BlackRock Strategic Bond Trust (the Trust) is a perpetual closed-end taxable bond fund. The Trust's investment objective is to provide total return through high current income and capital appreciation. The Trust seeks to achieve its investment objective by investing primarily in a diversified portfolio of fixed income securities including corporate bonds, United States government and agency securities, mortgage-related and asset-backed securities and other types of fixed income securities. The Trust invests, under normal market conditions, a significant portion of its assets in corporate fixed income securities that are below investment grade quality, including high-risk, high yield bonds (commonly referred to as junk bonds) and other such securities, such as preferred stocks. The Trust may invest directly in such securities or synthetically through the use of derivatives. BlackRock Advisors, LLC is the Trust's investment advisor. Its sub-advisor is BlackRock Financial Management, Inc.