N-Q 1 c51162_n-q.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

Name of Fund: 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, 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: 12/31/2007

Date of reporting period: 07/01/2007 – 09/30/2007


Item 1 – Schedule of Investments

PORTFOLIO OF INVESTMENTS (unaudited)
SEPTEMBER 30, 2007
 BlackRock Pennsylvania Strategic Municipal Trust (BPS) 
(Percentages shown are based on Net Assets)

Principal
               
Amount
             
(000)
  Description    
Value
 
      LONG-TERM INVESTMENTS—148.0%        
      Multi-State—14.3%        
$ 4,000 1 MuniMae TE Bond Subsidiary LLC, Ser. A,        
         6.875%, 6/30/49   $ 4,165,880  
      Pennsylvania—118.0%        
  470   Allegheny Cnty. Hosp. Dev. Auth., Hlth.,        
         Hosp. & Nursing Home RB, West Penn        
         Allegheny Hlth. Sys. Proj., 5.375%,        
         11/15/40     452,742  
  1,150 2 Allegheny Cnty. Port Auth., Trans. Impvts.        
         RB, 6.125%, 3/01/09, MBIA     1,202,348  
  1,400 2 Bucks Cnty. Indl. Dev. Auth., Hlth., Hosp.        
         & Nursing Home RB, Pennswood Vlg.        
         Proj., Ser. A, 6.00%, 10/01/12     1,556,268  
  1,000   Catasauqua Area Sch. Dist., Ad Valorem        
         Ppty. Tax GO, 5.00%, 2/15/31, FSA     1,035,240  
  2,000   Chester Cnty. Indl. Dev. Auth., Wtr. Util.        
     
   Impvts. Wtr. RB, Aqua, Inc. Proj., Ser. A,
       
         5.00%, 2/01/40, FGIC, AMT     1,977,720  
      City of Philadelphia,        
  1,150      Port, Arpt. & Marina RB, Ser. A, 5.00%,        
         6/15/37, FSA, AMT     1,153,427  
  600      Wtr. RB, Ser. B, 4.75%, 11/01/31,        
         AMBAC     604,284  
  2,500 3 Delaware Cnty. Auth., Hlth., Hosp. &        
         Nursing Home Impvts. RB, Mercy Hlth.        
         Corp. Southeastern Pennsylvania Proj.,        
         6.00%, 12/15/26     2,642,500  
  1,250   Delaware Cnty. Indl. Dev. Auth., Wtr. Util.        
     
   Impvts. Indl. RB, Philadelphia Suburban
       
         Wtr. Proj., 6.00%, 6/01/29, FGIC, AMT     1,300,288  
      Econ. Dev. Fing. Auth.,        
  1,000      Rec. Recovery Impvts. RB, Colver Proj.,        
         Ser. G, 5.125%, 12/01/15, AMT     993,010  
  1,000      Trans. Impvts. Lease Renewal RB,        
         Amtrak Proj., Ser. A, 6.25%, 11/01/31,        
         AMT     1,034,100  
  1,000      Trans. Impvts. Lease Renewal RB,        
         Amtrak Proj., Ser. A, 6.375%, 11/01/41,        
         AMT     1,040,150  
      Higher Edl. Facs. Auth., Univ. & Coll.        
      Impvts. RB,        
  1,200      Drexel Univ. Proj., Ser. A, 5.00%,        
         5/01/37, MBIA     1,245,228  
  1,250      Lafayette Coll. Proj., 6.00%, 5/01/30     1,314,375  
  1,030      Univ. of Pennsylvania Proj., Ser. C,        
         4.75%, 7/15/35     1,030,597  
      Hsg. Fin. Agcy., Local or Gtd. Hsg. RB,        
  1,000      Ser. 95-A, 4.90%, 10/01/37, AMT     962,010  
  1,300      Ser. 97-A, 4.65%, 10/01/31, AMT     1,219,530  
      Lancaster Cnty. Hosp. Auth.,        
  400      Hlth., Hosp. & Nursing Home Impvts.        
         RB, Lancaster Gen. Hosp. Proj., Ser. A,        
         5.00%, 3/15/36     402,992  
  1,000      Hlth., Hosp. & Nursing Home RB,        
         Masonic Homes of Grand Lodge Proj.,        
         5.00%, 11/01/36     996,910  
  1,000   McKeesport Area Sch. Dist., Ad Valorem        
         Ppty. Tax GO, Ser. A, 5.00%, 10/01/24,        
         FSA     1,045,620  
  200   Mifflin Cnty. Sch. Dist., Sch. Impvts. Ad        
         Valorem Ppty. Tax GO, 7.50%, 9/01/22,        
         XLCA     253,296  
  345   Monroe Cnty. Hosp. Auth., Hlth., Hosp. &        
         Nursing Home RB, Pocono Med. Ctr.        
         Proj., 5.125%, 1/01/37     333,556  
Principal
               
Amount
             
(000)
  Description    
Value
 
      Pennsylvania— (cont'd)        
$ 1,250   Montgomery Cnty. Indl. Dev. Auth., Hlth.,        
         Hosp. & Nursing Home RB, Acts        
         Retirement-Life Cmntys., Inc. Proj.,        
         5.25%, 11/15/28   $ 1,246,750  
  1,000   Pennsylvania St. Univ., Univ. & Coll.        
         Impvts. RB, 5.00%, 9/01/35     1,032,310  
  465   Philadelphia Hosps. & Higher Ed. Facs.        
     
   Auth., Hlth., Hosp. & Nursing Home RB,
       
         Temple Univ. Hlth. Sys., Ser. A, 5.50%,        
         7/01/30     472,328  
  1,250   Philadelphia Pkg. Auth., Port, Arpt. &        
         Marina Impvts. RB, 5.625%, 9/01/18,        
         FSA     1,304,975  
  1,550 2 Philadelphia Sch. Dist., Sch. Impvts. Ad        
         Valorem Ppty. Tax GO, Ser. C, 5.75%,        
         3/01/29, MBIA     1,628,880  
  2,000 2 Pittsburgh Urban Redev. Auth., Wtr. Util.        
         Impvts. Wtr. RB, 5.00%, 9/01/15, MBIA     2,168,120  
  1,280   Pocono Mtn. Sch. Dist., Sch. Impvts. Ad        
         Valorem Ppty. Tax GO, Ser. C, 5.00%,        
         9/01/34, FSA     1,325,696  
  150   Tpke. Comm., Franchise Tax & Bus.        
         License Fees RB, Ser. B, 5.00%,        
         12/01/23, AMBAC     157,766  
  240   Washington Cnty. Auth., Misc. RB, Cap.        
         Fdg. & Equip. Proj., 6.15%, 12/01/29,        
         AMBAC     241,190  
  3004   Washington Cnty. Redev. Auth., Pub.        
     
   Impvts. TA, Victory Centre Proj., Ser. A,
       
         5.45%, 7/01/35     296,169  
  700   Wilkes Barre Fin. Auth., Coll. & Univ. RB,        
         Wilkes Univ. Proj., 5.00%, 3/01/37     682,080  
            34,352,455  
      Puerto Rico—15.7%        
  565   Hwy. & Transp. Auth., Hwy. Toll Impvts.        
         RB, Ser. M, 5.00%, 7/01/46     567,124  
  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     1,248,462  
  1,495 2 Pub. Fin. Corp., Cash Flow Mgmt. Misc.        
         RB, Ser. E, 5.50%, 2/01/12     1,608,157  
      Sales Tax Fing. Corp., Sales Tax RB,        
  6,000      Ser. A, Zero Coupon, 8/01/43, MBIA     1,039,980  
  110      Ser. A, 5.25%, 8/01/57     113,927  
            4,577,650  
      Total Long-Term Investments        
      (cost $42,412,267)     43,095,985  
     
SHORT-TERM INVESTMENTS—13.1%
       
      Pennsylvania—2.7%        
  800 5 Pittsburgh Wtr. & Swr. Sys. Auth., Wtr. &        
     
   Swr. RB, Ser. B-1, 3.80%, 10/04/07, FSA,
       
         FRWD     800,000  
Shares
           
(000)
           
 
      Money Market Funds—10.4%        
 
3,023
6,7 CMA Pennsylvania Mun. Money Mkt. Fund,        
         3.21%     3,023,082  
      Total Short-Term Investments        
      (cost $3,823,082)     3,823,082  


1


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

Total Investments —161.1% (cost $46,235,3498)    
$
46,919,067  
Liabilities in excess of other assets —(1.0)%     (303,336
)
Preferred shares at redemption value, including dividends        
payable —(60.1)%    
(17,507,672
)
Net Assets Applicable to Common Shareholders —100%  
$
29,108,059  
 

 

1     

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 September 30, 2007, the Trust held 14.3% of its net assets, with a current market value of $4,165,880, in securities restricted as to resale.

 
2

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.

 
3

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

 
4

Variable rate security. Rate shown is interest rate as of September 30, 2007.

 
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 September 30, 2007.

 
6

Represents an investment in an affiliate.

 
7

Represents current yield as of September 30, 2007.

 
8

Cost for federal income tax purposes is $46,233,043. The net unrealized appreciation on a tax basis is $686,024, consisting of $1,136,038 gross unrealized appreciation and $450,014 gross unrealized depreciation.

 
KEY TO ABBREVIATIONS
AMBAC
  — American Municipal Bond Assurance Corp.
AMT
  — Subject to Alternative Minimum Tax
FGIC
  — Financial Guaranty Insurance Co.
FRWD
  — Floating Rate Weekly Demand
FSA
  — Financial Security Assurance
GO
  — General Obligation
MBIA
  — Municipal Bond Insurance Assoc.
RB
  — Revenue Bond
TA
  — Tax Allocation
XLCA
  — XL Capital Assurance

 

 

 

2


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 13a-15(b) under the Securities and 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.
   
  BlackRock Pennsylvania Strategic Municipal Trust
     
  By: /s/ Donald C. Burke                    
    Donald C. Burke,
President & Chief Executive Officer of
BlackRock Pennsylvania Strategic Municipal Trust
   
  Date: November 20, 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/ Donald C. Burke                    
    Donald C. Burke,
President & Chief Executive Officer (principal executive officer) of
BlackRock Pennsylvania Strategic Municipal Trust
   
  Date: November 20, 2007
     
  By: /s/ Neal J. Andrews                    
    Neal J. Andrews,
Chief Financial Officer (principal financial officer) of
BlackRock Pennsylvania Strategic Municipal Trust
   
  Date: November 20, 2007