N-Q 1 d385262dnq.htm BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07136

Name of Fund:  BlackRock MuniYield Pennsylvania Quality Fund (MPA)

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield

Pennsylvania Quality Fund, 55 East 52nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2017

Date of reporting period: 4/30/2017

Item 1 – Schedule of Investments

Schedule of Investments April 30, 2017 (Unaudited)

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Municipal Bonds    Par  
(000)		     Value  

Pennsylvania — 119.0%

 

Corporate — 3.1%

 

County of Beaver Pennsylvania IDA, Refunding RB, First Energy Nuclear Energy Project, Series B, 3.50%, 12/01/35 (a)

    $ 3,745     $ 1,647,800  

Pennsylvania Economic Development Financing Authority, RB:

     

American Water Co. Project, 6.20%, 4/01/39

      1,510       1,638,516  

Aqua Pennsylvania, Inc. Project, Series B, 4.50%, 12/01/42

      2,630       2,726,074  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT:

     

Aqua Pennsylvania, Inc. Project, Series A, 5.00%, 12/01/34

      180       191,723  

National Gypsum Co., 5.50%, 11/01/44

      135       143,477  
    

 

 

  
               6,347,590  

County/City/Special District/School District — 30.2%

 

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A:

     

5.00%, 5/01/35

      190       198,546  

5.00%, 5/01/42

      450       466,929  

Bethlehem Area School District, GO (BAM), Series A:

     

5.00%, 8/01/34

      1,610       1,796,502  

5.00%, 8/01/35

      1,210       1,344,637  

Borough of West Chester Pennsylvania, GO, Refunding, 3.50%, 11/15/35

      1,095       1,087,598  

Boyertown Area School District, GO:

     

5.00%, 10/01/36

      610       677,301  

5.00%, 10/01/38

      920       1,018,495  

City of Philadelphia Pennsylvania, GO, Refunding, Series A (AGM), 5.25%, 12/15/18 (b)

      5,000       5,345,800  

City of Philadelphia Pennsylvania, GO, Refunding Series A (AGC):

     

5.00%, 8/01/19 (b)

      255       277,167  

5.00%, 8/01/24

      2,115       2,286,992  

City of Pittsburgh Pennsylvania, GO, Series B, 5.00%, 9/01/26

      1,095       1,260,805  
Municipal Bonds    Par  
(000)		     Value  

Pennsylvania (continued)

 

County/City/Special District/School District (continued)

 

County of Bucks Pennsylvania Water & Sewer Authority, RB, Series A (AGM):

     

5.00%, 12/01/37

    $ 780     $ 871,712  

5.00%, 12/01/40

      1,000       1,114,020  

County of Dauphin Pennsylvania General Authority, Refunding RB, Pinnacle Health System Project, 6.00%, 6/01/29

      260       284,513  

County of Lycoming Pennsylvania Water & Sewer Authority, RB (AGM), 5.00%, 11/15/19 (b)

      500       548,150  

County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 7/01/32

      180       206,717  

County of York Pennsylvania, GO, Refunding, 5.00%, 3/01/36

      500       549,255  

Dallastown Area School District, GO, Refunding, 5.00%, 4/15/34

      1,235       1,413,507  

East Stroudsburg Area School District, GO, Refunding, Series A (AGM), 5.00%, 9/01/25

      3,000       3,039,960  

Lower Merion School District, GO, Refunding, Series A, 3.25%, 11/15/27

      2,035       2,107,121  

Marple Newtown School District, GO (AGM), 5.00%, 6/01/19 (b)

      4,100       4,432,674  

Owen J. Roberts School District, GO, 4.75%, 11/15/25

      700       725,844  

Philadelphia School District, GO, Series E (b):

     

2015, 6.00%, 9/01/18

      5       5,333  

2015-2, 6.00%, 9/01/18

      5       5,333  

6.00%, 9/01/18

      3,340       3,562,544  

Shaler Area School District Pennsylvania, GO, CAB (Syncora), 0.00%, 9/01/30 (c)

      6,145       3,835,955  

State Public School Building Authority, RB (AGM):

     

Community College, Allegheny County Project, 5.00%, 7/15/34

      2,190       2,418,855  

Corry Area School District, CAB,
0.00%, 12/15/22 (c)

      1,640       1,431,851  

Corry Area School District, CAB,
0.00%, 12/15/23 (c)

      1,980       1,666,665  

Corry Area School District, CAB,
0.00%, 12/15/24 (c)

      1,980       1,610,413  

Corry Area School District, CAB,
0.00%, 12/15/25 (c)

      1,770       1,377,556  
 

 

                
   BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2017    1

Schedule of Investments (continued)

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

Municipal Bonds    Par  
(000)		     Value  

Pennsylvania (continued)

 

County/City/Special District/School District (continued)

 

State Public School Building Authority, Refunding RB, Harrisburg School District Project, Series A
(AGC) (b):

     

5.00%, 5/15/19

    $ 215     $ 232,112  

5.00%, 5/15/19

      215       232,022  

5.00%, 5/15/19

      855       922,690  

Township of Bristol Pennsylvania School District, GO:

     

(BAM), 5.00%, 6/01/42

      1,685       1,872,524  

5.00%, 6/01/40

      775       831,660  

5.25%, 6/01/43

      6,925       7,652,402  

Township of Falls Pennsylvania, Refunding RB, Water & Sewer Authority, 5.00%, 12/01/37

      1,270       1,378,725  

Township of Lower Paxton Pennsylvania, GO:

     

5.00%, 4/01/42

      435       483,563  

5.00%, 4/01/46

      1,435       1,591,444  

Township of Upper Moreland Pennsylvania School District, GO, 5.00%, 10/01/34

      130       145,779  
    

 

 

  
               62,311,671  

Education — 18.7%

 

County of Adams Pennsylvania IDA, Refunding RB, Gettysburg College:

     

5.00%, 8/15/24

      100       109,810  

5.00%, 8/15/25

      100       109,541  

5.00%, 8/15/26

      100       109,541  

County of Cumberland Pennsylvania Municipal Authority, RB, AICUP Financing Program, Dickinson College Project, 5.00%, 11/01/39

      200       211,682  

County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran:

     

6.38%, 1/01/19 (b)

      900       979,506  

6.38%, 1/01/39

      100       107,979  

County of Delaware Pennsylvania Authority, RB, Villanova University:

     

5.00%, 8/01/40

      1,205       1,339,996  

5.00%, 8/01/45

      3,610       4,000,710  

County of Delaware Pennsylvania Authority, Refunding RB:

     

Haverford College, 5.00%, 5/15/20 (b)

      340       378,196  
Municipal Bonds    Par  
(000)		     Value  

Pennsylvania (continued)

 

Education (continued)

 

County of Delaware Pennsylvania Authority, Refunding RB (continued):

     

Haverford College, 5.00%, 11/15/35

    $ 75     $ 81,696  

Villanova University, 5.25%, 12/01/19 (b)

      100       110,524  

County of Northampton Pennsylvania General Purpose Authority, Refunding RB:

     

Moravian College, 5.00%, 10/01/36

      610       660,478  

Moravian College, 3.88%, 10/01/45

      1,330       1,263,247  

St. Luke’s University Health Network Project, 5.00%, 8/15/46

      1,000       1,089,110  

Pennsylvania Higher Educational Facilities Authority, RB:

     

Drexel University, Series A (NPFGC), 5.00%, 11/01/17 (b)

      1,650       1,684,633  

Shippensburg University Student Services, Student Housing, 5.00%, 10/01/44

      1,460       1,513,232  

Thomas Jefferson University,
5.00%, 3/01/20 (b)

      1,000       1,104,650  

Pennsylvania Higher Educational Facilities Authority, Refunding RB:

     

Drexel University, Series A, 5.25%, 5/01/41

      3,930       4,373,147  

La Salle University, 5.00%, 5/01/37

      1,325       1,395,940  

La Salle University, 5.00%, 5/01/42

      1,855       1,947,769  

State System of Higher Education, Series AL, 5.00%, 6/15/35

      280       305,701  

Thomas Jefferson University, 5.00%, 9/01/45

      2,000       2,198,320  

University of the Sciences Philadelphia, 5.00%, 11/01/30

      940       1,058,684  

University of the Sciences Philadelphia, 5.00%, 11/01/31

      775       868,380  

University Properties, Inc. Student Housing Project, Series A, 5.00%, 7/01/35

      300       318,804  
 

 

                
2    BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2017   

Schedule of Investments (continued)

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

Municipal Bonds    Par  
(000)		     Value  

Pennsylvania (continued)

 

Education (continued)

 

Pennsylvania Higher Educational Facilities Authority, Refunding RB (continued):

     

Widener University, Series A, 5.25%, 7/15/33

    $ 1,580     $ 1,739,612  

Widener University, Series A, 5.50%, 7/15/38

      385       424,031  

Philadelphia Authority for Industrial Development, RB, University of Sciences, 5.00%, 11/01/42

      2,710       2,943,358  

Philadelphia Authority for Industrial Development, Refunding RB, 1st Series, 5.00%, 4/01/45

      2,170       2,409,373  

Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 9/15/38

      830       956,409  

Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project at Millersville University of Pennsylvania:

     

5.00%, 7/01/35

      485       507,494  

5.00%, 7/01/35

      435       457,920  

5.00%, 7/01/45

      300       310,770  

5.00%, 7/01/47

      820       851,718  

University of Pittsburgh, RB, Commonwealth System of Higher Education Capital Project, Series B, 5.00%, 3/15/19 (b)

      610       655,073  
    

 

 

  
               38,577,034  

Health — 21.8%

 

City of Pottsville Pennsylvania Hospital Authority, Refunding RB, Lehigh Valley Health, Series B, 5.00%, 7/01/41

      3,000       3,276,330  

County of Allegheny Pennsylvania Hospital Development Authority, RB, University of Pittsburgh Medical Center Health, Series B (NPFGC), 6.00%, 7/01/26

      2,000       2,557,480  

County of Allegheny Pennsylvania Hospital Development Authority, Refunding RB, University of Pittsburgh Medical Center Health, Series A-1, 1.51%, 2/01/37 (a)

      2,500       2,284,575  
Municipal Bonds    Par  
(000)		     Value  

Pennsylvania (continued)

 

Health (continued)

 

County of Berks Pennsylvania Municipal Authority, Refunding RB, Reading Hospital & Medical Center Project:

     

Series A, 5.00%, 11/01/40

    $ 765     $ 822,023  

Series A3, 5.50%, 11/01/31

      500       546,935  

County of Centre Pennsylvania Hospital Authority, RB, Mount Nittany Medical Center Project,
7.00%, 11/15/21 (b)

      2,410       2,993,220  

County of Cumberland Pennsylvania Municipal Authority, Refunding RB:

     

Asbury Pennsylvania Obligated Group, 5.25%, 1/01/41

      210       212,541  

Diakon Lutheran Social Ministries, 5.00%, 1/01/38

      2,600       2,731,638  

County of Dauphin General Authority, Refunding RB, Pinnacle Health System Project, 6.00%, 6/01/19 (b)

      240       264,319  

County of Franklin Pennsylvania IDA, Refunding RB, Chambersburg Hospital Project, 5.38%, 7/01/42

      415       450,126  

County of Lancaster Pennsylvania Hospital Authority, Refunding RB:

     

Masonic Villages of The Grand Lodge of Pennsylvania Project, 5.00%, 11/01/28

      575       658,525  

Masonic Villages of The Grand Lodge of Pennsylvania Project, 5.00%, 11/01/35

      425       468,252  

University of Pennsylvania Health System, 5.00%, 8/15/42

      1,600       1,779,584  

County of Lehigh Pennsylvania, RB, Lehigh Valley Health Network, Series A (AGM), 5.00%, 7/01/18 (b)

      7,995       8,367,567  

County of Montgomery Pennsylvania Higher Education & Health Authority, Refunding RB, Abington Memorial Hospital Obligated Group, Series A,
5.13%, 6/01/19 (b)

      490       530,489  

County of Montgomery Pennsylvania IDA, RB, Acts Retirement-Life Communities, Series A-1, 6.25%, 11/15/19 (b)

      235       264,857  
 

 

                
   BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2017    3

Schedule of Investments (continued)

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

Municipal Bonds    Par  
(000)		     Value  

Pennsylvania (continued)

 

Health (continued)

 

County of Montgomery Pennsylvania IDA, Refunding RB:

     

Acts Retirement-Life Communities, 5.00%, 11/15/27

    $ 865     $ 947,954  

Acts Retirement-Life Communities, 5.00%, 11/15/28

      555       605,738  

Whitemarsh Continuing Care Retirement Community, 5.25%, 1/01/40

      220       217,397  

County of Union Pennsylvania Hospital Authority, Refunding RB, Evangelical Community Hospital Project, 7.00%, 8/01/41

      460       523,342  

Geisinger Authority Pennsylvania, RB, Health System, Series A, 5.25%, 6/01/19 (b)

      1,000       1,059,250  

Geisinger Authority Pennsylvania, Refunding RB, Health System, Series A-2, 5.00%, 2/15/39 (d)

      4,050       4,570,141  

Lancaster IDA, Refunding RB, Garden Spot Village Project:

     

5.38%, 5/01/28

      520       567,128  

5.75%, 5/01/35

      865       939,848  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, University of Pittsburgh Medical Center, Series E, 5.00%, 5/15/31

      1,000       1,075,340  

Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series C, 5.00%, 7/01/41

      940       1,025,559  

Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Presbyterian Medical Center, 6.65%, 12/01/19 (e)

      1,310       1,419,385  

South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series B (AGC), 5.38%, 7/01/20 (b)

      2,055       2,317,341  

Southcentral Pennsylvania General Authority, Refunding RB, Wellspan Health Obligation Group, Series A:

     

6.00%, 12/01/18 (b)

      595       640,226  
Municipal Bonds    Par  
(000)		     Value  

Pennsylvania (continued)

 

Health (continued)

 

Southcentral Pennsylvania General Authority, Refunding RB, Wellspan Health Obligation Group, Series A (continued):

     

6.00%, 6/01/29

    $ 655     $ 696,016  
    

 

 

  
               44,813,126  

Housing — 9.0%

 

Pennsylvania HFA, RB:

     

Brinton Manor Apartments & Brinton Towers, M/F Housing, Series A, 4.25%, 10/01/35

      400       415,496  

Brinton Manor Apartments & Brinton Towers, M/F Housing, Series A, 4.50%, 10/01/40

      400       415,916  

S/F Housing Mortgage, Series 114-C, 3.65%, 10/01/37

      2,305       2,306,821  

S/F Housing Mortgage, Series 118-B, 4.05%, 10/01/40

      1,000       1,014,210  

S/F Housing Mortgage, Series 2015-117-B, 4.05%, 10/01/40

      1,600       1,613,248  

Pennsylvania HFA, Refunding RB, S/F Housing Mortgage:

     

Series 096-A, AMT, 4.70%, 10/01/37

      590       590,301  

Series 097-A, AMT, 4.65%, 10/01/31

      1,300       1,301,378  

Series 099-A, AMT, 5.15%, 4/01/38

      1,065       1,118,388  

Series 115-A, AMT, 4.20%, 10/01/33

      730       762,631  

Series 119, 3.50%, 10/01/36

      1,515       1,483,548  

Philadelphia Housing Authority, RB, Capital Fund Program, M/F Housing, Series A (AGM), 5.50%, 12/01/18

      3,000       3,024,660  

Philadelphia IDA, RB, Series A:

     

3.50%, 12/01/36

      790       752,183  

4.00%, 12/01/46

      2,970       2,914,283  

4.00%, 12/01/51

      790       759,893  
    

 

 

  
               18,472,956  

State — 10.5%

 

Commonwealth of Pennsylvania, GO, 1st Series:

     

5.00%, 4/01/26

      1,385       1,590,811  

5.00%, 6/01/28

      4,460       5,037,882  

5.00%, 3/15/33

      1,775       1,986,740  
 

 

                
4    BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2017   

Schedule of Investments (continued)

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

Municipal Bonds   Par  
(000)		     Value  

Pennsylvania (continued)

 

State (continued)

 

Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Bridge Finco LP, 5.00%, 6/30/42

   $ 7,500     $ 8,118,600  

Pennsylvania Turnpike Commission, RB, Oil Franchise Tax, Remarketing, Series C (NPFGC), 5.00%, 12/01/18 (b)

     4,600       4,891,410  
   

 

 

  
              21,625,443  

Transportation — 18.5%

 

City of Philadelphia Pennsylvania, ARB, Series A:

    

5.00%, 6/15/40

     3,825       4,156,627  

AMT (AGM), 5.00%, 6/15/37

     5,900       5,926,432  

Delaware River Joint Toll Bridge Commission, RB, Bridge System, 5.00%, 7/01/42

     1,500       1,703,535  

Delaware River Port Authority, RB:

    

5.00%, 1/01/29

     475       544,740  

5.00%, 1/01/37

     2,285       2,546,335  

Series D, 5.00%, 1/01/40

     750       813,413  

Series D (AGM), 5.00%, 1/01/40

     1,560       1,694,035  

Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 5.00%, 11/01/41

     6,025       6,362,882  

Pennsylvania Turnpike Commission, RB:

    

CAB, Sub-Series A-3, 0.00%, 12/01/42 (c)

     4,760       1,547,143  

CAB, Sub-Series A-3 (AGM), 0.00%, 12/01/40 (c)

     1,275       484,921  

Sub-Series A, 5.13%, 12/01/20 (b)

     75       85,170  

Sub-Series A, 5.13%, 12/01/26

     25       27,740  

Pennsylvania Turnpike Commission, Refunding RB:

    

Sub-Series A-1, 5.25%, 12/01/45

     3,270       3,663,021  

Sub-Series B (AGM), 5.25%, 6/01/19 (b)

     1,695       1,843,414  

Sub-Series B (AGM), 5.25%, 6/01/39

     1,805       1,931,386  
Municipal Bonds   Par  
(000)		     Value  

Pennsylvania (continued)

 

Transportation (continued)

 

Southeastern Pennsylvania Transportation Authority, RB, Capital Grant Receipts:

    

5.00%, 6/01/28

   $ 1,860     $ 2,072,059  

5.00%, 6/01/29

     2,465       2,742,978  
   

 

 

  
              38,145,831  

Utilities — 7.2%

 

City of Philadelphia Pennsylvania Gas Works, RB, 9th Series:

    

5.25%, 8/01/20 (b)

     660       744,058  

5.25%, 8/01/40

     1,040       1,138,311  

City of Philadelphia Pennsylvania Gas Works, Refunding RB:

    

5.00%, 8/01/30

     800       898,696  

5.00%, 8/01/31

     600       670,416  

5.00%, 8/01/32

     800       889,624  

5.00%, 8/01/33

     400       442,992  

5.00%, 8/01/34

     700       771,540  

City of Philadelphia Pennsylvania Water & Wastewater, RB:

    

Series A, 5.25%, 1/01/19 (b)

     800       856,464  

Series A, 5.25%, 10/01/52

     810       925,263  

Series C (AGM), 5.00%, 8/01/40

     3,350       3,655,955  

County of Allegheny Pennsylvania Sanitary Authority, RB, Sewer Improvement (BAM), 5.25%, 12/01/41

     1,410       1,580,511  

County of Bucks Pennsylvania Water & Sewer Authority, RB, Water System (AGM), 5.00%, 12/01/41

     30       32,926  

County of Delaware Pennsylvania Regional Water Quality Control Authority, RB, Sewer Improvements, 5.00%, 5/01/33

     420       466,843  

Pennsylvania Economic Development Financing Authority, RB, Philadelphia Biosolids Facility, 6.25%, 1/01/32

     1,605       1,706,966  
   

 

 

  
              14,780,565  
Total Municipal Bonds — 119.0%       245,074,216  

 

 

 

                
   BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2017    5

Schedule of Investments (continued)

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

Municipal Bonds Transferred to

Tender Option Bond Trusts (f)

  

Par  

(000)

     Value  

Pennsylvania — 44.6%

 

Education — 13.5%

 

Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System, Series A:

    

5.75%, 8/15/21 (b)

   $ 5,120     $ 6,047,437  

4.00%, 8/15/39

     7,815       7,903,997  

Pennsylvania Higher Educational Facilities Authority, Series AR, 4.00%, 6/15/38

     11,335       11,468,069  

University of Pittsburgh Pennsylvania, RB, The Commonwealth System of Higher Education, Capital Project, Series B, 5.00%, 3/15/19 (b)

     2,202       2,364,366  
   

 

 

  
              27,783,869  

Health — 13.4%

 

Geisinger Authority Pennsylvania, RB, Health System:

    

Series A, 5.13%, 6/01/19 (b)

     3,000       3,173,310  

Series A, 5.25%, 6/01/19 (b)

     3,128       3,313,628  

Series A-1, 5.13%, 6/01/41

     7,430       8,009,686  

Pennsylvania Economic Development Financing Authority, RB, University of Pittsburgh Medical Center, Series B, 4.00%, 3/15/40

     8,000       8,022,320  

Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series C, 5.00%, 7/01/41

     4,680       5,105,974  
   

 

 

  
              27,624,918  

Housing — 2.9%

 

Pennsylvania HFA, Refunding RB, S/F Mortgage, AMT:

    

Series 114A, 3.70%, 10/01/42

     2,875       2,956,596  

Series 115A, 4.20%, 10/01/33

     2,920       3,050,524  
   

 

 

  
              6,007,120  

State — 12.0%

 

Commonwealth of Pennsylvania, GO, 1st Series,
5.00%, 3/15/19 (b)

     6,028       6,473,623  

Municipal Bonds Transferred to

Tender Option Bond Trusts (f)

  

Par  

(000)

     Value  

Pennsylvania (continued)

 

State (continued)

 

General Authority of Southcentral Pennsylvania, Refunding RB, Wellspan Health Obligated Group, Series A, 5.00%, 6/01/44

   $ 7,000     $ 7,626,640  

Pennsylvania Turnpike Commission, RB, Oil Franchise Tax, Remarketing, Series C (NPFGC), 5.00%, 12/01/18 (b)

     10,000       10,633,500  
   

 

 

  
        24,733,763  

Transportation — 0.9%

 

Pennsylvania Turnpike Commission, RB, Sub-Series A, 5.50%, 12/01/42

     1,680       1,932,487  

Utilities — 1.9%

 

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB (BAM), 5.00%, 8/15/42

     3,493       3,891,200  

Total Municipal Bonds Transferred to

Tender Option Bond Trusts — 44.6%

 

 

     91,973,357  
Total Long-Term Investments
(Cost — $322,860,582) — 163.6%		       337,047,573  
   
                 
Short-Term Securities   Shares         

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.70% (g)(h)

     4,155,885       4,156,717  

Total Short-Term Securities

(Cost — $4,156,527) — 2.0%

 

 

     4,156,717  
Total Investments (Cost — $327,017,109*) — 165.6%       341,204,290  
Liabilities in Excess of Other Assets — (0.3)%       (747,487 ) 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable — (25.3)%

 

     (52,121,676 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering
Costs — (40.0)%

 

     (82,327,942 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 206,007,185  
   

 

 

  

 

 

 

                
6    BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2017   

Schedule of Investments (continued)

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

 

* As of April 30, 2017, gross unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost

   $ 275,848,274  
 

 

 

  

Gross unrealized appreciation

   $ 17,001,117  

Gross unrealized depreciation

     (3,651,425 ) 
 

 

 

  

Net unrealized appreciation

   $ 13,349,692  
 

 

 

  
 

 

Notes to Schedule of Investments

 

(a)   Variable rate security. Rate as of period end.

 

(b)   U.S. Government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

(c)   Zero-coupon bond.

 

(d)   When-issued security.

 

(e)   Security is collateralized by municipal bonds or U.S. Treasury obligations.

 

(f)   Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing.

 

(g)   During the period ended April 30, 2017, investments in issuers considered to be an affiliate of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate      Shares Held
at July 31,
2016		        Net
Activity		        Shares Held
at April 30,
2017		        Value at
April 30,
2017		        Income       

Net

Realized
Gain1

        Change in
Unrealized
Appreciation		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

        455,980          3,699,905          4,155,885        $ 4,156,717        $ 15,009        $ 777        $ 190  

 

  1  

Includes net capital gain distributions.

 

(h)   Current yield as of period end.

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Contracts
Short		     Issue   Expiration   Notional
Value		     Unrealized
Depreciation		  
  (28 )    5-Year U.S. Treasury Note   June 2017   $ 3,315,375     $ (14,764 ) 
  (98 )    10-Year U.S. Treasury Note   June 2017   $ 12,320,438       (89,679 ) 
  (60 )    Long U.S. Treasury Bond   June 2017   $ 9,178,125       (114,295 ) 
  (15 )    Ultra U.S. Treasury Bond   June 2017   $ 2,444,062       (30,795 ) 
 

Total

     $ (249,533 ) 
       

 

 

  

 

 

                
   BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2017    7

Schedule of Investments (continued)

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

 

Portfolio Abbreviations

 

AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
GO    General Obligation Bonds
HFA    Housing Finance Agency
IDA    Industrial Development Authority
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family
Syncora    Syncora Guarantee

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 — unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

 

  •  

Level 2 — other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

 

  •  

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately-held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

 

                
8    BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2017   

Schedule of Investments (concluded)

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

 

     Level 1        Level 2        Level 3        Total  

Assets:

 

Investments:  

Long-Term Investments 1

     —        $ 337,047,573          —        $ 337,047,573  

Short-Term Securities

   $ 4,156,717          —          —          4,156,717  
 

 

 

  

Total

   $ 4,156,717        $ 337,047,573          —        $ 341,204,290  
 

 

 

  
                
Derivative Financial Instruments 2  

Liabilities:

 

Interest rate contracts

   $ (249,533 )         —          —        $ (249,533 ) 

1   See above Schedule of Investments for values in each sector.

2   Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

    

    

The Fund may hold assets and/or liabilities in which the fair value approximates the carrying for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

     Level 1        Level 2        Level 3        Total  

Liabilities:

 

TOB Trust Certificates

     —        $ (52,006,324 )         —        $ (52,006,324 ) 

VRDP Shares at Liquidation Value

     —          (82,600,000 )         —          (82,600,000 ) 
 

 

 

  

Total

     —        $ (134,606,324 )         —        $ (134,606,324 ) 
 

 

 

  

During the period ended April 30, 2017, there were no transfers between levels.

 

                
   BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2017    9

Item 2 – Controls and Procedures

 

2(a) –    The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –    There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3 – Exhibits

Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock MuniYield Pennsylvania Quality Fund

 

By:       /s/ John M. Perlowski                    
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock MuniYield Pennsylvania Quality Fund

Date: June 22, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:       /s/ John M. Perlowski                    
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock MuniYield Pennsylvania Quality Fund

Date: June 22, 2017

 

By:       /s/ Neal J. Andrews                       
  Neal J. Andrews
  Chief Financial Officer (principal financial officer) of
  BlackRock MuniYield Pennsylvania Quality Fund

Date: June 22, 2017