N-Q 1 bps.htm THE BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST (BPS) bps.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 811-09417

Name of Fund: The BlackRock Pennsylvania Strategic Municipal Trust (BPS)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, The BlackRock
Pennsylvania 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 Pennsylvania Strategic Municipal Trust       
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
  Municipal Bonds    (000)  Value 
Pennsylvania - 124.6%         
County/City/Special District/School Marple Newtown, Pennsylvania, School District, GO, 5%,     
District - 27.3%  6/01/31 (a)    $ 600  $ 595,986 
  Mifflin County, Pennsylvania, School District, GO, 7.50%,     
  9/01/22 (b)    200  237,934 
  Owen J. Roberts School District, Pennsylvania, GO, 4.75%,     
  11/15/25    700  704,137 
  Pennsylvania State, GO, First Series, 5%, 3/15/28  825  850,435 
  Pennsylvania State, GO, First Series, 5%, 3/15/29  275  282,153 
  Philadelphia, Pennsylvania, School District, GO, Refunding,     
  Series A, 5%, 8/01/15 (c)    1,000  1,086,040 
  Philadelphia, Pennsylvania, School District, GO, Series C,     
  5.75%, 3/01/10 (d)(e)    1,550  1,623,501 
  Philadelphia, Pennsylvania, School District, GO, Series E,     
  6%, 9/01/38    100  103,706 
  Scranton, Pennsylvania, School District, GO, Series A, 5%,     
  7/15/38 (a)    500  486,470 
  University of Pittsburgh, Pennsylvania, The Commonwealth     
  System of Higher Education, Revenue Bonds (Capital Project),     
  Series B, 5%, 9/15/28    350  350,263 
  Washington County, Pennsylvania, Capital Funding Authority     
  Revenue Bonds (Capital Projects and Equipment Program),     
  6.15%, 12/01/29 (b)    40  32,781 
        6,353,406 
Education - 7.5%  Lancaster, Pennsylvania, Higher Education Authority, College     
  Revenue Bonds (Franklin & Marshall College Project), 5%,     
  4/15/37    500  461,115 
  Pennsylvania State Higher Educational Facilities Authority     
  Revenue Bonds (Lafayette College Project), 6%, 5/01/30  1,250  1,276,200 
        1,737,315 
Hospitals/Healthcare - 32.3%  Allegheny County, Pennsylvania, Hospital Development     
  Authority, Revenue Refunding Bonds (West Penn Allegheny     
  Health System), Series A, 5.375%, 11/15/40  470  253,189 
  Lancaster County, Pennsylvania, Hospital Authority Revenue     
  Bonds (Masonic Homes Project), 5%, 11/01/36  1,000  773,020 

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)  PCR  Pollution Control Revenue Bonds 
GO  General Obligation Bonds  S/F  Single-Family 
HFA  Housing Finance Agency  VRDN  Variable Rate Demand Notes 
IDA  Industrial Development Authority     

1


BlackRock Pennsylvania Strategic Municipal Trust       
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
  Municipal Bonds    (000)  Value 
  Lehigh County, Pennsylvania, General Purpose Authority,     
  Hospital Revenue Refunding Bonds (Saint Lukes Hospital of     
  Bethlehem), 5.375%, 8/15/13 (d)    $ 3,520  $ 4,059,581 
  Monroe County, Pennsylvania, Hospital Authority Revenue     
  Refunding Bonds (Pocono Medical Center), 5.125%, 1/01/37  345  262,500 
  Montgomery County, Pennsylvania, IDA, Retirement Community     
  Revenue Bonds (ACTS Retirement - Life Communities, Inc.),     
  5.25%, 11/15/28    1,250  916,312 
  Southcentral General Authority, Pennsylvania, Revenue     
  Refunding Bonds (Wellspan Health Obligated), Series A, 6%,     
  6/01/29    1,250  1,266,338 
        7,530,940 
Housing - 11.2%  Pennsylvania HFA, S/F Mortgage Revenue Bonds, AMT, Series     
  95A, 4.90%, 10/01/37    1,000  869,000 
  Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds,     
  AMT, Series 96A, 4.70%, 10/01/37    495  408,222 
  Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds,     
  AMT, Series 97A, 4.65%, 10/01/31    1,300  1,091,337 
  Pennsylvania HFA, S/F Mortgage Revenue Refunding Bonds,     
  AMT, Series 103C, 5.40%, 10/01/33    250  248,320 
        2,616,879 
IDA/PCR/Resource Recovery -  Bucks County, Pennsylvania, IDA, Revenue Refunding Bonds     
24.2%  (Pennswood Village Project), Series A, 6%, 10/01/12 (d)  1,400  1,627,836 
  Chester County, Pennsylvania, IDA, Water Facilities Revenue     
  Bonds (Aqua Pennsylvania, Inc. Project), AMT, Series A, 5%,     
  2/01/40 (e)(f)    2,000  1,586,800 
  Montgomery County, Pennsylvania, IDA, Water Facilities     
  Revenue Bonds (Aqua Pennsylvania, Inc. Project), Series A,     
  5.25%, 7/01/42    300  243,342 
  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 (Amtrak Project), AMT,     
  Series A, 6.375%, 11/01/41    1,000  726,790 
  Pennsylvania Economic Development Financing Authority,     
  Resource Recovery Revenue Refunding Bonds (Colver Project),     
  AMT, Series G, 5.125%, 12/01/15    900  712,818 
        5,638,346 
State - 2.2%  Wilkes-Barre, Pennsylvania, Financing Authority, Revenue     
  Refunding Bonds (Wilkes University Project), 5%, 3/01/37  700  498,372 
Transportation - 12.1%  Pennsylvania State Turnpike Commission, Oil Franchise Tax     
  Revenue Bonds, Series C, 5%, 12/01/32 (e)  1,000  987,630 
  Pennsylvania State Turnpike Commission, Turnpike Revenue     
  Bonds, Sub-Series A, 5%, 6/01/39 (g)    750  739,597 
 
 
2


BlackRock Pennsylvania Strategic Municipal Trust       
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
      Par   
  Municipal Bonds    (000)  Value 
  Philadelphia, Pennsylvania, Airport Revenue Bonds, AMT,     
  Series A, 5%, 6/15/37 (a)    $ 1,150  $ 967,081 
  Susquehanna Area Regional Airport Authority, Pennsylvania,     
  Airport System Revenue Bonds, AMT, Series A, 6.50%, 1/01/38  185  124,464 
        2,818,772 
Utilities: Water & Sewer - 7.8%  Delaware County, Pennsylvania, IDA, Water Facilities Revenue     
  Bonds (Philadelphia Suburban Water), 6%, 6/01/29 (e)(f)  1,250  1,199,137 
  Pennsylvania Economic Development Financing Authority,     
  Water Facility Revenue Bonds (Aqua Pennsylvania, Inc.     
  Project), AMT, Series A, 6.75%, 10/01/18  600  626,796 
        1,825,933 
  Total Municipal Bonds in Pennsylvania      29,019,963 
Multi-State - 12.0%         
Housing - 12.0%  MuniMae TE Bond Subsidiary LLC, 6.875%, 6/30/49 (h)(i)  4,000  2,799,400 
  Total Municipal Bonds in Multi-State      2,799,400 
Puerto Rico - 20.0%         
County/City/Special District/School Puerto Rico Commonwealth, GO, Refunding, Sub-Series C-7,     
District - 12.9%  6%, 7/01/27 (e)    1,385  1,343,062 
  Puerto Rico Public Finance Corporation, Commonwealth     
  Appropriation Revenue Bonds, Series E, 5.50%, 2/01/12 (d)  1,495  1,650,450 
        2,993,512 
Education - 3.7%  Puerto Rico Industrial, Tourist, Educational, Medical and     
  Environmental Control Facilities Revenue Bonds (Ana G.     
  Mendez University System Project), 5%, 3/01/26  1,250  860,237 
Other Revenue Bonds - 0.9%  Puerto Rico Public Buildings Authority, Government Facilities     
  Revenue Refunding Bonds, Series N, 5%, 7/01/37 (j)  300  216,531 
Utilities: Electric & Gas - 1.8%  Puerto Rico Electric Power Authority, Power Revenue Bonds,     
  Series WW, 5.50%, 7/01/38    500  416,230 
Utilities: Water & Sewer - 0.7%  Puerto Rico Commonwealth Aqueduct and Sewer Authority,     
  Senior Lien Revenue Bonds, Series A, 6%, 7/01/38  200  169,362 
  Total Municipal Bonds in Puerto Rico      4,655,872 
  Total Long-Term Investments       
  (Cost - $40,535,058) - 156.6%      36,475,235 
  Short-Term Securities       
Pennsylvania - 12.0%  Geisinger Health System, Pennsylvania, Revenue Bonds, VRDN,     
  0.30%, 4/01/09 (k)    1,000  1,000,000 
  Philadelphia, Pennsylvania, Gas Works Revenue Bonds, VRDN,     
  Fifth Series A-2, 0.40%, 4/02/09 (k)    1,100  1,100,000 
  Philadelphia, Pennsylvania, Hospitals and Higher Education     
  Facilities Authority, Hospital Revenue Refunding Bonds     
(Children's Hospital Project), VRDN, Series B, 0.35%,
  4/01/09 (k)    700  700,000 
        2,800,000 
 
 
 
 
3


BlackRock Pennsylvania Strategic Municipal Trust         
Schedule of Investments March 31, 2009 (Unaudited)  (Percentages shown are based on Net Assets) 
  Short-Term Securities    Shares    Value 
Money Market Fund - 3.9%  CMA Pennsylvania Municipal Money Fund, 0.11% (l)(m)  899,774  $  899,774 
  Total Short-Term Securities         
  (Cost - $3,699,774) - 15.9%        3,699,774 
  Total Investments (Cost - $44,234,832*) - 172.5%      40,175,009 
  Liabilities in Excess of Other Assets - (0.3)%      (61,429) 
  Preferred Shares, at Redemption Value - (72.2)%    (16,827,063) 
  Net Assets Applicable to Common Shares - 100.0%    $ 23,286,517 

* 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  $  44,086,454 
   Gross unrealized appreciation  $  921,681 
   Gross unrealized depreciation    (4,833,126) 
   Net unrealized depreciation  $  (3,911,445) 

(a) FSA Insured.
(b) XL Capital Insured.
(c) AMBAC 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) NPFGC Insured.
(f) FGIC Insured.
(g) Assured Guaranty Insured.
(h) 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 mandatory redemption at maturity.

(i) 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.

(j) Commonwealth Guaranteed.
(k) Rate shown is as of report date and maturity shown is the final maturity date or the date the
principal owed can be recovered through demand.

(l) 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 
CMA Pennsylvania Municipal Money Fund                     400,485  $                 528 

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

4


BlackRock Pennsylvania 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 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 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  $  899,774 
Level 2    39,275,235 
Level 3    - 
Total  $  40,175,009 

5


Item 2 – Controls and Procedures

2(a) – The registrant’s principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the
“1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 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 Pennsylvania Strategic Municipal Trust

By: /s/ Donald C. Burke
Donald C. Burke
Chief Executive Officer of
The BlackRock Pennsylvania 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 Pennsylvania Strategic Municipal Trust

Date: May 20, 2009

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

Date: May 20, 2009