bsdfinal.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: John M. Perlowski, Chief Executive Officer, The 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: 04/30/2011

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 Trust’s 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 Trust’s 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