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: Anne F. Ackerley, 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: 07/31/2010
Item 1 Schedule of Investments
Schedule of Investments July 31, 2010 (Unaudited)
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets)
Par | ||
Municipal Bonds | (000) | Value |
Arizona 3.7% | ||
Maricopa County Pollution Control Corp., | ||
Refunding RB, Southern California | ||
Edison Co., Series A, 5.00%, 6/01/35 $ | 540 | $ 543,299 |
Pima County IDA, Refunding IDRB, | ||
Tucson Electric Power, 5.75%, | ||
9/01/29 | 350 | 357,549 |
Salt River Project Agricultural | ||
Improvement & Power District, RB, | ||
Series A, 5.00%, 1/01/38 | 625 | 654,944 |
Salt Verde Financial Corp., RB, Senior, | ||
5.00%, 12/01/37 | 1,320 | 1,171,038 |
San Luis Facility Development Corp., RB, | ||
Senior Lien, Regional Detention | ||
Center Project: | ||
6.25%, 5/01/15 | 210 | 199,910 |
7.00%, 5/01/20 | 210 | 199,036 |
7.25%, 5/01/27 | 420 | 392,595 |
3,518,371 | ||
California 16.8% | ||
Bay Area Toll Authority, Refunding RB, | ||
San Francisco Bay Area, Series F-1, | ||
5.63%, 4/01/44 | 720 | 787,298 |
California County Tobacco Securitization | ||
Agency, RB, CAB, Stanislaus, Sub- | ||
Series C, 6.30%, 6/01/55 (a) | 3,095 | 38,130 |
California State Public Works Board, RB, | ||
Various Capital Projects, | ||
Sub-Series I-1, 6.38%, 11/01/34 | 375 | 400,189 |
Los Angeles Department of Airports, RB, | ||
Series A, 5.25%, 5/15/39 | 250 | 261,258 |
Los Angeles Department of Airports, | ||
Refunding RB, Senior, Los Angeles | ||
International Airport, Series A, 5.00%, | ||
5/15/40 | 1,875 | 1,906,819 |
Los Angeles Unified School District | ||
California, GO, Series D, 5.00%, | ||
7/01/26 | 1,585 | 1,690,624 |
San Francisco City & County Public | ||
Utilities Commission, RB, Series B, | ||
5.00%, 11/01/39 | 2,965 | 3,114,940 |
State of California, GO, Various Purpose: | ||
6.00%, 3/01/33 | 800 | 866,000 |
6.50%, 4/01/33 | 650 | 730,997 |
(CIFG), 5.00%, 3/01/33 | 1,535 | 1,510,440 |
Par | ||
Municipal Bonds | (000) | Value |
California (concluded) | ||
University of California, RB, Limited | ||
Project, Series B, 4.75%, 5/15/38 $ | 1,310 | $ 1,313,969 |
West Valley-Mission Community College | ||
District, GO, Election of 2004, | ||
Series A (AGM), 4.75%, 8/01/30 | 3,350 | 3,383,098 |
16,003,762 | ||
Colorado 5.6% | ||
City of Colorado Springs Colorado, RB, | ||
Subordinate Lien, Improvement, | ||
Series C (AGM), 5.00%, 11/15/45 | 395 | 406,996 |
Colorado Health Facilities Authority, | ||
Refunding RB, Catholic Healthcare, | ||
Series A, 5.50%, 7/01/34 | 680 | 725,363 |
Colorado Health Facilities Authority, | ||
Refunding RB, Sisters of Leavenworth, | ||
Series A, 5.00%, 1/01/40 | 690 | 690,483 |
Northwest Parkway Public Highway | ||
Authority Colorado, RB, CAB, Senior | ||
Series B (AGM), 6.30%, | ||
6/15/11 (a)(b) | 10,000 | 3,074,400 |
Park Creek Metropolitan District | ||
Colorado, Refunding RB, Senior, | ||
Limited Tax, Property Tax, 5.50%, | ||
12/01/37 | 440 | 426,070 |
5,323,312 | ||
District of Columbia 0.7% | ||
Metropolitan Washington Airports | ||
Authority, RB, First Senior Lien, | ||
Series A: | ||
5.00%, 10/01/39 | 160 | 164,854 |
5.25%, 10/01/44 | 465 | 485,958 |
650,812 | ||
Florida 7.5% | ||
Arborwood Community Development | ||
District, Special Assessment Bonds, | ||
Master Infrastructure Projects, | ||
Series B, 5.10%, 5/01/14 | 1,440 | 1,071,749 |
County of Miami-Dade Florida, | ||
Refunding RB, Miami International | ||
Airport, Series A-1, 5.38%, 10/01/41 | 370 | 376,497 |
County of Orange Florida, Refunding RB | ||
(Syncora), 4.75%, 10/01/32 | 15 | 14,837 |
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:
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) | IDRB | Industrial Development Revenue Bonds |
CAB | Capital Appreciation Bonds | ISD | Independent School District |
CIFG | CDC IXIS Financial Guaranty | NPFGC | National Public Finance Guarantee Corp. |
EDA | Economic Development Authority | PSF-GTD | Permanent School Fund Guaranteed |
EDC | Economic Development Corp. | RB | Revenue Bonds |
ERB | Education Revenue Bonds |
BLACKROCK STRATEGIC MUNICIPAL TRUST
JULY 31, 2010
1
Schedule of Investments(continued)
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Florida (concluded) | |||
Hillsborough County IDA, RB, National | |||
Gypsum Co., Series A, AMT, 7.13%, | |||
4/01/30 | $ 3,300 | $ 3,116,784 | |
Miami Beach Health Facilities Authority, | |||
RB, Mount Sinai Medical Center of | |||
Florida, 6.75%, 11/15/21 | 1,245 | 1,296,891 | |
Sumter Landing Community | |||
Development District Florida, RB, Sub- | |||
Series B, 5.70%, 10/01/38 | 1,565 | 1,270,483 | |
7,147,241 | |||
Georgia 1.5% | |||
De Kalb Private Hospital Authority, | |||
Refunding RB, Children's Healthcare, | |||
5.25%, 11/15/39 | 265 | 274,238 | |
Metropolitan Atlanta Rapid Transit | |||
Authority, RB, Third Series, 5.00%, | |||
7/01/39 | 1,095 | 1,152,082 | |
1,426,320 | |||
Guam 0.8% | |||
Territory of Guam, GO, Series A: | |||
6.00%, 11/15/19 | 200 | 207,696 | |
6.75%, 11/15/29 | 290 | 310,941 | |
7.00%, 11/15/39 | 195 | 210,877 | |
729,514 | |||
Illinois 9.0% | |||
Illinois Finance Authority, RB: | |||
MJH Education Assistance IV LLC, | |||
Sub-Series B, 5.38%, | |||
6/01/35 (c)(d) | 300 | 81,003 | |
Northwestern University, 5.00%, | |||
12/01/33 | 5,000 | 5,148,150 | |
Illinois Finance Authority, Refunding RB: | |||
Central DuPage Health, Series B, | |||
5.50%, 11/01/39 | 2,500 | 2,608,425 | |
Friendship Village Schaumburg, | |||
Series A, 5.63%, 2/15/37 | 145 | 117,503 | |
OSF Healthcare System, Series A, | |||
6.00%, 5/15/39 | 410 | 413,883 | |
State of Illinois, RB, Build Illinois, | |||
Series B, 5.25%, 6/15/34 | 200 | 206,722 | |
8,575,686 | |||
Indiana 1.7% | |||
Indiana Finance Authority, RB, Sisters of | |||
St. Francis Health, 5.25%, 11/01/39 | 270 | 276,134 | |
Indiana Health Facility Financing | |||
Authority, Refunding RB, Methodist | |||
Hospital Inc., 5.38%, 9/15/22 | 1,060 | 1,006,046 | |
Indiana Municipal Power Agency, RB, | |||
Indiana Municipal Power Agency, | |||
Series B, 6.00%, 1/01/39 | 350 | 380,814 | |
1,662,994 | |||
Kansas 0.6% | |||
Kansas Development Finance Authority, | |||
Refunding RB, Sisters of Leavenworth, | |||
Series A, 5.00%, 1/01/40 | 525 | 531,274 |
Par | |||
Municipal Bonds | (000) | Value | |
Kentucky 8.3% | |||
Kentucky Economic Development | |||
Finance Authority, Refunding RB: | |||
Norton Healthcare Inc., Series B | |||
(NPFGC), 6.20%, 10/01/24 (a) | $ 16,915 | $ 7,546,627 | |
Owensboro Medical Health System, | |||
Series A, 6.38%, 6/01/40 | 320 | 333,370 | |
7,879,997 | |||
Maryland 2.6% | |||
Maryland Community Development | |||
Administration, Refunding RB, | |||
Residential, Series A, AMT, 4.70%, | |||
9/01/37 | 2,500 | 2,389,975 | |
Maryland EDC, RB, Transportation | |||
Facilities Project, Series A, 5.75%, | |||
6/01/35 | 135 | 138,040 | |
2,528,015 | |||
Massachusetts 0.6% | |||
Massachusetts Health & Educational | |||
Facilities Authority, Refunding RB, | |||
Partners Healthcare, Series J1, | |||
5.00%, 7/01/39 | 570 | 583,572 | |
Michigan 0.7% | |||
Michigan State Hospital Finance | |||
Authority, Refunding RB, Henry Ford | |||
Health System, Series A, 5.25%, | |||
11/15/46 | 730 | 671,045 | |
Montana 0.7% | |||
Montana Facility Finance Authority, | |||
Refunding RB, Sisters of Leavenworth, | |||
Series A, 4.75%, 1/01/40 | 715 | 717,131 | |
Multi-State 5.8% | |||
Centerline Equity Issuer Trust, 7.60%, | |||
12/15/50 (e)(f) | 2,000 | 2,028,840 | |
MuniMae TE Bond Subsidiary LLC, | |||
7.50%, 6/30/49 (e)(f)(g) | 3,787 | 3,511,857 | |
5,540,697 | |||
Nebraska 0.8% | |||
Douglas County Hospital Authority No. 2, | |||
RB, Health Facilities, Immanuel | |||
Obligation Group, 5.63%, 1/01/40 | 720 | 731,801 | |
Nevada 0.9% | |||
County of Clark Nevada, Refunding RB, | |||
Alexander Dawson School Nevada | |||
Project, 5.00%, 5/15/29 | 880 | 886,089 | |
New Jersey 6.6% | |||
Middlesex County Improvement | |||
Authority, RB, Subordinate, Heldrich | |||
Center Hotel, Series B, 6.25%, | |||
1/01/37 | 645 | 119,196 | |
New Jersey EDA, RB: | |||
Cigarette Tax, 5.50%, 6/15/24 | 2,015 | 1,993,117 | |
Continental Airlines Inc. Project, | |||
AMT, 6.63%, 9/15/12 | 500 | 507,485 | |
New Jersey State Turnpike Authority, | |||
RB, Series E, 5.25%, 1/01/40 | 1,355 | 1,433,305 |
2 BLACKROCK STRATEGIC MUNICIPAL TRUST
JULY 31, 2010
Schedule of Investments(continued)
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
New Jersey (concluded) | |||
Tobacco Settlement Financing Corp. | |||
New Jersey, Refunding RB, Series 1A, | |||
4.50%, 6/01/23 | $ 2,390 | $ 2,188,356 | |
6,241,459 | |||
New York 3.8% | |||
Albany Industrial Development Agency, | |||
RB, New Covenant Charter School | |||
Project, Series A, 7.00%, | |||
5/01/35 (c)(d) | 315 | 125,997 | |
New York City Industrial Development | |||
Agency, RB, American Airlines Inc., | |||
JFK International Airport, AMT, 7.75%, | |||
8/01/31 (g) | 3,000 | 3,111,480 | |
New York Liberty Development Corp., | |||
Refunding RB, Second Priority, Bank | |||
of America Tower at One Bryant Park | |||
Project, 6.38%, 7/15/49 | 385 | 402,356 | |
3,639,833 | |||
North Carolina 1.1% | |||
North Carolina Medical Care | |||
Commission, RB, Duke University | |||
Health System, Series A: | |||
5.00%, 6/01/39 | 200 | 205,450 | |
5.00%, 6/01/42 | 440 | 450,388 | |
North Carolina Municipal Power Agency | |||
No. 1 Catawba, Refunding RB, | |||
Series A, 5.00%, 1/01/30 | 340 | 351,312 | |
1,007,150 | |||
Ohio 2.5% | |||
Buckeye Tobacco Settlement Financing | |||
Authority, RB, Asset-Backed, Senior | |||
Series A-2, 6.50%, 6/01/47 | 1,880 | 1,457,978 | |
County of Montgomery Ohio, Refunding | |||
RB, Catholic Healthcare, Series A, | |||
5.00%, 5/01/39 | 885 | 916,010 | |
2,373,988 | |||
Oklahoma 1.3% | |||
Tulsa Airports Improvement Trust, RB, | |||
Series A, Mandatory Put Bonds, AMT, | |||
7.75%, 6/01/35 (g) | 1,225 | 1,240,692 | |
Pennsylvania 8.8% | |||
Allegheny County Hospital Development | |||
Authority, Refunding RB, Health | |||
System, West Penn, Series A, 5.38%, | |||
11/15/40 | 1,000 | 710,850 | |
Pennsylvania Economic Development | |||
Financing Authority, RB: | |||
Amtrak Project, Series A, AMT, | |||
6.50%, 11/01/16 | 1,000 | 1,032,230 | |
Amtrak Project, Series A, AMT, | |||
6.13%, 11/01/21 | 700 | 714,098 | |
Amtrak Project, Series A, AMT, | |||
6.25%, 11/01/31 | 1,000 | 1,014,600 | |
Aqua Pennsylvania Inc. Project, | |||
5.00%, 11/15/40 | 600 | 616,566 | |
Reliant Energy, Series A, AMT, | |||
6.75%, 12/01/36 | 2,000 | 2,062,580 |
Par | |||
Municipal Bonds | (000) | Value | |
Pennsylvania (concluded) | |||
Pennsylvania Turnpike Commission, RB, | |||
Sub-Series B, 5.25%, 6/01/39 | $ 2,175 | $ 2,239,924 | |
8,390,848 | |||
Puerto Rico 3.1% | |||
Commonwealth of Puerto Rico, GO, | |||
Refunding, Public Improvement, | |||
Series C, 6.00%, 7/01/39 | 940 | 996,522 | |
Puerto Rico Sales Tax Financing Corp., | |||
RB, First Sub-Series A, 6.50%, | |||
8/01/44 | 1,770 | 1,961,939 | |
2,958,461 | |||
South Carolina 3.1% | |||
South Carolina Jobs-EDA, Refunding RB, | |||
Palmetto Health, Series C,: | |||
7.00%, 8/01/13 (b) | 2,500 | 2,945,726 | |
Texas 20.3% | |||
Brazos River Authority, RB, TXU Electric, | |||
Series A, AMT, 8.25%, 10/01/30 | 730 | 396,032 | |
Brazos River Authority, Refunding RB, | |||
TXU Electric Co. Project, Series C, | |||
Mandatory Put Bonds, AMT, 5.75%, | |||
5/01/36 (g) | 705 | 671,717 | |
City of Dallas Texas, Refunding RB, | |||
5.00%, 10/01/35 | 475 | 506,569 | |
City of Houston Texas, RB, Senior Lien, | |||
Series A, 5.50%, 7/01/39 | 485 | 520,667 | |
City of Houston Texas, Refunding RB, | |||
Combined, First Lien, Series A (AGC), | |||
6.00%, 11/15/35 | 2,730 | 3,142,094 | |
Harris County-Houston Sports Authority, | |||
Refunding RB, CAB, Senior Lien, | |||
Series A (NPFGC), 6.17%, | |||
11/15/38 (a) | 4,750 | 667,090 | |
La Joya ISD Texas, GO (PSF-GTD), | |||
5.00%, 2/15/34 | 4,060 | 4,179,242 | |
La Vernia Higher Education Finance | |||
Corp., RB, KIPP Inc., 6.38%, 8/15/44 | 500 | 514,680 | |
North Texas Tollway Authority, RB, Toll, | |||
2nd Tier, Series F, 6.13%, 1/01/31 | 1,025 | 1,092,609 | |
Tarrant County Cultural Education | |||
Facilities Finance Corp., RB, Scott & | |||
White Healthcare, 6.00%, 8/15/45 | 1,270 | 1,340,523 | |
Texas Private Activity Bond Surface | |||
Transportation Corp., RB: | |||
Senior Lien, LBJ Infrastructure, | |||
7.00%, 6/30/40 | 1,355 | 1,409,674 | |
Senior Lien, Note Mobility, 6.88%, | |||
12/31/39 | 1,220 | 1,266,189 | |
Texas State Turnpike Authority, RB, CAB | |||
(AMBAC), 6.05%, 8/15/31 (a) | 15,000 | 3,635,850 | |
19,342,936 | |||
Utah 1.2% | |||
City of Riverton Utah, RB, IHC Health | |||
Services Inc., 5.00%, 8/15/41 | 1,150 | 1,176,852 | |
Virginia 4.9% | |||
City of Norfolk Virginia, Refunding RB, | |||
Series B (AMBAC), 5.50%, 2/01/31 | 420 | 417,955 | |
Tobacco Settlement Financing Corp. | |||
Virginia, Refunding RB, Senior | |||
Series B1, 5.00%, 6/01/47 | 935 | 605,291 |
BLACKROCK STRATEGIC MUNICIPAL TRUST
JULY 31, 2010
3
Schedule of Investments(continued)
BlackRock Strategic Municipal Trust (BSD)
(Percentages shown are based on Net Assets)
Par | |||
Municipal Bonds | (000) | Value | |
Virginia (concluded) | |||
University of Virginia, Refunding RB, | |||
General, 5.00%, 6/01/40 | $ 2,500 | $ 2,661,425 | |
Virginia HDA, RB, Sub-Series H-1 | |||
(NPFGC), 5.35%, 7/01/31 | 960 | 967,833 | |
4,652,504 | |||
Wisconsin 4.7% | |||
Wisconsin Health & Educational | |||
Facilities Authority, RB, Ascension | |||
Health Credit Group, Series A, 5.00%, | |||
11/15/31 | 4,330 | 4,444,832 | |
Wyoming 1.2% | |||
County of Sweetwater Wyoming, | |||
Refunding RB, Idaho Power Co. | |||
Project, 5.25%, 7/15/26 | 975 | 1,037,838 | |
Wyoming Municipal Power Agency, RB, | |||
Series A, 5.00%, 1/01/42 | 95 | 95,385 | |
1,133,223 | |||
Total Municipal Bonds 130.9% | 124,656,137 | ||
Municipal Bonds Transferred to Tender | |||
Option Bond Trusts (h) | |||
Alabama 0.8% | |||
Alabama Special Care Facilities | |||
Financing Authority-Birmingham, | |||
Refunding RB, Ascension Health | |||
Senior Credit, Series C-2, 5.00%, | |||
11/15/36 | 760 | 772,765 | |
California 2.4% | |||
California Educational Facilities | |||
Authority, RB, University of Southern | |||
California, Series A, 5.25%, 10/01/18 | 855 | 918,937 | |
Los Angeles Community College District | |||
California, GO, Election of 2001, | |||
Series A (AGM), 5.00%, 8/01/32 | 740 | 759,329 | |
San Diego Community College District | |||
California, GO, Election of 2002, | |||
5.25%, 8/01/33 | 553 | 589,827 | |
2,268,093 | |||
Colorado 2.1% | |||
Colorado Health Facilities Authority, RB, | |||
Catholic Health (AGM): | |||
Series C-3, 5.10%, 10/01/41 | 1,210 | 1,226,129 | |
Series C-7, 5.00%, 9/01/36 | 780 | 789,945 | |
2,016,074 | |||
Connecticut 3.4% | |||
Connecticut State Health & Educational | |||
Facility Authority, RB, Yale University: | |||
Series T-1, 4.70%, 7/01/29 | 1,580 | 1,668,717 | |
Series X-3, 4.85%, 7/01/37 | 1,540 | 1,606,851 | |
3,275,568 | |||
Illinois 1.6% | |||
Chicago Housing Authority, Refunding | |||
RB (AGM), 5.00%, 7/01/24 | 1,424 | 1,496,551 |
Municipal Bonds Transferred to Tender | Par | |
Option Bond Trusts (h) | (000) | Value |
Massachusetts 2.2% | ||
Massachusetts Water Resources | ||
Authority, Refunding RB, General, | ||
Series A, 5.00%, 8/01/41 | $ 1,980 | $ 2,053,696 |
New Hampshire 0.7% | ||
New Hampshire Health & Education | ||
Facilities Authority, Refunding RB, | ||
Dartmouth College, 5.25%, 6/01/39 | 645 | 702,657 |
New York 3.5% | ||
New York City Municipal Water Finance | ||
Authority, RB, Series FF-2, 5.50%, | ||
6/15/40 | 510 | 569,340 |
New York State Dormitory Authority, | ||
ERB, Series F, 5.00%, 3/15/35 | 2,685 | 2,774,076 |
3,343,416 | ||
Tennessee 1.4% | ||
Shelby County Health Educational & | ||
Housing Facilities Board, Refunding | ||
RB, St. Jude's Children's Research | ||
Hospital, 5.00%, 7/01/31 | 1,280 | 1,331,776 |
Texas 2.3% | ||
County of Harris Texas, RB, Senior Lien, | ||
Toll Road, Series A, 5.00%, 8/15/38 | 2,140 | 2,228,403 |
Virginia 2.0% | ||
University of Virginia, Refunding RB, | ||
General, 5.00%, 6/01/40 | 1,790 | 1,905,580 |
Washington 3.7% | ||
Central Puget Sound Regional Transit | ||
Authority, RB, Series A (AGM), 5.00%, | ||
11/01/32 | 900 | 953,036 |
State of Washington, GO, Various | ||
Purpose, Series E, 5.00%, 2/01/34 | 2,400 | 2,549,736 |
3,502,772 | ||
Total Municipal Bonds Transferred to | ||
Tender Option Bond Trusts 26.1% | 24,897,351 | |
Total Long-Term Investments | ||
(Cost $148,722,707) 157.0% | 149,553,488 | |
Short-Term Securities | Shares | |
FFI Institutional Tax-Exempt Fund, | ||
0.21% (i)(j) | 1,492,808 | 1,492,808 |
Total Short-Term Securities | ||
(Cost $1,492,808) 1.6% | 1,492,808 | |
Total Investments | ||
(Cost $150,215,515*) 158.6% | 151,046,296 | |
Other Assets Less Liabilities 0.7% | 705,314 | |
Liability for Trust Certificates, Including Interest | ||
Expense and Fees Payable (14.2)% | (13,561,343) | |
Preferred Shares, at Redemption Value (45.1)% | (42,977,006) | |
Net Assets Applicable to Common Shares 100.0% | $ 95,213,261 |
4 BLACKROCK STRATEGIC MUNICIPAL TRUST
JULY 31, 2010
Schedule of Investments (concluded)
BlackRock Strategic Municipal Trust (BSD)
* The cost and unrealized appreciation (depreciation) of investments as of
July 31, 2010, as computed for federal income tax purposes, were as | |
Aggregate follows: cost | $ 136,345,740 |
Gross unrealized appreciation | $ 5,054,524 |
Gross Net unrealized unrealized appreciation depreciation | $ (3,900,132) 1,154,392 |
(a) Represents a zero-coupon bond. Rate shown reflects the current yield as
of report date.
(b) US 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) Issuer filed for bankruptcy and/or is in default of interest payments.
(d) Non-income producing security.
(e) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(f) Security represents a beneficial interest in a trust. The collateral
deposited into the trust is federally tax-exempt revenue bonds issued by
various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated
maturity.
(g) Variable rate security. Rate shown is as of report date.
(h) Securities represent bonds transferred to a tender option bond trust in
exchange for which the Fund acquired residual interest certificates.
These securities serve as collateral in a financing transaction. | |||||
(i) | 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 Held | Shares Held | ||||
at April 30, | Net | at July 31, | |||
Affiliate | 2010 | Activity | 2010 | Income | |
FFI Institutional | |||||
Tax-Exempt | |||||
Fund | 1,940,417 | (447,609) | 1,492,808 $ | 700 | |
(j) | 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 Trusts 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 Trusts policy regarding valuation of investments and
other significant accounting policies, please refer to the Trusts most recent
financial statements as contained in its annual report.
The following table summarizes the inputs used as of July 31, 2010 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 | $ 149,553,488 | | $ 149,553,488 | |
Short-Term | ||||
Securities | $ 1,492,808 | | | 1,492,808 |
Total | $ 1,492,808 $ 149,553,488 | | $ 151,046,296 |
1 See above Schedule of Investments for values in each state or political
subdivision.
BLACKROCK STRATEGIC MUNICIPAL TRUST
JULY 31, 2010
5
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.
The BlackRock Strategic Municipal Trust
By: /s/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer of
The BlackRock Strategic Municipal Trust
Date: September 27, 2010
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/ Anne F. Ackerley
Anne F. Ackerley
Chief Executive Officer (principal executive officer) of
The BlackRock Strategic Municipal Trust
Date: September 27, 2010
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
The BlackRock Strategic Municipal Trust
Date: September 27, 2010