N-Q 1 bpsfinal.htm BR PENNSYLVANIA STRATEGIC MUNICIPAL TRUST (BPS) bpsfinal.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: John M. Perlowski, Chief Executive Officer, The BlackRock
Pennsylvania 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 Pennsylvania Strategic Municipal Trust (BPS)
Schedule of Investments January 31, 2011 (Unaudited)
 (Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania — 108.0%       
Corporate — 4.1%       
Beaver County IDA, Refunding RB,       
FirstEnergy, Mandatory Put Bonds,       
3.38%, 1/01/35 (a)  $ 200  $ 192,546 
Pennsylvania Economic Development     
Financing Authority, RB, Aqua       
Pennsylvania Inc. Project, Series A,     
AMT, 6.75%, 10/01/18    600  686,376 
Pennsylvania Economic Development     
Financing Authority, Refunding RB,     
Aqua Pennsylvania Inc. Project,       
Series A, AMT, 5.00%, 12/01/34    180  162,803 
      1,041,725 
County/City/Special District/School District — 13.4%   
County of York Pennsylvania, GO,       
5.00%, 3/01/36    100  98,450 
Delaware Valley Regional Financial       
Authority, RB, Series A (AMBAC),       
5.50%, 8/01/28    1,500  1,468,680 
Marple Newtown School District, GO       
(AGM), 5.00%, 6/01/31    600  590,184 
Owen J Roberts School District, GO,       
4.75%, 11/15/25    700  702,562 
Philadelphia School District, GO,       
Series E, 6.00%, 9/01/38    100  102,563 
Scranton School District Pennsylvania,     
GO, Series A (AGM), 5.00%, 7/15/38  500  464,115 
      3,426,554 
Education — 14.4%       
Adams County IDA, Refunding RB,       
Gettysburg College:       
5.00%, 8/15/24    100  100,359 
5.00%, 8/15/25    100  99,385 
4.50%, 8/15/27    140  127,761 
Cumberland County Municipal Authority,     
RB, AICUP Financing Program,       
Dickinson College Project, 5.00%,       
11/01/39    200  188,092 
Delaware County Authority       
Pennsylvania, RB, Villanova       
University, 5.25%, 12/01/31    100  100,554 
Delaware County Authority, RB,       
Haverford College:       
5.00%, 11/15/35    415  407,447 
5.00%, 11/15/40    300  291,381 

 

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania (continued)       
Education (concluded)       
Lancaster Higher Education Authority,     
RB, Franklin & Marshall College       
Project, 5.00%, 4/15/37  $ 500  $ 473,430 
Pennsylvania Higher Educational       
Facilities Authority, RB:       
Drexel University, Series A (NPFGC),     
5.00%, 5/01/37    250  228,518 
Thomas Jefferson University,       
5.00%, 3/01/40    1,000  936,050 
Pennsylvania Higher Educational       
Facilities Authority, Refunding RB,       
State System of Higher Education,       
Series AL, 5.00%, 6/15/35    100  97,518 
Swarthmore Borough Authority,       
Refunding RB, Series A, 4.30%,       
9/15/28    285  271,559 
University of Pittsburgh Pennsylvania,     
RB, Capital Project, Series B, 5.00%,     
9/15/28    350  356,531 
      3,678,585 
Health — 42.9%       
Allegheny County Hospital Development     
Authority, Refunding RB, Health       
System, West Penn, Series A:       
5.00%, 11/15/28    250  174,323 
5.38%, 11/15/40    470  312,343 
Berks County Municipal Authority,       
Refunding RB, Reading Hospital &       
Medical Center Project, Series A-3,     
5.50%, 11/01/31    500  495,680 
Bucks County IDA, Refunding RB,       
Pennswood Village Project, Series A,     
6.00%, 10/01/12 (b)    1,150  1,254,477 
Cumberland County Municipal Authority,     
RB, Diakon Lutheran, 6.38%,       
1/01/39    500  483,845 
Dauphin County General Authority,       
Refunding RB, Pinnacle Health       
System Project, Series A, 6.00%,       
6/01/29    500  496,110 
Franklin County IDA Pennsylvania, RB,     
Chambersburg Hospital Project,       
5.38%, 7/01/42    415  369,429 

 

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:

AGC  Assured Guaranty Corp.  HFA  Housing Finance Agency 
AGM  Assured Guaranty Municipal Corp.  IDA  Industrial Development Authority 
AMBAC  American Municipal Bond Assurance Corp.  NPFGC  National Public Finance Guarantee Corp. 
AMT  Alternative Minimum Tax (subject to)  RB  Revenue Bonds 
FHA  Federal Housing Administration  S/F  Single-Family 
GO  General Obligation Bonds  TE  Tax-Exempt 

 

BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011 1


BlackRock Pennsylvania Strategic Municipal Trust (BPS)
Schedule of Investments(continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania (continued)       
Health (concluded)       
Lehigh County General Purpose       
Authority, Refunding RB, Hospital,       
Saint Luke's Bethlehem, 5.38%,       
8/15/13 (b)  $ 2,000  $ 2,217,740 
Lycoming County Authority, Refunding     
RB, Susquehanna Health System       
Project, Series A, 5.75%, 7/01/39    210  188,446 
Monroe County Hospital Authority       
Pennsylvania, Refunding RB, Hospital,     
Pocono Medical Center, 5.13%,       
1/01/37    345  296,269 
Montgomery County Higher Education &     
Health Authority, Refunding RB,       
Abington Memorial Hospital, Series A,     
5.13%, 6/01/33    370  338,054 
Montgomery County IDA Pennsylvania,     
RB:       
Acts Retirement Life Community,     
5.25%, 11/15/28    1,250  1,124,237 
Acts Retirement Life Community,     
Series A, 4.50%, 11/15/36    375  277,268 
New Regional Medical Center       
Project (FHA), 5.38%, 8/01/38    535  523,348 
Pennsylvania Higher Educational       
Facilities Authority, RB, University of     
Pittsburgh Medical Center, Series E,     
5.00%, 5/15/31    1,000  925,430 
South Fork Municipal Authority,       
Refunding RB, Conemaugh Valley       
Memorial, Series B (AGC), 5.38%,       
7/01/35    245  227,860 
Southcentral General Authority,       
Refunding RB, Wellspan Health       
Obligor Group, Series A, 6.00%,       
6/01/29    1,250  1,291,637 
      10,996,496 
Housing — 9.7%       
Pennsylvania HFA, RB:       
Series 94-A, AMT, 5.10%,       
10/01/31    150  141,573 
Series 95-A, AMT, 4.90%,       
10/01/37    975  884,744 
Series 103C, 5.40%, 10/01/33    5  5,053 
Pennsylvania HFA, Refunding RB, AMT:     
S/F Mortgage, Series 92-A, 4.75%,     
4/01/31    110  99,517 
Series 97A, 4.65%, 10/01/31    1,300  1,158,573 
Series 99A, 5.15%, 4/01/38    200  186,442 
      2,475,902 
State — 2.0%       
Commonwealth of Pennsylvania, GO,     
First Series, 5.00%, 3/15/29    275  279,018 
State Public School Building Authority,     
Refunding RB, Harrisburg School       
District Project, Series A (AGC),       
5.00%, 11/15/33    250  239,170 
      518,188 
Transportation — 17.5%       
City of Philadelphia Pennsylvania, RB,     
Series A, 5.00%, 6/15/40    1,000  923,400 

 

    Par   
Municipal Bonds    (000)  Value 
Pennsylvania (concluded)       
Transportation (concluded)       
Delaware River Port Authority, RB,       
Series D, 5.00%, 1/01/40  $ 750  $ 710,505 
Pennsylvania Economic Development     
Financing Authority, RB, Amtrak       
Project, Series A, AMT:       
6.25%, 11/01/31    1,000  1,000,950 
6.38%, 11/01/41    1,000  1,000,410 
Pennsylvania Turnpike Commission, RB,     
Series A (AMBAC), 5.25%, 12/01/32  870  853,313 
      4,488,578 
Utilities — 4.0%       
City of Philadelphia Pennsylvania, RB:     
Ninth Series, 5.25%, 8/01/40    270  243,869 
Series A, 5.25%, 1/01/36    100  95,323 
Series C (AGM), 5.00%, 8/01/40  350  325,084 
Montgomery County IDA Pennsylvania,     
RB, Aqua Pennsylvania Inc. Project,     
Series A, AMT, 5.25%, 7/01/42    300  269,112 
Pennsylvania Economic Development     
Financing Authority, RB, Philadelphia     
Biosolids Facility, 6.25%, 1/01/32    100  99,416 
      1,032,804 
Total Municipal Bonds in Pennsylvania    27,658,832 
Guam — 0.6%       
County/City/Special District/School District — 0.6%   
Territory of Guam, RB, Section 30,       
Series A, 5.63%, 12/01/29    150  144,345 
Multi-State — 13.3%       
Housing — 13.3%       
MuniMae TE Bond Subsidiary LLC,       
7.50%, 6/30/49 (a)(c)(d)    3,674  3,416,953 
Puerto Rico — 19.1%       
State — 16.6%       
Commonwealth of Puerto Rico, GO,       
Refunding, Sub-Series C-7 (NPFGC),     
6.00%, 7/01/27    1,385  1,396,440 
Puerto Rico Public Buildings Authority,     
Refunding RB, Government Facilities,     
Series N, 5.00%, 7/01/37    300  253,491 
Puerto Rico Public Finance Corp., RB,     
Commonwealth Appropriation,       
Series E, 5.50%, 2/01/12 (b)    1,495  1,569,107 
Puerto Rico Sales Tax Financing Corp.,     
RB, First Sub-Series A, 6.38%,       
8/01/39    1,000  1,024,020 
      4,243,058 
Utilities — 2.5%       
Puerto Rico Aqueduct & Sewer       
Authority, RB, Senior Lien, Series A,     
6.00%, 7/01/38    200  187,508 
Puerto Rico Electric Power Authority, RB,     
Series WW, 5.50%, 7/01/38    500  462,760 
      650,268 
Total Municipal Bonds in Puerto Rico    4,893,326 

 

2 BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011


BlackRock Pennsylvania Strategic Municipal Trust (BPS)
Schedule of Investments(continued)
(Percentages shown are based on Net Assets)

    Par   
Municipal Bonds    (000)  Value 
U.S. Virgin Islands — 0.3%       
State — 0.3%       
Virgin Islands Public Finance Authority,     
RB, Senior Lien, Capital Projects,       
Series A-1, 5.00%, 10/01/39  $ 100  $ 81,487 
Total Municipal Bonds – 141.3%      36,194,943 
Municipal Bonds Transferred to Tender     
Option Bond Trusts (e)       
Pennsylvania — 29.1%       
Education — 5.7%       
Pennsylvania Higher Educational       
Facilities Authority, Refunding RB,       
Trustees of the University of       
Pennsylvania, Series C, 4.75%,       
7/15/35    500  471,025 
Pennsylvania State University, RB,       
5.00%, 3/01/40    1,000  989,370 
      1,460,395 
Health — 8.9%       
Geisinger Authority, RB, Series A:       
5.13%, 6/01/34    500  464,940 
5.25%, 6/01/39    1,000  941,040 
Philadelphia Hospitals & Higher       
Education Facilities Authority,       
Refunding RB, Jefferson Health       
System, Series B, 5.00%, 5/15/40  1,000  882,720 
      2,288,700 
Housing — 3.6%       
Pennsylvania HFA, Refunding RB:       
Series 96-A, AMT, 4.70%,       
10/01/37    500  435,665 
Series 105C, 5.00%, 10/01/39    500  477,270 
      912,935 
State — 7.0%       
Commonwealth of Pennsylvania, GO,     
First Series, 5.00%, 3/15/28    825  841,257 
Pennsylvania Turnpike Commission, RB,     
Series C of 2003 Pennsylvania       
Turnpike (NPFGC), 5.00%, 12/01/32  1,000  957,650 
      1,798,907 
Transportation — 3.9%       
City of Philadelphia Pennsylvania, RB,     
Series A, AMT (AGM), 5.00%,       
6/15/37    1,150  997,200 
Total Municipal Bonds Transferred to     
Tender Option Bond Trusts – 29.1%      7,458,137 
Total Long-Term Investments       
(Cost – $45,381,727) – 170.4%      43,653,080 

 

Short-Term Securities  Shares  Value 
BIF Pennsylvania Municipal Money     
Fund, 0.00% (f)(g)  2,018,851  $ 2,018,851 
Total Short-Term Securities     
(Cost – $2,018,851) – 7.9%    2,018,851 
Total Investments     
(Cost – $47,400,578*) – 178.3%    45,671,931 
Other Assets Less Liabilities – 1.6%    398,733 
Liability for Trust Certificates, Including Interest   
Expense and Fees Payable – (16.1)%    (4,127,810) 
Preferred Shares, at Redemption Value – (63.8)%  (16,325,988) 
Net Assets Applicable to Common Shares – 100.0%  $ 25,616,866 
* The cost and unrealized appreciation (depreciation) of investments as of 
January 31, 2011, as computed for federal income tax purposes, were as 
follows: Aggregate cost    $ 45,467,908 
Gross unrealized appreciation    $ 569,008 
Gross unrealized depreciation    (4,489,739) 
 Net unrealized depreciation  $  ( 3,920,731)


(a) Variable rate security. Rate shown is as of report date.
(b) 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.
(c) 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.
(d) 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.
(e) 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.
(f) 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 
BIF         
Pennsylvania         
Municipal         
Money Fund  455,164  1,563,687  2,018,851  $ - 


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

• For Trust compliance purposes, the Trust’s sector classifications refer to
any one or more of the sector sub-classifications used by one or more
widely recognized market indexes or rating group indexes, and/or as
defined by Trust management. This definition may not apply for
purposes of this report, which may combine such sector sub-
classifications for reporting ease.

BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011 3


BlackRock Pennsylvania Strategic Municipal Trust (BPS)
Schedule of  Investments (concluded)

•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 the 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:

Investments in Securities
Valuation Inputs  Level 1  Level 2  Level 3  Total 
Assets:         
Investments in Securities:       
Long-Term         
Investments1  — $ 43,653,080  — $ 43,653,080 
Short-Term         
Securities  $ 2,018,851  —  —  2,018,851 
Total  $ 2,018,851 $ 43,653,080  — $ 45,671,931 
1 See above Schedule of Investments for values in each sector.   

 

BLACKROCK PENNSYLVANIA STRATEGIC MUNICIPAL TRUST JANUARY 31, 2011 4


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 Pennsylvania Strategic Municipal Trust

By: /S/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
The BlackRock Pennsylvania 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 Pennsylvania Strategic Municipal Trust

Date: March 25, 2011

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

Date: March 25, 2011