BlackRock Strategic Municipal Trust (the Trust) is a diversified, closed-end management investment company. The Trust seeks to provide high current income exempt from regular federal income tax, consistent with the preservation of capital. The Trust will invest at least 80% of its total assets in investment-grade securities, and may invest up to 20% of its total assets in securities rated Ba/BB or B or determined by its investment adviser to be of equivalent credit quality at the time of purchase. The Trust may invest in zero-coupon bonds. It invests in sectors, such as health, transportation, education, housing, corporate, utilities and tobacco. The Trust’s investment advisor is BlackRock Advisors, LLC, an indirect, wholly owned subsidiary of BlackRock, Inc. (BlackRock). Its sub-advisor is BlackRock Financial Management, Inc. (BFM), an affiliate of the advisor.