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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Blackrock Strategic Bond Trust | NYSE:BHD | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.00 | 0.00 | 01:00:00 |
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) |
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 | |||||||||||
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
|
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 | ||||||||||||||||
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.
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:
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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