264,338
Herens U.S. Holdco Corp., USD Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 4.03%), 8.32%,
07/03/28
 
194
177,989
Momentive Performance Materials, Inc., 2023 Term
Loan, (1-mo. CME Term SOFR + 4.00%), 8.32%,
03/29/28
 
102
101,133
 
 
604,061
Commercial Services & Supplies — 0.2%
Allied Universal Holdco LLC, 2021 USD Incremental
Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor
+ 3.85%), 8.17%, 05/12/28
 
114
113,622
Champions Financing, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 4.75%), 9.07%,
02/23/29
 
209
187,864
Galaxy U.S. Opco, Inc., Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 5.00%), 9.29%, 07/31/30
 
137
114,074
Jupiter Buyer Inc., 2024 Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 4.75%), 9.07%, 11/01/31
 
38
38,005
Raven Acquisition Holdings LLC, Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.25%), 7.57%,
11/19/31
 
121
119,392
Vortex Opco LLC, Second Out Term Loan, (3-mo. CME
Term SOFR at 0.50% Floor + 4.36%), 8.66%,
12/17/28
 
78
36,884
Wand NewCo 3, Inc., 2025 Repriced Term Loan B, (1-
mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.82%, 01/30/31
 
282
277,804
 
 
887,645
Construction & Engineering — 0.1%
Apple Bidco LLC, 2025 Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.82%, 09/23/31
 
109
108,495
Brand Industrial Services, Inc., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.50% Floor + 4.50%),
8.79%, 08/01/30
 
603
569,138
 
 
677,633
Consumer Finance — 0.0%
Neon Maple U.S Debt Mergersub, Inc., 2024 Term Loan
B1, (1-mo. CME Term SOFR at 0.00% Floor + 3.00%),
7.32%, 11/17/31
 
80
79,152
Security
 
Par
(000)
Value
Containers & Packaging — 0.0%
LABL, Inc., 2021 USD 1st Lien Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 5.10%), 9.42%,
10/30/28
USD
142
$ 117,471
Diversified Telecommunication Services — 0.3%
Delta Topco, Inc., 2024 2nd Lien Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 5.25%), 9.57%,
11/29/30
 
32
31,930
Frontier Communications Holdings LLC, 2025 Term Loan
B, (6-mo. CME Term SOFR at 0.00% Floor + 2.50%),
6.79%, 07/01/31
 
41
40,795
Level 3 Financing, Inc., 2025 Term Loan B, 03/27/32(n)
 
530
522,877
Lumen Technologies, Inc.
 
2024 Extended Term Loan B1, (1-mo. CME Term
SOFR at 2.00% Floor + 2.46%), 6.79%, 04/15/29
 
143
137,367
2024 Term Loan A, (1-mo. CME Term SOFR +
6.00%), 10.32%, 06/01/28
 
43
43,446
Windstream Services LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.85%), 9.17%,
10/01/31(c)
 
65
64,838
Zayo Group Holdings, Inc., USD Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 3.11%), 7.44%,
03/09/27
 
717
665,623
 
 
1,506,876
Electronic Equipment, Instruments & Components — 0.0%
LSF12 Crown U.S. Commercial Bidco LLC, Term Loan B,
(1-mo. CME Term SOFR at 0.00% Floor + 4.25%),
8.57%, 12/02/31
 
125
122,448
Energy Equipment & Services — 0.0%
Star Holding LLC, 2024 1st Lien Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.82%,
07/31/31
 
95
92,655
Entertainment — 0.1%
EOC Borrower LLC, Term Loan B, (1-mo. CME Term
SOFR at 0.00% Floor + 3.00%), 7.32%, 03/24/32
 
216
215,596
Great Canadian Gaming Corp., 2024 Term Loan B, (3-
mo. CME Term SOFR at 0.00% Floor + 4.75%),
9.05%, 11/01/29
 
57
56,275
Motion Finco SARL, 2024 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.50%), 7.80%,
11/12/29
 
31
30,036
OVG Business Services LLC, 2024 Term Loan B, (1-mo.
CME Term SOFR + 3.00%), 7.32%, 06/25/31(c)
 
7
6,649
 
 
308,556
Environmental, Maintenance & Security Service — 0.0%
GFL ES US LLC, 2025 Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 2.50%), 6.82%, 02/04/32
 
135
133,680
Food Products — 0.0%
Chobani LLC, 2025 Repriced Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.82%,
10/25/27
 
7
6,977
Schedule of Investments
16
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ground Transportation — 0.0%
Genesee & Wyoming, Inc., 2024 Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 1.75%), 6.05%,
04/10/31
USD
30
$ 29,758
Health Care Equipment & Supplies — 0.1%
Bausch & Lomb Corp.
 
2023 Incremental Term Loan, (1-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 8.32%, 09/29/28
 
127
126,509
Term Loan, (1-mo. CME Term SOFR at 0.50% Floor +
3.35%), 7.67%, 05/10/27
 
167
166,254
 
 
292,763
Health Care Providers & Services — 0.1%
LifePoint Health, Inc.
 
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 3.75%), 8.05%, 05/17/31
 
114
110,315
2024 Incremental Term Loan B1, (3-mo. CME Term
SOFR at 0.00% Floor + 3.50%), 7.82%, 05/19/31
 
83
79,692
Quorum Health Corp., 2020 Term Loan, (3-mo. CME
Term SOFR at 1.00% Floor + 6.60%), 10.89%,
04/29/25
 
123
96,457
Star Parent, Inc., Term Loan B, (3-mo. CME Term SOFR
at 0.00% Floor + 4.00%), 8.30%, 09/27/30
 
409
389,665
 
 
676,129
Hotels, Restaurants & Leisure — 0.0%
City Football Group Ltd., 2024 Term Loan, (1-mo. CME
Term SOFR at 0.50% Floor + 3.61%), 7.94%,
07/22/30
 
99
97,509
Sabre GLBL, Inc.
 
2021 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.94%, 12/17/27
 
19
18,285
2021 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.94%, 12/17/27
 
11
10,493
2022 Term Loan B, (1-mo. CME Term SOFR +
4.35%), 8.67%, 06/30/28
 
3
3,069
2024 Term Loan B1, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.42%, 11/15/29
 
79
77,126
2024 Term Loan B2, (1-mo. CME Term SOFR at
0.50% Floor + 6.10%), 10.42%, 11/15/29
 
27
25,740
 
 
232,222
Household Durables — 0.0%
Hunter Douglas, Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.50% Floor + 3.25%), 7.55%,
01/20/32
 
61
58,130
Springs Windows Fashions, LLC, 2024 First Lien Second
Out TL A2, (1-mo. CME Term SOFR at 1.00% Floor +
4.11%), 8.44%, 10/06/28
 
124
101,389
SWF Holdings I Corp., 2024 FLFO A1 Term Loan, (1-mo.
CME Term SOFR at 1.00% Floor + 4.50%), 8.82%,
12/19/29
 
28
27,529
Tecta America Corp., 2025 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.00%), 7.32%,
02/18/32
 
66
65,439
 
 
252,487
Security
 
Par
(000)
Value
Insurance — 0.1%
Ardonagh Group Finco Pty. Ltd., 2024 USD Term Loan
B, 02/15/31(n)
USD
137
$ 135,116
AssuredPartners, Inc., 2024 Incremental Term Loan B5,
(1-mo. CME Term SOFR at 0.50% Floor + 3.50%),
7.82%, 02/14/31
 
34
34,008
Truist Insurance Holdings LLC, 2nd Lien Term Loan,
(3-mo. CME Term SOFR at 0.00% Floor + 4.75%),
9.05%, 05/06/32
 
410
412,762
 
 
581,886
Interactive Media & Services — 0.1%
MH Sub I LLC
 
2023 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 4.25%), 8.57%, 05/03/28
 
177
167,544
2024 Term Loan B4, (1-mo. CME Term SOFR at
0.50% Floor + 4.25%), 8.57%, 12/31/31
 
120
109,686
 
 
277,230
Internet Software & Services — 0.1%
Proofpoint, Inc., 2024 Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 3.00%), 7.32%, 08/31/28
 
59
58,912
StubHub Holdco Sub LLC, 2024 Extended Term Loan B,
(1-mo. CME Term SOFR + 4.75%), 9.07%,
03/15/30(c)
 
284
282,727
 
 
341,639
IT Services — 0.0%
Amentum Holdings, Inc., 2024 Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 2.25%), 6.57%,
09/29/31
 
80
77,142
Clover Holdings 2 LLC, Term Loan B, (3-mo. CME Term
SOFR at 0.00% Floor + 4.00%), 8.29%, 12/09/31
 
87
85,861
Fortress Intermediate 3, Inc., Term Loan B, (1-mo. CME
Term SOFR at 0.00% Floor + 3.75%), 8.07%,
06/27/31
 
61
60,981
 
 
223,984
Machinery — 0.1%
GrafTech Global Enterprises, Inc., 2024 Term Loan, (3-
mo. CME Term SOFR at 2.00% Floor + 6.00%),
10.30%, 12/21/29
 
60
60,559
Husky Injection Molding Systems Ltd., 2024 Term Loan
B, (6-mo. CME Term SOFR at 0.00% Floor + 4.50%),
8.72%, 02/15/29
 
478
475,305
 
 
535,864
Media — 0.2%
Coral-U.S. Co-Borrower LLC, 2025 Term Loan B7, (1-
mo. CME Term SOFR at 0.00% Floor + 3.25%),
7.57%, 01/31/32
 
86
83,998
CSC Holdings LLC
 
2019 Term Loan B5, (Prime + 1.50%), 9.00%,
04/15/27
 
212
198,662
2022 Term Loan B6, (1-mo. CME Term SOFR at
0.00% Floor + 4.50%), 8.82%, 01/18/28
 
199
191,617
Directv Financing LLC, 2025 Term Loan B, 02/15/31(n)
 
424
403,597
17
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Media (continued)
Gray Media, Inc.
 
2021 Term Loan D, (1-mo. CME Term SOFR +
3.11%), 7.44%, 12/01/28
USD
76
$ 69,207
2024 Term Loan B, (1-mo. CME Term SOFR +
5.25%), 9.57%, 06/04/29
 
27
26,392
Radiate Holdco LLC, 2021 Term Loan B, (1-mo. CME
Term SOFR at 0.75% Floor + 3.36%), 7.69%,
09/25/26
 
158
135,306
 
 
1,108,779
Metals & Mining — 0.0%
Covia Holdings LLC, 2025 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.57%,
02/14/32
 
51
50,793
Oil, Gas & Consumable Fuels — 0.0%
M6 ETX Holdings II Midco LLC, Term Loan B, (Prime +
3.50%), 11.00%, 09/19/29
 
76
76,252
Passenger Airlines — 0.0%
AAdvantage Loyalty IP Ltd., 2025 Term Loan, (1-mo.
CME Term SOFR + 2.25%), 6.54%, 04/20/28
 
63
62,326
Pharmaceuticals — 0.2%
1261229 BC Ltd., 2025 Term Loan B, 09/25/30(n)
 
286
274,560
Amneal Pharmaceuticals LLC, 2023 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 5.50%), 9.82%,
05/04/28
 
19
19,786
Bausch Health Americas, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR + 5.25%), 9.67%, 02/01/27
 
309
308,730
Endo Finance Holdings, Inc., 2024 1st Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 4.00%),
8.32%, 04/23/31
 
157
155,406
Gainwell Acquisition Corp., Term Loan B, (3-mo. CME
Term SOFR at 0.75% Floor + 4.10%), 8.40%,
10/01/27
 
281
262,728
 
 
1,021,210
Real Estate Management & Development — 0.0%
CoreLogic, Inc., Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 3.61%), 7.94%, 06/02/28
 
84
82,481
Software — 0.5%
Applied Systems, Inc., 2024 2nd Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 4.50%), 8.80%,
02/23/32
 
98
99,711
Ascend Learning LLC
 
2021 2nd Lien Term Loan, (1-mo. CME Term SOFR at
0.50% Floor + 5.85%), 10.17%, 12/10/29
 
39
38,763
2025 Repriced Term Loan B, (1-mo. CME Term SOFR
at 0.50% Floor + 3.00%), 7.32%, 12/11/28
 
92
90,841
AthenaHealth Group, Inc., 2022 Term Loan B, (1-mo.
CME Term SOFR at 0.50% Floor + 3.00%), 7.32%,
02/15/29
 
550
542,065
BMC Software Inc., 2025 USD Term Loan B, (3-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 7.29%,
07/30/31
 
192
188,286
Boxer Parent Co., Inc., 2024 2nd Lien Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 5.75%), 10.04%,
07/30/32
 
115
110,400
Central Parent, Inc., 2024 Term Loan B, (3-mo. CME
Term SOFR at 0.00% Floor + 3.25%), 7.55%,
07/06/29
 
96
82,345
Security
 
Par
(000)
Value
Software (continued)
Cloud Software Group, Inc.
 
2024 1st Lien Term Loan B, (3-mo. CME Term SOFR
at 0.50% Floor + 3.50%), 7.80%, 03/30/29
USD
116
$ 114,984
2024 USD Term Loan, (3-mo. CME Term SOFR at
0.50% Floor + 3.75%), 8.05%, 03/21/31
 
287
284,156
Cloudera, Inc.
 
2021 Second Lien Term Loan, (1-mo. CME Term
SOFR at 0.50% Floor + 6.10%), 10.42%, 10/08/29
 
234
222,057
2021 Term Loan, (1-mo. CME Term SOFR at 0.50%
Floor + 3.85%), 8.17%, 10/08/28
 
55
53,759
Ellucian Holdings, Inc., 2024 2nd Lien Term Loan, (1-mo.
CME Term SOFR at 0.50% Floor + 4.75%), 9.07%,
11/22/32
 
363
367,839
Mitchell International, Inc., 2024 1st Lien Term Loan,
(1-mo. CME Term SOFR at 0.50% Floor + 3.25%),
7.57%, 06/17/31
 
123
121,790
Polaris Newco LLC, USD Term Loan B, (3-mo. CME
Term SOFR at 0.50% Floor + 4.01%), 8.30%,
06/02/28
 
175
166,995
RealPage, Inc.
 
1st Lien Term Loan, (3-mo. CME Term SOFR +
3.26%), 7.56%, 04/24/28
 
212
209,249
2024 Incremental Term Loan, (3-mo. CME Term
SOFR at 0.50% Floor + 3.75%), 8.05%, 04/24/28
 
84
83,907
 
 
2,777,147
Specialty Retail — 0.0%
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term
SOFR at 0.75% Floor + 3.85%), 8.17%, 02/11/28
 
142
139,567
Technology Hardware, Storage & Peripherals — 0.0%
COMMSCOPE, 2024 Term Loan, 12/17/29(n)
 
28
27,845
Cubic Corp.
 
Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor
+ 4.51%), 8.82%, 05/25/28
 
71
42,286
Term Loan C, (3-mo. CME Term SOFR at 0.75% Floor
+ 4.51%), 8.82%, 05/25/28
 
15
8,599
 
 
78,730
Wireless Telecommunication Services — 0.1%
Altice France SA, 2023 USD Term Loan B14, (3-mo.
CME Term SOFR at 0.00% Floor + 5.50%), 9.80%,
08/15/28
 
92
82,138
Digicel International Finance Ltd., 2024 Term Loan, (3-
mo. CME Term SOFR + 7.60%), 11.79%, 05/25/27
 
391
383,710
 
 
465,848
Total Floating Rate Loan Interests — 2.9%
(Cost: $16,453,538)
16,169,561
Foreign Agency Obligations
Bahrain — 0.0%
Bahrain Government International Bond, 5.45%,
09/16/32(d)
 
200
185,813
Canada — 1.1%
CDP Financial, Inc., 5.60%, 11/25/39(b)(e)
 
5,890
6,140,832
Colombia — 0.1%
Colombia Government International Bond
 
4.50%, 01/28/26
 
300
298,350
8.00%, 04/20/33(e)
 
200
206,450
 
 
504,800
Schedule of Investments
18
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Dominican Republic — 0.1%
Dominican Republic International Bond
 
5.95%, 01/25/27(d)
USD
228
$ 229,140
4.50%, 01/30/30(b)
 
226
211,423
7.05%, 02/03/31(b)
 
150
155,100
 
 
595,663
Egypt — 0.0%
Egypt Government International Bond, 7.50%,
02/16/61(b)
 
219
145,431
Guatemala — 0.1%
Guatemala Government Bond(b)
 
5.25%, 08/10/29
 
200
196,800
5.38%, 04/24/32
 
200
192,875
 
 
389,675
Hungary — 0.0%
Hungary Government International Bond, Series 10Y,
5.38%, 09/12/33(d)
EUR
66
74,332
Ivory Coast — 0.1%
Ivory Coast Government International Bond(d)
 
6.38%, 03/03/28
USD
200
200,314
5.88%, 10/17/31
EUR
192
194,374
 
 
394,688
Morocco — 0.0%
Morocco Government International Bond, 2.38%,
12/15/27(b)
USD
200
184,750
Oman — 0.1%
Oman Government International Bond, 6.75%,
01/17/48(d)
 
200
206,750
Romania — 0.1%
Romanian Government International Bond
 
5.25%, 11/25/27(b)
 
102
101,592
2.12%, 07/16/31(d)
EUR
226
198,919
5.88%, 07/11/32(b)(g)
 
59
63,318
6.25%, 09/10/34(b)
 
56
60,008
 
 
423,837
South Africa — 0.0%
Republic of South Africa Government International Bond,
5.75%, 09/30/49
USD
252
184,968
Total Foreign Agency Obligations — 1.7%
(Cost: $9,140,203)
9,431,539
Municipal Bonds
Arizona — 0.2%
Maricopa County Industrial Development Authority, RB,
7.38%, 10/01/29(b)
 
890
918,332
California — 1.2%
City of Los Angeles California, GO, Series A,
Sustainability Bonds, 5.00%, 09/01/42
 
2,000
1,917,854
Golden State Tobacco Securitization Corp., Refunding
RB, Series A-1, 3.71%, 06/01/41
 
1,000
768,003
Oxnard Union High School District, Refunding GO,
(BAM), 3.18%, 08/01/43
 
1,600
1,235,918
State of California, GO, BAB, 7.55%, 04/01/39
 
1,500
1,814,862
State of California, Refunding GO, 5.13%, 03/01/38
 
1,000
991,390
 
 
6,728,027
Security
 
Par
(000)
Value
Florida — 0.3%
State Board of Administration Finance Corp., RB,
Series A, 5.53%, 07/01/34
USD
1,500
$ 1,537,036
Georgia — 0.2%
Municipal Electric Authority of Georgia, Refunding RB,
BAB, 6.64%, 04/01/57(o)
 
987
1,083,551
Hawaii — 0.3%
City & County Honolulu Hawaii Wastewater System
Revenue, Refunding RB, Series A, 2.62%, 07/01/45
 
1,000
671,369
State of Hawaii, GO, Series GK, 6.15%, 10/01/38
 
1,000
1,070,660
 
 
1,742,029
Illinois — 0.3%
State of Illinois, GO, 5.10%, 06/01/33
 
1,882
1,875,814
Massachusetts — 0.3%
Massachusetts Educational Financing Authority,
Refunding RB, Series A, 6.35%, 07/01/49
 
1,355
1,411,180
University of Massachusetts Building Authority,
Refunding RB, Series 3, 3.43%, 11/01/40
 
500
419,205
 
 
1,830,385
New Jersey — 0.3%
New Jersey Turnpike Authority, RB, BAB, Series A,
7.10%, 01/01/41
 
1,750
2,005,283
New York — 0.6%
City of New York, GO, Series D-1, Sustainability Bonds,
5.09%, 10/01/49
 
1,000
964,800
New York City Municipal Water Finance Authority,
Refunding RB, BAB, 6.01%, 06/15/42
 
1,000
1,046,509
New York State Dormitory Authority, RB, BAB, Series F,
5.63%, 03/15/39
 
1,100
1,121,172
 
 
3,132,481
Texas — 0.3%
Texas Natural Gas Securitization Finance Corp., RB,
Series 2023-1, Class A2, 5.17%, 04/01/41
 
1,500
1,514,658
Total Municipal Bonds — 4.0%
(Cost: $22,280,717)
22,367,596
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 12.8%
A&D Mortgage Trust, Series 2024-NQM5, Class A1,
5.70%, 11/25/69(b)
 
1,485
1,488,760
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%,
10/25/64(b)
 
481
480,545
Alternative Loan Trust
 
Series 2005-64CB, Class 1A15, 5.50%, 12/25/35
 
321
284,058
Series 2006-OA21, Class A1, (1 mo. Term SOFR +
0.30%), 4.62%, 03/20/47(a)
 
312
266,196
Series 2007-OA10, Class 2A1, (1 mo. Term SOFR +
0.61%), 4.93%, 09/25/47(a)
 
3,642
532,265
Angel Oak Mortgage Trust, Series 2024-10, Class A1,
5.35%, 10/25/69(b)
 
1,698
1,692,770
Banc of America Funding Trust, Series 2007-2,
Class 1A2, 6.00%, 03/25/37
 
185
144,458
Bravo Residential Funding Trust(b)
 
Series 2021-NQM1, Class A1, 0.94%, 02/25/49(a)
 
495
459,573
Series 2023-NQM3, Class A1, 4.85%, 09/25/62
 
401
397,689
Series 2023-NQM4, Class A1, 6.44%, 05/25/63
 
1,176
1,183,581
Chase Home Lending Mortgage Trust, Series 2019-
ATR1, Class A12, 6.50%, 04/25/49(a)(b)
 
414
415,570
19
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
CIM Trust(b)
 
Series 2023-I1, Class A1, 6.03%, 04/25/58
USD
1,020
$ 1,020,208
Series 2023-I2, Class A1, 6.64%, 12/25/67
 
985
993,924
COLT Mortgage Loan Trust(b)
 
Series 2020-2, Class M1, 5.25%, 03/25/65(a)
 
3,050
3,036,100
Series 2020-3, Class M1, 3.36%, 04/27/65(a)
 
3,820
3,601,573
Series 2022-1, Class A1, 4.55%, 04/25/67(a)
 
1,343
1,335,876
Series 2022-7, Class A1, 5.16%, 04/25/67
 
1,674
1,665,175
Series 2022-9, Class A1, 6.79%, 12/25/67
 
260
261,202
Series 2023-2, Class A1, 6.60%, 07/25/68
 
1,021
1,029,461
Series 2024-6, Class A1, 5.39%, 11/25/69
 
1,232
1,229,778
Series 2024-7, Class A1, 5.54%, 12/26/69
 
1,457
1,457,859
Series 2024-INV4, Class A1, 5.61%, 05/25/69
 
1,228
1,231,439
CSMC Trust, Series 2022-NQM5, Class A1, 5.17%,
05/25/67(a)(b)
 
2,396
2,384,280
Deephaven Residential Mortgage Trust, Series 2022-2,
Class A1, 4.30%, 03/25/67(a)(b)
 
225
216,657
Ellington Financial Mortgage Trust(a)(b)
 
Series 2020-1, Class M1, 5.24%, 05/25/65
 
1,500
1,507,183
Series 2021-2, Class A1, 0.93%, 06/25/66
 
174
143,366
Flagstar Mortgage Trust, Series 2021-4, Class A1,
2.50%, 06/01/51(a)(b)
 
2,260
1,846,350
GCAT Trust(a)(b)
 
Series 2022-NQM3, Class A1, 4.35%, 04/25/67
 
1,030
1,014,408
Series 2024-INV4, Class A2, 5.50%, 12/25/54
 
981
973,358
GS Mortgage-Backed Securities Corp. Trust, Series 2022-
PJ2, Class A4, 2.50%, 06/25/52(a)(b)
 
965
787,168
GS Mortgage-Backed Securities Trust, Series 2021-PJ2,
Class A2, 2.50%, 11/25/51(a)(b)
 
842
688,132
GSR Mortgage Loan Trust, Series 2007-4F, Class 3A1,
6.00%, 07/25/37
 
75
48,819
Homes Trust, Series 2024-NQM2, Class A1, 5.72%,
10/25/69(b)
 
586
587,431
Homeward Opportunities Fund Trust, Series 2022-1,
Class A1, 5.08%, 07/25/67(b)
 
1,037
1,030,427
JP Morgan Mortgage Trust
 
Series 2006-S3, Class 1A12, 6.50%, 08/25/36
 
42
12,939
Series 2022-DSC1, Class A1, 4.75%, 01/25/63(a)(b)
 
401
390,687
Series 2022-INV3, Class A3B, 3.00%, 09/25/52(a)(b)
 
673
572,682
Series 2023-DSC1, Class A1, 4.63%, 07/25/63(a)(b)
 
287
277,770
Series 2024-INV1, Class A3, 5.50%, 04/25/55(a)(b)
 
1,858
1,844,031
Mello Mortgage Capital Acceptance, Series 2022-INV2,
Class A3, 3.00%, 04/25/52(a)(b)
 
711
603,618
Merrill Lynch Mortgage Investors Trust, Series 2006-A3,
Class 3A1, 5.83%, 05/25/36(a)
 
110
72,691
MFA Trust(b)
 
Series 2021-NQM1, Class M1, 2.31%, 04/25/65(a)
 
2,750
2,251,937
Series 2023-NQM1, Class A1, 5.75%, 11/25/67
 
717
715,581
Series 2023-NQM3, Class A1, 6.62%, 07/25/68
 
1,255
1,263,636
Mill City Mortgage Trust, Series 2023-NQM2, Class A1,
6.24%, 12/25/67(b)
 
1,524
1,528,796
OBX Trust(b)
 
Series 2022-INC3, Class A1, 3.00%, 02/25/52(a)
 
627
534,436
Series 2022-NQM9, Class A1A, 6.45%, 09/25/62
 
433
434,609
Series 2023-NQM1, Class A1, 6.12%, 11/25/62(a)
 
557
557,221
Series 2023-NQM5, Class A1A, 6.57%, 06/25/63
 
1,209
1,221,686
Series 2023-NQM6, Class A1, 6.52%, 07/25/63
 
978
988,653
Series 2024-NQM17, Class A1, 5.61%, 11/25/64(a)
 
1,209
1,214,912
PMT Loan Trust, Series 2024-INV1, Class A3, 5.50%,
10/25/59(a)(b)
 
1,872
1,855,660
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
PRKCM Trust, Series 2023-AFC2, Class A1, 6.48%,
06/25/58(b)
USD
1,106
$ 1,112,712
Provident Funding Mortgage Trust, Series 2024-1,
Class A1, 5.50%, 12/25/54(a)(b)
 
1,534
1,519,219
Radian Mortgage Capital Trust, Series 2024-J2,
Class A4, 5.50%, 03/25/55(a)(b)
 
775
767,520
RCKT Mortgage Trust, Series 2022-2, Class A1, 3.00%,
02/25/52(a)(b)
 
931
791,240
Sequoia Mortgage Trust, Series 2024-INV1, Class A3,
5.50%, 10/25/54(a)(b)
 
1,034
1,022,699
SG Residential Mortgage Trust, Series 2022-2, Class A1,
5.35%, 08/25/62(b)
 
598
595,973
Spruce Hill Mortgage Loan Trust, Series 2022-SH1,
Class A1A, 4.10%, 07/25/57(b)
 
625
596,709
STAR Trust, Series 2021-1, Class M1, 2.36%,
05/25/65(a)(b)
 
2,050
1,767,502
Starwood Mortgage Residential Trust, Series 2020-3,
Class M1, 3.54%, 04/25/65(a)(b)
 
2,000
1,780,827
Towd Point Mortgage Trust, Series 2017-4, Class A1,
2.75%, 06/25/57(a)(b)
 
53
51,983
Verus Securitization Trust(b)
 
Series 2022-3, Class A1, 4.13%, 02/25/67
 
2,481
2,344,825
Series 2022-7, Class A1, 5.15%, 07/25/67
 
1,373
1,367,064
Series 2022-INV2, Class A1, 6.79%, 10/25/67
 
396
396,949
Series 2023-1, Class A1, 5.85%, 12/25/67
 
762
761,914
Series 2023-5, Class A1, 6.48%, 06/25/68
 
956
962,469
Series 2024-8, Class A1, 5.36%, 10/25/69(a)
 
1,687
1,683,097
Series 2024-R1, Class A1, 5.22%, 09/25/69(a)
 
1,691
1,688,183
Visio Trust, Series 2023-2, Class A1, 6.60%, 10/25/58(b)
 
1,186
1,197,800
 
 
72,185,869
Commercial Mortgage-Backed Securities — 4.3%
3650R Commercial Mortgage Trust, Series 2021-PF1,
Class A5, 2.52%, 11/15/54
 
1,250
1,070,026
Bayview Commercial Asset Trust, Series 2007-2A,
Class A1, (1 mo. Term SOFR + 0.52%), 4.84%,
07/25/37(a)(b)
 
511
477,100
BFLD Commercial Mortgage Trust, Series 2024-UNIV,
Class D, (1 mo. Term SOFR + 2.69%), 7.01%,
11/15/41(a)(b)
 
630
629,213
BPR Commercial Mortgage Trust, Series 2024-PARK,
Class D, 6.53%, 11/05/39(a)(b)
 
200
205,782
BX Commercial Mortgage Trust(a)(b)
 
Series 2021-CIP, Class A, (1 mo. Term SOFR +
1.04%), 5.35%, 12/15/38
 
554
552,878
Series 2021-SOAR, Class A, (1 mo. Term SOFR +
0.78%), 5.10%, 06/15/38
 
1,482
1,476,131
Series 2021-XL2, Class A, (1 mo. Term SOFR +
0.80%), 5.12%, 10/15/38
 
203
202,341
Series 2022-LP2, Class A, (1 mo. Term SOFR +
1.01%), 5.33%, 02/15/39
 
1,081
1,077,681
Series 2024-MF, Class C, (1 mo. Term SOFR +
1.94%), 6.26%, 02/15/39
 
452
451,300
Series 2024-XL4, Class C, (1 mo. Term SOFR +
2.19%), 6.51%, 02/15/39
 
97
97,140
BX Trust(a)(b)
 
Series 2021-LBA, Class AJV, (1 mo. Term SOFR +
0.91%), 5.23%, 02/15/36
 
1,690
1,687,961
Series 2022 VAMF, Class A, (1 mo. Term SOFR +
0.85%), 5.17%, 01/15/39
 
1,300
1,292,688
Series 2024-BIO, Class C, (1 mo. Term SOFR +
2.64%), 6.96%, 02/15/41
 
240
237,000
Schedule of Investments
20
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BX Trust(a)(b) (continued)
 
Series 2024-CNYN, Class C, (1 mo. Term SOFR +
1.94%), 6.26%, 04/15/41
USD
676
$ 674,958
Series 2024-PAT, Class B, (1 mo. Term SOFR +
3.04%), 7.36%, 03/15/41
 
170
169,788
Cantor Commercial Real Estate Lending, Series 2019-
CF2, Class A5, 2.87%, 11/15/52
 
550
501,145
Century Plaza Towers, Series 2019-CPT, Class C,
3.00%, 11/13/39(a)(b)
 
250
215,290
CONE Trust, Series 2024-DFW1, Class D, (1 mo. Term
SOFR + 3.04%), 7.36%, 08/15/41(a)(b)
 
660
658,732
CSMC(a)(b)
 
Series 2020-FACT, Class D, (1 mo. Term SOFR +
4.32%), 8.64%, 10/15/37
 
900
848,250
Series 2021-BHAR, Class C, (1 mo. Term SOFR +
2.11%), 6.43%, 11/15/38
 
300
297,060
DC Trust, Series 2024-HLTN, Class C, 7.04%,
04/13/40(a)(b)
 
220
224,579
Extended Stay America Trust, Series 2021-ESH,
Class D, (1 mo. Term SOFR + 2.36%), 6.68%,
07/15/38(a)(b)
 
1,672
1,669,581
GS Mortgage Securities Trust
 
11/18/29(a)(b)(g)
 
216
216,000
11/18/29(a)(b)(g)
 
400
400,000
Series 2019-GC38, Class AAB, 3.84%, 02/10/52
 
714
704,929
JP Morgan Chase Commercial Mortgage Securities
Trust, Series 2022-ACB, Class A, (30-day Avg SOFR
+ 1.40%), 5.75%, 03/15/39(a)(b)
 
1,700
1,701,641
JW Commercial Mortgage Trust, Series 2024-MRCO,
Class C, (1 mo. Term SOFR + 2.39%), 6.71%,
06/15/39(a)(b)
 
800
798,250
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C22, Class A4, 3.31%, 04/15/48
 
704
702,600
SELF Commercial Mortgage Trust, Series 2024-STRG,
Class D, (1 mo. Term SOFR + 2.94%), 7.26%,
11/15/34(a)(b)
 
270
269,023
STWD Trust, Series 2021-FLWR, Class A, (1 mo. Term
SOFR + 0.69%), 5.01%, 07/15/36(a)(b)
 
919
913,604
UBS Commercial Mortgage Trust, Series 2019-C18,
Class A4, 3.04%, 12/15/52
 
1,200
1,097,502
VEGAS, Series 2024-GCS, Class D, 6.22%,
07/10/36(a)(b)
 
650
607,864
Wells Fargo Commercial Mortgage Trust
 
Series 2016-LC25, Class A4, 3.64%, 12/15/59
 
1,700
1,669,406
Series 2024-BPRC, Class D, 7.08%, 07/15/43(b)
 
250
251,272
 
 
24,048,715
Total Non-Agency Mortgage-Backed Securities — 17.1%
(Cost: $99,634,437)
96,234,584
Preferred Securities
Capital Trusts — 5.7%(a)
Banks(h) — 3.2%
Bank of America Corp., Series FF, 5.88%(e)
 
3,500
3,527,312
Barclays PLC
 
4.38%
 
310
279,325
9.63%
 
640
701,985
Citigroup, Inc., Series AA, 7.63%
 
186
193,507
HSBC Holdings PLC
 
4.70%
 
275
245,572
6.50%(e)
 
1,090
1,092,024
Security
 
Par
(000)
Value
Banks (continued)
HSBC Holdings PLC (continued)
 
6.00%(e)
USD
235
$ 233,450
ING Groep NV, Series NC10, 4.25%
 
1,500
1,253,497
Krung Thai Bank PCL/Cayman Islands, 4.40%(d)
 
252
247,212
Lloyds Banking Group PLC
 
6.75%
 
595
596,932
7.50%
 
1,750
1,755,936
NatWest Group PLC
 
8.13%
 
225
236,223
6.00%
 
1,575
1,572,475
PNC Financial Services Group, Inc.
 
Series V, 6.20%
 
80
81,112
Series W, 6.25%(e)
 
3,705
3,723,970
Rizal Commercial Banking Corp., 6.50%(d)
 
200
199,812
U.S. Bancorp, Series J, 5.30%(e)
 
1,900
1,878,922
 
 
17,819,266
Capital Markets(h) — 0.9%
Bank of New York Mellon Corp., Series F, 4.63%
 
2,750
2,702,843
UBS Group AG(b)
 
4.88%
 
2,000
1,940,036
Series NC10, 9.25%
 
200
228,240
Series NC5, 9.25%
 
400
434,416
 
 
5,305,535
Electric Utilities — 1.3%
Edison International, Series B, 5.00%(h)
 
95
85,827
Electricite de France SA, 3.38%(d)(h)
EUR
200
199,082
NextEra Energy Capital Holdings, Inc., 5.65%, 05/01/79
USD
4,750
4,650,578
NRG Energy, Inc., 10.25%(b)(h)
 
340
374,345
PG&E Corp., 7.38%, 03/15/55
 
1,723
1,693,454
 
 
7,003,286
Health Care Providers & Services — 0.3%
CVS Health Corp.
 
6.75%, 12/10/54
 
320
318,590
7.00%, 03/10/55
 
1,305
1,315,296
 
 
1,633,886
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Corp., 7.00%(b)(h)
 
141
142,776
 
31,904,749
 
 
 
 
Shares
 
Preferred Stocks — 0.0%
Financial Services — 0.0%
Federal National Mortgage Association, Series S,
8.25%(a)(h)
 
10,000
119,000
IT Services(m) — 0.0%
Veritas Kapital Assurance PLC
 
Series G
 
428
9,844
Series G-1(a)
 
296
6,808
 
 
16,652
 
135,652
21
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Trust Preferred — 0.1%
Banks — 0.1%
Citigroup Capital XIII, 10.92%, 10/30/40(a)
 
29,583
$      883,349
 
883,349
Total Preferred Securities — 5.8%
(Cost: $32,566,004)
32,923,750
 
 
 
Par
(000)
 
U.S. Government Sponsored Agency Securities
Agency Obligations — 0.9%
Resolution Funding Corp. Principal Strip, 0.00%,
04/15/30(j)
USD
6,055
4,912,223
Collateralized Mortgage Obligations — 5.1%
Fannie Mae REMICS(e)
 
Series 2015-47, Class GL, 3.50%, 07/25/45
 
1,636
1,474,015
Series 2022-25, Class KL, 4.00%, 05/25/52
 
14,500
13,137,448
Freddie Mac REMICS
 
Series 4350, Class DY, 4.00%, 06/15/44(e)
 
1,388
1,338,998
Series 4398, Class ZX, 4.00%, 09/15/54(e)
 
11,672
10,525,723
Series 4549, Class TZ, 4.00%, 11/15/45
 
2,685
2,590,874
 
 
29,067,058
Interest Only Collateralized Mortgage Obligations — 0.0%
Fannie Mae REMICS, Series 2012-47, Class NI, 4.50%,
04/25/42
 
646
93,254
Ginnie Mae, Series 2009-116, Class KS, (1 mo. Term
SOFR + 6.36%), 2.04%, 12/16/39(a)
 
508
46,144
 
 
139,398
Mortgage-Backed Securities — 13.1%
Fannie Mae Mortgage-Backed Securities(e)
 
4.50%, 07/01/55
 
2,426
2,342,467
4.00%, 02/01/56 - 04/01/56
 
2,657
2,499,567
Freddie Mac Mortgage-Backed Securities(e)
 
4.00%, 05/01/39
 
4,012
3,916,263
4.50%, 03/01/47
 
483
476,935
Ginnie Mae Mortgage-Backed Securities, 5.50%,
08/15/33
 
19
19,140
Uniform Mortgage-Backed Securities(e)
 
1.50%, 05/01/31
 
4,711
4,398,310
5.00%, 08/01/34 - 11/01/45
 
24,645
24,690,193
4.50%, 06/01/37 - 06/01/44
 
12,053
11,899,255
5.50%, 12/01/37 - 04/15/55(p)
 
9,869
9,967,135
6.00%, 12/01/38
 
170
177,350
3.50%, 09/01/42 - 04/01/53
 
4,215
3,843,728
3.00%, 02/01/52
 
1,787
1,549,221
4.00%, 05/01/52 - 09/01/52
 
3,658
3,437,327
6.50%, 10/01/53
 
4,150
4,281,894
 
 
73,498,785
Total U.S. Government Sponsored Agency Securities — 19.1%
(Cost: $111,478,590)
107,617,464
U.S. Treasury Obligations
U.S. Treasury Bonds(e)
 
4.38%, 02/15/38
 
1,600
1,610,938
4.13%, 08/15/44
 
30,400
28,481,000
3.00%, 11/15/45
 
54,500
42,521,926
3.13%, 05/15/48
 
1,900
1,478,957
Security
 
Par
(000)
Value
U.S. Treasury Obligations (continued)
U.S. Treasury Bonds(e) (continued)
 
4.63%, 05/15/54
USD
31,000
$ 31,100,508
U.S. Treasury Notes(e)
 
0.63%, 07/31/26
 
27,500
26,311,914
3.63%, 05/31/28
 
1,900
1,884,414
4.88%, 10/31/28
 
7,800
8,048,320
Total U.S. Treasury Obligations — 25.1%
(Cost: $142,214,180)
141,437,977
Total Long-Term Investments — 155.5%
(Cost: $888,576,420)
874,645,920
 
 
 
 
Shares
 
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Shares,
4.22%(q)(r)
 
5,455,702
5,455,702
 
 
 
Par
(000)
 
U.S. Treasury Obligations — 4.6%
U.S. Treasury Notes, 5.00%, 10/31/25(e)
USD
26,000
26,118,422
Total Short-Term Securities — 5.6%
(Cost: $31,462,746)
31,574,124
Total Investments — 161.1%
(Cost: $920,039,166)
906,220,044
Liabilities in Excess of Other Assets — (61.1)%
(343,825,939
)
Net Assets — 100.0%
$  562,394,105
 
(a)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(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)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(e)
All or a portion of the security has been pledged as collateral in connection with
outstanding reverse repurchase agreements.
(f)
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.
(g)
When-issued security.
(h)
Perpetual security with no stated maturity date.
(i)
Convertible security.
(j)
Zero-coupon bond.
(k)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(l)
Issuer filed for bankruptcy and/or is in default.
(m)
Non-income producing security.
(n)
Represents an unsettled loan commitment at period end. Certain details associated with
this purchase are not known prior to the settlement date, including coupon rate.
(o)
All or a portion of the security has been pledged and/or segregated as collateral in
connection with outstanding exchange-traded options written.
(p)
Represents or includes a TBA transaction.
(q)
Affiliate of the Trust.
(r)
Annualized 7-day yield as of period end.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Trust for compliance purposes.
Schedule of Investments
22
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/31/24
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
03/31/25
Shares
Held at
03/31/25
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares
$ 4,465,196
$ 990,506
(a)
$ —
$ —
$ —
$ 5,455,702
5,455,702
$ 62,194
$ —
 
(a)
Represents net amount purchased (sold).
Reverse Repurchase Agreements 
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
Credit Agricole Corporate and Investment
Bank
4.47
%(b)
10/30/24
Open
$ 28,918,000
$ 28,930,290
U.S. Treasury Obligations
Open/Demand
U.S. Bancorp Investments, Inc.
4.31
(b)
12/09/24
Open
2,020,000
2,048,913
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
4.31
(b)
12/09/24
Open
562,375
570,424
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
4.31
(b)
12/09/24
Open
2,771,250
2,810,916
Corporate Bonds
Open/Demand
Barclays Bank PLC
4.49
(b)
12/11/24
Open
1,740,925
1,766,369
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
4.50
(b)
12/11/24
Open
2,216,625
2,249,089
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
4.50
(b)
12/11/24
Open
4,091,500
4,151,423
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
4.50
(b)
12/13/24
Open
1,824,475
1,850,714
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
4.50
(b)
12/23/24
Open
1,793,844
1,816,043
Corporate Bonds
Open/Demand
U.S. Bancorp Investments, Inc.
4.31
(b)
12/26/24
Open
3,071,250
3,106,549
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.32
(b)
01/27/25
Open
46,058
46,411
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.35
(b)
01/27/25
Open
196,463
197,983
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.35
(b)
01/27/25
Open
133,795
134,829
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.35
(b)
01/27/25
Open
199,796
201,341
Foreign Agency Obligations
Open/Demand
Nomura Securities International, Inc.
4.40
(b)
01/27/25
Open
553,519
557,849
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.42
(b)
01/27/25
Open
330,785
333,384
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.42
(b)
01/27/25
Open
312,987
315,447
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.42
(b)
01/27/25
Open
947,500
954,945
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.42
(b)
01/27/25
Open
103,615
104,429
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.47
(b)
01/27/25
Open
213,964
215,664
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.47
(b)
01/27/25
Open
306,377
308,812
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.47
(b)
01/27/25
Open
198,308
199,883
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
01/27/25
Open
200,867
202,467
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
01/27/25
Open
1,752,187
1,766,143
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
01/27/25
Open
932,500
939,927
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
01/27/25
Open
106,175
107,021
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
01/27/25
Open
132,940
133,999
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
01/27/25
Open
287,640
289,931
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
01/27/25
Open
326,500
329,100
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
01/27/25
Open
156,573
157,820
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
01/27/25
Open
136,345
137,431
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.50
(b)
01/27/25
Open
403,357
406,584
Corporate Bonds
Open/Demand
Goldman Sachs & Co. LLC
4.25
(b)
02/11/25
Open
165,384
166,341
Corporate Bonds
Open/Demand
Goldman Sachs & Co. LLC
4.35
(b)
02/11/25
Open
251,170
252,658
Corporate Bonds
Open/Demand
Goldman Sachs & Co. LLC
4.35
(b)
02/11/25
Open
111,101
111,759
Corporate Bonds
Open/Demand
Goldman Sachs & Co. LLC
4.45
(b)
02/11/25
Open
391,250
393,620
Corporate Bonds
Open/Demand
Goldman Sachs & Co. LLC
4.45
(b)
02/11/25
Open
1,498,125
1,507,199
Corporate Bonds
Open/Demand
Goldman Sachs & Co. LLC
4.45
(b)
02/11/25
Open
115,718
116,418
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
02/13/25
Open
766,875
771,360
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
4.50
(b)
02/13/25
Open
2,951,250
2,968,589
Corporate Bonds
Open/Demand
RBC Capital Markets, LLC
4.50
(b)
02/13/25
Open
2,846,250
2,862,972
Corporate Bonds
Open/Demand
Nomura Securities International, Inc.
4.48
(b)
02/18/25
Open
528,937
531,702
Corporate Bonds
Open/Demand
BNP Paribas SA
4.35
(b)
02/20/25
Open
831,971
835,992
Corporate Bonds
Open/Demand
BNP Paribas SA
4.37
(b)
02/20/25
Open
101,550
102,043
Corporate Bonds
Open/Demand
BNP Paribas SA
4.40
(b)
02/20/25
Open
419,662
421,714
Corporate Bonds
Open/Demand
BNP Paribas SA
4.40
(b)
02/20/25
Open
124,283
124,890
Corporate Bonds
Open/Demand
23
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
BNP Paribas SA
4.40
%(b)
02/20/25
Open
$ 884,844
$ 889,170
Corporate Bonds
Open/Demand
BNP Paribas SA
4.44
(b)
02/20/25
Open
131,573
132,222
Corporate Bonds
Open/Demand
BNP Paribas SA
4.45
(b)
02/20/25
Open
149,063
149,800
Corporate Bonds
Open/Demand
BNP Paribas SA
4.45
(b)
02/20/25
Open
1,348,710
1,355,379
Corporate Bonds
Open/Demand
BNP Paribas SA
4.45
(b)
02/20/25
Open
1,173,052
1,178,853
Capital Trusts
Open/Demand
BNP Paribas SA
4.45
(b)
02/20/25
Open
222,261
223,360
Corporate Bonds
Open/Demand
BNP Paribas SA
4.45
(b)
02/20/25
Open
99,581
100,074
Corporate Bonds
Open/Demand
BNP Paribas SA
4.46
(b)
02/20/25
Open
189,373
190,311
Corporate Bonds
Open/Demand
BNP Paribas SA
4.47
(b)
02/25/25
Open
42,986,875
43,165,509
U.S. Treasury Obligations
Open/Demand
BNP Paribas SA
4.47
(b)
02/25/25
Open
8,121,750
8,155,500
U.S. Treasury Obligations
Open/Demand
BNP Paribas SA
4.47
(b)
02/25/25
Open
26,552,500
26,662,840
U.S. Treasury Obligations
Open/Demand
BNP Paribas SA
4.47
(b)
02/25/25
Open
1,498,625
1,504,853
U.S. Treasury Obligations
Open/Demand
BNP Paribas SA
4.47
(b)
02/25/25
Open
1,080,035
1,084,523
U.S. Treasury Obligations
Open/Demand
Nomura Securities International, Inc.
4.47
(b)
02/25/25
Open
1,888,125
1,895,971
U.S. Treasury Obligations
Open/Demand
Nomura Securities International, Inc.
4.47
(b)
02/25/25
Open
26,193,750
26,302,600
U.S. Treasury Obligations
Open/Demand
Nomura Securities International, Inc.
4.47
(b)
02/25/25
Open
31,620,000
31,751,399
U.S. Treasury Obligations
Open/Demand
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
560,945
562,265
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
720,783
722,479
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,697,257
1,701,252
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
217,499
218,011
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,495,250
1,498,769
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,314,837
1,317,932
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,585,505
1,589,238
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
826,553
828,498
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,291,625
1,294,665
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
877,717
879,783
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
928,968
931,155
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,495,295
1,498,815
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
2,021,769
2,026,528
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,401,181
1,404,479
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,270,650
1,273,641
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
2,258,173
2,263,488
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
383,992
384,896
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
201,236
201,710
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
172,382
172,788
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
844,975
846,964
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
903,612
905,739
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
4,144,959
4,154,716
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
3,780,476
3,789,375
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Schedule of Investments
24
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
HSBC Securities (USA), Inc.
4.46
% 
03/12/25
04/14/25
$ 1,495,223
$ 1,498,743
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,481,897
1,485,385
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,345,553
1,348,720
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
344,318
345,128
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
461,647
462,733
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
488,080
489,229
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
4,253,684
4,263,697
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
254,560
255,160
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
220,665
221,185
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
1,731,628
1,735,704
U.S. Government Sponsored
Agency Securities
Up to 30 Days
HSBC Securities (USA), Inc.
4.46
03/12/25
04/14/25
2,267,844
2,273,182
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Morgan Stanley & Co. LLC
4.46
03/12/25
04/14/25
13,597,923
13,629,930
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Morgan Stanley & Co. LLC
4.46
03/12/25
04/14/25
7,123,820
7,140,589
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Citigroup Global Markets, Inc.
4.48
03/13/25
04/04/25
1,277,344
1,280,205
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Citigroup Global Markets, Inc.
4.48
03/13/25
04/04/25
1,403,625
1,406,769
U.S. Government Sponsored
Agency Securities
Up to 30 Days
Credit Agricole Corporate and Investment
Bank
4.48
03/13/25
04/04/25
12,542,059
12,570,153
U.S. Government Sponsored
Agency Securities
Up to 30 Days
BofA Securities, Inc.
4.15
03/14/25
04/11/25
156,975
157,301
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.15
03/14/25
04/11/25
165,263
165,605
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.25
03/14/25
04/11/25
105,850
106,075
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.30
03/14/25
04/11/25
115,651
115,900
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.35
03/14/25
04/11/25
502,500
503,593
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.35
03/14/25
04/11/25
297,005
297,651
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.35
03/14/25
04/11/25
170,963
171,334
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.35
03/14/25
04/11/25
946,000
948,058
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.40
03/14/25
04/11/25
135,878
136,176
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.40
03/14/25
04/11/25
1,244,850
1,247,589
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.40
03/14/25
04/11/25
109,656
109,897
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
437,500
438,473
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
85,388
85,577
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
174,230
174,618
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
128,563
128,849
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
223,310
223,807
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
3,790,000
3,798,433
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
383,586
384,440
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
145,500
145,824
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
823,463
825,295
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
1,211,250
1,213,945
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
1,622,125
1,625,734
Capital Trusts
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
91,355
91,558
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
219,883
220,372
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
140,413
140,725
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
2,895,000
2,901,441
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
2,753,160
2,759,286
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
568,301
569,566
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
1,600,312
1,603,873
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
321,745
322,461
Corporate Bonds
Up to 30 Days
25
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
 
Reverse Repurchase Agreements (continued)
Counterparty
Interest
Rate
Trade
Date
Maturity
Date(a)
Face Value
Face Value
Including
Accrued Interest
Type of Non-Cash Underlying
Collateral
Remaining
Contractual Maturity
of the Agreements(a)
BofA Securities, Inc.
4.45
% 
03/14/25
04/11/25
$ 699,105
$ 700,660
Corporate Bonds
Up to 30 Days
BofA Securities, Inc.
4.45
03/14/25
04/11/25
114,949
115,205
Corporate Bonds
Up to 30 Days
Nomura Securities International, Inc.
4.48
(b)
03/14/25
Open
310,819
311,515
Corporate Bonds
Open/Demand
J.P. Morgan Securities LLC
4.25
03/18/25
04/22/25
997,425
999,074
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
4.30
03/18/25
04/22/25
260,332
260,768
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
4.40
03/18/25
04/22/25
141,500
141,742
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
4.45
03/18/25
04/22/25
1,606,175
1,608,955
Corporate Bonds
Up to 30 Days
J.P. Morgan Securities LLC
4.45
03/19/25
04/22/25
89,314
89,458
Corporate Bonds
Up to 30 Days
HSBC Securities (USA), Inc.
4.50
(b)
03/19/25
Open
3,868,750
3,875,037
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
4.50
(b)
03/19/25
Open
2,190,312
2,193,872
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
4.50
(b)
03/19/25
Open
2,540,062
2,544,190
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
4.50
(b)
03/19/25
Open
2,399,495
2,403,394
Corporate Bonds
Open/Demand
HSBC Securities (USA), Inc.
4.50
(b)
03/19/25
Open
4,177,437
4,184,226
Corporate Bonds
Open/Demand
Barclays Bank PLC
4.49
03/21/25
05/09/25
5,018,750
5,025,635
Foreign Agency Obligations
31 - 90 Days
Barclays Bank PLC
4.49
03/21/25
05/09/25
2,366,287
2,369,534
Corporate Bonds
31 - 90 Days
Barclays Capital, Inc.
4.45
03/21/25
05/09/25
222,702
223,005
Capital Trusts
31 - 90 Days
Barclays Capital, Inc.
4.45
03/21/25
05/09/25
1,037,157
1,038,567
Capital Trusts
31 - 90 Days
Barclays Capital, Inc.
4.45
03/21/25
05/09/25
118,125
118,286
Capital Trusts
31 - 90 Days
Barclays Capital, Inc.
4.45
03/21/25
05/09/25
187,500
187,755
Capital Trusts
31 - 90 Days
Barclays Capital, Inc.
4.45
03/21/25
05/09/25
2,171,875
2,174,828
Corporate Bonds
31 - 90 Days
Barclays Capital, Inc.
4.45
03/21/25
05/09/25
790,000
791,074
Corporate Bonds
31 - 90 Days
Barclays Capital, Inc.
4.45
03/21/25
05/09/25
931,250
932,516
Corporate Bonds
31 - 90 Days
Barclays Capital, Inc.
4.45
03/21/25
05/09/25
1,116,937
1,118,456
Corporate Bonds
31 - 90 Days
Barclays Capital, Inc.
4.49
03/21/25
05/09/25
1,677,375
1,679,676
Corporate Bonds
31 - 90 Days
BofA Securities, Inc.
4.15
03/26/25
04/11/25
499,070
499,070
Corporate Bonds
Up to 30 Days
 
 
 
$ 350,016,025
$ 351,325,403
 
 
 
(a)
Certain agreements have no stated maturity and can be terminated by either party at any time.
(b)
Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
10-Year U.S. Ultra Long Treasury Note
423
06/18/25
$ 48,400
$ 778,957
Ultra U.S. Treasury Bond
638
06/18/25
78,414
1,489,968
5-Year U.S. Treasury Note
99
06/30/25
10,719
41,724
 
2,310,649
Short Contracts 
10-Year U.S. Treasury Note
940
06/18/25
104,737
(1,673,751
)
U.S. Long Bond
287
06/18/25
33,785
(507,685
)
2-Year U.S. Treasury Note
152
06/30/25
31,501
(96,653
)
 
(2,278,089
)
 
$ 32,560
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
EUR
199,077
USD
215,109
UBS AG
04/16/25
$ 314
USD
99,408
CAD
142,000
Royal Bank of Canada
06/18/25
355
USD
72,374
EUR
66,000
Natwest Markets PLC
06/18/25
700
USD
111,985
EUR
103,000
Natwest Markets PLC
06/18/25
130
Schedule of Investments
26
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
 
Forward Foreign Currency Exchange Contracts (continued)
Currency
Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
4,910,807
EUR
4,479,000
State Street Bank and Trust Co.
06/18/25
$ 46,739
USD
519,491
GBP
402,000
Natwest Markets PLC
06/18/25
246
 
 
 
 
 
 
48,484
USD
63,580
EUR
58,824
Bank of America N.A.
04/16/25
(74
)
USD
57,925
EUR
56,000
Barclays Bank PLC
04/16/25
(2,673
)
USD
71,637
EUR
69,855
Deutsche Bank AG
04/16/25
(3,954
)
USD
188,125
EUR
183,443
Deutsche Bank AG
04/16/25
(10,379
)
USD
350,975
EUR
342,242
Toronto-Dominion Bank
04/16/25
(19,368
)
USD
106,292
EUR
98,000
Standard Chartered Bank
06/18/25
(134
)
 
 
 
 
 
 
(36,582
)
 
$ 11,902
Centrally Cleared Credit Default Swaps — Buy Protection 
Reference Obligation/Index
Financing
Rate Paid
by the Trust
Payment
Frequency
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.IG.41.V1
1.00
% 
Quarterly
12/20/28
USD
21,650
$ (427,229
)
$ (243,895
)
$ (183,334
)
CDX.NA.HY.44.V1
5.00
Quarterly
06/20/30
USD
6,300
(335,333
)
(364,588
)
29,255
 
 
$ (762,562
)
$ (608,483
)
$ (154,079
)
OTC Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Trust
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Virgin Media Finance PLC
5.00
% 
Quarterly
JPMorgan Chase Bank N.A.
12/20/25
B-
EUR
10
$ 308
$ 309
$ (1
)
CMA CGM SA
5.00
Quarterly
Morgan Stanley & Co.
International PLC
06/20/27
BB+
EUR
20
1,828
2,319
(491
)
Adler Real Estate AG
5.00
Quarterly
Bank of America N.A.
12/20/27
CCC+
EUR
5
308
(665
)
973
Adler Real Estate AG
5.00
Quarterly
Barclays Bank PLC
12/20/27
CCC+
EUR
3
185
(385
)
570
Adler Real Estate AG
5.00
Quarterly
Barclays Bank PLC
12/20/27
CCC+
EUR
9
521
(1,082
)
1,603
Adler Real Estate AG
5.00
Quarterly
Citibank N.A.
12/20/27
CCC+
EUR
3
151
(322
)
473
Adler Real Estate AG
5.00
Quarterly
JPMorgan Chase Bank N.A.
12/20/27
CCC+
EUR
6
316
(693
)
1,009
Adler Real Estate AG
5.00
Quarterly
Morgan Stanley & Co.
International PLC
12/20/27
CCC+
EUR
4
229
(490
)
719
Faurecia SE
5.00
Quarterly
Barclays Bank PLC
06/20/29
BB-
EUR
13
890
1,478
(588
)
iTraxx.XO.42 V2 20-35%
5.00
Quarterly
BNP Paribas SA
12/20/29
B+
EUR
18
2,040
2,306
(266
)
SES S.A.
1.00
Quarterly
Bank of America N.A.
12/20/29
NR
EUR
4
(263
)
(307
)
44
SES S.A.
1.00
Quarterly
Barclays Bank PLC
12/20/29
NR
EUR
4
(263
)
(277
)
14
 
 
 
 
 
 
$ 6,250
$ 2,191
$ 4,059
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Trust may pay should a negative credit event take place as defined under the terms of the agreement.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Trust has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
27
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
 
Fair Value Hierarchy as of Period End (continued)
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Trust’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ 70,163,810
$ —
$ 70,163,810
Common Stocks
—
—
13,485
13,485
Corporate Bonds 
Advertising Agencies
—
3,095,588
—
3,095,588
Aerospace & Defense
—
16,900,935
—
16,900,935
Air Freight & Logistics
—
186,888
—
186,888
Automobile Components
—
2,956,277
—
2,956,277
Automobiles
—
5,846,107
—
5,846,107
Banks
—
36,608,321
—
36,608,321
Beverages
—
4,277,401
—
4,277,401
Biotechnology
—
3,492,408
—
3,492,408
Building Materials
—
3,859,838
—
3,859,838
Building Products
—
5,987,815
—
5,987,815
Capital Markets
—
5,374,182
—
5,374,182
Chemicals
—
4,667,568
—
4,667,568
Commercial Services & Supplies
—
13,456,371
—
13,456,371
Construction & Engineering
114,187
1,235,013
—
1,349,200
Consumer Finance
—
3,295,911
—
3,295,911
Consumer Staples Distribution & Retail
—
253,734
—
253,734
Containers & Packaging
—
4,418,430
—
4,418,430
Diversified REITs
—
8,552,350
—
8,552,350
Diversified Telecommunication Services
—
20,134,602
302,475
20,437,077
Electric Utilities
—
27,641,298
—
27,641,298
Electronic Equipment, Instruments & Components
—
691,213
—
691,213
Energy Equipment & Services
—
1,557,942
—
1,557,942
Entertainment
—
3,346,737
—
3,346,737
Environmental, Maintenance & Security Service
—
1,917,734
—
1,917,734
Financial Services
—
3,713,853
—
3,713,853
Food Products
—
4,756,156
—
4,756,156
Gas Utilities
—
5,732,116
—
5,732,116
Ground Transportation
—
6,713,874
—
6,713,874
Health Care Equipment & Supplies
—
3,896,196
—
3,896,196
Health Care Providers & Services
—
10,929,718
—
10,929,718
Health Care REITs
—
1,904,689
—
1,904,689
Hotel & Resort REITs
—
1,578,004
—
1,578,004
Hotels, Restaurants & Leisure
—
6,870,907
1,946,546
8,817,453
Household Durables
—
1,190,265
—
1,190,265
Household Products
—
62,930
—
62,930
Independent Power and Renewable Electricity Producers
—
561,378
—
561,378
Industrial Conglomerates
—
759,118
—
759,118
Insurance
—
19,692,301
—
19,692,301
Interactive Media & Services
—
482,683
—
482,683
Internet Software & Services
—
2,215,466
—
2,215,466
IT Services
—
2,719,827
—
2,719,827
Machinery
—
3,178,400
—
3,178,400
Schedule of Investments
28
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Corporate Bonds (continued)
Media
$ —
$ 17,229,504
$ —
$ 17,229,504
Metals & Mining
—
5,084,331
—
5,084,331
Mortgage Real Estate Investment Trusts (REITs)
—
640,085
—
640,085
Oil, Gas & Consumable Fuels
—
36,820,483
—
36,820,483
Paper & Forest Products
—
1,062,075
—
1,062,075
Passenger Airlines
—
4,359,801
—
4,359,801
Personal Care Products
—
124,950
—
124,950
Pharmaceuticals
—
12,046,729
—
12,046,729
Real Estate Management & Development
—
1,597,017
—
1,597,017
Retail REITs
—
1,941,883
—
1,941,883
Semiconductors & Semiconductor Equipment
—
6,858,101
—
6,858,101
Software
—
14,907,444
—
14,907,444
Specialty Retail
—
110,220
—
110,220
Technology Hardware, Storage & Peripherals
—
1,362,432
—
1,362,432
Textiles, Apparel & Luxury Goods
—
126,570
—
126,570
Tobacco
—
4,714,468
—
4,714,468
Trading Companies & Distributors
—
358,570
—
358,570
Transportation Infrastructure
—
962,908
—
962,908
Water Utilities
—
1,308,711
—
1,308,711
Wireless Telecommunication Services
—
4,889,960
—
4,889,960
Fixed Rate Loan Interests
—
1,653,885
1,050,275
2,704,160
Floating Rate Loan Interests
—
15,754,424
415,137
16,169,561
Foreign Agency Obligations
—
9,431,539
—
9,431,539
Municipal Bonds
—
22,367,596
—
22,367,596
Non-Agency Mortgage-Backed Securities
—
96,234,584
—
96,234,584
Preferred Securities
Capital Trusts
—
31,904,749
—
31,904,749
Preferred Stocks
—
135,652
—
135,652
Trust Preferred
883,349
—
—
883,349
U.S. Government Sponsored Agency Securities
—
107,617,464
—
107,617,464
U.S. Treasury Obligations
—
141,437,977
—
141,437,977
Short-Term Securities 
Money Market Funds
5,455,702
—
—
5,455,702
U.S. Treasury Obligations
—
26,118,422
—
26,118,422
Unfunded Floating Rate Loan Interests(a)
—
786
—
786
Liabilities
Unfunded Floating Rate Loan Interests(a)
—
(422
)
—
(422
)
 
$6,453,238
$896,039,252
$3,727,918
$906,220,408
Derivative Financial Instruments(b)
Assets 
Credit Contracts
$ —
$ 34,660
$ —
$ 34,660
Foreign Currency Exchange Contracts
—
48,484
—
48,484
Interest Rate Contracts
2,310,649
—
—
2,310,649
Liabilities 
Credit Contracts
—
(184,680
)
—
(184,680
)
Foreign Currency Exchange Contracts
—
(36,582
)
—
(36,582
)
Interest Rate Contracts
(2,278,089
)
—
—
(2,278,089
)
 
$32,560
$(138,118
)
$—
$(105,558
)
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange
contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements of $351,325,403 are categorized as Level 2 within the fair value hierarchy.
29
Schedule of Investments (unaudited)(continued)
March 31, 2025
BlackRock Core Bond Trust (BHK)
 
 
Currency Abbreviation 
CAD
Canadian Dollar
EUR
Euro
GBP
British Pound
USD
United States Dollar
 
Portfolio Abbreviation 
BAB
 Build America Bond
BAM
 Build America Mutual Assurance Co.
CLO
 Collateralized Loan Obligation
CMT
 Constant Maturity Treasury
DAC
 Designated Activity Company
EURIBOR
 Euro Interbank Offered Rate
GO
 General Obligation Bonds
PIK
 Payment-in-Kind
RB
 Revenue Bonds
REIT
 Real Estate Investment Trust
SG
 Syncora Guarantee
SOFR
 Secured Overnight Financing Rate
Schedule of Investments
30