N-Q 1 c48115_nq.htm

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:   811-09417      

BlackRock Pennsylvania 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 Pennsylvania 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

Item 1. Schedule of Investments.
The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited)
MARCH 31, 2007

BlackRock Pennsylvania Strategic Municipal Trust (BPS)

(Percentages shown are based on Net Assets)

Principal
                      
Amount
     
Option Call
     
(000)
  Description   Provisions1              Value
    LONG-TERM INVESTMENTS—152.9%          
    Multi-State—14.0%          
$      4,000 2 MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49   06/09 @ 100  
$
 4,210,360
    Pennsylvania—126.4%          
2,150 3 Allegheny Cnty. Port Auth., Trans. Impvts. RB, 6.125%, 3/01/09, MBIA   N/A     2,268,572
1,400   Bucks Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Pennswood Vlg. Proj.,          
       Ser. A, 6.00%, 10/01/34   10/12 @ 101     1,501,710
1,000   Canon McMillan Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, Zero Coupon,          
       12/01/33, FGIC   No Opt. Call     305,030
1,000   Catasauqua Area Sch. Dist., Ad Valorem Ppty. Tax GO, 5.00%, 2/15/31, FSA   02/16 @ 100     1,057,950
2,000   Chester Cnty. Indl. Dev. Auth., Wtr. Util. Impvts. Wtr. RB, Aqua, Inc. Proj., Ser. A, 5.00%,          
       2/01/40, FGIC, AMT   02/17 @ 100     2,080,260
    City of Philadelphia,          
1,250      Port, Arpt. & Marina Impvts. RB, Ser. B, 5.40%, 6/15/27, FGIC, AMT   06/07 @ 102     1,277,525
600      Wtr. RB, Ser. B, 4.75%, 11/01/31, AMBAC   11/17 @ 100     617,088
2,500 4 Delaware Cnty. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mercy Hlth. Corp.          
       Southeastern Pennsylvania Proj., 6.00%, 12/15/26   ETM     2,566,575
1,250   Delaware Cnty. Indl. Dev. Auth., Wtr. Util. Impvts. Indl. RB, Philadelphia Suburban Wtr.          
       Proj., 6.00%, 6/01/29, FGIC, AMT   06/09 @ 101     1,314,025
    Econ. Dev. Fing. Auth.,          
1,000      Rec. Recovery Impvts. RB, Colver Proj., Ser. G, 5.125%, 12/01/15, AMT   No Opt. Call     1,015,670
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, 6.375%, 11/01/41, AMT   05/11 @ 101     1,069,640
    Higher Edl. Facs. Auth.,          
1,250      Univ. & Coll. Impvts. RB, Lafayette Coll. Proj., 6.00%, 5/01/30   05/10 @ 100     1,328,575
95      Univ. & Coll. Impvts. RB, Philadelphia Univ. Proj., 6.10%, 6/01/30, RAA   06/10 @ 100     100,645
1,030      Univ. & Coll. Impvts. RB, Univ. of Pennsylvania Proj., Ser. C, 4.75%, 7/15/35   07/15 @ 100     1,051,167
2,000      Univ. & Coll. Impvts. RB, Univ. of the Arts Proj., Ser. A, 5.00%, 9/15/33, RAA   09/16 @ 100     2,087,260
1,000      Univ. & Coll. Impvts. RB, Univ. Pptys., Inc. Proj., Ser. A, 5.00%, 8/01/35, CIFG   08/16 @ 100     1,048,600
1,300   Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.65%, 10/01/31   10/16 @ 100     1,279,447
    Lancaster Cnty. Hosp. Auth.,          
400      Hlth., Hosp. & Nursing Home Impvts. RB, Lancaster Gen. Hosp. Proj., Ser. A, 5.00%,          
       3/15/36   03/17 @ 100     419,836
1,000      Hlth., Hosp. & Nursing Home RB, Masonic Homes of Grand Lodge Proj., 5.00%,          
       11/01/36   11/16 @ 100     1,040,130
1,000   McKeesport Area Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 10/01/24, FSA   10/15 @ 100     1,062,590
1,250   Montgomery Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Acts Retirement-          
       Life Cmntys., Inc. Proj., 5.25%, 11/15/28   11/08 @ 101     1,277,275
1,000   Pennsylvania St. Univ., Univ. & Coll. Impvts. RB, 5.00%, 9/01/35   09/15 @ 100     1,053,310
1,000   Philadelphia Hosps. & Higher Ed. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB,          
       Children's Hosp. of Philadelphia Proj., 4.50%, 7/01/33   07/17 @ 100     974,370
1,250   Philadelphia Pkg. Auth., Port, Arpt. & Marina Impvts. RB, 5.625%, 9/01/18, FSA   09/09 @ 101     1,313,625
1,550 3 Philadelphia Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. C, 5.75%, 3/01/10,          
       MBIA   N/A     1,637,110
2,000 3 Pittsburgh Urban Redev. Auth., Wtr. Util. Impvts. Wtr. RB, 5.00%, 9/01/15, MBIA   N/A     2,168,040
1,280   Pocono Mtn. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. C, 5.00%, 9/01/34,          
       FSA   03/17 @ 100     1,358,067
1,000   Pub. Sch. Bldg. Auth., Lease RB, Sch. Dist. Philadelphia Proj., Ser. B, 5.00%, 6/01/24,          
       FSA   12/16 @ 100     1,065,440
150   Tpke. Comm., Franchise Tax & Bus. License Fees RB, Ser. B, 5.00%, 12/01/23, AMBAC   12/16 @ 100     160,680
840   Washington Cnty. Auth., Misc. RB, Cap. Fdg. & Equip. Proj., 6.15%, 12/01/29, AMBAC   No Opt. Call     904,025
300   Washington Cnty. Redev. Auth., Pub. Impvts. TA, Victory Centre Proj., Ser. A, 5.45%,          
       7/01/35   07/17 @ 100     307,794
725   Westmoreland Cnty. Mun. Auth., Wtr. Util. Impvts. Misc. RB, Ser. B, Zero Coupon,          
       8/15/30, FSA   No Opt. Call     253,866
              38,035,747
    Puerto Rico—11.6%          
565   Hwy. & Transp. Auth., Hwy. Toll Impvts. RB, Ser. M, 5.00%, 7/01/46   07/17 @ 100     588,385
1,250   Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G.          
       Mendez Univ. Sys. Proj., 5.00%, 3/01/26   03/16 @ 100     1,302,925

1

BlackRock Pennsylvania Strategic Municipal Trust (BPS) (continued)

(Percentages shown are based on Net Assets)

Principal                
Amount
     
Option Call
       
(000)                                                               Description   Provisions1             
Value
 
    Puerto Rico—(cont'd)            
$      1,495
3 Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12   N/A   $ 1,614,451  
              3,505,761  
    U.S. Virgin Islands—0.9%            
265   Pub. Fin. Auth., Swr. Impvts. RB, Hovensa LLC Proj., 4.70%, 7/01/22   01/15 @ 100     265,734  
    Total Long-Term Investments (cost $44,471,039)         46,017,602  
    SHORT-TERM INVESTMENTS—6.0%            
    Pennsylvania—0.3%            
1005   New Garden Gen. Auth., Pub. Impvts. Misc. RB, 3.65%, 4/05/07, AMBAC, FRWD   N/A     100,000  
                 
Shares                
(000)                
    Money Market Fund—5.7%            
1,706 6,7 CMA Pennsylvania Mun. Money Fund, 2.99%   N/A     1,705,703  
    Total Short-Term Investments (cost $1,805,703)         1,805,703  
    Total Investments —158.9% (cost $46,276,7428)       $ 47,823,305  
    Liabilities in excess of other assets —(0.8)%         (228,921
)
    Preferred shares at redemption value, including dividends payable —(58.2)%         (17,505,250
)
 
    Net Assets Applicable to Common Shareholders—100%       $ 30,089,134  

 
 

 
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 14.0% of its net assets, with a current market value of $4,210,360, 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     

Security is collateralized by Municipal or U.S. Treasury obligations.
 
5     

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of March 31, 2007.
 
6     

Represents an investment in an affiliate.
 
7     

Represents current yield as of March 31, 2007.
 
8     

Cost for federal income tax purposes is $46,276,325. The net unrealized appreciation on a tax basis is $1,546,980, consisting of $1,618,224 gross unrealized appreciation and $71,244 gross unrealized depreciation.
 

KEY TO ABBREVIATIONS

AMBAC — American Municipal Bond Assurance Corp. FSA — Financial Security Assurance
AMT — Subject to Alternative Minimum Tax GO — General Obligation
CIFG — CIFG Insurance MBIA — Municipal Bond Insurance Assoc.
ETM — Escrowed to Maturity RAA — Radian Asset Assurance
FGIC — Financial Guaranty Insurance Co. RB — Revenue Bond
FRWD — Floating Rate Weekly Demand TA — Tax Allocation

2

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 Pennsylvania 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