<SEC-DOCUMENT>0000900092-11-000289.txt : 20110627
<SEC-HEADER>0000900092-11-000289.hdr.sgml : 20110627
<ACCEPTANCE-DATETIME>20110627111751
ACCESSION NUMBER:		0000900092-11-000289
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110430
FILED AS OF DATE:		20110627
DATE AS OF CHANGE:		20110627
EFFECTIVENESS DATE:		20110627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND
		CENTRAL INDEX KEY:			0000891038
		IRS NUMBER:				223199516
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07136
		FILM NUMBER:		11932179

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		800-441-7762

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD PENNSYLVANIA INSURED FUND
		DATE OF NAME CHANGE:	20080620

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD INSURED PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	20070803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNIYIELD PENNSYLVANIA FUND
		DATE OF NAME CHANGE:	20070611
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>mpafinal.htm
<DESCRIPTION>BR MUNIYIELD PENNSYLVANIA QUALITY FUND
<TEXT>

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   <TITLE>mpafinal.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<P style="text-align: center;">
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">UNITEDSTATES</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">SECURITIESANDEXCHANGECOMMISSION</FONT><BR>
<FONT size=3 face="ArialMT,Arial,Helvetica,sans-serif">Washington,D.C.20549</FONT><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM N-Q</FONT></B><BR>
<BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
<B><FONT size=3 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MANAGEMENT INVESTMENT COMPANY</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Investment Company Act file number 811-07136</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name of Fund: BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">MuniYield Pennsylvania Quality Fund, 55 East 52</FONT><SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">nd </FONT></SUP><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Street, New York, NY 10055</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of fiscal year end: 07/31/2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of reporting period: 04/30/2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1 &#150; Schedule of Investments</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT><BR><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2011 (Unaudited) <BR></FONT><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="6%"></TD>

   <TD width="13%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania &#8212; 112.6%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Corporate &#8212; 8.5%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Beaver County IDA, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>FirstEnergy, Mandatory Put Bonds,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3.38%, 1/01/35 (a)</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,200</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,168,692</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Delaware County IDA Pennsylvania, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Suburban Water Co.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project, Series A, AMT (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.15%, 9/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,367,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Delaware County IDA Pennsylvania,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, Water Facilities, Aqua</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Inc. Project, Series B,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT (NPFGC), 5.00%, 11/01/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,520</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,361,416</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Northumberland County IDA, Refunding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, Aqua Pennsylvania Inc. Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT (NPFGC), 5.05%, 10/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,119,975</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Economic Development</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financing Authority, RB, Waste</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Management Inc. Project, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT, 5.10%, 10/01/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,134,336</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>14,151,869</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School District &#8212; 41.4%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Chambersburg Area School District, GO</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.25%, 3/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,115</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,191,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.25%, 3/01/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,578,975</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Philadelphia Pennsylvania, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding, Series A (AGM), 5.25%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12/15/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,008,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Connellsville Area School District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B (AGM), 5.00%, 11/15/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>989,820</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County of York Pennsylvania, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 3/01/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>400</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>402,944</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Delaware Valley Regional Financial</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, RB, Series A (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.50%, 8/01/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,230</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,249,624</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>East Stroudsburg Area School District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Series A (NPFGC), 7.75%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9/01/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,376,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Erie County Conventional Center</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, RB (NPFGC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,850</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,485,911</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Marple Newtown School District, GO</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM), 5.00%, 6/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,579,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Northeastern School District York</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County, GO, Series B (NPFGC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,585</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,596,238</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="7%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania (continued)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>District (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Philadelphia Redevelopment Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB (NPFGC):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Neighborhood Transformation,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.50%, 4/15/22</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,750 </FONT></TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>1,788,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Quality Redevelopment</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Neighborhood, Series B, AMT,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 4/15/27</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,645</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,348,649</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Philadelphia School District, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding, Series A (BHAC), 5.00%,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>985,290</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Philadelphia School District, GO:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series B (FGIC), 5.63%, 8/01/12 (b)</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,983,975</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series E, 6.00%, 9/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,800</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,960,464</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Reading School District, GO (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 1/15/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,112,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Scranton School District Pennsylvania,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Series A (AGM), 5.00%, 7/15/38</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,511,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shaler Area School District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania, GO, CAB (Syncora),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4.81%, 9/01/30 (c)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,145</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,073,999</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Township of North Londonderry</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania, GO (AGM), 4.75%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,360</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,366,496</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>York City School District, GO, Series A</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Syncora), 5.25%, 6/01/22</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,040</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,097,231</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>68,688,745</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Education &#8212; 7.6%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Adams County IDA, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Gettysburg College, 5.00%, 8/15/26</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 3px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>100</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>102,458</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Higher Educational</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Facilities Authority, RB (NPFGC):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Drexel University, Series A, 5.00%,</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,250</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,095,335</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series AE, 4.75%, 6/15/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,845</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,597,429</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Higher Educational</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Facilities Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State System of Higher Education,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series AL, 5.00%, 6/15/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,780</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,782,474</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12,577,696</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health &#8212; 16.9%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Allegheny County Hospital Development</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, RB, Health Center, UPMC</FONT>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health, Series B (NPFGC), 6.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7/01/26</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,183,940</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="6%"></TD>

   <TD width="39%"></TD>

   <TD width="15%"></TD>

   <TD width="38%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb colSpan=2 align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Portfolio Abbreviations</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>according to the following list:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AGC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assured Guaranty Corp.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>General Obligation Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AGM</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assured Guaranty Municipal Corp.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>HFA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Housing Finance Agency</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMBAC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>American Municipal Bond Assurance Corp.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>IDA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Industrial Development Authority</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>AMT</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Alternative Minimum Tax (subject to)</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>LRB</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Lease Revenue Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BHAC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Berkshire Hathaway Assurance Corp.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>NPFGC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>CAB</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Capital Appreciation Bonds</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Revenue Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>FGIC</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financial Guaranty Insurance Co.</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>S/F</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Single-Family</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>FHA</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Federal Housing Administration</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="33%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<!--$$/page=--><A name="page_3"></A><BR>

<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT><BR><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(continued)<BR></FONT><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="7%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania (continued)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Centre County Hospital Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Mount Nittany Medical Center</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project (d):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6.25%, 11/15/41</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 620 </FONT></TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>607,563</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7.00%, 11/15/46</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,020</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,109,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County of Lehigh Pennsylvania, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Lehigh Valley Health Network,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (AGM), 5.00%, 7/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,995</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,613,638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Cumberland County Municipal Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, Diakon Lutheran, 6.38%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>486,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Lycoming County Authority, Refunding</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, Susquehanna Health System</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project, Series A, 5.75%, 7/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,160</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,042,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Monroe County Hospital Authority</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania, Refunding RB, Hospital,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pocono Medical Center, 5.13%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1/01/37</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,265</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,117,843</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Montgomery County Higher Education &amp;</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Abington Memorial Hospital, Series A,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.13%, 6/01/33</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,760</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,648,346</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Montgomery County IDA Pennsylvania,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Acts Retirement Life Community,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 4.50%, 11/15/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>295</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>220,754</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Acts Retirement Life Community,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A-1, 6.25%, 11/15/29</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>235</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>237,935</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>New Regional Medical Center</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project (FHA), 5.38%, 8/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,600</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,605,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Higher Educational</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Facilities Authority, RB, University of</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Health System, 5.75%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8/15/41</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,025</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,036,374</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Philadelphia Hospitals &amp; Higher</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Education Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, Presbyterian Medical</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Center, 6.65%, 12/01/19 (e)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,665,610</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Sayre Health Care Facilities Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, Guthrie Health,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.88%, 12/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>590</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>592,490</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>South Fork Municipal Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, Conemaugh Valley</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Memorial, Series B (AGC), 5.38%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7/01/35</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,917,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>28,086,095</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Housing &#8212; 2.7%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania HFA, Refunding RB, AMT:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>S/F Mortgage, Series 92-A, 4.75%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>710</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>653,257</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series 99A, 5.15%, 4/01/38</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>800</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>766,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Philadelphia New Public Housing</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Authority, RB, Series A (AGM), 5.50%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12/01/18</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,155,490</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,575,027</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State &#8212; 6.2%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Turnpike Commission, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series C of 2003 Pennsylvania</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Turnpike (NPFGC), 5.00%, 12/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,600</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,629,232</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="7%"></TD>

   <TD width="19%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 1px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania (continued)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State Public School Building Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, CAB, Corry Area School District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(AGM) (c):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4.85%, 12/15/22</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 1,640 </FONT></TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>963,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4.87%, 12/15/23</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,980</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,084,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4.89%, 12/15/24</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,980</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,015,661</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4.92%, 12/15/25</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,770</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>849,848</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State Public School Building Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Harrisburg School District Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (AGC), 5.00%, 11/15/33</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,200</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,206,288</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>School District of Philadelphia</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project, Series B (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6/01/26</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,531,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,279,749</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Transportation &#8212; 13.5%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Philadelphia Pennsylvania, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.00%, 6/15/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,424,970</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Delaware River Port Authority, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series D (AGC), 5.00%, 1/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,560</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,534,213</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Turnpike Commission, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (AMBAC), 5.50%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12/01/31</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,800</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,877,844</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (AMBAC), 5.25%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>350</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>350,322</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Sub-Series B (AGM), 5.25%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,454,255</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Philadelphia Authority for Industrial</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Development, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Philadelphia Airport System Project,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, AMT (NPFGC):</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.50%, 7/01/17</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,062,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.50%, 7/01/18</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,655</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,713,041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>22,416,725</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Utilities &#8212; 15.8%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Allegheny County Sanitation Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, Series A (NPFGC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 12/01/30</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,005,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Philadelphia Pennsylvania, RB:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1998 General Ordinance, Fourth</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series (AGM), 5.00%, 8/01/32</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4,452,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Ninth Series, 5.25%, 8/01/40</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,430</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,315,957</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.25%, 1/01/36</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>700</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>684,789</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series C (AGM), 5.00%, 8/01/40</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,901,330</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Northampton Boro Municipal Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB (NPFGC), 5.00%, 5/15/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>935</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>935,234</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Economic Development</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financing Authority, RB, Philadelphia</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Biosolids Facility, 6.25%, 1/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>900</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>905,283</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania IDA, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Economic Development (AMBAC),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.50%, 7/01/20</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,229,950</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="77%"></TD>

   <TD width="22%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2 BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT><BR><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(continued) <BR></FONT><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Percentages shown are based on Net Assets)</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="6%"></TD>

   <TD width="13%"></TD>

   <TD width="28%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 6px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania (concluded)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Utilities (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Reading Area Water Authority</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania, RB (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>12/01/27</FONT>&nbsp;</TD>

   <TD colSpan=2 align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 2,680</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 2,752,012</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>26,182,435</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Municipal Bonds in Pennsylvania</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>186,958,341</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Guam &#8212; 2.4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School District &#8212; 0.5%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Territory of Guam, RB, Section 30,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, 5.63%, 12/01/29</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>805</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>781,929</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Transportation &#8212; 1.4%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Guam International Airport Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, General, Series C, AMT</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(NPFGC), 5.00%, 10/01/23</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,395,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Utilities &#8212; 0.5%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Guam Power Authority, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A (AGM), 5.00%, 10/01/37</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>850</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>766,011</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Municipal Bonds in Guam</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,943,540</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Puerto Rico &#8212; 0.7%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State &#8212; 0.7%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Commonwealth of Puerto Rico, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding, Public Improvement,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A-4 (AGM), 5.25%, 7/01/30</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,270</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1,239,914</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Municipal Bonds &#8211; 115.7%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>192,141,795</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Option Bond Trusts (f)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 4px" bgColor=#bfd5eb align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania &#8212; 42.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=3 align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>County/City/Special District/School District &#8212; 4.4%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>East Stroudsburg Area School District,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>GO, Refunding (AGM), 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9/01/25</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,329,490</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Education &#8212; 1.4%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>University of Pittsburgh Pennsylvania,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>RB, Capital Project, Series B, 5.00%,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>9/15/28</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,202</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,326,426</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Health &#8212; 3.2%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Geisinger Authority, RB, Series A:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.13%, 6/01/34</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,500</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,435,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.25%, 6/01/39</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3,000</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,960,790</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,396,290</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Housing &#8212; 1.6%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania HFA, Refunding RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series 96-A, AMT, 4.70%, 10/01/37</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,970</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2,664,476</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State &#8212; 27.9%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Commonwealth of Pennsylvania, GO,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>First Series, 5.00%, 3/15/28</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,203</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,504,978</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania Turnpike Commission, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series C of 2003 Pennsylvania</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Turnpike (NPFGC), 5.00%, 12/01/32</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10,081,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State Public School Building Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>LRB, Philadelphia School District</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Project (AGM), 5.25%, 6/01/13 (b)</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>15,000</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>16,403,850</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="53%"></TD>

   <TD width="17%"></TD>

   <TD width="29%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal Bonds Transferred to Tender</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Par</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Option Bond Trusts (f)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; TEXT-INDENT: 7px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=middle><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania (concluded)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#bfd5eb align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State (concluded)</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>State Public School Building Authority,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Refunding RB, School District of</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Philadelphia Project, Series B (AGM),</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5.00%, 6/01/26</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 14,026</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 14,320,239</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>46,310,267</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Transportation &#8212; 4.0%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>City of Philadelphia Pennsylvania, RB,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Series A, AMT (AGM), 5.00%, 6/15/37</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>7,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>6,624,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Municipal Bonds Transferred to</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Tender Option Bond Trusts &#8211; 42.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>70,650,949</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Long-Term Investments</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Cost &#8211; $264,717,456) &#8211; 158.2%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>262,792,744</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Short-Term Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shares</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BIF Pennsylvania Municipal Money</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Fund, 0.00% (g)(h)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,263,599</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,263,599</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Short-Term Securities</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Cost &#8211; $5,263,599) &#8211; 3.2%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,263,599</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total Investments</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(Cost &#8211; $269,981,055*) &#8211; 161.4%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>268,056,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Other Assets Less Liabilities &#8211; 0.2%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>354,094</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Liability for Trust Certificates, Including Interest</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Expense and Fees Payable &#8211; (21.7)%</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(35,973,010)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Preferred Shares, at Redemption Value &#8211; (39.9)%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(66,354,490)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shares &#8211; 100.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 166,082,937</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><BR>* The cost and unrealized appreciation (depreciation) of investments as of</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30, 2011, as computed for federal income tax purposes, were as</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>follows:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Aggregate cost</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 234,038,753</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Gross unrealized appreciation</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,038,885</FONT>&nbsp;</TD></TR>

<TR height=20>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Gross unrealized depreciation</FONT></TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><U>&nbsp;(5,952,746</U>)<FONT size=3 face="Times New Roman">&nbsp;</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Net unrealized&nbsp;depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$&nbsp;&nbsp;&nbsp;&nbsp;(1,913,861)</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><BR>(a) Variable rate security. Rate shown is as of report date.</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(b) US government securities, held in escrow, are used to pay interest on this</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>security as well as to retire the bond in full at the date indicated, typically</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>at a premium to par.</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(c) Represents a zero-coupon bond. Rate shown reflects the current yield as</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>of report date.</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(d) When-issued security. Unsettled when-issued transactions were as</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>follows:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="37%"></TD>

   <TD width="41%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Unrealized</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Counterparty</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Merrill Lynch &amp; Co.</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 2,717,493</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&nbsp;$<FONT size=3 face="Times New Roman">&nbsp;</FONT>20,305</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><BR>(e) Security is collateralized by Municipal or US Treasury obligations.</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(f) Securities represent bonds transferred to a tender option bond trust in</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>exchange for which the Fund acquired residual interest certificates.</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>These securities serve as collateral in a financing transaction.</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="33%"></TD>

   <TD width="7%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT><BR><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(continued)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(g) Investments in companies considered to be an affiliate of the Fund</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>during the period, for purposes of Section 2(a)(3) of the Investment</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Company Act of 1940, as amended, were as follows:</FONT><BR></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="23%"></TD>

   <TD width="20%"></TD>

   <TD width="22%"></TD>

   <TD width="19%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shares</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Shares</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Held at</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Held at</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>July 31,</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Net</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>April 30,</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Affiliate</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2010</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Activity</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BIF</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Pennsylvania</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Municipal</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Money Fund</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>8,508,134</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(3,244,535)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,263,599</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ --</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><BR>(h) Represents the current yield as of report date.</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;</FONT><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>For Fund compliance purposes, </FONT><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>the Fund&#8217;s sector classifications refer to</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>any one or more of the sector sub-classifications used by one or more</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>widely recognized market </FONT><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>indexes or ratings group indexes, and/or as</FONT><BR><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>defined by Fund management. This definition may not apply for purposes</FONT><BR><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>of this report, which may combine </FONT><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>sector sub</FONT><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>-classifications for reporting</FONT><BR><FONT color=#231f20 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>ease.</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="1%"></TD>

   <TD width="9%"></TD>

   <TD width="22%"></TD>

   <TD width="21%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=3 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Financial futures contracts sold as of April 30, 2011 were as follows:</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Contracts</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Issue</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Exchange</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Expiration</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Notional</FONT>&nbsp;</TD>

   <TD align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Unrealized</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Value</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Depreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>57</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>10-Year U.S. Treasury Note</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Chicago Board of Trade</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>June 2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 6,755,282</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ (149,733)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif><BR>&#8226;Fair Value Measurements &#8212; Various inputs are used in determining the fair</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>value of investments and derivative financial instruments. These inputs</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>are summarized in three broad levels for financial reporting purposes as</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>follows:</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;Level 1 &#8212; price quotations in active markets/exchanges for identical</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>assets and liabilities</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;Level 2 &#8212; other observable inputs (including, but not limited to: quoted</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>prices for similar assets or liabilities in markets that are active, quoted</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>prices for identical or similar assets or liabilities in markets that are not</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>active, inputs other than quoted prices that are observable for the</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>assets or liabilities (such as interest rates, yield curves, volatilities,</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>prepayment speeds, loss severities, credit risks and default rates) or</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>other market-corroborated inputs)</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8226;Level 3 &#8212; unobservable inputs based on the best information available</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>in the circumstances, to the extent observable inputs are not available</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(including the Fund's own assumptions used in determining the fair</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>value of investments and derivative financial instruments)</FONT><BR><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>The inputs or methodologies used for valuing securities are not necessarily</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>an indication of the risk associated with investing in those securities. For</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>information about the Fund's policy regarding valuation of investments and</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>derivative financial instruments and other significant accounting policies,</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>please refer to the Fund&#8217;s most recent financial statements as contained in</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>its semi-annual report.</FONT></P>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>4 BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#000080 size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BlackRock MuniYield Pennsylvania Quality Fund (MPA)</FONT><BR><FONT color=#000080 size=4 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Schedule of Investments </FONT><FONT color=#000080 size=2 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>(concluded)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>The following tables summarize the inputs used as of April 30, 2011 in</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>determining the fair valuation of the Fund's investments and derivative</FONT><BR><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>financial instruments:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="23%"></TD>

   <TD width="25%"></TD>

   <TD width="20%"></TD>

   <TD width="13%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Valuation Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Assets:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Investments:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Long-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Investments</FONT><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212;&nbsp;</FONT>&nbsp;</TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$262,792,744</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 5px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212; </FONT></TD>

   <TD align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>262,792,744</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Short-Term</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Securities</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 5,263,599</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5,263,599</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ 5,263,599 </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>262,792,744</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$<FONT size=3 face="Times New Roman">&nbsp;</FONT>268,056,343</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=4 align=left><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>1 </FONT></SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>See above Schedule of Investments for values in each sector.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="38%"></TD>

   <TD width="20%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Valuation Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Level 3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Derivative Financial Instruments</FONT><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2</FONT></SUP>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Liabilities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=middle>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2px" align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Interest rate contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>$ (149,733)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5px" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&#8212;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>&nbsp;$<FONT size=3 face="Times New Roman">&nbsp;</FONT>(149,733)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" colSpan=5 align=left><SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>2</FONT></SUP><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>Derivative financial instruments are financial futures contracts, which are valued at the</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 1px" colSpan=3 align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>unrealized appreciation/depreciation on the instrument.</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="59%"></TD>

   <TD width="33%"></TD>

   <TD width="7%"></TD></TR>

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   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>APRIL 30, 2011</FONT>&nbsp;</TD>

   <TD align=left><FONT size=1 face=FranklinGothic-Book,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="text-align: left;">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2 &#150; Controls and Procedures</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(a) &#150; The registrant's principal executive and principal financial officers or persons performing</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">similar functions have concluded that the registrant's disclosure controls and procedures (as</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">31940 Act3)) areeffective as of a date within 90 days of the filing of this report based on the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2(b) &#150; There were no changes in the registrant's internal control over financial reporting (as defined</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">that have materially affected, or are reasonably likely to materially affect, the registrant's</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3 &#150; Exhibits</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Certifications &#150; Attached hereto</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the undersigned, thereunto duly authorized.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Quality Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Quality Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company Act of 1940, this report has been signed below by the following persons on behalf</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant and in the capacities and on the dates indicated.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Quality Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">By: </FONT><U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Quality Fund</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT></P>

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<FILENAME>mpaex99.htm
<DESCRIPTION>CERTIFICATION
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock MuniYield Pennsylvania Quality</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund, certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniYield Pennsylvania Quality Fund;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ John M. Perlowski</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">John M. Perlowski</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Quality Fund</FONT></P>

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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EX-99.CERT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SARBANES-OXLEY ACT OF 2002</FONT></B><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock MuniYield Pennsylvania Quality</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Fund, certify that:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">1. I have reviewed this report on Form N-Q of BlackRock MuniYield Pennsylvania Quality Fund;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">material fact necessary to make the statements made, in light of the circumstances under which such statements were made,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">not misleading with respect to the period covered by this report;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">designed under our supervision, to ensure that material information relating to the registrant, including its</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">which this report is being prepared;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) designed such internal control over financial reporting, or caused such internal control over financial</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting and the preparation of financial statements for external purposes in accordance with generally</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">accepted accounting principles;</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">days prior to the filing date of this report, based on such evaluation; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">d) disclosed in this report any change in the registrant's internal control over financial reporting that</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">materially affect, the registrant's internal control over financial reporting; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">of the registrant's board of directors (or persons performing the equivalent functions):</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process,</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">summarize, and report financial information; and</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">b) any fraud, whether or not material, that involves management or other employees who have a significant</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">role in the registrant's internal control over financial reporting.</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date: June 24, 2011</FONT><BR>
<BR>
<U><FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">/S/ Neal J. Andrews</FONT></U><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Neal J. Andrews</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">BlackRock MuniYield Pennsylvania Quality Fund</FONT></P>

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