BLACKROCK STRATEGIC MUNICIPAL TRUST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment
Company Act file number: 811-09401
Name of Fund: BlackRock Strategic Municipal Trust (BSD)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Strategic
Municipal Trust, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2019
Date of reporting period:
07/31/2018
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments (unaudited)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds — 122.6% |
|
|
| Alabama — 2.0% |
|
| County of Jefferson Alabama Sewer, Refunding RB, Sub-Lien,
Series D, 7.00%, 10/01/51 |
|
$ |
1,115 |
|
|
$ |
1,340,275 |
|
| State of Alabama Docks Department, Refunding RB, 6.00%, 10/01/20(a) |
|
|
655 |
|
|
|
713,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,053,969 |
|
| Alaska — 0.1% |
|
| Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%,
06/01/23 |
|
|
95 |
|
|
|
95,118 |
|
|
|
|
|
|
|
|
|
|
| Arizona — 1.2% |
|
| Salt Verde Financial Corp., RB, Senior, 5.00%, 12/01/37 |
|
|
1,000 |
|
|
|
1,186,000 |
|
|
|
|
|
|
|
|
|
|
| California — 11.2% |
|
| Bay Area Toll Authority, Refunding RB, San Francisco Bay Area Toll Bridge, Series F-1, 5.63%, 04/01/19(a) |
|
|
720 |
|
|
|
740,945 |
|
| California Health Facilities Financing Authority, RB, Sutter Health, Series B, 6.00%, 08/15/20(a) |
|
|
1,010 |
|
|
|
1,101,657 |
|
| California Health Facilities Financing Authority, Refunding RB, St. Joseph Health System, Series A, 5.00%,
07/01/33 |
|
|
400 |
|
|
|
446,552 |
|
| California Municipal Finance Authority, RB, Senior, Caritas Affordable Housing, Inc. Projects, S/F Housing,
Series A: |
|
|
|
|
|
|
|
|
| 5.25%, 08/15/39 |
|
|
45 |
|
|
|
49,251 |
|
| 5.25%, 08/15/49 |
|
|
115 |
|
|
|
125,015 |
|
| California Pollution Control Financing Authority, RB, Poseidon Resources (Channel Side) LP Desalination
Project, AMT, 5.00%, 11/21/45(b) |
|
|
475 |
|
|
|
503,153 |
|
| California School Finance Authority, RB, Alliance For College-Ready Public School Projects, Series A, 5.00%,
07/01/51(b) |
|
|
500 |
|
|
|
529,925 |
|
| City of Los Angeles California Department of Airports, Refunding ARB, Los Angeles International Airport,
Series A: |
|
|
|
|
|
|
|
|
| Senior, 5.00%, 05/15/40 |
|
|
1,875 |
|
|
|
1,979,944 |
|
| 5.25%, 05/15/39 |
|
|
250 |
|
|
|
256,975 |
|
| City of Stockton California Public Financing Authority, RB, Delta Water Supply Project, Series A, 6.25%,
10/01/38 |
|
|
110 |
|
|
|
130,038 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| County of California Tobacco Securitization Agency, Refunding RB, Golden Gate Tobacco Funding Corp., Series
A, 5.00%, 06/01/36 |
|
$ |
350 |
|
|
$ |
350,004 |
|
| Golden State Tobacco Securitization Corp., Refunding RB, Tobacco Settlement Asset-Backed Bonds, Series A-1, 5.25%, 06/01/47 |
|
|
330 |
|
|
|
343,071 |
|
| State of California, GO, Various Purpose: |
|
|
|
|
|
|
|
|
| 6.50%, 04/01/19(a) |
|
|
350 |
|
|
|
362,198 |
|
| 6.50%, 04/01/33 |
|
|
300 |
|
|
|
309,804 |
|
| 6.00%, 03/01/33 |
|
|
800 |
|
|
|
855,096 |
|
| State of California Public Works Board, LRB, Various Capital Projects: |
|
|
|
|
|
|
|
|
| Series I, 5.00%, 11/01/38 |
|
|
240 |
|
|
|
269,201 |
|
| Sub-Series I-1, 6.38%,
11/01/19(a) |
|
|
375 |
|
|
|
398,265 |
|
| State of California Public Works Board, RB, Department of Corrections & Rehabilitation, Series F,
5.25%, 09/01/33 |
|
|
915 |
|
|
|
1,041,361 |
|
| Tobacco Securitization Authority of Southern California, Refunding RB, Tobacco Settlement, Asset-Backed,
Senior Series A-1: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/37 |
|
|
1,110 |
|
|
|
1,115,972 |
|
| 5.13%, 06/01/46 |
|
|
590 |
|
|
|
593,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,501,601 |
|
| Colorado — 2.4% |
|
| Colorado Health Facilities Authority, Refunding RB, Catholic Health Initiative, Series A,
5.50%, 07/01/34 |
|
|
680 |
|
|
|
697,802 |
|
| Denver Convention Center Hotel Authority, Refunding RB, 5.00%, 12/01/40 |
|
|
1,325 |
|
|
|
1,438,553 |
|
| Regional Transportation District, COP, Refunding, Series A, 5.38%, 06/01/31 |
|
|
320 |
|
|
|
338,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,475,187 |
|
| Connecticut — 1.0% |
|
| Connecticut Housing Finance Authority, Refunding RB, S/F Housing,
Sub-Series B-1, 4.00%, 05/15/45 |
|
|
1,035 |
|
|
|
1,045,660 |
|
|
|
|
|
|
|
|
|
|
| Delaware — 2.1% |
|
| County of Sussex Delaware, RB, NRG Energy, Inc., Indian River Power LLC Project, 6.00%, 10/01/40 |
|
|
820 |
|
|
|
871,086 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Delaware (continued) |
|
| State of Delaware EDA, RB, Exempt Facilities, Indian River Power LLC Project, 5.38%, 10/01/45 |
|
$ |
1,210 |
|
|
$ |
1,261,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,132,281 |
|
| District of Columbia — 1.9% |
|
| District of Columbia, Tax Allocation Bonds, City Market at O Street Project, 5.13%, 06/01/41 |
|
|
690 |
|
|
|
738,003 |
|
| Metropolitan Washington Airports Authority, Refunding RB, Dulles Toll Road, 1st Senior Lien, Series
A: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/39 |
|
|
160 |
|
|
|
165,210 |
|
| 5.25%, 10/01/44 |
|
|
1,000 |
|
|
|
1,035,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,938,273 |
|
| Florida — 1.8% |
|
| Mid-Bay Florida Bridge Authority, RB, Springing Lien, Series A,
7.25%, 10/01/21(a) |
|
|
950 |
|
|
|
1,102,133 |
|
| Village Community Development District No.10, Special Assessment Bonds, 5.13%, 05/01/43 |
|
|
720 |
|
|
|
792,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,894,191 |
|
| Georgia — 1.1% |
|
| City of Atlanta Georgia Water & Wastewater Revenue, Refunding RB, Series B,
3.50%, 11/01/43 |
|
|
235 |
|
|
|
228,451 |
|
| County of Gainesville Georgia & Hall Hospital Authority, Refunding RB, Northeast Georgia Health
System, Inc. Project, Series A (GTD), 5.50%, 08/15/54 |
|
|
160 |
|
|
|
183,171 |
|
| County of Georgia Housing & Finance Authority, RB, S/F Housing, Series A: |
|
|
|
|
|
|
|
|
| 3.95%, 12/01/43 |
|
|
260 |
|
|
|
260,759 |
|
| 4.00%, 12/01/48 |
|
|
135 |
|
|
|
135,093 |
|
| DeKalb Georgia Private Hospital Authority, Refunding RB, Children’s Healthcare,
5.25%, 11/15/39 |
|
|
265 |
|
|
|
275,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,083,313 |
|
| Hawaii — 0.4% |
|
| State of Hawaii Harbor System, RB, Series A, 5.25%, 07/01/30 |
|
|
425 |
|
|
|
450,882 |
|
|
|
|
|
|
|
|
|
|
| Idaho — 0.5% |
|
| Idaho Health Facilities Authority, Refunding RB, St. Luke’s Health System Project, Series A(c): |
|
|
|
|
|
|
|
|
| 4.00%, 03/01/43 |
|
|
135 |
|
|
|
134,160 |
|
| 4.00%, 03/01/38 |
|
|
265 |
|
|
|
265,212 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Idaho (continued) |
|
| Idaho Health Facilities Authority, Refunding RB, St. Luke’s Health System Project, Series A(c) (continued): |
|
|
|
|
|
|
|
|
| 4.00%, 03/01/48 |
|
$ |
135 |
|
|
$ |
134,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
533,905 |
|
| Illinois — 20.4% |
|
| Chicago Board of Education, GO: |
|
|
|
|
|
|
|
|
| Project, Series C, 5.25%, 12/01/35 |
|
|
490 |
|
|
|
510,016 |
|
| Refunding Dedicated Revenues, Series D, 5.00%, 12/01/27 |
|
|
280 |
|
|
|
295,579 |
|
| Refunding Dedicated Revenues, Series D, 5.00%, 12/01/31 |
|
|
150 |
|
|
|
157,051 |
|
| Refunding Dedicated Revenues, Series F, 5.00%, 12/01/22 |
|
|
205 |
|
|
|
214,561 |
|
| Refunding Dedicated Revenues, Series G, 5.00%, 12/01/44 |
|
|
150 |
|
|
|
153,585 |
|
| City of Chicago Illinois, GO, Project, Series A, 5.00%, 01/01/34 |
|
|
550 |
|
|
|
563,310 |
|
| City of Chicago Illinois, GO, Refunding, Project, Series A, 5.25%, 01/01/32 |
|
|
1,000 |
|
|
|
1,053,800 |
|
| City of Chicago Illinois O’Hare International Airport, GARB, 3rd Lien: |
|
|
|
|
|
|
|
|
| 5.63%, 01/01/21(a) |
|
|
645 |
|
|
|
702,689 |
|
| 5.63%, 01/01/35 |
|
|
155 |
|
|
|
167,296 |
|
| Series A, 5.75%, 01/01/21(a) |
|
|
1,260 |
|
|
|
1,376,399 |
|
| Series A, 5.75%, 01/01/39 |
|
|
240 |
|
|
|
259,918 |
|
| Series C, 6.50%, 01/01/21(a) |
|
|
1,855 |
|
|
|
2,059,069 |
|
| City of Chicago Illinois Transit Authority, RB, Sales Tax Receipts, 5.25%, 12/01/40 |
|
|
330 |
|
|
|
351,948 |
|
| City of Chicago Illinois Waterworks, Refunding RB, 2nd Lien Project, 5.00%, 11/01/42 |
|
|
500 |
|
|
|
529,335 |
|
| County of Cook Illinois Community College District No. 508, GO, City College of Chicago,
5.50%, 12/01/38 |
|
|
245 |
|
|
|
258,620 |
|
| Illinois Finance Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Ascension Health, Series A, 5.00%, 11/15/37 |
|
|
305 |
|
|
|
330,004 |
|
| Central Dupage Health, Series B,
5.50%, 11/01/19(a) |
|
|
2,500 |
|
|
|
2,618,900 |
|
| Presence Health Network, Series C, 5.00%, 02/15/41 |
|
|
1,600 |
|
|
|
1,807,248 |
|
| Metropolitan Pier & Exposition Authority, Refunding RB, McCormick Place Expansion Project: |
|
|
|
|
|
|
|
|
| CAB, Series B (AGM), 0.00%, 06/15/44(d) |
|
|
2,980 |
|
|
|
947,193 |
|
| Series B (AGM), 5.00%, 06/15/50 |
|
|
1,280 |
|
|
|
1,326,874 |
|
| Series B-2, 5.00%, 06/15/50 |
|
|
795 |
|
|
|
809,866 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Illinois (continued) |
|
| Railsplitter Tobacco Settlement Authority,
RB(a): |
|
|
|
|
|
|
|
|
| 5.50%, 06/01/21 |
|
$ |
175 |
|
|
$ |
192,633 |
|
| 6.00%, 06/01/21 |
|
|
940 |
|
|
|
1,047,621 |
|
| State of Illinois, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 03/01/37 |
|
|
455 |
|
|
|
466,056 |
|
| Series A, 5.00%, 04/01/35 |
|
|
1,000 |
|
|
|
1,033,080 |
|
| Series A, 5.00%, 04/01/38 |
|
|
1,135 |
|
|
|
1,168,187 |
|
| State of Illinois, RB, Build Illinois, Series B, 5.25%, 06/15/19(a) |
|
|
200 |
|
|
|
206,450 |
|
| University of Illinois, RB, Auxiliary Facilities System, Series A, 5.00%, 04/01/44 |
|
|
310 |
|
|
|
335,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,943,130 |
|
| Indiana — 4.8% |
|
| City of Valparaiso Indiana, RB, Exempt Facilities, Pratt Paper LLC Project, AMT: |
|
|
|
|
|
|
|
|
| 6.75%, 01/01/34 |
|
|
245 |
|
|
|
285,528 |
|
| 7.00%, 01/01/44 |
|
|
1,090 |
|
|
|
1,278,385 |
|
| Indiana Finance Authority, RB, Series A: |
|
|
|
|
|
|
|
|
| CWA Authority Project, 1st Lien, 5.25%, 10/01/38 |
|
|
1,020 |
|
|
|
1,114,217 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/44 |
|
|
140 |
|
|
|
149,010 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.00%, 07/01/48 |
|
|
465 |
|
|
|
493,635 |
|
| Private Activity Bond, Ohio River Bridges East End Crossing Project, AMT, 5.25%, 01/01/51 |
|
|
125 |
|
|
|
133,860 |
|
| Sisters of St. Francis Health Services,
5.25%, 11/01/19(a) |
|
|
270 |
|
|
|
282,355 |
|
| Indiana Finance Authority, Refunding RB, Marquette Project, 4.75%, 03/01/32 |
|
|
350 |
|
|
|
357,962 |
|
| Indiana Municipal Power Agency, RB, Series B, 6.00%,
01/01/19(a) |
|
|
350 |
|
|
|
356,717 |
|
| Indianapolis Local Public Improvement Bond Bank, RB, Series A, 5.00%, 01/15/40 |
|
|
400 |
|
|
|
442,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,894,089 |
|
| Iowa — 1.4% |
|
| Iowa Finance Authority, Refunding RB, Iowa Fertilizer Co. Project: |
|
|
|
|
|
|
|
|
| Series B, 5.25%, 12/01/50(e) |
|
|
890 |
|
|
|
945,679 |
|
| Midwestern Disaster Area, 5.25%, 12/01/25 |
|
|
145 |
|
|
|
154,835 |
|
| Midwestern Disaster Area, 5.88%, 12/01/26(b) |
|
|
130 |
|
|
|
136,618 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Iowa (continued) |
|
| Iowa Student Loan Liquidity Corp., Refunding RB, Student Loan, Senior Series
A-1, AMT, 5.15%, 12/01/22 |
|
$ |
220 |
|
|
$ |
229,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,466,522 |
|
| Kentucky — 4.7% |
|
| Kentucky Economic Development Finance Authority, RB, Catholic Health Initiatives, Series A,
5.25%, 01/01/45 |
|
|
325 |
|
|
|
347,103 |
|
| Kentucky Economic Development Finance Authority, Refunding RB, Norton Healthcare, Inc., Series B (NPFGC),
0.00%, 10/01/24(d) |
|
|
5,000 |
|
|
|
4,136,400 |
|
| Kentucky Public Transportation Infrastructure Authority, RB, Downtown Crossing Project, Convertible CAB, 1st
Tier, Series C, 0.00%, 07/01/43(f) |
|
|
375 |
|
|
|
351,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,835,021 |
|
| Louisiana — 2.7% |
|
| Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake
Chemical Corp. Project, Series A-1, 6.50%, 11/01/35 |
|
|
1,055 |
|
|
|
1,151,459 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Asset-Backed, Series A: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/30 |
|
|
320 |
|
|
|
336,310 |
|
| 5.25%, 05/15/31 |
|
|
270 |
|
|
|
288,274 |
|
| 5.25%, 05/15/32 |
|
|
345 |
|
|
|
373,728 |
|
| 5.25%, 05/15/33 |
|
|
375 |
|
|
|
403,298 |
|
| 5.25%, 05/15/35 |
|
|
160 |
|
|
|
172,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,725,395 |
|
| Maryland — 1.5% |
|
| Maryland EDC, RB, Transportation Facilities Project, Series A, 5.75%, 06/01/20(a) |
|
|
135 |
|
|
|
145,013 |
|
| Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., 5.75%, 09/01/25 |
|
|
645 |
|
|
|
671,877 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Maryland (continued) |
|
| Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community
Project, 6.25%, 01/01/21(a) |
|
$ |
690 |
|
|
$ |
760,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,577,022 |
|
| Massachusetts — 3.0% |
|
| Massachusetts Development Finance Agency, RB: |
|
|
|
|
|
|
|
|
| Emerson College Issue, Series A, 5.00%, 01/01/47 |
|
|
540 |
|
|
|
588,303 |
|
| UMass Boston Student Housing Project,
5.00%, 10/01/48 |
|
|
600 |
|
|
|
647,916 |
|
| Massachusetts Development Finance Agency, Refunding RB, Covanta Energy Project, Series C, AMT, 5.25%,
11/01/42(b) |
|
|
445 |
|
|
|
448,560 |
|
| Massachusetts HFA, Refunding RB, Series A, AMT, 4.50%, 12/01/47 |
|
|
1,350 |
|
|
|
1,398,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,083,716 |
|
| Michigan — 4.2% |
|
| City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A,
5.25%, 07/01/39 |
|
|
1,925 |
|
|
|
2,091,936 |
|
| City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.50%,
07/01/41 |
|
|
465 |
|
|
|
508,900 |
|
| Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/20(a) |
|
|
240 |
|
|
|
255,708 |
|
| 5.50%, 05/15/36 |
|
|
195 |
|
|
|
205,499 |
|
| Michigan Finance Authority, Refunding RB, Detroit Water & Sewage Department Project, Senior Lien,
Series C-1, 5.00%, 07/01/44 |
|
|
275 |
|
|
|
295,793 |
|
| Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, Series V, 8.25%,
09/01/18(a) |
|
|
400 |
|
|
|
402,228 |
|
| State of Michigan Housing Development Authority, RB, M/F Housing, Series A, 4.05%, 10/01/48 |
|
|
505 |
|
|
|
504,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,264,165 |
|
| Missouri — 1.0% |
|
| Bi-State Development Agency of the Missouri-Illinois Metropolitan
District, Refunding RB, Combined Lien, Series A, 5.00%, 10/01/44 |
|
|
80 |
|
|
|
88,260 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Missouri (continued) |
|
| County of St. Louis Missouri IDA, Refunding RB, Friendship Village St. Louis Obligated Group, 5.00%,
09/01/37 |
|
$ |
500 |
|
|
$ |
543,695 |
|
| State of Missouri Health & Educational Facilities Authority, RB, Senior Living Facilities, Lutheran
Senior Services, 5.50%, 02/01/42 |
|
|
330 |
|
|
|
341,108 |
|
| State of Missouri Health & Educational Facilities Authority, Refunding RB, St. Louis College of
Pharmacy Project, 5.50%, 05/01/43 |
|
|
80 |
|
|
|
85,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,058,735 |
|
| Nebraska — 1.5% |
|
| Central Plains Nebraska Energy Project, RB, Gas Project No. 3: |
|
|
|
|
|
|
|
|
| 5.25%, 09/01/37 |
|
|
260 |
|
|
|
286,824 |
|
| 5.00%, 09/01/42 |
|
|
455 |
|
|
|
497,561 |
|
| County of Douglas Nebraska Hospital Authority No. 2, Refunding RB, Health Facilities, Immanuel
Obligation Group, 5.63%, 01/01/40 |
|
|
720 |
|
|
|
747,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,532,371 |
|
| New Jersey — 12.0% |
|
| Casino Reinvestment Development Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.25%, 11/01/39 |
|
|
320 |
|
|
|
342,995 |
|
| 5.25%, 11/01/44 |
|
|
610 |
|
|
|
652,785 |
|
| County of Essex New Jersey Improvement Authority, RB, AMT, 5.25%, 07/01/45(b) |
|
|
340 |
|
|
|
343,431 |
|
| County of Middlesex New Jersey Improvement Authority, RB, Heldrich Center Hotel, Sub-Series B, 6.25%, 01/01/37(g)(h) |
|
|
645 |
|
|
|
6,773 |
|
| New Jersey EDA, ARB, Continental Airlines, Inc. Project, 5.13%, 09/15/23 |
|
|
1,090 |
|
|
|
1,180,372 |
|
| New Jersey EDA, RB, AMT: |
|
|
|
|
|
|
|
|
| Continental Airlines, Inc. Project, 5.25%, 09/15/29 |
|
|
145 |
|
|
|
157,595 |
|
| Goethals Bridge Replacement Project, Private Activity Bond, 5.38%, 01/01/43 |
|
|
500 |
|
|
|
546,630 |
|
| New Jersey EDA, Refunding RB, Series BBB, 5.50%, 06/15/31 |
|
|
775 |
|
|
|
882,361 |
|
| New Jersey EDA, Refunding, Special Assessment Bonds, Kapkowski Road Landfill Project,
5.75%, 04/01/31 |
|
|
705 |
|
|
|
782,472 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New Jersey (continued) |
|
|
|
|
|
|
| New Jersey Health Care Facilities Financing Authority, RB, Inspira Health Obligated Group, 4.00%,
07/01/47 |
|
$ |
650 |
|
|
$ |
654,348 |
|
| New Jersey State Turnpike Authority, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 01/01/43 |
|
|
605 |
|
|
|
657,986 |
|
| Series E, 5.25%, 01/01/19(a) |
|
|
1,355 |
|
|
|
1,376,829 |
|
| New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
|
| Federal Highway Reimbursement Revenue Notes, Series A, 5.00%, 06/15/28 |
|
|
500 |
|
|
|
559,570 |
|
| Transportation Program, Series AA, 5.00%, 06/15/45 |
|
|
415 |
|
|
|
440,203 |
|
| Transportation System, Series A, 5.50%, 06/15/41 |
|
|
575 |
|
|
|
601,306 |
|
| Transportation System, Series B, 5.25%, 06/15/36 |
|
|
790 |
|
|
|
823,670 |
|
| Rutgers — The State University of New Jersey, Refunding RB, Series L, 5.00%, 05/01/43 |
|
|
165 |
|
|
|
182,883 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 06/01/36 |
|
|
330 |
|
|
|
368,531 |
|
| 5.00%, 06/01/46 |
|
|
1,065 |
|
|
|
1,169,881 |
|
| Tobacco Settlement Financing Corp. New Jersey, Refunding RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 06/01/46 |
|
|
275 |
|
|
|
307,920 |
|
| Sub-Series B, 5.00%, 06/01/46 |
|
|
265 |
|
|
|
283,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,322,441 |
|
| New York — 7.9% |
|
| City of New York Transitional Finance Authority Future Tax Secured, RB, Fiscal 2012, Sub-Series E-1, 5.00%, 02/01/42 |
|
|
770 |
|
|
|
834,618 |
|
| Counties of Buffalo & Erie New York Industrial Land Development Corp., Refunding RB, The Charter
School for Applied Technologies Project, Series A, 5.00%, 06/01/35 |
|
|
500 |
|
|
|
540,385 |
|
| Counties of New York Tobacco Trust IV, Refunding RB, Settlement Pass-Through Turbo, Series A, 6.25%, 06/01/41(b) |
|
|
600 |
|
|
|
622,806 |
|
| County of Westchester New York Healthcare Corp., RB, Senior Lien, Series A, 5.00%, 11/01/44 |
|
|
281 |
|
|
|
298,898 |
|
| Metropolitan Transportation Authority, RB, Series B, 5.25%, 11/15/38 |
|
|
750 |
|
|
|
847,065 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| Metropolitan Transportation Authority, Refunding RB, Series C-1,
5.25%, 11/15/56 |
|
$ |
150 |
|
|
$ |
169,192 |
|
| New York Liberty Development Corp., Refunding RB: |
|
|
|
|
|
|
|
|
| 2nd Priority, Bank of America Tower at One Bryant Park Project, Class 3, 6.38%, 07/15/49 |
|
|
385 |
|
|
|
405,698 |
|
| 3 World Trade Center Project, Class 1,
5.00%, 11/15/44(b) |
|
|
1,365 |
|
|
|
1,440,130 |
|
| 3 World Trade Center Project, Class 2,
5.15%, 11/15/34(b) |
|
|
105 |
|
|
|
115,157 |
|
| 3 World Trade Center Project, Class 2,
5.38%, 11/15/40(b) |
|
|
265 |
|
|
|
291,405 |
|
| New York Transportation Development Corp., ARB, LaGuardia Airport Terminal B Redevelopment Project, Series A,
AMT, 5.25%, 01/01/50 |
|
|
1,000 |
|
|
|
1,082,730 |
|
| New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT,
5.00%, 08/01/20 |
|
|
250 |
|
|
|
262,652 |
|
| Niagara Area Development Corp., Refunding RB, Solid Waste Disposal Facility, Covanta Energy Project, Series
A, AMT, 5.25%, 11/01/42(b) |
|
|
330 |
|
|
|
332,640 |
|
| Port Authority of New York & New Jersey, ARB, Special Project, JFK International Air Terminal LLC
Project, Series 8: |
|
|
|
|
|
|
|
|
| 6.00%, 12/01/36 |
|
|
410 |
|
|
|
447,347 |
|
| 6.00%, 12/01/42 |
|
|
395 |
|
|
|
430,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,121,514 |
|
| North Carolina — 0.6% |
|
| North Carolina Medical Care Commission, RB, Health Care Facilities, Duke University Health System, Series A,
5.00%, 06/01/19(a) |
|
|
440 |
|
|
|
452,839 |
|
| North Carolina Medical Care Commission, Refunding RB, 1st Mortgage, Retirement Facilities Whitestone Project,
Series A, 7.75%, 03/01/21(a) |
|
|
185 |
|
|
|
211,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
664,762 |
|
| Ohio — 1.2% |
|
| Buckeye Tobacco Settlement Financing Authority, RB, Asset-Backed, Senior Turbo Term, Series A-2, 5.88%, 06/01/47 |
|
|
140 |
|
|
|
141,204 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Ohio (continued) |
|
| County of Franklin Ohio, RB, Health Care Facilities Improvement, OPRS Communities Obligation Group, Series A,
6.13%, 07/01/40 |
|
$ |
210 |
|
|
$ |
228,470 |
|
| County of Montgomery Ohio, Refunding RB, Catholic Health: |
|
|
|
|
|
|
|
|
| 5.00%, 05/01/19(a) |
|
|
310 |
|
|
|
317,955 |
|
| Series A, 5.00%, 05/01/39 |
|
|
575 |
|
|
|
583,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,271,081 |
|
| Oklahoma — 1.8% |
|
| Oklahoma Development Finance Authority, RB: |
|
|
|
|
|
|
|
|
| OU Medicine Project, Series B, 5.25%, 08/15/48 |
|
|
390 |
|
|
|
438,200 |
|
| Provident Oklahoma Education Resources, Inc., Cross Village Student Housing Project, Series A, 5.25%,
08/01/57 |
|
|
765 |
|
|
|
749,968 |
|
| Tulsa County Industrial Authority, Refunding RB, Montereau, Inc. Project, 5.25%, 11/15/45 |
|
|
585 |
|
|
|
643,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,831,633 |
|
| Oregon — 0.9% |
|
| County of Clackamas Oregon School District No. 12 North Clackamas, GO, CAB, Series A, 0.00%, 06/15/38(d) |
|
|
395 |
|
|
|
176,770 |
|
| State of Oregon Facilities Authority, RB, Student Housing,
CHF-Ashland, Southern Oregon University Project (AGM), 5.00%, 07/01/44 |
|
|
715 |
|
|
|
769,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
946,382 |
|
| Pennsylvania — 2.8% |
|
| City of Philadelphia Pennsylvania Hospitals & Higher Education Facilities Authority, RB, Temple
University Health System, Series A, 5.63%, 07/01/42 |
|
|
200 |
|
|
|
215,944 |
|
| County of Montgomery Higher Education & Health Authority, Refunding RB, Thomas Jefferson University,
Series A, 4.00%, 09/01/49 |
|
|
410 |
|
|
|
409,988 |
|
| Pennsylvania Economic Development Financing Authority, RB: |
|
|
|
|
|
|
|
|
| AMT, 5.00%, 06/30/42 |
|
|
650 |
|
|
|
706,082 |
|
| Aqua Pennsylvania, Inc. Project, Series B, 5.00%, 11/15/40 |
|
|
600 |
|
|
|
622,488 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Pennsylvania (continued) |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, National Gypsum Co., AMT, 5.50%,
11/01/44 |
|
$ |
480 |
|
|
$ |
506,121 |
|
| Pennsylvania Turnpike Commission, RB, Series A, 5.00%, 12/01/44 |
|
|
345 |
|
|
|
378,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,838,867 |
|
| Puerto Rico — 1.2% |
|
| Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds: |
|
|
|
|
|
|
|
|
| 5.50%, 05/15/39 |
|
|
255 |
|
|
|
256,663 |
|
| 5.63%, 05/15/43 |
|
|
920 |
|
|
|
928,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,184,685 |
|
| Rhode Island — 2.8% |
|
| Rhode Island Student Loan Authority, Refunding RB, Senior-Series A, AMT, 3.50%, 12/01/34 |
|
|
410 |
|
|
|
409,988 |
|
| Tobacco Settlement Financing Corp., Refunding RB, Series B: |
|
|
|
|
|
|
|
|
| 4.50%, 06/01/45 |
|
|
830 |
|
|
|
845,106 |
|
| 5.00%, 06/01/50 |
|
|
1,580 |
|
|
|
1,648,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,903,666 |
|
| South Carolina — 3.6% |
|
| State of South Carolina Ports Authority, ARB: |
|
|
|
|
|
|
|
|
| 5.25%, 07/01/20(a) |
|
|
1,040 |
|
|
|
1,109,420 |
|
| AMT, 5.25%, 07/01/55 |
|
|
405 |
|
|
|
449,226 |
|
| State of South Carolina Public Service Authority, RB: |
|
|
|
|
|
|
|
|
| Santee Cooper, Series A, 5.50%, 12/01/54 |
|
|
1,220 |
|
|
|
1,328,812 |
|
| Series E, 5.50%, 12/01/53 |
|
|
500 |
|
|
|
541,140 |
|
| State of South Carolina Public Service Authority, Refunding RB, Series E, 5.25%, 12/01/55 |
|
|
230 |
|
|
|
248,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,677,304 |
|
| Tennessee — 0.4% |
|
| City of Chattanooga Health Educational & Housing Facility Board, RB, Catholic Health Initiatives,
Series A, 5.25%, 01/01/45 |
|
|
430 |
|
|
|
459,244 |
|
|
|
|
|
|
|
|
|
|
| Texas — 12.3% |
|
| Central Texas Regional Mobility Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Senior Lien, 6.25%, 01/01/21(a) |
|
|
680 |
|
|
|
749,115 |
|
| Sub-Lien, 5.00%, 01/01/33 |
|
|
115 |
|
|
|
123,700 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| City of Houston Texas Airport System, Refunding ARB: |
|
|
|
|
|
|
|
|
| Senior Lien, Series A, 5.50%, 07/01/39 |
|
$ |
485 |
|
|
$ |
486,023 |
|
| United Airlines, Inc. Terminal E Project, AMT, 5.00%, 07/01/29 |
|
|
135 |
|
|
|
145,954 |
|
| City of Houston Texas Combined Utility System, Refunding RB, Combined 1st Lien, Series A (AGC)(a): |
|
|
|
|
|
|
|
|
| 6.00%, 05/15/19 |
|
|
2,585 |
|
|
|
2,674,880 |
|
| 6.00%, 11/15/35 |
|
|
145 |
|
|
|
150,088 |
|
| Clifton Higher Education Finance Corp., RB, Idea Public Schools, 6.00%, 08/15/43 |
|
|
230 |
|
|
|
255,887 |
|
| County of Harris Texas Cultural Education Facilities Finance Corp., RB, 1st Mortgage, Brazos Presbyterian
Homes, Inc. Project, Series B, 7.00%, 01/01/23(a) |
|
|
145 |
|
|
|
174,731 |
|
| County of Harris Texas-Houston Sports Authority, Refunding RB, CAB, Senior Lien, Series A (NPFGC) (AGM),
0.00%, 11/15/38(d) |
|
|
4,750 |
|
|
|
1,825,187 |
|
| County of Midland Texas Fresh Water Supply District No. 1, RB, CAB, City of Midland Projects, Series A,
0.00%, 09/15/37(d) |
|
|
4,485 |
|
|
|
2,003,584 |
|
| County of Tarrant Texas Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare(a): |
|
|
|
|
|
|
|
|
| 6.00%, 08/15/20 |
|
|
95 |
|
|
|
103,041 |
|
| 6.00%, 08/15/20 |
|
|
1,175 |
|
|
|
1,275,686 |
|
| Del Mar College District, GOL, Series B, 4.00%,
08/15/48(c) |
|
|
600 |
|
|
|
608,424 |
|
| La Vernia Higher Education Finance Corp., RB, Kipp, Inc., Series A, 6.38%, 08/15/19(a) |
|
|
500 |
|
|
|
524,165 |
|
| North Texas Tollway Authority, RB, CAB, Special Project System, Series B, 0.00%, 09/01/31(a)(d) |
|
|
640 |
|
|
|
274,355 |
|
| Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien: |
|
|
|
|
|
|
|
|
| Blueridge Transportation Group, AMT, 5.00%, 12/31/55 |
|
|
450 |
|
|
|
482,787 |
|
| LBJ Infrastructure Group LLC, 7.00%, 06/30/40 |
|
|
500 |
|
|
|
541,720 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien (continued): |
|
|
|
|
|
|
|
|
| NTE Mobility Partners LLC, North Tarrant Express Managed Lanes Project, 6.88%, 12/31/39 |
|
$ |
275 |
|
|
$ |
291,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,691,286 |
|
| Virginia — 2.2% |
|
| Ballston Quarter Community Development Authority, Tax Allocation Bonds, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 03/01/26 |
|
|
165 |
|
|
|
170,270 |
|
| 5.13%, 03/01/31 |
|
|
320 |
|
|
|
332,707 |
|
| Virginia Small Business Financing Authority, RB, Senior Lien, Elizabeth River Crossings OpCo LLC Project,
AMT: |
|
|
|
|
|
|
|
|
| 5.25%, 01/01/32 |
|
|
250 |
|
|
|
269,277 |
|
| 6.00%, 01/01/37 |
|
|
1,320 |
|
|
|
1,460,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,232,280 |
|
| Washington — 1.0% |
|
| Port of Seattle Washington, RB, Intermediate Lien, Series C, AMT, 5.00%, 04/01/40 |
|
|
235 |
|
|
|
257,107 |
|
| Washington Health Care Facilities Authority, RB, Catholic Health Initiatives, Series A, 5.75%,
01/01/45 |
|
|
715 |
|
|
|
782,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,039,188 |
|
| Wyoming — 1.0% |
|
| County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, Remarketing, 5.25%, 07/15/26 |
|
|
975 |
|
|
|
1,010,334 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds — 122.6%
(Cost — $117,884,242) |
|
|
|
125,965,213 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond Trusts (i) |
|
|
| California — 9.0% |
|
| California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/18(a)(j) |
|
|
855 |
|
|
|
860,252 |
|
| City & County of San Francisco California Public Utilities Commission, RB, Water Revenue, Series B,
5.00%, 11/01/19(a) |
|
|
2,970 |
|
|
|
3,101,521 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| California (continued) |
|
| City of Los Angeles California Department of Airports, ARB, Los Angeles International Airport, Series B, AMT,
5.00%, 05/15/46 |
|
$ |
2,000 |
|
|
$ |
2,219,420 |
|
| Sacramento Area Flood Control Agency, Refunding, Consolidated Capital Assessment District No. 2, Series
A, 5.00%, 10/01/43 |
|
|
2,160 |
|
|
|
2,461,810 |
|
| San Diego California Community College District, GO, Election of 2002, 5.25%, 08/01/19(a) |
|
|
553 |
|
|
|
574,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,217,438 |
|
| Colorado — 1.2% |
|
| County of Adams Colorado, COP, Refunding, 4.00%, 12/01/45 |
|
|
1,180 |
|
|
|
1,203,907 |
|
|
|
|
|
|
|
|
|
|
| Georgia — 1.0% |
|
| County of Dalton Whitfield Joint Development Authority, RB, Hamilton Health Care System Obligation, 4.00%,
08/15/48 |
|
|
1,025 |
|
|
|
1,046,199 |
|
|
|
|
|
|
|
|
|
|
| Idaho — 1.3% |
|
| Idaho State Building Authority, RB, State Office Campus Project, Series A, 4.00%, 09/01/48 |
|
|
1,330 |
|
|
|
1,380,267 |
|
|
|
|
|
|
|
|
|
|
| Illinois — 2.1% |
|
| State of Illinois Toll Highway Authority, RB, Series C, 5.00%, 01/01/38 |
|
|
1,997 |
|
|
|
2,199,140 |
|
|
|
|
|
|
|
|
|
|
| Iowa — 1.1% |
|
| Iowa Finance Authority, Refunding RB, UnityPoint Health, Series E, 4.00%, 08/15/46 |
|
|
1,125 |
|
|
|
1,127,891 |
|
|
|
|
|
|
|
|
|
|
| Massachusetts — 0.8% |
|
| Massachusetts School Building Authority, RB, Senior, Series B, 5.00%, 10/15/41 |
|
|
720 |
|
|
|
775,508 |
|
|
|
|
|
|
|
|
|
|
| New Hampshire — 0.6% |
|
| New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 06/01/19(a)(j) |
|
|
645 |
|
|
|
664,579 |
|
|
|
|
|
|
|
|
|
|
| New York — 7.7% |
|
| City of New York Municipal Water Finance Authority, Refunding RB, Water & Sewer System, 2nd General
Resolution, Series FF-2, 5.50%, 06/15/40 |
|
|
510 |
|
|
|
526,628 |
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| New York (continued) |
|
| Hudson Yards Infrastructure Corp., RB, Fiscal 2012, Series A, 5.75%, 02/15/47(j) |
|
$ |
500 |
|
|
$ |
546,763 |
|
| New York Liberty Development Corp., ARB, 1 World Trade Center Port Authority Consolidated Bonds, 5.25%,
12/15/43 |
|
|
3,375 |
|
|
|
3,694,957 |
|
| New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51(j) |
|
|
2,030 |
|
|
|
2,255,420 |
|
| Port Authority of New York & New Jersey, Refunding ARB, 194th Series, 5.25%, 10/15/55 |
|
|
810 |
|
|
|
922,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,946,412 |
|
| North Carolina — 1.6% |
|
| North Carolina Capital Facilities Finance Agency, Refunding RB, Duke University Project, Series B, 5.00%,
10/01/55 |
|
|
800 |
|
|
|
897,716 |
|
| North Carolina Housing Finance Agency, RB, S/F Housing, Series 39-B
(Ginnie Mae, Fannie Mae & Freddie Mac), 4.00%, 01/01/48 |
|
|
761 |
|
|
|
763,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,661,441 |
|
| Pennsylvania — 4.1% |
|
| County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/38 |
|
|
1,034 |
|
|
|
1,151,237 |
|
| Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%,
12/01/42 |
|
|
1,379 |
|
|
|
1,575,139 |
|
| Pennsylvania Turnpike Commission, Refunding RB, Sub Series B-2 (AGM),
5.00%, 06/01/35 |
|
|
1,280 |
|
|
|
1,443,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,169,691 |
|
| Rhode Island — 1.5% |
|
| Rhode Island Health & Educational Building Corp., RB, Series A, 4.00%, 09/15/47 |
|
|
1,532 |
|
|
|
1,550,182 |
|
|
|
|
|
|
|
|
|
|
| Texas — 5.1% |
|
| City of San Antonio Texas Electric and Gas Systems, RB, Junior Lien, 5.00%, 02/01/43 |
|
|
780 |
|
|
|
851,596 |
|
| County of Harris Texas, RB, Toll Road, Senior Lien, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 08/15/19(a)(j) |
|
|
1,214 |
|
|
|
1,250,572 |
|
| 5.00%, 08/15/38 |
|
|
928 |
|
|
|
956,580 |
|
| County of Harris Texas Metropolitan Transit Authority, Refunding RB, Series A, 5.00%, 11/01/41 |
|
|
1,080 |
|
|
|
1,169,186 |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Texas (continued) |
|
| University of Texas, Refunding RB, Financing System, Series B, 5.00%, 08/15/43 |
|
$ |
975 |
|
|
$ |
1,068,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,296,059 |
|
| Utah — 1.2% |
|
| City of Riverton Utah, RB, IHC Health Services, Inc., 5.00%, 08/15/19(a) |
|
|
1,155 |
|
|
|
1,195,355 |
|
|
|
|
|
|
|
|
|
|
| Virginia — 1.6% |
|
| Hampton Roads Transportation Accountability Commission, RB, Transportation Fund, Senior Lien, Series A,
5.50%, 07/01/57(j) |
|
|
1,413 |
|
|
|
1,680,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security |
|
Par
(000) |
|
|
Value |
|
| Washington — 2.4% |
|
| State of Washington, GO, Various Purposes, Series E, 5.00%, 02/01/19(a) |
|
$ |
2,400 |
|
|
$ |
2,441,816 |
|
|
|
|
|
|
|
|
|
|
| West Virginia — 1.2% |
|
| Morgantown Utility Board, Inc., RB, Series B, 4.00%,
12/01/48(j) |
|
|
1,161 |
|
|
|
1,166,236 |
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 43.5%
(Cost —
$43,506,924) |
|
|
|
44,722,749 |
|
|
|
|
|
|
|
|
|
|
| Total Long-Term Investments — 166.1%
(Cost — $161,391,166) |
|
|
|
170,687,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
|
|
| Short-Term Securities — 0.4% |
|
| BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.85%(k)(l) |
|
|
384,246 |
|
|
$ |
384,323 |
|
|
|
|
|
|
|
|
|
|
| Total Short-Term Securities — 0.4%
(Cost — $384,314) |
|
|
|
384,323 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments — 166.5%
(Cost — $161,775,480) |
|
|
|
171,072,285 |
|
| Other Assets Less Liabilities — 0.7% |
|
|
|
806,654 |
|
| Liability for TOB Trust Certificates, Including
Interest Expense and Fees
Payable —
(25.5)% |
|
|
|
(26,203,733 |
) |
| VMTP Shares, at Liquidation Value — (41.7)% |
|
|
|
(42,900,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
102,775,206 |
|
|
|
|
|
|
|
|
|
|
| (a) |
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. |
| (b) |
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. |
| (c) |
When-issued security. |
| (e) |
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. |
| (f) |
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. |
| (g) |
Issuer filed for bankruptcy and/or is in default. |
| (h) |
Non-income producing 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 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 October 1, 2018 to February 15, 2031, is $5,634,031. |
| (k) |
Annualized 7-day yield as of period end. |
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD) |
| (l) |
During the period ended July 31, 2018, investments in issuers considered to be an affiliate of the Trust for purposes
of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliate |
|
Shares
Held at
04/30/18 |
|
|
Net
Activity |
|
|
Shares
Held at
07/31/18 |
|
|
Value at
07/31/18 |
|
|
Income |
|
|
Net Realized
Gain
(Loss)(a) |
|
|
Change in
Unrealized
Appreciation
(Depreciation) |
|
| BlackRock Liquidity Funds, MuniCash,
Institutional Class |
|
|
2,080,792 |
|
|
|
(1,696,546 |
) |
|
|
384,246 |
|
|
$ |
384,323 |
|
|
$ |
1,967 |
|
|
$ |
192 |
|
|
$ |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
Includes net capital gain distributions, if applicable. |
|
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 |
|
|
14 |
|
|
09/19/18 |
|
$ |
1,672 |
|
|
|
|
|
|
$ |
5,930 |
|
| Long U.S. Treasury Bond |
|
|
33 |
|
|
09/19/18 |
|
|
4,718 |
|
|
|
|
|
|
|
(81 |
) |
| 5-Year U.S. Treasury Note |
|
|
9 |
|
|
09/28/18 |
|
|
1,018 |
|
|
|
|
|
|
|
2,637 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,486 |
|
|
|
|
|
|
|
|
|
|
|
Portfolio Abbreviations
|
|
|
| AGC |
|
Assured Guarantee Corp. |
| AGM |
|
Assured Guaranty Municipal Corp. |
| AMT |
|
Alternative Minimum Tax (subject to) |
| ARB |
|
Airport Revenue Bonds |
| BAM |
|
Build America Mutual Assurance Co. |
| CAB |
|
Capital Appreciation Bonds |
| COP |
|
Certificates of Participation |
| EDA |
|
Economic Development Authority |
| EDC |
|
Economic Development Corp. |
| GARB |
|
General Airport Revenue Bonds |
| GO |
|
General Obligation Bonds |
| GTD |
|
Guaranteed |
| HFA |
|
Housing Finance Agency |
| IDA |
|
Industrial Development Authority |
| LRB |
|
Lease Revenue Bonds |
| M/F |
|
Multi-Family |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative 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 quoted prices in active markets/exchanges for identical assets or liabilities that 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 Trust’s own assumptions used in determining the fair value of investments and derivative 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 BlackRock Global Valuation Methodologies Committee (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. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with each Fund’s policy, transfers
between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing
transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and
derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.
The following tables summarize the
Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
| Investments: |
|
| Long-Term Investments(a) |
|
$ |
— |
|
|
$ |
170,687,962 |
|
|
$ |
— |
|
|
$ |
170,687,962 |
|
| Short-Term Securities |
|
|
384,323 |
|
|
|
— |
|
|
|
— |
|
|
|
384,323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
384,323 |
|
|
$ |
170,687,962 |
|
|
$ |
— |
|
|
$ |
171,072,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Derivative Financial
Instruments(b) |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
8,567 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,567 |
|
| Liabilities: |
|
| Interest rate contracts |
|
|
(81 |
) |
|
|
— |
|
|
|
— |
|
|
|
(81 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
8,486 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
(a) |
See above Schedule of Investments for values in each state or political subdivision |
|
| |
(b) |
Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on
the instrument. |
|
|
|
|
| Schedule of Investments (unaudited) (continued)
July 31, 2018 |
|
BlackRock Strategic Municipal Trust (BSD) |
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying
amount for financial statement 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 |
|
$ |
— |
|
|
$ |
(26,135,497 |
) |
|
$ |
— |
|
|
$ |
(26,135,497 |
) |
| VMTP Shares at Liquidation Value |
|
|
— |
|
|
|
(42,900,000 |
) |
|
|
— |
|
|
|
(42,900,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
(69,035,497 |
) |
|
$ |
— |
|
|
$ |
(69,035,497 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the period ended July 31, 2018, there were no transfers between levels.
|
|
|
| Item 2 – |
|
Controls and Procedures |
|
|
| 2(a) – |
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
|
|
| 2(b) – |
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal
quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
|
|
| Item 3 – |
|
Exhibits |
|
|
|
|
Certifications – Attached hereto |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
| BlackRock Strategic Municipal Trust |
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of
BlackRock Strategic Municipal Trust |
Date: September 20, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of
BlackRock Strategic Municipal Trust |
Date: September 20, 2018
|
|
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Finaancial Officer (principal financial officer) of
BlackRock Strategic Municipal Trust |
Date: September 20, 2018