BlackRock Strategic Municipal Trust (the Trust) is a perpetual closed-end municipal bond fund. The Trust's investment objective is to provide current income, exempt from regular Federal income tax, and to invest in municipal bonds that over time will perform better than the broader municipal bond market. The Trust seeks to achieve its investment objective by investing, primarily in municipal bonds exempt from Federal income taxes. It 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 the advisor to be of equivalent credit quality at time of purchase. It invests in sectors, such as health, transportation, county, education, state, corporate, utilities, housing and tobacco. The Trust's investment advisor is BlackRock Advisors, LLC, an indirect, wholly owned subsidiary of BlackRock, Inc. Its sub-advisor is BlackRock Investment Management, LLC, an affiliate of the advisor.