BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND
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 811-07136
Name of Fund: BlackRock MuniYield Pennsylvania Quality Fund (MPA)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Pennsylvania Quality
Fund, 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: 07/31/2016
Date of reporting period: 04/30/2016
Item 1 – Schedule of Investments
|
|
|
| Schedule of Investments April 30, 2016 (Unaudited) |
|
BlackRock MuniYield Pennsylvania Quality Fund (MPA)
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
| Pennsylvania —
118.8% |
|
| Corporate — 4.5% |
|
| County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project, Series B, 3.50%, 12/01/35
(a) |
|
$ |
3,745 |
|
|
$ |
3,883,715 |
|
| Pennsylvania Economic Development Financing Authority, RB: |
|
|
|
|
|
|
|
|
| American Water Co. Project, 6.20%, 4/01/39 |
|
|
1,510 |
|
|
|
1,714,605 |
|
| Aqua Pennsylvania, Inc. Project, Series B, 4.50%, 12/01/42 |
|
|
2,630 |
|
|
|
2,788,615 |
|
| Waste Management, Inc. Project, Series A, AMT, 5.10%, 10/01/27 |
|
|
1,200 |
|
|
|
1,214,916 |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, AMT: |
|
|
|
|
|
|
|
|
| Aqua Pennsylvania, Inc. Project, Series A, 5.00%, 12/01/34 |
|
|
180 |
|
|
|
198,078 |
|
| National Gypsum Co., 5.50%, 11/01/44 |
|
|
135 |
|
|
|
141,728 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
9,941,657 |
|
| County/City/Special District/School District — 31.0% |
|
| Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 5/01/35 |
|
|
190 |
|
|
|
205,531 |
|
| 5.00%, 5/01/42 |
|
|
450 |
|
|
|
480,744 |
|
| Bethlehem Area School District, GO (BAM), Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 8/01/34 |
|
|
1,610 |
|
|
|
1,889,802 |
|
| 5.00%, 8/01/35 |
|
|
1,210 |
|
|
|
1,413,849 |
|
| Borough of West Chester Pennsylvania, GO, Refunding, 3.50%, 11/15/35 |
|
|
1,095 |
|
|
|
1,150,714 |
|
| Boyertown Area School District, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/36 |
|
|
610 |
|
|
|
708,509 |
|
| 5.00%, 10/01/38 |
|
|
920 |
|
|
|
1,063,603 |
|
| Bristol Township School District, GO, 5.00%, 6/01/40 |
|
|
775 |
|
|
|
862,312 |
|
| City of Lancaster Pennsylvania, GO (AGM), 4.00%, 11/01/46 |
|
|
2,010 |
|
|
|
2,122,037 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| County/City/Special District/School District (continued) |
|
| City of Philadelphia Pennsylvania, GO, Refunding, Series A: |
|
|
|
|
|
|
|
|
| (AGM), 5.25%, 12/15/32 |
|
$ |
5,000 |
|
|
$ |
5,474,850 |
|
| (AGC), 5.00%, 8/01/24 |
|
|
2,370 |
|
|
|
2,659,495 |
|
| City of Pittsburgh Pennsylvania, GO, Series B, 5.00%, 9/01/26 |
|
|
1,095 |
|
|
|
1,302,546 |
|
| County of Bucks Pennsylvania Water & Sewer Authority, RB, Series A (AGM): |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/37 |
|
|
780 |
|
|
|
903,084 |
|
| 5.00%, 12/01/40 |
|
|
1,000 |
|
|
|
1,147,160 |
|
| County of Chester Pennsylvania, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 7/15/34 |
|
|
405 |
|
|
|
504,415 |
|
| 5.00%, 7/15/35 |
|
|
465 |
|
|
|
576,275 |
|
| 5.00%, 7/15/36 |
|
|
300 |
|
|
|
369,339 |
|
| County of Lycoming Pennsylvania Water & Sewer Authority, RB (AGM), 5.00%, 11/15/41 |
|
|
500 |
|
|
|
557,780 |
|
| County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bond, 7.00%, 7/01/32 |
|
|
180 |
|
|
|
197,942 |
|
| County of York Pennsylvania, GO, Refunding, 5.00%, 3/01/36 |
|
|
500 |
|
|
|
569,390 |
|
| East Stroudsburg Area School District, GO, Refunding, Series A (AGM), 5.00%, 9/01/25 |
|
|
3,000 |
|
|
|
3,158,730 |
|
| East Stroudsburg Area School District, GO, Series A (NPFGC), 7.75%, 9/01/17 (b) |
|
|
2,000 |
|
|
|
2,188,827 |
|
| Lower Merion School District, GO, Refunding, Series A, 3.25%, 11/15/27 |
|
|
2,035 |
|
|
|
2,138,358 |
|
| Marple Newtown School District, GO (AGM), 5.00%, 6/01/31 |
|
|
4,100 |
|
|
|
4,558,134 |
|
| Northeastern School District York County, GO, Series B (NPFGC), 5.00%, 4/01/17 (b) |
|
|
1,585 |
|
|
|
1,649,192 |
|
| Owen J. Roberts School District, GO, 4.75%, 11/15/25 |
|
|
700 |
|
|
|
752,640 |
|
| Philadelphia School District, GO, Series E: |
|
|
|
|
|
|
|
|
| 6.00%, 9/01/18 (b) |
|
|
10 |
|
|
|
11,205 |
|
| 6.00%, 9/01/38 |
|
|
3,340 |
|
|
|
3,543,540 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
APRIL 30, 2016 |
|
1 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| County/City/Special District/School District (continued) |
|
| Shaler Area School District Pennsylvania, GO, CAB (Syncora), 0.00%, 9/01/30 (c) |
|
$ |
6,145 |
|
|
$ |
4,085,749 |
|
| State Public School Building Authority, RB (AGM): |
|
|
|
|
|
|
|
|
| Community College, Allegheny County Project, 5.00%, 7/15/34 |
|
|
2,190 |
|
|
|
2,500,454 |
|
| Corry Area School District, CAB, 0.00%, 12/15/22 (c) |
|
|
1,640 |
|
|
|
1,417,091 |
|
| Corry Area School District, CAB, 0.00%, 12/15/23 (c) |
|
|
1,980 |
|
|
|
1,658,428 |
|
| Corry Area School District, CAB, 0.00%, 12/15/24 (c) |
|
|
1,980 |
|
|
|
1,608,196 |
|
| Corry Area School District, CAB, 0.00%, 12/15/25 (c) |
|
|
1,770 |
|
|
|
1,386,087 |
|
| State Public School Building Authority, Refunding RB, Harrisburg School District Project, Series A (AGC): |
|
|
|
|
|
|
|
|
| 5.00%, 5/15/19 (b) |
|
|
430 |
|
|
|
483,382 |
|
| 5.00%, 11/15/33 |
|
|
855 |
|
|
|
935,823 |
|
| Township of Bristol Pennsylvania School District, GO, 5.25%, 6/01/43 |
|
|
6,925 |
|
|
|
7,975,176 |
|
| Township of Falls Pennsylvania, Refunding RB, Water & Sewer Authority, 5.00%, 12/01/37 |
|
|
1,270 |
|
|
|
1,436,040 |
|
| Township of Lower Paxton Pennsylvania, GO: |
|
|
|
|
|
|
|
|
| 5.00%, 4/01/42 |
|
|
435 |
|
|
|
508,624 |
|
| 5.00%, 4/01/46 |
|
|
1,435 |
|
|
|
1,673,411 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
67,828,464 |
|
| Education — 16.9% |
|
| County of Adams Pennsylvania IDA, Refunding RB, Gettysburg College: |
|
|
|
|
|
|
|
|
| 5.00%, 8/15/24 |
|
|
100 |
|
|
|
113,576 |
|
| 5.00%, 8/15/25 |
|
|
100 |
|
|
|
113,265 |
|
| 5.00%, 8/15/26 |
|
|
100 |
|
|
|
113,265 |
|
| County of Cumberland Pennsylvania Municipal Authority, RB, AICUP Financing Program, Dickinson College Project,
5.00%, 11/01/39 |
|
|
200 |
|
|
|
219,574 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| Education (continued) |
|
| County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran: |
|
|
|
|
|
|
|
|
| 6.38%, 1/01/19 (b) |
|
$ |
900 |
|
|
$ |
1,029,024 |
|
| 6.38%, 1/01/39 |
|
|
100 |
|
|
|
113,454 |
|
| County of Delaware Pennsylvania Authority, RB, Villanova University: |
|
|
|
|
|
|
|
|
| 5.00%, 8/01/40 |
|
|
1,005 |
|
|
|
1,178,764 |
|
| 5.00%, 8/01/45 |
|
|
3,610 |
|
|
|
4,218,177 |
|
| County of Delaware Pennsylvania Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Haverford College, 5.00%, 11/15/35 |
|
|
415 |
|
|
|
468,556 |
|
| Villanova University, 5.25%, 12/01/31 |
|
|
100 |
|
|
|
112,932 |
|
| County of Northampton Pennsylvania General Purpose Authority, Refunding RB, Moravian College: |
|
|
|
|
|
|
|
|
| 5.00%, 10/01/36 |
|
|
610 |
|
|
|
700,231 |
|
| 3.88%, 10/01/45 |
|
|
1,330 |
|
|
|
1,352,158 |
|
| Pennsylvania Higher Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
| Drexel University, Series A (NPFGC), 5.00%, 5/01/37 |
|
|
1,650 |
|
|
|
1,742,037 |
|
| Shippensburg University Student Services, Student Housing, 5.00%, 10/01/44 |
|
|
1,460 |
|
|
|
1,541,921 |
|
| Thomas Jefferson University, 5.00%, 3/01/40 |
|
|
1,000 |
|
|
|
1,104,850 |
|
| Pennsylvania Higher Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Drexel University, Series A, 5.25%, 5/01/41 |
|
|
3,930 |
|
|
|
4,541,626 |
|
| La Salle University, 5.00%, 5/01/37 |
|
|
1,325 |
|
|
|
1,475,586 |
|
| La Salle University, 5.00%, 5/01/42 |
|
|
1,855 |
|
|
|
2,050,851 |
|
| State System of Higher Education, Series AL, 5.00%, 6/15/35 |
|
|
280 |
|
|
|
316,700 |
|
| Thomas Jefferson University, 4.00%, 3/01/37 |
|
|
445 |
|
|
|
467,392 |
|
| Thomas Jefferson University, 5.00%, 9/01/45 |
|
|
2,000 |
|
|
|
2,288,420 |
|
| University of the Sciences Philadelphia, 5.00%, 11/01/30 |
|
|
940 |
|
|
|
1,109,247 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 2 |
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
APRIL 30, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| Education (continued) |
|
| Pennsylvania Higher Educational Facilities Authority, Refunding RB (continued): |
|
|
|
|
|
|
|
|
| University of the Sciences Philadelphia, 5.00%, 11/01/31 |
|
$ |
775 |
|
|
$ |
911,477 |
|
| Widener University, Series A, 5.25%, 7/15/33 |
|
|
1,580 |
|
|
|
1,812,228 |
|
| Widener University, Series A, 5.50%, 7/15/38 |
|
|
385 |
|
|
|
441,068 |
|
| Pennsylvania State University, RB, 5.00%, 3/01/40 |
|
|
1,000 |
|
|
|
1,130,290 |
|
| Philadelphia Authority for Industrial Development, Refunding RB, 1st Series, 5.00%, 4/01/45 |
|
|
2,170 |
|
|
|
2,492,831 |
|
| Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/38 |
|
|
830 |
|
|
|
991,194 |
|
| Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project at Millersville University of
Pennsylvania: |
|
|
|
|
|
|
|
|
| 5.00%, 7/01/35 |
|
|
920 |
|
|
|
1,001,470 |
|
| 5.00%, 7/01/45 |
|
|
300 |
|
|
|
320,844 |
|
| 5.00%, 7/01/47 |
|
|
820 |
|
|
|
882,394 |
|
| University of Pittsburgh, RB, Commonwealth System of Higher Education Capital Project, Series B,
5.00%, 9/15/28 |
|
|
610 |
|
|
|
679,186 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
37,034,588 |
|
| Health — 21.6% |
|
| County of Allegheny Pennsylvania Hospital Development Authority, RB, Health Center, UPMC Health, Series B (NPFGC),
6.00%, 7/01/26 |
|
|
2,000 |
|
|
|
2,693,640 |
|
| County of Allegheny Pennsylvania Hospital Development Authority, Refunding RB, UPMC Health, Series A-1, 1.23%, 2/01/37
(a) |
|
|
2,500 |
|
|
|
2,333,825 |
|
| County of Berks Pennsylvania Municipal Authority, Refunding RB, Reading Hospital & Medical Center Project: |
|
|
|
|
|
|
|
|
| Series A, 5.00%, 11/01/40 |
|
|
765 |
|
|
|
852,516 |
|
| Series A3, 5.50%, 11/01/31 |
|
|
500 |
|
|
|
570,165 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| Health (continued) |
|
| County of Centre Pennsylvania Hospital Authority, RB, Mount Nittany Medical Center Project,
7.00%, 11/15/21 (b) |
|
$ |
2,410 |
|
|
$ |
3,162,523 |
|
| County of Cumberland Pennsylvania Municipal Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Asbury Pennsylvania Obligated Group, 5.25%, 1/01/41 |
|
|
210 |
|
|
|
220,420 |
|
| Diakon Lutheran Social Ministries, 5.00%, 1/01/38 |
|
|
2,600 |
|
|
|
2,877,108 |
|
| County of Dauphin Pennsylvania General Authority, Refunding RB, Pinnacle Health System Project, Series A,
6.00%, 6/01/29 |
|
|
500 |
|
|
|
572,845 |
|
| County of Franklin Pennsylvania IDA, Refunding RB, Chambersburg Hospital Project, 5.38%, 7/01/42 |
|
|
415 |
|
|
|
470,606 |
|
| County of Lancaster Pennsylvania Hospital Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Masonic Villages of The Grand Lodge of Pennsylvania Project, 5.00%, 11/01/28 |
|
|
575 |
|
|
|
689,333 |
|
| Masonic Villages of The Grand Lodge of Pennsylvania Project, 5.00%, 11/01/35 |
|
|
425 |
|
|
|
489,834 |
|
| University of Pennsylvania Health System, 5.00%, 8/15/42 |
|
|
1,600 |
|
|
|
1,890,864 |
|
| County of Lehigh Pennsylvania, RB, Lehigh Valley Health Network, Series A (AGM), 5.00%, 7/01/33 |
|
|
7,995 |
|
|
|
8,495,087 |
|
| County of Montgomery Pennsylvania Higher Education & Health Authority, Refunding RB, Abington Memorial Hospital Obligated Group,
Series A, 5.13%, 6/01/33 |
|
|
490 |
|
|
|
534,252 |
|
| County of Montgomery Pennsylvania IDA, RB, Acts Retirement-Life Communities: |
|
|
|
|
|
|
|
|
| Series A, 4.50%, 11/15/36 |
|
|
120 |
|
|
|
120,950 |
|
| Series A-1, 6.25%, 11/15/29 |
|
|
235 |
|
|
|
268,488 |
|
| County of Montgomery Pennsylvania IDA, Refunding RB: |
|
|
|
|
|
|
|
|
| Acts Retirement-Life Communities, 5.00%, 11/15/27 |
|
|
865 |
|
|
|
960,297 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
APRIL 30, 2016 |
|
3 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| Health (continued) |
|
| County of Montgomery Pennsylvania IDA, Refunding RB (continued): |
|
|
|
|
|
|
|
|
| Acts Retirement-Life Communities, 5.00%, 11/15/28 |
|
$ |
555 |
|
|
$ |
613,713 |
|
| Whitemarsh Continuing Care Retirement Community, 5.25%, 1/01/40 |
|
|
220 |
|
|
|
222,658 |
|
| County of Union Pennsylvania Hospital Authority, Refunding RB, Evangelical Community Hospital Project,
7.00%, 8/01/41 |
|
|
460 |
|
|
|
549,562 |
|
| Geisinger Authority Pennsylvania, RB, Health System, Series A, 5.25%, 6/01/39 |
|
|
1,000 |
|
|
|
1,100,020 |
|
| Lancaster IDA, Refunding RB, Garden Spot Village Project: |
|
|
|
|
|
|
|
|
| 5.38%, 5/01/28 |
|
|
520 |
|
|
|
584,116 |
|
| 5.75%, 5/01/35 |
|
|
865 |
|
|
|
981,542 |
|
| Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System, Series A,
4.00%, 8/15/39 |
|
|
7,815 |
|
|
|
8,250,764 |
|
| Pennsylvania Higher Educational Facilities Authority, Refunding RB, University of Pittsburgh Medical Center, Series E,
5.00%, 5/15/31 |
|
|
1,000 |
|
|
|
1,119,300 |
|
| Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series
C, 5.00%, 7/01/41 |
|
|
940 |
|
|
|
1,059,643 |
|
| Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Presbyterian Medical Center, 6.65%, 12/01/19
(d) |
|
|
1,695 |
|
|
|
1,887,010 |
|
| South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series B (AGC), 5.38%, 7/01/20
(b) |
|
|
2,055 |
|
|
|
2,420,543 |
|
| Southcentral Pennsylvania General Authority, Refunding RB, Wellspan Health Obligation Group, Series A: |
|
|
|
|
|
|
|
|
| 6.00%, 12/01/18 (b) |
|
|
595 |
|
|
|
672,088 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| Health (continued) |
|
| Southcentral Pennsylvania General Authority, Refunding RB, Wellspan Health Obligation Group, Series A
(continued): |
|
|
|
|
|
|
|
|
| 6.00%, 6/01/29 |
|
$ |
655 |
|
|
$ |
726,126 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
47,389,838 |
|
| Housing — 9.0% |
|
| Pennsylvania HFA, RB: |
|
|
|
|
|
|
|
|
| Brinton Manor Apartments & Brinton Towers, M/F Housing, Series A, 4.25%, 10/01/35 |
|
|
400 |
|
|
|
418,004 |
|
| Brinton Manor Apartments & Brinton Towers, M/F Housing, Series A, 4.50%, 10/01/40 |
|
|
400 |
|
|
|
422,968 |
|
| S/F Housing Mortgage, Series 114-C, 3.65%, 10/01/37 |
|
|
2,305 |
|
|
|
2,360,827 |
|
| S/F Housing Mortgage, Series 114-C, 3.70%, 10/01/42 |
|
|
3,065 |
|
|
|
3,201,638 |
|
| S/F Housing Mortgage, Series 118B, 4.05%, 10/01/40 |
|
|
1,000 |
|
|
|
1,050,430 |
|
| S/F Housing Mortgage, Series 2015-117B, 4.05%, 10/01/40 |
|
|
1,600 |
|
|
|
1,655,408 |
|
| Pennsylvania HFA, Refunding RB, AMT: |
|
|
|
|
|
|
|
|
| S/F Housing Mortgage, Series 096-A, 4.70%, 10/01/37 |
|
|
735 |
|
|
|
738,506 |
|
| S/F Housing Mortgage, Series 097-A, 4.65%, 10/01/31 |
|
|
1,300 |
|
|
|
1,309,672 |
|
| S/F Housing Mortgage, Series 099-A, 5.15%, 4/01/38 |
|
|
1,065 |
|
|
|
1,145,642 |
|
| S/F Housing Mortgage, Series 115-A, 4.20%, 10/01/33 |
|
|
750 |
|
|
|
803,543 |
|
| S/F Mortgage, Series 119, 3.20%, 10/01/31 |
|
|
2,005 |
|
|
|
2,040,889 |
|
| S/F Mortgage, Series 119, 3.50%, 10/01/36 |
|
|
1,515 |
|
|
|
1,537,058 |
|
| Philadelphia Housing Authority, RB, Capital Fund Program, M/F Housing, Series A (AGM), 5.50%, 12/01/18 |
|
|
3,000 |
|
|
|
3,030,240 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
19,714,825 |
|
| State — 10.6% |
|
| Commonwealth of Pennsylvania, GO, 1st Series: |
|
|
|
|
|
|
|
|
| 5.00%, 4/01/26 |
|
|
1,385 |
|
|
|
1,659,521 |
|
| 5.00%, 3/15/28 |
|
|
825 |
|
|
|
912,615 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 4 |
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
APRIL 30, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| State (continued) |
|
| Commonwealth of Pennsylvania, GO, 1st Series (continued): |
|
|
|
|
|
|
|
|
| 5.00%, 6/01/28 |
|
$ |
4,460 |
|
|
$ |
5,146,394 |
|
| 5.00%, 3/15/33 |
|
|
1,775 |
|
|
|
2,089,175 |
|
| Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, AMT, 5.00%, 6/30/42 |
|
|
7,500 |
|
|
|
8,414,325 |
|
| Pennsylvania Turnpike Commission, RB, Oil Franchise Tax, Remarketing, Series C (NPFGC), 5.00%, 12/01/32 |
|
|
4,600 |
|
|
|
5,043,578 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
23,265,608 |
|
| Transportation — 17.3% |
|
| City of Philadelphia Pennsylvania, ARB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 6/15/40 |
|
|
3,825 |
|
|
|
4,300,295 |
|
| AMT (AGM), 5.00%, 6/15/37 |
|
|
5,900 |
|
|
|
6,121,073 |
|
| Delaware River Port Authority, RB: |
|
|
|
|
|
|
|
|
| 5.00%, 1/01/29 |
|
|
475 |
|
|
|
571,007 |
|
| 5.00%, 1/01/37 |
|
|
2,285 |
|
|
|
2,677,997 |
|
| Series D, 5.00%, 1/01/40 |
|
|
750 |
|
|
|
843,435 |
|
| Series D (AGM), 5.00%, 1/01/40 |
|
|
1,560 |
|
|
|
1,757,324 |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT,
5.00%, 11/01/41 |
|
|
6,025 |
|
|
|
6,590,748 |
|
| Pennsylvania Turnpike Commission, RB: |
|
|
|
|
|
|
|
|
| CAB, Sub-Series A-3, 0.00%, 12/01/42 (c) |
|
|
4,760 |
|
|
|
1,717,884 |
|
| CAB, Sub-Series A-3 (AGM), 0.00%, 12/01/40 (c) |
|
|
1,275 |
|
|
|
536,711 |
|
| Sub-Series A, 5.13%, 12/01/26 |
|
|
100 |
|
|
|
114,937 |
|
| Pennsylvania Turnpike Commission, Refunding RB: |
|
|
|
|
|
|
|
|
| Sub-Series A-1, 5.25%, 12/01/45 |
|
|
3,270 |
|
|
|
3,802,095 |
|
| Sub-Series B (AGM), 5.25%, 6/01/39 |
|
|
3,500 |
|
|
|
3,887,695 |
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| Transportation (continued) |
|
| Southeastern Pennsylvania Transportation Authority, RB, Capital Grant Receipts: |
|
|
|
|
|
|
|
|
| 5.00%, 6/01/28 |
|
$ |
1,860 |
|
|
$ |
2,160,948 |
|
| 5.00%, 6/01/29 |
|
|
2,465 |
|
|
|
2,858,611 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
37,940,760 |
|
| Utilities — 7.9% |
|
| City of Philadelphia Pennsylvania Gas Works, RB, 09th Series, 5.25%, 8/01/40 |
|
|
1,700 |
|
|
|
1,913,894 |
|
| City of Philadelphia Pennsylvania Gas Works, Refunding RB: |
|
|
|
|
|
|
|
|
| 5.00%, 8/01/30 |
|
|
800 |
|
|
|
946,776 |
|
| 5.00%, 8/01/31 |
|
|
600 |
|
|
|
706,944 |
|
| 5.00%, 8/01/32 |
|
|
800 |
|
|
|
938,320 |
|
| 5.00%, 8/01/33 |
|
|
400 |
|
|
|
467,388 |
|
| 5.00%, 8/01/34 |
|
|
700 |
|
|
|
815,458 |
|
| City of Philadelphia Pennsylvania Water & Wastewater, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 1/01/36 |
|
|
800 |
|
|
|
877,616 |
|
| Series C (AGM), 5.00%, 8/01/40 |
|
|
3,350 |
|
|
|
3,784,595 |
|
| County of Allegheny Pennsylvania Sanitary Authority, RB, Sewer Improvement (BAM), 5.25%, 12/01/41 |
|
|
1,410 |
|
|
|
1,653,084 |
|
| County of Bucks Pennsylvania Water & Sewer Authority, RB, Water System (AGM), 5.00%, 12/01/41 |
|
|
30 |
|
|
|
34,330 |
|
| County of Delaware Pennsylvania Regional Water Quality Control Authority, RB, Sewer Improvements,
5.00%, 5/01/33 |
|
|
420 |
|
|
|
488,851 |
|
| Pennsylvania Economic Development Financing Authority, RB, Philadelphia Biosolids Facility, 6.25%, 1/01/32 |
|
|
1,605 |
|
|
|
1,773,541 |
|
| Reading Area Water Authority Pennsylvania, RB (AGM), 5.00%, 6/01/17 (b) |
|
|
2,680 |
|
|
|
2,805,665 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
17,206,462 |
|
| Total Municipal Bonds — 118.8% |
|
|
|
260,322,202 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
APRIL 30, 2016 |
|
5 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond Trusts (e) |
|
Par (000) |
|
|
Value |
|
| Pennsylvania —
35.2% |
|
| Education — 9.4% |
|
| Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System, Series A,
5.75%, 8/15/41 |
|
$ |
5,120 |
|
|
$ |
6,197,248 |
|
| Pennsylvania Higher Educational Facilities Authority, Series AR, 4.00%, 6/15/38 |
|
|
11,335 |
|
|
|
11,896,531 |
|
| University of Pittsburgh, RB, The Commonwealth System of Higher Education, Capital Project, Series B,
5.00%, 9/15/28 |
|
|
2,202 |
|
|
|
2,451,398 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
20,545,177 |
|
| Health — 13.1% |
|
| Geisinger Authority Pennsylvania, RB, Health System: |
|
|
|
|
|
|
|
|
| Series A, 5.13%, 6/01/34 |
|
|
3,000 |
|
|
|
3,298,350 |
|
| Series A, 5.25%, 6/01/39 |
|
|
3,128 |
|
|
|
3,441,175 |
|
| Series A-1, 5.13%, 6/01/41 |
|
|
7,430 |
|
|
|
8,292,388 |
|
| Pennsylvania Economic Development Financing Authority, RB, UPMC, Series B, 4.00%, 3/15/40 |
|
|
8,000 |
|
|
|
8,421,840 |
|
| Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series
C, 5.00%, 7/01/41 |
|
|
4,680 |
|
|
|
5,275,670 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
28,729,423 |
|
| Housing — 1.4% |
|
| Pennsylvania HFA, Refunding RB, S/F Mortgage, Series 115A, AMT,
4.20%, 10/01/33 |
|
|
3,000 |
|
|
|
3,214,170 |
|
| State — 11.3% |
|
| Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 3/15/28 |
|
|
5,203 |
|
|
|
5,755,970 |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to
Tender Option Bond Trusts (e) |
|
Par (000) |
|
|
Value |
|
|
Pennsylvania (continued) |
|
| State (continued) |
|
| General Authority of Southcentral Pennsylvania, Refunding RB, Wellspan Health Obligated Group, Series A,
5.00%, 6/01/44 |
|
$ |
7,000 |
|
|
$ |
7,987,910 |
|
| Pennsylvania Turnpike Commission, RB, Oil Franchise Tax, Remarketing, Series C (NPFGC), 5.00%, 12/01/32 |
|
|
10,000 |
|
|
|
10,964,300 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
24,708,180 |
|
Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 35.2% |
|
|
|
77,196,950 |
|
Total Long-Term Investments
(Cost — $309,855,608) — 154.0% |
|
|
|
337,519,152 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Short-Term Securities |
|
Shares |
|
|
|
|
| BlackRock Liquidity Funds, MuniCash, 0.19% (f)(g) |
|
|
556,841 |
|
|
|
556,841 |
|
Total Short-Term Securities
(Cost — $556,841) — 0.3% |
|
|
|
556,841 |
|
| Total Investments (Cost — $310,412,449*) — 154.3% |
|
|
|
338,075,993 |
|
| Other Assets Less Liabilities — 1.7% |
|
|
|
3,635,528 |
|
| Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable —
(18.3)% |
|
|
|
(40,048,690 |
) |
| VRDP Shares, at Liquidation Value — (37.7)% |
|
|
|
(82,600,000 |
) |
|
|
|
|
|
|
|
|
|
| Net Assets Applicable to Common Shares — 100.0% |
|
|
$ |
219,062,831 |
|
|
|
|
|
|
|
|
|
|
| * |
|
As of period end, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows: |
|
|
|
|
|
| Tax cost |
|
$ |
271,081,340 |
|
|
|
|
|
|
| Gross unrealized appreciation |
|
$ |
27,664,767 |
|
| Gross unrealized depreciation |
|
|
(698,459 |
) |
|
|
|
|
|
| Net unrealized appreciation |
|
$ |
26,966,308 |
|
|
|
|
|
|
|
| Notes to Schedule of Investments |
| (a) |
|
Variable rate security. Rate as of period end. |
| (b) |
|
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. |
| (d) |
|
Security is collateralized by municipal bonds or U.S. Treasury obligations. |
| (e) |
|
Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 6 |
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
APRIL 30, 2016 |
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
| (f) |
|
During the period ended April 30, 2016, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of
1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliate |
|
Shares Held
at July 31,
2015 |
|
|
Net
Activity |
|
|
Shares Held
at April 30,
2016 |
|
|
Income |
|
| BlackRock Liquidity Funds, MuniCash |
|
|
— |
|
|
|
556,841 |
|
|
|
556,841 |
|
|
$ |
148 |
|
| BlackRock Pennysylvania Municipal Money Fund |
|
|
383,495 |
|
|
|
(383,495 |
) |
|
|
— |
|
|
|
134 |
|
| FFI Institutional Tax-Exempt Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
65 |
|
| Total |
|
|
|
|
|
|
|
|
|
|
556,841 |
|
|
$ |
347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (g) |
|
Current yield as of period end. |
For Fund compliance
purposes, the Fund’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 the investment advisor. These definitions
may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
|
|
|
|
|
|
|
|
|
| Derivative Financial Instruments Outstanding as of Period
End |
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
Short |
|
|
Issue |
|
Expiration |
|
Notional
Value |
|
|
Unrealized
Appreciation |
|
| |
(5 |
) |
|
5-Year U.S. Treasury Note |
|
June 2016 |
|
$ |
604,570 |
|
|
$ |
2,103 |
|
| |
(37 |
) |
|
10-Year U.S. Treasury Note |
|
June 2016 |
|
$ |
4,812,313 |
|
|
|
25,252 |
|
| |
(15 |
) |
|
Long U.S. Treasury Bond |
|
June 2016 |
|
$ |
2,449,687 |
|
|
|
36,133 |
|
| |
(4 |
) |
|
Ultra U.S. Treasury Bond |
|
June 2016 |
|
$ |
685,375 |
|
|
|
11,432 |
|
| |
Total |
|
|
$ |
74,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AGC |
|
Assured Guarantee Corp. |
| AGM |
|
Assured Guaranty Municipal Corp. |
| AMT |
|
Alternative Minimum Tax (subject to) |
| ARB |
|
Airport Revenue Bonds |
| BAM |
|
Build America Mutual Assurance Co. |
| CAB |
|
Capital Appreciation Bonds |
| GO |
|
General Obligation Bonds |
| HFA |
|
Housing Finance Agency |
| IDA |
|
Industrial Development Authority |
| M/F |
|
Multi-Family |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
| Syncora |
|
Syncora Guarantee |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
APRIL 30, 2016 |
|
7 |
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
| Fair Value Hierarchy as of Period End |
Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are
categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| |
• |
|
Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that Fund has the ability to access
|
| |
• |
|
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 Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different
levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The significant
unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments are typically categorized as level 3.
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value
hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative
financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial
statements as contained in its semi-annual report.
The following tables summarize the Fund’s investments and derivative financial
instruments categorized in the disclosure hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Total |
|
| Assets: |
|
| Investments: |
|
| Long-Term Investments1 |
|
|
— |
|
|
$ |
337,519,152 |
|
|
— |
|
$ |
337,519,152 |
|
| Short-Term Securities |
|
$ |
556,841 |
|
|
|
— |
|
|
— |
|
|
556,841 |
|
|
|
|
|
|
| Total Investments |
|
$ |
556,841 |
|
|
|
|
|
|
|
|
$ |
338,075,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Total |
|
| Derivative Financial Instruments2 |
|
| Assets: |
|
| Interest rate contracts |
|
$ |
74,920 |
|
|
|
— |
|
|
— |
|
$ |
74,920 |
|
|
1 See above
Schedule of Investments for values in each sector. 2 Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized
appreciation (depreciation) on the instrument. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
| 8 |
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
APRIL 30, 2016 |
|
|
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
The Fund may hold assets and/or liabilities in which the fair value approximates
the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Total |
|
| Assets: |
|
| Cash pledged for futures contracts |
|
$ |
173,800 |
|
|
|
— |
|
|
— |
|
$ |
173,800 |
|
| Liabilities: |
|
| Bank overdraft |
|
|
— |
|
|
$ |
(91,008 |
) |
|
— |
|
|
(91,008 |
) |
| TOB Trust Certificates |
|
|
— |
|
|
|
(40,028,345 |
) |
|
— |
|
|
(40,028,345 |
) |
| VRDP Shares |
|
|
— |
|
|
|
(82,600,000 |
) |
|
— |
|
|
(82,600,000 |
) |
|
|
|
|
|
| Total |
|
$ |
173,800 |
|
|
$ |
(122,719,353 |
) |
|
— |
|
$ |
(122,545,553 |
) |
|
|
|
|
|
During the period ended April 30, 2016, there were no transfers between levels.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
APRIL 30, 2016 |
|
9 |
|
|
|
| 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 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 MuniYield Pennsylvania Quality Fund |
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock MuniYield Pennsylvania Quality Fund |
|
| Date: June 22, 2016 |
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 |
|
|
BlackRock MuniYield Pennsylvania Quality Fund |
|
| Date: June 22, 2016 |
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock MuniYield Pennsylvania Quality Fund |
|
| Date: June 22, 2016 |