NPORT-EX 2 BRMuniYieldPennQualityFund.htm EX-MPA

Schedule of Investments  (unaudited) 

October 31, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

    
Security		   Par
(000)		     Value  

Municipal Bonds — 118.2%

 

Pennsylvania — 114.9%

 

  
Corporate — 2.3%        

Pennsylvania Economic Development Financing Authority, RB:

    

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

   $ 2,630     $ 2,704,640  

Green Bond, Covanta Project, AMT, 3.25%, 08/01/39(a)

     1,950       1,950,429  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT:

    

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

     180       186,122  

National Gypsum Co., 5.50%, 11/01/44

     135       142,021  
   

 

 

  
      4,983,212  
County/City/Special District/School District — 26.6%        

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

    

5.00%, 05/01/35

     190       201,010  

5.00%, 05/01/42

     450       471,006  

Altoona Area School District, GO (BAM):

    

5.00%, 12/01/36

     125       145,766  

5.00%, 12/01/45

     600       694,176  

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

     1,180       1,375,892  

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

    

5.00%, 08/01/34

     1,610       1,880,786  

5.00%, 08/01/35

     1,210       1,413,607  

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

     1,095       1,159,101  

Boyertown Area School District, GO:

    

5.00%, 10/01/36

     610       680,345  

5.00%, 10/01/38

     920       1,025,552  

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

     1,360       1,622,670  

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

     1,095       1,202,047  

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

     1,705       1,877,410  

County of Delaware Springfield School District, GO:

    

5.00%, 03/01/40

     1,025       1,244,094  

5.00%, 03/01/43

     775       932,767  

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

     160       182,934  

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

     2,000       2,418,700  

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

     500       515,660  
    
Security		   Par
(000)		     Value  
County/City/Special District/School District (continued)        

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

   $ 1,235     $ 1,436,515  

Fox Chapel Area School District, GO:

    

5.00%, 02/01/39

     1,345       1,613,960  

5.00%, 02/01/42

     1,250       1,473,837  

Marple Newtown School District, GOL, 3.00%, 06/01/40

     1,375       1,402,019  

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

     6,145       4,826,222  

Springfield School District/Delaware County, GO:

    

5.00%, 03/01/36

     870       1,066,385  

5.00%, 03/01/37

     890       1,088,577  

State Public School Building Authority, RB (AGM):

    

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

     1,640       1,556,770  

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

     1,980       1,835,935  

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

     1,980       1,790,197  

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

     1,770       1,556,733  

Township of Bristol Pennsylvania School District, GO:

    

5.00%, 06/01/40

     775       853,686  

5.25%, 06/01/43

     6,925       7,685,919  

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

     1,685       1,988,738  

Township of Lower Paxton Pennsylvania, GO:

    

5.00%, 04/01/42

     435       492,568  

5.00%, 04/01/46

     1,435       1,620,847  

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

     695       842,701  

West Shore School District Pennsylvania, GOL:

    

5.00%, 11/15/43

     2,095       2,500,362  

5.00%, 11/15/48

     1,200       1,419,264  
 

 

 

          1  

Schedule of Investments  (unaudited) (continued)

October 31, 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     $ 643,336  
   

 

 

  
      56,738,094  
Education — 21.6%  

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

     100       102,684  

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

    

4.13%, 01/01/38

     160       171,067  

4.00%, 01/01/36

     395       420,695  

5.00%, 01/01/39

     760       878,362  

County of Delaware Pennsylvania Authority, RB, Villanova University:

    

5.00%, 08/01/40

     1,205       1,401,885  

5.00%, 08/01/45

     1,610       1,864,734  

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

     2,480       2,820,058  

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

    

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

     1,500       1,755,810  

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

     840       1,007,689  

County of Northampton Pennsylvania General Purpose Authority, Refunding RB:

    

Lafayette College, 4.00%, 11/01/38

     1,160       1,304,432  

Moravian College, 5.00%, 10/01/36

     610       697,944  

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

     1,000       1,011,980  

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

     2,000       2,215,660  

Pennsylvania Higher Educational Facilities Authority, Refunding RB:

    

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

     3,700       3,922,444  
Security   Par
(000)		     Value  
Education (continued)  

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

   $ 230     $ 240,651  

La Salle University, 5.00%, 05/01/37

     1,325       1,403,029  

La Salle University, 5.00%, 05/01/42

     1,855       1,953,742  

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

     280       285,986  

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

     2,000       2,260,800  

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

     2,100       2,365,062  

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

     1,580       1,735,030  

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

     385       422,776  

Philadelphia Authority for Industrial Development, RB:

    

Alliance For Progress Charter School, Inc. Project, 4.00%, 06/15/29

     280       286,759  

Alliance For Progress Charter School, Inc. Project, 5.00%, 06/15/39

     335       355,864  

Alliance For Progress Charter School, Inc. Project, 5.00%, 06/15/49

     935       982,676  

University of Sciences, 5.00%, 11/01/42

     2,710       3,074,739  

Philadelphia Authority for Industrial Development, Refunding RB:

    

1st Series, 5.00%, 04/01/45

     2,170       2,479,377  

La Salle University, 4.00%, 05/01/42

     2,985       3,015,775  

State Public School Building Authority, RB (AGM), Community College, Allegheny County Project, 5.00%, 07/15/34

     2,190       2,309,245  

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

     830       936,929  

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

    

5.00%, 07/01/35

     435       483,751  

5.00%, 07/01/35

     485       524,702  

5.00%, 07/01/45

     300       319,530  
 

 

 

2        

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Education (continued)        

5.00%, 07/01/47

   $ 820     $ 886,559  
   

 

 

  
      45,898,426  
Health — 22.7%        

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

     3,000       3,489,600  

County of Allegheny Hospital Development Authority, Refunding RB:

    

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

     3,440       3,765,630  

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

     1,700       1,865,393  

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

     700       819,196  

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

     2,000       2,563,580  

County of Allegheny Pennsylvania Hospital Development Authority, Refunding RB, U.S. Steel Corp. Project, 5.13%, 05/01/30

     935       968,249  

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

    

Series A, 5.00%, 11/01/40

     765       812,568  

Series A3, 5.50%, 11/01/31

     250       252,257  

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

     940       1,056,297  

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

     2,410       2,690,958  

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

     2,600       2,878,954  
Security   Par
(000)		     Value  
Health (continued)        

County of Franklin Pennsylvania IDA, RB, Menno-Haven, Inc. Project:

    

5.00%, 12/01/29

   $ 70     $ 79,217  

5.00%, 12/01/39

     135       149,035  

5.00%, 12/01/49

     100       109,254  

5.00%, 12/01/54

     365       397,704  

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

     415       426,396  

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

     575       650,308  

County of Lehigh Pennsylvania, Refunding RB, Lehigh Valley Health Network, 4.00%, 07/01/49(d)

     2,500       2,694,100  

County of Montgomery Pennsylvania IDA, Refunding RB:

    

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

     865       935,186  

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

     555       599,755  

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

     220       228,648  

County of Northampton Pennsylvania General Purpose Authority, Refunding RB:

    

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

     1,000       1,147,760  

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

     1,125       1,328,164  

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

     460       506,064  

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

     1,595       1,704,768  

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

     2,060       2,181,911  

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

     4,050       4,773,573  

Lancaster IDA, RB, Willow Valley Communities Project:

    

4.00%, 12/01/44

     420       454,545  

5.00%, 12/01/44

     665       769,445  
 

 

 

          3  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Health (continued)  

Lancaster IDA, RB, Willow Valley Communities Project (continued):

    

4.00%, 12/01/49

   $ 565     $ 609,923  

Lancaster IDA, Refunding RB, Garden Spot Village Project(b):

    

5.38%, 05/01/23

     520       575,609  

5.75%, 05/01/23

     865       963,558  

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

     2,345       2,564,468  

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

     940       992,659  

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

     465       466,906  

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

     2,055       2,109,745  
   

 

 

  
      48,581,383  
Housing — 4.1%        

Pennsylvania HFA, RB:

    

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

     3,760       4,046,249  

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

     385       262,947  

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

     400       263,784  

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

     350       366,548  

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

     565       590,866  

Philadelphia IDA, RB, Series A:

    

3.50%, 12/01/36

     790       574,322  

4.00%, 12/01/46

     2,970       2,043,004  
Security   Par
(000)		     Value  
Housing (continued)  

4.00%, 12/01/51

   $ 790     $ 522,822  
   

 

 

  
      8,670,542  
State — 5.0%        

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

     2,460       2,698,423  

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

     7,000       7,918,540  
   

 

 

  
      10,616,963  
Tobacco — 5.1%        

Commonwealth Financing Authority, RB, Tobacco Master Settlement Payment:

    

5.00%, 06/01/33

     3,575       4,363,752  

5.00%, 06/01/34

     4,175       5,078,595  

5.00%, 06/01/35

     1,295       1,570,835  
   

 

 

  
      11,013,182  
Transportation — 16.6%        

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

     3,825       3,903,833  

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

    

5.00%, 07/01/37

     1,100       1,303,346  

5.00%, 07/01/47

     2,105       2,451,294  

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

     1,500       1,808,655  

Delaware River Port Authority, RB:

    

5.00%, 01/01/29

     475       544,298  

5.00%, 01/01/37

     2,285       2,591,304  

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

     6,025       6,462,716  

Pennsylvania Turnpike Commission, RB:

    

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

     4,760       2,279,897  

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

     1,275       675,954  

Sub-Series B, 5.25%, 12/01/48

     1,930       2,348,598  

Sub-Series B-1, 5.00%, 06/01/42

     2,345       2,746,886  
 

 

 

4        

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Transportation (continued)  

Pennsylvania Turnpike Commission, Refunding RB, Sub-Series A-1, 5.25%, 12/01/45

   $ 3,270     $ 3,793,756  

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

    

5.00%, 06/01/21

     1,860       1,970,744  

5.00%, 06/01/21

     2,465       2,611,766  
   

 

 

  
      35,493,047  
Utilities — 10.9%  

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

    

5.25%, 08/01/20(b)

     660       679,800  

5.25%, 08/01/40

     1,040       1,068,798  

City of Philadelphia Pennsylvania Gas Works, Refunding RB:

    

5.00%, 08/01/30

     800       934,248  

5.00%, 08/01/31

     600       698,376  

5.00%, 08/01/32

     800       929,376  

5.00%, 08/01/33

     400       463,804  

5.00%, 08/01/34

     700       810,439  

City of Philadelphia Pennsylvania Water & Wastewater, RB:

    

Series A, 5.25%, 10/01/52

     810       981,323  

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

     3,350       3,444,336  

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

     3,040       3,706,854  

County of Allegheny Pennsylvania Sanitary Authority, RB:

    

5.00%, 06/01/43

     1,000       1,210,190  

Sewer Improvement (BAM), 5.25%, 12/01/41

     1,410       1,597,967  

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

    

5.00%, 12/01/37

     780       895,643  

5.00%, 12/01/40

     1,000       1,146,290  

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

     420       475,079  

New Kensington Municipal Sanitary Authority, RB, (AGM), 3.25%, 12/01/47

     1,195       1,229,201  
Security   Par
(000)		     Value  
Utilities (continued)  

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

   $ 1,605     $ 1,615,689  

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

     1,270       1,346,911  
   

 

 

  
      23,234,324  

Puerto Rico — 3.3%

 

State — 3.3%  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

Series A-1, 5.00%, 07/01/58

     171       178,962  

Series B-1, 4.75%, 07/01/53

     283       291,649  

Series B-1, 5.00%, 07/01/58

     3,423       3,578,233  

Series B-2, 4.33%, 07/01/40

     2,701       2,743,676  

Series B-2, 4.78%, 07/01/58

     274       281,203  
   

 

 

  
      7,073,723  
   

 

 

  

Total Municipal Bonds — 118.2%
(Cost — $235,325,897)

 

     252,302,896  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts (f)

 

Pennsylvania — 44.3%

 

Education — 17.6%  

County of Montgomery Pennsylvania Higher Education & Health Authority, Refunding RB, Thomas Jefferson University Projects, 4.00%, 09/01/44(g)

     3,100       3,361,578  

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

     3,900       4,656,093  

Pennsylvania Higher Educational Facilities Authority, RB:

    

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

     11,335       12,280,679  

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

     5,120       5,531,597  

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

     7,815       8,173,162  
 

 

 

     5  

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Education (continued)  

Philadelphia Authority for Industrial Development, RB, Philadelphia College of osteopathic Medicine, 0.01%, 12/01/48(g)

   $ 3,300     $ 3,598,221  
   

 

 

  
      37,601,330  
Health — 18.5%  

Geisinger Authority Pennsylvania, RB, Health System, Series A-1, 5.13%, 06/01/41

     7,430       7,803,505  

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

    

4.00%, 06/01/49

     5,385       5,907,560  

Series A, 5.00%, 06/01/44

     7,000       7,780,360  

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

     8,000       8,648,000  

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

     4,680       4,942,174  

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

     3,754       4,483,063  
   

 

 

  
      39,564,662  
Housing — 1.2%  

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

     2,437       2,469,891  
   

 

 

  
State — 3.1%  

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

     6,000       6,689,400  
   

 

 

  
Security   Par
(000)		     Value  
Transportation — 2.0%  

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

   $ 1,680     $ 2,019,730  

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

     1,850       2,232,154  
   

 

 

  
      4,251,884  
Utilities — 1.9%  

County of Westmoreland Pennsylvania Municipal Authority, Refunding RB, (BAM),

    

5.00%, 08/15/42

     3,493       4,043,153  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 44.3%
(Cost — $88,644,950)

 

     94,620,320  
   

 

 

  

Total Long-Term Investments — 162.5%
(Cost — $323,970,847)

 

     346,923,216  
   

 

 

  
     Shares         
Short-Term Securities — 0.4%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 1.04%(h)(i)

     916,330       916,422  
   

 

 

  

Total Short-Term Securities — 0.4%
(Cost — $916,381)

 

     916,422  
   

 

 

  

Total Investments — 162.9%
(Cost — $324,887,228)

 

     347,839,638  

Other Assets Less Liabilities — 0.4%

 

     930,787  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (24.8)%

 

     (52,979,279 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering Costs — (38.5)%

 

     (82,237,390 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $ 213,553,756  
 

 

 

  
 

 

(a) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(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) 

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 1,2020 to June 1, 2039, is $14,286,250.

(h) 

Annualized 7-day yield as of period end.

 

 

6   

Schedule of Investments  (unaudited) (continued)

October 31, 2019

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

 

(i) 

During the period ended October 31, 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
07/31/19		      Net
Activity		      Shares
Held at
10/31/19		      Value at
10/31/19		      Income      Net
Realized
Gain (Loss) (a)		      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      2,353,360        (1,437,030 )       916,330      $ 916,422      $ 4,305      $ (18 )     $ 41  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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.

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
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

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

      43          12/19/19        $ 5,603        $ 8,744  

Long U.S. Treasury Bond

      67          12/19/19          10,812          37,413  

5-Year U.S. Treasury Note

      13          12/31/19          1,550          2,746  
                 

 

 

  
                  $ 48,903  
                 

 

 

  

 

 

     7  

Schedule of Investments  (unaudited) (continued)

October 31, 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 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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee”) 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 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 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)

    $ —        $ 346,923,216        $ —        $ 346,923,216  

Short-Term Securities

     916,422          —          —          916,422  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 916,422        $ 346,923,216        $             —        $ 347,839,638  
  

 

 

       

 

 

       

 

 

       

 

 

  

Derivative Financial Instruments(b)

                  

Assets:

                 

Interest rate contracts

   $ 48,903        $ —        $ —        $ 48,903  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each sector.

 
  (b) 

Derivative financial instruments are futures contracts. Futures contracts 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

   $             —        $ (52,813,799 )       $             —        $ (52,813,799 ) 

VRDP Shares at Liquidation Value

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

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $ (135,413,799 )       $ —        $ (135,413,799 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

8