UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

 

Investment Company Act file number 811-10635

 

Name of Fund: BlackRock Strategic Bond Trust (BHD)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Strategic Bond Trust, 55 East 52 nd Street, New York, NY 10055

 

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

 

Date of fiscal year end: 08/31/2013

 

Date of reporting period: 05/31/2013

 

Item 1 – Schedule of Investments

 
 
Schedule of Investments   May 31, 2013 (Unaudited)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

   
Shares 		  Value  
Common Stocks (a)  
 
Diversified Telecommunication Services — 0.0%  
Broadview Networks Holdings, Inc.   5,037 $ 31,733  
 
Media — 0.0%  
Adelphia Recovery Trust   396,568   397  
 
Paper & Forest Products — 0.3%  
NewPage Corp.   3,380   321,100  
 
Software — 0.0%  
Bankruptcy Management Solutions, Inc.   84   —  
 
Total Common Stocks – 0.3%   353,230  




 

  Par
(000) 		     
Corporate Bonds  
 
Aerospace & Defense — 0.4%  

Bombardier, Inc., 4.25%,

1/15/16 (b)

USD 85   87,975  
Huntington Ingalls Industries, Inc., 7.13%, 3/15/21   60   65,850  
Kratos Defense & Security Solutions, Inc., 10.00%, 6/01/17   185   201,650  
Meccanica Holdings USA, Inc., 6.25%, 7/15/19 (b)   100   105,030  
   
  460,505  
 
Airlines — 0.5%  
Continental Airlines Pass-Through Trust, Series 2012-3, Class C, 6.13%, 4/29/18   125   131,250  
Delta Air Lines Pass-Through Trust:  
  Series 2002-1, Class G-1, 6.72%, 1/02/23   137   151,884  
  Series 2009-1, Class B, 9.75%, 12/17/16   36   41,003  
US Airways Pass-Through Trust, Series 2011-1, Class C, 10.88%, 10/22/14   167   179,701  
   
  503,838  
 
Auto Components — 1.8%  
Continental Rubber of America Corp., 4.50%, 9/15/19 (b)   150   155,625  
Dana Holding Corp., 6.75%, 2/15/21   180   193,500  
Icahn Enterprises LP, 8.00%, 1/15/18   670   710,200  
Jaguar Land Rover Automotive Plc, 8.25%, 3/15/20 GBP 177   303,895  
Schaeffler Finance BV, 4.75%, 5/15/21 (b) USD 200   196,500  
  Par
(000) 		  Value  
Corporate Bonds  
 
Auto Components (concluded)  
Servus Luxembourg Holdings SCA, 7.75%, 6/15/18 (c) EUR 100 $ 130,462  
Titan International, Inc., 7.88%, 10/01/17 (b) USD 146   156,220  
   
  1,846,402  
 
Building Products — 0.6%  
Building Materials Corp. of America (b):  
  7.00%, 2/15/20   210   224,700  
  6.75%, 5/01/21   230   248,975  
Momentive Performance Materials, Inc., 8.88%, 10/15/20   65   70,038  
Texas Industries, Inc., 9.25%, 8/15/20   82   90,815  
   
  634,528  
 
Capital Markets — 1.9%  
E*Trade Financial Corp., Series A, 0.00, 8/31/19 (d)(e)   100   113,500  
The Goldman Sachs Group, Inc.:  
  5.38%, 3/15/20   225   255,769  
  6.00%, 6/15/20   250   292,712  
  5.75%, 1/24/22   525   600,991  
Merrill Lynch & Co., Inc., 6.05%, 5/16/16   325   361,035  
Morgan Stanley, 5.63%, 9/23/19   320   362,459  
   
  1,986,466  
 
Chemicals — 2.3%  
Axiall Corp., 4.88%, 5/15/23 (b)   39   39,195  
Celanese US Holdings LLC, 5.88%, 6/15/21   324   357,210  
Eagle Spinco, Inc., 4.63%, 2/15/21 (b)   133   133,997  
Huntsman International LLC:  
  4.88%, 11/15/20   103   104,030  
  8.63%, 3/15/21   65   72,638  
INEOS Finance Plc, 7.50%, 5/01/20 (b)   85   93,287  
Kraton Polymers LLC/Kraton Polymers Capital Corp., 6.75%, 3/01/19   45   47,138  
LyondellBasell Industries NV, 5.75%, 4/15/24   664   772,522  
Nexeo Solutions LLC/Nexeo Solutions Finance Corp., 8.38%, 3/01/18   3F0   30,150  
Nufarm Australia Ltd., 6.38%, 10/15/19 (b)   60   61,500  
Orion Engineered Carbons Bondco GmbH (FKA Kinove German Bondco GmbH), 10.00%, 6/15/18 EUR 98   141,531  

PetroLogistics LP/PetroLogistics Finance Corp., 6.25%, 4/01/20 (b)

USD 41   41,308  
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 1
 

Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Corporate Bonds  
 
Chemicals (concluded)  
PolyOne Corp., 7.38%, 9/15/20 USD 80 $ 88,200  
Rockwood Specialties Group, Inc., 4.63%, 10/15/20   374   381,480  
Tronox Finance LLC, 6.38%, 8/15/20 (b)   46   45,195  
   
  2,409,381  
 
Commercial Banks — 2.6%  
Barclays Bank Plc, 5.14%, 10/14/20   100   105,245  
CIT Group, Inc.:  
  5.25%, 3/15/18   1,434   1,541,550  
  6.63%, 4/01/18 (b)   110   123,750  
  5.50%, 2/15/19 (b)   190   205,675  
  5.00%, 8/15/22   43   45,795  
HSBC Bank Plc, 7.65%, 5/01/25   350   462,979  
Itau Unibanco Holding SA, 5.75%, 1/22/21 (b)   225   235,688  
   
  2,720,682  
 
Commercial Services & Supplies — 3.3%  
ADS Waste Holdings, Inc., 8.25%, 10/01/20 (b)   61   65,423  
The ADT Corp.:  
  3.50%, 7/15/22   75   71,992  
  4.88%, 7/15/42   200   183,734  
AWAS Aviation Capital Ltd., 7.00%, 10/17/16 (b)   172   179,919  
Brickman Group Holdings, Inc., 9.13%, 11/01/18 (b)   11   11,908  
Covanta Holding Corp., 6.38%, 10/01/22   85   91,691  
EC Finance Plc, 9.75%, 8/01/17 EUR 50   70,524  
Mobile Mini, Inc., 7.88%, 12/01/20 USD 135   149,512  
The Hertz Corp.:  
  7.50%, 10/15/18   285   309,938  
  5.88%, 10/15/20   55   58,025  
  7.38%, 1/15/21   380   419,900  
  6.25%, 10/15/22   95   103,194  
UR Merger Sub Corp.:  
  5.75%, 7/15/18   50   53,375  
  7.38%, 5/15/20   125   137,188  
  8.25%, 2/01/21   165   182,737  
  7.63%, 4/15/22   919   1,017,792  
Verisure Holding AB:  
  8.75%, 9/01/18 EUR 100   143,622  
  8.75%, 12/01/18   100   138,423  
West Corp., 8.63%, 10/01/18 USD 50   54,875  
   
  3,443,772  
 
Communications Equipment — 1.2%  
Avaya, Inc., 7.00%, 4/01/19 (b)   215   200,487  
Brocade Communications Systems, Inc., 6.88%, 1/15/20   175   190,313  
  Par
(000) 		  Value  
Corporate Bonds  
 
Communications Equipment (concluded)  
Zayo Group LLC/Zayo Capital, Inc.:  
  8.13%, 1/01/20 USD 578 $ 641,580  
  10.13%, 7/01/20   186   216,225  
   
  1,248,605  
 
Construction & Engineering — 0.3%  

Boart Longyear Management Property Ltd., 7.00%, 4/01/21 (b)

  75   74,250  

Safway Group Holding LLC/Safway Finance Corp., 7.00%, 5/15/18 (b)

  200   201,000  
   
  275,250  
 
Construction Materials — 3.1%  
Buzzi Unicem SpA, 6.25%, 9/28/18 EUR 100   143,284  
HD Supply, Inc.:  
  8.13%, 4/15/19 USD 1,487   1,650,570  
  11.00%, 4/15/20   230   276,288  
  7.50%, 7/15/20 (b)   977   1,035,620  
  11.50%, 7/15/20   65   76,375  
HeidelbergCement AG, 7.50%, 4/03/20 EUR 21   33,657  
   
  3,215,794  
 
Consumer Finance — 0.7%  
Credit Acceptance Corp., 9.13%, 2/01/17 USD 185   199,800  
Ford Motor Credit Co. LLC, 2.75%, 5/15/15   500   511,446  
   
  711,246  
 
Containers & Packaging — 1.3%  
Ardagh Packaging Finance Plc/Ardagh MP Holdings USA, Inc. (b):  
  7.38%, 10/15/17 EUR 260   363,280  
  4.88%, 11/15/22 USD 200   199,500  
Beverage Packaging Holdings Luxembourg II SA, 8.00%, 12/15/16 EUR 54   70,186  
Crown Americas LLC/Crown Americas Capital Corp. III, 6.25%, 2/01/21 USD 23   25,128  
Crown Americas LLC/Crown Americas Capital Corp. IV, 4.50%, 1/15/23 (b)   37   36,168  
GCL Holdings SCA, 9.38%, 4/15/18 (b) EUR 100   140,373  
Graphic Packaging International, Inc., 7.88%, 10/01/18 USD 135   148,162  
Sealed Air Corp. (b):  
  6.50%, 12/01/20   120   133,500  
  8.38%, 9/15/21   60   69,300  
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 2
 

Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Corporate Bonds  
 
Containers & Packaging (concluded)  
Smurfit Kappa Acquisitions, 4.88%, 9/15/18 (b) USD 200 $ 207,000  
   
  1,392,597  
 
Diversified Consumer Services — 0.5%  

APX Group, Inc., 6.38%, 12/01/19 (b)

  157   156,608  
Rent-A-Center, Inc., 4.75%, 5/01/21 (b)   108   105,840  
Service Corp. International, 4.50%, 11/15/20   307   309,494  
   
  571,942  
 
Diversified Financial Services — 7.4%  
Aircastle Ltd., 6.25%, 12/01/19   174   188,355  
Ally Financial, Inc.:  
  8.30%, 2/12/15   400   440,000  
  6.25%, 12/01/17   30   33,016  
  8.00%, 3/15/20   60   71,400  
  7.50%, 9/15/20   550   642,125  
  8.00%, 11/01/31   1,106   1,426,740  
Bank of America Corp.:  
  4.50%, 4/01/15   375   396,744  
  6.50%, 8/01/16   410   468,748  
  5.63%, 10/14/16   100   112,628  
  5.75%, 12/01/17   240   274,835  
Citigroup, Inc., 8.13%, 7/15/39   55   77,998  
Co-Operative Group Ltd., 5.63%, 7/08/20 (f) GBP 100   152,700  
DPL, Inc.:  
  6.50%, 10/15/16 USD 115   123,913  
  7.25%, 10/15/21   310   334,800  
Gala Group Finance Plc, 8.88%, 9/01/18 GBP 100   163,335  
General Motors Financial Co., Inc. (b):  
  2.75%, 5/15/16 USD 91   90,864  
  3.25%, 5/15/18   33   32,711  
  4.25%, 5/15/23   46   44,850  
GETCO Financing Escrow LLC, 8.25%, 6/15/18 (b)(c)   48   46,920  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 7.38%, 4/01/20 (b)

  200   201,000  
JPMorgan Chase & Co.:  
  5.50%, 10/15/40   175   198,947  
  5.60%, 7/15/41   175   202,014  
Macquarie Bank Ltd., 5.00%, 2/22/17 (b)   200   219,589  
Reynolds Group Issuer, Inc.:  
  7.88%, 8/15/19   180   197,100  
  9.88%, 8/15/19   374   407,660  
  5.75%, 10/15/20   748   759,220  
  6.88%, 2/15/21   125   133,437  
  Par
(000) 		  Value  
Corporate Bonds  
 
Diversified Financial Services (concluded)  
WMG Acquisition Corp., 11.50%, 10/01/18 USD 151 $ 178,180  
   
  7,619,829  
 
Diversified Telecommunication Services — 3.3%  
Broadview Networks Holdings, Inc., 10.50%, 11/15/17   78   79,147  
CenturyLink, Inc., Series V, 5.63%, 4/01/20   398   411,432  
Level 3 Communications, Inc., 8.88%, 6/01/19   150   162,750  
Level 3 Financing, Inc.:  
  8.13%, 7/01/19   1,310   1,418,075  
  8.63%, 7/15/20   188   206,800  
Qwest Corp., 7.25%, 10/15/35   200   209,000  
Telefonica Emisiones SAU, 5.46%, 2/16/21   250   269,528  
Telenet Finance V Luxembourg SCA:  
  6.25%, 8/15/22 EUR 200   273,010  
  6.75%, 8/15/24   100   138,553  
Windstream Corp.:  
  8.13%, 8/01/13 USD 45   45,338  
  7.88%, 11/01/17   142   163,300  
   
  3,376,933  
 
Electric Utilities — 2.5%  
Nisource Finance Corp., 3.85%, 2/15/23   400   407,621  
Oncor Electric Delivery Co. LLC, 4.10%, 6/01/22   325   350,061  
Progress Energy, Inc., 7.75%, 3/01/31   1,000   1,354,772  
The Tokyo Electric Power Co., Inc., 4.50%, 3/24/14 EUR 350   462,646  
   
  2,575,100  
 
Electrical Equipment — 0.2%  
General Cable Corp., 5.75%, 10/01/22 (b) USD 102   105,060  
GrafTech International Ltd., 6.38%, 11/15/20 (b)   150   156,000  
   
  261,060  
 
Electronic Equipment, Instruments & Components — 0.1%  
Jabil Circuit, Inc., 8.25%, 3/15/18   45   54,450  
 
Energy Equipment & Services — 4.7%  
Calfrac Holdings LP, 7.50%, 12/01/20 (b)   145   149,350  
CGG (FKA Compagnie Générale de Géophysique, Veritas):  
  7.75%, 5/15/17   55   56,513  
  6.50%, 6/01/21   200   209,000  
Energy Transfer Partners LP, 5.20%, 2/01/22   600   660,862  
Ensco Plc, 4.70%, 3/15/21   425   468,877  
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 3
 

Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Corporate Bonds  
 
Energy Equipment & Services (concluded)  
FTS International Services LLC/FTS International Bonds, Inc., 8.13%, 11/15/18 (b) USD 465 $ 495,225  

Genesis Energy LP/Genesis Energy Finance Corp., 5.75%, 2/15/21 (b)

  18   18,360  
MEG Energy Corp. (b):  
  6.50%, 3/15/21   354   366,390  
  6.38%, 1/30/23   21   21,525  
Oil States International, Inc., 6.50%, 6/01/19   115   123,912  
Peabody Energy Corp.:  
  6.00%, 11/15/18   313   334,910  
  6.25%, 11/15/21   342   357,390  
Precision Drilling Corp., 6.50%, 12/15/21   105   112,612  
Seadrill Ltd., 5.63%, 9/15/17 (b)   535   548,375  
Tervita Corp., 8.00%, 11/15/18 (b)   132   136,620  
Transocean, Inc., 6.50%, 11/15/20   550   638,527  
Trionista Holdco GmbH, 5.00%, 4/30/20 EUR 100   132,574  
   
  4,831,022  
 
Food & Staples Retailing — 0.2%  
Bakkavor Finance 2 Plc, 8.25%, 2/15/18 GBP 104   163,943  
 
Food Products — 1.3%  
Darling International, Inc., 8.50%, 12/15/18 USD 90   100,800  
Mondelez International, Inc.:  
  6.50%, 8/11/17   600   711,370  
  6.13%, 8/23/18   250   297,883  
Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp., 4.88%, 5/01/21 (b)   56   56,210  
Post Holdings, Inc., 7.38%, 2/15/22   185   206,044  
   
  1,372,307  
 
Gas Utilities — 0.3%  
El Paso Natural Gas Co. LLC, 8.63%, 1/15/22   145   196,473  
Suburban Propane Partners LP/Suburban Energy Finance Corp., 7.50%, 10/01/18   95   102,006  
   
  298,479  
 
Health Care Equipment & Supplies — 2.8%  
Biomet, Inc. (b):  
  6.50%, 8/01/20   1,451   1,527,177  
  6.50%, 10/01/20   765   774,563  
DJO Finance LLC, 7.75%, 4/15/18   40   41,400  
Fresenius US Finance II, Inc., 9.00%, 7/15/15 (b)   410   471,500  
  Par
(000) 		  Value  
Corporate Bonds  
 
Health Care Equipment & Supplies (concluded)  
Teleflex, Inc., 6.88%, 6/01/19 USD 105 $ 113,400  
   
  2,928,040  
 
Health Care Providers & Services — 7.9%  
Aviv Healthcare Properties LP, 7.75%, 2/15/19   150   163,875  
Care UK Health & Social Care Plc, 9.75%, 8/01/17 GBP 65   102,218  
CHS/Community Health Systems, Inc., 5.13%, 8/15/18 USD 246   256,455  
ConvaTec Healthcare E SA, 7.38%, 12/15/17 (b) EUR 200   278,146  
Crown Newco 3 Plc, 7.00%, 2/15/18 (b) GBP 200   317,554  
HCA, Inc.:  
  8.50%, 4/15/19 USD 40   43,600  
  6.50%, 2/15/20   1,149   1,295,497  
  7.88%, 2/15/20   115   125,350  
  7.25%, 9/15/20   805   885,500  
  5.88%, 3/15/22   148   162,430  
  4.75%, 5/01/23   317   316,208  
Hologic, Inc., 6.25%, 8/01/20   240   256,500  
IASIS Healthcare LLC/IASIS Capital Corp., 8.38%, 5/15/19   110   114,950  
INC Research LLC, 11.50%, 7/15/19 (b)   124   133,300  
inVentiv Health, Inc., 9.00%, 1/15/18 (b)   80   85,200  
Omnicare, Inc., 7.75%, 6/01/20   260   287,950  
Symbion, Inc., 8.00%, 6/15/16   125   132,188  
Tenet Healthcare Corp.:  
  6.25%, 11/01/18   1,363   1,509,522  
  4.50%, 4/01/21 (b)   100   98,250  
  4.38%, 10/01/21 (b)   446   432,620  
WellPoint, Inc., 5.95%, 12/15/34   1,000   1,155,626  
   
  8,152,939  
 
Health Care Technology — 0.7%  

IMS Health, Inc., 12.50%,

3/01/18 (b)

  660   774,675  
 
Hotels, Restaurants & Leisure — 1.5%  
Caesars Entertainment Operating Co., Inc.:  
  8.50%, 2/15/20   7   6,668  
  9.00%, 2/15/20 (b)   331   318,588  
Caesars Operating Escrow LLC/Caesars Escrow Corp. (b):  
  9.00%, 2/15/20   114   109,725  
  9.00%, 2/15/20   177   170,363  
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18 EUR 51   67,313  
Diamond Resorts Corp., 12.00%, 8/15/18 USD 310   346,037  
Gategroup Finance Luxembourg SA, 6.75%, 3/01/19 EUR 100   132,574  
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 4
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Corporate Bonds  
 
Hotels, Restaurants & Leisure (concluded)  
Six Flags Entertainment Corp., 5.25%, 1/15/21 (b) USD 212 $ 213,060  
Tropicana Entertainment LLC, 9.63%, 12/15/14 (a)(g)   50   —  
The Unique Pub Finance Co. Plc, Series A3, 6.54%, 3/30/21 GBP 100   157,258  
   
  1,521,586  
 
Household Durables — 1.6%  
Beazer Homes USA, Inc., 6.63%, 4/15/18 USD 145   157,144  
RPG Byty Sro, 6.75%, 5/01/20 EUR 100   125,426  
The Ryland Group, Inc., 6.63%, 5/01/20 USD 130   144,950  
Spie BondCo 3 SCA, 11.00%, 8/15/19 EUR 109   153,184  
Standard Pacific Corp.:  
  10.75%, 9/15/16 USD 565   697,775  
  8.38%, 1/15/21   200   240,000  
Taylor Morrison Communities, Inc./Monarch Communities, Inc., 5.25%, 4/15/21 (b)   95   96,187  
   
  1,614,666  
 
Household Products — 0.4%  
Ontex IV SA:  
  7.50%, 4/15/18 (b) EUR 100   136,474  
  9.00%, 4/15/19   100   136,149  
Spectrum Brands Escrow Corp. (b):  
  6.38%, 11/15/20 USD 50   53,687  
  6.63%, 11/15/22   70   75,600  
   
  401,910  
 
Independent Power Producers & Energy Traders — 3.4%  
The AES Corp., 4.88%, 5/15/23   9   8,843  
Calpine Corp., 7.50%, 2/15/21 (b)   36   39,060  
Energy Future Intermediate Holding Co. LLC:  
  10.00%, 12/01/20 (b)   765   867,319  
  10.00%, 12/01/20   1,562   1,778,727  
GenOn REMA LLC, Series C, 9.68%, 7/02/26   105   114,450  
Laredo Petroleum, Inc.:  
  9.50%, 2/15/19   115   130,237  
  7.38%, 5/01/22   50   55,000  
NRG Energy, Inc.:  
  7.63%, 1/15/18   361   407,027  
  6.63%, 3/15/23 (b)   1   1,058  
QEP Resources, Inc., 5.38%, 10/01/22   75   76,875  
   
  3,478,596  
 
Insurance — 3.1%  
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub LLC, 7.88%, 12/15/20 (b)   147   153,983  
  Par
(000) 		  Value  
Corporate Bonds  
 
Insurance (concluded)  
American International Group, Inc., 6.40%, 12/15/20 USD 1,130 $ 1,365,988  
Lincoln National Corp., 8.75%, 7/01/19   575   765,718  
MetLife Global Funding I, 5.13%, 6/10/14 (b)   250   261,438  
MPL 2 Acquisition Canco, Inc., 9.88%, 8/15/18 (b)   90   92,700  
Prudential Financial, Inc., 5.38%, 6/21/20   400   467,938  
TMF Group Holding B.V., 9.88%, 12/01/19 EUR 100   137,124  
   
  3,244,889  
 
Internet Software & Services — 0.1%  
Equinix, Inc., 4.88%, 4/01/20 USD 22   22,385  
VeriSign, Inc., 4.63%, 5/01/23 (b)   85   85,425  
   
  107,810  
 
IT Services — 2.9%  
Ceridian Corp. (b):  
  8.88%, 7/15/19   370   421,800  
  11.00%, 3/15/21   112   127,960  
First Data Corp.:  
  7.38%, 6/15/19 (b)   943   994,865  
  8.88%, 8/15/20 (b)   195   215,475  
  6.75%, 11/01/20 (b)   486   507,870  
  8.25%, 1/15/21 (b)   55   58,300  
  12.63%, 1/15/21   143   156,228  
SunGard Data Systems, Inc.:  
  7.38%, 11/15/18   280   298,200  
  6.63%, 11/01/19 (b)   205   215,762  
   
  2,996,460  
 
Machinery — 0.2%  
Navistar International Corp., 8.25%, 11/01/21   97   98,819  
SPX Corp., 6.88%, 9/01/17   65   72,312  
   
  171,131  
 
Media — 11.5%  
Affinion Group, Inc., 7.88%, 12/15/18   141   108,570  
AMC Networks, Inc.:  
  7.75%, 7/15/21   80   90,600  
  4.75%, 12/15/22   86   85,785  
CCO Holdings LLC/CCO Holdings Capital Corp.:  
  6.50%, 4/30/21   320   344,000  
  5.25%, 9/30/22   218   218,000  
  5.13%, 2/15/23   50   49,000  
Checkout Holding Corp., 9.81%, 11/15/15 (b)(d)   166   131,140  
Cinemark USA, Inc., 5.13%, 12/15/22   44   44,660  
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 5
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Corporate Bonds  
 
Media (continued)  
Clear Channel Communications, Inc.:  
  9.00%, 12/15/19 (b)(c) USD 130 $ 130,650  
  9.00%, 3/01/21   276   273,930  
Clear Channel Worldwide Holdings, Inc.:  
  6.50%, 11/15/22 (b)   167   175,350  
  6.50%, 11/15/22 (b)   678   715,290  
  Series B, 7.63%, 3/15/20   240   255,000  
DIRECTV Holdings LLC:  
  3.80%, 3/15/22   250   253,536  
  6.00%, 8/15/40   175   186,893  
DISH DBS Corp.:  
  7.00%, 10/01/13   201   204,176  
  5.88%, 7/15/22   340   340,850  
Intelsat Jackson Holdings SA:  
  7.25%, 10/15/20   154   167,090  
  5.50%, 8/01/23 (b)(c)   430   421,400  
Interactive Data Corp., 10.25%, 8/01/18   340   381,650  
The Interpublic Group of Cos., Inc., 10.00%, 7/15/17   45   47,475  
Kabel Deutschland Vertrieb und Service GmbH & Co. KG, 6.50%, 6/29/18 (b) EUR 125   172,954  
Live Nation Entertainment, Inc., 8.13%, 5/15/18 (b) USD 150   160,875  
NAI Entertainment Holdings LLC, 8.25%, 12/15/17 (b)   243   262,440  
Nara Cable Funding Ltd., 8.88%, 12/01/18 EUR 100   137,774  
NBC Universal Media LLC, 6.40%, 4/30/40 USD 530   668,261  
The New York Times Co., 6.63%, 12/15/16   500   554,375  
News America, Inc., 6.20%, 12/15/34   825   954,123  
Nielsen Finance LLC, 7.75%, 10/15/18   408   448,800  
Odeon & UCI Finco Plc, 9.00%, 8/01/18 (b) GBP 100   163,525  
ProQuest LLC, 9.00%, 10/15/18 (b) USD 47   47,588  
Sirius XM Radio, Inc. (b):  
  4.25%, 5/15/20   141   138,180  
  4.63%, 5/15/23   68   65,280  
TCI Communications, Inc., 7.88%, 2/15/26   1,000   1,361,040  
Time Warner Cable, Inc., 4.50%, 9/15/42   445   396,921  
Unitymedia GmbH, 9.50%, 3/15/21 EUR 150   224,607  
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 7.50%, 3/15/19   337   476,561  
  Par
(000) 		  Value  
Corporate Bonds  
 
Media (concluded)  
Univision Communications, Inc., 5.13%, 5/15/23 (b) USD 292 $ 286,160  
UPCB Finance II Ltd., 6.38%, 7/01/20 (b) EUR 292   402,014  
Virgin Media Secured Finance Plc, 6.50%, 1/15/18 USD 200   210,500  
Ziggo Finance BV, 6.13%, 11/15/17 (b) EUR 88   119,239  
   
  11,876,262  
 
Metals & Mining — 3.7%  
ArcelorMittal:  
  9.50%, 2/15/15 USD 100   111,000  
  4.25%, 2/25/15   43   44,183  
  4.25%, 8/05/15   38   39,235  
  4.25%, 3/01/16   50   51,875  
  6.13%, 6/01/18   190   201,400  
Barrick Gold Corp., 2.90%, 5/30/16   225   231,720  
Barrick North America Finance LLC, 5.70%, 5/30/41   250   235,888  
Commercial Metals Co., 4.88%, 5/15/23   138   131,445  
Eco-Bat Finance Plc, 7.75%, 2/15/17 EUR 100   132,574  
GoldCorp, Inc., 2.00%, 8/01/14 (e) USD 220   224,263  
New Gold, Inc. (b):  
  7.00%, 4/15/20   30   31,800  
  6.25%, 11/15/22   105   108,150  
New World Resources NV:  
  7.88%, 5/01/18 (b) EUR 76   79,025  
  7.88%, 5/01/18   65   67,587  
Newmont Mining Corp.:  
  5.13%, 10/01/19 USD 225   250,611  
  Series A, 1.25%, 7/15/14 (e)   200   208,625  
Novelis, Inc., 8.75%, 12/15/20   1,195   1,335,412  
Taseko Mines Ltd., 7.75%, 4/15/19   150   153,000  
Vedanta Resources Plc, 8.25%, 6/07/21 (b)   200   216,000  
   
  3,853,793  
 
Multiline Retail — 0.7%  
Dollar General Corp., 4.13%, 7/15/17   244   264,804  
Dufry Finance SCA, 5.50%, 10/15/20 (b)   400   421,000  
   
  685,804  
 
Oil, Gas & Consumable Fuels — 10.6%  
Access Midstream Partners LP/ACMP Finance Corp., 6.13%, 7/15/22   100   107,000  
Anadarko Petroleum Corp.:  
  5.95%, 9/15/16   365   416,035  
  6.38%, 9/15/17   75   88,433  
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 6
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Corporate Bonds  
 
Oil, Gas & Consumable Fuels (continued)  
Anadarko Petroleum Corp. (concluded):  
  6.95%, 6/15/19 USD 150 $ 185,374  
Athlon Holdings LP/Athlon Finance Corp., 7.38%, 4/15/21 (b)   40   41,600  
Bonanza Creek Energy, Inc., 6.75%, 4/15/21 (b)   15   15,675  
Carrizo Oil & Gas, Inc., 7.50%, 9/15/20   100   108,000  
Chesapeake Energy Corp.:  
  7.25%, 12/15/18   10   11,525  
  6.63%, 8/15/20   90   100,125  
  6.13%, 2/15/21   95   103,550  
  5.75%, 3/15/23   200   208,000  
Concho Resources, Inc.:  
  7.00%, 1/15/21   80   87,000  
  6.50%, 1/15/22   50   54,000  
CONSOL Energy, Inc., 8.25%, 4/01/20   625   690,625  
Continental Resources, Inc.:  
  7.13%, 4/01/21   135   151,538  
  5.00%, 9/15/22   121   125,235  
  4.50%, 4/15/23 (b)   29   29,290  
Denbury Resources, Inc., 4.63%, 7/15/23   157   151,897  
El Paso Pipeline Partners Operating Co. LLC, 5.00%, 10/01/21   500   555,684  
Energy XXI Gulf Coast, Inc.:  
  9.25%, 12/15/17   120   133,200  
  7.75%, 6/15/19   320   342,400  
Enterprise Products Operating LLC, 3.70%, 6/01/15   500   527,535  
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19   60   64,800  
EV Energy Partners LP/EV Energy Finance Corp., 8.00%, 4/15/19   55   56,513  
Hilcorp Energy I LP, 7.63%, 4/15/21 (b)   70   77,000  
Kinder Morgan Energy Partners LP, 3.95%, 9/01/22   475   490,987  
Kodiak Oil & Gas Corp., 8.13%, 12/01/19   128   144,000  
LBC Tank Terminals Holding Netherlands BV, 6.88%, 5/15/23 (b)   200   207,750  
Linn Energy LLC:  
  6.25%, 11/01/19 (b)   316   318,370  
  7.75%, 2/01/21   130   137,800  
Linn Energy LLC/Linn Energy Finance Corp., 6.50%, 5/15/19   16   16,280  
MarkWest Energy Partners LP:  
  6.25%, 6/15/22   44   47,520  
  5.50%, 2/15/23   48   50,160  
Memorial Production Partners LP, 7.63%, 5/01/21 (b)   52   52,260  
  Par
(000) 		  Value  
Corporate Bonds  
 
Oil, Gas & Consumable Fuels (concluded)  
Newfield Exploration Co., 5.63%, 7/01/24 USD 11 $ 11,550  
Nexen, Inc., 6.40%, 5/15/37   150   184,575  
Oasis Petroleum, Inc.:  
  7.25%, 2/01/19   90   96,975  
  6.50%, 11/01/21   110   118,800  
Pacific Drilling SA, 5.38%, 6/01/20 (b)(c)   94   93,060  
PBF Holding Co. LLC, 8.25%, 2/15/20   25   27,625  
PDC Energy, Inc., 7.75%, 10/15/22 (b)   75   81,750  
Petrobras International Finance Co.:  
  3.88%, 1/27/16   1,100   1,147,722  
  5.88%, 3/01/18   200   223,938  
  7.88%, 3/15/19   100   120,745  
  6.88%, 1/20/40   25   26,862  
Petroleum Geo-Services ASA, 7.38%, 12/15/18 (b)   210   233,100  
Pioneer Natural Resources Co., 6.88%, 5/01/18   35   42,142  
Plains Exploration & Production Co., 6.88%, 2/15/23   120   135,750  
Range Resources Corp.:  
  8.00%, 5/15/19   45   49,050  
  5.75%, 6/01/21   317   335,227  
  5.00%, 8/15/22   33   33,495  
Regency Energy Partners LP, 4.50%, 11/01/23 (b)   63   62,370  
Rosetta Resources, Inc., 5.63%, 5/01/21   61   61,153  
Sabine Pass Liquefaction LLC (b):  
  5.63%, 2/01/21   458   459,717  
  5.63%, 4/15/23   117   117,000  
Sabine Pass Liquified Natural Gas LP:  
  7.50%, 11/30/16   545   607,675  
  6.50%, 11/01/20 (b)   120   125,700  
SandRidge Energy, Inc.:  
  8.75%, 1/15/20   8   8,600  
  7.50%, 2/15/23   103   106,090  
SM Energy Co., 6.63%, 2/15/19   45   48,263  
Western Gas Partners LP, 5.38%, 6/01/21   325   366,207  
The Williams Cos., Inc., 8.75%, 3/15/32   124   165,599  
   
  10,987,901  
 
Paper & Forest Products — 0.6%  
Boise Paper Holdings LLC:  
  9.00%, 11/01/17   45   47,925  
  8.00%, 4/01/20   50   55,500  
Clearwater Paper Corp., 7.13%, 11/01/18   215   232,737  
International Paper Co.:  
  7.95%, 6/15/18   220   279,704  
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 7
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Corporate Bonds  
 
Paper & Forest Products (concluded)  
International Paper Co. (concluded):  
  7.30%, 11/15/39 USD 5 $ 6,593  
NewPage Corp., 11.38%, 12/31/14 (a)(g)   779   —  
Sappi Papier Holding GmbH, 6.63%, 4/15/21 (b)   50   51,000  
   
  673,459  
 
Pharmaceuticals — 2.2%  
Actavis, Inc. (FKA Watson Pharmaceuticals, Inc.), 3.25%, 10/01/22   550   540,415  
Capsugel Finance Co. SCA, 9.88%, 8/01/19 (b) EUR 100   147,197  
Elan Finance Plc/Elan Finance Corp., 6.25%, 6/15/21 (b) USD 410   412,050  
Jaguar Holding Co. II/Jaguar Merger Sub, Inc., 9.50%, 12/01/19 (b)   125   142,656  
Valeant Pharmaceuticals International (b):  
  6.50%, 7/15/16   285   294,975  
  6.38%, 10/15/20   97   101,850  
Wyeth LLC, 6.50%, 2/01/34   500   654,114  
   
  2,293,257  
 
Real Estate Investment Trusts (REITs) — 0.6%  
Felcor Lodging LP:  
  6.75%, 6/01/19   290   309,575  
  5.63%, 3/01/23   62   63,085  
HCP, Inc., 5.38%, 2/01/21   225   258,478  
   
  631,138  
 
Real Estate Management & Development — 1.9%  
CBRE Services, Inc., 6.63%, 10/15/20   90   97,200  

Lennar Corp., 4.75%, 11/15/22 (b)

  110   110,000  
The Realogy Corp. (b):  
  3.38%, 5/01/16   119   118,108  
  7.88%, 2/15/19   951   1,043,722  
  7.63%, 1/15/20   130   147,225  
Shea Homes LP, 8.63%, 5/15/19   445   505,075  
   
  2,021,330  
 
Road & Rail — 0.6%  
Canadian National Railway Co., 6.90%, 7/15/28   500   669,343  
 
Semiconductors & Semiconductor Equipment — 0.2%  
NXP BV/NXP Funding LLC, 5.75%, 2/15/21 (b)   200   210,000  
 
  Par
(000) 		  Value  
Corporate Bonds  
 
Software — 1.3%  
IAC/InterActiveCorp, 4.75%, 12/15/22 (b) USD 151 $ 148,358  
Infor US, Inc., 9.38%, 4/01/19   630   710,325  
Nuance Communications, Inc., 5.38%, 8/15/20 (b)   265   268,312  
Oracle Corp., 5.38%, 7/15/40   210   243,546  
   
  1,370,541  
 
Specialty Retail — 1.7%  
Asbury Automotive Group, Inc., 8.38%, 11/15/20   130   145,600  
Claire's Stores, Inc., 9.00%, 3/15/19 (b)   85   95,625  
House of Fraser Funding Plc:  
  8.88%, 8/15/18 GBP 125   201,225  
  8.88%, 8/15/18 (b)   100   160,980  
Limited Brands, Inc., 8.50%, 6/15/19 USD 320   393,200  
New Academy Finance Co. LLC, 8.00%, 6/15/18 (b)(h)   59   60,770  
Party City Holdings, Inc., 8.88%, 8/01/20 (b)   233   261,543  
QVC, Inc. (b):  
  7.50%, 10/01/19   135   148,644  
  7.38%, 10/15/20   95   104,973  
Sally Holdings LLC, 5.75%, 6/01/22   146   153,665  
   
  1,726,225  
 
Textiles, Apparel & Luxury Goods — 0.2%  
PVH Corp., 4.50%, 12/15/22   122   121,695  

SIWF Merger Sub, Inc./Springs Industries, Inc., 6.25%, 6/01/21 (b)(c)

  106   105,470  
   
  227,165  
 
Tobacco — 0.1%  
Altria Group, Inc., 9.95%, 11/10/38   50   78,405  
 
Trading Companies & Distributors — 0.3%  
Air Lease Corp., 4.50%, 1/15/16   257   263,425  
 
Wireless Telecommunication Services — 5.5%  
America Movil SAB de CV:  
  2.38%, 9/08/16   200   205,369  
  5.00%, 3/30/20   400   440,177  
American Tower Corp.:  
  4.50%, 1/15/18   375   409,413  
  4.70%, 3/15/22   380   403,554  
Crown Castle International Corp., 5.25%, 1/15/23   115   116,437  
Crown Castle Towers LLC, 6.11%, 1/15/20 (b)   375   443,445  
Digicel Group Ltd. (b):  
  10.50%, 4/15/18   90   97,731  
  8.25%, 9/30/20   220   234,300  
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 8
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Corporate Bonds  
 
Wireless Telecommunication Services (concluded)  
MetroPCS Wireless, Inc., 6.63%, 11/15/20 USD 93 $ 99,510  
Phones4u Finance Plc:  
  9.50%, 4/01/18 (b) GBP 100   157,835  
  9.50%, 4/01/18   100   157,835  

SBA Tower Trust, 4.25%, 4/15/40 (b)

USD 325   337,014  
Sprint Capital Corp., 6.88%, 11/15/28   530   530,000  
Sprint Nextel Corp. (b):  
  9.00%, 11/15/18   1,216   1,474,400  
  7.00%, 3/01/20   560   630,000  
   
  5,737,020  
 
Total Corporate Bonds – 106.8%   110,671,901  




 

Floating Rate Loan Interests (i)  
 
Airlines — 0.2%  
Delta Air Lines, Inc., Term Loan B, 5.00%, 4/20/17   162   163,246  
 
Auto Components — 1.0%  
Federal-Mogul Corp.:  
  Term Loan B, 2.13% - 2.14%, 12/29/14   565   552,942  
  Term Loan C, 2.13% - 2.14%, 12/28/15   277   270,991  
Schaeffler AG, Term Loan C, 4.25%, 1/27/17   210   212,537  
   
  1,036,470  
 
Building Products — 0.1%  
Wilsonart International Holdings LLC, Term Loan B, 4.00%, 10/31/19   150   149,662  
 
Capital Markets — 0.4%  
American Capital Holdings, Inc., Term Loan, 5.50%, 8/22/16   343   347,288  
Knight Capital Group, Inc., Term Loan B, 5.25%, 11/10/17   125   123,750  
   
  471,038  
 
Chemicals — 0.4%  
INEOS US Finance LLC, 6 Year Term Loan, 4.00%, 5/04/18   141   140,785  
US Coatings Acquisition, Inc., Term Loan, 4.75%, 2/03/20   255   256,818  
   
  397,603  
 
Commercial Services & Supplies — 0.3%  
AWAS Finance Luxembourg Sarl, Term Loan B, 3.50%, 6/10/16   131   131,523  
Catalent Pharma Solutions Inc., Term Loan, 6.50%, 12/29/17   90   91,013  
  Par
(000) 		  Value  
Floating Rate Loan Interests (i)  
 
Commercial Services & Supplies (concluded)  
Spin Holdco Inc., Term Loan B, 4.25%, 11/15/19 USD 90 $ 90,450  
   
  312,986  
 
Communications Equipment — 1.5%  
Alcatel-Lucent USA, Inc.:  
  Term Loan C, 7.25%, 1/30/19   499   503,633  
  Term Loan D, 7.50%, 1/30/19 EUR 195   255,662  
Zayo Group, LLC, Term Loan B, 4.50%, 7/02/19 USD 749   749,337  
   
  1,508,632  
 
Construction Materials — 0.4%  
HD Supply, Inc., Senior Debt B, 4.50%, 10/12/17   397   399,830  
 
Consumer Finance — 0.9%  
Springleaf Financial Funding Co., Term Loan, 5.50%, 5/10/17   950   952,469  
 
Containers & Packaging — 0.1%  
Tekni-Plex, Inc., Term Loan B, 5.50%, 8/25/19   95   94,525  
 
Diversified Consumer Services — 0.6%  
Laureate Education, Inc., Extended Term Loan, 5.25%, 6/18/18   484   485,277  
ServiceMaster Co., Term Loan, 4.25%, 1/31/17   165   164,556  
   
  649,833  
 
Diversified Telecommunication Services — 0.6%  
Level 3 Financing, Inc.:  
  2016 Term Loan B, 4.75%, 2/01/16   134   135,500  
  2019 Term Loan B, 5.25%, 8/01/19   110   111,444  
  Term Loan, 4.75%, 8/01/19   350   352,517  
   
  599,461  
 
Energy Equipment & Services — 0.2%  
Dynegy Holdings Inc., Term Loan B2, 4.00%, 4/23/20   205   205,469  
 
Food & Staples Retailing — 0.3%  
JC Penney Corp., Inc., First Lien Term Loan, 6.00%, 4/30/18   250   253,282  
Rite Aid Corp., Second Lien Term Loan, 5.75%, 8/21/20   40   41,242  
   
  294,524  
 
Food Products — 0.4%  
Advance Pierre Foods, Inc., Term Loan, 5.75%, 7/10/17   80   80,274  
Dole Food Co., Inc., Term Loan, 3.75%, 4/01/20   155   155,360  
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 9
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Floating Rate Loan Interests (i)  
 
Food Products (concluded)  
Pinnacle Foods Finance LLC, Term Loan G, 3.25%, 4/29/20 USD 160 $ 160,000  
   
  395,634  
 
Health Care Equipment & Supplies — 0.5%  
Bausch & Lomb, Inc., Term Loan, 4.00%, 5/17/19   134   134,206  
Capital Safety North America Holding, Inc., Term Loan, 4.50%, 1/21/19   277   277,726  
LHP Hospital Group, Inc., Term Loan, 9.00%, 7/03/18   104   106,297  
   
  518,229  
 
Health Care Providers & Services — 0.1%  
inVentiv Health, Inc., Combined Term Loan, 7.50%, 8/04/16   107   106,151  
 
Hotels, Restaurants & Leisure — 3.4%  
Harrah's Property Co., Mezzanine Term Loan, 3.69%, 2/13/14   2,305   2,103,312  
MGM Resorts International, Term Loan B, 3.50%, 12/20/19   764   765,552  
Station Casinos, Inc., Term Loan B, 5.00%, 3/01/20   625   630,781  
   
  3,499,645  
 
Industrial Conglomerates — 0.2%  
Sequa Corp., Term Loan B, 5.25%, 6/19/17   208   210,256  
 
Insurance — 0.1%  
Alliant Holdings I, Inc., Term Loan B, 5.00%, 12/20/19   120   120,299  
 
IT Services — 0.3%  
First Data Corp., Extended 2018 Term Loan B, 4.20%, 3/23/18   285   283,695  
 
Life Sciences Tools & Services — 0.1%  
Patheon, Inc., Term Loan, 7.25%, 12/06/18   75   75,558  
 
Machinery — 0.4%  
Rexnord LLC, Term Loan B, 3.75%, 4/02/18   178   180,335  
Silver II US Holdings LLC, Term Loan, 4.00%, 12/13/19   214   214,470  
   
  394,805  
 
Media — 3.8%  
Cengage Learning Acquisitions, Inc.:  
  Non Extended Term Loan, 2.70%, 7/03/14   39   31,001  
  Tranche 1 Incremental, 7.50%, 7/03/14   476   374,156  
Clear Channel Communications, Inc.:  
  Term Loan B, 3.84%, 1/29/16   365   338,838  
  Term Loan C, 3.84%, 1/29/16   20   18,363  
  Par
(000) 		  Value  
Floating Rate Loan Interests (i)  
 
Media (concluded)  
Clear Channel Communications, Inc. (concluded):  
  Term Loan D, 3.84%, 1/29/16 USD 325 $ 303,548  
EMI Music Publishing Ltd., Term Loan B, 4.25%, 6/29/18   104   105,096  
Getty Images, Inc., Term Loan B, 4.75%, 10/18/19   234   235,584  
Intelsat Jackson Holdings SA, Term Loan B1, 4.25%, 4/02/18   2,367   2,381,143  
Interactive Data Corp., Term Loan B, 3.75%, 2/11/18   150   149,995  
Virgin Media Investment Holdings, Term Loan B, 3.50%, 2/17/20   40   39,923  
   
  3,977,647  
 
Metals & Mining — 1.1%  
Constellium Holdco BV, Term Loan B, 6.25%, 3/25/20   310   315,037  
FMG America Finance, Inc., Term Loan, 5.25%, 10/18/17   851   854,596  
   
  1,169,633  
 
Oil, Gas & Consumable Fuels — 1.8%  
Chesapeake Energy Corp., Unsecured Term Loan, 5.75%, 12/01/17   765   783,689  
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/02/15   283   284,740  
Samson Investment Co., Second Lien Term Loan, 6.00%, 9/25/18   85   85,446  
Vantage Drilling Co.:  
  Term Loan, 6.25%, 10/26/17   316   319,218  
  Term Loan B, 5.75%, 3/22/19   380   384,435  
   
  1,857,528  
 
Pharmaceuticals — 0.1%  
Pharmaceutical Product Development, Inc., Term Loan B, 4.25%, 12/05/18   109   109,250  
 
Professional Services — 0.1%  
Truven Health Analytics, Inc., Term Loan B, 4.50%, 6/01/19   134   134,211  
 
Real Estate Investment Trusts (REITs) — 0.2%  
iStar Financial, Inc., Term Loan, 4.50%, 9/28/17   190   192,065  
 
Real Estate Management & Development — 0.3%  
Realogy Corp.:  
  Extended Letter of Credit, 4.45%, 10/10/16   50   50,515  
  Extended Term Loan, 4.50%, 3/05/20   235   237,105  
   
  287,620  
 
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 10
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

  Par
(000) 		  Value  
Floating Rate Loan Interests (i)  
 
Road & Rail — 0.1%  
Genesee & Wyoming, Inc., Term Loan A, 2.19%, 9/29/17 USD 103 $ 102,926  
 
Software — 0.6%  
Infor US, Inc., Term Loan B2, 5.25% - 6.25%, 4/05/18   442   445,864  
Kronos, Inc., Second Lien Term Loan, 9.75%, 4/30/20   185   193,325  
   
  639,189  
 
Textiles, Apparel & Luxury Goods — 0.4%  
Ascend Performance Materials LLC, Term Loan B, 6.75%, 4/10/18   401   402,955  
 
Thrifts & Mortgage Finance — 0.2%  
Ocwen Financial Corp., Term Loan, 5.00%, 2/15/18   215   217,509  
 
Wireless Telecommunication Services — 1.2%  
Vodafone Americas Finance 2, Inc. (h):  
  PIK Term Loan, 6.88%, 8/11/15   831   841,029  
  PIK Term Loan B, 6.25%, 7/11/16   413   422,812  
   
  1,263,841  
 
Total Floating Rate Loan Interests – 22.4%   23,194,394  




 

Foreign Agency Obligations — 0.2%  
 
Qatar Government International Bond, 4.00%, 1/20/15 (b)   200   209,000  




 

Taxable Municipal Bonds — 0.4%  
 
Metropolitan Transportation Authority, RB, Build America Bonds, Series TR, 6.81%, 11/15/40   300   391,638  




 

   


Beneficial

Interest

(000)

     
Other Interests (j)  
 
Media — 0.0%  
Adelphia Communications Corp. Class A   400   3,000  




 

Preferred Securities   Par
(000) 		  Value  
Capital Trusts          
 
Capital Markets — 0.2%  
State Street Capital Trust IV, 1.27%, 6/01/77 (i) USD 200 $ 168,500  
 
Electric Utilities — 0.1%  
Electricite de France SA, 5.25% (b)(i)(k)   125   125,469  
 
Insurance — 0.2%  
MetLife Capital Trust X, 9.25%, 4/08/68 (b)   150   212,250  
 
Total Capital Trusts – 0.5%   506,219  




 

   
Shares 		     
Preferred Stocks  
 
Capital Markets — 0.3%  
The Goldman Sachs Group, Inc., Series J, 5.50%, 12/01/49 (i)   13,550   348,100  




 

Trust Preferreds  
 
Diversified Financial Services — 0.6%  
GMAC Capital Trust I, Series 2, 8.13%, 2/15/40 (i)   21,450   568,820  
 
Total Preferred Securities – 1.4%   1,423,139  




 

    Par
(000) 		     
US Government Sponsored Agency Securities  
 
Collateralized Mortgage Obligations — 0.1%  
Ginnie Mae Mortgage-Backed Securities, Series 2006-68, Class B, 5.16%, 6/16/31 (i) USD 112   112,703  




 

 US Treasury Obligations          
 
US Treasury Bonds, 3.00%, 5/15/42   700   662,266  
US Treasury Notes:  
  2.00%, 2/15/22   70   70,344  
  1.63%, 8/15/22   200   192,906  
  2.00%, 2/15/23   85   84,097  
 
Total US Treasury Obligations – 1.0%   1,009,613  
 
                             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 11
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

(Percentages shown are based on Net Assets)

   
Shares 		  Value  
Warrants (l)  
 
Software — 0.0%  
Bankruptcy Management Solutions, Inc. (Expires 9/28/17)   56   —  
 
Total Warrants – 0.0%   —  
 
Total Long-Term Investments
(Cost – $131,195,305) – 132.6% 		  $ 137,368,618  




 

Short-Term Securities  
 
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.06% (m)(n)   3,318,131   3,318,131  
   
Total Short-Term Securities
(Cost – $3,318,131) – 3.2% 		  3,318,131  
                         

 

   

  Value  
Options Purchased  
 
(Cost – $86,745) – (0.0)% $           46,694  
 
Total Investments Before Options Written
(Cost – $134,600,181*) – 135.8% 		  140,733,443  




 

Options Written
 
(Premiums Received – $45,000) – (0.0)%   (29,657)  
 
Total Investments, Net of Options Written – 135.8%   140,703,786  
Liabilities in Excess of Other Assets – (35.8)%   (37,074,877)  
   
Net Assets – 100.0% $   103,628,909  
   
 
     
*  As of May 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:  
  Tax cost $ 134,842,502  
  Gross unrealized appreciation $ 7,815,937  
  Gross unrealized depreciation   (1,924,996)  
   
Net unrealized appreciation $ 5,890,941  
                   

 

   

Notes to Schedule of Investments

 
(a) Non-income producing security.  
(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) When-issued security. Unsettled when-issued transactions were as follows:  
   
 
  Counterparty   Value   Unrealized
Appreciation
(Depreciation) 		 
 
  Credit Suisse Group AG   $ 421,400 $ (8,600)  
  JPMorgan Chase & Co.   $ 235,932 $ (1,416)  
  Jefferies & Co.   $ 46,920 $ (1,080)  
  Goldman Sachs Group, Inc.   $ 93,060 $ (940)  
  Citigroup, Inc.   $ 130,650 $ 12,438  
                     
 
(d) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.  
(e) Convertible security.  
(f) Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.  
(g) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.  
(h) Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.  
(i) Variable rate security. Rate shown is as of report date.  
(j) Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.  
(k) Security is perpetual in nature and has no stated maturity date.  
                                   
BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 12
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

 

(l) Warrants entitle the Trust to purchase a predetermined number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any.
(m) Investments in issuers considered to be an affiliate of the Trust during the period ended May 31, 2013, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
   
  Affiliate   Shares
Held at
August 31, 2012 		  Net
Activity 		  Shares
Held at
May 31, 2013 		Income

Realized

Gain

 
  BlackRock Liquidity Funds, TempFund, Institutional Class   —   3,318,131   3,318,131 $ 525 $ 22  
                     
(n) Represents the current yield as of report date.  

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: 
EUR Euro
FKA Formerly Known As
GBP British Pound
LIBOR London Interbank Offered Rate
RB Revenue Bonds
USD US Dollar
     
• Financial futures contracts as of May 31, 2013 were as follows:  
 
 

Contracts
Purchased
(Sold)

  Issue   Exchange   Expiration   Notional
Value 		Unrealized
Appreciation
(Depreciation)
 
  53   2-Year US Treasury Note   Chicago Board of Trade   September 2013 USD 11,667,453 $ (15,337)  
  22   5-Year US Treasury Note   Chicago Board of Trade   September 2013 USD 2,693,109   (9,270)  
  4   Ultra Long US Treasury Bond   Chicago Board of Trade   September 2013 USD 608,500   (3,186)  
  (25)   10-Year US Treasury Note   Chicago Board of Trade   September 2013 USD 3,230,469   8,713  
  (30)   Long US Treasury Bond   Chicago Board of Trade   September 2013 USD 4,200,937   60,922  
 
  Total $ 41,842  

 

• Foreign currency exchange contracts as of May 31, 2013 were as follows:  
 
  Currency
Purchased 		Currency
Sold 		Counterparty Settlement
Date 		Unrealized
 Appreciation
(Depreciation) 		 
 
  USD   2,028,470   GBP   1,325,000   Barclays Plc   7/17/13 $ 15,850  
  USD   155,250   GBP   100,000   Deutsche Bank AG   7/17/13   3,354  
  EUR   110,000   USD   143,416   Bank of America Corp.   7/23/13   (404)  
  EUR   147,000   USD   189,584   Citigroup, Inc.   7/23/13   1,531  
  USD   5,794,418   EUR   4,439,000   Barclays Plc   7/23/13   23,253  
  USD   104,503   EUR   80,000   Deutsche Bank AG   7/23/13   494  
  USD   132,989   EUR   103,000   Goldman Sachs Group, Inc.   7/23/13   (922)  
 
  Total $ 43,156  

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 13
 
Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

 

• Exchange-traded options purchased as of May 31, 2013 were as follows:  
  Description Put/
Call 		  Strike
Price 		Expiration
Date 		  Contracts Market
Value
  10-Year US Treasury Note Put   USD 125.50
8/23/13 		  25 $ 9,766
                   

 

• Over-the-counter options purchased as of May 31, 2013 were as follows:  
  Description Counterparty Put/
Call 		  Strike
Price 		Expiration
Date 		Contracts Market
Value
  Marsico Parent Superholdco LLC Goldman Sachs Group, Inc. Call   USD 942.86 12/21/19 6   —

 

• Over-the-counter interest rate swaptions purchased as of May 31, 2013 were as follows:  
  Description Counterparty Put/
Call 		Exercise
Rate 		Pay/Receive
Exercise Rate 		Floating Rate
Index 		Expiration
Date 		Notional
Amount
(000) 		Market
Value 		 
  2-Year Interest Rate Swap Credit Suisse Group AG Put 0.71% Pay 6-Month LIBOR 7/01/13 USD 4,525 $ 272  
  30-Year Interest Rate Swap Credit Suisse Group AG Put 4.50% Pay 3-Month LIBOR 9/16/13 EUR 600   —  
  5-Year Interest Rate Swap Citigroup, Inc. Call 1.40% Receive 3-Month LIBOR 5/08/14 USD 600   4,279  
  10-Year Interest Rate Swap Deutsche Bank AG Put 4.50% Pay 3-Month LIBOR 2/02/17 USD 1,000   32,377  
  Total $ 36,928  
• Over-the-counter interest rate swaptions written as of May 31, 2013 were as follows:  
  Description Counterparty Put/
Call 		Exercise
Rate 		Pay/Receive
Exercise Rate 		Floating Rate
Index 		Expiration
Date 		Notional
Amount
(000) 		Market
Value 		 
  5-Year Interest Rate Swap Citigroup, Inc. Call 1.40% Pay 3-Month LIBOR 5/08/14 USD 600 $ (4,279)  
  10-Year Interest Rate Swap Deutsche Bank AG Put 6.00% Receive 3-Month LIBOR 2/02/17 USD 2,000   (25,378)  
  Total $ (29,657)  
                                         

 

• Credit default swaps - buy protection outstanding as of May 31, 2013 were as follows:  
 
  Issuer/Index   Pay
Fixed
Rate 		  Counterparty/Exchange   Expiration
Date 		  Notional
Amount
(000) 		  Unrealized
Depreciation 		 
  The New York Times Co.   1.00%   Barclays Plc   12/20/16   USD 500   $ (16,426)  
                           

 

 

 

 

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 14
 

 

 

Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

 

• Credit default swaps - sold protection outstanding as of May 31, 2013 were as follows:  
 
  Issuer/Index   Receive
Fixed
Rate 		  Counterparty/Exchange     Expiration
Date 		Credit
Rating 1

 

Notional
Amount
(000) 2 		Unrealized
Appreciation
(Depreciation) 		 
  Metlife, Inc.   5.00%   Deutsche Bank AG   6/20/15   A-   USD   150 $ 9,538  
  Metlife, Inc.   1.00%   UBS AG   9/20/15   A-   USD   175   7,658  
  Caesars Entertainment Operating Co., Inc.   5.00%   Citigroup, Inc.   12/20/15   CCC-   USD    56   3,392  
  Caesars Entertainment Operating Co., Inc.   5.00%   Citigroup, Inc.   12/20/15   CCC-   USD   27   832  
  Caesars Entertainment Operating Co., Inc.   5.00%   JPMorgan Chase & Co.   12/20/15   CCC-   USD   98   9,317  
  Caesars Entertainment Operating Co., Inc.   5.00%   JPMorgan Chase & Co.   12/20/15   CCC-   USD   23   1,191  
  Caesars Entertainment Operating Co., Inc.   5.00%   UBS AG   12/20/15   CCC-   USD   130   2,009  
  Caesars Entertainment Operating Co., Inc.   5.00%   Barclays Plc   3/20/16   CCC-   USD   13   (323)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Barclays Plc   3/20/16   CCC-   USD   13   (671)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Citigroup, Inc.   3/20/16   CCC-   USD   14   (664)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/16   CCC-   USD   39   189  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/16   CCC-   USD   39   189  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/16   CCC-   USD   121   (899)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/16   CCC-   USD   30   (582)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/16   CCC-   USD   36   (2,378)  
  Caesars Entertainment Operating Co., Inc.   5.00%   JPMorgan Chase & Co.   3/20/16   CCC-   USD   15   (484)  
  ARAMARK Corp.   5.00%   Goldman Sachs Group, Inc.   6/20/16   B-   USD   150   12,696  
  ARAMARK Corp.   5.00%   Goldman Sachs Group, Inc.   6/20/16   B-   USD   150   13,364  
  ARAMARK Corp.   5.00%   JPMorgan Chase & Co.   6/20/16   B-   USD   50   4,367  
  ARAMARK Corp.   5.00%   JPMorgan Chase & Co.   6/20/16   B-   USD   100   8,734  
  Caesars Entertainment Operating Co., Inc.   5.00%   Barclays Plc   6/20/16   CCC-   USD   70   (5,791)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   6/20/16   CCC-   USD $ 77   (1,485)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   6/20/16   CCC-   USD   150   (4,172)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Barclays Plc   3/20/17   CCC-   USD   13   (670)  
  Caesars Entertainment Operating Co., Inc.   5.00%   Goldman Sachs Group, Inc.   3/20/17   CCC-   USD   27   (1,239)  
 
  Total $ 54,118  
                                             

1 Using Standard & Poor’s rating of the issuer.

2 The maximum potential amount the Trust may pay should a negative event take place as defined under the terms of agreement.

 

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 15
 

 

Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

 

• Interest rate swaps outstanding as of May 31, 2013 were as follows:  
 
  Fixed
Rate 		  Floating
Rate 		  Counterparty/Exchange   Expiration
Date 		  Notional
Amount
(000) 		  Unrealized Appreciation (Depreciation)  
 
  0.44% 1   3-month LIBOR   Chicago Mercantile   8/29/14   USD   2,000 $ (1,595)  
  0.42% 1   3-month LIBOR   Goldman Sachs Group, Inc.   2/08/15   USD   1,800   334  
  2.48% 1   3-month LIBOR   Credit Suisse Group AG   7/05/42   USD   500   72,931  
  2.26% 1   3-month LIBOR   Goldman Sachs Group, Inc.   7/26/42   USD   200   38,045  
 
  Total $ 109,715  

1 Trust pays the fixed rate and receives the floating rate

 

• For Trust compliance purposes, the Trust's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
 
• Fair Value Measurements - Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:
   
  • Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Trust has the ability to access
   
  • Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
   
  • Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust's own assumptions used in determining the fair value of investments and derivative financial instruments)
   
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
 
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust's policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument 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 investments and derivative financial instruments, please refer to the Trust's most recent financial statements as contained in its semi-annual report.
   
         

 

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 16
 

 

Schedule of Investments  (continued)

BlackRock Strategic Bond Trust (BHD)

 

The following tables summarize the Trust's investments and derivative financial instruments categorized in the disclosure hierarchy as of May 31, 2013:  
  Level 1   Level 2   Level 3   Total
Assets:
Investments:
 Long-Term Investments:
  Common Stocks $ 397   — $ 352,833 $ 353,230  
  Corporate Bonds   — $ 110,671,901   —   110,671,901  
  Floating Rate Loan Interests   —   20,666,388   2,528,006   23,194,394  
  Foreign Agency Obligations   —   209,000   —   209,000  
  Municipal Bonds   —  

 

391,638

  —   391,638  
  Other Interests   —   3,000   —   3,000  
  Preferred Securities   916,920   506,219   —   1,423,139  
  US Government Sponsored Agency Securities   —   112,703   —   112,703  
  US Treasury Obligations   —   1,009,613   —   1,009,613  
  Short-Term Securities   3,318,131   —   —   3,318,131  
  Options Purchased:           —      
   Interest Rate Contracts   9,766   36,928       46,694  
                     
Total $ 4,245,214 $ 133,607,390 $ 2,880,839 $ 140,733,443  
                                                 

 

  Level 1   Level 2   Level 3   Total
Derivative Financial Instruments 1            
Assets:              
 Credit contracts   —  $ 73,476   —  $ 73,476

 Foreign currency exchange contracts

  —   44,482   —   44,482
 Interest rate contracts $ 69,635   111,310   —   180,945
Liabilities:              
 Credit contracts   —   (35,784)   —   (35,784)

 Foreign currency exchange contracts

  —   (1,326)   —   (1,326)
 Interest rate contracts   (27,793)   (31,252)   —   (59,045)
Total $ 41,842 $ 160,906   — $ 202,748
                       

 

1 Derivative financial instruments are swaps, financial futures contracts, foreign currency exchange contracts and options written. Swaps, financial futures contracts and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are show at value.

 

Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of May 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows:
  Level 1   Level 2   Level 3   Total
Assets:
  Cash $ 6,777   —   — $ 6,777
  Foreign currency at value   981   —   —   981
  Cash pledged for financial futures contracts   98,660   —   —   98,660
  Cash pledged as collateral for swaps   10,000   —   —   10,000
Liabilities:
  Loans payable — $  (37,000,000)   —    (37,000,000)
Total $ 116,418 $ (37,000,000)   — $ (36,883,582)
 
There were no transfers between Level 1 and Level 2 during the period ended May 31, 2013.

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 17
 

Schedule of Investments  (concluded)

BlackRock Strategic Bond Trust (BHD)

 

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

 

A reconciliation of Level 3 investments is presented when the Trust had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

  Common
Stocks

 

 

Corporate
Bonds

 

 

Floating Rate Loan Interests

 

 

 

 

Total

Assets:        
Opening Balance, as of August 31, 2012 $ 1 -- $   4,212,613 $  4,212,614
Transfers into Level 3 1 -- $ 572,488 585,984 1,158,472
Transfers out of Level 3 1 -- -- (299,117) (299,117)
Accrued discounts/premiums -- -- 8,973 8,973
Net realized gain (loss) (5) 2,905 106,040 108,940
Net change in unrealized appreciation/depreciation 2 305,913 (509,751) (19,236) (223,074)
Purchases 46,924 -- 356,601 403,525
Sales -- (65,642) (2,423,852) (2,489,494)
Closing Balance, as of May 31, 2013 $ 352,833 -- $  2,528,006 $ 2,880,839
  1 Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period. As of August 31, 2012, the Trust used observable inputs in determining the value of certain investments. As of May 31, 2013, the Trust used significant unobservable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $1,158,472 transferred from Level 2 to Level 3 in the disclosure hierarchy.
  2 The change in unrealized appreciation/depreciation on investments still held as of May 31, 2013 was $(197,576).
   
             

 

BLACKROCK STRATEGIC BOND TRUST MAY 31, 2013 18
 

Item 2 – Controls and Procedures

2(a) –  The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

2(b) –  There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

BlackRock Strategic Bond Trust

 

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Strategic Bond Trust

 

Date: July 25, 2013

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Strategic Bond Trust

 

Date: July 25, 2013

 

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Strategic Bond Trust

 

Date: July 25, 2013

 

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