bsd.htm - Generated by SEC Publisher for SEC Filing

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: Donald C. Burke, Chief Executive Officer, The BlackRock
Strategic Municipal Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address:
P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 12/31/2009

Date of reporting period: 03/31/2009

Item 1 – Schedule of Investments

BlackRock Strategic Municipal Trust       
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
State  Municipal Bonds    (000)         Value 
Alabama - 12.2%  Alabama State Public School and College Authority, Capital     
  Improvement Revenue Bonds, Series C, 5.75%, 7/01/18  $ 7,000  $ 7,178,360 
  Courtland, Alabama, IDB, Solid Waste Disposal Revenue Refunding     
  Bonds (Champion International Corporation Project), AMT, Series A,     
  6.70%, 11/01/29    3,000  2,046,780 
        9,225,140 
Arizona - 3.5%  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,  1,455  886,735 
  5%, 12/01/32       
  Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds,  1,890  1,107,124 
  5%, 12/01/37       
  San Luis, Arizona, Facilities Development Corporation, Senior Lien     
  Revenue Bonds (Regional Detention Center Project), 6.25%, 5/01/15  210  179,852 
  San Luis, Arizona, Facilities Development Corporation, Senior Lien     
  Revenue Bonds (Regional Detention Center Project), 7%, 5/01/20  210  172,475 
  San Luis, Arizona, Facilities Development Corporation, Senior Lien     
  Revenue Bonds (Regional Detention Center Project), 7.25%, 5/01/27  420  332,699 
        2,678,885 
California - 18.1%  California County Tobacco Securitization Agency, Tobacco Revenue     
  Bonds (Stanislaus County Tobacco Funding Corporation), Sub-Series C,     
  6.30%, 6/01/55 (a)    3,095  18,044 
  California Educational Facilities Authority Revenue Bonds (University     
  of Southern California), Series A, 5.25%, 10/01/39    860  868,970 
  California State, GO, 5%, 3/01/33 (b)    5,000  4,369,050 
  California State, GO, 6.50%, 4/01/33    650  684,164 
  Los Angeles, California, Unified School District, GO, Series D, 5%,     
  7/01/26    1,585  1,554,362 
  University of California Revenue Bonds, Series B, 4.75%, 5/15/38  1,835  1,631,333 
  West Valley Mission Community College District, California, GO     
  (Election of 2004), Series A, 4.75%, 8/01/30 (c)    5,000  4,580,850 
        13,706,773 
Colorado - 6.7%  Colorado Health Facilities Authority, Revenue Refunding Bonds     
  (Poudre Valley Health Care), 5.20%, 3/01/31 (c)    240  210,132 
  Colorado Health Facilities Authority, Revenue Refunding Bonds     
  (Poudre Valley Health Care), Series B, 5.25%, 3/01/36 (c)  485  418,245 
  Colorado Health Facilities Authority, Revenue Refunding Bonds     
  (Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (c)  850  723,520 

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 list below.

AMT  Alternative Minimum Tax (subject to)  HDA  Housing Development Authority 
CABS  Capital Appreciation Bonds  HFA  Housing Finance Agency 
EDA  Economic Development Authority  IDA  Industrial Development Authority 
EDR  Economic Development Revenue Bonds  IDB  Industrial Development Board 
GO  General Obligation Bonds  PCR  Pollution Control Revenue Bonds 
    S/F  Single-Family 

1

BlackRock Strategic Municipal Trust         
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
         Par     
State  Municipal Bonds    (000)    Value 
  Colorado Springs, Colorado, Utilities System Improvement Revenue       
  Bonds, Subordinate Lien, Series C, 5%, 11/15/45 (c)    $ 445    $416,022 
  Northwest Parkway Public Highway Authority, Colorado, Senior       
  Revenue Bonds, CABS, Series B, 6.301%, 6/15/11 (a)(c)(d)  10,000    3,001,800 
  Park Creek Metropolitan District, Colorado, Senior Limited Tax       
  Supported Revenue Refunding Bonds, 5.50%, 12/01/37  440    329,450 
          5,099,169 
Connecticut - 5.3%  Mashantucket Western Pequot Tribe, Connecticut, Special Revenue       
  Refunding Bonds, Sub-Series A, 5.50%, 9/01/28    1,500    761,250 
  Mashantucket Western Pequot Tribe, Connecticut, Special Revenue       
  Refunding Bonds, Sub-Series B, 5.75%, 9/01/27 (e)    6,000    3,224,340 
          3,985,590 
Florida - 11.3%  Arborwood Community Development District, Florida, Capital       
  Improvement Special Assessment Bonds (Master Infrastructure       
  Projects), Series B, 5.10%, 5/01/14    1,545    1,258,959 
  Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding       
  Bonds, Series A, 5%, 6/01/38    1,050    723,261 
  Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds       
  (National Gypsum Company), AMT, Series A, 7.125%, 4/01/30  3,300    1,553,409 
  Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds       
  (Baptist Medical Center Project), Series A, 5%, 8/15/37  715    540,368 
  Miami Beach, Florida, Health Facilities Authority, Hospital Revenue       
  Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%,       
  11/15/21    1,580    1,168,758 
  Orange County, Florida, Tourist Development, Tax Revenue Refunding       
  Bonds, 4.75%, 10/01/32 (f)    2,640    2,308,178 
  Sumter Landing Community Development District, Florida,       
  Recreational Revenue Bonds, Sub-Series B, 5.70%, 10/01/38  1,585    970,353 
          8,523,286 
Illinois - 8.2%  CenterPoint Intermodal Center Program Trust, Illinois, Tax Allocation       
  Bonds, Class A, 8%, 6/15/23 (e)    850    655,605 
  Illinois Educational Facilities Authority Revenue Bonds (Northwestern       
  University), 5%, 12/01/33    5,000    5,036,900 
  Illinois State Finance Authority Revenue Bonds (Friendship Village of       
  Schaumburg), Series A, 5.625%, 2/15/37    295    163,489 
  Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc.       
  Project), Series A, 7%, 12/01/37    575    342,895 
  Illinois State Finance Authority, Student Housing Revenue Bonds (MJH       
  Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35 (g)(h)  300    29,499 
          6,228,388 
Kentucky - 8.4%  Kentucky Economic Development Finance Authority, Health System       
  Revenue Refunding Bonds (Norton Healthcare, Inc.), Series B, 6.201%,       
  10/01/24 (a)(i)    17,780    6,346,393 
Louisiana - 1.6%  Saint Tammany Parish, Louisiana, Financing Authority, S/F       
  Mortgage Revenue Bonds (Home Ownership Program),       
  Series A, 5.25%, 12/01/39 (j)(k)(l)    1,241    1,179,680 
 
2

BlackRock Strategic Municipal Trust       
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
State  Municipal Bonds    (000)         Value 
Maryland - 2.7%  Maryland State Community Development Administration, Department     
  of Housing and Community Development, Residential Revenue     
  Refunding Bonds, AMT, Series A, 4.70%, 9/01/37    $ 2,500  $ 2,088,825 
Michigan - 0.7%  Michigan State Hospital Finance Authority, Revenue Refunding Bonds     
  (Henry Ford Health System), Series A, 5.25%, 11/15/46  730  534,521 
Missouri - 7.7%  Missouri Joint Municipal Electric Utility Commission, Power Project     
  Revenue Bonds (Plum Point Project), 4.60%, 1/01/36 (i)  2,385  1,608,659 
  Missouri State Health and Educational Facilities Authority, Health     
  Facilities Revenue Refunding Bonds (Saint Anthony's Medical Center),     
  6.125%, 12/01/10 (d)    2,000  2,190,500 
  Missouri State Housing Development Commission, S/F Mortgage Revenue     
  Refunding Bonds (Homeownership Loan Program), AMT, Series B-1,     
  5.05%, 3/01/38 (j)(k)(l)    2,050  2,004,490 
        5,803,649 
Nevada - 1.0%  Clark County, Nevada, EDR, Refunding (Alexander Dawson School of     
  Nevada Project), 5%, 5/15/29    905  792,346 
New Jersey - 3.0%  Middlesex County, New Jersey, Improvement Authority, Subordinate     
  Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B,     
  6.25%, 1/01/37    645  343,243 
  New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24  2,480  1,934,326 
        2,277,569 
New York - 4.9%  Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant     
  Charter School Project), Series A, 7%, 5/01/35    315  195,650 
  New York City, New York, City IDA, Special Facility Revenue Bonds     
  (Continental Airlines, Inc. Project), AMT, 7.75%, 8/01/31  4,395  2,979,634 
  New York City, New York, City Municipal Water Finance Authority,     
  Second General Resolution, Water and Sewer System Revenue Bonds,     
  Series FF-2, 5.50%, 6/15/40    520  534,056 
        3,709,340 
Ohio - 3.4%  Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco     
  Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47  1,880  1,103,015 
  Ohio State Air Quality Development Authority, Revenue Refunding     
  Bonds (Dayton Power and Light Company Project), Series B, 4.80%,     
  1/01/34 (m)(n)    1,500  1,476,405 
        2,579,420 
Oklahoma - 1.3%  Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds,     
  Series A, 7.75%, 6/01/35    1,225  964,908 
Pennsylvania - 9.5%  Allegheny County, Pennsylvania, Hospital Development     
  Authority, Revenue Refunding Bonds (West Penn Allegheny     
  Health System), Series A, 5%, 11/15/13    1,750  1,457,190 
  Pennsylvania Economic Development Financing Authority, Exempt     
  Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.50%,     
  11/01/16    1,000  963,500 
  Pennsylvania Economic Development Financing Authority, Exempt     
  Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.125%,     
  11/01/21    700  594,559 
 
3

BlackRock Strategic Municipal Trust         
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
         Par     
State  Municipal Bonds    (000)    Value 
  Pennsylvania Economic Development Financing Authority, Exempt       
  Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.25%,       
  11/01/31    $ 1,000  $  740,760 
  Pennsylvania Economic Development Financing Authority, Exempt       
  Facilities Revenue Bonds (Reliant Energy), AMT, Series A, 6.75%,       
  12/01/36    2,745    2,314,062 
  Pennsylvania Economic Development Financing Authority, Resource       
  Recovery Revenue Refunding Bonds (Colver Project), AMT, Series G,       
  5.125%, 12/01/15    900    712,818 
  Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT,       
  Series 97A, 4.60%, 10/01/27    420    355,660 
  Washington County, Pennsylvania, Capital Funding Authority Revenue       
  Bonds (Capital Projects and Equipment Program),         
  6.15%, 12/01/29 (o)    35    28,683 
          7,167,232 
South Carolina - 3.9%  South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds       
  (Palmetto Health Alliance), Series C, 7%, 8/01/13 (d)  2,500    2,983,169 
South Dakota - 1.0%  South Dakota State Health and Educational Facilities Authority       
  Revenue Bonds (Sanford Health), 5%, 11/01/40    910    787,468 
Tennessee - 2.6%  Memphis-Shelby County, Tennessee, Airport Authority, Airport       
  Revenue Bonds, AMT, Series D, 6%, 3/01/24 (o)    2,000    1,953,700 
Texas - 18.6%  Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company       
  LLC Project), AMT, Series A, 8.25%, 10/01/30    730    393,660 
  Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company       
  Project), AMT, Series C, 5.75%, 5/01/36    730    449,519 
  Harris County-Houston Sports Authority, Texas, Revenue Refunding       
  Bonds, Senior Lien, Series A, 6.172%, 11/15/38 (a)(i)    4,750    453,340 
  Houston, Texas, Combined Utility System, First Lien Revenue       
  Refunding Bonds, Series A, 6%, 11/15/35 (p)    2,730    2,847,608 
  La Joya, Texas, Independent School District, GO, 5%, 2/15/34  4,060    4,063,248 
  Montgomery County, Texas, Municipal Utility District Number 46,       
  Waterworks and Sewer System, GO, 4.75%, 3/01/30 (i)  295    272,170 
  North Texas Tollway Authority, System Revenue Refunding Bonds,       
  Second Tier, Series F, 6.125%, 1/01/31    2,025    1,946,086 
  Texas State Turnpike Authority, Central Texas Turnpike System       
  Revenue Bonds, 6.054%, 8/15/31 (a)(o)    15,000    3,142,500 
  Texas State, Water Financial Assistance, GO, Refunding, 5.75%,       
  8/01/22    500    517,020 
          14,085,151 
Washington - 1.8%  King County, Washington, Sewer Revenue Refunding Bonds, 5%,       
  1/01/36 (c)    620    610,068 
  Washington State Health Care Facilities Authority, Revenue Refunding       
  Bonds (Providence Health System), Series A, 4.625%,         
  10/01/34 (i)(n)    915    744,590 
          1,354,658 
 
 
4

BlackRock Strategic Municipal Trust       
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
State  Municipal Bonds    (000)         Value 
Wisconsin - 7.0%  Wisconsin State Health and Educational Facilities Authority Revenue     
  Bonds (Ascension Health), Series A, 5%, 11/15/31    $ 4,665  $ 4,285,782 
  Wisconsin State Health and Educational Facilities Authority, Revenue     
  Refunding Bonds (Franciscan Sisters Healthcare), 5%, 9/01/26  1,375  1,028,514 
        5,314,296 
Multi-State - 6.5%  Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (e)(q)  2,000  2,106,880 
  MuniMae TE Bond Subsidiary LLC, 6.875%, 6/30/49 (e)(q)  4,000  2,799,400 
        4,906,280 
  Total Municipal Bonds - 150.9%      114,275,836 
  Municipal Bonds Transferred to       
  Tender Option Bond Trusts (r)       
Alabama - 0.9%  Birmingham, Alabama, Special Care Facilities Financing Authority,     
  Revenue Refunding Bonds (Ascension Health Credit), Series C-2, 5%,     
  11/15/36    760  715,233 
Colorado - 2.4%  Colorado Health Facilities Authority Revenue Bonds (Catholic Health),     
  Series C-3, 5.10%, 10/01/41(c)    1,210  1,113,152 
  Colorado Health Facilities Authority Revenue Bonds (Catholic Health),     
  Series C-7, 5%, 9/01/36 (c)    780  718,871 
        1,832,023 
Connecticut - 4.2%  Connecticut State Health and Educational Facilities Authority Revenue     
  Bonds (Yale University), Series T-1, 4.70%, 7/01/29    1,580  1,596,258 
  Connecticut State Health and Educational Facilities Authority Revenue     
  Bonds (Yale University), Series X-3, 4.85%, 7/01/37    1,540  1,545,082 
        3,141,340 
Illinois - 1.9%  Chicago, Illinois, Housing Authority, Capital Program Revenue     
  Refunding Bonds, 5%, 7/01/24 (c)    1,424  1,398,995 
Massachusetts - 2.5%  Massachusetts State Water Resource Authority, General Revenue     
  Refunding Bonds, Series A, 5%, 8/01/41    1,980  1,897,276 
Tennessee - 1.6%  Shelby County, Tennessee, Health, Educational and Housing Facility     
  Board, Hospital Revenue Refunding Bonds (Saint Jude Children's     
  Research Hospital), 5%, 7/01/31    1,280  1,244,736 
Virginia - 3.9%  University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40  1,800  1,825,002 
  Virginia State, HDA, Commonwealth Mortgage Revenue Bonds,     
  Series H, Sub-Series H-1, 5.35%, 7/01/31 (i)    1,125  1,125,844 
        2,950,846 
Washington - 1.2%  Central Puget Sound Regional Transportation Authority, Washington,     
  Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (c)  900  891,170 
  Total Municipal Bonds Transferred to       
  Tender Option Bond Trusts - 18.6%      14,071,619 
  Total Long-Term Investments (Cost - $150,585,499) - 169.5%    128,347,455 
  Short-Term Securities    Shares   
Money Market  FFI Institutional Tax-Exempt Fund, 0.61% (s)(t)    5,001,391  5,001,391 
Funds - 6.6%         
  Total Short-Term Securities (Cost - $5,001,391) - 6.6%    5,001,391 
 
 
 
5

BlackRock Strategic Municipal Trust     
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
    Value 
                                                           Total Investments (Cost - $155,586,890*) - 176.1%                                                                                   $  133,348,846 
                                                           Liabilities in Excess of Other Assets - (2.7)%    (2,067,459) 
                                                           Liability for Trust Certificates, Including Interest and Expense   
                                                           and Fees Payable - (10.3)%    (7,782,903) 
                                                           Preferred Shares, at Redemption Value - (63.1)%    (47,755,856) 
                                                           Net Assets Applicable to Common Shares - 100.0%                                                                                   $  75,742,628 

* The cost and unrealized appreciation (depreciation) of investments as of March 31, 2009, as
computed for federal income tax purposes, were as follows:

Aggregate cost  $  147,607,235 
Gross unrealized appreciation  $  1,630,520 
Gross unrealized depreciation    (23,652,867) 
Net unrealized depreciation  $  (22,022,347) 

(a) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(b) CIFG Insured.

(c) FSA Insured.

(d) 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.

(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) XL Capital Insured.

(g) Issuer filed for bankruptcy and/or is in default of interest payments.

(h) Non-income producing security.

(i) NPFGC Insured.

(j) FHLMC Collateralized.

(k) FNMA Collateralized.

(l) GNMA Collateralized.

(m) BHAC Insured.

(n) FGIC Insured.

(o) AMBAC Insured.

(p) Assured Guaranty Insured.

(q) 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, and is subject to
mandatory redemption at maturity.

(r) Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired
residual interest certificates. These securities serve as collateral in a financing transaction.

(s) Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment
Company Act of 1940, were as follows:

Affiliate  Net Activity    Income 
FFI Institutional Tax-Exempt Fund                     1,698,300  $         5,361 

(t) Represents the current yield as of report date.

6

BlackRock Strategic Municipal Trust
Schedule of Investments March 31, 2009 (Unaudited)
Ÿ The Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No.
157, "Fair Value Measurements" ("FAS 157"). FAS 157 clarifies the definition of fair value, establishes a
framework for measuring fair values and requires additional disclosures about the use of fair value
measurements. Various inputs are used in determining the fair value of investments, which are as follows:

Ÿ Level 1 - price quotations in active markets/exchanges for identical securities
Ÿ 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 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)

Ÿ Level 3 - unobservable inputs based on the best information available in the circumstance, to the
extent observable inputs are not available (including the Fund's own assumption used in determining
the fair value of investments)

The inputs or methodology 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 the Trust's most recent financial
statements as contained in its annual report.

The following table summarizes the inputs used as of March 31, 2009 in determining the fair valuation of
the Trust's investments:

Valuation    Investments in 
Inputs    Securities 
    Assets 
Level 1  $  5,001,391 
Level 2    128,347,455 
Level 3    - 
Total  $  133,348,846 

7

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 13(a)-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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
The BlackRock Strategic Municipal Trust

Date: May 20, 2009

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/ Donald C. Burke
Donald C. Burke
Chief Executive Officer (principal executive officer) of
The BlackRock Strategic Municipal Trust

Date: May 20, 2009

By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
The BlackRock Strategic Municipal Trust

Date: May 20, 2009