UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
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: The 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, The BlackRock
Strategic Municipal Trust, 55 East 52nd Street, New York, NY 10055
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 04/30/2011
Date of reporting period: 01/31/2011
Item 1 Schedule of Investments
BlackRock Strategic Municipal Trust (BSD) | |||||||
Schedule of Investments January 31, 2011 (Unaudited) | (Percentages shown are based on Net Assets) | ||||||
Par | Par | ||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | ||
Alabama 0.7% | California (concluded) | ||||||
Alabama State Docks Department, | Los Angeles Unified School District | ||||||
Refunding RB, 6.00%, 10/01/40 | $ 655 | $ 640,734 | California, GO, Series D, 5.00%, | ||||
Arizona 3.5% | 7/01/26 | $ 1,585 | $ 1,549,956 | ||||
Maricopa County Pollution Control Corp., | San Francisco City & County Public | ||||||
Refunding RB, Southern California | Utilities Commission, RB, Series B, | ||||||
Edison Co., Series A, 5.00%, 6/01/35 | 540 | 508,113 | 5.00%, 11/01/39 | 2,965 | 2,834,243 | ||
Salt River Project Agricultural | State of California, GO, Various Purpose: | ||||||
Improvement & Power District, RB, | 6.00%, 3/01/33 | 800 | 813,952 | ||||
Series A, 5.00%, 1/01/38 | 625 | 612,294 | 6.50%, 4/01/33 | 650 | 687,420 | ||
Salt Verde Financial Corp., RB, Senior, | University of California, RB, Limited | ||||||
5.00%, 12/01/37 | 1,320 | 1,118,594 | Project, Series B, 4.75%, 5/15/38 | 1,285 | 1,152,876 | ||
San Luis Facility Development | West Valley-Mission Community College | ||||||
Corp., RB, Senior Lien, | District, GO, Election of 2004, | ||||||
Regional Detention | Series A (AGM), 4.75%, 8/01/30 | 3,350 | 3,036,875 | ||||
Center Project: | |||||||
6.25%, 5/01/15 | 210 | 202,213 | 14,159,474 | ||||
7.00%, 5/01/20 | 210 | 199,767 | Colorado 6.3% | ||||
7.25%, 5/01/27 | 420 | 391,054 | City of Colorado Springs Colorado, RB, | ||||
3,032,035 | Subordinate Lien, Improvement, | ||||||
Arkansas 0.6% | Series C (AGM), 5.00%, 11/15/45 | 395 | 379,259 | ||||
County of Little River Arkansas, | Colorado Health Facilities Authority, | ||||||
Refunding RB, Georgia-Pacific Corp. | Refunding RB: | ||||||
Catholic Healthcare, Series A, | |||||||
Project, AMT, 5.60%, 10/01/26 | 525 | 480,386 | 5.50%, 7/01/34 | 680 | 664,217 | ||
California 16.2% | Sisters of Leavenworth, Series A, | ||||||
Bay Area Toll Authority, Refunding RB, | 5.00%, 1/01/40 | 690 | 608,635 | ||||
San Francisco Bay Area, Series F-1, | Northwest Parkway Public Highway | ||||||
5.63%, 4/01/44 | 720 | 730,051 | Authority Colorado, RB, CAB, Senior | ||||
California County Tobacco Securitization | Series B (AGM), 6.30%, | ||||||
Agency, RB, CAB, Stanislaus, Sub- | 6/15/11 (a)(c) | 10,000 | 3,123,400 | ||||
Series C, 6.30%, 6/01/55 (a) | 3,095 | 17,642 | Park Creek Metropolitan District | ||||
California Health Facilities Financing | Colorado, Refunding RB, Senior, | ||||||
Authority, Refunding RB, Sutter | Limited Tax, Property Tax, 5.50%, | ||||||
Health, Series B, 6.00%, 8/15/42 (b) | 1,010 | 991,739 | 12/01/37 | 440 | 377,507 | ||
California State Public Works Board, RB, | Regional Transportation District, COP, | ||||||
Various Capital Projects, Sub-Series | Series A, 5.38%, 6/01/31 | 320 | 312,058 | ||||
I-1, 6.38%, 11/01/34 | 375 | 381,488 | |||||
Los Angeles Department of Airports, RB, | 5,465,076 | ||||||
Series A, 5.25%, 5/15/39 | 250 | 239,338 | Delaware 2.2% | ||||
Los Angeles Department of Airports, | County of Sussex Delaware, RB, NRG | ||||||
Refunding RB, Senior, Los Angeles | Energy, Inc., Indian River Project, | ||||||
International Airport, Series A, 5.00%, | 6.00%, 10/01/40 | 820 | 787,069 | ||||
5/15/40 | 1,875 | 1,723,894 |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated
according to the following list:
ACA | ACA Financial Guaranty Corp. | ERB | Education Revenue Bonds |
AGC | Assured Guaranty Corp. | GO | General Obligation Bonds |
AGM | Assured Guaranty Municipal Corp. | HDA | Housing Development Authority |
AMBAC | American Municipal Bond Assurance Corp. | IDA | Industrial Development Authority |
AMT | Alternative Minimum Tax (subject to) | ISD | Independent School District |
CAB | Capital Appreciation Bonds | NPFGC | National Public Finance Guarantee Corp. |
COP | Certificates of Participation | PSF-GTD | Permanent School Fund Guaranteed |
EDA | Economic Development Authority | RB | Revenue Bonds |
EDC | Economic Development Corp. | TE | Tax-Exempt |
BLACKROCK STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011 1
BlackRock Strategic Municipal Trust (BSD) | ||||||
Schedule of Investments(continued) | (Percentages shown are based on Net Assets) | |||||
Par | Par | |||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | |
Delaware (concluded) | Illinois (concluded) | |||||
Delaware State EDA, RB, Exempt | Illinois Finance Authority, RB | |||||
Facilities, Indian River Power, 5.38%, | (concluded) : | |||||
10/01/45 | $ 1,280 | $ 1,128,269 | Northwestern University, 5.00%, | |||
1,915,338 | Illinois 12/01/33 Finance Authority, Refunding RB: | $ 5,000 | $ 5,002,250 | |||
District of Columbia 0.7% | Central DuPage Health, Series B, | |||||
Metropolitan Washington Airports | 5.50%, 11/01/39 | 2,500 | 2,352,250 | |||
Authority, RB, First Senior Lien, | Friendship Village Schaumburg, | |||||
Series A: | Series A, 5.63%, 2/15/37 | 145 | 110,204 | |||
5.00%, 10/01/39 | 160 | 150,045 | Metropolitan Pier & Exposition Authority, | |||
5.25%, 10/01/44 | 465 | 449,301 | Refunding RB (AGM), McCormick | |||
599,346 | Place Expansion Project: | |||||
Florida 8.5% | CAB, Series B, 6.25%, 6/15/44 (a) | 2,980 | 302,858 | |||
Arborwood Community Development | Series B, 5.00%, 6/15/50 | 990 | 839,718 | |||
District, Special Assessment Bonds, | Series B-2, 5.00%, 6/15/50 | 785 | 644,776 | |||
Master Infrastructure Projects, | Railsplitter Tobacco Settlement | |||||
Series B, 5.10%, 5/01/14 | 1,405 | 1,130,309 | Authority, RB: | |||
County of Miami-Dade Florida, | 5.50%, 6/01/23 | 425 | 402,377 | |||
Refunding RB, Miami International | 6.00%, 6/01/28 | 365 | 348,334 | |||
Airport, Series A-1, 5.38%, 10/01/41 | 370 | 343,171 | State of Illinois, RB, Build Illinois, | |||
Series B, 5.25%, 6/15/34 | 200 | 187,218 | ||||
Hillsborough County IDA, RB, National | ||||||
Gypsum Co., Series A, AMT, 7.13%, | 10,753,137 | |||||
4/01/30 | 3,300 | 2,933,469 | Indiana 2.3% | |||
Miami Beach Health Facilities Authority, | Indiana Finance Authority, RB, Sisters of | |||||
RB, Mount Sinai Medical Center of | St. Francis Health, 5.25%, 11/01/39 | 270 | 244,782 | |||
Florida, 6.75%, 11/15/21 | 1,170 | 1,166,303 | Indiana Finance Authority, Refunding | |||
Mid-Bay Bridge Authority, RB, Series A, | RB, Ascension Health Senior Credit, | |||||
7.25%, 10/01/40 (b) | 720 | 707,414 | Series B-5, 5.00%, 11/15/36 | 500 | 444,335 | |
Sumter Landing Community | Indiana Health Facility Financing | |||||
Development District Florida, RB, Sub- | Authority, Refunding RB, Methodist | |||||
Series B, 5.70%, 10/01/38 | 1,540 | 1,151,658 | Hospital Inc., 5.38%, 9/15/22 | 1,060 | 955,675 | |
7,432,324 | Indiana Municipal Power Agency, RB, | |||||
Series B, 6.00%, 1/01/39 | 350 | 360,636 | ||||
Georgia 2.0% | ||||||
De Kalb Private Hospital Authority, | 2,005,428 | |||||
Refunding RB, Children's Healthcare, | Kansas 0.6% | |||||
5.25%, 11/15/39 | 265 | 246,087 | Kansas Development Finance Authority, | |||
Metropolitan Atlanta Rapid Transit | Refunding RB, Sisters of Leavenworth, | |||||
7/01/39 Authority, RB, Third Series, 5.00%, | 1,095 | 1,062,632 | Series A, 5.00%, 1/01/40 | 525 | 483,630 | |
Private Colleges & Universities Authority, | Kentucky 8.5% | |||||
Refunding RB, Emory University, | Kentucky Economic Development | |||||
Series C, 5.00%, 9/01/38 | 485 | 475,028 | Finance Norton Authority, Healthcare Refunding Inc., Series RB: B | |||
1,783,747 | (NPFGC), 6.20%, 10/01/24 (a) | 16,870 | 7,138,541 | |||
Guam 0.8% | Owensboro Medical Health System, | |||||
Territory of Guam, GO, Series A: | Series A, 6.38%, 6/01/40 | 320 | 300,467 | |||
6.00%, 11/15/19 | 200 | 203,668 | ||||
6.75%, 11/15/29 | 290 | 306,072 | 7,439,008 | |||
7.00%, 11/15/39 | 195 | 208,199 | Louisiana Louisiana Local 1.2% Government | |||
717,939 | Environmental Facilities & Community | |||||
Hawaii 0.5% | Development Authority, RB, Westlake | |||||
State of Hawaii, Refunding RB, Series A, | Chemical Corp., Series A-1, 6.50%, | |||||
5.25%, 7/01/30 | 425 | 408,476 | 11/01/35 | 1,055 | 1,044,492 | |
Illinois 12.3% | Maryland 3.7% | |||||
Illinois Finance Authority, RB: | Maryland Community Development | |||||
MJH Education Assistance IV LLC, | Administration, Refunding RB, | |||||
Sub-Series B, 5.38%, | Residential, Series A, AMT, 4.70%, | |||||
6/01/35 (d)(e) | 300 | 80,553 | 9/01/37 | 2,500 | 2,172,650 | |
Navistar International, Recovery | ||||||
Zone, 6.50%, 10/15/40 | 485 | 482,599 |
2 BLACKROCK STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011
BlackRock Strategic Municipal Trust (BSD) | |||||||
Schedule of Investments(continued) | (Percentages shown are based on Net Assets) | ||||||
Par | Par | ||||||
Municipal Bonds | (000) | Value | Municipal Bonds | (000) | Value | ||
Maryland (concluded) | New Jersey (concluded) | ||||||
Maryland EDC, RB, Transportation | Tobacco Settlement Financing Corp. | ||||||
Facilities Project, Series A, 5.75%, | New Jersey, Refunding RB, Series 1A, | ||||||
6/01/35 | $ 135 | $ 123,000 | 4.50%, 6/01/23 | $ 800 | $ 668,016 | ||
Maryland Marine Terminals, EDC, Refunding Inc., 5.75%, RB, CNX | 4,250,184 | ||||||
9/01/25 | 260 | 242,018 | New York 5.4% | ||||
Maryland Health & Higher Educational | Albany Industrial Development Agency, | ||||||
Facilities Authority, Refunding RB, | RB, New Covenant Charter School | ||||||
Charlestown Community, 6.25%, | Project, Series A, 7.00%, | ||||||
1/01/41 | 690 | 655,169 | 5/01/35 (d)(e) | 315 | 94,500 | ||
3,192,837 | Metropolitan Transportation Authority, | ||||||
Refunding RB, Transportation, | |||||||
Massachusetts 0.6% | Series D, 5.25%, 11/15/40 | 385 | 352,059 | ||||
Massachusetts Health & Educational | New York City Industrial Development | ||||||
Facilities Authority, Refunding RB, | Agency, RB, American Airlines Inc. , | ||||||
Partners Healthcare, Series J1, | JFK International Airport, AMT, 7.75%, | ||||||
5.00%, 7/01/39 | 570 | 510,469 | 8/01/31 (h) | 3,000 | 3,121,830 | ||
Michigan 2.4% | New York Liberty Development Corp., | ||||||
Kalamazoo Hospital Finance Authority, | Refunding RB, Second Priority, Bank | ||||||
Refunding RB, Bronson Methodist | of America Tower at One Bryant Park | ||||||
Hospital, 5.50%, 5/15/36 | 435 | 403,110 | Project, 6.38%, 7/15/49 | 385 | 386,936 | ||
Michigan State Hospital Finance | Port Authority of New York & New Jersey, | ||||||
Authority, Refunding RB, | RB, JFK International Air Terminal: | ||||||
Henry Ford Health System, | 6.00%, 12/01/36 | 410 | 393,260 | ||||
Series A, 5.25%, | 6.00%, 12/01/42 | 395 | 372,829 | ||||
11/15/46 | 730 | 607,068 | |||||
Royal Oak Hospital Finance Authority | 4,721,414 | ||||||
Michigan, Refunding RB, William | North Carolina 1.5% | ||||||
Beaumont Hospital, 8.25%, 9/01/39 | 1,000 | 1,113,510 | North Carolina Capital Facilities Finance | ||||
2,123,688 | Agency, RB, Duke Energy Carolinas, | ||||||
Missouri 0.3% | Series B, 4.38%, 10/01/31 | 505 | 450,228 | ||||
Missouri State Health & Educational | North Carolina Capital Facilities Finance | ||||||
Facilities Authority, RB, Senior Living | Agency, Refunding RB, Duke Energy | ||||||
Facilities, Lutheran | Carolinas, Series B, 4.63%, 11/01/40 | 505 | 445,642 | ||||
Senior Home, | North Carolina Medical Care | ||||||
5.50%, 2/01/42 | 330 | 289,377 | Commission, RB, Duke University | ||||
Montana 0.7% | Health System, Series A, 5.00%, | ||||||
Montana Facility Finance Authority, | 6/01/42 | 440 | 402,992 | ||||
Refunding RB, Sisters of Leavenworth, | 1,298,862 | ||||||
Series A, 4.75%, 1/01/40 | 715 | 633,068 | Ohio 2.0% | ||||
Multi-State 3.9% | County of Montgomery Ohio, Refunding | ||||||
MuniMae TE Bond Subsidiary LLC, | RB, Catholic Healthcare, Series A, | ||||||
7.50%, 6/30/49 (f)(g)(h) | 3,674 | 3,416,953 | 5.00%, 5/01/39 | 885 | 804,208 | ||
Nebraska 0.8% | State of Ohio, RB, Ford Motor Co. | ||||||
Douglas County Hospital Authority No. 2, | Project, AMT, 5.75%, 4/01/35 | 1,000 | 900,700 | ||||
RB, Health Facilities, Immanuel | 1,704,908 | ||||||
Obligation Group, 5.63%, 1/01/40 | 720 | 671,911 | Oklahoma 1.4% | ||||
Nevada 0.9% | Tulsa Airports Improvement Trust, RB, | ||||||
County of Clark Nevada, Refunding RB, | Series A, Mandatory Put Bonds, AMT, | ||||||
Alexander Dawson School Nevada | 7.75%, 6/01/35 (h) | 1,225 | 1,239,296 | ||||
Project, 5.00%, 5/15/29 | 880 | 801,205 | Pennsylvania 6.9% | ||||
New Jersey 4.9% | Allegheny County Hospital Development | ||||||
Middlesex County Improvement | Authority, Refunding RB, Health | ||||||
Authority, RB, Subordinate, Heldrich | System, West Penn, Series A, 5.38%, | ||||||
Center Hotel, Series B, 6.25%, | 11/15/40 | 1,000 | 664,560 | ||||
1/01/37 (d)(e) | 645 | 89,287 | Pennsylvania Economic Development | ||||
New Jersey EDA, RB: | Financing Authority, RB: | ||||||
Cigarette Tax, 5.50%, 6/15/24 | 1,790 | 1,645,028 | Amtrak Project, Series A, AMT, | ||||
Continental Airlines Inc. Project, | 6.50%, 11/01/16 | 1,000 | 1,017,210 | ||||
AMT, 6.63%, 9/15/12 | 500 | 502,880 | Amtrak Project, Series A, AMT, | ||||
New Jersey State Turnpike Authority, RB, | 6.13%, 11/01/21 | 700 | 707,077 | ||||
Series E, 5.25%, 1/01/40 | 1,355 | 1,344,973 |
BLACKROCK STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011 3
BlackRock Strategic Municipal Trust (BSD) | |||||||
Schedule of Investments(continued) | (Percentages shown are based on Net Assets) | ||||||
Par | Senior Lien, NTE Mobility Partners | ||||||
Municipal Bonds | (000) | Value | Managed LLC, North Lanes Tarrant Project, Express | ||||
Pennsylvania (concluded) | 6.88%, 12/31/39 | 1,220 | 1,216,108 | ||||
Pennsylvania Economic Development | Par | ||||||
Financing Authority, RB, (concluded) : | Municipal Bonds | (000) | Value | ||||
Amtrak Project, Series A, AMT, | |||||||
6.25%, 11/01/31 | $ 1,000 | $ 1,000,950 | Texas (concluded) | ||||
Aqua Pennsylvania Inc. Project, | Texas State Public Finance Authority, | ||||||
5.00%, 11/15/40 | 600 | 573,138 | Refunding ERB, KIPP Inc., Series A | ||||
Pennsylvania Turnpike Commission, RB, | (ACA), 5.00%, 2/15/36 | $ 500 | $ 408,390 | ||||
Sub-Series B, 5.25%, 6/01/39 | 2,175 | 2,058,463 | 15,246,564 | ||||
6,021,398 | |||||||
Utah 1.2% | |||||||
Puerto Rico 3.2% | City of Riverton Utah, RB, IHC Health | ||||||
Commonwealth of Puerto Rico, GO, | Services Inc., 5.00%, 8/15/41 | 1,150 | 1,052,699 | ||||
Refunding, Public Improvement, | Virginia 4.1% | ||||||
Series C, 6.00%, 7/01/39 | 940 | 917,421 | City of Norfolk Virginia, Refunding RB, | ||||
Puerto Rico Sales Tax Financing Corp., | Series B (AMBAC), 5.50%, 2/01/31 | 355 | 319,241 | ||||
RB, First Sub-Series A, 6.50%, | University of Virginia, Refunding RB, | ||||||
8/01/44 | 1,770 | 1,831,826 | General, 5.00%, 6/01/40 | 2,500 | 2,525,825 | ||
2,749,247 | Virginia HDA, RB, Sub-Series H-1 | ||||||
South Carolina 4.4% | (NPFGC), 5.35%, 7/01/31 | 750 | 750,720 | ||||
South Carolina Jobs-EDA, Refunding RB, | 3,595,786 | ||||||
Palmetto Health, Series C (c): | Wisconsin 2.3% | ||||||
7.00%, 8/01/13 | 2,225 | 2,541,128 | Wisconsin Health & Educational | ||||
7.00%, 8/01/13 | 275 | 315,469 | Facilities Authority, RB, Ascension | ||||
South Carolina State Ports Authority, RB, | Health Credit Group, Series A, 5.00%, | ||||||
5.25%, 7/01/40 | 1,040 | 997,870 | 11/15/31 | 2,165 | 1,996,455 | ||
3,854,467 | Wyoming 1.2% | ||||||
Texas 17.5% | County of Sweetwater Wyoming, | ||||||
Brazos River Authority, RB, TXU Electric, | Refunding RB, Idaho Power Co. | ||||||
Series A, AMT, 8.25%, 10/01/30 | 730 | 272,115 | Project, 5.25%, 7/15/26 | 975 | 987,704 | ||
Brazos River Authority, Refunding RB, | Wyoming Municipal Power Agency, RB, | ||||||
Mandatory TXU Electric Put Co. Bonds, Project, AMT, Series 5.75%, C, | Series A, 5.00%, 1/01/42 | 95 | 85,509 | ||||
5/01/36 (h) | 705 | 663,567 | 1,073,213 | ||||
City of Dallas Texas, Refunding RB, | Total Municipal Bonds 136.2% | 118,804,571 | |||||
5.00%, 10/01/35 | 475 | 474,297 | |||||
City of Houston Texas, RB, Senior Lien, | |||||||
Series A, 5.50%, 7/01/39 | 485 | 486,145 | |||||
City of Houston Texas, Refunding RB, | Municipal Bonds Transferred to Tender | ||||||
6.00%, Combined, 11/15/35 First Lien, Series A (AGC), | 2,730 | 2,949,683 | Option Bond Trusts (i) | ||||
Harris County-Houston Sports Authority, | Alabama 0.8% | ||||||
Refunding RB, CAB, Senior Lien, | Alabama Special Care Facilities | ||||||
Series A (NPFGC), 6.18%, | Financing Authority-Birmingham, | ||||||
11/15/38 (a) | 4,750 | 562,020 | Refunding RB, Ascension Health | ||||
La Joya ISD Texas, GO (PSF-GTD), | Senior Credit, Series C-2, 5.00%, | ||||||
5.00%, 2/15/34 | 4,060 | 4,066,699 | 11/15/36 | 760 | 709,570 | ||
La Vernia Higher Education Finance | California 2.4% | ||||||
Corp., RB, KIPP Inc., 6.38%, 8/15/44 | 500 | 488,825 | California Educational Facilities | ||||
North Texas Tollway Authority, RB, Toll, | Authority, RB, University of Southern | ||||||
Second Tier, Series F, 6.13%, | California, Series A, 5.25%, 10/01/39 | 855 | 861,370 | ||||
1/01/31 | 1,025 | 1,026,435 | Los Angeles Community College District | ||||
Tarrant County Cultural Education | California, GO, Election of 2001, | ||||||
Facilities Finance Corp., RB, Scott & | Series A (AGM), 5.00%, 8/01/32 | 740 | 697,235 | ||||
White Healthcare, 6.00%, 8/15/45 | 1,270 | 1,268,120 | San Diego Community College District | ||||
Texas Private Activity Bond Surface | California, GO, Election of 2002, | ||||||
Transportation Senior Lien, LBJ Corp. Infrastructure , RB: | 5.25%, 8/01/33 | 553 | 556,384 | ||||
Group LLC, LBJ Freeway Managed | 2,114,989 | ||||||
Lanes Project, 7.00%, 6/30/40 | 1,355 | 1,364,160 | Colorado 2.1% | ||||
Colorado Health Facilities Authority, RB, | |||||||
Catholic Health (AGM),: | |||||||
Series C-3, 5.10%, 10/01/41 | 1,210 | 1,106,896 |
4 BLACKROCK STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011
BlackRock Strategic Municipal Trust (BSD) | ||||||||
Schedule of Investments(continued) | (Percentages shown are based on Net Assets) | |||||||
Municipal Bonds Transferred to Tender | Par | |||||||
Option Bond Trusts (i) | (000) | Value | Short-Term Securities | Shares | Value | |||
Colorado (concluded) | FFI Institutional Tax-Exempt Fund, | |||||||
Colorado Health Facilities Authority, RB, | 0.15% (j)(k) | 1,825,071 | $ 1,825,071 | |||||
Catholic Health (AGM) (concluded) : | Total Short-Term Securities | |||||||
Series C-7, 5.00%, 9/01/36 | $ 780 | $ 716,734 | (Cost $1,825,071) 2.1% | 1,825,071 | ||||
1,823,630 | Total Investments | |||||||
Connecticut 3.6% | (Cost $151,012,795*) 165.1% | 143,996,243 | ||||||
Connecticut State Health & Educational | Liabilities in Excess of Other Assets (0.3)% | (266,061) | ||||||
Facility Authority, RB, Yale University: | ||||||||
Series T-1, 4.70%, 7/01/29 | 1,580 | 1,590,902 | Liability for Trust Certificates, Including Interest | |||||
Series X-3, 4.85%, 7/01/37 | 1,540 | 1,541,448 | Expense and Fees Payable (15.5)% | (13,557,984) | ||||
3,132,350 | Preferred Shares, at Redemption Value (49.3)% | (42,977,602) | ||||||
Net Assets Applicable to Common Shares 100.0% | $ 87,194,596 | |||||||
Illinois 1.6% | ||||||||
Chicago Housing Authority, Refunding | * The cost and unrealized appreciation (depreciation) of investments as of | |||||||
RB (AGM), 5.00%, 7/01/24 | 1,424 | 1,417,506 | January 31, 2011, as computed for federal income tax purposes, were as | |||||
Massachusetts 2.2% | follows: | |||||||
Massachusetts Water Resources | Aggregate cost | $ 137,143,020 | ||||||
Authority, Refunding RB, General, | Gross unrealized appreciation | $ 1,316,144 | ||||||
Series A, 5.00%, 8/01/41 | 1,980 | 1,955,567 | Gross unrealized depreciation | (8,009,085) | ||||
New Hampshire 0.8% | Net unrealized depreciation | $ (6,692,941) | ||||||
New Hampshire Health & Education | (a) Represents a zero-coupon bond. Rate shown reflects the current yield as | |||||||
Facilities Authority, Refunding RB, | of report date. | |||||||
Dartmouth College, 5.25%, 6/01/39 | 645 | 657,713 | (b) When-issued security. Unsettled when-issued transactions were as | |||||
New York 3.6% | follows: | |||||||
New York City Municipal Water Finance | Unrealized | |||||||
Authority, RB, Series FF-2, 5.50%, | Counterparty | Value | Appreciation | |||||
6/15/40 | 510 | 521,145 | Morgan Stanley Co. Inc. | $ 991,739 | $ 9,585 | |||
New York State Dormitory Authority, | Goldman Sachs Co. | $ 707,414 | $ 8,813 | |||||
ERB, Series F, 5.00%, 3/15/35 | 2,685 | 2,618,490 | ||||||
3,139,635 | (c) US government securities, held in escrow, are used to pay interest on this | |||||||
Tennessee 1.4% | security as well as to retire the bond in full at the date indicated, typically | |||||||
Shelby County Health Educational & | at a premium to par. | |||||||
Housing Facilities Board, Refunding | (d) Issuer filed for bankruptcy and/or is in default of interest payments. | |||||||
RB, St. Jude's Children's | (e) Non-income producing security. | |||||||
Research Hospital, | (f) Security exempt from registration under Rule 144A of the Securities Act | |||||||
5.00%, 7/01/31 | 1,280 | 1,254,285 | of 1933. These securities may be resold in transactions exempt from | |||||
Texas 2.4% | registration to qualified institutional investors. | |||||||
County of Harris Texas, RB, Senior Lien, | (g) Security represents a beneficial interest in a trust. The collateral | |||||||
Toll Road, Series A, 5.00%, 8/15/38 | 2,140 | 2,059,493 | deposited into the trust is federally tax-exempt revenue bonds issued by | |||||
Virginia 2.1% | various state or local governments, or their respective agencies or | |||||||
University of Virginia, | authorities. The security is subject to remarketing prior to its stated | |||||||
Refunding RB, | maturity. | |||||||
General, 5.00%, 6/01/40 | 1,790 | 1,808,491 | (h) Variable rate security. Rate shown is as of report date. | |||||
Washington 3.8% | (i) Securities represent bonds transferred to a tender option bond trust in | |||||||
Central Puget Sound Regional Transit | exchange for which the Trust acquired residual interest certificates. | |||||||
Authority, RB, Series A (AGM), 5.00%, | These securities serve as collateral in a financing transaction. | |||||||
11/01/32 | 900 | 893,852 | ||||||
State of Washington, GO, Various | ||||||||
Purpose, Series E, 5.00%, 2/01/34 | 2,400 | 2,399,520 | ||||||
3,293,372 | ||||||||
Total Municipal Bonds Transferred to | ||||||||
Tender Option Bond Trusts 26.8% | 23,366,601 | |||||||
Total Long-Term Investments | ||||||||
(Cost $149,187,724) 163.0% | 142,171,172 |
BLACKROCK STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011 5
BlackRock Strategic Municipal Trust (BSD)
Scheduleof Investments(concluded)
(j) Investments in companies considered to be an affiliate of the Trust
during the period, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, as amended, were as follows:
Shares | Shares | |||
Held at | Held at | |||
April 30, | Net | January 31, | ||
Affiliate | 2010 | Activity | 2011 | Income |
FFI Institutional | ||||
Tax-Exempt | ||||
Fund | 1,940,417 | (115,346) | 1,825,071 | $ 2,923 |
(k) Represents the current yield as of report date.
Fair Value Measurements - Various inputs are used in determining the fair
value of investments, which are as follows:
Level 1 price quotations in active markets/exchanges for identical
assets and liabilities
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 Trust's own assumptions used in determining the fair
value of investments)
The inputs or methodologies used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. For
information about the Trust's policy regarding valuation of investments and
other significant accounting policies, please refer to Trusts most recent
financial statements as contained in its semi-annual report.
The following table summarizes the inputs used as of January 31, 2011 in
determining the fair valuation of the Trusts investments:
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Assets: | ||||
Investments in Securities: | ||||
Long-Term | ||||
Investments1 | $142,171,172 | | $ 142,171,172 | |
Short-Term | ||||
Securities | $ 1,825,071 | | | 1,825,071 |
Total | $ 1,825,071 $142,171,172 | | $ 143,996,243 | |
1See above Schedule of Investments for values in each state or political | ||||
subdivision. |
6 BLACKROCK STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011
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
31940 Act3)) 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.
The BlackRock Strategic Municipal Trust
By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
The BlackRock Strategic Municipal Trust
Date: March 25, 2011
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
The BlackRock Strategic Municipal Trust
Date: March 25, 2011
By: /S/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
The BlackRock Strategic Municipal Trust
Date: March 25, 2011