UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-09401
| BlackRock Strategic Municipal Trust |
| (Exact name of registrant as specified in charter) |
| 100 Bellevue Parkway, Wilmington, DE | 19809 |
| (Address of principal executive offices) | (Zip code) |
| Robert S. Kapito, President |
| BlackRock Strategic Municipal Trust |
| 40 East 52nd Street, New York, NY 10022 |
| (Name and address of agent for service) |
Registrant’s telephone number, including area code: 888-825-2257
Date of fiscal year end: December
31, 2007
Date of reporting period: March
31, 2007
PORTFOLIO OF INVESTMENTS (unaudited)
MARCH 31, 2007
BlackRock Strategic Municipal Trust (BSD) |
|
| Principal | |||||||||
| Amount | Option Call | ||||||||
| (000) | Description | Provisions1 | Value | ||||||
| LONG-TERM INVESTMENTS—155.0% | |||||||||
| Alabama—10.6% | |||||||||
| $ 3,000 | Courtland Indl. Dev. Brd., Rec. Recovery RB, Champion Intl. Corp. Proj., Ser. A, 6.70%, | ||||||||
| 11/01/29, AMT | 11/09 @ 101 |
$
|
3,181,500 | ||||||
| 7,000 | Pub. Sch. & Coll. Auth., Sch. Impvts. Misc. Tax RB, Ser. C, 5.75%, 7/01/18 | 07/09 @ 101.5 | 7,392,700 | ||||||
Spl.
Care Facs. Fing. Auth.-Birmingham, Hlth., Hosp. & Nursing Home
RB, Ascension Hlth. |
|||||||||
| Proj., | |||||||||
| 755 | Ser. C-2, 5.00%, 11/15/36 | 11/16 @ 100 | 781,206 | ||||||
| 540 | Ser. C-2, 5.00%, 11/15/39 | 11/16 @ 100 | 557,723 | ||||||
| 11,913,129 | |||||||||
| Arizona—0.8% | |||||||||
| San Luis Fac. Dev. Corp., Correctional Fac. Impvts. Misc. RB, Regl. Detention Ctr. Proj., | |||||||||
| 210 | 6.25%, 5/01/15 | 05/10 @ 107 | 212,802 | ||||||
| 210 | 7.00%, 5/01/20 | 05/10 @ 107 | 212,921 | ||||||
| 420 | 7.25%, 5/01/27 | 05/10 @ 107 | 428,169 | ||||||
| 853,892 | |||||||||
| California—12.0% | |||||||||
| 5,000 | California, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 3/01/33, CIFG | 03/15 @ 100 | 5,253,200 | ||||||
| Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB, | |||||||||
| 585 | Ser. B, Zero Coupon, 6/01/46 | 06/16 @ 17.602 | 61,928 | ||||||
| 3,095 | Ser. C, Zero Coupon, 6/01/55 | 06/16 @ 8.9 | 155,091 | ||||||
| 3,955 | Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55 | 06/16 @ 6.219 | 131,899 | ||||||
| 950 | Golden St. Tobacco Sec. Corp., Misc. RB, Ser. A-1, 5.125%, 6/01/47 | 06/17 @ 100 | 940,975 | ||||||
| 1,835 | Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38 | 05/13 @ 101 | 1,869,333 | ||||||
| 5,000 | West Valley-Mission Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, | ||||||||
| 4.75%, 8/01/30, FSA | 08/16 @ 100 | 5,167,350 | |||||||
| 13,579,776 | |||||||||
| Colorado—3.1% | |||||||||
| 445 | City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA | 11/15 @ 100 | 466,249 | ||||||
| 10,000 | Northwest Pkwy. Pub. Hwy. Auth., Hwy. Impvt. Tolls RB, Ser. B, Zero Coupon, 6/15/30, | ||||||||
| FSA | 06/11 @ 31.387 | 2,610,300 | |||||||
| 440 | Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37 | 12/15 @ 101 | 466,127 | ||||||
| 3,542,676 | |||||||||
| Connecticut—8.6% | |||||||||
| Mashantucket Western Pequot Tribe, | |||||||||
| 1,500 | 2 | Casino RB, Ser. A, 5.50%, 9/01/28 | 09/09 @ 101 | 1,539,105 | |||||
| 8,000 | 2 | Recreational RB, Ser. B, 5.75%, 9/01/27 | 09/07 @ 102 | 8,182,320 | |||||
| 9,721,425 | |||||||||
| Florida—14.4% | |||||||||
| 1,730 | Arborwood Cmnty. Dev. Dist., Pub. Impvts. SA, Master Infrastructure Proj., Ser. B, 5.10%, | ||||||||
| 5/01/14 | No Opt. Call | 1,722,803 | |||||||
| 5,265 | Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA | 10/16 @ 100 | 5,379,356 | ||||||
| 1,050 | Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.00%, 6/01/38 | 06/16 @ 100 | 1,070,821 | ||||||
| 3,300 | Hillsborough Cnty. Indl. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30, | ||||||||
| AMT | 10/10 @ 101 | 3,581,754 | |||||||
| 530 | JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA | 04/11 @ 100 | 541,035 | ||||||
| 2,045 | Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. | ||||||||
| Ctr. Proj., 6.75%, 11/15/21 | 11/14 @ 100 | 2,319,316 | |||||||
| 1,625 | Sumter Landing Cmnty. Dev. Dist., Retirement Facs. Misc. RB, Ser B, 5.70%, 10/01/38 | 10/15 @ 100 | 1,665,674 | ||||||
| 16,280,759 | |||||||||
| Illinois—11.7% | |||||||||
| 850 | 2 | Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 878,577 | |||||
| 520 | 3 | Chicago Brd. of Ed., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.75%, 12/01/07, AMBAC | N/A | 537,290 | |||||
| 1,415 | Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA | 07/16 @ 100 | 1,496,504 | ||||||
| 5,000 | Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Northwestern Univ. Proj., 5.00%, 12/01/33 | 12/13 @ 100 | 5,218,450 | ||||||
| Fin. Auth., | |||||||||
| 725 | Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25 | 11/16 @ 100 | 742,161 | ||||||
| 580 | Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30 | 11/16 @ 100 | 592,383 | ||||||
1
BlackRock Strategic Municipal Trust (BSD) (continued) |
|
| Principal | |||||||||
| Amount | Option Call | ||||||||
| (000) | Description | Provisions1 | Value | ||||||
| Illinois—(cont'd) | |||||||||
| $ 295 | Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, | ||||||||
| 2/15/37 | 02/15 @ 100 |
$
|
304,151 | ||||||
| 375 | Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35 | 06/14 @ 100 | 386,422 | ||||||
| 300 | Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35 | 06/14 @ 100 | 309,054 | ||||||
| 1,740 | Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC | 02/16 @ 100 | 1,718,128 | ||||||
| 1,000 | Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38, MBIA | 01/15 @ 100 | 1,020,740 | ||||||
| 13,203,860 | |||||||||
| Indiana—1.2% | |||||||||
| 1,325 | Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%, | ||||||||
| 1/01/32, AMBAC | 01/16 @ 100 | 1,317,090 | |||||||
| Kansas—0.7% | |||||||||
| 715 | Univ. of Kansas Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth. | ||||||||
| Sys. Proj., 5.00%, 9/01/36 | 09/16 @ 100 | 738,845 | |||||||
| Kentucky—7.0% | |||||||||
| 17,780 | Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Healthcare, Inc. Proj., | ||||||||
| Ser. B, Zero Coupon, 10/01/24, MBIA | No Opt. Call | 7,858,049 | |||||||
| Louisiana—3.6% | |||||||||
| 2,500 | Louisiana, Hwy. Impvts. Sales Tax RB, Ser. A, 5.00%, 5/01/35, FGIC | 05/15 @ 100 | 2,623,600 | ||||||
| 1,315 | St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39 | 12/16 @ 103 | 1,396,793 | ||||||
| 4,020,393 | |||||||||
| Maryland—3.1% | |||||||||
| 2,500 | Cmnty. Dev. Admin., St. Sngl. Fam. Hsg. RB, Ser. A, 4.70%, 9/01/37 | 09/16 @ 100 | 2,460,125 | ||||||
| 1,000 | Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, King Farm | ||||||||
| Presbyterian Cmnty. Proj., 5.00%, 1/01/17 | 01/09 @ 100 | 1,004,920 | |||||||
| 3,465,045 | |||||||||
| Massachusetts—1.8% | |||||||||
| 1,980 | Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41 | 08/16 @ 100 | 2,077,772 | ||||||
| Michigan—2.6% | |||||||||
| Hosp. Fin. Auth., | |||||||||
| 2,000 | 3 |
Hlth., Hosp. & Nursing Home Impvts. RB, Mercy Hlth. Svcs. Proj., 5.75%, 8/15/09, | |||||||
| MBIA | N/A | 2,112,520 | |||||||
| 730 | Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46 | 11/16 @ 100 | 770,362 | ||||||
| 2,882,882 | |||||||||
| Missouri—6.1% | |||||||||
| 2,000 | 3 |
Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, St. Anthony's Med. Ctr. Proj., | |||||||
| 6.125%, 12/01/10 | N/A | 2,180,920 | |||||||
| 2,250 | Hsg. Dev. Comm., Homeownership RB, Ser. B1, 5.05%, 3/01/38 | 09/16 @ 103 | 2,342,070 | ||||||
| 2,385 | Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%, | ||||||||
| 1/01/36, MBIA | 01/16 @ 100 | 2,396,448 | |||||||
| 6,919,438 | |||||||||
| Multi-State—5.7% | |||||||||
| 2,000 | 2 |
Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/10 | No Opt. Call | 2,204,040 | |||||
| 4,000 | 2 |
MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49 | 06/09 @ 100 | 4,210,360 | |||||
| 6,414,400 | |||||||||
| Nebraska—1.1% | |||||||||
| 1,205 | Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.75%, 2/01/44 | 02/14 @ 100 | 1,221,075 | ||||||
| Nevada—3.9% | |||||||||
| 905 | Cnty. of Clark Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29 | 05/16 @ 100 | 939,200 | ||||||
| 3,400 | Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34, XLCA | 07/16 @ 100 | 3,503,190 | ||||||
| 4,442,390 | |||||||||
| New Jersey—0.6% | |||||||||
| 645 | Middlesex Cnty. Impvt. Auth., Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates | ||||||||
| LLC Proj., Ser. B, 6.25%, 1/01/37 | 01/15 @ 100 | 668,097 | |||||||
| New York—7.7% | |||||||||
| 315 | Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. | ||||||||
| Proj., Ser. A, 7.00%, 5/01/35 | 05/15 @ 102 | 312,678 | |||||||
2
BlackRock Strategic Municipal Trust (BSD) (continued) |
|
| Principal | ||||||||||
| Amount | Option Call | |||||||||
| (000) | Description | Provisions1 | Value | |||||||
| New York—(cont'd) | ||||||||||
| $ 1,775 | Liberty Dev. Corp., Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, | |||||||||
| 10/01/35 |
No Opt. Call
|
$
|
2,021,867 | |||||||
| 1,035 | Mtg. Agcy., St. Sngl. Fam. Hsg. Local or Gtd. Hsg. RB, Ser. 85, 5.70%, 10/01/17 | 04/07 @ 100 | 1,035,052 | |||||||
| 4,395 | New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, | |||||||||
| Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT | 08/16 @ 101 | 5,324,718 | ||||||||
| 8,694,315 | ||||||||||
| North Carolina—1.7% | ||||||||||
| 1,825 | Med. Care Comm., Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, | |||||||||
| 11/01/39 | 11/16 @ 100 | 1,902,563 | ||||||||
| Ohio—5.7% | ||||||||||
| 6,265 | Air Qual. Dev. Auth., Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, | |||||||||
| FGIC | 07/15 @ 100 | 6,407,717 | ||||||||
| Oklahoma—1.3% | ||||||||||
| 1,225 | Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, | |||||||||
| 7.75%, 6/01/35, AMT | No Opt. Call | 1,450,584 | ||||||||
| Pennsylvania—7.2% | ||||||||||
| Econ. Dev. Fing. Auth., | ||||||||||
| 2,745 | Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT | 06/11 @ 103 | 3,021,778 | |||||||
| 1,000 | Rec. Recovery Impvts. RB, Colver Proj., Ser. G, 5.125%, 12/01/15, AMT | No Opt. Call | 1,015,670 | |||||||
| 700 | Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.125%, 11/01/21, AMT | 05/11 @ 101 | 747,831 | |||||||
| 1,000 | Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT | 05/11 @ 101 | 1,069,850 | |||||||
| 1,000 | Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.50%, 11/01/16, AMT | 05/11 @ 101 | 1,078,300 | |||||||
| 420 | Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27 | 10/16 @ 100 | 415,603 | |||||||
| 720 | Washington Cnty. Auth., Misc. RB, Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC | No Opt. Call | 774,878 | |||||||
| 8,123,910 | ||||||||||
| Puerto Rico—3.1% | ||||||||||
| 1,820 | Comnwlth., Ad Valorem Ppty. Tax GO, Ser. B, 5.00%, 7/01/35 | 07/16 @ 100 | 1,897,932 | |||||||
| 1,355 | Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/34 | No Opt. Call | 1,553,223 | |||||||
| 3,451,155 | ||||||||||
| South Carolina—2.6% | ||||||||||
| 2,500 | 3 |
Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Proj., Ser. C, | ||||||||
| 7.00%, 8/01/13 | N/A | 2,946,832 | ||||||||
| Tennessee—3.5% | ||||||||||
| 2,000 | Memphis-Shelby Cnty. Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. D, 6.00%, | |||||||||
| 3/01/24, AMBAC, AMT | 03/10 @ 101 | 2,123,520 | ||||||||
| 1,750 | Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home Impvts. RB, St. | |||||||||
| Jude Children's Research Hosp. Proj., 5.00%, 7/01/31 | 07/16 @ 100 | 1,831,690 | ||||||||
| 3,955,210 | ||||||||||
| Texas—12.9% | ||||||||||
| 575 | Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT | 04/16 @ 100 | 585,925 | |||||||
| 4,750 | Harris Cnty.-Houston Sports Auth., Hotel Occupancy Tax RB, Ser. A, Zero Coupon, | |||||||||
| 11/15/38, MBIA | 11/30 @ 61.166 | 969,522 | ||||||||
| 4,060 | La Joya Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/34, PSF | 02/14 @ 100 | 4,224,958 | |||||||
| 1,500 | Lower Colorado River Auth., Misc. RB, Ser. A, 5.50%, 5/15/21, AMBAC | 05/09 @ 101 | 1,567,560 | |||||||
| 295 | Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, | |||||||||
| 4.75%, 3/01/30, MBIA | 03/14 @ 100 | 299,685 | ||||||||
| 1,000 | Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC | 03/16 @ 100 | 1,025,560 | |||||||
| 500 | Texas, Wtr. Util. Impvts. GO, Wtr. Fin. Asst. Proj., 5.75%, 8/01/22 | 08/10 @ 100 | 529,930 | |||||||
| Tpke. Auth., Hwy. Impvts. Tolls RB, | ||||||||||
| 1,450 | Ser. A, 5.00%, 8/15/42, AMBAC | 08/12 @ 100 | 1,509,189 | |||||||
| 15,000 | Zero Coupon, 8/15/31, AMBAC | 08/12 @ 32.807 | 3,890,550 | |||||||
| 14,602,879 | ||||||||||
| Utah—3.6% | ||||||||||
| Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, | ||||||||||
| 2,675 | 5.75%, 7/01/19, MBIA | 07/07 @ 102 | 2,741,795 | |||||||
| 1,325 | 3 |
Ser. B, 5.75%, 7/01/07, MBIA | N/A | 1,358,059 | ||||||
| 4,099,854 | ||||||||||
3
BlackRock Strategic Municipal Trust (BSD) (continued) |
|
| Principal | |||||||||||
| Amount | Option Call | ||||||||||
| (000) | Description | Provisions1 | Value | ||||||||
| Virginia—0.9% | |||||||||||
| $ 1,000 | Henrico Cnty. Econ. Dev. Auth., Econ. Dev. RB, Westminster-Canterbury Mgmt. Proj., | ||||||||||
| 5.00%, 10/01/27 |
10/11 @ 103
|
$
|
1,027,410 | ||||||||
| Washington—1.9% | |||||||||||
| 620 | Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA |
01/16 @ 100
|
652,265 | ||||||||
| 1,520 | Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. | ||||||||||
| A, 4.625%, 10/01/34, FGIC |
10/16 @ 100
|
1,516,473 | |||||||||
| 2,168,738 | |||||||||||
| Wisconsin—4.3% | |||||||||||
| 4,665 | Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ascension Hlth. Proj., | ||||||||||
| 5.00%, 11/15/31 |
11/16 @ 100
|
4,834,293 | |||||||||
| Total Long-Term Investments (cost $164,916,230) | 174,786,453 | ||||||||||
|
Shares
|
|||||||||||
| (000) | |||||||||||
| MONEY MARKET FUND—2.0% | |||||||||||
|
2,200
|
4,5 | Merrill Lynch Institutional Tax Exempt Fund, 3.46% (cost $2,200,000) | N/A | 2,200,000 | |||||||
| Total Investments —157.0% (cost $167,116,2306) | $ 176,986,453 | ||||||||||
| Liabilities in excess of other assets —(2.0)% | (2,208,644) | ||||||||||
| Preferred shares at redemption value, including dividends payable —(55.0)% | (62,018,599) | ||||||||||
| Net Assets Applicable to Common Shareholders—100% | $ 112,759,210 | ||||||||||
| 1 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
| 2 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of March 31, |
| 2007, the Trust held 15.1% of its net assets, with a current market value of $17,014,402, in securities restricted as to resale. | |
| 3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
| 4 | Represents an investment in an affiliate. |
| 5 | Represents current yield as of March 31, 2007. |
| 6 | Cost for federal income tax purposes is $167,114,456. The net unrealized appreciation on a tax basis is $9,871,997, consisting of $10,089,080 gross unrealized appreciation and $217,083 gross |
| unrealized depreciation. | |
KEY TO ABBREVIATIONS
| AMBAC | — American Municipal Bond Assurance Corp. | MBIA | — Municipal Bond Insurance Assoc. | |
| AMT | — Subject to Alternative Minimum Tax | PSF | — Public School Fund Guaranteed | |
| CIFG | — CIFG Insurance | RB | — Revenue Bond | |
| FGIC | — Financial Guaranty Insurance Co. | SA | — Special Assessment | |
| FSA | — Financial Security Assurance | TA | — Tax Allocation | |
| GO | — General Obligation | XLCA | — XL Capital Assurance |
4
Item 2. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.
(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 (17 CFR 270.30a -3(d)) 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.
Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.
SIGNATURES
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.
(Registrant) BlackRock Strategic Municipal Trust
| By: | /s/ Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: May 25, 2007 | |
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/ Robert S. Kapito |
| Name: Robert S. Kapito | |
| Title: President and Principal Executive Officer | |
| Date: May 25, 2007 | |
| By: | /s/ Donald C. Burke |
| Name: Donald C. Burke | |
| Title: Treasurer and Principal Financial Officer | |
| Date: May 25, 2007 | |