NPORT-EX 1 NPORT_2814456381564546.htm EX-MPA

Schedule of Investments  (unaudited)

April 30, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 118.2%

 

Pennsylvania — 118.2%

 

Corporate — 2.2%  

Pennsylvania Economic Development Financing Authority, RB:

    

American Water Co. Project, 6.20%, 04/01/39

   $ 1,510     $ 1,515,074  

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

     2,630       2,689,043  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT:

    

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

     180       187,513  

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

     135       141,846  
   

 

 

  
      4,533,476  
County/City/Special District/School District — 28.3%  

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

    

5.00%, 05/01/35

     190       198,810  

5.00%, 05/01/42

     450       467,127  

Altoona Area School District, GO:

    

5.00%, 12/01/36

     125       142,196  

5.00%, 12/01/45

     600       671,214  

Altoona Area School District, GOL, Series A (AGM),
5.00%, 12/01/36

     1,180       1,342,333  

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

    

5.00%, 08/01/34

     1,610       1,852,305  

5.00%, 08/01/35

     1,210       1,391,343  

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

     1,095       1,134,113  

Boyertown Area School District, GO:

    

5.00%, 10/01/36

     610       681,132  

5.00%, 10/01/38

     920       1,025,036  

City of Philadelphia Pennsylvania, GO, Refunding Series A (AGC), 5.00%, 08/01/24

     2,115       2,131,708  

City of Pittsburgh Pennsylvania, GO, Series B,
5.00%, 09/01/26

     1,095       1,201,598  

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

    

5.00%, 12/01/37

     780       891,641  

5.00%, 12/01/40

     1,000       1,140,660  

County of Delaware Springfield School District, GO:

    

5.00%, 03/01/40

     1,025       1,194,033  

5.00%, 03/01/43

     775       900,597  
Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

County of Northampton Pennsylvania IDA, Route 33 Project, Tax Allocation Bonds, 7.00%, 07/01/32

   $ 170     $ 190,827  

County of York Pennsylvania, GO, Refunding,
5.00%, 09/01/20(a)

     500       522,215  

Dallastown Area School District, GO, Refunding,
5.00%, 04/15/34

     1,235       1,403,318  

Fox Chapel Area School District, GO:

    

5.00%, 02/01/39

     1,345       1,567,409  

5.00%, 02/01/42

     1,250       1,450,375  

Marple Newtown School District, GO, (AGM),
5.00%, 06/01/19(a)

     3,200       3,208,768  

Shaler Area School District Pennsylvania, GO, CAB (Syncora), 0.00%, 09/01/30(b)

     6,145       4,501,520  

Springfield School District/Delaware County, GO:

    

5.00%, 03/01/36

     870       1,028,714  

5.00%, 03/01/37

     890       1,044,807  

State Public School Building Authority, RB (AGM):

    

Community College, Allegheny County Project, 5.00%, 07/15/34

     2,190       2,325,211  

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

     1,640       1,509,817  

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

     1,980       1,776,595  

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

     1,980       1,730,777  

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

     1,770       1,506,518  

Township of Bristol Pennsylvania School District, GO:

    

5.00%, 06/01/40

     775       842,510  

5.25%, 06/01/43

     6,925       7,657,042  

(BAM), 5.00%, 06/01/42

     1,685       1,915,002  

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

     1,270       1,365,060  

Township of Lower Paxton Pennsylvania, GO:

    

5.00%, 04/01/42

     435       489,993  

5.00%, 04/01/46

     1,435       1,615,351  

Tredyffrin Easttown School District, GOL,
5.00%, 02/15/39

     695       811,433  

West Shore School District Pennsylvania, GOL:

    

5.00%, 11/15/43

     2,095       2,390,332  

5.00%, 11/15/48

     1,200       1,367,640  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

Williamsport Sanitary Authority, Refunding RB, (BAM), 4.00%, 01/01/40

   $ 580     $ 606,947  
   

 

 

  
      59,194,027  
Education — 21.9%            

County of Adams Pennsylvania IDA, Refunding RB, Gettysburg College, 5.00%, 08/15/26

     100       103,830  

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

    

4.13%, 01/01/38

     160       163,664  

4.00%, 01/01/36

     395       403,256  

5.00%, 01/01/39

     760       849,209  

County of Delaware Pennsylvania Authority, RB, Villanova University:

    

5.00%, 08/01/40

     1,205       1,374,676  

5.00%, 08/01/45

     3,610       4,107,133  

County of Delaware Pennsylvania Authority, Refunding RB, Cabrini University,
5.00%, 07/01/47

     2,480       2,660,222  

County of Montgomery Higher Education & Health Authority, Refunding RB, Series A:

    

Thomas Jefferson University, 5.00%, 09/01/48

     1,500       1,712,940  

Thomas Jeferson University, 5.00%, 09/01/37

     840       973,115  

County of Northampton Pennsylvania General Purpose Authority, Refunding RB:

    

Lafayette College, 4.00%, 11/01/38

     1,160       1,236,664  

Moravian College, 5.00%, 10/01/36

     610       675,776  

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/36

     2,000       2,362,380  

Pennsylvania Higher Educational Facilities Authority, RB, Thomas Jefferson University, 5.00%, 03/01/20(a)

     1,000       1,027,160  

Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 4.00%, 06/15/34

     2,000       2,138,340  

Pennsylvania Higher Educational Facilities Authority, Refunding RB:

    

Drexel University, Series A, 5.25%, 05/01/21(a)

     3,700       3,963,662  
Security   Par
(000)		     Value  
Education (continued)            

Drexel University, Series A, 5.25%, 05/01/41

   $ 230     $ 243,062  

La Salle University, 5.00%, 05/01/37

     1,325       1,383,048  

La Salle University, 5.00%, 05/01/42

     1,855       1,928,606  

State System of Higher Education, Series AL, 5.00%, 06/15/35

     280       289,173  

Thomas Jefferson University, 5.00%, 09/01/45

     2,000       2,221,020  

University of Science in Philadelphia,
5.00%, 11/01/36

     2,100       2,334,570  

Widener University, Series A, 5.25%, 07/15/33

     1,580       1,705,973  

Widener University, Series A, 5.50%, 07/15/38

     385       415,176  

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

     2,710       3,037,070  

Philadelphia Authority for Industrial Development, Refunding RB:

    

1st Series, 5.00%, 04/01/45

     2,170       2,415,188  

La Salle University, 4.00%, 05/01/42

     2,985       2,950,494  

Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 09/15/38

     830       934,298  

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

    

5.00%, 07/01/35

     435       467,381  

5.00%, 07/01/35

     485       510,249  

5.00%, 07/01/45

     300       311,970  

5.00%, 07/01/47

     820       865,740  
   

 

 

  
      45,765,045  
Health — 21.6%            

City of Pottsville Pennsylvania Hospital Authority, Refunding RB, Lehigh Valley Health, Series B, 5.00%, 07/01/41

     3,000       3,383,550  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Health (continued)            

County of Allegheny Hospital Development Authority, Refunding RB:

    

Allegheny Health Network Obligation, Class A (AGM), 4.00%, 04/01/44

   $ 3,940     $ 4,143,619  

Allegheny Health Network Obligated Group Issue, Series A, 4.00%, 04/01/37

     1,700       1,789,862  

Allegheny Health Network Obligated Group Issue, Series A, 5.00%, 04/01/47

     700       797,867  

County of Allegheny Pennsylvania Hospital Development Authority, RB, University of Pittsburgh Medical Center Health, Series B (NPFGC), 6.00%, 07/01/26

     2,000       2,512,680  

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

    

Series A, 5.00%, 11/01/40

     765       809,630  

Series A3, 5.50%, 11/01/31

     250       254,508  

County of Bucks Pennsylvania IDA, Refunding RB, Pennswood Village Project, 5.00%, 10/01/37

     940       1,036,801  

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

     2,410       2,725,083  

County of Cumberland Pennsylvania Municipal Authority, Refunding RB, Diakon Lutheran Social Ministries, 5.00%, 01/01/38

     2,600       2,794,714  

County of Dauphin General Authority, Refunding RB, Pinnacle Health System Project, 6.00%, 06/01/29

     260       260,827  

County of Franklin Pennsylvania IDA, Refunding RB, Chambersburg Hospital Project,
5.38%, 07/01/20(a)

     415       432,687  

County of Lancaster Pennsylvania Hospital Authority, Refunding RB, Masonic Villages of The Grand Lodge of Pennsylvania Project, 5.00%, 11/01/35

     575       633,961  

County of Montgomery Pennsylvania Higher Education & Health Authority, Refunding RB:

    

Abington Memorial Hospital Obligated Group, Series A, 5.13%, 06/01/19(a)

     490       491,372  
Security   Par
(000)		     Value  
Health (continued)            

Ursinus College Project, 4.00%, 11/01/46

   $ 920     $ 926,836  

County of Montgomery Pennsylvania IDA, Refunding RB:

    

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

     865       931,112  

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

     555       596,070  

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

     220       222,127  

County of Northampton Pennsylvania General Purpose Authority, Refunding RB:

    

St. Luke’s University Health Network Project, 5.00%, 08/15/46

     1,000       1,123,970  

St. Lukes University Health Network,
5.00%, 08/15/48

     1,125       1,291,894  

County of Union Pennsylvania Hospital Authority, Refunding RB, Evangelical Community Hospital Project, 7.00%, 08/01/21(a)

     460       513,406  

County of Wayne Hospital & Health Facilities Authority, RB, Wayne Memorial Hospital Project, Series A, 4.00%, 07/01/46

     1,595       1,669,088  

DuBois Hospital Authority, Refunding RB, Penn Highlands Healthcare, 4.00%, 07/15/48

     2,060       2,128,207  

Geisinger Authority Pennsylvania, RB, Series A, 5.13%, 06/01/19(a)

     500       501,380  

Geisinger Authority Pennsylvania, Refunding RB, Health System, Series A-2, 5.00%, 02/15/39

     4,050       4,648,509  

Lancaster IDA, Refunding RB, Garden Spot Village Project:

    

5.38%, 05/01/28

     520       562,931  

5.75%, 05/01/35

     865       944,416  

Mount Lebanon Hospital Authority, RB, St. Clair Memorial Hospital Project, 4.00%, 07/01/48

     2,345       2,452,424  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, University of Pittsburgh Medical Center, Series E, 5.00%, 05/15/31

     1,000       1,031,430  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Health (continued)            

Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series C, 5.00%, 07/01/41

   $ 940     $ 992,743  

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

     465       478,564  

South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial Hospital, Series B (AGC), 5.38%, 07/01/20(a)

     2,055       2,140,159  
   

 

 

  
      45,222,427  
Housing — 6.4%            

City of Philadelphia Pennsylvania, GO, Refunding, Series A, 5.00%, 08/01/37

     1,360       1,537,902  

Pennsylvania HFA, RB:

    

S/F Housing, Series 128B, 4.00%, 10/01/47

     3,780       3,910,296  

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

     400       377,800  

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

     400       383,004  

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

     1,000       1,030,420  

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

     1,600       1,644,928  

Philadelphia IDA, RB, Series A:

    

3.50%, 12/01/36

     790       779,406  

4.00%, 12/01/46

     2,970       3,006,650  

4.00%, 12/01/51

     790       795,459  
   

 

 

  
      13,465,865  
State — 5.7%            

Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment, 5.00%, 06/01/35

     1,295       1,514,736  

Commonwealth of Pennsylvania, GO, 1st Series, 5.00%, 06/01/22(a)

     2,460       2,711,190  
Security   Par
(000)		     Value  
State (continued)            

Pennsylvania Economic Development Financing Authority, RB, AMT, 5.00%, 06/30/42

   $ 7,000     $ 7,669,200  
   

 

 

  
      11,895,126  
Tobacco — 4.4%            

Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:

    

5.00%, 06/01/33

     3,575       4,211,028  

5.00%, 06/01/34

     4,175       4,901,409  
   

 

 

  
      9,112,437  
Transportation — 18.6%            

City of Philadelphia Pennsylvania, ARB, Series A, 5.00%, 06/15/40

     3,825       3,940,859  

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB, AMT, Series B:

    

5.00%, 07/01/37

     1,100       1,266,782  

5.00%, 07/01/47

     2,105       2,393,196  

Delaware River Joint Toll Bridge Commission, RB, Bridge System, 5.00%, 07/01/42

     1,500       1,745,295  

Delaware River Port Authority, RB:

    

5.00%, 01/01/29

     475       538,688  

5.00%, 01/01/37

     2,285       2,556,549  

Series D, 5.00%, 01/01/20(a)

     750       767,108  

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

     6,025       6,457,836  

Pennsylvania Turnpike Commission, RB:

    

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

     4,760       1,899,811  

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

     1,275       591,664  

Sub-Series B, 5.25%, 12/01/48

     1,930       2,266,592  

Sub-Series B-1, 5.00%, 06/01/42

     2,345       2,645,418  

Pennsylvania Turnpike Commission, Refunding RB:

    

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

     3,270       3,692,026  

Sub-Series B (AGM), 5.25%, 06/01/19(a)

     1,695       1,699,915  

Sub-Series B (AGM), 5.25%, 06/01/19(a)

     1,805       1,810,379  
 

 

 

4   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Transportation (continued)            

Southeastern Pennsylvania Transportation Authority, RB, Capital Grant Receipts(a):

    

5.00%, 06/01/21

   $ 1,860     $ 1,988,489  

5.00%, 06/01/21

     2,465       2,635,282  
   

 

 

  
      38,895,889  
Utilities — 9.1%            

City of Lancaster Pennsylvania, GO, (BAM), 4.00%, 11/01/42

     1,705       1,808,408  

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

    

5.25%, 08/01/20(a)

     660       689,113  

5.25%, 08/01/40

     1,040       1,080,841  

City of Philadelphia Pennsylvania Gas Works, Refunding RB:

    

5.00%, 08/01/30

     800       917,544  

5.00%, 08/01/31

     600       686,028  

5.00%, 08/01/32

     800       911,784  

5.00%, 08/01/33

     400       454,816  

5.00%, 08/01/34

     700       793,618  

City of Philadelphia Pennsylvania Water & Wastewater, RB:

    

Series A, 5.25%, 10/01/52

     810       949,911  

Series C (AGM), 5.00%, 08/01/20(a)

     3,350       3,489,594  

City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB, Series A,
5.00%, 10/01/43

     3,040       3,559,658  

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

     1,410       1,594,428  

County of Delaware Pennsylvania Regional Water Quality Control Authority, RB, Sewer Improvements, 5.00%, 05/01/23(a)

     420       473,861  

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

     1,605       1,639,957  
   

 

 

  
      19,049,561  
   

 

 

  

Total Municipal Bonds — 118.2%
(Cost — $233,794,890)

       247,133,853  
   

 

 

  
Security   Par
(000)		     Value  

Municipal Bonds Transferred to Tender Option Bond Trusts(d)

 

Pennsylvania — 45.4%

    
Education — 17.9%            

County of Northampton General Purpose Authority, Refunding RB, Lafayette College,
5.00%, 11/01/47

   $ 3,900     $ 4,527,988  

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM), 5.00%, 08/15/42

     3,493       3,962,440  

Pennsylvania Higher Educational Facilities Authority, RB:

    

State System of Higher Education, Series AR, 4.00%, 06/15/38

     11,335       11,907,743  

University of Pennsylvania Health System, Series A, 5.75%, 08/15/21(a)

     5,120       5,593,498  

University of Pennsylvania Health System, Series A, 4.00%, 08/15/39(e)

     7,815       8,063,878  

Philadelphia Authority for Industrial Development, RB, Philadelphia College of osteopathic Medicine, 4.00%, 12/01/48(e)

     3,300       3,458,779  
   

 

 

  
      37,514,326  
Health — 14.8%            

Geisinger Authority Pennsylvania, RB, Health System:

    

Series A, 5.13%, 06/01/19(a)

     2,500       2,506,900  

Series A, 5.25%, 06/01/19(a)

     3,000       3,008,580  

Series A-1, 5.13%, 06/01/41

     7,430       7,863,397  

Pennsylvania Economic Development Financing Authority, RB, University of Pittsburgh Medical Center, Series B, 4.00%, 03/15/40

     8,000       8,415,000  

Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series C, 5.00%, 07/01/41

     4,680       4,939,529  

Saint Mary Pennsylvania Hospital Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/48

     3,754       4,344,623  
   

 

 

  
      31,078,029  
Housing — 1.2%            

Pennsylvania HFA, Refunding RB, S/F Mortgage, Series 114A, AMT, 3.70%, 10/01/42(e)

     2,437       2,457,658  
   

 

 

  
State — 9.5%            

Commonwealth of Pennsylvania, GO, 1st Series, 4.00%, 03/01/38(e)

     6,000       6,464,460  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
State (continued)            

General Authority of Southcentral Pennsylvania, Refunding RB, Wellspan Health Obligated Group:

    

4.00%, 06/01/49

   $ 5,385     $ 5,675,682  

Series A, 5.00%, 06/01/44

     7,000       7,715,645  
   

 

 

  
      19,855,787  
Transportation — 2.0%            

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

     1,680       1,972,432  
Security   Par
(000)		     Value  
Transportation (continued)            

Pennsylvania Turnpike Commission, Refunding RB, Sub Series B-2 (AGM), 5.00%, 06/01/35

   $ 1,850     $ 2,136,574  
   

 

 

  
      4,109,006  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.4%
(Cost — $90,948,247)

       95,014,806  
   

 

 

  

Total Investments — 163.6%
(Cost — $324,743,137)

       342,148,659  

Other Assets Less Liabilities — 1.9%

       3,868,291  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (26.0)%

       (54,277,163 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (39.5)%

       (82,600,920 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 209,138,867  
   

 

 

  
 
(a) 

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.

(b) 

Zero-coupon bond.

(c) 

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

(d) 

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.

(e) 

All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between April 01, 2020 to June 01, 2039, is $12,672,528.

During the period ended April 30, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliate    Shares
Held at
07/31/18		      Net
Activity		      Shares
Held at
04/30/19		      Value at
04/30/19		      Income     

Net

Realized
Gain (Loss) (a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      562,228        (562,228 )       —      $ —      $ 17,347      $  532      $  (54 ) 
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  *

No longer held by the Fund as of period end.

 
  (a) 

Includes net capital gain distributions, if applicable.

 

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.

 

 

6   

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description   

Number of

Contracts

        Expiration
Date		        Notional
Amount (000)		        Value/
Unrealized
Appreciation
(Depreciation)		  

Short Contracts:

                  

10-Year U.S. Treasury Note

      47          06/19/19        $ 5,813        $ (16,989 ) 

Long U.S. Treasury Bond

      125          06/19/19          18,434          (50,666 ) 

5-Year U.S. Treasury Note

      7          06/28/19          809          (5,152 ) 
                 

 

 

  
                  $ (72,807 ) 
                 

 

 

  

 

 

     7  

Schedule of Investments  (unaudited) (continued)

April 30, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

Fair Value Hierarchy as of Period End

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

 

  •  

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

 

  •  

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

 

  •  

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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. 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:

 

      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

    $ —        $ 342,148,659        $ —        $ 342,148,659  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Liabilities:

                 

Interest rate contracts

   $ (72,807 )       $ —        $ —        $ (72,807 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each sector.

 
  (b) 

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 amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1        Level 2        Level 3        Total  

Liabilities:

                 

TOB Trust Certificates

   $ —        $ (54,013,799 )       $ —        $ (54,013,799 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (136,613,799 )       $ —        $ (136,613,799 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

8