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
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
Registrants telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 12/31/2008
Date of reporting period: 07/01/2008 09/30/2008
Item 1 Schedule of Investments
BlackRock Strategic Municipal Trust | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
State | Municipal Bonds | (000 | ) | Value | ||
Alabama - 11.9% |
Alabama State Public School and College Authority, Capital Improvement Revenue Bonds, Series C, 5.75%, 7/01/18 |
$ 7,000 | $ 7,221,270 | |||
Courtland, Alabama, IDB, Solid Waste Disposal Revenue Refunding Bonds (Champion International Corporation Project), AMT, Series A, 6.70%, 11/01/29 |
3,000 | 2,817,930 | ||||
10,039,200 | ||||||
Arizona - 3.7% |
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%, 12/01/32 |
1,455 | 1,045,374 | |||
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, 5%, 12/01/37 |
1,890 | 1,319,938 | ||||
San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue Bonds (Regional Detention Center Project), 6.25%, 5/01/15 |
210 | 191,268 | ||||
San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue Bonds (Regional Detention Center Project), 7%, 5/01/20 |
210 | 183,189 | ||||
San Luis, Arizona, Facilities Development Corporation, Senior Lien Revenue Bonds (Regional Detention Center Project), 7.25%, 5/01/27 |
420 | 356,950 | ||||
3,096,719 | ||||||
California - 13.5% |
California County Tobacco Securitization Agency, Tobacco Revenue
Bonds (Stanislaus County Tobacco Funding Corporation), Sub-Series C, 6.30%, 6/01/55 (a) |
3,095 | 50,170 | |||
California State, GO, 5%, 3/01/33 (b) | 5,000 | 4,590,650 | ||||
Sacramento County, California, Airport System
Revenue Bonds,
FLOATS, VRDN, AMT, Series 2729, 7.61%, 7/01/39 (c)(d)(e) |
670 | 670,000 | ||||
University of California Revenue Bonds, Series B, 4.75%, 5/15/38 | 1,835 | 1,603,441 | ||||
West Valley Mission Community College District, California, GO (Election of 2004), Series A, 4.75%, 8/01/30 (d) |
5,000 | 4,508,700 | ||||
11,422,961 | ||||||
Colorado - 4.6% |
Colorado Health Facilities Authority, Revenue Refunding Bonds
(Poudre Valley Health Care), 5.20%, 3/01/31 (d) |
240 | 213,355 | |||
Colorado Springs, Colorado, Utilities System Improvement Revenue
Bonds, Subordinate Lien, Series C, 5%, 11/15/45 (d) |
445 | 401,515 | ||||
Northwest Parkway Public Highway Authority, Colorado, Senior
Revenue Bonds, CABS, Series B, 6.30%, 6/15/11 (a)(d)(f) |
10,000 | 2,868,300 | ||||
Park Creek Metropolitan District, Colorado, Senior Limited Tax
Supported Revenue Refunding Bonds, 5.50%, 12/01/37 |
440 | 371,202 | ||||
3,854,372 |
Portfolio Abbreviations | |||||
To simplify the listings of portfolio holdings in the Schedule of Investments, the names of many of the securities have been abbreviated according to the list below. | |||||
AMT | Alternative Minimum Tax (subject to) | HFA | Housing Finance Agency | ||
CABS | Capital Appreciation Bonds | IDA | Industrial Development Authority | ||
EDA | Economic Development Authority | IDB | Industrial Development Board | ||
EDR | Economic Development Revenue Bonds | S/F | Single-Family | ||
FLOATS | Floating Rate Securities | SIFMA | Securities Industry and Financial Markets | ||
GO | General Obligation Bonds | Association | |||
HDA | Housing Development Authority | VRDN | Variable Rate Demand Notes |
1
BlackRock Strategic Municipal Trust | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
State | Municipal Bonds | (000) | Value | |||
Connecticut - 7.2% |
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Refunding Bonds, Sub-Series A, 5.50%, 9/01/28 |
$1,500 | $1,188,270 | |||
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Refunding Bonds, Sub-Series B, 5.75%, 9/01/27 (g) |
6,000 | 4,942,020 | ||||
6,130,290 | ||||||
Florida - 15.3% |
Arborwood Community Development District, Florida, Capital Improvement Special Assessment Bonds (Master Infrastructure Projects), Series B, 5.10%, 5/01/14 |
1,570 | 1,380,862 | |||
Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding Bonds, Series A, 5%, 6/01/38 |
1,050 | 808,007 | ||||
Hillsborough County, Florida, IDA, Exempt Facilities Revenue Bonds (National Gypsum Company), AMT, Series A, 7.125%, 4/01/30 |
3,300 | 2,947,263 | ||||
Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds(Baptist Medical Center Project), Series A, 5%, 8/15/37 |
715 | 588,753 | ||||
Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%, 11/15/21 |
1,580 | 1,476,320 | ||||
Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds, 4.75%, 10/01/32 (h) |
5,265 | 4,517,001 | ||||
Sumter Landing Community Development District, Florida, Recreational Revenue Bonds, Sub-Series B, 5.70%, 10/01/38 |
1,585 | 1,231,022 | ||||
12,949,228 | ||||||
Illinois - 7.4% |
CenterPoint Intermodal Center Program Trust, Illinois, Tax Allocation Bonds, Class A, 8%, 6/15/23 (g) |
850 | 768,349 | |||
Illinois Educational Facilities Authority Revenue Bonds (Northwestern University), 5%, 12/01/33 |
5,000 | 4,680,450 | ||||
Illinois State Finance Authority Revenue Bonds (Friendship Village of Schaumburg), Series A, 5.625%, 2/15/37 |
295 | 220,893 | ||||
Illinois State Finance Authority Revenue Bonds (Monarch Landing, Inc. Project), Series A, 7%, 12/01/37 |
575 | 519,242 | ||||
Illinois State Finance Authority, Student Housing Revenue Bonds (MJH Education Assistance IV LLC), Sub-Series B, 5.375%, 6/01/35 |
300 | 86,355 | ||||
6,275,289 | ||||||
Kentucky - 7.5% |
Kentucky Economic Development Finance Authority, Health System Revenue Refunding Bonds (Norton Healthcare, Inc.), Series B, 6.20%, 10/01/24 (a)(i) |
17,780 | 6,338,748 | |||
Louisiana - 1.4% |
Saint Tammany Parish, Louisiana, Financing Authority, S/F Mortgage Revenue Bonds (Home Ownership Program), Series A, 5.25%, 12/01/39 (j)(k)(l) |
1,279 | 1,205,476 | |||
Maryland - 2.3% |
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 | 1,916,425 | |||
Michigan - 3.2% |
Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Henry Ford Health System), Series A, 5.25%, 11/15/46 |
730 | 595,490 | |||
Michigan State Hospital Finance Authority, Revenue Refunding Bonds (Mercy Health Services), Series X, 5.75%, 8/15/09 (f)(i) |
2,000 | 2,069,660 | ||||
2,665,150 |
2
BlackRock Strategic Municipal Trust | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
State | Municipal Bonds | (000) | Value | |||
Missouri - 7.1% |
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds (Plum Point Project), 4.60%, 1/01/36 (i) |
$ 2,385 | $ 1,829,486 | |||
Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Refunding Bonds (Saint Anthony's Medical Center), 6.125%, 12/01/10 (f) |
2,000 | 2,160,240 | ||||
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) |
2,155 | 2,018,416 | ||||
6,008,142 | ||||||
Nebraska - 1.2% |
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series A, 4.75%, 2/01/44 |
1,205 | 1,037,481 | |||
Nevada - 0.9% |
Clark County, Nevada, EDR, Refunding (Alexander Dawson School of Nevada Project), 5%, 5/15/29 |
905 | 803,559 | |||
New Jersey - 3.2% |
Middlesex County, New Jersey, Improvement Authority, Subordinate Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B, 6.25%, 1/01/37 |
645 | 507,176 | |||
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.50%, 6/15/24 | 2,480 | 2,158,468 | ||||
2,665,644 | ||||||
New York - 4.6% |
Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project), Series A, 7%, 5/01/35 |
315 | 228,233 | |||
New York City, New York, City IDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, 7.75%, 8/01/31 |
4,395 | 3,660,639 | ||||
3,888,872 | ||||||
Ohio - 1.8% |
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Bonds, Series A-2, 6.50%, 6/01/47 |
1,880 | 1,525,601 | |||
Oklahoma - 1.4% |
Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding Bonds, Series A, 7.75%, 6/01/35 |
1,225 | 1,148,536 | |||
Pennsylvania - 9.4% |
Allegheny County, Pennsylvania, Hospital Development Authority, Revenue Refunding Bonds (West Penn Allegheny Health System), Series A, 5%, 11/15/13 |
1,750 | 1,578,220 | |||
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.50%, 11/01/16 |
1,000 | 1,018,750 | ||||
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.125%, 11/01/21 |
700 | 673,477 | ||||
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Amtrak Project), AMT, Series A, 6.25%, 11/01/31 |
1,000 | 909,370 | ||||
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds (Reliant Energy), AMT, Series A, 6.75%, 12/01/36 |
2,745 | 2,403,906 | ||||
Pennsylvania Economic Development Financing Authority, Resource Recovery Revenue Refunding Bonds (Colver Project), Series G, 5.125%, 12/01/15 |
1,000 | 907,150 |
3
BlackRock Strategic Municipal Trust | ||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||
Par | ||||||
State | Municipal Bonds | (000) | Value | |||
Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series 97A, 4.60%, 10/01/27 |
$ 420 | $ 335,198 | ||||
Washington County, Pennsylvania, Capital Funding Authority Revenue Bonds (Capital Projects and Equipment Program), 6.15%, 12/01/29 (m) |
105 | 99,754 | ||||
7,925,825 | ||||||
South Carolina - 3.4% |
South Carolina Jobs EDA, Hospital Facilities Revenue Refunding Bonds (Palmetto Health Alliance), Series C, 7%, 8/01/13 (f) |
2,500 | 2,876,200 | |||
South Dakota - 0.9% |
South Dakota State Health and Educational Facilities Authority Revenue Bonds (Sanford Health), 5%, 11/01/40 |
910 | 776,822 | |||
Tennessee - 2.2% |
Memphis-Shelby County, Tennessee, Airport Authority, Airport Revenue Bonds, AMT, Series D, 6%, 3/01/24 (m) |
2,000 | 1,846,680 | |||
Texas - 13.0% |
Brazos River Authority, Texas, PCR, Refunding (TXU Energy Company LLC Project), AMT, Series A, 8.25%, 10/01/30 |
730 | 707,742 | |||
Harris County-Houston Sports Authority, Texas, Revenue Refunding Bonds, Senior Lien, Series A, 6.146%, 11/15/38 (a)(i) |
4,750 | 580,450 | ||||
La Joya, Texas, Independent School District, GO, 5%, 2/15/34 | 4,060 | 3,757,693 | ||||
Montgomery County, Texas, Municipal Utility District Number 46, Waterworks and Sewer System, GO, 4.75%, 3/01/30 (i) |
295 | 260,240 | ||||
North Texas Tollway Authority, System Revenue Refunding Bonds, Second Tier, Series F, 6.125%, 1/01/31 |
2,025 | 1,942,947 | ||||
Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds, 6.06%, 8/15/31 (a)(m) |
15,000 | 3,256,350 | ||||
Texas State Water Financial Assistance, GO, Refunding, 5.75%, 8/01/22 |
500 | 513,970 | ||||
11,019,392 | ||||||
Washington - 0.9% |
Washington State Health Care Facilities Authority, Revenue Refunding Bonds (Providence Health System), Series A, 4.625%, 10/01/34 (n) |
915 | 762,341 | |||
Wisconsin - 6.2% |
Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Ascension Health), Series A, 5%, 11/15/31 |
4,665 | 4,127,825 | |||
Wisconsin State Health and Educational Facilities Authority, Revenue Refunding Bonds (Franciscan Sisters Healthcare), 5%, 9/01/26 |
1,375 | 1,136,891 | ||||
5,264,716 | ||||||
Multi-State - 7.4% | Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (g)(o) | 2,000 | 2,148,200 | |||
MuniMae TE Bond Subsidiary LLC, 6.875%, 6/30/49 (g)(o) | 4,000 | 4,075,040 | ||||
6,223,240 | ||||||
Total Municipal Bonds - 141.6% | 119,666,909 | |||||
Municipal Bonds Transferred to | ||||||
Tender Option Bond Trusts (p) | ||||||
Alabama - 0.8% |
Birmingham, Alabama, Special Care Facilities Financing Authority, Revenue Refunding Bonds (Ascension Health Credit), Series C-2, 5%, 11/15/36 |
759 | 669,131 | |||
California - 1.0% |
Sacramento County, California, Airport System Revenue Bonds, AMT, Senior Series B, 5.25%, 7/01/39 (d) |
1,004 | 850,608 |
4
BlackRock Strategic Municipal Trust | ||||||||
Schedule of Investments September 30, 2008 (Unaudited) | (Percentages shown are based on Net Assets) | |||||||
Municipal Bonds Transferred to | Par | |||||||
State | Tender Option Bond Trusts (p) | (000) | Value | |||||
Colorado - 3.6% | Colorado Health Facilities Authority Revenue Bonds (Catholic Health), | |||||||
Series C-3, 5.10%, 10/01/41 (d) | $ 1,215 | $ 1,106,968 | ||||||
Colorado Health Facilities Authority Revenue Bonds (Catholic Health), | ||||||||
Series C-7, 5%, 9/01/36 (d) | 780 | 707,998 | ||||||
Colorado Health Facilities Authority, Revenue Refunding Bonds | ||||||||
(Poudre Valley Health Care), Series B, 5.25%, 3/01/36 (d) | 480 | 423,841 | ||||||
Colorado Health Facilities Authority, Revenue Refunding Bonds | ||||||||
(Poudre Valley Health Care), Series C, 5.25%, 3/01/40 (d) | 855 | 749,372 | ||||||
2,988,179 | ||||||||
Connecticut - 3.4% | Connecticut State Health and Educational Facilities Authority Revenue | |||||||
Bonds (Yale University), Series T-1, 4.70%, 7/01/29 | 1,575 | 1,456,198 | ||||||
Connecticut State Health and Educational Facilities Authority Revenue | ||||||||
Bonds (Yale University), Series X-3, 4.85%, 7/01/37 | 1,545 | 1,442,595 | ||||||
2,898,793 | ||||||||
Illinois - 1.6% | Chicago, Illinois, Housing Authority, Capital Program Revenue | |||||||
Refunding Bonds, 5%, 7/01/24 (d) | 1,419 | 1,366,328 | ||||||
Massachusetts - 2.1% | Massachusetts State Water Resource Authority, General Revenue | |||||||
Refunding Bonds, Series A, 5%, 8/01/41 | 1,979 | 1,798,939 | ||||||
Ohio - 5.5% | Ohio State Air Quality Development Authority, Revenue Refunding | |||||||
Bonds (Dayton Power and Light Company Project), Series B, | ||||||||
4.80%, 1/01/34 (n)(q) | 5,269 | 4,656,066 | ||||||
Tennessee - 1.4% | Shelby County, Tennessee, Health, Educational and Housing Facility | |||||||
Board, Hospital Revenue Refunding Bonds (Saint Jude Children's | ||||||||
Research Hospital), 5%, 7/01/31 | 1,274 | 1,168,756 | ||||||
Virginia - 3.3% | University of Virginia, Revenue Refunding Bonds, 5%, 6/01/40 | 1,800 | 1,730,754 | |||||
Virginia State, HDA, Commonwealth Mortgage Revenue Bonds, | ||||||||
Series H, Sub-Series H-1, 5.35%, 7/01/31 (i) | 1,125 | 1,086,165 | ||||||
2,816,919 | ||||||||
Washington - 1.7% | Central Puget Sound Regional Transportation Authority, Washington, | |||||||
Sales and Use Tax Revenue Bonds, Series A, 5%, 11/01/32 (d) | 900 | 846,000 | ||||||
King County, Washington, Sewer Revenue Refunding Bonds, | ||||||||
5%, 1/01/36 (d) | 615 | 569,861 | ||||||
1,415,861 | ||||||||
Total Municipal Bonds Transferred to | ||||||||
Tender Option Bond Trusts - 24.4% | 20,629,580 | |||||||
Total Long-Term Investments (Cost - $154,720,137) - 166.0% | 140,296,489 | |||||||
Short-Term Securities | Shares | |||||||
Merrill Lynch Institutional Tax-Exempt Fund, 5.29% (r)(s) | 4,500,000 | 4,500,000 | ||||||
Total Short-Term Securities | ||||||||
(Cost - $4,500,000) - 5.3% | 4,500,000 | |||||||
Total Investments (Cost - $159,220,137*) - 171.3% | 144,796,489 | |||||||
Other Assets Less Liabilities - 2.3% | 1,907,903 | |||||||
Liability for Trust Certificates, Including Interest | ||||||||
Expense and Fees Payable - (17.0)% | (14,324,470 | ) | ||||||
Preferred Shares, at Redemption Value - (56.6)% | (47,848,627 | ) | ||||||
Net Assets Applicable to Common Shares - 100.0% | $ 84,531,295 |
5
BlackRock Strategic Municipal Trust | ||||
Schedule of Investments September 30, 2008 (Unaudited) |
Aggregate cost | $ | 144,896,124 | ||
Gross unrealized appreciation | $ | 1,405,621 | ||
Gross unrealized depreciation | (15,754,943 | ) | ||
Net unrealized depreciation | $ | (14,349,322 | ) |
* The cost and unrealized appreciation (depreciation) of investments as of September 30, 2008, as computed for federal income tax purposes, were as follows:
(a) | Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase. |
(b) | CIFG Insured. |
(c) | Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
(d) | FSA Insured. |
(e) | Security may have a maturity of more than one year at the time of issuance, but has variable rate and demand features that qualify it as a short-term security. |
(f) | U.S. 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. |
(g) | 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. |
(h) | XL Capital Insured. |
(i) | MBIA Insured. |
(j) | FNMA Collateralized. |
(k) | FHLMC Collateralized. |
(l) | GNMA Collateralized. |
(m) | AMBAC Insured. |
(n) | FGIC Insured. |
(o) | 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. |
(p) | 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. |
(q) | BHAC Insured. |
(r) | Represents the current yield as of report date. |
(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: |
Net | ||||||
Affiliate | Activity | Income | ||||
Merrill Lynch Institutional Tax-Exempt Fund | 4,500,000 | $ | 54,944 |
6
BlackRock Strategic Municipal Trust | |||||||
Schedule of Investments September 30, 2008 (Unaudited) | |||||||
Forward interest rate swaps outstanding as of September 30, 2008 were as follows: | |||||||
Notional | Unrealized | ||||||
Amount | Appreciation | ||||||
(000) | (Depreciation) | ||||||
Pay a fixed rate of 3.251% and receive a floating | |||||||
rate based on 1-week SIFMA Municipal Swap | |||||||
Index Rate | |||||||
Broker, JPMorgan Chase | |||||||
Expires December 2018 | $ | 8,035 | $ | 171,676 | |||
Pay a fixed rate of 3.762% and receive a floating | |||||||
rate based on 1-week SIFMA Municipal Swap Index | |||||||
Rate | |||||||
Broker, JPMorgan Chase | |||||||
Expires October 2023 | $ | 10,000 | (32,060 | ) | |||
Pay a fixed rate of 3.66% and receive a floating | |||||||
rate based on 1-week SIFMA Municipal Swap Index | |||||||
Rate | |||||||
Broker, Citibank NA | |||||||
Expires December 2028 | $ | 2,670 | 54,796 | ||||
Total | $ | 194,412 |
7
BlackRock Strategic Municipal Trust | |||||||
Schedule of Investments September 30, 2008 (Unaudited) |
| Effective January 1, 2008, 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: | ||
| Level 1 - price quotations in active markets/exchanges for identical securities | ||
| Level 2 - other observable inputs (including, but not limited to: quoted prices for 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 circumstance, to the extent observable inputs are not available (including the Trust'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 semi-annual report.
The following table summarizes the inputs used as of September 30, 2008 in determining the fair valuation of the Trust's investments:
Valuation | Investments in | Other Financial | ||||||
Inputs | Securities | Instruments* | ||||||
Level 1 | $ | 4,500,000 | - | |||||
Level 2 | 140,296,489 | $ | 194,412 | |||||
Level 3 | - | - | ||||||
Total | $ | 144,796,489 | $ | 194,412 | ||||
* Other financial instruments are swaps. |
8
Item 2 Controls and Procedures
2(a) | The registrants principal executive and principal financial officers or persons performing similar functions have concluded that the registrants 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 registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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: November 24, 2008 | |||
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: November 24, 2008 | |||
By: | /s/ Neal
J. Andrews |
||
Neal J. Andrews | |||
Chief Financial Officer (principal financial officer) of | |||
The BlackRock Strategic Municipal Trust | |||
Date: November 24, 2008 |