Blackrock Strategic Municipal Trust NPORTP (Jul 2020 report)

Schedule of Investments (unaudited)

July 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Municipal Bonds

Alabama — 1.2%
County of Jefferson Alabama Sewer Revenue Refunding RB, Series D, Lien, 7.00%, 10/01/51	$	1,115	$	1,329,671


Alaska — 0.0%
Northern Tobacco Securitization Corp. Refunding RB, Series A, 4.63%, 06/01/23		50		50,071


Arizona — 2.0%
Industrial Development Authority of the City of Phoenix RB, 5.00%, 07/01/59		465		488,366
Maricopa County Industrial Development Authority Refunding RB, Series A, 4.13%, 09/01/38		230		266,561
Salt Verde Financial Corp. RB, 5.00%, 12/01/37		1,000		1,391,470

				2,146,397

Arkansas — 0.8%
Arkansas Development Finance Authority RB, AMT, 4.50%, 09/01/49^(a)		835		844,911


California — 5.1%
California County Tobacco Securitization Agency Refunding RB, Series A, 5.00%, 06/01/36		350		350,017
California Health Facilities Financing Authority Refunding RB, Series A, 5.00%, 07/01/33		400		449,576
California Municipal Finance Authority RB, S/F Housing
Series A, Senior, 5.25%, 08/15/39		45		49,994
Series A, Senior, 5.25%, 08/15/49		115		124,650
California Pollution Control Financing Authority RB, AMT, 5.00%, 11/21/45^(a)		475		490,499
California School Finance Authority Refunding RB, Series A, 5.00%, 07/01/51^(a)		500		545,555
California State Public Works Board RB
Series F, 5.25%, 09/01/33		915		1,043,091
Series I, 5.00%, 11/01/38		240		271,848
City of Los Angeles Department of Airports Refunding RB, Series A, 5.00%, 05/15/40		735		737,212
Golden State Tobacco Securitization Corp. Refunding RB, Series A-2, 5.00%, 06/01/47		880		899,527
State of California GO, 6.00%, 03/01/33		270		271,083
Stockton Public Financing Authority RB, Series A, 6.25%, 10/01/23^(b)		110		131,130

				5,364,182

Colorado — 1.3%
Denver Convention Center Hotel Authority Refunding RB, 5.00%, 12/01/40		1,325		1,398,233


Delaware — 0.8%
County of Sussex Delaware RB, 6.00%, 10/01/40		820		832,300


District of Columbia — 1.2%
District of Columbia TA, 5.13%, 06/01/41		690		715,530
Metropolitan Washington Airports Authority Dulles Toll Road Revenue Refunding RB, Series B, 4.00%, 10/01/49		530		587,224

				1,302,754

Florida — 2.6%
County of Broward Florida Airport System Revenue ARB, Series A, AMT, 4.00%, 10/01/49		330		370,795
County of Osceola Florida Transportation Revenue Refunding RB, CAB^(c)
Series A-2, 0.00%, 10/01/46		475		194,360


Security	Par (000)		Value

Florida (continued)
Series A-2, 0.00%, 10/01/47	$	460	$	181,470
Series A-2, 0.00%, 10/01/48		325		123,672
Series A-2, 0.00%, 10/01/49		265		97,189
Mid-Bay Bridge Authority RB, Series A, 7.25%, 10/01/21^(b)		950		1,027,871
Village Community Development District No. 10 SAB, 5.13%, 05/01/43		695		715,204

				2,710,561

Georgia — 4.5%
Gainesville & Hall County Hospital Authority Refunding RB, Series A, (GTD), 5.50%, 08/15/54		160		188,147
Main Street Natural Gas, Inc. RB, Series A, 5.00%, 05/15/49		1,780		2,642,054
Municipal Electric Authority of Georgia RB
4.00%, 01/01/49		535		586,745
4.00%, 01/01/59		1,010		1,090,962
Municipal Electric Authority of Georgia Refunding RB, Series A, 4.00%, 01/01/49		200		217,792

				4,725,700

Hawaii — 0.4%
State of Hawaii Harbor System Revenue RB, Series A, 5.25%, 07/01/30		425		426,403


Illinois — 15.0%
Chicago Board of Education GO
Series C, 5.25%, 12/01/35		490		521,071
Series D, 5.00%, 12/01/46		635		663,003
Chicago Board of Education Refunding GO
Series C, 5.00%, 12/01/25		215		237,594
Series D, 5.00%, 12/01/27		280		316,540
Series D, 5.00%, 12/01/31		150		166,149
Series F, 5.00%, 12/01/22		205		215,621
Series G, 5.00%, 12/01/44		150		160,443
Chicago O’Hare International Airport ARB
Series A, 3rd Lien, 5.75%, 01/01/21^(b)		1,260		1,288,804
Series A, 3rd Lien, 5.63%, 01/01/35		155		157,886
Series A, 3rd Lien, 5.75%, 01/01/39		240		244,445
Series C, 3rd Lien, 6.50%, 01/01/21^(b)		1,855		1,903,675
Chicago Transit Authority RB, 5.25%, 12/01/40		330		345,794
City of Chicago Illinois Waterworks Revenue Refunding RB, 2nd Lien, 5.00%, 11/01/42		500		542,180
Cook County Community College District No. 508 GO, 5.50%, 12/01/38		245		269,191
Illinois Finance Authority Refunding RB
Series A, 5.00%, 11/15/21^(b)		305		323,901
Series C, 5.00%, 02/15/41		1,600		1,920,016
Metropolitan Pier & Exposition Authority RB, Series A, 5.00%, 06/15/57		340		364,069
Metropolitan Pier & Exposition Authority Refunding RB
4.00%, 06/15/50		350		349,853
Series B, (AGM), 0.00%, 06/15/44^(c)		2,980		1,341,566
Railsplitter Tobacco Settlement Authority RB^(b)
5.50%, 06/01/21		175		182,714
6.00%, 06/01/28		940		985,308
State of Illinois GO
5.00%, 03/01/37		455		471,708
Series A, 5.00%, 04/01/35		1,000		1,057,550
Series A, 5.00%, 04/01/38		1,135		1,194,542


		1

Schedule of Investments (unaudited) (continued)

July 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Illinois (continued)
Series D, 5.00%, 11/01/28	$	165	$	190,258
State of Illinois Refunding GO, Series B, 5.00%, 10/01/27		60		69,265
University of Illinois RB, Series A, 5.00%, 04/01/44		310		341,921

				15,825,067

Indiana — 3.9%
City of Valparaiso Indiana RB
AMT, 6.75%, 01/01/34		245		267,788
AMT, 7.00%, 01/01/44		1,090		1,212,254
Indiana Finance Authority RB
Series A, 1st Lien, 5.25%, 10/01/38		1,020		1,073,050
Series A, AMT, 5.00%, 07/01/44		140		149,206
Series A, AMT, 5.00%, 07/01/48		465		495,527
Series A, AMT, 5.25%, 01/01/51		125		133,776
Indiana Finance Authority Refunding RB, 4.75%, 03/01/32		350		359,286
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 01/15/40		400		440,656

				4,131,543

Iowa — 2.3%
Iowa Finance Authority Refunding RB 5.25%, 12/01/25		145		152,456
5.88%, 12/01/26^(a)		130		134,746
Series B, 5.25%, 12/01/50^(d)		890		941,496
Iowa Student Loan Liquidity Corp. Refunding RB, Series B, AMT, 3.00%, 12/01/39		1,150		1,161,822

				2,390,520

Kentucky — 5.0%
Kentucky Economic Development Finance Authority RB, Series A, 5.25%, 01/01/23^(b)		325		364,689
Kentucky Economic Development Finance Authority Refunding RB, Series B, (NPFGC), 0.00%, 10/01/24^(c)		5,000		4,556,150
Kentucky Public Transportation Infrastructure Authority RB, CAB, Series C, 6.75%, 07/01/43^(e)		375		367,639

				5,288,478

Louisiana — 2.4%
Louisiana Local Government Environmental Facilities & Community Development Authority RB, Series A-1, 6.50%, 11/01/35		1,055		1,067,101
Tobacco Settlement Financing Corp. Refunding RB
Series A, 5.50%, 05/15/30		255		255,428
Series A, 5.25%, 05/15/31		270		276,826
Series A, 5.25%, 05/15/32		345		363,903
Series A, 5.25%, 05/15/33		375		395,186
Series A, 5.25%, 05/15/35		160		172,088

				2,530,532

Maine — 1.3%
Maine State Housing Authority RB, S/F Housing, Series D, 2.80%, 11/15/45		1,330		1,392,457


Security	Par (000)		Value

Maryland — 1.2%
Maryland Economic Development Corp. Refunding RB, 5.75%, 09/01/25	$	540	$	540,967
Maryland Health & Higher Educational Facilities Authority Refunding RB, 6.25%, 01/01/21^(b)		690		707,291

				1,248,258

Massachusetts — 1.2%
Massachusetts Development Finance Agency RB, Series A, 5.00%, 01/01/47		540		606,766
Massachusetts Development Finance Agency Refunding RB
Series C, (AGM), 3.00%, 10/01/45		290		294,469
Series C, (AGM), 4.00%, 10/01/45		365		415,253

				1,316,488

Michigan^(b)— 2.3%
City of Detroit Michigan Sewage Disposal System Revenue Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22		1,925		2,113,207
Michigan Finance Authority RB, Series C-1, Senior Lien, 5.00%, 07/01/22		275		300,457

				2,413,664

Minnesota — 1.7%
Duluth Economic Development Authority Refunding RB
Series A, 4.25%, 02/15/48		1,190		1,330,896
Series A, 5.25%, 02/15/58		400		477,248

				1,808,144

Missouri — 0.6%
Health & Educational Facilities Authority of the State of Missouri Refunding RB, 5.50%, 05/01/43		80		85,478
St. Louis County IDA Refunding RB, 5.00%, 09/01/37		500		521,955

				607,433

Nebraska — 0.7%
Central Plains Energy Project RB 5.25%, 09/01/37		260		283,054
5.00%, 09/01/42		455		493,416

				776,470

New Hampshire^(a)— 0.7%
New Hampshire Business Finance Authority Refunding RB
Series B, 4.63%, 11/01/42		490		495,155
Series C, AMT, 4.88%, 11/01/42		285		288,026

				783,181

New Jersey — 12.1%
Casino Reinvestment Development Authority, Inc. Refunding RB
5.25%, 11/01/39		320		331,184
5.25%, 11/01/44		610		627,239
Essex County Improvement Authority RB, AMT, 5.25%, 07/01/45^(a)		340		340,303
Middlesex County Improvement Authority RB, Series B, 6.25%, 01/01/37^(f)(g)		645		12,900
New Jersey Economic Development Authority RB
Series EEE, 5.00%, 06/15/43		1,540		1,767,951
AMT, 5.13%, 09/15/23		1,090		1,116,738
AMT, 5.38%, 01/01/43		500		550,910
New Jersey Economic Development Authority Refunding RB, Series BBB, 5.50%, 06/15/31		775		921,328


2

Schedule of Investments (unaudited) (continued)

July 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

New Jersey (continued)
New Jersey Economic Development Authority Refunding SAB, 5.75%, 04/01/31	$	705	$	733,362
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/28		500		584,975
Series A, 5.50%, 06/15/41^(b)		575		601,548
Series AA, 5.00%, 06/15/45		415		451,715
Series B, 5.25%, 06/15/36		790		812,799
Rutgers The State University of New Jersey Refunding RB, Series L, 5.00%, 05/01/23^(b)		165		186,862
Tobacco Settlement Financing Corp. Refunding RB
Series A, 5.00%, 06/01/35		450		552,915
Series A, 5.25%, 06/01/46		1,065		1,258,074
Sub-Series B, 5.00%, 06/01/46		1,755		1,974,392

				12,825,195

New York — 12.5%
Buffalo & Erie County Industrial Land Development Corp. Refunding RB, Series A, 5.00%, 06/01/35		500		544,400
Metropolitan Transportation Authority RB, Series B, 5.25%, 11/15/38		750		801,772
Metropolitan Transportation Authority Refunding RB,
Series C-1, 4.75%, 11/15/45		610		681,693
New York City Housing Development Corp. RB, M/F Housing
Series A, 3.00%, 11/01/55		945		984,076
Series C-1A, 4.20%, 11/01/44		1,500		1,583,370
New York City Transitional Finance Authority Future Tax Secured Revenue RB, Sub-Series E-1, 5.00%, 02/01/42		770		817,170
New York Counties Tobacco Trust IV Refunding RB, Series A, 6.25%, 06/01/41^(a)		600		600,300
New York Liberty Development Corp. Refunding RB^(a)
Class 1, 5.00%, 11/15/44		1,365		1,450,818
Class 2, 5.15%, 11/15/34		105		111,322
Class 2, 5.38%, 11/15/40		265		282,967
New York Power Authority Refunding RB, Series A, 4.00%, 11/15/60		350		415,758
New York State Thruway Authority Refunding RB, Series B, 4.00%, 01/01/45		805		926,700
New York Transportation Development Corp. ARB, Series A, AMT, 5.25%, 01/01/50		1,000		1,093,360
Port Authority of New York & New Jersey ARB, Series 221, AMT, 4.00%, 07/15/60		1,575		1,764,898
Port Authority of New York & New Jersey RB
Series 8, 6.00%, 12/01/36		410		416,101
Series 8, 6.00%, 12/01/42		395		400,589
Westchester County Healthcare Corp. RB, Series A,
Senior Lien, 5.00%, 11/01/44		270		296,249

				13,171,543

North Carolina — 0.4%
North Carolina Medical Care Commission Refunding RB, Series A, 7.75%, 03/01/21^(b)		185		193,151
North Carolina Turnpike Authority RB, Senior Lien, (AGM), 4.00%, 01/01/55		195		218,188

				411,339

Ohio — 2.6%
Buckeye Tobacco Settlement Financing Authority Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		1,125		1,240,121


Security	Par (000)		Value

Ohio (continued)
County of Allen Ohio Hospital Facilities Revenue
Refunding RB, Series A, 4.00%, 11/01/44	$	450	$	481,837
County of Franklin Ohio RB
Series A, 6.13%, 07/01/22^(b)		15		16,710
Series A, 6.13%, 07/01/40		195		205,146
County of Hamilton Ohio Refunding RB, 4.00%, 08/15/50		500		573,320
Ohio Air Quality Development Authority RB, AMT, 5.00%, 07/01/49^(a)		250		254,498

				2,771,632

Oklahoma — 1.0%
Oklahoma Development Finance Authority RB, Series B, 5.25%, 08/15/48		390		456,678
Tulsa County Industrial Authority Refunding RB, 5.25%, 11/15/45		585		608,014

				1,064,692

Oregon — 1.2%
Clackamas County School District No. 12 North
Clackamas GO, CAB, Series A, 0.00%, 06/15/38^(c)		395		213,162
Medford Hospital Facilities Authority Refunding RB, Series A, 4.00%, 08/15/50		230		263,660
Oregon State Facilities Authority RB, (AGM), 5.00%, 07/01/44		715		761,282

				1,238,104

Pennsylvania — 2.6%
Allentown Neighborhood Improvement Zone
Development Authority RB^(a) 5.00%, 05/01/28		90		95,825
5.13%, 05/01/32		100		106,781
5.38%, 05/01/42		145		150,306
Hospitals & Higher Education Facilities Authority of Philadelphia RB, Series A, 5.63%, 07/01/42		200		209,468
Pennsylvania Economic Development Financing Authority RB, AMT, 5.00%, 06/30/42		650		710,333
Pennsylvania Economic Development Financing Authority Refunding RB, AMT, 5.50%, 11/01/44		480		492,701
Pennsylvania Higher Educational Facilities Authority RB, 4.00%, 08/15/44		490		565,112
Pennsylvania Turnpike Commission RB, Series A, 5.00%, 12/01/44		345		399,858

				2,730,384

Puerto Rico — 6.2%
Children’s Trust Fund Refunding RB, 5.63%, 05/15/43		395		395,079
Puerto Rico Commonwealth Aqueduct & Sewer Authority RB
Series A, Senior Lien, 5.00%, 07/01/33		830		852,053
Series A, Senior Lien, 5.13%, 07/01/37		240		246,900
Puerto Rico Commonwealth Aqueduct & Sewer Authority Refunding RB
Series A, Senior Lien, 6.00%, 07/01/38		245		247,173
Series A, Senior Lien, 6.00%, 07/01/44		440		443,854
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, CAB, Restructured, Series A-1, 0.00%, 07/01/46^(c)		1,190		346,849
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue RB, Restructured
Series A-1, 4.75%, 07/01/53		647		686,985


		3

Schedule of Investments (unaudited) (continued)

July 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Puerto Rico (continued)
Series A-1, 5.00%, 07/01/58	$	2,258	$	2,431,911
Series A-2, 4.33%, 07/01/40		345		358,838
Series A-2, 4.78%, 07/01/58		567		603,827

				6,613,469

Rhode Island — 2.8%
Rhode Island Student Loan Authority RB, Series A, AMT, 3.63%, 12/01/37		320		330,096
Tobacco Settlement Financing Corp. Refunding RB
Series B, 4.50%, 06/01/45		830		877,227
Series B, 5.00%, 06/01/50		1,580		1,707,854

				2,915,177

South Carolina — 3.6%
South Carolina Jobs-Economic Development Authority Refunding RB, Series A, 5.00%, 05/01/43		680		779,151
South Carolina Ports Authority ARB, AMT, 5.25%, 07/01/25^(b)		335		415,390
South Carolina Public Service Authority RB
Series A, 5.50%, 12/01/54		1,235		1,399,094
Series E, 5.50%, 12/01/53		500		561,540
South Carolina Public Service Authority Refunding RB, Series E, 5.25%, 12/01/55		540		632,891

				3,788,066

Tennessee — 0.5%
Chattanooga Health Educational & Housing Facility Board RB, Series A, 5.25%, 01/01/23^(b)		440		492,224


Texas — 8.3%
Brazos Higher Education Authority, Inc. RB, Series 1B, AMT, 3.00%, 04/01/40		175		168,877
Central Texas Regional Mobility Authority Refunding RB
Senior Lien, 6.25%, 01/01/21^(b)		680		696,871
Sub-Lien, 5.00%, 01/01/33		115		125,282
City of Houston Texas Airport System Revenue Refunding RB, AMT, 5.00%, 07/01/29		135		136,616
Clifton Higher Education Finance Corp. RB, 6.00%, 08/15/43		230		255,539
Harris County Cultural Education Facilities Finance Corp. RB, Series B, 7.00%, 01/01/23^(b)		145		168,689
Harris County-Houston Sports Authority Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38^(c)		4,750		2,190,985
Midland County Fresh Water Supply District No. 1 RB, CAB, Series A, 0.00%, 09/15/37^(c)		4,485		2,447,823
North Texas Tollway Authority RB, CAB, Series B, 0.00%, 09/01/31^(b)(c)		640		348,941
North Texas Tollway Authority Refunding RB, 4.25%, 01/01/49		565		642,670
Texas Private Activity Bond Surface Transportation Corp. RB
Senior Lien, 7.00%, 06/30/40		500		502,030
Senior Lien, AMT, 5.00%, 12/31/55		450		475,033
Texas Transportation Commission RB, CAB^(c)
0.00%, 08/01/40		500		227,300
0.00%, 08/01/42		855		347,917

				8,734,573


Security	Par (000)		Value

Vermont — 0.5%
Vermont Student Assistance Corp. RB, Series A, AMT, 3.38%, 06/15/36	$	525	$	533,888


Virginia — 2.6%
Ballston Quarter Community Development Authority TA
Series A, 5.00%, 03/01/26		165		164,371
Series A, 5.13%, 03/01/31		320		312,861
Virginia Housing Development Authority RB, S/F Housing, Series E, 2.80%, 07/01/55		530		542,847
Virginia Small Business Financing Authority RB
Senior Lien, AMT, 5.25%, 01/01/32		250		266,010
Senior Lien, AMT, 6.00%, 01/01/37		1,320		1,418,604

				2,704,693

Washington — 1.0%
Port of Seattle Washington ARB, Series C, AMT, 5.00%, 04/01/40		235		265,679
Washington Health Care Facilities Authority RB, Series A, 5.75%, 01/01/45		715		806,184

				1,071,863

Wisconsin — 0.7%
Public Finance Authority RB, Series A, 5.00%, 11/15/41		60		70,560
Public Finance Authority Refunding RB
Series A, 5.25%, 10/01/48		425		461,971
Series A, 3.00%, 01/01/50		180		181,515

				714,046


Total Municipal Bonds — 116.8% (Cost: $113,151,034)				123,424,306


Municipal Bonds Transferred to Tender Option Bond Trusts^(h)

California — 4.7%
City of Los Angeles Department of Airports ARB, Series B, AMT, 5.00%, 05/15/46		2,000		2,342,620
Sacramento Area Flood Control Agency Refunding SAB, Series A, 5.00%, 10/01/43		2,160		2,648,117

				4,990,737

Colorado — 2.4%
Colorado Health Facilities Authority Refunding RB, Series A, 4.00%, 08/01/49⁽ⁱ⁾		1,130		1,234,921
County of Adams Colorado Refunding COP, 4.00%, 12/01/45		1,180		1,300,631

				2,535,552

District of Columbia — 0.6%
District of Columbia Housing Finance Agency RB, M/F Housing, Series 2, (FHA), 4.10%, 09/01/39		520		595,072


Florida — 1.8%
Escambia County Health Facilities Authority Refunding RB, 4.00%, 08/15/45⁽ⁱ⁾		1,751		1,921,496


Georgia — 1.1%
Dalton Whitfield County Joint Development Authority RB, 4.00%, 08/15/48		1,025		1,154,027


Idaho — 1.4%
Idaho State Building Authority RB, Series A, 4.00%, 09/01/48		1,330		1,532,373


Illinois — 2.2%
Illinois State Toll Highway Authority RB, Series C, 5.00%, 01/01/38		1,997		2,302,144


4

Schedule of Investments (unaudited) (continued)

July 31, 2020

BlackRock Strategic Municipal Trust (BSD)

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Iowa — 1.2%
Iowa Finance Authority Refunding RB, Series E, 4.00%, 08/15/46	$	1,125	$	1,227,218


Massachusetts — 2.1%
Massachusetts Housing Finance Agency Refunding RB, Series A, AMT, 4.50%, 12/01/47		1,305		1,416,238
Massachusetts School Building Authority RB, Series B, 5.00%, 10/15/21^(b)		720		762,114

				2,178,352

Michigan — 3.5%
Michigan Finance Authority RB, 4.00%, 02/15/47		1,248		1,424,991
Michigan State Housing Development Authority RB, M/F Housing, Series A, 4.15%, 10/01/53		2,117		2,323,663

				3,748,654

New Jersey — 0.8%
New Jersey Higher Education Student Assistance Authority RB, Series C, AMT, 4.25%, 12/01/50		827		860,040


New York — 11.4%
Hudson Yards Infrastructure Corp. RB⁽ⁱ⁾
5.75%, 02/15/21^(b)		310		318,211
5.75%, 02/15/47		190		195,754
New York City Housing Development Corp. Refunding RB, Series A, 4.15%, 11/01/38		1,460		1,634,397
New York City Transitional Finance Authority Future Tax Secured Revenue RB, Series C, 3.00%, 05/01/46		3,020		3,242,266
New York Liberty Development Corp. ARB, 5.25%, 12/15/43		3,375		3,566,431
New York Liberty Development Corp. Refunding RB, 5.75%, 11/15/51⁽ⁱ⁾		2,030		2,160,403
Port Authority of New York & New Jersey Refunding RB, 194th Series, 5.25%, 10/15/55		810		956,100

				12,073,562

North Carolina — 1.7%
North Carolina Capital Facilities Finance Agency Refunding RB, Series B, 5.00%, 10/01/25^(b)		800		992,432
North Carolina Housing Finance Agency RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		705		772,477

				1,764,909

Pennsylvania — 6.8%
County of Lehigh Pennsylvania Refunding RB, Series A, 4.00%, 07/01/49⁽ⁱ⁾		2,502		2,816,581
Pennsylvania Turnpike Commission RB, Series A, 5.50%, 12/01/42		1,379		1,653,925
Pennsylvania Turnpike Commission Refunding RB, Sub- Series B-2, (AGM), 5.00%, 06/01/35		1,280		1,556,979
Westmoreland County Municipal Authority Refunding RB, (BAM), 5.00%, 08/15/38		1,034		1,219,762

				7,247,247

Rhode Island — 1.6%
Rhode Island Health and Educational Building Corp. RB, Series A, 4.00%, 09/15/47		1,531		1,699,051


Texas — 2.9%
City of San Antonio Texas Electric & Gas Systems Revenue RB, Junior Lien, 5.00%, 02/01/43		780		859,778


Security	Par (000)		Value

Texas (continued)
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue Refunding RB, Series A, 5.00%, 11/01/21^(b)	$	1,080	$	1,145,405
University of Texas System Refunding RB, Series B, 5.00%, 08/15/43		975		1,059,375

				3,064,558

Virginia — 1.7%
Hampton Roads Transportation Accountability Commission RB, Series A, Senior Lien, 5.50%, 07/01/57⁽ⁱ⁾		1,413		1,780,299


West Virginia — 1.3%
Morgantown Utility Board, Inc. RB, Series B, 4.00%, 12/01/48⁽ⁱ⁾		1,161		1,328,997


Total Municipal Bonds Transferred to Tender Option Bond Trusts — 49.2% (Cost: $48,031,297)				52,004,288


Total Long-Term Investments — 166.0% (Cost: $161,182,331)				175,428,594


	Shares

Short-Term Securities

Money Market Funds — 1.0%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.04%^(j)(k)		1,068,786		1,069,000


Total Short-Term Securities — 1.0% (Cost: $1,069,000)				1,069,000


Total Investments — 167.0% (Cost: $162,251,331)				176,497,594

Other Assets Less Liabilities — 0.3%				319,459

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.7)%				(28,224,698	)

VMTP Shares at Liquidation Value — (40.6)%				(42,900,000	)


Net Assets Applicable to Common Shares — 100.0%			$	105,692,355

^(a)	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.

^(b)	U.S. Government securities held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

^(c)	Zero-coupon bond.

^(d)	Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(e)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(f)	Issuer filed for bankruptcy and/or is in default.

^(g)	Non-income producing security.

^(h)	Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing.

⁽ⁱ⁾	All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements, which expire between May 15, 2021 to February 15, 2047, is $6,151,734.

^(j)	Affiliate of the Trust.

^(k)	Annualized 7-day yield as of period end.


		5

Schedule of Investments (unaudited) (continued)

July 31, 2020

BlackRock Strategic Municipal Trust (BSD)

Affiliates

Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended July 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Shares Held at 04/30/20		Shares Purchased		Shares Sold			Shares Held at 07/31/20		Value at 07/31/20		Income		Net Realized Gain (Loss)^(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, MuniCash, Institutional Class		1,394,020		—		(325,234	)^(b)		1,068,786	$	1,069,000	$	113	$	(88	)	$	—

^(a)

Includes net capital gain distributions, if applicable.

^(b)

Represents net shares purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)

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. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments 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, refer to its most recent financial statements.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments into major categories is disclosed in the Schedule of Investments above.


		Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Bonds		$	—	$	123,424,306	$	—	$	123,424,306
Municipal Bonds Transferred to Tender Option Bond Trusts			—		52,004,288		—		52,004,288
Short-Term Securities	��
Money Market Funds			1,069,000		—		—		1,069,000

		$	1,069,000	$	175,428,594	$	—	$	176,497,594

The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:


	Level 1		Level 2			Level 3		Total
Liabilities
TOB Trust Certificates	$	—	$	(28,213,504	)	$	—	$	(28,213,504	)
VMTP Shares at Liquidation Value		—		(42,900,000	)		—		(42,900,000	)

	$	—	$	(71,113,504	)	$	—	$	(71,113,504	)


6

Schedule of Investments (unaudited) (continued)

July 31, 2020

BlackRock Strategic Municipal Trust (BSD)


Portfolio Abbreviation

AGM		Assured Guaranty Municipal Corp.

AMT		Alternative Minimum Tax

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

CAB		Capital Appreciation Bonds

COP		Certificates of Participation

FHA		Federal Housing Administration

FHLMC		Federal Home Loan Mortgage Corp.

FNMA		Federal National Mortgage Association

GNMA		Government National Mortgage Association

GO		General Obligation Bonds

GTD		GTD Guaranteed

IDA		Industrial Development Authority

M/F		Multi-Family

NPFGC		National Public Finance Guarantee Corp.

RB		Revenue Bond

S/F		Single-Family

SAB		Special Assessment Bonds

TA		Tax Allocation


		7

Blackrock Strategic Municipal Trust (BSD) NPORT-PBlackRock Strategic Municipal Trust (Jul 2020 report)