Blackrock Strategic Municipal Trust (BSD) NPORT-P BlackRock Strategic Municipal Trust (Jan 2021 report)

Schedule of Investments (unaudited) January 31, 2021 BlackRock Strategic Municipal Trust (BSD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Bonds
Alabama — 1.6%
County of Jefferson Alabama Sewer Revenue, Refunding RB, Series D, Sub Lien, 7.00%, 10/01/51	$	1,115	$	1,322,446
Health Care Authority of the City of Huntsville, RB
Series B1, 4.00%, 06/01/45		250		294,535
Series B1, (AGM), 3.00%, 06/01/50		160		169,048
				1,786,029
Alaska — 0.0%
Northern Tobacco Securitization Corp., Refunding RB, Series A, 4.63%, 06/01/23		50		50,082
Arizona — 2.0%
Industrial Development Authority of the City of Phoenix, RB, 5.00%, 07/01/59		465		514,546
Maricopa County Industrial Development Authority, Refunding RB, Series A, 4.13%, 09/01/38		230		266,892
Salt Verde Financial Corp., RB, 5.00%, 12/01/37		1,000		1,453,410
				2,234,848
Arkansas — 0.8%
Arkansas Development Finance Authority, RB, AMT, 4.50%, 09/01/49(a)		835		920,112
California — 4.8%
California County Tobacco Securitization Agency, Refunding RB, Series A, 5.00%, 06/01/36		350		353,769
California Health Facilities Financing Authority Refunding RB, 5.00%, 08/01/50		435		521,926
California Health Facilities Financing Authority, Refunding RB
Series A, 5.00%, 07/01/33		400		444,544
Series A, 4.00%, 04/01/45		230		267,541
California Municipal Finance Authority, RB, S/F Housing
Series A, 5.25%, 08/15/39		45		49,557
Series A, 5.25%, 08/15/49		115		123,510
California Pollution Control Financing Authority, RB, Series A, AMT, 5.00%, 11/21/45(a)		475		507,414
California School Finance Authority, Refunding RB, Series A, 5.00%, 07/01/51(a)		500		575,180
California State Public Works Board, RB
Series F, 5.25%, 09/01/33		915		1,032,577
Series I, 5.00%, 11/01/38		240		270,317
Golden State Tobacco Securitization Corp., Refunding RB, Series A-2, 5.00%, 06/01/47		880		915,341
Stockton Public Financing Authority, RB, Series A, 6.25%, 10/01/23(b)		110		127,901
				5,189,577
Colorado — 1.7%
Colorado Housing and Finance Authority RB, Class I, 2.55%, 10/01/55		310		314,523
Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40		1,325		1,505,703
				1,820,226

Security	Par (000)		Value
District of Columbia — 1.2%
District of Columbia, TA, 5.13%, 06/01/41	$	690	$	700,902
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Refunding RB, Series B, Subordinate, 4.00%, 10/01/49		530		602,419
				1,303,321
Florida — 2.5%
County of Broward Florida Airport System Revenue, ARB, Series A, AMT, 4.00%, 10/01/49		330		376,725
County of Osceola Florida Transportation Revenue, Refunding RB, CAB(c)
Series A-2, 0.00%, 10/01/46		475		203,043
Series A-2, 0.00%, 10/01/47		460		189,893
Series A-2, 0.00%, 10/01/48		325		129,051
Series A-2, 0.00%, 10/01/49		265		101,630
Mid-Bay Bridge Authority, RB, Series A, 7.25%, 10/01/21(b)		950		995,049
Village Community Development District No.10, SAB, 5.13%, 05/01/43		685		714,770
				2,710,161
Georgia — 4.5%
Gainesville & Hall County Hospital Authority, Refunding RB, Series A, (GTD), 5.50%, 08/15/54		160		190,234
Main Street Natural Gas, Inc., RB, Series A, 5.00%, 05/15/49		1,780		2,766,440
Municipal Electric Authority of Georgia, RB
4.00%, 01/01/49		535		611,666
4.00%, 01/01/59		1,010		1,137,492
Municipal Electric Authority of Georgia, Refunding RB, Sub-Series A, 4.00%, 01/01/49		200		228,464
				4,934,296
Illinois — 11.8%
Chicago Board of Education, GO
Series C, 5.25%, 12/01/35		490		548,070
Series D, 5.00%, 12/01/46		635		703,690
Chicago Board of Education, Refunding GO
Series C, 5.00%, 12/01/25		215		254,812
Series D, 5.00%, 12/01/27		280		348,538
Series D, 5.00%, 12/01/31		150		181,790
Series F, 5.00%, 12/01/22		205		220,808
Series G, 5.00%, 12/01/44		150		174,252
Chicago Transit Authority Sales Tax Receipts Fund, RB, 5.25%, 12/01/21(b)		330		344,038
City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien, 5.00%, 11/01/42		500		534,025
Cook County Community College District No.508, GO, 5.50%, 12/01/38		245		274,020
Illinois Finance Authority, Refunding RB
Series A, 5.00%, 11/15/21(b)		305		316,685
Series A, 4.00%, 05/15/50		260		303,688
Series C, 5.00%, 02/15/41		1,600		1,931,920
Metropolitan Pier & Exposition Authority, RB, Series A, 5.00%, 06/15/57		340		396,573
Metropolitan Pier & Exposition Authority, Refunding RB, 4.00%, 06/15/50		350		386,977
Metropolitan Pier & Exposition Authority, Refunding RB, CAB, Series B, (AGM), 0.00%, 06/15/44(c)		2,980		1,479,749

SCHEDULE   OF  INVESTMENTS 1

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Strategic Municipal Trust (BSD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Railsplitter Tobacco Settlement Authority, RB (b)
5.50%, 06/01/21	$	175	$	178,115
6.00%, 06/01/21		940		958,424
State of Illinois, GO 5.00%, 03/01/37		455		474,178
Series A, 5.00%, 04/01/35		1,000		1,080,400
Series A, 5.00%, 04/01/38		1,135		1,224,290
Series D, 5.00%, 11/01/28		165		196,206
State of Illinois, Refunding GO, Series B, 5.00%, 10/01/27		60		72,690
University of Illinois, RB, Series A, 5.00%, 04/01/44		310		350,077
				12,934,015
Indiana — 3.8%
City of Valparaiso Indiana, RB
AMT, 6.75%, 01/01/34		245		268,910
AMT, 7.00%, 01/01/44		1,090		1,190,302
Indiana Finance Authority, RB
Series A, 1st Lien, 5.25%, 10/01/38		1,020		1,053,058
Series A, AMT, 5.00%, 07/01/44		140		150,361
Series A, AMT, 5.00%, 07/01/48		465		499,326
Series A, AMT, 5.25%, 01/01/51		125		134,886
Indiana Finance Authority, Refunding RB, 4.75%, 03/01/22(b)		350		367,563
Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40		400		436,052
				4,100,458
Iowa — 2.3%
Iowa Finance Authority, Refunding RB
5.25%, 12/01/25		145		162,754
5.88%, 12/01/26		130		134,417
Series B, 5.25%, 12/01/50(d)		890		997,085
Iowa Student Loan Liquidity Corp., Refunding RB, Series B, AMT, 3.00%, 12/01/39		1,150		1,184,730
				2,478,986
Kansas — 1.0%
Kansas City Industrial Development Authority, ARB, AMT, (AGM), 4.00%, 03/01/57		975		1,115,361
Kentucky — 5.1%
Kentucky Economic Development Finance Authority, RB, Series A, 5.25%, 01/01/23(b)		325		356,557
Kentucky Economic Development Finance Authority, Refunding RB, Series B, (NPFGC), 0.00%, 10/01/24(c)		5,000		4,716,150
Kentucky Public Transportation Infrastructure Authority, RB, CAB, Series C, Convertible, 6.75%, 07/01/43(e)		375		442,725
				5,515,432
Louisiana — 1.3%
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.50%, 05/15/30		255		255,520
Series A, 5.25%, 05/15/31		270		273,151
Series A, 5.25%, 05/15/32		345		362,960

Security	Par (000)		Value
Louisiana (continued)
Tobacco Settlement Financing Corp., Refunding RB (continued)
Series A, 5.25%, 05/15/33	$	375	$	394,504
Series A, 5.25%, 05/15/35		160		174,517
				1,460,652
Maryland — 0.8%
Maryland Community Development Administration RB
Series E, (FHA 542(C)), 2.35%, 07/01/45		260		259,675
Series E, (FHA 542(C)), 2.50%, 07/01/50		610		610,250
				869,925
Massachusetts — 0.7%
Massachusetts Development Finance Agency, RB, Series A, 5.00%, 01/01/47		540		602,078
Massachusetts Housing Finance Agency RB, Series D-1, 2.55%, 12/01/50		120		121,685
				723,763
Michigan(b) — 2.2%
City of Detroit Michigan Sewage Disposal System Revenue, Refunding RB, Series A, Senior Lien, 5.25%, 07/01/22		1,925		2,064,408
Michigan Finance Authority, RB, Series C-1, Senior Lien, 5.00%, 07/01/22		275		293,945
				2,358,353
Minnesota — 1.6%
Duluth Economic Development Authority, Refunding RB
Series A, 4.25%, 02/15/48		1,190		1,326,398
Series A, 5.25%, 02/15/58		400		474,700
				1,801,098
Missouri — 0.6%
Health & Educational Facilities Authority of the State of Missouri, Refunding RB, 5.50%, 05/01/43		80		84,884
St Louis County Industrial Development Authority, Refunding RB, 5.00%, 09/01/37		500		572,050
				656,934
Nebraska — 0.7%
Central Plains Energy Project, RB 5.25%, 09/01/37		260		279,786
5.00%, 09/01/42		455		487,819
				767,605
New Hampshire(a) — 0.7%
New Hampshire Business Finance Authority, Refunding RB
Series B, 4.63%, 11/01/42		490		513,368
Series C, AMT, 4.88%, 11/01/42		285		300,279
				813,647
New Jersey — 12.4%
Casino Reinvestment Development Authority, Inc., Refunding RB
5.25%, 11/01/39		320		343,328
5.25%, 11/01/44		610		651,303
Middlesex County Improvement Authority, RB, Series B, 6.25%, 01/01/37(f)(g)		645		12,900

2

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Strategic Municipal Trust (BSD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
New Jersey Economic Development Authority, RB
Series EEE, 5.00%, 06/15/43	$	1,540	$	1,864,555
AMT, 5.13%, 09/15/23		840		888,863
AMT, 5.38%, 01/01/43		500		546,425
New Jersey Economic Development Authority, Refunding RB, Series BBB, 5.50%, 06/15/31		775		953,599
New Jersey Economic Development Authority, Refunding SAB, 5.75%, 04/01/31		705		743,888
New Jersey Housing & Mortgage Finance Agency Refunding RB, Series A, (FHLMC), 2.30%, 11/01/40		500		500,780
New Jersey Transportation Trust Fund Authority, RB
Series A, 5.50%, 06/15/21(b)		575		586,391
Series A, 5.00%, 06/15/28		500		597,695
Series AA, 4.00%, 06/15/45		370		427,172
Series AA, 5.00%, 06/15/45		415		471,880
New Jersey Transportation Trust Fund Authority, RB, CAB, Series B, 5.25%, 06/15/36		790		804,481
Rutgers The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/23(b)		165		182,855
Tobacco Settlement Financing Corp., Refunding RB
Series A, 5.00%, 06/01/35		450		566,208
Series A, 5.25%, 06/01/46		1,065		1,303,847
Sub-Series B, 5.00%, 06/01/46		1,755		2,089,134
				13,535,304
New York — 16.1%
Buffalo & Erie County Industrial Land Development Corp., Refunding RB, Series A, 5.00%, 06/01/35		500		560,835
Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38		750		844,200
Metropolitan Transportation Authority, Refunding RB, Series C-1, 4.75%, 11/15/45		610		737,844
Monroe County Industrial Development Corp., Refunding RB, 4.00%, 12/01/46		150		169,694
New York City Housing Development Corp. RB, Series I-1, (FHA), 2.65%, 11/01/50		2,525		2,585,802
New York City Housing Development Corp., RB, M/F Housing
Series A, 3.00%, 11/01/55		945		979,171
Series C-1A, 4.20%, 11/01/44		1,500		1,581,795
New York City Industrial Development Agency, Refunding RB
(AGM), 3.00%, 03/01/49		615		657,109
3.00%, 03/01/49		475		499,776
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Sub-Series E-1, 5.00%, 02/01/42		770		806,483
New York Counties Tobacco Trust IV, Refunding RB, Series A, 6.25%, 06/01/41(a)		600		609,696
New York Liberty Development Corp., Refunding RB(a)
Series 1, Class 1, 5.00%, 11/15/44		1,365		1,481,298
Series 2, Class 2, 5.15%, 11/15/34		105		115,178
Series 2, Class 2, 5.38%, 11/15/40		265		291,553
New York Power Authority, Refunding RB, Series A, 4.00%, 11/15/60		350		413,059
New York State Housing Finance Agency, RB, M/F Housing, Series L-1, (SONYMA), 2.60%, 11/01/50		635		651,974

Security	Par (000)		Value
New York (continued)
New York State Thruway Authority, Refunding RB, Series B, Subordinate, 4.00%, 01/01/45	$	805	$	933,140
New York Transportation Development Corp., ARB, Series A, AMT, 5.25%, 01/01/50		1,000		1,135,320
New York Transportation Development Corp., RB
AMT, 5.00%, 10/01/35		120		149,118
AMT, 5.00%, 10/01/40		340		419,580
Port Authority of New York & New Jersey Refunding RB, AMT, 4.00%, 07/15/40(h)		1,350		1,612,615
Westchester County Healthcare Corp., RB, Series A, Senior Lien, 5.00%, 11/01/44		265		292,171
				17,527,411
North Carolina — 0.4%
North Carolina Medical Care Commission, RB, Series A, 4.00%, 10/01/45		195		216,105
North Carolina Medical Care Commission, Refunding RB, Series A, 7.75%, 03/01/21(b)		185		186,125
				402,230
Ohio — 2.6%
Buckeye Tobacco Settlement Financing Authority, Refunding RB, Series B-2, Class 2, 5.00%, 06/01/55		1,125		1,311,334
County of Allen Ohio Hospital Facilities Revenue, Refunding RB, Series A, 4.00%, 11/01/44		450		486,365
County of Franklin Ohio, RB
Series A, 6.13%, 07/01/22(b)		15		16,279
Series A, 6.13%, 07/01/40		195		208,092
County of Hamilton Ohio, Refunding RB, 4.00%, 08/15/50		500		584,325
Ohio Air Quality Development Authority, RB, AMT, 5.00%, 07/01/49(a)		250		280,120
				2,886,515
Oklahoma — 1.0%
Oklahoma Development Finance Authority, RB, Series B, 5.25%, 08/15/48		390		459,330
Tulsa County Industrial Authority, Refunding RB, 5.25%, 11/15/45		585		620,685
				1,080,015
Oregon — 0.9%
Clackamas County School District No.12 North Clackamas, GO, CAB, Series A, (GTD), 0.00%, 06/15/38(c)		395		219,798
Oregon State Facilities Authority, RB, (AGM), 5.00%, 07/01/22(b)		715		752,308
				972,106
Pennsylvania — 3.8%
Allentown Neighborhood Improvement Zone Development Authority, RB(a)
Subordinate, 5.00%, 05/01/28		90		101,284
Subordinate, 5.13%, 05/01/32		100		116,058
Subordinate, 5.38%, 05/01/42		145		166,434
Hospitals & Higher Education Facilities Authority of Philadelphia, RB, Series A, 5.63%, 07/01/42		200		207,802
Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42		650		748,085
Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44		480		510,101

SCHEDULE   OF  INVESTMENTS 3

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Strategic Municipal Trust (BSD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pennsylvania (continued)
Pennsylvania Higher Educational Facilities Authority, RB, 4.00%, 08/15/44	$	490	$	576,774
Pennsylvania Turnpike Commission RB, 4.00%, 12/01/46		1,085		1,272,596
Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44		345		402,929
				4,102,063
Puerto Rico — 5.9%
Children’s Trust Fund, Refunding RB, 5.63%, 05/15/43		395		399,799
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB
Series A, Senior Lien, 5.00%, 07/01/33		830		874,762
Series A, Senior Lien, 5.13%, 07/01/37		240		253,927
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB
Series A-1, Restructured, 4.75%, 07/01/53		647		724,116
Series A-1, Restructured, 5.00%, 07/01/58		2,509		2,849,371
Series A-2, Restructured, 4.33%, 07/01/40		345		381,353
Series A-2, Restructured, 4.78%, 07/01/58		567		635,414
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(c)		1,190		376,338
				6,495,080
Rhode Island — 2.7%
Rhode Island Student Loan Authority, RB, Series A, AMT, 3.63%, 12/01/37		320		341,776
Tobacco Settlement Financing Corp., Refunding RB
Series B, 4.50%, 06/01/45		830		882,058
Series B, 5.00%, 06/01/50		1,580		1,708,327
				2,932,161
South Carolina — 3.5%
South Carolina Jobs-Economic Development Authority, Refunding RB, Series A, 5.00%, 05/01/43		680		817,734
South Carolina Ports Authority, ARB, AMT, 5.25%, 07/01/25(b)		335		405,682
South Carolina Public Service Authority, RB
Series A, 5.50%, 12/01/54		1,235		1,434,341
Series E, 5.50%, 12/01/53		500		568,420
South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55		540		648,427
				3,874,604
South Dakota — 0.6%
South Dakota Health & Educational Facilities Authority, Refunding RB, Series A, 4.00%, 09/01/50		550		636,642
Tennessee — 0.4%
Chattanooga Health Educational & Housing Facility Board, RB, Series A, 5.25%, 01/01/23(b)		440		482,764
Texas — 7.1%
Brazos Higher Education Authority, Inc., RB, Series 1B, AMT, Subordinate, 3.00%, 04/01/40		175		168,427
Central Texas Regional Mobility Authority, Refunding RB, Sub Lien, 5.00%, 01/01/23(b)		115		125,654
City of Houston Texas Airport System Revenue, Refunding RB, AMT, 5.00%, 07/01/29		135		142,511
Clifton Higher Education Finance Corp., RB, 6.00%, 08/15/43		230		256,059

Security	Par (000)		Value
Texas (continued)
Harris County Cultural Education Facilities Finance Corp., RB, Series B, 7.00%, 01/01/23(b)	$	145	$	163,856
Harris County-Houston Sports Authority, Refunding RB, CAB, Series A, Senior Lien, (AGM, NPFGC), 0.00%, 11/15/38(c)		4,750		2,204,760
Midland County Fresh Water Supply District No.1, RB, CAB, Series A, 0.00%, 09/15/37(c)		4,485		2,448,003
North Texas Tollway Authority, RB, CAB, Series B, 0.00%, 09/01/31(b)(c)		640		351,309
North Texas Tollway Authority, Refunding RB, 4.25%, 01/01/49		565		656,971
Texas Municipal Gas Acquisition & Supply Corp. III Refunding RB, 5.00%, 12/15/32(h)		115		157,998
Texas Private Activity Bond Surface Transportation Corp., RB, AMT, Senior Lien, 5.00%, 12/31/55		450		511,308
Texas Transportation Commission, RB, CAB(c)
0.00%, 08/01/40		500		235,305
0.00%, 08/01/42		855		362,118
				7,784,279
Vermont — 0.5%
Vermont Student Assistance Corp., RB, Series A, AMT, 3.38%, 06/15/36		480		511,598
Virginia — 2.6%
Ballston Quarter Community Development Authority, TA
Series A, 5.00%, 03/01/26		165		167,886
Series A, 5.13%, 03/01/31		320		323,872
Virginia Housing Development Authority, RB, M/F Housing, Series 1, (GNMA/FNMA/FHLMC), 2.55%, 11/01/50		660		680,823
Virginia Small Business Financing Authority, RB
AMT, Senior Lien, 5.25%, 01/01/32		250		266,703
AMT, Senior Lien, 6.00%, 01/01/37		1,320		1,420,927
				2,860,211
Washington — 1.0%
Port of Seattle Washington, ARB, Series C, AMT, 5.00%, 04/01/40		235		270,182
Washington Health Care Facilities Authority, RB, Series A, 5.75%, 01/01/23(b)		715		791,648
				1,061,830
Wisconsin — 0.1%
Public Finance Authority, RB, Series A, 5.00%, 11/15/41		60		71,273
Total Municipal Bonds — 113.3% (Cost: $110,938,533)				123,760,967
Municipal Bonds Transferred to Tender Option Bond Trusts(i)
California — 4.6%
City of Los Angeles Department of Airports, ARB, Series B, AMT, 5.00%, 05/15/46		2,000		2,366,680
Sacramento Area Flood Control Agency, Refunding SAB, Series A, 5.00%, 10/01/43		2,160		2,637,317
				5,003,997

4

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Strategic Municipal Trust (BSD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colorado — 2.4%
Colorado Health Facilities Authority, Refunding RB, Series A, 4.00%, 08/01/49(j)	$	1,130	$	1,275,341
County of Adams Colorado, Refunding COP, 4.00%, 12/01/45		1,180		1,321,859
				2,597,200
District of Columbia — 0.5%
District of Columbia Housing Finance Agency, RB, M/F Housing, Series B-2, (FHA), 4.10%, 09/01/39		520		590,377
Florida — 1.8%
Escambia County Health Facilities Authority, Refunding RB, 4.00%, 08/15/45(j)		1,751		2,024,507
Georgia — 1.1%
Dalton Whitfield County Joint Development Authority, RB, 4.00%, 08/15/48		1,025		1,174,434
Idaho — 1.4%
Idaho State Building Authority, RB, Series A, 4.00%, 09/01/48		1,330		1,510,242
Illinois — 2.1%
Illinois State Toll Highway Authority, RB, Series C, 5.00%, 01/01/38		1,997		2,318,918
Iowa — 1.1%
Iowa Finance Authority, Refunding RB, Series E, 4.00%, 08/15/46		1,125		1,247,647
Massachusetts — 2.0%
Massachusetts Housing Finance Agency, Refunding RB, Series A, AMT, 4.50%, 12/01/47		1,305		1,424,643
Massachusetts School Building Authority, RB, Series B, 5.00%, 10/15/21(b)		720		745,044
				2,169,687
Michigan — 3.4%
Michigan Finance Authority, RB, 4.00%, 02/15/47		1,248		1,436,773
Michigan State Housing Development Authority, RB, M/F Housing, Series A, 4.15%, 10/01/53		2,117		2,314,411
				3,751,184
New Jersey — 0.8%
New Jersey Higher Education Student Assistance Authority, Refunding RB, Series C, AMT, 4.25%, 12/01/50		827		862,669
New York — 12.4%
Hudson Yards Infrastructure Corp., RB
5.75%, 02/15/21(j)		116		116,193
5.75%, 02/15/47		71		71,479
New York City Housing Development Corp., Refunding RB, Series A, 4.15%, 11/01/38		1,460		1,646,515
New York City Transitional Finance Authority Future Tax Secured Revenue, RB, Series C, 3.00%, 05/01/46		3,020		3,281,922
New York Liberty Development Corp., ARB, 5.25%, 12/15/43		3,375		3,521,005

Security	Par (000)		Value
New York (continued)
New York Liberty Development Corp., Refunding RB, 5.75%, 11/15/51(j)	$	2,030	$	2,112,188
Port Authority of New York & New Jersey, ARB, Series 221, AMT, 4.00%, 07/15/60		1,575		1,796,256
Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55		810		967,423
				13,512,981
North Carolina — 1.6%
North Carolina Capital Facilities Finance Agency, Refunding RB, Series B, 5.00%, 10/01/25(b)		800		971,872
North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B, (FHLMC, FNMA, GNMA), 4.00%, 01/01/48		677		739,303
				1,711,175
Pennsylvania — 6.8%
County of Lehigh Pennsylvania, Refunding RB, Series A, 4.00%, 07/01/49(j)		2,502		2,901,404
Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42		1,379		1,718,567
Pennsylvania Turnpike Commission, Refunding RB, Sub- Series B-2, (AGM), 5.00%, 06/01/35		1,280		1,577,549
Westmoreland County Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38		1,034		1,223,154
				7,420,674
Rhode Island — 1.6%
Rhode Island Health and Educational Building Corp., RB, Series A, 4.00%, 09/15/47		1,531		1,721,671
Texas — 2.8%
Board of Regents of the University of Texas System, Refunding RB, Series B, 5.00%, 08/15/43		975		1,045,660
City of San Antonio Texas Electric & Gas Systems Revenue, RB, Junior Lien, 5.00%, 02/01/23(b)		780		855,356
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, Refunding RB, Series A, 5.00%, 11/01/21(b)		1,080		1,119,388
				3,020,404
Virginia(j) — 2.2%
Hampton Roads Transportation Accountability Commission, RB
Series A, Senior Lien, 5.50%, 07/01/57		1,413		1,808,961
Series A, Senior Lien, 4.00%, 07/01/60		495		586,550
				2,395,511

SCHEDULE   OF  INVESTMENTS 5

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Strategic Municipal Trust (BSD) (Percentages shown are based on Net Assets)

Security	Par (000)		Value
West Virginia — 1.2%
Morgantown Utility Board, Inc., RB, Series B, 4.00%, 12/01/48(j)	$	1,161	$	1,341,324
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 49.8% (Cost: $49,838,308)				54,374,602
Total Long-Term Investments — 163.1% (Cost: $160,776,841)				178,135,569
	Shares
Short-Term Securities
Money Market Funds — 3.8%
BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(k)(l)		4,142,036		4,142,864
Total Short-Term Securities — 3.8% (Cost: $4,142,829)				4,142,864
Total Investments — 166.9% (Cost: $164,919,670)				182,278,433
Liabilities in Excess of Other Assets — (0.7)%				(740,881	)
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.9)%				(29,430,256	)
VMTP Shares at Liquidation Value — (39.3)%				(42,900,000	)
Net Assets Applicable to Common Shares — 100.0%			$	109,207,296

^(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 rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(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) When-issued security.

⁽ⁱ⁾ 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.

^(j) 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 $6,326,272.

^(k) Affiliate of the Trust.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Trust during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/21		Shares Held at 01/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, MuniCash, Institutional Class	$	1,394,299	$	2,748,412	(a)	$	—	$	118	$	35	$	4,142,864		4,142,036	$	224	$	—

^(a) Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
10-Year U.S. Treasury Note		34		03/22/21	$	4,659	$	34,210
Long U.S. Treasury Bond		18		03/22/21		3,037		117,849
							$	152,059

6

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Strategic Municipal Trust (BSD)

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. 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); and

• 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 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. 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 financial instruments is based on the pricing transparency of the financial instruments 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Trust’s investments and derivative financial instruments 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	$	—	$	123,760,967	$	—	$	123,760,967
Municipal Bonds Transferred to Tender Option Bond Trusts		—		54,374,602		—		54,374,602
Short-Term Securities
Money Market Funds		4,142,864		—		—		4,142,864
	$	4,142,864	$	178,135,569	$	—	$	182,278,433
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	152,059	$	—	$	—	$	152,059

^(a)  Derivative financial instruments are futures contracts and options written. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

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	$	—	$	(29,418,470	)	$	—	$	(29,418,470	)
VMTP Shares at Liquidation Value		—		(42,900,000	)		—		(42,900,000	)
	$	—	$	(72,318,470	)	$	—	$	(72,318,470	)

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

Portfolio Abbreviation (continued)
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

SCHEDULE   OF   INVESTMENTS 7

Schedule of Investments (unaudited) (continued) January 31, 2021 BlackRock Strategic Municipal Trust (BSD)

Portfolio Abbreviation (continued)
M/F	Multi-Family
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
S/F	Single-Family
SAB	Special Assessment Bonds
SONYMA	State of New York Mortgage Agency
TA	Tax Allocation

8