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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:   811-21349

BlackRock Limited Duration Income Trust
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE    19809 

(Address of principal executive offices) 
 
(Zip code) 

Robert S. Kapito, President

BlackRock Limited Duration Income Trust

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

Registrant's telephone number, including area code:      888-825-2257 
 
Date of fiscal year end:     October 31, 2005 
 
Date of reporting period:     April 30, 2005 


Item 1. Reports to Shareholders.

The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:



 

 

 

 

 

 

 

 

 

FIXED INCOME

 

LIQUIDITY

 

EQUITIES

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

BlackRock

 

Closed-End Funds

 

Semi-Annual Report

 

 

 

APRIL 30, 2005 (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT)

 

 

 

BlackRock Core Bond Trust (BHK)

 

 

 

BlackRock High Yield Trust (BHY)

 

 

 

BlackRock Income Opportunity Trust (BNA)

 

 

 

BlackRock Income Trust Inc. (BKT)

 

 

 

BlackRock Limited Duration Income Trust (BLW)

 

 

 

BlackRock Strategic Bond Trust (BHD)

 

 

 

 

 

 


 

 

 

(BLACKROCK LOGO)

NOT FDIC INSURED

 

MAY LOSE VALUE

 

NO BANK GUARANTEE

 




TABLE OF CONTENTS

 

 

 

Letter to Shareholders

 

1

 

 

 

Trusts’ Summaries

 

2

 

 

 

Portfolios of Investments

 

9

 

 

 

Financial Statements

 

 

 

 

 

Statements of Assets and Liabilities

 

60

 

 

 

Statements of Operations

 

62

 

 

 

Statements of Cash Flows

 

64

 

 

 

Statements of Changes in Net Assets

 

66

 

 

 

Financial Highlights

 

69

 

 

 

Notes to Financial Statements

 

76

 

 

 

Dividend Reinvestment Plans

 

90

 

 

 

Additional Information

 

91




Privacy Principles of the Trusts

          The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.

          Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).

          The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.



LETTER TO SHAREHOLDERS

April 30, 2005

Dear Shareholder:

          We are pleased to report that during the semi-annual period, the Trusts provided the opportunity to invest in various portfolios of fixed income securities. This report contains the Trusts’ unaudited financial statements and a listing of the portfolios’ holdings.

          The portfolio management team continuously monitors the fixed income markets and adjusts the portfolios in order to gain exposure to various issuers and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.

          The following table shows the Trusts’ yields, closing market prices per share and net asset values (“NAV”) per share as of April 30, 2005.

 

 

 

 

 

 

 

 

 

 

 

 

 









Trust

 

Yield1

 

Market Price

 

NAV

 









BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT)

 

 

5.63

%

 

$

16.00

 

 

$

15.27

 














BlackRock Core Bond Trust (BHK)

 

 

7.62

 

 

 

13.78

 

 

 

14.82

 














BlackRock High Yield Trust (BHY)

 

 

8.86

 

 

 

9.25

 

 

 

7.51

 














BlackRock Income Opportunity Trust (BNA)

 

 

7.63

 

 

 

11.01

 

 

 

11.86

 














BlackRock Income Trust Inc. (BKT)

 

 

8.39

 

 

 

7.30

 

 

 

6.76

 














BlackRock Limited Duration Income Trust (BLW)

 

 

7.68

 

 

 

18.24

 

 

 

19.29

 














BlackRock Strategic Bond Trust (BHD)

 

 

9.62

 

 

 

14.34

 

 

 

14.06

 














 

 

 

1

Yield is based on market price.

          BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to managing fixed income securities. As of March 31, 2005, BlackRock managed $263 billion in fixed income, including 20 open-end and 48 closed-end bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., are wholly owned subsidiaries of BlackRock, Inc.

          On behalf of BlackRock, we thank you for your continued confidence and assure you that we remain committed to excellence in managing your assets.

 

 

 

Sincerely,

 

 

-s- Laurence D. Fink

 

-s- Ralph L.Schlosstein

 

 

 

Laurence D. Fink
Chief Executive Officer
BlackRock Advisors, Inc.

 

Ralph L. Schlosstein
President
BlackRock Advisors, Inc.

1



 

 

TRUST SUMMARIES (unaudited)
APRIL 30, 2005

 

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT)

 

Trust Information

 

 

 

 

 

 

 





Symbol on American Stock Exchange:

 

BCT

 





Initial Offering Date:

 

June 17, 1993

 








Closing Market Price as of 4/30/05:

 

 

$

16.00

 

 








Net Asset Value as of 4/30/05:

 

 

$

15.27

 

 








Yield on Closing Market Price as of 4/30/05 ($16.00):1

 

 

 

5.63

%

 








Current Monthly Distribution per Share:2

 

 

$

0.075

 

 








Current Annualized Distribution per Share:2

 

 

$

0.900

 

 








 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

 

2

The distribution is not constant and is subject to change.

 

The table below summarizes the changes in the Trust’s market price and NAV:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

4/30/05

 

10/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

16.00

 

$

15.80

 

 

1.27

%

$

16.38

 

$

15.15

 


















NAV

 

$

15.27

 

$

15.98

 

 

(4.44

)%

$

15.95

 

$

15.14

 


















The following charts show the portfolio composition of the Trust’s long-term investments and credit quality allocations of the Trust’s corporate bond investments:

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 







Composition

 

April 30, 2005

 

October 31, 2004

 







U.S. Government and Agency Securities

 

 

 

43

%

 

 

 

63

%

 













Corporate Bonds

 

 

 

17

 

 

 

 

6

 

 













Agency Multiple Class Mortgage Pass-Throughs

 

 

 

16

 

 

 

 

13

 

 













Interest Only Mortgage-Backed Securities

 

 

 

8

 

 

 

 

7

 

 













Taxable Municipal Bonds

 

 

 

8

 

 

 

 

5

 

 













Inverse Floating Rate Mortgages

 

 

 

5

 

 

 

 

4

 

 













Principal Only Mortgage-Backed Securities

 

 

 

1

 

 

 

 

 

 













Mortgage Pass-Throughs

 

 

 

1

 

 

 

 

1

 

 













Commercial Mortgage-Backed Securities

 

 

 

1

 

 

 

 

1

 

 













Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

April 30, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

7

%

 

 

 

%

 













AA/Aa

 

 

 

54

 

 

 

 

42

 

 













A

 

 

 

23

 

 

 

 

43

 

 













BBB/Baa

 

 

 

15

 

 

 

 

13

 

 













CCC/Caa

 

 

 

1

 

 

 

 

2

 

 













 

 


3

Using the higher of Standard & Poor’s (“S&P”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch”) rating. Corporate bonds represented approximately 15.1% and 8.7% of net assets on April 30, 2005 and October 31, 2004, respectively.

2


 

 

TRUST SUMMARIES (unaudited)
APRIL 30, 2005

 

BlackRock Core Bond Trust (BHK)

 

Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BHK

 





Initial Offering Date:

 

November 27, 2001

 








Closing Market Price as of 4/30/05:

 

 

$

13.78

 

 








Net Asset Value as of 4/30/05:

 

 

$

14.82

 

 








Yield on Closing Market Price as of 4/30/05 ($13.78):1

 

 

 

7.62

%

 








Current Monthly Distribution per Share:2

 

 

$

0.0875

 

 








Current Annualized Distribution per Share:2

 

 

$

1.0500

 

 








 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

 

2

The distribution is not constant and is subject to change.

 

The table below summarizes the changes in the Trust’s market price and NAV:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

4/30/05

 

10/31/04

 

Change

 

High

 

Low

 













Market Price

 

$

13.78

 

$

14.02

 

 

(1.71

)%

$

14.28

 

$

13.06

 


















NAV

 

$

14.82

 

$

15.22

 

 

(2.63

)%

$

15.36

 

$

14.65

 


















The following charts show the portfolio composition of the Trust’s long-term investments and credit quality allocations of the Trust’s corporate bond investments:

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 







Composition

 

April 30, 2005

 

October 31, 2004

 







Corporate Bonds

 

 

 

42

%

 

 

 

45

%

 













U.S. Government and Agency Securities

 

 

 

34

 

 

 

 

27

 

 













Mortgage Pass-Throughs

 

 

 

10

 

 

 

 

15

 

 













Commercial Mortgage-Backed Securities

 

 

 

4

 

 

 

 

2

 

 













Agency Multiple Class Mortgage Pass-Through Securities

 

 

 

4

 

 

 

 

 

 













Foreign Government Bonds

 

 

 

2

 

 

 

 

7

 

 













Interest Only Mortgage-Backed Securities

 

 

 

2

 

 

 

 

2

 

 













Collateralized Mortgage Obligations

 

 

 

1

 

 

 

 

1

 

 













Asset-Backed Securities

 

 

 

1

 

 

 

 

1

 

 













Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

April 30, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

6

%

 

 

 

4

%

 













AA/Aa

 

 

 

25

 

 

 

 

21

 

 













A

 

 

 

14

 

 

 

 

26

 

 













BBB/Baa

 

 

 

19

 

 

 

 

19

 

 













BB/Ba

 

 

 

8

 

 

 

 

7

 

 













B

 

 

 

20

 

 

 

 

18

 

 













CCC/Caa

 

 

 

4

 

 

 

 

2

 

 













Not Rated

 

 

 

4

 

 

 

 

3

 

 













 

 


3

Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 60.0% and 61.3% of net assets on April 30, 2005 and October 31, 2004, respectively.

3


TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock High Yield Trust (BHY)

 

Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BHY

 





Initial Offering Date:

 

December 23, 1998

 





Closing Market Price as of 4/30/05:

 

 

$

9.25

 

 








Net Asset Value as of 4/30/05:

 

 

$

7.51

 

 








Yield on Closing Market Price as of 4/30/05 ($9.25):1

 

 

 

8.86

%

 








Current Monthly Distribution per Share:2

 

 

$

0.068333

 

 








Current Annualized Distribution per Share:2

 

 

$

0.819996

 

 








 

 

1

Yield on closing market price is calculated by dividing the annualized distribution per share by the closing market price.

2

The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

4/30/05

 

10/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

9.25

 

 

 

$

9.30

 

 

 

(0.54)

%

 

$

10.35

 

 

 

$

8.92

 

 


























NAV

 

 

$

7.51

 

 

 

$

7.95

 

 

 

(5.53)

%

 

$

8.15

 

 

 

$

7.51

 

 


























The following charts show the porfolio composition and credit quality allocations of the Trust’s corporate bond investments:

Corporate Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 







Composition

 

April 30, 2005

 

October 31, 2004

 







Energy

 

 

 

19

%

 

 

 

19

%

 













Financial Institutions

 

 

 

11

 

 

 

 

15

 

 













Media

 

 

 

10

 

 

 

 

9

 

 













Basic Materials

 

 

 

10

 

 

 

 

14

 

 













Telecommunications

 

 

 

9

 

 

 

 

11

 

 













Consumer Products

 

 

 

7

 

 

 

 

5

 

 













Industrials

 

 

 

5

 

 

 

 

4

 

 













Aerospace & Defense

 

 

 

5

 

 

 

 

2

 

 













Health Care

 

 

 

5

 

 

 

 

4

 

 













Technology

 

 

 

4

 

 

 

 

2

 

 













Transportation

 

 

 

4

 

 

 

 

4

 

 













Automotive

 

 

 

3

 

 

 

 

2

 

 













Entertainment & Leisure

 

 

 

3

 

 

 

 

3

 

 













Containers & Packaging

 

 

 

2

 

 

 

 

2

 

 













Building & Development

 

 

 

2

 

 

 

 

2

 

 













Ecological Services & Equipment

 

 

 

1

 

 

 

 

1

 

 













Real Estate

 

 

 

 

 

 

 

1

 

 













Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 






Credit Rating

 

April 30, 2005

 

October 31, 2004

 






BBB/Baa

 

 

 

1

%

 

 

 

2

%

 













BB/Ba

 

 

 

31

 

 

 

 

31

 

 













B

 

 

 

55

 

 

 

 

54

 

 













CCC/Caa

 

 

 

12

 

 

 

 

11

 

 













CC/Ca

 

 

 

 

 

 

 

1

 

 













Not Rated

 

 

 

1

 

 

 

 

1

 

 













 

 


3

Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 134.5% and 133.8% of net assets on April 30, 2005 and October 31, 2004, respectively.

4


TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Income Opportunity Trust (BNA)

 

Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BNA

 





Initial Offering Date:

 

December 20, 1991

 





Closing Market Price as of 4/30/05:

 

 

$

11.01

 

 








Net Asset Value as of 4/30/05:

 

 

$

11.86

 

 








Yield on Closing Market Price as of 4/30/05 ($11.01):1

 

 

 

7.63

%

 








Current Monthly Distribution per Share:2

 

 

$

0.07

 

 








Current Annualized Distribution per Share:2

 

 

$

0.84

 

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

4/30/05

 

10/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

11.01

 

 

 

$

11.38

 

 

 

(3.25)

%

 

$

11.42

 

 

 

$

10.45

 

 


























NAV

 

 

$

11.86

 

 

 

$

12.38

 

 

 

(4.20)

%

 

$

12.37

 

 

 

$

11.67

 

 


























The following charts show the portfolio composition of the Trust’s long-term investments and credit quality allocations of the Trust’s corporate bond investments:

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 







Composition

 

April 30, 2005

 

October 31, 2004

 







Corporate Bonds

 

 

 

39

%

 

 

 

46

%

 













U.S. Government and Agency Securities

 

 

 

36

 

 

 

 

33

 

 













Mortgage Pass-Through Securities

 

 

 

12

 

 

 

 

14

 

 













Agency Multiple Class Mortgage Pass-Through Securities

 

 

 

3

 

 

 

 

1

 

 













Commercial Mortgage-Backed Securities

 

 

 

2

 

 

 

 

 

 













Non-Agency Multiple Class Mortgage Pass-Through Securities

 

 

 

2

 

 

 

 

2

 

 













Interest Only Mortgage-Backed Securities

 

 

 

2

 

 

 

 

2

 

 













Interest Only Asset-Backed Securities

 

 

 

1

 

 

 

 

1

 

 













Foreign Government Bonds

 

 

 

1

 

 

 

 

 

 













Federal Housing Administration

 

 

 

1

 

 

 

 

1

 

 













Adjustable Rate Mortgage Securities

 

 

 

1

 

 

 

 

 

 













Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

April 30, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

9

%

 

 

 

6

%

 













AA/Aa

 

 

 

18

 

 

 

 

18

 

 













A

 

 

 

11

 

 

 

 

21

 

 













BBB/Baa

 

 

 

24

 

 

 

 

27

 

 













BB/Ba

 

 

 

11

 

 

 

 

9

 

 













B

 

 

 

21

 

 

 

 

15

 

 













CCC/Caa

 

 

 

4

 

 

 

 

2

 

 













Not Rated

 

 

 

2

 

 

 

 

2

 

 













 

 


3

Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 56.2% and 59.6% of net assets on April 30, 2005 and October 31, 2004, respectively.

5


TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Income Trust Inc. (BKT)

 

Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BKT

 





Initial Offering Date:

 

July 22, 1988

 





Closing Market Price as of 4/30/05:

 

 

$

7.30

 

 








Net Asset Value as of 4/30/05:

 

 

$

6.76

 

 








Yield on Closing Market Price as of 4/30/05 ($7.30):1

 

 

 

8.39

%

 








Current Monthly Distribution per Share:2

 

 

$

0.051042

 

 








Current Annualized Distribution per Share:2

 

 

$

0.612504

 

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

4/30/05

 

10/31/04

 

 

Change

 

High

 

Low

 














Market Price

 

 

$

7.30

 

 

 

$

7.50

 

 

 

(2.67)

%

 

$

7.68

 

 

 

$

6.96

 

 


























NAV

 

 

$

6.76

 

 

 

$

6.95

 

 

 

(2.73)

%

 

$

6.95

 

 

 

$

6.73

 

 


























The following chart shows the portfolio composition of the Trust’s long-term investments:

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 







Composition

 

April 30, 2005

 

October 31, 2004

 







U.S. Government and Agency Securities

 

 

 

29

%

 

 

 

32

%

 













Mortgage Pass-Through Securities

 

 

 

22

 

 

 

 

23

 

 













Agency Multiple Class Mortgage Pass-Through Securities

 

 

 

18

 

 

 

 

12

 

 













Interest Only Mortgage-Backed Securities

 

 

 

12

 

 

 

 

10

 

 













Principal Only Mortgage-Backed Securities

 

 

 

6

 

 

 

 

6

 

 













Collateralized Mortgage Obligations

 

 

 

4

 

 

 

 

10

 

 













Non-Agency Multiple Class Mortgage Pass-Through Securities

 

 

 

2

 

 

 

 

 

 













Federal Housing Administration

 

 

 

2

 

 

 

 

2

 

 













Inverse Floating Rate Mortgage Securities

 

 

 

2

 

 

 

 

2

 

 













Interest Only Asset-Backed Securities

 

 

 

1

 

 

 

 

1

 

 













Commercial Mortgage-Backed Securities

 

 

 

1

 

 

 

 

2

 

 













Corporate Bonds

 

 

 

1

 

 

 

 

 

 













6


TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Limited Duration Income Trust (BLW)

 

Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BLW

 





Initial Offering Date:

 

July 30, 2003

 





Closing Market Price as of 4/30/05:

 

 

$

18.24

 

 








Net Asset Value as of 4/30/05:

 

 

$

19.29

 

 








Yield on Closing Market Price as of 4/30/05 ($18.24):1

 

 

 

7.68

%

 








Current Monthly Distribution per Share:2

 

 

$

0.1167

 

 








Current Annualized Distribution per Share:2

 

 

$

1.4004

 

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

The distribution is not constant and is subject to change.

The table below summarizes the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

4/30/05

 

10/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

18.24

 

 

 

$

19.95

 

 

 

(8.57)

%

 

$

20.42

 

 

 

$

17.50

 

 


























NAV

 

 

$

19.29

 

 

 

$

20.13

 

 

 

(4.17)

%

 

$

20.20

 

 

 

$

19.29

 

 


























The following charts show the portfolio composition of the Trust’s long-term investments and credit quality allocations of the Trust’s corporate bond investments:

Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 







Composition

 

April 30, 2005

 

October 31, 2004

 







Corporate Bonds

 

 

 

43

%

 

 

 

43

%

 













Bank Loans

 

 

 

31

 

 

 

 

31

 

 













Mortgage Pass-Throughs

 

 

 

15

 

 

 

 

16

 

 













U.S. Government and Agency Securities

 

 

 

4

 

 

 

 

4

 

 













Asset-Backed Securities

 

 

 

2

 

 

 

 

1

 

 













Foreign Government Bonds

 

 

 

2

 

 

 

 

2

 

 













Collateralized Mortgage Obligation Securities

 

 

 

2

 

 

 

 

2

 

 













Interest Only Asset-Backed Securities

 

 

 

1

 

 

 

 

1

 

 













Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

April 30, 2005

 

October 31, 2004

 







A

 

 

 

3

%

 

 

 

5

%

 













BBB/Baa

 

 

 

10

 

 

 

 

12

 

 













BB/Ba

 

 

 

27

 

 

 

 

28

 

 













B

 

 

 

50

 

 

 

 

50

 

 













CCC/Caa

 

 

 

5

 

 

 

 

2

 

 













Not Rated

 

 

 

5

 

 

 

 

3

 

 














 

 

3

Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 64.4% and 58.2% of net assets on April 30, 2005 and October 31, 2004, respectively.

7


TRUST SUMMARIES (unaudited)
APRIL 30, 2005

BlackRock Strategic Bond Trust (BHD)

 

Trust Information

 

 

 

 

 

 

 





Symbol on New York Stock Exchange:

 

BHD

 





Initial Offering Date:

 

February 26, 2002

 





Closing Market Price as of 4/30/05:

 

 

$

14.34

 

 








Net Asset Value as of 4/30/05:

 

 

$

14.06

 

 








Yield on Closing Market Price as of 4/30/05 ($14.34):1

 

 

 

9.62

%

 








Current Monthly Distribution per Share:2

 

 

$

0.115

 

 








Current Annualized Distribution per Share:2

 

 

$

1.380

 

 








 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2

The distribution is not constant and is subject to change.

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

4/30/05

 

10/31/04

 

Change

 

High

 

Low

 













Market Price

 

 

$

14.34

 

 

 

$

16.70

 

 

 

(14.13)

%

 

$

17.75

 

 

 

$

13.38

 

 


























NAV

 

 

$

14.06

 

 

 

$

15.10

 

 

 

(6.89)

%

 

$

15.14

 

 

 

$

14.06

 

 


























The following charts show the portfolio composition and credit quality allocations of the Trust’s corporate bond investments:

Corporate Portfolio Composition

 

 

 

 

 

 

 

 

 

 

 

 







Composition

 

April 30, 2005

 

October 31, 2004

 







Financial Institutions

 

 

 

16

%

 

 

 

17

%

 













Energy

 

 

 

13

 

 

 

 

13

 

 













Media

 

 

 

12

 

 

 

 

13

 

 













Telecommunications

 

 

 

9

 

 

 

 

7

 

 













Basic Materials

 

 

 

6

 

 

 

 

6

 

 













Consumer Products

 

 

 

6

 

 

 

 

5

 

 













Health Care

 

 

 

6

 

 

 

 

7

 

 













Industrials

 

 

 

6

 

 

 

 

 

 













Aerospace & Defense

 

 

 

5

 

 

 

 

4

 

 













Building & Development

 

 

 

3

 

 

 

 

3

 

 













Technology

 

 

 

3

 

 

 

 

3

 

 













Entertainment & Leisure

 

 

 

3

 

 

 

 

3

 

 













Automotive

 

 

 

3

 

 

 

 

10

 

 













Real Estate

 

 

 

2

 

 

 

 

2

 

 













Containers & Packaging

 

 

 

2

 

 

 

 

1

 

 













Transportation

 

 

 

2

 

 

 

 

1

 

 













Ecological Services & Equipment

 

 

 

2

 

 

 

 

3

 

 













Conglomerates

 

 

 

1

 

 

 

 

2

 

 













Corporate Credit Breakdown3

 

 

 

 

 

 

 

 

 

 

 

 







Credit Rating

 

April 30, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

3

%

 

 

 

4

%

 













AA/Aa

 

 

 

7

 

 

 

 

10

 

 













A

 

 

 

10

 

 

 

 

10

 

 













BBB/Baa

 

 

 

18

 

 

 

 

17

 

 













BB/Ba

 

 

 

12

 

 

 

 

11

 

 













B

 

 

 

40

 

 

 

 

40

 

 













CCC/Caa

 

 

 

7

 

 

 

 

5

 

 













Not Rated

 

 

 

3

 

 

 

 

3

 

 














 

 

3

Using the higher of S&P’s, Moody’s or Fitch’s rating. Corporate bonds represented approximately 136.3% and 106.5% of net assets on April 30, 2005 and October 31, 2004, respectively.

8


 

 

CONSOLIDATED PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2005

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 













 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—90.3%

 

 

 

 

 

 

 

 

 

 

 

Mortgage Pass-Through Securities—1.2%

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Assoc.,

 

 

 

 

 

 

 

$

527

 

 

5.50%, 1/01/17-2/01/17

 

$

539,988

 

 

 

 

 

16

 

 

6.50%, 7/01/29

 

 

16,854

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Mortgage Pass-Through Securities

 

 

556,842

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Agency Multiple Class Mortgage Pass-Through Securities—14.4%

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

 

 

 

2,168

 

 

Ser. 1510, Class G, 7.05%, 5/15/13

 

 

2,261,593

 

 

 

 

 

32

 

 

Ser. 1512, Class H, 6.50%, 2/15/08

 

 

31,761

 

 

 

 

 

369

 

 

Ser. 1534, Class IG, 5.00%, 2/15/10

 

 

369,195

 

 

 

 

 

2,000

 

 

Ser. 1598, Class J, 6.50%, 10/15/08

 

 

2,088,860

 

 

 

 

 

 

 

 

Federal National Mortgage Assoc.,

 

 

 

 

 

 

 

 

79

 

 

Ser. 13, Class SJ, 8.75%, 2/25/09

 

 

80,079

 

 

 

 

 

51

 

 

Ser. 43, Class E, 7.50%, 4/25/22

 

 

52,898

 

 

 

 

 

1,000

 

 

Ser. 49, Class H, 7.00%, 4/25/13

 

 

1,060,230

 

 

 

 

 

281

 

 

Ser. 214, Class SK, 10.00%, 12/25/08

 

 

303,031

 

 

 

 

 

234

 

 

Government National Mortgage Assoc., Remic Trust 2000, Class 16, 3.13%, 12/16/27

 

 

234,939

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Agency Multiple Class Mortgage Pass-Through Securities

 

 

6,482,586

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Inverse Floating Rate Mortgage Securities—4.2%

 

 

 

 

AAA

 

 

 

255

 

 

Citicorp Mortgage Securities, Inc., Ser. 14, Class A-4, 15.30%, 11/25/23

 

 

255,525

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

 

 

 

330

 

 

Ser. 1425, Class SB, 15.894%, 12/15/07

 

 

362,442

 

 

 

 

 

58

 

 

Ser. 1506, Class S, 15.492%, 5/15/08

 

 

63,011

 

 

 

 

 

106

 

 

Ser. 1515, Class S, 15.663%, 5/15/08

 

 

117,395

 

 

 

 

 

68

 

 

Ser. 1618, Class SA, 8.25%, 11/15/08

 

 

67,846

 

 

 

 

 

5

 

 

Ser. 1621, Class SH, 9.344%, 11/15/22

 

 

4,645

 

 

 

 

 

62

 

 

Ser. 1661, Class SB, 15.545%, 1/15/09

 

 

67,709

 

 

 

 

 

218

 

 

Ser. 1688, Class S, 9.669%, 12/15/13

 

 

225,723

 

 

 

 

 

 

 

 

Federal National Mortgage Assoc.,

 

 

 

 

 

 

 

 

208

 

 

Ser. 187, Class SB, 18.527%, 10/25/07

 

 

229,979

 

 

 

 

 

107

 

 

Ser. 190, Class S, 15.894%, 11/25/07

 

 

115,020

 

 

 

 

 

151

 

 

Ser. 191, Class SD, 12.217%, 10/25/08

 

 

158,266

 

 

 

 

 

202

 

 

Ser. 214, Class SH, 10.444%, 12/25/08

 

 

202,612

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Inverse Floating Rate Mortgage Securities

 

 

1,870,173

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Interest Only Mortgage-Backed Securities—7.6%

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

 

 

 

143

 

 

Ser. 65, Class I, 8/15/20

 

 

1,786

 

 

 

 

 

40

 

 

Ser. 141, Class H, 5/15/21

 

 

520

 

 

 

 

 

73

 

 

Ser. 1114, Class J, 7/15/06

 

 

1,251

 

 

 

 

 

17

 

 

Ser. 1285, Class M, 5/15/07

 

 

296

 

 

 

 

 

539

 

 

Ser. 1645, Class IB, 9/15/08

 

 

27,519

 

 

 

 

 

1,970

 

 

Ser. 2523, Class EH, 4/15/20

 

 

252,782

 

 

 

 

 

1,468

 

 

Ser. 2543, Class IJ, 10/15/12

 

 

84,692

 

 

 

 

 

1,274

 

 

Ser. 2543, Class IM, 9/15/12

 

 

51,198

 

 

 

 

 

4,640

 

 

Ser. 2572, Class IT, 5/15/19

 

 

60,454

 

 

 

 

 

2,907

 

 

Ser. 2633, Class PI, 3/15/12

 

 

137,597

 

 

 

 

 

3,316

 

 

Ser. 2672, Class TP, 9/15/16

 

 

106,480

 

 

 

 

 

5,605

 

 

Ser. 2739, Class PI, 3/15/22

 

 

623,130

 

 

 

 

 

2,550

 

 

Ser. 2775 Class UB, 12/15/17

 

 

167,382

 

See Notes to Financial Statements.

9



 

 

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

 

 

 

 

Interest Only Mortgage-Backed Securities—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

Federal National Mortgage Assoc.,

 

 

 

 

 

 

 

$

252

 

 

Ser. 8, Class HA, 1/25/08

 

$

31,843

 

 

 

 

 

2,885

 

 

Ser. 13, Class IG, 10/25/22

 

 

224,404

 

 

 

 

 

268

 

 

Ser. 20, Class SL, 9/25/08

 

 

40,041

 

 

 

 

 

6

 

 

Ser. 39, Class PE, 1/25/23

 

 

32

 

 

 

 

 

713

 

 

Ser. 49, Class L, 4/25/13

 

 

58,909

 

 

 

 

 

539

 

 

Ser. 51, Class K, 4/25/07

 

 

41,704

 

 

 

 

 

169

 

 

Ser. 69, Class AZ, 6/25/19

 

 

170,372

 

 

 

 

 

12,992

 

 

Ser. 70, Class ID, 4/25/22

 

 

1,211,504

 

 

 

 

 

48

 

 

Ser. 72, Class H, 7/25/06

 

 

3,258

 

 

 

 

 

1,142

 

 

Ser. 82, Class IR, 9/25/12

 

 

53,990

 

 

 

 

 

99

 

 

Ser. 194, Class PV, 6/25/08

 

 

2,082

 

 

 

 

 

349

 

 

Ser. 208, Class S, 2/25/23

 

 

7,849

 

 

 

 

 

139

 

 

Ser. 223, Class PT, 10/25/23

 

 

12,444

 

 

 

 

 

5

 

 

Ser. G-21, Class L, 7/25/21

 

 

7,188

 

 

 

 

 

13

 

 

PNC Mortgage Securities Corp., Ser. 8, Class 4-X, 10/25/28

 

 

517

 

 

 

 

 

21,158

 

 

Vendee Mortgage Trust, Ser. 1, Class IO, 10/15/31

 

 

42,740

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Interest Only Mortgage-Backed Securities

 

 

3,423,964

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Principal Only Mortgage-Backed Securities—1.3%

 

 

 

 

 

 

 

 

597

 

 

Federal National Mortgage Assoc., Ser. 97, Class WO, 10/25/33

 

 

549,454

 

Aaa

 

 

 

35

 

 

Salomon Brothers Mortgage Securities VI, Inc., Ser. 3, Class A, 10/23/17

 

 

32,095

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Principal Only Mortgage-Backed Securities

 

 

581,549

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Commercial Mortgage-Backed Securities—0.9%

 

 

 

 

AAA

 

 

 

377

2

 

New York City Mortgage Loan Trust, Multi-Family, Class A2, 6.75%, 6/25/11

 

 

394,163

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Asset-Backed Securities—0.0%

 

 

 

 

NR

 

 

 

235

2,3,4

 

Global Rated Eligible Asset Trust, Ser. A, Class 1, 7.33%, 9/15/07

 

 

2,346

 

 

 

 

 

 

 

 

Structured Mortgage Asset Residential Trust,

 

 

 

 

NR

 

 

 

568

3,4

 

Ser. 2, 8.24%, 3/15/06

 

 

2,840

 

NR

 

 

 

629

3,4

 

Ser. 3, 8.724%, 4/15/06

 

 

3,147

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Asset-Backed Securities

 

 

8,333

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Collateralized Mortgage Obligation Residuals—0.0%

 

 

 

 

 

 

 

 

5

 

 

Federal National Mortgage Assoc., Ser. 174, Class S, 9/25/22

 

 

17,190

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Corporate Bonds—15.1%

 

 

 

 

 

 

 

 

 

 

 

Energy—2.3%

 

 

 

 

A-

 

 

 

500

 

 

Conoco Funding Co., 5.45%, 10/15/06 (Canada)

 

 

510,490

 

BBB+

 

 

 

500

2

 

Israel Electric Corp., Ltd., 7.25%, 12/15/06 (Israel)

 

 

522,430

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,032,920

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Financial Institutions—12.6%

 

 

 

 

Aa2

 

 

 

500

 

 

Bank America Corp., 4.75%, 10/15/06

 

 

506,145

 

AAA

 

 

 

500

 

 

General Electric Capital Corp., 2.75%, 9/25/06

 

 

492,585

 

Baa2

 

 

 

500

 

 

General Motors Acceptance Corp., 6.125%, 9/15/06

 

 

497,390

 

AA-

 

 

 

500

 

 

Goldman Sachs Group, Inc., 2.85%, 10/27/06

 

 

492,465

 

A+

 

 

 

500

 

 

Lehman Brothers Holdings, Inc., 7.50%, 9/01/06

 

 

522,605

 

AA-

 

 

 

1,000

5

 

Morgan Stanley Group, Inc., 10.00%, 6/15/08

 

 

1,160,500

 

A+

 

 

 

500

 

 

SLM Corp., 3.50%, 9/30/06

 

 

496,200

 

Aa3

 

 

 

500

 

 

Suntrust Bank, 7.25%, 9/15/06

 

 

522,330

 

Aa1

 

 

 

500

 

 

US Bank NA, 2.85%, 11/15/06

 

 

491,490

 

AA-

 

 

 

500

 

 

Wachovia Corp., 4.95%, 11/01/06

 

 

507,845

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

5,689,555

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Transportation—0.2%

 

 

 

 

CCC

 

 

 

100

 

 

American Airlines, Inc., 10.44%, 3/04/07

 

 

92,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Corporate Bonds

 

 

6,814,475

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

10



 

 

BlackRock Broad Investment Grade 2009 Term Trust Inc. (BCT) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 










 

 

 

 

 

 

 

U.S. Government and Agency Securities—38.3%

 

 

 

 

 

 

 

$

203

 

 

Small Business Investment Cos., Ser. P10A, Class 1, 6.12%, 2/01/08

 

$

210,199

 

 

 

 

 

 

 

 

U.S. Treasury Notes,

 

 

 

 

 

 

 

 

3,200

 

 

3.50%, 11/15/06

 

 

3,197,875

 

 

 

 

 

1,700

 

 

5.75%, 11/15/05

 

 

1,722,777

 

 

 

 

 

2,000

 

 

6.00%, 8/15/09

 

 

2,168,672

 

 

 

 

 

385

 

 

6.625%, 5/15/07

 

 

407,303

 

 

 

 

 

10,000

 

 

U.S. Treasury Strip, zero coupon, 8/15/06

 

 

9,590,600

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total U.S. Government and Agency Securities

 

 

17,297,426

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Taxable Municipal Bonds—7.3%

 

 

 

 

AAA

 

 

 

500

 

 

Fresno California Pension Oblig., 7.80%, 6/01/14

 

 

615,500

 

AAA

 

 

 

500

 

 

Kern County California Pension Oblig., 6.98%, 8/15/09

 

 

552,045

 

 

 

 

 

 

 

 

Los Angeles Cnty. California Pension Oblig.,

 

 

 

 

AAA

 

 

 

1,000

 

 

Ser. A, 8.62%, 6/30/06

 

 

1,055,660

 

AAA

 

 

 

500

 

 

Ser. D, 6.97%, 6/30/08

 

 

541,110

 

AAA

 

 

 

500

 

 

Orleans Parish Louisiana School Board, Ser. A, 6.60%, 2/01/08

 

 

535,280

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Taxable Municipal Bonds

 

 

3,299,595

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $40,544,341)

 

 

40,746,296

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENT—8.8%

 

 

 

 

 

 

 

 

 

 

 

U.S. Government and Agency Security—8.8%

 

 

 

 

 

 

 

 

4,000

 

 

Federal Home Loan Bank, zero coupon, 5/02/05 (cost $3,999,700)

 

 

3,999,700

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total investments— 99.1% (cost $44,544,041)

 

$

44,745,996

 

 

 

 

 

 

 

 

Assets in excess of liabilities —0.9%

 

 

398,613

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets— 100%

 

$

45,144,609

 

 

 

 

 

 

 

 

 

 



 

 

 


1

Using the higher of S&P’s, Moody’s or Fitch’s rating.

 

2

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 2.0% of its net assets, with a current market value of $918,939, in securities restricted as to resale.

3

Security is fair valued.

4

Illiquid securities representing 0.02% of net assets.

5

Entire or partial principal amount pledged as collateral for financial futures contracts.

A category in the Coporate Bonds section may contain multiple industries as defined by the SEC’s Standard Industry Codes.

See Notes to Financial Statements.

11



 

 

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2005

BlackRock Core Bond Trust (BHK)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 













 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—142.4%

 

 

 

 

 

 

 

 

 

 

 

Mortgage Pass-Through Securities—13.9%

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

 

 

$

1,875

 

 

3.01%, 4/19/07

 

$

1,838,400

 

 

 

 

 

465

 

 

3.875%, 11/10/08

 

 

461,746

 

 

 

 

 

99

 

 

5.00%, 8/01/33

 

 

97,880

 

 

 

 

 

3,020

 

 

5.50%, 11/01/18

 

 

3,095,901

 

 

 

 

 

313

 

 

5.971%, 5/01/32

 

 

317,443

 

 

 

 

 

4,590

 

 

6.00%, 9/01/10-12/01/18

 

 

4,761,562

 

 

 

 

 

48

 

 

7.00%, 9/01/31

 

 

50,573

 

 

 

 

 

6,000

 

 

5.50%, TBA

 

 

6,065,626

 

 

 

 

 

 

 

 

Federal National Mortgage Assoc.,

 

 

 

 

 

 

 

 

870

 

 

1.75%, 6/16/06

 

 

851,600

 

 

 

 

 

6,180

 

 

2.35%, 4/29/06-4/05/07

 

 

6,033,445

 

 

 

 

 

2,418

 

 

4.50%, 5/01/19-8/01/19

 

 

2,394,862

 

 

 

 

 

1,280

 

 

4.75%, 2/21/13

 

 

1,265,306

 

 

 

 

 

14,683

 

 

5.00%, 11/01/17-2/01/34

 

 

14,780,201

 

 

 

 

 

8,765

 

 

5.50%, 1/01/18-7/01/34

 

 

8,863,904

 

 

 

 

 

38

 

 

6.00%, 8/01/29-5/01/33

 

 

38,706

 

 

 

 

 

637

 

 

7.00%, 1/01/31-7/01/32

 

 

673,421

 

 

 

 

 

450

 

 

Government National Mortgage Assoc., 5.50%, 8/15/33

 

 

457,973

 

 

 

 

 

 

 

 

Small Business Administration,

 

 

 

 

 

 

 

 

999

 

 

Ser. P10B, Class 1, 4.754%, 8/10/14

 

 

1,000,710

 

 

 

 

 

2,414

 

 

Ser. P10B, Class 1, 5.136%, 8/10/13

 

 

2,448,880

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Mortgage Pass-Through Securities

 

 

55,498,139

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Agency Multiple Class Mortgage Pass-Through Securities—5.2%

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

 

 

 

2,000

 

 

Ser. 82, Class HJ, 9/25/32

 

 

2,033,400

 

 

 

 

 

1,627

 

 

Ser. 2825, Class VP, 6/15/15

 

 

1,674,334

 

 

 

 

 

1,300

 

 

Ser. 2883, Class DR, 11/15/19

 

 

1,335,737

 

 

 

 

 

3,778

 

 

Ser. 2922, Class GA, 5/15/34

 

 

3,853,913

 

 

 

 

 

1,950

 

 

Ser. 2927, Class BA, 10/15/33

 

 

1,992,293

 

 

 

 

 

1,950

 

 

Ser. 2933, Class HD, 2/15/35

 

 

1,994,304

 

 

 

 

 

 

 

 

Federal National Mortgage Assoc.,

 

 

 

 

 

 

 

 

1,670

 

 

Ser. 3, Class AP, 2/25/35

 

 

1,708,160

 

 

 

 

 

3,821

 

 

Ser. 5, Class PK, 12/25/34

 

 

3,813,596

 

 

 

 

 

2,264

 

 

Ser. 27, Class PC, 5/25/34

 

 

2,306,383

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Agency Multiple Class Mortgage Pass-Through Securities

 

 

20,712,120

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Non-Agency Multiple Class Mortgage Pass-Through Securities—0.5%

 

 

 

 

AAA

 

 

 

1,997

 

 

Banc of America Alternative Loan Trust, Ser. 11, Class 2, 6.00%, 12/25/34

 

 

2,013,964

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Interest Only Asset-Backed Securities—1.4%

 

 

 

 

 

 

 

 

 

 

 

Sterling Coofs Trust,

 

 

 

 

 

 

 

 

39,053

 

 

Ser. 1, 4/15/29

 

 

3,343,932

 

 

 

 

 

30,350

 

 

Ser. 2, 3/30/30

 

 

2,397,650

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Interest Only Asset-Backed Securities

 

 

5,741,582

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Interest Only Mortgage-Backed Securities—2.6%

 

 

 

 

 

 

 

 

 

 

 

Federal Home Loan Mortgage Corp.,

 

 

 

 

 

 

 

 

3,704

 

 

Ser. 2579, Class HI, 8/15/17

 

 

477,663

 

 

 

 

 

3,071

 

 

Ser. 2582, Class TB, 10/15/21

 

 

3,065,591

 

 

 

 

 

8,528

 

 

Ser. 2611, Class QI, 9/15/32

 

 

1,606,295

 

 

 

 

 

 

 

 

Federal National Mortgage Assoc.,

 

 

 

 

 

 

 

 

12,833

 

 

Ser. 64, Class QI, 1/25/33

 

 

2,368,888

 

 

 

 

 

36,095

 

 

Ser. 90, Class JH, 11/25/34

 

 

2,854,399

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Interest Only Mortgage-Backed Securities

 

 

10,372,836

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

12



 

 

BlackRock Core Bond Trust (BHK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

 

 

 

 

Commercial Mortgage-Backed Securities—6.4%

 

 

 

 

 

 

 

 

 

 

 

Banc of America Commercial Mortgage, Inc.,

 

 

 

 

AAA

 

 

$

2,190

 

 

Ser. 1, Class A2, 6.503%, 4/15/36

 

$

2,368,792

 

AAA

 

 

 

2,180

 

 

Ser. 1, Class A4, 4.88%, 11/10/42

 

 

2,208,886

 

AAA

 

 

 

2,691

 

 

Commercial Mortgage Acceptance Corp., Ser. C2, Class A2, 6.03%, 9/15/30

 

 

2,772,105

 

AAA

 

 

 

1,941

 

 

GMAC Commercial Mortgage Securities, Inc., Ser. C3, Class A2, 7.179%, 8/15/36

 

 

2,113,018

 

AAA

 

 

 

2,919

 

 

GS Mortgage Securities Corp. II, Ser. C1, Class A3, 6.135%, 10/18/30

 

 

3,038,294

 

AAA

 

 

 

1,677

 

 

Heller Financial Commercial Mortgage Asset Co., Ser. PH1, Class A2, 6.847%, 5/15/31

 

 

1,790,818

 

AAA

 

 

 

2,180

 

 

JP Morgan Chase Commercial Mortgage Securities Corp., Ser. CBX, Class A4, 4.529%, 1/12/37

 

 

2,164,784

 

AAA

 

 

 

1,790

 

 

JP Morgan Commercial Mortgage Finance Corp., 7.371%, 8/15/32

 

 

1,988,081

 

AAA

 

 

 

3,070

 

 

Morgan Stanley Cap. Trust I, Ser. HF2, Class A2, 6.48%, 11/15/30

 

 

3,245,658

 

AAA

 

 

 

3,500

 

 

Salomon Brothers Mortgage Securities VII, Ser. C1, Class A2, 7.52%, 12/18/09

 

 

3,902,850

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Commercial Mortgage-Backed Securities

 

 

25,593,286

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Collateralized Mortgage Obligation Security—0.7%

 

 

 

 

AAA

 

 

 

3,194

 

 

Structured Asset Securities Corp., Class A2, 2/25/32

 

 

2,960,008

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

U.S. Government and Agency Securities—48.0%

 

 

 

 

 

 

 

 

1,670

 

 

Aid to Israel, 5.50%, 4/26/24-9/18/33

 

 

1,829,098

 

 

 

 

 

1,050

 

 

Resolution Funding Corp., zero coupon, 7/15/18-10/15/18

 

 

556,773

 

 

 

 

 

 

 

 

U.S. Treasury Bonds,

 

 

 

 

 

 

 

 

671

 

 

3.875%, 4/15/29

 

 

938,394

 

 

 

 

 

7,445

3

 

5.375%, 2/15/31

 

 

8,412,850

 

 

 

 

 

50,670

3

 

5.50%, 8/15/28

 

 

57,051,380

 

 

 

 

 

3,660

 

 

6.00%, 2/15/26

 

 

4,330,666

 

 

 

 

 

270

 

 

6.125%, 11/15/27

 

 

326,827

 

 

 

 

 

8,960

3

 

6.75%, 8/15/26

 

 

11,541,555

 

 

 

 

 

 

 

 

U.S. Treasury Notes,

 

 

 

 

 

 

 

 

3,725

 

 

3.00%, 12/31/06

 

 

3,688,346

 

 

 

 

 

140

 

 

3.375%, 2/15/08

 

 

138,753

 

 

 

 

 

10,000

 

 

3.625%, 4/30/07

 

 

9,995,300

 

 

 

 

 

89,485

 

 

3.75%, 3/31/07

 

 

89,666,653

 

 

 

 

 

2,390

 

 

4.00%, 4/15/10

 

 

2,401,209

 

 

 

 

 

1,255

3

 

5.00%, 2/15/11

 

 

1,323,046

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total U.S. Government and Agency Securities

 

 

192,200,850

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Corporate Bonds—60.0%

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense—2.6%

 

 

 

 

NR

 

 

 

345

 

 

Aero Invest 1 S.A., 10.635%, 9/01/05

 

 

427,613

 

 

 

 

 

 

 

 

BE Aerospace, Inc.,

 

 

 

 

B-

 

 

 

180

 

 

8.875%, 5/01/11

 

 

182,250

 

B-

 

 

 

2,100

 

 

Ser. B, 8.00%, 3/01/08

 

 

2,089,500

 

B-

 

 

 

1,295

2

 

DI Finance/Dyn Corp. Intl., 9.50%, 2/15/13

 

 

1,243,200

 

B-

 

 

 

255

2

 

K&F Acquisition, Inc., 7.75%, 11/15/14

 

 

251,813

 

 

 

 

 

 

 

 

Lockheed Martin Corp.,

 

 

 

 

BBB+

 

 

 

380

 

 

7.20%, 5/01/36

 

 

471,857

 

BBB+

 

 

 

1,175

 

 

8.50%, 12/01/29

 

 

1,631,570

 

 

 

 

 

 

 

 

Northrop Grumman Corp.,

 

 

 

 

BBB

 

 

 

615

 

 

4.079%, 11/16/06

 

 

615,738

 

BBB

 

 

 

380

 

 

7.125%, 2/15/11

 

 

427,268

 

BBB

 

 

 

960

 

 

7.875%, 3/01/26

 

 

1,230,807

 

NR

 

 

 

690

 

 

Raytheon Co., 7.00%, 5/15/06

 

 

709,076

 

BB-

 

 

 

90

 

 

Sequa Corp., Ser. B, 8.875%, 4/01/08

 

 

93,150

 

A+

 

 

 

1,125

 

 

United Technologies Corp., 4.875%, 5/01/15

 

 

1,126,001

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

10,499,843

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Automotive—1.6%

 

 

 

 

B-

 

 

 

240

2

 

Accuride Corp., 8.50%, 2/01/15

 

 

226,800

 

BB+

 

 

 

160

 

 

Arvinmeritor, Inc., 8.75%, 3/01/12

 

 

148,800

 

B

 

 

 

70

2

 

Cooper-Standard Automotive, Inc., 7.00%, 12/15/12

 

 

60,900

 

A3

 

 

 

660

 

 

DaimlerChrysler NA Holding Corp., 7.45%, 3/01/27

 

 

678,660

 

CCC+

 

 

 

1,500

 

 

Delco Remy Intl., Inc., 11.00%, 5/01/09

 

 

1,365,000

 

B

 

 

 

245

 

 

Delphi Corp., 6.50%, 5/01/09

 

 

193,550

 

B-

 

 

 

40

 

 

Dura Operating Corp., Ser. B, 8.625%, 4/15/12

 

 

34,800

 

See Notes to Financial Statements.

13


 

 

BlackRock Core Bond Trust (BHK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

 

 

 

 

Automotive—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

General Motors Corp.,

 

 

 

 

BBB-

 

 

$

2,000

 

 

7.20%, 1/15/11

 

$

1,684,580

 

NR

 

 

 

945

 

 

8.375%, 7/05/33, EUR

 

 

929,012

 

B3

 

 

 

100

 

 

Goodyear Tire & Rubber Co., 7.857%, 8/15/11

 

 

90,500

 

CCC+

 

 

 

300

2

 

Metaldyne Corp., 10.00%, 11/01/13

 

 

255,000

 

BB

 

 

 

100

2

 

Navistar Intl. Corp., 6.25%, 3/01/12

 

 

91,000

 

BB-

 

 

 

742

 

 

TRW Automotive, Inc., 9.375%, 2/15/13

 

 

767,970

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

6,526,572

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Basic Materials—2.3%

 

 

 

 

BB-

 

 

 

360

 

 

Abitibi-Consolidated, Inc., 8.375%, 4/01/15 (Canada)

 

 

325,800

 

B+

 

 

 

60

 

 

Alaska Steel Corp., 7.75%, 6/15/12

 

 

53,400

 

B-

 

 

 

3,425

 

 

Caraustar Industries, Inc., 9.875%, 4/01/11

 

 

3,382,188

 

BB-

 

 

 

150

 

 

Donohue Forest Products, 7.625%, 5/15/07 (Canada)

 

 

150,375

 

B

 

 

 

66

2

 

Huntsman LLC, 12.00%, 7/15/12

 

 

75,570

 

BB

 

 

 

70

 

 

IMC Global, Inc., Ser. B, 10.875%, 6/01/08

 

 

79,625

 

CCC+

 

 

 

390

2

 

Innophos, Inc., 8.875%, 8/15/14

 

 

402,675

 

BB-

 

 

 

3,600

 

 

Lyondell Chemical Co., 9.50%, 12/15/08

 

 

3,834,000

 

B3

 

 

 

340

2

 

NewPage Corp., 10.00%, 5/01/12

 

 

332,350

 

B-

 

 

 

150

2

 

PQ Corp., 7.50%, 2/15/13

 

 

143,250

 

CCC+

 

 

 

420

 

 

Rhodia SA, 8.875%, 6/01/11 (France)

 

 

401,100

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

9,180,333

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Building & Development—1.3%

 

 

 

 

B-

 

 

 

730

2

 

Goodman Global Holding Co., Inc., 7.875%, 12/15/12

 

 

647,875

 

BB+

 

 

 

3,000

 

 

Hovnanian Enterprises, Inc., 10.50%, 10/01/07

 

 

3,315,000

 

CCC+

 

 

 

540

 

 

Nortek, Inc., 8.50%, 9/01/14

 

 

477,900

 

BBB+

 

 

 

850

 

 

Pulte Homes, Inc., 5.20%, 2/15/15

 

 

823,115

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

5,263,890

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Conglomerates—2.1%

 

 

 

 

 

 

 

 

 

 

 

General Electric Capital Corp.,

 

 

 

 

AAA

 

 

 

3,625

 

 

3.45%, 1/15/08

 

 

3,639,391

 

AAA

 

 

 

4,840

3

 

3.60%, 10/15/08

 

 

4,733,568

 

BB-

 

 

 

30

 

 

Stena AB, 7.00%, 12/01/16 (Sweden)

 

 

27,825

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

8,400,784

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Consumer Products—3.6%

 

 

 

 

BBB

 

 

 

815

 

 

Albertsons, Inc., 8.00%, 5/01/31

 

 

950,665

 

B3

 

 

 

90

 

 

ALH Finance LLC, 8.50%, 1/15/13

 

 

83,925

 

BB+

 

 

 

765

 

 

Delhaize America, Inc., 9.00%, 4/15/31

 

 

908,659

 

A+

 

 

 

1,540

 

 

Diageo Cap. PLC, 3.375%, 3/20/08 (United Kingdom)

 

 

1,504,518

 

CCC-

 

 

 

160

 

 

Duane Reade, Inc., 9.75%, 8/01/11

 

 

137,600

 

BBB+

 

 

 

490

 

 

Federated Department Stores, Inc., 6.90%, 4/01/29

 

 

551,235

 

B+

 

 

 

395

 

 

Finlay Fine Jewelry Corp., 8.375%, 6/01/12

 

 

363,400

 

BBB+

 

 

 

1,010

 

 

General Mills, Inc., 5.125%, 2/15/07

 

 

1,027,150

 

B

 

 

 

80

 

 

Gold Kist, Inc., 10.25%, 3/15/14

 

 

90,800

 

B-

 

 

 

690

2

 

Knowledge Learning Corp., Inc., 7.75%, 2/01/15

 

 

655,500

 

A3

 

 

 

950

 

 

Kraft Foods, Inc., 4.00%, 10/01/08

 

 

938,220

 

BBB

 

 

 

650

 

 

Kroger Co., 6.80%, 4/01/11

 

 

712,443

 

B-

 

 

 

330

 

 

Lazy Days RV Center, Inc., 11.75%, 5/15/12

 

 

344,850

 

B-

 

 

 

385

2

 

Levi Strauss & Co., 7.73%, 4/01/12

 

 

359,975

 

 

 

 

 

 

 

 

May Department Stores Co.,

 

 

 

 

BBB

 

 

 

465

 

 

5.75%, 7/15/14

 

 

481,628

 

BBB

 

 

 

795

 

 

6.70%, 7/15/34

 

 

863,474

 

B2

 

 

 

660

2

 

Movie Gallery, Inc., 11.00%, 5/01/12

 

 

653,400

 

B-

 

 

 

1,000

 

 

Pantry, Inc., The, 7.75%, 2/15/14

 

 

985,000

 

B-

 

 

 

665

2

 

Rite Aid Corp., 6.125%, 12/15/08

 

 

603,488

 

B

 

 

 

2,100

 

 

Sonic Automotive, Inc., Ser. B, 8.625%, 8/15/13

 

 

2,047,500

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

14,263,430

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Containers & Packaging—0.9%

 

 

 

 

 

 

 

 

 

 

 

Constar Intl., Inc.,

 

 

 

 

B

 

 

 

170

2

 

6.64%, 2/15/12

 

 

164,050

 

See Notes to Financial Statements.

14



 

 

BlackRock Core Bond Trust (BHK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

 

 

 

 

Containers & Packaging—(cont’d)

 

 

 

 

B-

 

 

$

400

 

 

11.00%, 12/01/12

 

$

353,000

 

B

 

 

 

1,000

 

 

Crown European Holdings SA, 10.875%, 3/01/13 (France)

 

 

1,150,000

 

B

 

 

 

1,500

 

 

Owens Brockway Glass Container, 8.25%, 5/15/13

 

 

1,593,750

 

B3

 

 

 

455

 

 

Pliant Corp., 11.125%, 9/01/09

 

 

414,050

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

3,674,850

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ecological Services & Equipment—0.1%

 

 

 

 

BB-

 

 

 

320

2

 

Allied Waste North America, Inc., 7.25%, 3/15/15

 

 

291,200

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Energy—6.7%

 

 

 

 

BBB+

 

 

 

565

 

 

Anadarko Finance Co., Ser. B, 7.50%, 5/01/31 (Canada)

 

 

704,165

 

B1

 

 

 

115

 

 

ANR Pipeline Co., 9.625%, 11/01/21

 

 

143,175

 

CCC+

 

 

 

845

 

 

Calpine Energy Finance LLC, 8.50%, 5/01/08 (Canada)

 

 

420,388

 

CCC+

 

 

 

60

 

 

Calpine Generating Co. LLC, 11.50%, 4/01/11

 

 

51,000

 

BB

 

 

 

1,250

 

 

Chesapeake Energy Corp., 9.00%, 8/15/12

 

 

1,368,750

 

B+

 

 

 

130

 

 

CMS Energy Corp., 9.875%, 10/15/07

 

 

139,100

 

 

 

 

 

 

 

 

Compagnie Generale de Geophysique SA,

 

 

 

 

BB-

 

 

 

160

2

 

7.50%, 5/15/15 (France)

 

 

161,064

 

BB-

 

 

 

352

 

 

10.625%, 11/15/07 (France)

 

 

371,184

 

A-

 

 

 

1,800

 

 

Conoco Funding Co., 6.35%, 10/15/11 (Canada)

 

 

1,980,972

 

BBB

 

 

 

1,915

 

 

Devon Energy Corp., 7.95%, 4/15/32.

 

 

2,442,621

 

BBB

 

 

 

230

 

 

Devon Financing Corp. LLC, 7.875%, 9/30/31

 

 

292,742

 

BBB+

 

 

 

150

 

 

Dominion Resources, Inc., 5.70%, 9/17/12

 

 

157,305

 

B

 

 

 

1,125

 

 

Dresser, Inc., 9.375%, 4/15/11

 

 

1,198,125

 

B

 

 

 

885

2

 

Dynegy Holdings, Inc., 10.125%, 7/15/13

 

 

909,338

 

 

 

 

 

 

 

 

El Paso Corp.,

 

 

 

 

CCC+

 

 

 

100

 

 

7.80%, 8/01/31

 

 

89,000

 

CCC+

 

 

 

40

 

 

7.875%, 6/15/12

 

 

38,700

 

 

 

 

 

 

 

 

El Paso Natural Gas Co.,

 

 

 

 

B1

 

 

 

850

 

 

7.625%, 8/01/10

 

 

890,375

 

B1

 

 

 

265

 

 

8.625%, 1/15/22

 

 

303,425

 

B-

 

 

 

2,250

 

 

El Paso Production Holding Co., 7.75%, 6/01/13

 

 

2,244,373

 

 

 

 

 

 

 

 

EnCana Corp.,

 

 

 

 

A-

 

 

 

1,810

 

 

4.75%, 10/15/13 (Canada)

 

 

1,790,923

 

A-

 

 

 

350

 

 

6.50%, 8/15/34 (Canada)

 

 

394,167

 

BBB-

 

 

 

925

2

 

Enterprise Products Operating LP, 5.75%, 3/01/35

 

 

878,722

 

B

 

 

 

80

 

 

Exco Resources, Inc., 7.25%, 1/15/11

 

 

79,000

 

BBB+

 

 

 

305

 

 

Exelon Corp., 6.75%, 5/01/11

 

 

334,908

 

BBB-

 

 

 

765

 

 

FirstEnergy Corp., Ser. C, 7.375%, 11/15/31

 

 

901,583

 

 

 

 

 

 

 

 

KCS Energy, Inc.,

 

 

 

 

B-

 

 

 

60

 

 

7.125%, 4/01/12

 

 

59,400

 

B-

 

 

 

110

2

 

7.125%, 4/01/12

 

 

108,900

 

B+

 

 

 

105

 

 

Midwest Generation LLC, 8.56%, 1/02/16

 

 

114,450

 

B2

 

 

 

110

 

 

Mission Energy Holdings Co., 13.50%, 7/15/08

 

 

128,975

 

B

 

 

 

175

2

 

North American Energy Partners, Inc., 9.00%, 6/01/10 (Canada)

 

 

175,000

 

BBB+

 

 

 

360

 

 

Occidental Petroleum Corp., 7.20%, 4/01/28

 

 

439,679

 

B

 

 

 

130

 

 

Orion Power Holdings, Inc., 12.00%, 5/01/10

 

 

154,375

 

BBB+

 

 

 

790

 

 

Peco Energy Cap. Trust IV, 5.75%, 6/15/33

 

 

793,348

 

Baa1

 

 

 

1,650

2

 

Pemex Project Funding Master Trust, 9.375%, 12/02/08

 

 

1,862,025

 

B

 

 

 

25

2

 

Range Resources Corp., 6.375%, 3/15/15

 

 

24,125

 

BB-

 

 

 

145

 

 

Reliant Energy, Inc., 6.75%, 12/15/14

 

 

127,963

 

Aa1

 

 

 

290

2

 

SP PowerAssets Ltd., 5.00%, 10/22/13 (Singapore)

 

 

293,921

 

A-

 

 

 

445

 

 

Suncor Energy, Inc., 5.95%, 12/01/34 (Canada)

 

 

476,863

 

AA

 

 

 

1,050

 

 

Texaco Cap. Inc., 8.875%, 9/01/21

 

 

1,487,535

 

BB+

 

 

 

20

 

 

Transcontinental Gas Pipe Line Corp., 7.25%, 12/01/26

 

 

21,250

 

B2

 

 

 

1,245

 

 

Utilicorp Canada Finance Corp., 7.75%, 6/15/11 (Canada)

 

 

1,245,000

 

A3

 

 

 

725

 

 

Virginia Electric & Power Co., Ser. A, 5.75%, 3/31/06

 

 

737,956

 

B2

 

 

 

280

 

 

Whiting Petroleum Corp., 7.25%, 5/01/13

 

 

277,200

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

26,813,070

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

15



 

 

BlackRock Core Bond Trust (BHK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

 

 

 

 

Entertainment & Leisure—0.8%

 

 

 

 

B+

 

 

$

1,000

 

 

Circus & Eldorado Joint Venture, 10.125%, 3/01/12

 

$

1,075,000

 

B

 

 

 

50

 

 

Hammons John Q. Hotels LP, Ser. B, 8.875%, 5/15/12

 

 

53,125

 

B

 

 

 

50

 

 

Poster Financial Group, Inc., 8.75%, 12/01/11

 

 

50,750

 

B

 

 

 

1,000

 

 

Resorts Intl. Hotel & Casino, Inc., 11.50%, 3/15/09

 

 

1,132,500

 

B-

 

 

 

575

2

 

WMG Holdings Corp., 7.385%, 12/15/11

 

 

588,656

 

B+

 

 

 

115

2

 

Wynn Las Vegas LLC, 6.625%, 12/01/14

 

 

106,663

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

3,006,694

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Financial Institutions—19.1%

 

 

 

 

AA+

 

 

 

10

2

 

AIG SunAmerica Global Financing X, 6.90%, 3/15/32

 

 

11,958

 

AA

 

 

 

550

2,3

 

Allstate Financial Global Funding II, 2.625%, 10/22/06

 

 

538,885

 

Aa3

 

 

 

1,625

 

 

American Express Bank, 3.17%, 11/21/07

 

 

1,624,919

 

BB

 

 

 

320

2

 

American Real Estate Partners LP, 7.125%, 2/15/13

 

 

313,600

 

AA+

 

 

 

455

3

 

Associates Corp. of North America, 6.95%, 11/01/18

 

 

535,230

 

 

 

 

 

 

 

 

Bank of America Corp.,

 

 

 

 

Aa2

 

 

 

765

 

 

3.25%, 8/15/08

 

 

742,172

 

Aa2

 

 

 

1,640

 

 

3.375%, 2/17/09

 

 

1,591,768

 

Aa2

 

 

 

105

 

 

4.375%, 12/01/10

 

 

104,554

 

Aa2

 

 

 

370

 

 

5.25%, 2/01/07

 

 

378,140

 

Aa2

 

 

 

325

 

 

Bank One Corp., 3.70%, 1/15/08

 

 

321,350

 

Aa2

 

 

 

1,400

 

 

BankBoston NA, 6.375%, 3/25/08-4/15/08

 

 

1,483,145

 

Aaa

 

 

 

350

2

 

Belvoir Land LLC, Ser. A, Class I, 5.27%, 12/15/47

 

 

340,550

 

 

 

 

 

 

 

 

Berkshire Hathaway Finance Corp.,

 

 

 

 

AAA

 

 

 

1,200

 

 

3.40%, 7/02/07

 

 

1,183,440

 

AAA

 

 

 

2,440

2

 

4.125%, 1/15/10

 

 

2,399,008

 

AA+

 

 

 

600

 

 

CitiFinancial, 6.25%, 1/01/08

 

 

629,628

 

 

 

 

 

 

 

 

Citigroup, Inc.,

 

 

 

 

Aa1

 

 

 

3,010

 

 

3.625%, 2/09/09

 

 

2,940,710

 

AA+

 

 

 

7,425

 

 

4.125%, 2/22/10

 

 

7,320,530

 

AA+

 

 

 

1,960

 

 

4.25%, 7/29/09

 

 

1,950,690

 

AA

 

 

 

185

 

 

6.00%, 10/31/33

 

 

198,340

 

BB

 

 

 

1,080

 

 

Crum & Forster Holdings Corp., 10.375%, 6/15/13

 

 

1,171,800

 

AA-

 

 

 

900

 

 

Deutsche Bank AG/New York, 3.843%, 3/15/07

 

 

894,420

 

BB

 

 

 

200

 

 

Fairfax Financial Holdings Ltd., 7.75%, 4/26/12 (Canada)

 

 

183,000

 

Aa2

 

 

 

2,790

 

 

First Bank NA, 6.50%, 2/01/08

 

 

2,959,855

 

 

 

 

 

 

 

 

Ford Motor Credit Co.,

 

 

 

 

BBB

 

 

 

600

 

 

5.70%, 1/15/10

 

 

542,466

 

BBB

 

 

 

150

 

 

7.25%, 10/25/11

 

 

139,373

 

BBB

 

 

 

2,200

 

 

7.375%, 2/01/11

 

 

2,060,511

 

 

 

 

 

 

 

 

General Motors Acceptance Corp.,

 

 

 

 

Baa2

 

 

 

1,160

 

 

zero coupon, 12/01/12

 

 

593,168

 

Baa2

 

 

 

29

 

 

6.875%, 9/15/11

 

 

25,417

 

 

 

 

 

 

 

 

HBOS Treasury Services PLC,

 

 

 

 

AA+

 

 

 

855

2

 

3.60%, 8/15/07 (United Kingdom)

 

 

845,928

 

AA+

 

 

 

825

2

 

3.75%, 9/30/08 (United Kingdom)

 

 

815,562

 

 

 

 

 

 

 

 

HSBC Bank USA, Inc.,

 

 

 

 

AA

 

 

 

430

 

 

3.875%, 9/15/09

 

 

421,017

 

AA-

 

 

 

775

 

 

5.875%, 11/01/34

 

 

812,960

 

 

 

 

 

 

 

 

HSBC Finance Corp.,

 

 

 

 

AA-

 

 

 

1,820

 

 

4.75%, 5/15/09

 

 

1,838,928

 

AA-

 

 

 

635

 

 

6.375%, 8/01/10

 

 

687,241

 

AA

 

 

 

1,500

2

 

Irwin Land LLC, 5.40%, 12/15/47

 

 

1,457,865

 

 

 

 

 

 

 

 

JP Morgan Chase & Co.,

 

 

 

 

Aa3

 

 

 

1,600

 

 

5.25%, 5/30/07

 

 

1,634,560

 

Aa3

 

 

 

600

 

 

5.35%, 3/01/07

 

 

613,554

 

B-

 

 

 

20

2

 

KRATON Polymers LLC, 8.125%, 1/15/14

 

 

18,650

 

BBB

 

 

 

610

2

 

Liberty Mutual Group, 6.50%, 3/15/35

 

 

591,232

 

AA

 

 

 

1,150

2

 

MetLife Global Funding I, 4.25%, 7/30/09

 

 

1,137,868

 

AA+

 

 

 

450

2

 

Monumental Global Funding II, 4.375%, 7/30/09

 

 

448,776

 

AA-

 

 

 

1,200

 

 

National City Bank Cleveland Ohio, 3.375%, 10/15/07

 

 

1,177,188

 

AA-

 

 

 

2,125

2

 

Nationwide Building Society, 3.50%, 7/31/07 (United Kingdom)

 

 

2,096,206

 

See Notes to Financial Statements.

16



 

 

BlackRock Core Bond Trust (BHK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

 

 

 

 

Financial Institutions—(cont’d)

 

 

 

 

AAA

 

 

$

850

2

 

New York Life Global Funding, 3.875%, 1/15/09

 

$

835,950

 

AA

 

 

 

1,310

 

 

Protective Life Secured Trust, 3.70%, 11/24/08

 

 

1,297,660

 

AA-

 

 

 

1,000

2

 

Prudential Funding LLC, 6.60%, 5/15/08

 

 

1,065,190

 

 

 

 

 

 

 

 

SLM Corp.,

 

 

 

 

A

 

 

 

4,220

 

 

3.625%, 3/17/08

 

 

4,145,642

 

A+

 

 

 

90

 

 

5.625%, 4/10/07

 

 

92,473

 

AA

 

 

 

875

 

 

State Street Bank & Trust Co., Ser. CD1, 2.92%, 12/11/06

 

 

874,593

 

NR

 

 

 

3,780

 

&nbs